- Financed over 85,000 contracts and collected $1.4 billion overall during the quarter.
- Forecasted net cash flows declined by 0.5% or $56 million.
- Loan performance declined this quarter with 2022, 2023, and 2024 vintages underperforming expectations, while the 2025 vintage exceeded expectations.
- Loan portfolio reached a record-high of $9.1 billion on an adjusted basis, up 6% from last Q2.
- Market share in the core segment of used vehicles financed by subprime consumers was 5.4% for the first 5 months of the year, down from 6.6% in the same period in 2024.
- Paid $63 million in dealer holdback and accelerated dealer holdback to dealers.
- Unit and dollar volumes declined, impacted by Q3 2024 scorecard change and increased competition.
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- Adjusted earnings per share were $0.74, with a return on assets of 1.54% and return on tangible common equity of 20%.
- Adjusted noninterest expenses increased 1% from Q1, with expense management efforts keeping year-over-year increases under 2% excluding leasing expenses.
- Adjusted noninterest income increased 11% over the linked quarter to $67.8 million, driven by mortgage, bankcard, leasing, and foreign exchange income.
- Asset quality remained stable with net charge-offs declining 15 basis points to 21 basis points of total loans and classified assets flat at 1.15% of total assets.
- First Financial Bancorp achieved record revenue of $226.3 million in Q2 2025, a 5% increase year-over-year.
- Loan growth was 2% annualized, with broad-based growth except for commercial real estate which declined due to higher payoffs.
- Net interest margin was strong at 4.05%, up 17 basis points from Q1, driven by a 5 basis point increase in asset yields and a 12 basis point decline in funding costs.
- Tangible common equity increased 16% year-over-year to 8.4%, and tangible book value per share rose 4% sequentially to $15.40.
- The Board approved a 4.2% increase in the common dividend to $0.25 per share, maintaining a payout ratio of approximately 35% of net income.
- Closed inaugural $500 million 5-year investment-grade unsecured bond at 5.5%, tightest spread in company history.
- Distributable earnings of $32.1 million or $0.25 per share in Q3 2025.
- Liquidity of $879 million including $49 million cash and $830 million undrawn revolver capacity.
- Loan portfolio grew by approximately $354 million to $1.9 billion, representing 40% of total assets.
- Non-accrual loans reduced to $123 million or 2.6% of total assets with no new additions.
- Real estate portfolio generated $15.1 million in net operating income, stable and predictable.
- Return on equity (ROE) of 8.3% with adjusted leverage of 1.7x.
- Securities portfolio totaled $1.9 billion, 40% of total assets, with a weighted average yield of 5.7%.
- ARI delivered strong performance in Q2 2025 with $1.4 billion in new loan commitments and a portfolio carrying value increase to $8.6 billion from $7.7 billion in Q1.
- Book value per share, excluding general CECL allowance and depreciation, was $12.59, slightly down from last quarter.
- Book value per share was $12.59, slightly down from last quarter, excluding general CECL allowance and depreciation.
- Distributable earnings were $36 million or $0.26 per share, an 8% increase over Q1, with GAAP net income of $18 million or $0.12 per diluted share.
- Liquidity ended at $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Liquidity totaled $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Loan portfolio weighted average unlevered yield was 7.8%, with 41% of loans originated post-2022 interest rate rise and valuation reset.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth, with total CECL allowance down slightly from 475 to 429 basis points.
- Repayments and sales totaled $631 million during the quarter, with continued redeployment of capital into new loans.
- Repayments and sales totaled $631 million during the quarter, with proceeds from 111 West 57th sales reducing basis by $141 million.
- Adjusted EBITDA was $73.5 million, exceeding the high end of outlook, with Progressive Leasing adjusted EBITDA at $69.7 million or 12.2% of revenue.
- Four Technologies delivered over 200% revenue growth and 167% GMV growth year-over-year, achieving profitability in Q1 and Q2 2025.
- Gross margin for Progressive Leasing was 32.4%, down 15 basis points year-over-year, impacted by increased 90-day purchase option utilization and Big Lots loss.
- Non-GAAP EPS was $1.02, significantly exceeding the outlook range of $0.75 to $0.85 per share.
- PROG Holdings delivered revenue and earnings above the high end of guidance in Q2 2025, with consolidated revenue of $604.7 million, representing low single-digit growth year-over-year.
- Progressive Leasing segment GMV was $413.9 million, down 8.9% year-over-year due to Big Lots bankruptcy and tightening actions, but up approximately 1% excluding Big Lots impact.
- SG&A expenses increased to $78.9 million or 13.8% of revenue, reflecting investments in technology and sales enablement.
- Write-offs came in at 7.5%, 20 basis points better than last year, within the targeted annual range of 6% to 8%.
