- 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.
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- Average deposits were up 1% linked quarter and 6% year-over-year excluding payroll and broker deposits.
- Average loans increased by $95 million or 1% linked quarter and $327 million or 4% year-over-year.
- Net interest income increased by $2.2 million or 2% linked quarter and 4% year-over-year.
- Net interest margin was 3.27%, up 3 basis points linked quarter.
- Nonperforming loans were 27 basis points of total loans, net charge-offs were $3.3 million, down $200,000 linked quarter, and coverage ratio remained flat at 124 basis points.
- Operating earnings per share were $0.69, up 15% from the first quarter and 25% year-over-year.
- Operating expenses were $67 million, down 2% linked quarter and 7% year-over-year.
- Operating net income was $31.6 million, up 14% linked quarter and 36% year-over-year.
- Operating noninterest income was up 5% linked quarter and 8% year-over-year, driven by loan-related fees and BOLI gains.
- Operating ROTCE was 10.76%, up about 110 basis points linked quarter and year-over-year.
- Administrative expenses were $86 million, up 5% from prior year, representing 7.1% of premium.
- Book value per share as of June 30 is $66.07 (GAAP) and $90.26 excluding AOCI, up 10% from a year ago.
- Excess investment income was $35 million, down $8 million from a year ago; net investment income was $282 million, down 1%.
- Health insurance premium revenue grew 8% to $378 million; health underwriting margin was down 2% to $98 million due to higher obligations at United American.
- Invested assets totaled $21.5 billion, with $18.9 billion in fixed maturities, mostly investment grade rated A-.
- Life Insurance premium revenue increased 3% to $840 million; life underwriting margin was $340 million, up 6%.
- Net income for the second quarter was $253 million or $3.05 per share compared to $258 million or $2.83 per share a year ago.
- Net operating income was $271 million or $3.27 per share, a 10% increase over $2.97 per share from a year ago.
- Return on equity through June 30 is 18.8% on a GAAP basis and 14.4% excluding accumulated other comprehensive income (AOCI).
- The fixed maturity portfolio has a net unrealized loss of approximately $1.6 billion due to higher market rates but is not a concern due to intent to hold to maturity.
- Returned $320 million to shareholders in Q2, including $150 million in share repurchases.
- Raised dividend for the eighth consecutive quarter, maintaining a 40% payout ratio.
- Maintains a strong capital position with $1.4 billion excess capital, targeting $1.4 billion to $1.7 billion for the year.
- Capital deployment is seasonally higher in H2, with expectations of increased share repurchases.
- Expense control was strong, leading to better than anticipated NOI outcomes.
- Non-same-store and ancillary NOI growth contributed positively to overall financial results.
- Public Storage reported core FFO growth of 1.2% in the second quarter, with FFO growth accelerating 240 basis points from the prior year quarter.
- Rental rates increased 0.6%, offsetting a slight occupancy decline of 40 basis points, improved from 80 basis points at the start of the year.
- Same-store revenue growth was in the 2% to 4% range in key markets like the West Coast, Washington, D.C., and Chicago.
- Tenant insurance premiums and adoption increased, contributing to ancillary business outperformance.
- Adjusted expenses increased only 1% sequentially, supporting 270 basis points of positive operating leverage.
- Adjusted non-interest income increased 9.9% sequentially to over $1.5 billion, driven by investment banking, trading, and wealth management income.
- Average deposit balances declined 1% sequentially due to withdrawal of $10.9 billion in M&A-related client deposits, but excluding this, deposits increased.
- Average loan balances increased 2.5% sequentially, driven by growth in both wholesale and consumer segments.
- Net charge-offs declined both sequentially and year-over-year, reflecting strong asset quality.
- Reported net income available to common shareholders of $1.3 billion, or $1.04 per share, including $0.02 per share of restructuring charges.
- Returned $1.2 billion to shareholders via dividends and $500 million in share repurchases during the quarter.
- ROTCE improved 130 basis points sequentially to 13.6%, with a target of 15% ROTCE by 2027.
- 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%.
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