- Allowance for loan losses increased slightly to $248.6 million, with a decrease in consumer loan allowance due to improved unemployment forecasts.
- First BanCorp reported net income of $80 million for 2Q 2025, with a return on assets of 1.69% and net interest margin expansion to 4.56%.
- Net interest income increased to $215.9 million, $3.5 million higher than last quarter, despite no fees from early loan cancellations this quarter.
- Nonperforming assets remained flat at 68 basis points of total assets; net charge-offs decreased to 60 basis points from 68 basis points in 1Q.
- Operating expenses were $123.3 million, stable quarter-over-quarter, with an efficiency ratio maintained at 50%.
- Tangible book value per share increased 5% to $11.16; tangible common equity ratio expanded to 9.6% due to $41 million increase in investment portfolio fair value.
- Total loans grew 6% linked quarter annualized, driven by strong commercial loan production in Puerto Rico and Florida.
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- Adjusted EBITDA increased by 128% or $66 million in the second quarter and more than doubled to $356 million in the first half.
- Adjusted EBITDA margin was 17% in the quarter and 23% year-to-date, an increase of nearly 500 basis points versus last year.
- Benefits and Insurance segment revenue was $102 million, up approximately 5%, with adjusted EBITDA up 21% and margin improving by 260 basis points.
- Financial Services segment revenue was $570 million, up approximately 84%, with adjusted EBITDA more than doubling to $111 million and margin improving by 250 basis points.
- Second quarter adjusted diluted earnings per share increased by 64% to $0.95 per share, and first half adjusted diluted earnings per share increased by 47% to $3.26 per share.
- Second quarter interest expense was higher by $22 million compared to last year, driven by higher outstanding debt associated with the acquisition.
- Second quarter revenue was $684 million, and first half revenue was $1.5 billion, a 63% and 66% increase, respectively, largely driven by the Marcum acquisition.
- Second quarter tax expense was $7 million higher than last year, with an effective tax rate lower by approximately 240 basis points compared to last year.
- A nonrecurring tax benefit of $82 million contributed to a $60 million tax benefit in the quarter, lowering future tax provision rate to 25.2%.
- Broker direct originations grew nearly 60%, with market share at approximately 5%.
- Correspondent lending acquisitions increased 30% to $30 billion with margins at 25 basis points, slightly down from Q1.
- Excluding fair value changes and a nonrecurring tax benefit, operating ROE was 13%.
- Hedge costs were $54 million, mostly incurred in April due to interest rate volatility, with fair value of MSR increasing by $16 million net of hedges.
- PennyMac ended the quarter with $700 billion servicing portfolio UPB and $4 billion total liquidity.
- PennyMac Financial Services reported Q2 2025 net income of $136 million, or $2.54 diluted EPS, with an annualized ROE of 14%.
- Production segment pretax income was $58 million, down from $62 million in Q1, with acquisition and origination volumes up 31% to $38 billion UPB.
- Servicing segment pretax income was $54 million, or $144 million excluding valuation changes, with servicing expenses declining to 4.6 basis points of average servicing portfolio UPB.
- Adjusted net operating income was $180 million in Q2 2025, up 6% year-over-year.
- Consolidated insurance and other operating expenses increased 8% year-over-year to $154 million.
- Diluted adjusted operating EPS increased 10% to $5.46.
- Investment and Savings Product (ISP) segment revenues increased 14% to $298 million with pretax income up 6% to $79 million.
- Mortgage business showed strong growth with U.S. closed loan volume up 33% and Canadian referral volume up 30%.
- Term Life segment revenues rose 3% to $442 million with pretax income up 5% to $155 million.
- Total sales in ISP segment grew 15% to $3.5 billion, with net inflows of $487 million versus $227 million prior year.
- Book value per share increased quarter-over-quarter to $13.49.
- Combined cash and unencumbered assets increased to about $920 million, more than 50% of total equity.
- Ellington Financial reported GAAP net income of $0.45 per share and adjusted distributable earnings (ADE) of $0.47 per share in Q2 2025.
- Leverage ratios remained stable with recourse debt-to-equity at 1.7:1 and overall debt-to-equity at 8.7:1 including securitizations.
- Longbridge segment contributed $0.13 per share to ADE, driven by strong origination volumes, securitization gains, and servicing income.
- Net interest margin (NIM) on the credit portfolio increased by 21 basis points, while the NIM on Agency decreased by 17 basis points.
- Portfolio size remained roughly unchanged quarter-over-quarter with growth in mortgage loan portfolios offset by securitizations and tactical sales.
- The company achieved an annualized economic return of nearly 14% and a total economic return of 3.3% for the quarter (non-annualized).
- Earnings per share reached $1.95, marking the third highest EPS in firm history and a 30% increase from last year.
- Global Wealth Management revenue was $907 million with pretax margins near 38%, the highest in almost two years.
- Institutional Group revenue was $500 million, up 34% year-over-year, with investment banking revenue up 33%.
- Net interest income increased 6%, driven by higher interest-earning assets and lower funding costs.