- Accretion income declined to $2.6 million, contributing 12 basis points to net interest margin, down from 17 basis points in the prior quarter.
- Allowance for credit losses grew $9.4 million to 1.13% of total loans, aligning closer to peer median of 1.17%.
- Annualized loan growth was 11% compared to the linked quarter.
- Annualized net charge-off rate improved to 43 basis points from 52 basis points, with small ticket leasing charge-offs declining but remaining elevated at 11.51%.
- Book value per share grew 1%, and tangible book value per share increased 2% from the prior quarter.
- Capital ratios declined slightly due to loan growth outpacing earnings net of dividends, but tangible equity to tangible assets ratio remained stable at 8.3%.
- Classified loans declined slightly to 1.89% of total loans.
- Deposit balances declined 1% due to seasonal factors, with retail CDs growing $39 million.
- Deposit balances declined 1% or $98 million, with seasonal fluctuations in governmental deposits and growth in retail CDs.
- Diluted earnings per share were $0.59 for Q2 2025.
- Efficiency ratio improved to 59.3% from 60.7% in the prior quarter.
- Fee-based income was relatively stable, with a 1% decline from the linked quarter due to annual performance-based insurance commissions recognized in Q1.
- Investment portfolio grew by $140 million with higher yielding bonds at 5.3%, slightly above target range.
- Investment portfolio grew by $140 million, with higher yielding bonds improving overall yield.
- Loan growth was balanced across categories, including commercial and industrial, residential real estate, construction, commercial real estate, premium finance, and consumer indirect loans.
- Loan portfolio delinquency improved with 99.1% current compared to 98.5% last quarter.
- Loan to deposit ratio increased to 86% from 83% due to loan growth and seasonal deposit declines.
- Net charge-offs were $7 million, down from $8.1 million in the prior quarter, with small ticket leasing charge-offs decreasing but still elevated.
- Net interest income increased by over $2 million, with net interest margin expanding 3 basis points to 4.15%.
- Noninterest expense declined 1% from the linked quarter to $70.4 million, within guided range.
- Noninterest expense declined 1% from the prior quarter to $70.4 million, within guided range.
- Nonperforming assets increased slightly to 49 basis points of total assets, driven by premium finance portfolio administrative delinquencies.
- Pre-provision net revenue exceeded consensus estimates.
- Provision for credit losses increased by $6.5 million to $16.6 million, driven by net charge-offs, increased reserves, CECL model refresh, and economic forecast deterioration.
- Provision for credit losses totaled $16.6 million, up $6.5 million from the prior quarter, driven by net charge-offs and increased reserves.
- Tangible equity to tangible assets ratio remained stable at 8.3%.
- Allowance for credit losses (ACL) increased by 4 basis points to 50 basis points, driven by higher reserves for new C&I loans and increased commercial loan loss factors.
- Core after-tax net income, adjusted for one-time loan transaction impacts and related hedge losses, was $1 million or $0.01 per share.
- Customer service costs decreased to $12.9 million from $15.1 million in the prior quarter, primarily due to exiting $540 million of MSR deposits.
- First Foundation posted a net loss of $7.7 million in Q2 2025, compared to a net income of $6.9 million in Q1 2025.
- Net interest margin (NIM) was 1.68% for the quarter, a 1 basis point increase from the prior quarter, with an adjusted NIM of approximately 1.72% excluding foregone interest income.
- Noninterest expense excluding customer service costs was $47 million, slightly higher than the prior quarter due to increased professional services costs.
- Noninterest income was approximately $12 million after adjusting for loan transaction-related items, with slight moderation in investment advisory, trust, and consulting fees.
- Nonperforming loans remained stable at 35 basis points, and net charge-offs were low at $135,000.
- Total loan yields decreased slightly by 5 basis points quarter-over-quarter, exiting just under 4.70%.
- Adjusted diluted EPS was $3.92, a 22% increase year-over-year, more than doubling from three years ago.
- Adjusted operating margin reached nearly 53%, improving over 500 basis points from the prior year.
- Free cash flow guidance increased to approximately $2.5 billion, with share repurchase guidance raised to at least $1.5 billion, targeting over 85% free cash flow returned to shareholders.
- MIS adjusted operating margin expanded 560 basis points to 65.2%, with full-year guidance raised to 63-64%.
- MIS segment revenue grew 12%, surpassing $1 billion for the third consecutive quarter, with strong issuance and tight spreads.
- Moody's achieved record quarterly revenue exceeding $2 billion, up 11% year-over-year in Q3 2025.
- Moody's Analytics adjusted operating margin improved 400 basis points to 34.3%, with full-year margin guidance increased to approximately 33%.
- Moody's Analytics revenue grew 9% year-over-year, with ARR reaching nearly $3.4 billion, up 8%.
Dafinchi