- Accretion income declined to $2.6 million, contributing 12 basis points to net interest margin, down from 17 basis points in the prior quarter.
- Allowance for credit losses grew $9.4 million to 1.13% of total loans, aligning closer to peer median of 1.17%.
- Annualized loan growth was 11% compared to the linked quarter.
- Annualized net charge-off rate improved to 43 basis points from 52 basis points, with small ticket leasing charge-offs declining but remaining elevated at 11.51%.
- Book value per share grew 1%, and tangible book value per share increased 2% from the prior quarter.
- Capital ratios declined slightly due to loan growth outpacing earnings net of dividends, but tangible equity to tangible assets ratio remained stable at 8.3%.
- Classified loans declined slightly to 1.89% of total loans.
- Deposit balances declined 1% due to seasonal factors, with retail CDs growing $39 million.
- Deposit balances declined 1% or $98 million, with seasonal fluctuations in governmental deposits and growth in retail CDs.
- Diluted earnings per share were $0.59 for Q2 2025.
- Efficiency ratio improved to 59.3% from 60.7% in the prior quarter.
- Fee-based income was relatively stable, with a 1% decline from the linked quarter due to annual performance-based insurance commissions recognized in Q1.
- Investment portfolio grew by $140 million with higher yielding bonds at 5.3%, slightly above target range.
- Investment portfolio grew by $140 million, with higher yielding bonds improving overall yield.
- Loan growth was balanced across categories, including commercial and industrial, residential real estate, construction, commercial real estate, premium finance, and consumer indirect loans.
- Loan portfolio delinquency improved with 99.1% current compared to 98.5% last quarter.
- Loan to deposit ratio increased to 86% from 83% due to loan growth and seasonal deposit declines.
- Net charge-offs were $7 million, down from $8.1 million in the prior quarter, with small ticket leasing charge-offs decreasing but still elevated.
- Net interest income increased by over $2 million, with net interest margin expanding 3 basis points to 4.15%.
- Noninterest expense declined 1% from the linked quarter to $70.4 million, within guided range.
- Noninterest expense declined 1% from the prior quarter to $70.4 million, within guided range.
- Nonperforming assets increased slightly to 49 basis points of total assets, driven by premium finance portfolio administrative delinquencies.
- Pre-provision net revenue exceeded consensus estimates.
- Provision for credit losses increased by $6.5 million to $16.6 million, driven by net charge-offs, increased reserves, CECL model refresh, and economic forecast deterioration.
- Provision for credit losses totaled $16.6 million, up $6.5 million from the prior quarter, driven by net charge-offs and increased reserves.
- Tangible equity to tangible assets ratio remained stable at 8.3%.
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- Adjusted EBITDA rose 32.1% to $114 million, with an improved margin of 15%, up 139 basis points.
- Adjusted EPS increased by 40.9% to $0.31 from $0.22, demonstrating strong operating leverage.
- Capital Markets revenues surged 37.9%, reflecting a 135% increase in total debt volumes compared to 38% industry growth, and investment sales volumes rose 26% versus 11% industry growth.
- Cash and cash equivalents ended at $195.8 million with net leverage of 1.4x; cash generated by the business was $133.9 million.
- Introduced adjusted free cash flow metric showing $228 million for the 12 months ended June 2025, a 121.4% year-over-year improvement.
- Leasing revenues increased 13.8%, led by double-digit growth in retail volumes and improving office activity in key gateway markets.
- Management services, servicing and other revenues grew 13.6%, driven by 30% growth in Valuation and Advisory and improvements in servicing and asset management.
- Newmark delivered strong revenue growth of 19.9% in Q2 2025, with total revenues reaching $759.1 million compared to $633.4 million a year earlier.
- The company repurchased approximately 10.8 million shares for $125.5 million at $11.58 per share, reducing fully diluted weighted average share count by 1.2% to 252.6 million.
- First-half revenues reached $672 million, up 39% from the prior year period, driven primarily by growth in M&A and capital markets.
- Moelis & Company reported $365 million in revenues for Q2 2025, a 38% increase year-over-year and the highest second quarter revenues on record.
- Non-compensation expense ratio for Q2 was 14.4%, with an expected full-year growth of approximately 15% compared to the prior year.
- The Board declared a regular quarterly dividend of $0.65 per share, unchanged from the prior period.
- The corporate tax rate was accrued at 29.5%, consistent with Q1's underlying tax rate prior to a discrete tax benefit.
