- Adjusted diluted EPS was $0.39 for the quarter.
- Declines were driven by lower U.S. agent count, broker fees, and revenue from previous acquisitions, partially offset by new revenue streams including RE/MAX Media Network and lead concierge initiatives.
- Revenue excluding marketing funds was $54.5 million, down 6.8% year-over-year due to negative organic growth of 5.7% and adverse foreign currency movements of 1.1%.
- Selling, operating, and administrative expenses decreased by $1 million or 2.8% to $33.9 million, primarily due to lower personnel expenses partially offset by severance and investments in flagship websites.
- Total leverage ratio was 3.58:1 as of June 30, consistent with March 31, with expectations to decrease in the second half of the year.
- Total revenue for Q2 2025 was $72.8 million, with adjusted EBITDA of $26.3 million and an adjusted EBITDA margin of 36.1%, up 30 basis points from Q2 2024.
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- 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.
- Food and beverage revenues increased 9% and other revenues increased 3% in the second quarter.
- Occupancy declined less than 0.5% to 78%, representing the second highest nominal occupancy in the past five years.
- Operating expenses increased only 1.5% year-over-year or 2% on a per occupied room basis, limiting EBITDA margin contraction to 160 basis points year-over-year.
- Same-store RevPAR declined 3.6% year-over-year, driven by a 3.3% decline in average daily rate and a 125 basis point headwind from special events in the prior year.
- Second quarter adjusted EBITDA was $50.9 million and adjusted FFO was $32.7 million or $0.27 per share, benefiting from lower interest expense and accretive share repurchases.
- Adjusted net income was $11.5 million, a 58.8% decrease compared to prior year's adjusted net income of $27.9 million.
- Commission expense ratio decreased to 13.2% from 13.9% a year ago.
- Current accident year loss and LAE ratio on voluntary business was 69%, up from 66% in the first quarter of 2025.
- Gross written premium decreased by 2.2% compared to 2024 due to a decrease in new business written premium within the middle market.
- Net investment income was $27.1 million, slightly higher than the second quarter of 2024.
- Net premiums earned increased 5.6%, primarily due to strong increases in net written premium in 2024.
- Repurchased $23 million of common stock at an average price of $48.08 per share during the quarter.
- Total investment return was $57.5 million compared to $26.5 million for the prior year.
- Underwriting expense ratio decreased to 21.7% from 22.4% a year ago.
- eXp Realty experienced its first quarter since Q2 2024 with sequential quarter-over-quarter growth in agent count.
- Agent productivity metrics improved: sales transactions per agent up 4% YoY, icon agents up 9%, and 22% fewer agents left in Q2 YoY.
- Focus on attracting and retaining high-performing agents, with 57% of nonproductive agents leaving industry in Q2.
- Adjusted non-interest expenses were $344 million, reflecting two months of Bremer operations, with positive operating leverage year over year.
- Adjusted non-interest income was $112 million, reflecting growth in wealth, mortgage, and capital markets.
- CET1 ratio was 10.74%, approximately 50 basis points higher than expected post-Bremer close.
- CET1 ratio was better than expected at 10.74%, about 50 basis points higher than modeled post-Bremer.
- Criticized and classified loans decreased by approximately 9% excluding Bremer, and allowance for credit losses improved by 8 basis points to 1.24%.
- Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and C&I loan production.
- Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and industrial loan production.
- Net charge-offs were 24 basis points, or 21 basis points excluding charge-offs on PCD loans, with non-accrual loans declining 5 basis points during the quarter.
- Net interest income and margin increased driven by Bremer, organic loan growth, and securities portfolio repositioning.
- Old National reported GAAP 2Q earnings per share of $0.34, with adjusted EPS of $0.53 excluding $0.19 of net merger-related expenses, representing an 18% increase over the prior quarter and 15% year over year.
- Tangible book value per share increased by 14% year over year despite the impact of the Bremer partnership.
- Total deposits increased by $13.3 billion, with core deposits ex-brokered up $11.6 billion.
- Adjusted operating margin was 18.5% for the quarter, a 150 basis point improvement over prior year, driven by strong organic growth and expense management.
- Free cash flow for the first half of 2025 was $217 million, down $88 million from prior year due to increased incentive costs, retirement program redesign, higher cash taxes, and absence of TRANZACT cash inflows.
- Health, Wealth & Career (HWC) segment revenue grew 4% with strong growth in Health at 8%, Wealth at 3%, Career at 1%, and flat growth in Benefits Delivery & Outsourcing (BD&O).
- HWC operating margin increased 190 basis points to 23.8%, and R&B operating margin improved 60 basis points to 21.2%, or 100 basis points excluding foreign exchange impact.
- Returned $591 million to shareholders via $500 million in share repurchases and $91 million in dividends during the quarter.
- Risk & Broking (R&B) segment revenue grew 6%, with Corporate Risk & Broking (CRB) growing 6% or 7% excluding book of business activity and fiduciary interest income.
- WTW delivered 5% organic revenue growth and 150 basis points of adjusted operating margin expansion in Q2 2025, with adjusted EPS of $2.86, up roughly 20% year-over-year.
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