- Balance sheet remained liquid and conservatively positioned with deposits increasing to $12.8 billion, partly due to FX effects.
- Butterfield reported net income of $53.3 million and core net income of $53.7 million in Q2 2025.
- Core earnings per share were $1.26 with a core return on average tangible common equity of 22.3%.
- Credit quality improved with negligible net charge-offs and nonaccrual loans decreasing to 2% of gross loans.
- Net interest income before provision for credit losses increased to $89.4 million, driven by higher average interest-earning assets but offset by lower treasury yields.
- Net interest margin (NIM) was 2.64%, a decline of 6 basis points from the prior quarter, partly due to early redemption of $100 million subordinated debt causing a 2 basis point one-time negative impact.
- Noninterest expenses were $91.4 million, higher than the prior quarter's $98.3 million, influenced by FX impacts, increased incentive accruals, and lower prior quarter healthcare costs.
- Noninterest income totaled $57 million, down $1.4 million linked quarter due to seasonal reductions in merchant and international money transfer volumes and foreign exchange revenue, partially offset by increased trust revenue.
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- Adjusted net income was $96.5 million or $1.22 per diluted share, with a 16.3% adjusted return on equity.
- Claims expense was $13.4 million in the quarter.
- Defaults declined to 6,709 at June 30 from 6,859 at March 31, with a default rate of 1%.
- GAAP net income was $96.2 million and diluted EPS was $1.21.
- Investment income was $24.9 million, up from $23.7 million in Q1 and $20.7 million in Q2 2024.
- National MI generated $12.5 billion of new insurance written (NIW) volume in Q2 2025, ending with a record $214.7 billion of primary insurance in force.
- Net premiums earned were $149.1 million, slightly down from $149.4 million in Q1 2025 but up from $141.2 million in Q2 2024.
- Net yield was 28 basis points; core yield (excluding reinsurance and cancellation earnings) was 34.2 basis points, up from 34.1 basis points in Q1.
- Shareholders' equity was $2.4 billion with book value per share of $31.14, up 4% from Q1 and 16% from Q2 2024.
- The company repurchased $23.2 million of common stock in Q2, retiring 628,000 shares at an average price of $36.90, with $281 million of repurchase capacity remaining.
- Total cash and investments were $3 billion, including $169 million at the holding company.
- Total revenue was a record $173.8 million, up from $173.2 million in Q1 2025 and $162.1 million in Q2 2024.
- Underwriting and operating expenses were $29.5 million, down from $30.2 million in Q1, resulting in a record low expense ratio of 19.8%.
- Classified loans declined $24.4 million or 5.1%; nonperforming loans declined modestly; criticized loans increased $176.9 million or 17.2%, mainly due to slower lease-up in multifamily loans.
- Common equity Tier 1 capital ratio improved 90 basis points to 13.43%.
- Deposits declined $102.2 million sequentially, approximately flat year-over-year adjusted for a large temporary deposit in Q2 2024.
- Dividend declared of $0.47 per share, yielding 7.0%.
- Interest-bearing deposit costs declined 1 basis point; total funding costs declined 9 basis points due to mix shift.
- Loans held for investment declined $1 billion, including $338 million moved to held-for-sale related to branch transaction, $74 million sold with credit card outsourcing, and $73 million amortization of indirect lending portfolio.
- Net charge-offs were $5.8 million or 14 basis points annualized; provision expense reduced by $0.3 million.
- Net income for Q2 2025 was $71.7 million or $0.69 per diluted share, up from $50.2 million or $0.49 per diluted share in Q1 2025.
- Net interest income increased by $2.2 million to $207.2 million, driven by reduced interest expense and lower average loan balances.
- Net interest margin was 3.32% fully tax equivalent, or 3.26% excluding purchase accounting accretion, up 12 basis points from prior quarter.
- Noninterest expense declined $5.5 million to $155.1 million due to lower seasonal payroll taxes and incentive compensation estimates, partially offset by $1.5 million in property valuation and lease termination fees.
- Noninterest income was $41.1 million, down $0.9 million sequentially, including a $7.3 million valuation allowance and a $4.3 million gain on sale from credit card outsourcing.
