- Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
- Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
- Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
- Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
- Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
- First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
- GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
- Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
- Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
- Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
- Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
- Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
- Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
- Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
- Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
- Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
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- Effective fee rate remained stable at 59 basis points.
- Effective tax rate was 25.3%.
- Ending AUM rose to $88.9 billion from $87.6 billion, positively impacted by market appreciation.
- Liquidity improved to $323 million from $295 million in the prior quarter.
- Net inflows into open-end funds were offset by institutional net outflows.
- Operating margin decreased slightly to 33.6% from 34.7%.
- Q2 revenue increased 1.1% to $135 million, driven by higher average AUM and day count.
- Reported earnings of $0.73 per share, slightly down from $0.75 sequentially.
- Total expenses increased 2.9% due to higher compensation, distribution fees, G&A, and talent acquisition costs.
- Capital ratio ended the quarter at 26.6%, up from 24.4% at year-end, supported by strong earnings and no stock repurchases.
- Delinquencies declined to 1%, reflecting high-quality portfolio and strong loss mitigation capabilities.
- Net income was $198 million, including $269 million in pretax operating income.
- Operating expenses increased by only 6% while revenues grew 13% year-over-year in Servicing.
- Operating ROTCE was 17.2%, up from 16.8% last quarter, within the guidance range of 16% to 20%.
- Originations generated $64 million in pretax income despite elevated rates.
- Servicing generated $332 million in pretax income, up 15% year-over-year.
- First Merchants reported $262 million of commercial loan growth in Q2, over 10% annualized, and $430 million year-to-date, 9% annualized.
- Growth driven by CapEx financing, increased revolver usage, M&A financings, and new business conversions.
- Pipeline remains consistent with prior quarter, supporting continued loan growth and market share expansion into Q3.
- Capital ratios remained strong with CET1 at 13.99% and tangible common equity ratio at 10.20%.
- Core revenues totaled $182 million, with total interest income of $194 million and interest expense of $42 million.
- Net charge-offs were $13 million, down $7.6 million sequentially, with a net charge-off rate of 0.64%.
- Net interest margin was 5.31%, slightly down from 5.42%, impacted by increased liquidity and wholesale funding.
- Noninterest expenses were $94.8 million, in line with guidance of $95-96 million for 2025.
- Record assets exceeded $12 billion and loans surpassed $8 billion, with strong loan origination and core deposit flows.
- Return on average assets was 1.73% and return on average tangible common equity was 17%.
- Second quarter earnings per share diluted was $1.15, a 6.5% increase year-over-year, driven by a 1.5% increase in total core revenue.
- Tangible book value per share was $27.67, and efficiency ratio was 52%.
- Adjusted net interest income per share rose 10% quarter-over-quarter and 47% year-over-year to $0.44 per share.
- GAAP book value and adjusted book value per share decreased to $9.11 and $10.26 respectively, representing a 2.8% and 1.6% decrease compared to March 31.
- Net interest spread increased to 150 basis points from 132 basis points in the first quarter, driven by a 17 basis point reduction in average financing costs.
- Net loss from real estate increased slightly to $3 million due to higher operating expenses.
- NYMT reported strong second quarter performance with Earnings Available for Distribution (EAD) surpassing the current common dividend by $0.02, reaching $0.22 per share, a 10% increase quarter-over-quarter.
- Realized net losses of approximately $3.8 million were mostly offset by reversals of previously recognized unrealized losses.
- Recorded $24.6 million in net unrealized gains mainly from Agency RMBS and residential loan portfolios, offset by $36.3 million in unrealized losses on derivative instruments.
- Recourse leverage ratio increased to 3.8x from 3.4x, primarily due to financing activity supporting Agency RMBS acquisitions.
- Brokered funding was reduced by approximately $127 million, improving liquidity.
- Core deposit balances increased by approximately $195 million in the quarter, driven in part by a municipal bond offering.
- Loan balances decreased slightly to just under $3 billion due to payoffs and refinancing, but new loans were originated at higher interest rates.
- Net interest income and overall earnings improved compared to prior periods.
- No provision for credit losses was recorded due to strong credit quality.
- The loan portfolio yield improved to 5.59% in Q2 from 5.52% in Q1, partially offset by a 4 basis point increase in deposit costs.
- West Bancorporation reported net income of $8 million in Q2 2035, up from $7.8 million in Q1 2035 and $5.2 million in Q2 2024.
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