Dafinchi AI

Pathward Financial, Inc.

CASH

Financial Services

2w

Impact and Progress of Accounting Methodology Restatement

The company is undergoing a restatement related to new accounting methodology recognizing certain relationships in the Credit Solutions business within held-for-investment loan balances on a gross basis.
The process involves revisiting 13 quarters of financial data, with the majority of the work now in later stages.
Preliminary results include an 8-quarter view with new balances and income statements, providing management's comfort level.
The restatement is expected to negatively impact net income in fiscal 2022 and 2023, with an inflection point in 2024 leading to higher net income.
Management indicated that the restatement process has been a significant but manageable distraction, with most of the work behind them.

Trustmark Corporation

TRMK

Financial Services

3w

Financial Performance Summary

Capital ratios increased: CET1 ratio up 7 basis points to 11.7%, total risk-based capital ratio up 5 basis points to 14.15%.
Credit quality improved with nonperforming assets declining 5.3% and net charge-offs at $4.1 million or 12 basis points of average loans.
Deposit base grew $35 million during the quarter with personal and commercial deposits totaling $13 billion, up 0.8% from prior quarter.
Loans held for investment increased $223 million or 1.7% linked quarter and $374.8 million or 2.9% year-to-date.
Net income was $55.8 million in Q2, with fully diluted EPS of $0.92, up 4.5% from prior quarter.
Net interest income expanded 4.3% to $161.4 million, with net interest margin increasing 6 basis points to 3.81%.
Noninterest expense increased 0.9% linked quarter, with lower salaries and equipment expense offset by higher professional fees.
Noninterest income was $39.9 million, unchanged linked quarter excluding gains/losses on bank facility sales.
Provision for credit losses was $4.7 million; allowance for credit losses was 1.25% of loans held for investment.
Quarterly cash dividend declared at $0.24 per share payable September 15.
Repurchased $11 million of common stock in the quarter, $26 million year-to-date, with $74 million remaining in repurchase authority.
Return on average assets was 1.21% and return on average tangible equity was 13.13%.
Tangible book value per share was $28.74, up 3.5% linked quarter and 13.9% year-over-year.

PJT Partners Inc.

PJT

Financial Services

2w

Financial Performance Summary

Adjusted compensation expense was accrued at 67.5% of revenues for the first half of 2025 compared to 69.5% for the first half of 2024.
Adjusted EPS was $1.54, up 29% from year ago levels for the second quarter.
Adjusted noncompensation expense was $52 million in the second quarter, up 18% year-over-year, and $101 million for the first half, up 13.5% year-over-year.
Adjusted pretax income was $80 million, up 22% year-over-year.
Adjusted pretax margin for the first 6 months was 18.6% compared to 17.5% for the same period last year.
Adjusted pretax margin for the second quarter was 19.7% compared to 18.2% for the same period last year.
Board approved a quarterly dividend of $0.25 per share.
Effective tax rate for the first half of 2025 was 16.5%, estimated for the full year.
Ended the quarter with $318 million in cash, cash equivalents and short-term investments and $461 million in net working capital with no funded debt outstanding.
For the 6 months, revenues increased 6%, adjusted pretax income increased 13%, and adjusted EPS increased 19% from year ago levels.
Repurchased approximately 642,000 shares in the second quarter and 2.1 million shares in the first 6 months.
Second quarter revenues were $407 million, up 13% year-over-year.
Weighted average share count was 43.4 million shares, up 1% versus a year ago.

Central Pacific Financial Corp.

CPF

Financial Services

3w

Financial Performance Summary

Declared quarterly cash dividend of $0.27 per share payable September 15.
Effective tax rate was 23.5% and expected to remain between 22% and 24%.
Net income for Q2 2025 was $18.3 million or $0.67 per diluted share.
Net interest income increased 3.6% quarter-over-quarter to $59.8 million.
Net interest margin expanded by 13 basis points to 3.44%, driven by higher loan yields and lower deposit costs.
Repurchased approximately 103,000 shares at $25 per share for $2.6 million; $25.3 million share repurchase authorization remains.
Return on average assets was 1.00% and return on average equity was 13.04%.
Total other operating expense was $43.9 million, up $1.9 million quarter-over-quarter due to deferred compensation and software expenses.
Total other operating income was $13.0 million, up $1.9 million quarter-over-quarter due to higher BOLI income.

Metropolitan Bank Holding Corp.

