- Adjusted net operating income was $0.23 per share for the quarter, with net income from continuing operations available to common shareholders at $3.2 million or $0.07 per diluted share.
- Gross written premium for casualty E&S increased 4% year-over-year, with the overall E&S segment growing 3%.
- James River Group reported an annualized adjusted net operating return on tangible common equity of 14% for Q2 2025, consistent with their mid-teens return target.
- Net investment income was $20.5 million, up from $20 million in the previous quarter, with a conservative portfolio averaging an A+ credit rating and 3.5 duration.
- Segment expenses declined over 20% year-to-date compared to the prior year, with corporate expenses down $2.4 million sequentially and $400,000 quarter-over-quarter.
- Tangible common book value per share increased 5.3% to $7.49.
- The combined ratio in the E&S segment was 91.7%, nearly 4 points lower than the prior year quarter, supported by underwriting profit of $11.7 million.
- The group's overall combined ratio was 98.6%, consisting of a 68.1% loss ratio and a 30.5% expense ratio, with retroactive capacity lowering the combined ratio by 6.1%.
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- Capital ratios increased quarter-over-quarter and the company remains well capitalized by all measures.
- Cost of deposits declined by 12 basis points to 2.01%, and loan yields were impacted by lower purchase loan accretion.
- Efficiency ratio improved to 58.7% in Q2 2025 from 60.5% in Q1 2025, excluding merger-related expenses.
- Fee income increased by $1.3 million quarter-over-quarter, representing 21% of operating revenue, led by wealth management fees.
- GAAP earnings were strong despite lingering merger-related expenses, with core earnings increasing.
- Net interest margin (NIM) increased to 4.07% in Q2 2025 from 4.00% in Q1 2025, with potential for further upside.
- Noninterest expense declined by approximately $600,000 in the quarter, including merger-related expenses and severance costs.
- Normalized EPS reached 1.04, adjusted ROA was 1.51%, and adjusted ROE was 15.1%, placing the company near the top of its peer group.
- Return on average assets was 1.51% and return on average equity was 15.12% for Q2 2025, up from 1.45% and 14.97% in Q1 2025 respectively.
- Total loans grew to $3.93 billion with commercial loans growing 2% annualized; deposits declined by $117 million.
- Earnings per share rose sharply by 86% to $2.49 compared to Q2 2024, driven by record collections and operational efficiency.
- Encore Capital Group reported strong Q2 2025 financial results with portfolio purchases up 32% to $367 million and collections increasing 20% to a record $655 million.
- Leverage improved slightly to 2.6x from 2.7x a year ago and remained flat compared to Q1 2025 despite increased portfolio purchases.
- Net income increased 82% to $59 million, with operating expenses growing 15% to $291 million, reflecting onboarding of new portfolios.
- Portfolio revenue increased 12% to $361 million, supported by a 14% growth in average receivable portfolios and improved portfolio yield of 35.5%.
- Adjusted EBITDA was $104 million and adjusted FFO per diluted share was $0.48.
- Excluding these factors, portfolio RevPAR grew slightly by 0.2%, with urban hotels outperforming by 140 basis points.
- Hotel EBITDA was $113 million with margins of 31.1%, flat excluding renovation impacts.
- Non-room revenues grew by 1.5%, driven by ROI initiatives in food and beverage and ancillary services.
- Operating expenses were flat year-over-year, limiting margin compression to 90 basis points.
- RLJ reported second quarter 2025 RevPAR of $155, a 2.1% decline year-over-year, impacted by renovations and the Austin Convention Center closure.
- Cash same-property NOI growth in Q2 was 450 basis points, with onetime items contributing 300 basis points on a cash basis.
- Excluding that lease, cash re-leasing spreads would have been approximately positive 1%, a meaningful improvement year-over-year.
- FFO for the quarter was $1.13 per diluted share, including approximately $0.11 per share of onetime items such as a $10.7 million lease termination fee contributing $0.05 per share.
- GAAP re-leasing spreads were negative 11.2% and cash re-leasing spreads negative 15.2%, impacted by a single large lease in San Francisco with a term under 3 years.
- Occupancy ended Q2 at 80.8%, down from 81.4% in Q1, reflecting expected rightsizing and early vacates related to tenant bankruptcies.
- The removal of the 89% leased 4-building campus held for sale negatively impacted occupancy by 20 basis points but lease commencement acceleration maintained occupancy guidance midpoint.
- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
- Allowance for credit losses was 10.35% of loan receivables, down 24 basis points from prior quarter.
- Capital ratios improved with CET1 at 13.7%, Tier 1 capital ratio at 14.9%, and total capital ratio at 17%.
- Efficiency ratio increased 140 basis points to 32.6% due to higher expenses and RSAs impact.
- Net earnings of $1.1 billion or $2.86 per diluted share in Q3 2025.
- Net interest income increased 2% to $4.7 billion, with net interest margin up 58 basis points to 15.62%.
- Provision for credit losses decreased by $451 million to $1.1 billion, driven by lower net charge-offs and reserve releases.
- Purchase volume grew 2% year-over-year to $46 billion across five platforms.
- Return on average assets was 3.6%, and return on tangible common equity was 30.6%.
- Accident year combined ratio as adjusted was 88.4%, calendar year combined ratio improved by 320 basis points to 89.3%, and core operating ROE was 11.7%.
- Adjusted pretax income increased 37% to $1.4 billion, with General Insurance gross premiums written up 4% to $10.1 billion.
- AIG delivered adjusted after-tax income per diluted share of $1.81, a 56% increase year-over-year, with adjusted after-tax income of $1 billion, up 35%.
- Capital returned to shareholders totaled $2 billion in the quarter, $4.5 billion year-to-date, with plans to repurchase $5-6 billion in 2025.
- Catastrophe charges were $170 million (2.9 loss ratio points), with favorable prior year development of $128 million.
- Financial strength ratings were upgraded by S&P Global to AA- and Moody's to A1, marking significant milestones.
- General Insurance expense ratio improved by 50 basis points to 31%, with ongoing investments in cybersecurity and Gen AI absorbed within the business.
- General Insurance underwriting income rose 46% year-over-year to $626 million, with net investment income increasing 9% to $955 million on an adjusted pretax basis.
- Net premiums written increased 1% to $6.9 billion, driven by growth in Global Commercial and North America Commercial segments, offset by declines in Retail Property and Lexington Property.
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