- Adjusted EPS was $4.51, a 16% increase year-over-year.
- Client cash revenue was $414 million, up $5 million from Q1; client cash balances ended at $51 billion, down $2 billion sequentially.
- Commission and advisory fees net of payout were $349 million, down $14 million from Q1.
- Core G&A expenses were $426 million, below outlook range; full year 2025 outlook lowered to $1.720 billion to $1.750 billion excluding deals.
- Corporate cash ended Q2 at $3.6 billion, up $3 billion from Q1 due to capital raises; expected to decrease post-Commonwealth close.
- Depreciation and amortization were $96 million, up $4 million sequentially; expected to increase by $5 million in Q3.
- Gross profit was $1.304 billion, up $32 million sequentially.
- ICA yield was 342 basis points, up 5 basis points from Q1; expected to be flat in Q3.
- Including Commonwealth, new core G&A outlook is $1.880 billion to $1.920 billion.
- Interest expense was $102 million, up $22 million sequentially due to April debt issuance; expected to increase by $5 million in Q3.
- Leverage ratio was 1.23x at end of Q2; expected to be 2.25x post-close with a path to 2x by end of 2026.
- Organic net new assets were $21 billion, representing a 5% annualized growth rate.
- Payout rate was 87.3%, up approximately 60 basis points from Q1, with an expected increase to 87.6% in Q3.
- Promotional expense was $164 million, up $12 million from Q1; expected to increase by $35 million in Q3.
- Service and fee revenue was $152 million, up $7 million from Q1; expected to increase by $20 million in Q3.
- Tax rate was approximately 26% in Q2; expected around 27% in Q3.
- Total assets increased to a record $1.9 trillion in Q2, driven by solid organic growth and higher equity markets.
- Transaction revenue was $61 million, down $7 million sequentially; expected to increase by $5 million in Q3.
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- After-tax net investment income was $101 million, generating 13 points of ROE, up 50 basis points from Q2 2024.
- Book value per share increased 9% in the first half of 2025, driven by profitability and reduced after-tax net unrealized fixed income security losses.
- Excess and Surplus lines grew 9% with a combined ratio of 89.8%, while Personal Lines combined ratio improved to 91.6%, 26.5 points better than a year ago.
- Expense ratio increased by 60 basis points due to higher expected employee compensation after lower profit-based payouts last year.
- Fully diluted EPS was $1.36 and non-GAAP operating EPS was $1.31 for the quarter.
- Insurance segments grew 5%, with combined ratios at or below the 95% long-term target for Excess and Surplus and Personal Lines.
- Selective Insurance Group delivered an operating return on equity of 10.3% in Q2 2025 with investment income increasing 18% year-over-year.
- Standard Commercial Lines reported a combined ratio of 102.8%, including 4.8 points of unfavorable prior year casualty development.
- The GAAP combined ratio was elevated primarily due to prior year casualty reserve development; catastrophe losses were 6.7%, better than anticipated.
- The overall combined ratio for the quarter was 100.2%, impacted by 3.8 points of unfavorable prior year casualty reserve development and 6 points of catastrophe losses.
- Underlying combined ratio improved 170 basis points year-over-year to 89.7% for the quarter.
- Asset quality remained strong despite one commercial borrower filing for bankruptcy, with past due loans at eight basis points, net charge-offs at two basis points, and non-performing loans at 37 basis points.
- Camden National Corporation reported strong second quarter 2025 earnings of $14.1 million, with diluted earnings per share of $0.83 and adjusted non-GAAP earnings of $15.2 million or $0.89 per share.
- Loan growth was 1% during the quarter, primarily from commercial and home equity loans, with a robust $150 million committed loan pipeline, a 40% increase over last quarter.
- Net interest margin expanded by two basis points to 3.06%, and the non-GAAP efficiency ratio improved to 55.5%, the lowest since 2022.
- Noninterest income reached $13.1 million, beating prior guidance, while noninterest expense was $37.6 million, 15% lower than the first quarter.
- Pretax pre-provision income excluding one-time merger-related expenses rose 13% from the prior quarter, reflecting early success in realizing cost synergies from the Northway acquisition.
- Tangible common equity ratio increased to 6.77%, with tangible book value per share rising 3% to $26.9.
- Total revenues grew 4% over the prior quarter to $62.3 million, driven by net interest income and noninterest income growth.
- AFFO was $18.4 million or $0.18 per diluted share.
- FFO attributable to common shareholders was $19 million or $0.19 per diluted share.
- Liquidity remained strong at $172.2 million including revolving credit availability.
- Net debt to total adjusted EBITDA stood at 7.7x, and stabilized portfolio debt to adjusted EBITDA was 5.2x.
- Normalized FFO for Q2 2025 was $0.25 per diluted share, in line with guidance.
- Office occupancy remained high at 96.3%, retail occupancy at 94.2%, and multifamily occupancy dipped slightly to 94%.
- Same-store NOI increased 1.4% on a GAAP basis and 0.3% on a cash basis.
- 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.
- Book value per common share declined by about $0.25 to $7.99, partially offset by accretive share buybacks estimated to add $0.15 per share.
- CECL reserve declined by $25 million to $155 million, driven by $36 million of write-offs partially offset by an $11 million provision increase.
- Distributable loss for the quarter was $45.3 million or negative $0.94 per basic common share, including $36.1 million of write-offs related to nonaccrual loan resolutions.
- Provision for credit losses was $11 million or negative $0.23 per basic common share due to a less favorable macroeconomic forecast in the CECL model.
- Reported a GAAP net loss attributable to common stockholders of $17 million or negative $0.35 per basic common share in Q2 2025.
- Total leverage decreased slightly to 2.1x, with unrestricted cash of about $85 million at quarter end.
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