MCB

Financial Services

4w

Financial Performance Summary

Earnings per share (EPS) for the quarter was $1.76, a 21% increase from the prior quarter.
Net interest income increased by $6.7 million or about 10% quarter over quarter, driven by loan growth and lower funding costs.
Net interest margin (NIM) expanded by 15 basis points to 3.83%, marking the seventh consecutive quarter of margin expansion.
Non-interest expenses were flat at $43.1 million with some offsetting movements in payroll taxes, professional fees, IT project costs, licensing, and other expenses.
Non-interest expense was flat at $43.1 million, with some offsetting movements in compensation, professional fees, IT project costs, licensing, and other expenses.
Non-interest income declined by $1 million primarily due to a one-time income recognition in the prior quarter.
Provision expense increased to $6.4 million due to loan growth, macroeconomic factors, and a $2.4 million reserve for a single non-performing loan.
Second quarter loans increased by $271 million or 4.3%, and core deposits rose by $342 million or 5.3%.
Tangible book value per share increased by more than 4% to $68.44, the tenth consecutive quarter of book value accretion.
Total revenue grew 8% quarter over quarter to $76.2 million, and net income rose more than 15% to $18.8 million.
Total revenue grew 8% quarter over quarter to $76.2 million, with net income rising over 15% to $18.8 million.

Independent Bank Corporation

IBCP

Financial Services

3w

Financial Performance Summary

Allowance for credit losses was 1.47% of total loans with net charge-offs at 2 basis points annualized.
Independent Bank Corporation reported second quarter 2025 net income of $16.9 million or $0.81 per diluted share versus net income of $18.5 million or $0.88 per diluted share in the prior year period.
Loans increased by 9% annualized, while core deposits were down 1.4% annualized due to seasonality.
Net interest income increased $3.3 million from the year ago period with a tax equivalent net interest margin of 3.58% during Q2 2025, compared to 3.40% in Q2 2024, and up 9 basis points from Q1 2025.
Noninterest expense was $33.8 million in Q2 2025, slightly higher than $33.3 million in the prior year quarter but below the first quarter of 2025.
Noninterest income totaled $11.3 million in Q2 2025, down from $15.2 million in the year ago quarter.
Return on average assets was 1.27% and return on average equity was 14.66%.

SmartFinancial, Inc.

SMBK

Financial Services

3w

Financial Performance Summary

Credit quality remained strong with NPAs at 0.19% of total assets and net charge-offs at 0.01% annualized.
Deposit growth was sound at 5% quarter-over-quarter annualized with noninterest-bearing deposits holding steady at 90% of total deposits.
Loan growth was strong at a 13% annualized pace for Q2, slightly ahead of expectations.
Net interest income expanded to $40.3 million, up $2.1 million from the prior quarter, driven by higher loan yields.
Net interest margin increased to 3.29%, an 8 basis point improvement over the previous quarter.
Operating expenses were $32.6 million, at the low end of guidance, with increases mainly from merit increases and incentive compensation.
Operating noninterest income rose by $300,000 to $8.9 million, exceeding projections due to insurance, mortgage banking, and capital markets revenues.
SmartFinancial posted net income GAAP and operating of $11.7 million or $0.69 per diluted share for Q2 2025.
Tangible book value increased to $24.42 per share including AOCI impact, representing over 13% annualized quarter-over-quarter growth.

The Allstate Corporation

ALL

Financial Services

2w

Financial Performance Summary

Adjusted net income return on equity was 28.6% over the trailing 12 months.
Auto insurance combined ratio was 86%, a 9.9 point improvement from the second quarter of 2024.
Divestitures of Employee Voluntary Benefits and Group Health businesses generated $3.25 billion, representing a 25 times multiple of latest 12-month earnings.
Homeowners business had an underlying combined ratio of 58.6 but was offset by $1.6 billion in catastrophe losses, leading to a combined ratio of 102 in the quarter.
Investment income was $754 million in the quarter, representing a total return of 1.4% for the quarter and 5.4% for the last 12 months.
Net income was $2.1 billion and adjusted net income was $1.6 billion or $5.94 per diluted share.
Personal property-liability policies in force increased by 0.8 points.
Property-Liability business generated nearly $1.3 billion of underwriting income with a combined ratio of 91.1%, a 10-point improvement from prior year quarter.
Protection Services revenues were $867 million in the quarter, generating $60 million of income.
Returned $1.1 billion in dividends and repurchased $445 million of common stock in the past year.
Revenues were $16.6 billion in the second quarter, a 5.8% increase compared to the second quarter of 2024.
Total policies in force increased by 4.2% over the prior year, led by Allstate Protection Plans.