- Book value per share decreased to a negative $43.14 as of June 30, 2025, from a negative $40.99 at year-end 2024, mainly due to the consolidated net loss for the first six months of 2025.
- MBIA Insurance Corp. reported statutory net income of $4 million in Q2 2025 compared to a statutory net loss of $35 million in Q2 2024.
- MBIA reported a consolidated GAAP net loss of $56 million for Q2 2025, a significant improvement from a $254 million net loss in Q2 2024.
- National reported statutory net income of $6 million in Q2 2025 versus a statutory net loss of $131 million in Q2 2024.
- The adjusted net loss was $8 million for Q2 2025 compared to $138 million in Q2 2024, primarily due to lower losses in Loss Adjustment Expenses (LAE) at National related to PREPA exposure.
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- Allowance for credit losses ratio increased to 1.50% due to a single $24 million CRE office loan moving to nonaccrual, significantly increasing quarterly credit loss expense.
- Loan growth was solid at 7.4%, with commercial loan production of $215 million, the highest in the last 6 quarters.
- MidWestOne reported net income of $10 million or $0.48 per diluted common share for Q2 2025.
- Net interest income increased by $2.5 million to $50 million compared to the linked quarter, driven by higher earning asset volumes and yields and lower funding costs.
- Noninterest income was $10.2 million, slightly up from $10.1 million in the linked quarter, driven by wealth management, card revenue, mortgage origination fees, and SBA gain on sale revenue.
- Outside the single loan, asset quality improved with a 32 basis point decrease in criticized asset ratio and net charge-offs of only 2 basis points.
- Tax equivalent net interest margin and core net interest margin both expanded 13 basis points to 3.57% and 3.49%, respectively.
- Total noninterest expense was $35.8 million, a decrease of $0.5 million from the linked quarter, helped by $1.1 million in tax credit funds and a $200,000 decrease in core data processing expense.
- Core earnings per share (EPS) of $0.91 in Q3, contributing to $2.66 YTD core EPS, reflecting 3% growth year-over-year.
- Deposits increased $149 million or 1.9% to $7.6 billion, excluding temporary pension funding deposits.
- Net charge-offs were elevated at 0.81% of total loans, driven by resolution of problem credits but showing improvement in consumer solar and business banking portfolios.
- Net income was $26.8 million or $0.88 per diluted share; core net income was $27.6 million or $0.91 per diluted share.
- Net interest income grew 4.9% to $76.4 million, exceeding the high end of guidance.
- Net interest margin increased 5 basis points to 3.6%, partially offset by a 5 basis point rise in cost of funds.
- Nonperforming assets decreased 34.6% to $23 million, or 0.26% of total assets, indicating improved credit quality.
- Tangible book value per share increased 4% to $25.31, growing over 46% since September 2021, reflecting strong capital management.
- Adjusted operating net income was $53.5 million or $1.25 diluted EPS, reflecting a 1.09% return on assets and 6.99% return on average common equity.
- Core deposit growth was strong with non-time deposits up 3.6% year-over-year and 1.6% from the prior quarter.
- Expenses increased 1.8% excluding merger costs, driven by salary increases, equity awards, and higher check and fraud losses.
- Net interest margin (NIM) was 3.37%, higher than previous guidance due to asset repricing and reduced deposit costs.
- Nonperforming loans decreased significantly from $89.5 million to $56.2 million, or 39 basis points of total loans.
- Second quarter GAAP net income was $51.1 million with diluted EPS of $1.20, yielding a 1.04% return on assets and 6.68% return on average common equity.
- Tangible book value per share increased by $0.99 during the quarter, including a $0.28 benefit from other comprehensive income.
- Total loans increased modestly with C&I loans up 3.4% and CRE loans down 1.7%.
- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
- Aflac Japan saw a 23.2% year-over-year sales increase, driven by a 53% increase in cancer insurance sales, particularly from the Miraito product.
- Aflac reported adjusted earnings per diluted share of $1.78 for Q2 2025, a 2.7% decrease year-over-year, with a $0.04 positive FX impact.
- Aflac U.S. net earned premium increased 3.4%, with premium persistency rising to 79.2%.
- Capital deployment included $829 million in share repurchases and $312 million in dividends, totaling $1.1 billion returned to shareholders.
- Expense ratios improved in both Japan and U.S., with Japan's expense ratio at 20.6% and U.S. at 36.3%.
- Japan's total benefit ratio improved by 40 basis points to 66.5%, and persistency increased to 93.7%.
- Net earned premiums declined 4.8% in Japan but underlying earned premiums declined only 1.1%, indicating improving long-term premium trends.
- Net earnings per diluted share were $1.11, reflecting solid results for the quarter and a strong first half of the year.
- Strong capital ratios were maintained with SMR above 900%, regulatory ESR above 240%, and combined RBC greater than 600%.
- U.S. total benefit ratio was 47.3%, slightly higher by 60 basis points due to business mix, with a pretax margin of 22.5%.
Dafinchi