- 1.28 million shares were repurchased in Q2 at an average price of $17.30.
- Allowance for credit losses was $78 million or 0.93% of gross loans, slightly down from Q1.
- Net charge-offs were $249,000 in Q2 compared to net recoveries in Q1; classified loans decreased to $73.42 million.
- Net earnings for Q2 2025 were $50.6 million or $0.36 per share, consistent with prior quarters, marking 193 consecutive quarters of profitability.
- Net interest income increased by $1.2 million from Q1 2025 to $111.6 million, with net interest margin stable at 3.31%.
- Noninterest expense decreased by $1.6 million to $57 million, improving the efficiency ratio to 45.6%.
- Noninterest income was $14.7 million, down $1.5 million from Q1 2025 due to absence of a $2.2 million gain on OREO sales.
- Return on average tangible common equity was 14.08% and return on average assets was 1.34%.
- Shareholders' equity increased by $11 million to $2.24 billion; tangible common equity ratio remained at 10%.
- Total deposits and customer repurchase agreements grew to $12.4 billion, up $123 million from Q1 2025 and $330 million year-over-year.
- Total loans declined slightly to $8.36 billion, with growth in commercial real estate and single-family loans offset by declines in C&I and dairy and livestock lines.
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- Declared an annualized dividend of $0.95 per share, a 5% increase over prior year.
- For the first half of 2025, Nareit FFO was $72.6 million or $0.93 per diluted share, reflecting a 4.5% year-over-year increase; Core FFO was $0.90 per diluted share, up 3.4%.
- For the quarter, same-property NOI was $42.6 million, a 4.8% increase compared to the same period last year, driven by embedded rent escalations, occupancy gains, positive rent spreads, redevelopment activity, and percentage rents.
- Nareit FFO for Q2 was $35.5 million or $0.45 per diluted share, a 2.3% increase compared to Q2 last year; Core FFO also increased 2.3% to $0.44 per diluted share.
- Net leverage ratio stood at 17%, net debt to adjusted EBITDA was 2.8x on a trailing 12-month basis.
- Same property NOI grew approximately 6% for the first half of the year, with Nareit FFO per share rising nearly 5% year-over-year.
- The company ended the quarter with $787 million of total liquidity, including $500 million borrowing capacity under revolving credit.
- Weighted average interest rate was 4% with a weighted average maturity of 2.9 years.
- Year-to-date same-property NOI totaled $85.1 million, a 5.6% increase over the first 6 months of 2024.
- Adjusted pretax margin improved 1% to 8.5%.
- Agency gross revenues increased $61 million or 25%, net agent revenues up 21%.
- Domestic commercial revenues increased $24 million or 46%, with average fee per file increasing 25% to $16,900.
- Domestic residential fee per file slightly declined to $2,900 from $3,000 last year.
- Employee cost ratio improved to 30% from 31%, other operating expense ratio improved to 25% from 26%.
- Net cash provided by operations improved by $32 million compared to last year.
- On an adjusted basis, second quarter net income was $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year.
- Real estate solutions segment revenues improved $20 million or 22%, with adjusted pretax income 15% higher.
- Stewart reported second quarter net income of $32 million or $1.13 per diluted share based on revenues of $722 million.
- Title pretax income improved by $16 million or 48%, with adjusted pretax income $52 million, 35% better than last year.
- Title segment operating revenues improved $96 million or 19%, driven by both direct and agency title operations.
- Total cash and investments were approximately $390 million in excess of statutory premium reserve requirements.
- Total stockholders' equity at June 30 was approximately $1.4 billion with a book value of $51 per share.
- Total title loss expense increased slightly to $22 million, but title loss ratio improved to 3.6% from 4.2% last year.
- Adjusted operating income increased 32% year-over-year, marking the fourth consecutive quarter of year-over-year growth.
- Alternative investment returns were 10% annualized or $101 million, supporting earnings.
- Annuities generated operating income of $287 million, slightly down from $297 million in prior year quarter, driven by traditional variable annuity outflows offset by growth in spread income.
- Estimated RBC ratio remained above 420%, well above the 400% target.
- Group Protection delivered record earnings of $173 million, up 33% year-over-year, with margin increasing 250 basis points to 12.5%.
- Life Insurance reported operating earnings of $32 million, a significant improvement from an operating loss of $35 million in the prior year quarter.
- Net income available to common stockholders was $688 million or $3.80 per diluted share.
- Retirement Plan Services operating earnings were $37 million, down from $40 million year-over-year but up sequentially from $34 million.
- Second quarter adjusted operating income available to common stockholders was $427 million or $2.36 per diluted share.
- Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
- Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
- Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
- The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
- The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
- Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
- AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
- AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
- Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
- Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
- Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
- Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
- Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.
- Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
- Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
- Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
- Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
- Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
- Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
- Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
- Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
- Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
- Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
- Net interest income increased 8% due to higher interest earning assets and lower funding costs.
- Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
- Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
- Operating EPS of $1.71 was up 7% from the prior year.
- Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
- Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
- Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
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