- Balance sheet remains strong with an adjusted tangible equity ratio of 9.8%, up from 8.2% a year ago.
- Consumer Lending segment NIM was 232 basis points, down from 276 basis points in Q1, impacted by loans entering 91+ days delinquency and related accrued interest reserve adjustments.
- Delinquency rates increased: FFELP >90-day delinquency at 10.1%, consumer lending 91+ day delinquency rose to 3%, partly due to disaster forbearance roll-offs.
- Loan originations doubled year-over-year, with $443 million in refinance loans this quarter and over $1 billion in total originations year-to-date.
- Navient reported core earnings per share of $0.20 in Q2 2025, or $0.21 on a core basis after adjusting for regulatory and restructuring expenses.
- Net interest margin (NIM) for the Federal Education Loan segment was 70 basis points, exceeding guidance, with full year NIM expected between 55 and 65 basis points.
- Operating expenses declined by $82 million year-over-year to $100 million, driven by business sales and expense reduction initiatives.
- Provision expenses were elevated due to macroeconomic outlook deterioration, higher delinquency trends, and increased loan originations.
- Returned $40 million to shareholders via share repurchases and dividends; repurchased 1.9 million shares for $24 million.
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- Allowance for credit losses decreased slightly to $48.3 million, representing 0.97% of total loans.
- Annualized return on average assets was 1.07%, and annualized return on average tangible common equity was 14.38%.
- Capital ratios remain strong and well above regulatory thresholds; liquidity lines available totaled $2.33 billion.
- Deposits increased by $41.1 million or 0.6% on a linked-quarter basis, driven by increases in broker, commercial, and retail deposits.
- Loans as of June 30 were $4.60 billion, a linked quarter increase of $34.7 million or 0.8%.
- Net income for Q2 2025 was $21.8 million, with diluted earnings per share of $0.72, representing a 1.4% increase from Q1.
- Net interest margin increased 9 basis points to 2.95%, and net interest income increased by $414,000 to $54.3 million.
- Noninterest expense increased 5.8% linked quarter, mainly due to a $1.2 million write-off and demolition of a replaced branch.
- Noninterest income increased 12.7% linked quarter, primarily due to swap fee income and deposit services income.
- Nonperforming assets remained low at 0.39% of total assets, and classified loans decreased from $67 million to $55.4 million.
- GAAP earnings per share of $1.04, up 25.3% year over year and 7.2% sequentially.
- Loan balances grew 4.9% year over year and 2.2% sequentially, with deposits up 4.3% year over year.
- Net interest income grew 13.7% year over year to $128.2 million, marking six consecutive quarters of growth.
- Net interest margin increased by 3 basis points to 3.33%, driven by higher loan yields and stable funding costs.
- Non-interest expenses increased 3.3% year over year, including costs related to branch expansion and consulting.
- Provision for credit losses was $5.6 million, down from $7.7 million a year ago.
- Record operating earnings per share of $1.09, a 23.9% increase year over year.
- Total operating revenues reached a quarterly high of $206.8 million, up 9.4% year over year.
- Bad debt was up from a year ago in Q2 but in line year-to-date and within guidance range.
- Core FFO for Q2 was $88.2 million or $0.64 per diluted share, reflecting 8.5% per share growth.
- Core FFO per share increased 8.5% year-over-year.
- NAREIT FFO for Q2 was $86 million or $0.62 per diluted share, reflecting 8.8% per share growth.
- New leasing rent spreads were 34.6% comparable and 28.1% in-line.
- Portfolio occupancy ended Q2 at 97.4%, anchor occupancy at 98.9%, and in-line occupancy at 94.8%.
- Renewal rent spreads were strong with comparable renewal spreads at 19.1% and in-line renewal spreads at 20.7%.
- Same-center NOI increased 4.2% in Q2 2025.
- Tenant improvement costs for renewals were low at $0.49 per square foot.
- Consolidated net investment income increased 2% to $59.3 million due to higher portfolio yields.
- Diluted earnings per share increased to $1.93 from $1.91 year-over-year and $1.69 sequentially.
- Essent Group Ltd. reported net income of $195 million for Q2 2025, slightly down from $204 million a year ago.
- Essent Re's risk in force was $2.3 billion, supporting diversification and growth.
- Mortgage insurance in force grew 3% year-over-year to $247 billion with strong credit quality (weighted average FICO 746, original LTV 93%).
- Mortgage insurance net premium earned was $234 million, including $13.6 million from Essent Re third-party business.
- Operating expenses declined to $36.3 million with an expense ratio of 15.5%.
- Persistency remained stable at 86% for 12-months ending June 30, 2025.
- Provision for losses and loss adjustment expenses decreased to $15.4 million from $30.7 million in the prior quarter.
- Return on average equity was 14% annualized for the quarter.
- The company repurchased nearly 7 million shares year-to-date for approximately $390 million and declared a $0.31 dividend for Q3 2025.
- Adjusted net income from continuing operations increased to $152.8 million or $0.81 per share in Q3 2025.
- Adjusted return on assets was 1.13% for the quarter.
- Credit quality remained stable with net charge-offs at 26 basis points annualized and stable non-performing assets.
- Deposits increased by $3.4 billion, with core customer deposits up $3.1 billion largely due to the Industry acquisition.
- Loans grew by $1.3 billion, including $1 billion from Industry acquisition and $300 million organic growth.
- Net interest margin improved by 6 basis points to 3.46%, driven by higher securities yields and lower funding costs.
- Net interest revenue increased 12% to $46 million driven by balance sheet growth and net interest margin improvement.
- Total adjusted revenue grew 9% quarter-over-quarter to $517 million.
- In Q2 2025, Open Lending facilitated 26,522 certified loans, down from 28,963 in Q2 2024, reflecting tighter lending standards and targeted rate increases.
- Net income was $1 million in Q2 2025, down from $2.9 million in Q2 2024, and adjusted EBITDA was $4.1 million compared to $6.8 million in the prior year period.
- Operating expenses increased 9% year-over-year to $18.6 million, partly due to one-time severance charges, with further cost-saving measures planned for 2026.
- Profit share revenue per certified loan decreased to $289 in Q2 2025 from $552 in Q2 2024, reflecting a 72.5% loss ratio assumption and pricing adjustments.
- Program fee revenues were $14.9 million, profit share revenue was $8 million, and claims administration and other revenue totaled $2.4 million.
- The company repurchased approximately 2 million shares for $4 million in Q2 2025, with $21 million remaining in the repurchase program.
- Total revenue for Q2 2025 was $25.3 million, including an $8.3 million reduction in estimated profit share revenue from new originations compared to the prior year.
- Manufactured housing same-property NOI increased 7.7% with occupancy up 60 basis points to 97.6%.
- Returned over $830 million to shareholders through special cash distribution and share repurchases.
- RV same-property NOI declined 1.1%, with a 0.9% revenue increase offset by a 3.1% expense increase.
- S&P Global upgraded Sun's credit rating to BBB+ and Moody's to Baa2, citing deleveraging and balance sheet strength.
- Sun Communities reported core FFO per share of $1.76 for Q2 2025, exceeding the high end of guidance.
- Sun paid down approximately $3.3 billion of debt during the quarter, improving balance sheet strength.
- Total North American same-property NOI grew 4.9% in Q2, driven primarily by manufactured housing and cost savings initiatives.
- U.K. same-property NOI increased 10.2% with revenue up 9.5%, partially offset by an 8.8% increase in expenses due to minimum wage hikes.
- Weighted average interest rate on debt was 3.4% with a weighted average maturity of 7.6 years and no floating rate debt outstanding.
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