- Other borrowed funds declined to $250 million, down $2.2 billion year-over-year and $710 million sequentially.
- Yield on average loans increased 6 basis points to 5.65%, driven by repricing and payoffs of lower-yielding loans.
- Diluted EPS was $1.38, down $0.01 from the prior quarter but up $0.28 year-over-year.
- Net charge-offs were elevated at 36 basis points annualized but down from 53 basis points last quarter.
- Net interest income increased 5.2% quarter-over-quarter driven by loan growth and margin expansion.
- Net interest margin expanded to 3.57%, up 10 basis points quarter-over-quarter and 23 basis points year-over-year.
- Noninterest expense decreased 3.6% quarter-over-quarter, aided by ASC 310-20 accounting changes.
- Noninterest income declined 9.7% quarter-over-quarter due to lower loan fees and bank card interchange income.
- Provision for credit losses increased to $4.5 million from $2.5 million last quarter due to macroeconomic outlook and loan growth.
- Tangible book value rose 13.3% year-over-year to $43.35 per share.
- Allowance for credit losses ratio increased slightly to 1.45%, with a $2.5 million provision driven by specific reserves and net charge-offs.
- Capital ratios remain strong with CET1 at 13.86% and Tier 1 leverage at 12.12%, tangible common equity to tangible assets at 9.98%, and tangible book value per share increased to $26.70.
- Deposits decreased by $53.6 million to $3.74 billion, with a shift toward more noninterest-bearing deposits, increasing their ratio to 26.7%.
- Loans held for investment grew by $23.1 million or 3% annualized to $3.1 billion, despite higher loan payoffs totaling $49.1 million in multifamily loans.
- Net interest income increased to $42.5 million from $38.5 million sequentially, with net interest margin (NIM) rising to 4.07% from 3.81%, partly due to the onetime interest recovery.
- Noninterest expense increased slightly to $33.5 million, driven by higher personnel and professional service costs.
- Noninterest income rose to $12.2 million from $10.6 million, mainly due to mortgage banking revenue increases and fair value adjustments.
- Second quarter diluted EPS was $0.86, up from $0.72 in the linked quarter, boosted by a $1.6 million onetime interest recovery related to a fully repaid nonaccrual loan.
- Adjusted efficiency ratio improved by 90 basis points to 56.7%.
- Adjusted net income from continuing operations increased to $137.5 million or $0.73 per share.
- Adjusted noninterest expense increased $11.7 million, mainly due to First Chatham acquisition, business growth, and legal costs.
- Adjusted noninterest revenue increased $13 million or 15%, driven by mortgage originations, MSR valuation, wealth management, and other fees.
- Adjusted ROA was 1.14% for the quarter.
- Allowance for credit loss coverage remained flat at 1.34%.
- Core customer deposits increased at a 4.4% annualized rate, with growth mainly in noninterest-bearing deposits.
- Loan yields were 6.34%, up 1 basis point from the first quarter; new and renewed loans came in at just over 7%.
- Net charge-offs were $21 million or 24 basis points annualized, consistent with expectations.
- Net charge-offs were 24 basis points annualized for the quarter, down slightly from the first quarter.
- Net interest margin declined 6 basis points to 3.40%, but excluding securities impact, NIM increased 2 basis points.
- Net interest revenue increased $15 million or 4%, driven by loan growth and added securities.
- Organic loan growth was $1.1 billion for the quarter or 12.6% annualized.
- Pretax pre-provision net revenue increased to an all-time high of $206 million, up over 8% from the prior quarter.
- Regulatory capital levels remained strong with CET1 of 12.2%.
- Tangible book value increased to $22.94 per share.
- Total adjusted revenue was $476 million, an increase of $28 million or 6%.
- Total cost of deposits improved by 5 basis points to 2.30%; time deposit costs improved by 12 basis points.
- Credit quality remained solid with nonaccruing loans at 51 basis points and past due loans at 27 basis points; provision for credit losses was $600,000 and net charge-offs were $647,000.
- In-market deposits increased 1% quarter-over-quarter and 9% year-over-year, while brokered deposits declined $25 million and FHLB borrowings rose $151 million.
- Net income for Q2 2025 was $13.2 million or $0.68 per share, up from $12.2 million and $0.63 per share in Q1 2025.
