- Management emphasizes their relentless focus on revenue growth, EPS, and tangible book value per share, which they believe are most correlated with share price performance.
- In Q2 2025, revenue increased 15.1%, adjusted EPS up 22.7%, and tangible book value per share rose 10.9% year-over-year.
- The company has achieved double-digit CAGR over the last decade on these metrics, outperforming peers.
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- Allowance for credit losses on loans was $346 million, covering nonperforming assets by 3.47x.
- Deposits were $27.4 billion at June 30, 2025, down 1.6% year-over-year and 2% linked quarter, mainly due to seasonal public fund deposit declines and disciplined pricing.
- Earnings per diluted common share increased 21% to $1.42 from $1.17 year-over-year.
- Excluding one-time items in Q2 2024, net income increased 16% and EPS increased 16.4%.
- Loans totaled $22.1 billion at June 30, 2025, down slightly year-over-year but up 1% linked quarter.
- Net income for Q2 2025 was $135 million, up 21% from $111 million in Q2 2024.
- Net interest margin (tax equivalent) was 3.18% in Q2 2025, up from 2.94% in Q2 2024 and 3.14% in Q1 2025.
- Nonperforming assets increased to $110 million or 33 basis points of average interest-earning assets, compared to $89 million or 25 basis points a year ago.
- Return on average assets was 1.41% and return on average tangible common equity was 13.44% for Q2 2025, both improved from prior year.
- 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.
- The company emphasized its focus on profitability, balance sheet optimization, and operational efficiency, which has been evident over the past 6 quarters.
- Net interest margin (NIM) expanded by 15 basis points, driven by higher asset yields and lower funding costs.
- The company maintained disciplined expense management and healthy credit metrics, with a loan portfolio that is slightly up and well remixing.
- Average annualized loan growth was 5.3%, with average total deposits growing to over $37 billion.
- Capital ratios improved with CET1 ratio approaching 11%, tangible common equity at 8.5%, and tangible book value per share up 13% year-over-year to $11.14.
- Credit quality improved with total delinquency at 62 basis points, down 13 bps, and net charge-offs at 25 bps for the quarter.
- Efficiency ratio remained favorable at 54.8%.
- Linked-quarter revenue growth was 6.5%, driven by record net interest income of $347 million and noninterest income of $91 million.
- Net income available to common shareholders was $130.7 million, or $0.36 per share, in Q2 2025.
- Net interest margin expanded 16 basis points to 3.19%, the highest since Q4 2023.
- Noninterest income reached a record $91 million, more than doubling over the last 10 years.
- Operating noninterest expense was $246.2 million, with increases due to strategic hiring, technology investments, and mortgage down payment assistance program costs.
- Pre-provision net revenue rose 16% from prior quarter to $192 million.
- Provision expense was $24.9 million, supporting loan growth and charge-offs.
- Return on average tangible common equity was 14%.
- Adjusted EBITDA was $179 million with a margin of 50.8%, slightly above guidance due to positive asset mix and annual fee realization.
- Adjusted net income was $133 million or $1.57 per diluted share, a 15% increase in EPS from the prior quarter.
- GAAP operating margin was 26.8%, impacted by $53 million in acquisition-related restructuring and integration costs.
- Net leverage ratio improved to 1.2x, the lowest since IPO, and debt-to-equity ratio improved to 0.39.
- Revenue rose 60% from the prior quarter to $351.2 million, driven by the acquisition of Pioneer Investments.
- The Board increased the share repurchase authorization from $200 million to $500 million, the largest in company history.
- Total client assets increased by 76% quarter-over-quarter to over $300 billion, a record high for a quarter end.
- Adjusted earnings per share grew 11% to $3.10 on a reported and constant currency basis.
- Adjusted free cash flow was approximately $800 million, with a conversion rate of about 110% for the quarter and roughly 95% year-to-date.
- Adjusted operating margin expanded by 130 basis points to 44.6%, or 110 basis points excluding dispositions.
- Capital expenditures were $150 million in the quarter, expected to total $750 million for 2025 (about 8% of revenue).
- Global Payments reported adjusted net revenue of $2.36 billion for Q2 2025, a 5% increase on a constant currency basis excluding dispositions.
- Issuer Solutions segment delivered $547 million in adjusted net revenue, growing about 3.5% on a constant currency basis.
- Merchant Solutions segment achieved $1.83 billion in adjusted net revenue, growing approximately 5.5% excluding dispositions.
- Net leverage was 3.15x at quarter-end with $3 billion in available liquidity and 95% of debt fixed at a 3.5% weighted average cost.
- Share repurchases totaled $230 million in Q2 and over $690 million in the first half of 2025.
- Allowance for loan losses increased slightly to $248.6 million, with a decrease in consumer loan allowance due to improved unemployment forecasts.
- First BanCorp reported net income of $80 million for 2Q 2025, with a return on assets of 1.69% and net interest margin expansion to 4.56%.
- Net interest income increased to $215.9 million, $3.5 million higher than last quarter, despite no fees from early loan cancellations this quarter.
- Nonperforming assets remained flat at 68 basis points of total assets; net charge-offs decreased to 60 basis points from 68 basis points in 1Q.
- Operating expenses were $123.3 million, stable quarter-over-quarter, with an efficiency ratio maintained at 50%.
- Tangible book value per share increased 5% to $11.16; tangible common equity ratio expanded to 9.6% due to $41 million increase in investment portfolio fair value.
- Total loans grew 6% linked quarter annualized, driven by strong commercial loan production in Puerto Rico and Florida.
- Adjusted compensation margin remained at 67% of revenues for the second quarter.
- Adjusted non-compensation expenses were $36 million for the quarter, down from prior year and quarter, driven by lower litigation costs.
- Adjusted tax rate for the first half was 30%, in line with expectations.
- Capital returned to equity holders totaled $24 million in the second quarter and 1.7 million shares repurchased in the first half.
- Declared a quarterly dividend of $0.07 per share.
- In 2025, revenue composition broadened by industry, product, and geography with a higher average fee per engagement.
- Non-compensation expenses for the first half were $86 million, up 9.5% year-over-year, with a mid-single-digit increase expected for the full year.
- Second quarter revenues were $155 million, with first half revenues totaling $367 million, flat year-over-year.
- The company ended the quarter with $145 million in cash, no debt, 63 million Class A shares, and 25 million partnership units outstanding.
- The first half of 2024 included 2 transactions accounting for over 35% of revenue, contributing to a record second quarter last year.
- KKR reported fee-related earnings of $0.98 per share and total operating earnings of $1.33 per share, the highest in its history as a public company.
- Management fees increased 18% year-over-year to $996 million, driven by Americas XIV and broader fundraising initiatives.
- Fee-related performance revenues grew 45% year-over-year to $54 million, mainly due to offshore Infrastructure K-Series performance allocation.
- FRE margin improved by 360 basis points to 69%, reflecting operational leverage and strong fee growth.
- Over the last 12 months, FRE per share increased 33%, demonstrating durability and long-term growth in fee streams.
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