- The firm maintains a strong balance sheet with $475 million in cash and liquid investments and no debt.
- The second-quarter compensation expense ratio was accrued at 69%, consistent with the previous quarter.
- Financed over 85,000 contracts and collected $1.4 billion overall during the quarter.
- Forecasted net cash flows declined by 0.5% or $56 million.
- Loan performance declined this quarter with 2022, 2023, and 2024 vintages underperforming expectations, while the 2025 vintage exceeded expectations.
- Loan portfolio reached a record-high of $9.1 billion on an adjusted basis, up 6% from last Q2.
- Market share in the core segment of used vehicles financed by subprime consumers was 5.4% for the first 5 months of the year, down from 6.6% in the same period in 2024.
- Paid $63 million in dealer holdback and accelerated dealer holdback to dealers.
- Unit and dollar volumes declined, impacted by Q3 2024 scorecard change and increased competition.
- Commercial revenue in Title was strong, with $626 million in the first half of 2025, up 23% year-over-year.
- F&G segment grew assets under management to $69.2 billion, up 13% year-over-year, with adjusted net earnings of $89 million, down from $122 million in Q2 2024.
- FNF reported strong Q2 2025 results with total revenue of $3.6 billion and adjusted net earnings of $318 million, slightly down from $338 million in Q2 2024.
- Personnel costs and other operating expenses increased by 10%, driven by active recruiting and strategic investments in security and technology.
- The Title segment delivered adjusted pretax earnings of $337 million with a 15.5% margin, slightly below the 16.2% margin in Q2 2024 due to higher expenses.
- Catastrophe losses were $99 million, slightly higher than the prior year's $90 million, but the impact on the combined ratio remained flat.
- Financial leverage remained low at 23.4%, and after-tax unrealized investment losses improved by $120 million to $249 million.
- Net income per diluted share increased 8.7% year-over-year to $1.00 or $401 million, with an annualized return on beginning of year equity of 19.1%.
- Net premiums earned reached a quarterly record of $3.1 billion, and net premiums written hit a record $3.4 billion, with growth across all lines and segments.
- Operating earnings were $420 million or $1.05 per share, yielding a 20% annualized return on beginning of year equity, excluding after-tax foreign currency gains and losses.
- Ordinary and special dividends totaled $224 million, with book value per share growth before dividends at 6.8% for the quarter and 14.3% year-to-date.
- Record net investment income of $379 million was driven by growth in invested assets and higher new money rates on fixed maturity securities, with a book yield increase to 4.7%.
- Stockholders' equity increased by over $380 million or 4.3% to a record $9.3 billion.
- The accident year combined ratio before catastrophe losses was 88.4%, with a loss ratio excluding cats of 59.9% and an expense ratio of 28.5%.
- The effective tax rate was 23.2%, above the U.S. statutory rate due to foreign and state taxes.
- Adjusted net investment income was nearly $1.7 billion, up 8%, with a fixed income portfolio yield of 5.1% and new money rate averaging 5.4%.
- Annualized core operating return on tangible equity was 21%.
- Core operating EPS was a record $6.14, up 14% from a year ago, supported by record underwriting, strong investment results and good premium revenue growth.
- Core operating income of $2.5 billion was a record result, up 13%.
- Current accident year underwriting income, excluding cats, was up almost 11.5%, supported by a combined ratio of 82.3%, nearly a full point improvement from prior year.
- Global P&C premiums grew 5.8% and 6.4% in constant dollars, with commercial up 4.2% and consumer up 11.9%.
- International general insurance premiums were up 8.5% or over 10% in constant dollar, with Asia growing over 12.5%, Europe over 8%, and Latin America over 17%.
- Life division produced $305 million of pretax income, up about 10.5%.
- Life Insurance premiums grew almost 17.5%.
- North America P&C premiums, excluding agriculture, were up 5.3%, with personal insurance up 9.1% and commercial up 4.1%.
- Operating cash flow in the quarter was $3.2 billion.
- Pretax catastrophe losses were $630 million for the quarter, split 60% U.S. and 40% international.
- Pretax prior period development was favorable $319 million, mostly short tail commercial property-related lines and personal auto.
- Published underwriting income of $1.6 billion was up 15% from a year ago, leading to a combined ratio of 85.6%, more than 1 percentage point better than a year earlier.
- Renewal retention on a policy count basis was 86%.
- Tangible book value growth was up 23.7% per share from a year ago and 8% from the previous quarter.
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