- Net interest income increased 2% quarter-over-quarter to $37.2 million with a margin of 2.36%, up 7 basis points.
- Noninterest income was $17.1 million, excluding a $7 million sale leaseback gain in Q1, adjusted noninterest income rose 9%.
- Total loans grew by $44 million (1%), with commercial loans up 2% and residential loans down 1%.
- Wealth management revenue increased 2% to $10.1 million, mortgage banking revenue rose 32% to $3 million.
- Adjusted EPS of $0.51, up $0.06 from the prior quarter, with adjusted return on tangible common equity increasing by 135 basis points to 15%.
- Adjusted expenses increased by $45 million, primarily due to higher personnel costs, project expenses, technology, risk, and a $20 million contribution to the First Horizon Foundation.
- Common Equity Tier 1 (CET1) capital ratio remained flat at 11%, with a near-term target of 10.75% following annual stress testing.
- Deposit balances decreased by $52 million, driven by a $652 million decline in brokered CDs, offset by growth in index and promotional deposits and a $131 million increase in noninterest-bearing deposits.
- Fee income increased by $26 million excluding deferred compensation, driven by higher fixed income fees and mortgage servicing rights sales.
- Loan balances were slightly down, with mortgage company loans decreasing seasonally by $132 million, while C&I loans grew by $174 million quarter-over-quarter.
- Net charge-offs decreased by $7 million to $26 million, with a net charge-off ratio of 17 basis points and a loan loss provision credit of $5 million.
- Net interest income grew by $33 million with a 15 basis point expansion in net interest margin to 3.55%, aided by loan balance growth and Main Street lending accretion.
- Adjusted non-interest expense was $1.3 billion, down 4% sequentially and 2% year over year, with controllable expenses down for the seventh consecutive quarter.
- Ally Financial delivered adjusted earnings per share of $0.99 and core pre-tax income of $480 million in Q2 2025, showing double-digit year-over-year growth.
- Consolidated net charge-off rate declined 40 basis points sequentially to 1.10%, with retail auto NCO rate down 37 basis points sequentially to 1.75%.
- Core ROTCE was 13.6% in the quarter, or 10% excluding AOCI effects.
- Corporate finance delivered a 31% ROE with core pre-tax income of $96 million and loan balances up $1.3 billion year over year.
- GAAP earnings per share were $1.04 for the quarter, with adjusted EPS at $0.99.
- Insurance business recorded a core pre-tax loss of $2 million due to higher losses despite premium growth.
- Net interest margin excluding core OID expanded 10 basis points quarter over quarter to 3.45%, offsetting a 20 basis point drag from the credit card business sale.
- Retail auto originations reached $11 billion with 3.9 million applications, the highest quarterly volume ever for the second consecutive quarter.
- Adjusted EBITDA margin expanded by 70 basis points relative to Q2 2024, reaching 54.2% for the quarter and increasing 83 basis points compared to 2024 full year margins.
- Adjusted expenses increased 24% on a reported basis, driven by investments in digital assets, consulting, client relationship development, and headcount growth.
- Credit revenues grew strongly, led by global corporate bonds, munis, and credit derivatives, despite some retail corporate credit revenues declining 17% year-over-year.
- Equities posted record results with 50% year-over-year growth, led by global ETF and equity derivatives businesses.
- Free cash flow reached approximately $952 million for the trailing 12 months, with $1.6 billion in cash and cash equivalents at quarter-end.
- International business revenues grew 41% year-over-year, driven by strategic initiatives in emerging markets and APAC.
- Market data revenues increased due to growth in proprietary data products.
- Q2 revenues grew 26.7% year-over-year on a reported basis and 24.7% on a constant currency basis.
- Rates business produced record revenues driven by organic growth across swaps, global government bonds, and mortgages.
- The Board declared a quarterly dividend of $0.12 per share, up 20% year-over-year.
- Tradeweb set a new quarterly revenue record in Q2 2025, surpassing the Q1 2025 record, with revenues exceeding $1 billion in the first half of the year.
- Variable revenue increased by 30%, total trading revenues increased by 28%, and fixed revenues related to four major asset classes increased 25% on a reported basis.
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