- Asset quality improved with a 7% reduction in commercial criticized balances and a 4% reduction in non-accrual loans.
- Average loans grew by $1.1 billion to $136.5 billion, driven by commercial, residential mortgage, and consumer loans.
- Diluted GAAP EPS increased to $4.82 from $4.24 in prior quarter, net income rose to $792 million from $716 million.
- Net charge-offs increased to 42 basis points due to resolution of two large C&I credits totaling $49 million.
- Net interest income (taxable equivalent) increased 3% sequentially to $1.77 billion.
- Non-interest expenses increased slightly to $1.36 billion, with higher salaries, benefits, and professional services costs.
- Non-interest income reached $752 million, up from $683 million, with strength across mortgage banking, trust income, and trading.
- Operating ROTA and ROTCE were strong at 1.56% and 17.13%, respectively, with net interest margin expanding to 3.68%.
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- 15 acquisitions completed in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million annual revenues.
- Adjusted earnings per share grew over 10% to $1.03.
- Adjusted EBITDAC margin improved by 100 basis points to 36.7%.
- Brown & Brown delivered $1.3 billion in revenue for Q2, growing 9.1% total and 3.6% organically versus prior year.
- Cash flow from operations was $537 million, up $164 million over first half of 2024.
- Completed 15 acquisitions in the quarter with estimated annual revenues of $22 million; 29 acquisitions year-to-date with $60 million in annual revenues.
- Dividends paid per share increased 15.4% compared to prior year quarter.
- Generated $537 million cash flow from operations, up $164 million over first half of 2024.
- Programs segment grew 6.1% total revenues with 4.6% organic growth; EBITDAC margin expanded 320 basis points to 52.8%.
- Retail segment revenue grew 7.9% total with 3% organic growth; EBITDAC margin decreased 50 basis points to 27.5% due to seasonality.
- Weighted average shares increased by approximately 10 million due to equity issuance.
- Wholesale Brokerage segment revenues increased 14.5% total and 3.9% organically; EBITDAC margin increased 80 basis points to 34.1%.
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