- 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%.
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- ARI delivered strong performance in Q2 2025 with $1.4 billion in new loan commitments and a portfolio carrying value increase to $8.6 billion from $7.7 billion in Q1.
- Book value per share, excluding general CECL allowance and depreciation, was $12.59, slightly down from last quarter.
- Book value per share was $12.59, slightly down from last quarter, excluding general CECL allowance and depreciation.
- Distributable earnings were $36 million or $0.26 per share, an 8% increase over Q1, with GAAP net income of $18 million or $0.12 per diluted share.
- Liquidity ended at $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Liquidity totaled $208 million including cash, undrawn credit capacity, and loan proceeds held by servicer.
- Loan portfolio weighted average unlevered yield was 7.8%, with 41% of loans originated post-2022 interest rate rise and valuation reset.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth.
- No asset-specific CECL allowances were recorded; general CECL allowance increased by $3.1 million due to portfolio growth, with total CECL allowance down slightly from 475 to 429 basis points.
- Repayments and sales totaled $631 million during the quarter, with continued redeployment of capital into new loans.
- Repayments and sales totaled $631 million during the quarter, with proceeds from 111 West 57th sales reducing basis by $141 million.
- Adjusted EPS increased 48% year-over-year to $3.23, driven by efficient marketing, lower cost of funds, and operating leverage.
- Combined loan and finance receivables reached a record $4.3 billion, with 65% from small business and 35% from consumer portfolios.
- Cost of funds declined to 8.8%, 15 basis points lower sequentially, supported by strong capital markets execution.
- Credit quality remained solid with a consolidated net charge-off ratio of 8.1%, improving 50 basis points sequentially but slightly higher than the prior year due to consumer trends.
- Enova reported strong second quarter 2025 results with revenue of $764 million, a 22% year-over-year increase and 2% sequential growth.
- Liquidity remained strong at $1.1 billion, including $388 million in cash and marketable securities and $712 million available on debt facilities.
- Operating expenses were 32% of revenue, down from 34% a year ago, with marketing at 19% of revenue and technology and operations expenses at 8%.
- Originations rose 28% year-over-year to $1.8 billion, with small business originations at a record $1.2 billion and consumer originations growing 15% year-over-year.
- Small business credit metrics remained stable and strong, while consumer net charge-off ratio declined sequentially to 14.5%, within historical ranges.
- Average loans decreased 1% to $17.7 billion due to macroeconomic challenges and elevated gross credit losses impacting loan growth.
- Bread Financial reported adjusted net income of $149 million and adjusted EPS of $3.15 for Q2 2025, excluding $10 million post-tax debt repurchase expenses.
- Credit reserve rate improved to 11.9%, a 30 basis point improvement year-over-year and sequentially.
- Credit sales grew 4% year-over-year to $6.8 billion, driven by new partner growth and higher general purpose spending.
- Delinquency rate improved to 5.7%, down 30 basis points year-over-year; net loss rate improved to 7.9%, down 70 basis points year-over-year despite hurricane impacts.
- Direct-to-consumer deposits grew 12% year-over-year to $8.1 billion, accounting for 45% of average total funding, improving funding mix.
- Net interest income decreased 1% year-over-year due to lower billed late fees and a shift in risk and product mix, partially offset by lower interest expense and pricing changes.
- Net interest margin was 17.7%, down 30 basis points year-over-year, impacted by elevated cash mix and lower loan yields.
- Noninterest income increased $3 million, mainly from paper statement pricing changes, offset by lower net interchange revenue.
- Return on average tangible common equity was 22.7% for the quarter.
- Revenue was $929 million, down 1% year-over-year, primarily due to lower finance charges and late fees, partially offset by lower interest expense.
- Total noninterest expenses increased 3% year-over-year to $12 million higher, mainly due to $13 million debt extinguishment costs; adjusted expenses were nearly flat.
- Expenses were better than expected in the first half, with full year expenses forecasted around $506 million, slightly better than original expectations.
- Net income increased over 23% compared to the prior quarter driven by higher net interest and noninterest income, good expense control, and lower provision expense.
- Net interest income was $163.6 million, up $3.1 million from prior quarter, with NIM at 3.11%, up 3 basis points.
- Noninterest income was $54 million, benefiting from a few favorable items, with recurring noninterest income expected around $51 million per quarter.
- Provision for credit losses was $4.5 million, with allowance for credit losses increasing to $167.8 million, coverage flat at 1.17% of total loans and leases.
- Total deposits increased slightly, with public deposits up $166 million, offsetting declines in commercial and retail deposits.
- Total loans increased about $59 million or 0.4%, mainly from a $125 million increase in dealer floor plan balances, offset by payoffs in commercial real estate construction loans.
- A $12 million pretax gain from sale of multifamily loans and a $5.5 million noncash deferred tax impairment impacted net income this quarter.
- Axos Financial delivered strong Q4 fiscal 2025 results with $856 million net loan growth linked quarter and 6 basis points net interest margin expansion.
- Net income was approximately $110.7 million, with diluted EPS of $1.92, compared to $105.2 million and $1.81 respectively in the prior quarter.
- Net interest income was $280 million, up 7.7% year-over-year, and net interest margin was 4.84%, up from 4.78% in the prior quarter.
- Nonaccrual loans declined by $15 million linked quarter, improving the nonaccrual loans to total loans ratio to 79 basis points.
- Noninterest expenses increased 3% from prior quarter, excluding a $2 million legal accrual reversal, with salaries and benefits roughly flat.
- Total deposits increased 7.6% year-over-year to $21 billion, with a diverse deposit base supporting organic loan growth.
- Account-based delinquency rate decreased 9 basis points to 2.21%, consistent with seasonal trends.
- Adjusted net operating income was $0.82 per diluted share, up from $0.77 last year.
- Annual persistency was 85%, remaining flat over the past two quarters.
- Book value per share increased 13% year-over-year to $22.11.
- Favorable loss reserve development of $54 million was recorded due to better-than-expected cure rates on delinquency notices.
- In Q2 2025, MGIC recorded net income of $193 million and an annualized return on equity of 15%.
- Net investment income was $61 million, with a book yield on the portfolio of 4%, relatively flat quarter-over-quarter.
- Operating expenses were $52 million, down from $55 million last year, including a $4 million pension-related accounting charge.
- The company wrote $16 billion of new insurance, with insurance in force ending at $297 billion.
- Adjusted compensation ratio improved to 65.4%, down 60 basis points year-over-year, while adjusted noncompensation expenses rose 9% due to technology and occupancy costs.
- Adjusted operating income was $157 million, a 37% increase versus Q2 2024, with adjusted EPS of $2.42, up 34% year-over-year.
- Advisory fees increased 23% year-over-year to $698 million, a record for the quarter.
- Asset Management and Administration Fees grew 3% to $21 million, driven by market appreciation and net inflows.
- Cash and investment securities totaled over $1.7 billion as of June 30, with positive cash flow and $532 million returned to shareholders in the first half through buybacks and dividends.
- Evercore delivered adjusted net revenues of $839 million in Q2 2025, up nearly 21% year-over-year, marking record revenues for both the quarter and first half of the year.
- GAAP net revenues, operating income, and EPS were $834 million, $150 million, and $2.36 per share respectively in Q2 2025.
- Share repurchases totaled approximately 1.7 million shares year-to-date at an average price of $258.5 per share, fully offsetting dilution from RSU grants.
- Underwriting revenues rose 4% to $32 million, commissions and related revenue increased 10% to $58 million.
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