- Non-compensation expenses rose 7% year-over-year, with an adjusted non-comp operating ratio of 19%.
- Record net revenue exceeded $1.4 billion, a 17% year-over-year increase and about 7% above consensus estimates.
- Return on tangible common equity exceeded 24%, demonstrating strong profitability.
- Tier 1 leverage capital ratio improved to 11.1%, and Tier 1 risk-based capital ratio increased to 17.6%, reflecting a well-capitalized balance sheet.
- Adjusted compensation expenses were $372 million, up from $316 million last year, maintaining an adjusted compensation expense ratio of 61.5%.
- Adjusted earnings per share were $2.14, up 75% compared to the same quarter last year.
- Adjusted effective tax rate was negative 0.8% compared to 31.2% last year, due to a policy change excluding stock-based compensation vesting impact.
- Adjusted non-compensation expenses increased to $94 million from $80 million, with a non-compensation expense ratio steady at 15.6%.
- Corporate Finance revenues were $399 million, a 21% increase over last year's first quarter, with 125 transactions closed versus 116 last year.
- Financial and Valuation Advisory revenues were $79 million, a 16% increase from the prior year, with 957 fee events versus 847 last year.
- Financial Restructuring revenues were $128 million, a 9% increase year-over-year, with 35 transactions closed compared to 33 last year.
- Houlihan Lokey reported revenues of $605 million for the first quarter of fiscal year 2026, an 18% increase year-over-year.
- Other income and expense produced income of approximately $8 million versus $5 million last year, driven by increased interest and other income from investment securities.
- Common equity tier 1 (CET1) capital ratio increased 10 basis points to 10.7%.
- EPS grew by $0.13 sequentially, a 14% increase over Q2, reaching $1.50 in Q3 2025.
- Fee income grew 5% sequentially and 18% year-over-year, with Capital Markets delivering its second highest quarterly performance ever.
- Loans increased 1% period-end, with core retail loans growing by about $1 billion driven by home equity and mortgage.
- Net charge-offs decreased to 46 basis points from 48 basis points in the prior quarter, reflecting favorable credit trends.
- Net interest income (NII) increased 3.5% sequentially, driven by a 5 basis point expansion in net interest margin (NIM) to 3.0%.
- Operating leverage was positive at 3%, with expense growth limited to 1%.
- Private Bank deposits grew $3.8 billion to $12.5 billion, surpassing the year-end target of $12 billion.
- Ameriprise reported adjusted operating EPS growth of 7% to $9.11 with a strong margin of 27%.
- Ameriprise returned 81% of operating earnings to shareholders in the quarter and plans to increase payout ratio to 85% for the second half of the year.
- Asset management operating earnings increased 2% to $222 million with margins at 39%.
- Free cash flow generation remains strong with a 90% free cash flow conversion rate across segments.
- Retirement and Protection Solutions earnings increased 9% to $214 million, driven by favorable life claims and strong interest earnings.
- Return on equity remains very strong at 52%, among the industry's best.
- The bank's total assets increased 6%, with good loan growth and spread earnings.
- Total revenues increased 4% driven by asset growth and strong transactional activity.
- Wealth management client assets grew 11% to a record $1.1 trillion, with wrap assets up 15%.
- Adjusted EPS grew 19% year-over-year to $3.49, reflecting strong earnings power.
- Adjusted operating income rose 14% year-over-year to $1.2 billion, supported by restructuring savings and scale improvements from Aon Business Services (ABS).
- Adjusted operating margin expanded by 80 basis points to 28.2%, driven by scale improvements and restructuring savings.
- Aon delivered 6% organic revenue growth, 19% adjusted EPS growth, and 59% free cash flow growth in Q2 2025, in line with expectations.
- Aon delivered 6% organic revenue growth in Q2 2025, with total revenue increasing 11% to $4.2 billion.
- Commercial Risk, Reinsurance, and Health each delivered 6% organic revenue growth; Wealth grew 3%.
- Fiduciary investment income was $66 million, down 12% year-over-year due to lower interest rates despite higher average balances.
- Free cash flow increased 59% year-over-year to $732 million, supported by operating income growth and improved days sales outstanding.
- Free cash flow reached $732 million, up 59% year-over-year, driven by strong operating income and improved days sales outstanding.
- Leverage ratio improved to 3.4x, on track to reach target range of 2.8x to 3.0x by Q4 2025.
- NFP acquisition contributed positively to revenue and margin, with a more normalized margin profile post-acquisition.
- Operating leverage and restructuring savings ($35 million in Q2) contributed approximately 83 basis points to margin expansion.
- Organic revenue growth was broad-based across Commercial Risk, Reinsurance, and Health, each delivering 6% growth, while Wealth grew 3%.
- Retention improved by 1 point year-over-year, driven by gains in Commercial Risk segment.
- Returned $411 million to shareholders in dividends and $250 million in share repurchases during the quarter.
- Revenue-generating hires increased 6% through June 30, supporting sustainable organic growth.
- Total revenue increased 11% to $4.2 billion, with adjusted operating margin expanding 80 basis points to 28.2%.
Dafinchi