Agency gross revenues increased $61 million or 25%, net agent revenues up 21%.
Domestic commercial revenues increased $24 million or 46%, with average fee per file increasing 25% to $16,900.
Domestic residential fee per file slightly declined to $2,900 from $3,000 last year.
Employee cost ratio improved to 30% from 31%, other operating expense ratio improved to 25% from 26%.
Net cash provided by operations improved by $32 million compared to last year.
On an adjusted basis, second quarter net income was $38 million or $1.34 per diluted share compared to $25 million or $0.91 per diluted share last year.
Real estate solutions segment revenues improved $20 million or 22%, with adjusted pretax income 15% higher.
Stewart reported second quarter net income of $32 million or $1.13 per diluted share based on revenues of $722 million.
Title pretax income improved by $16 million or 48%, with adjusted pretax income $52 million, 35% better than last year.
Title segment operating revenues improved $96 million or 19%, driven by both direct and agency title operations.
Total cash and investments were approximately $390 million in excess of statutory premium reserve requirements.
Total stockholders' equity at June 30 was approximately $1.4 billion with a book value of $51 per share.
Total title loss expense increased slightly to $22 million, but title loss ratio improved to 3.6% from 4.2% last year.
Peak Level of Business Engagement and Pipeline Growth
Management highlighted that active engagement count and gross revenue pipeline are at peak levels, indicating strong underlying demand despite some delays in transaction announcements.
Conversion of mandates into announced deals is taking longer due to financing challenges, valuation gaps, and cautious consumer behavior, but management remains confident in a broader acceleration of deal announcements.
Strategic Investment in Commercial Banking and Growth Initiatives
OceanFirst added C&I bankers, launched the Premier Bank, and opened a new commercial banking office in Melville, NY, and a full-service branch in Perth Amboy, NJ, all of which increased expenses as guided.
The company views this quarter as a trough in EPS, with expectations of organic growth momentum continuing and improved profitability in subsequent quarters.
Commercial pipeline reached a record high of $791 million, with strong early success in gathering deposits and expanding lending opportunities.
Dafinchi