Dafinchi AI

Sun Communities, Inc.

SUI

Financial Services

2w

Financial Performance Summary

Manufactured housing same-property NOI increased 7.7% with occupancy up 60 basis points to 97.6%.
Returned over $830 million to shareholders through special cash distribution and share repurchases.
RV same-property NOI declined 1.1%, with a 0.9% revenue increase offset by a 3.1% expense increase.
S&P Global upgraded Sun's credit rating to BBB+ and Moody's to Baa2, citing deleveraging and balance sheet strength.
Sun Communities reported core FFO per share of $1.76 for Q2 2025, exceeding the high end of guidance.
Sun paid down approximately $3.3 billion of debt during the quarter, improving balance sheet strength.
Total North American same-property NOI grew 4.9% in Q2, driven primarily by manufactured housing and cost savings initiatives.
U.K. same-property NOI increased 10.2% with revenue up 9.5%, partially offset by an 8.8% increase in expenses due to minimum wage hikes.
Weighted average interest rate on debt was 3.4% with a weighted average maturity of 7.6 years and no floating rate debt outstanding.

Reinsurance Group of America, Incorporated

RGA

Financial Services

2w

Financial Performance Summary

Book value per share increased to $156.63, representing a compounded annual growth rate of 9.7% since 2021.
Consolidated net premiums increased 14% year-over-year, with traditional business premiums up 11% on a constant currency basis, driven by strong growth in the U.S., EMEA, and Asia.
Excess capital increased to $3.8 billion at the end of Q2, or $2.3 billion pro forma for the Equitable transaction; deployable capital rose to $3.4 billion.
Investment income was strong, with a nonspread portfolio yield of 4.98% (up 8 basis points from Q1) and total variable investment income of $105 million, driven by realizations in limited partnerships and real estate joint ventures.
RGA reported operating EPS of $4.72 per share for Q2 2025, with an adjusted operating return on equity (ROE) of 14.3% for the trailing 12 months, in line with intermediate-term targets.
The effective tax rate was 25.2% for the quarter, above the expected 23%-24%, due to valuation allowances on foreign tax credits, but full-year tax rate guidance remains unchanged.
The quarter's results were below expectations due to large claims volatility in U.S. individual life and unfavorable claims in the healthcare excess business within U.S. Group.

AIZ

Financial Services

1w

Global Housing 25% EBITDA Growth Excluding Cats Driven by Market Demand and Technology Investments

Global Housing adjusted EBITDA increased 25% in first 6 months, excluding reportable catastrophes.
Growth driven by increased demand for lender-placed insurance amid a hardening market.
Significant expense leverage of over 700 basis points over 2 years.
Addition of approximately 300,000 loans from new mortgage servicing partner in Q3.
Ongoing technology investments enhance efficiency, including digitization of millions of documents.
Growth in renters segment supported by tech-enabled services and platform expansion.
Achieved a year-to-date combined ratio of 87% excluding cats, on track for mid-80s full-year ratio.

Valley National Bancorp

VLY

Financial Services

3w

Strategic Focus on Deposit Growth and Funding Transformation

Added over 105,000 new deposit accounts in the past 12 months, contributing to 8% core deposit growth.
Reduced reliance on indirect deposits from 18% to 13%.
Achieved a 51 basis point reduction in average deposit cost in Q2 2025 compared to Q2 2024.
Investments in talent, technology, targeted market penetration, and specialty verticals have driven commercial deposit growth at an 11% annual rate since 2017.

FBP

Financial Services

3w

Financial Performance Summary

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.

Provident Financial Services, Inc.

PFS

Financial Services

3w

Financial Performance Summary

Annualized return on average assets was 1.19%, and adjusted return on average tangible equity was 16.79%.
Commercial loan portfolio grew at an annualized rate of 8%, with $764 million in new loans closed during the quarter.
Deposits increased by $260 million with an annualized growth rate of 5.6%, and average cost of total deposits decreased to 2.1%.
Net charge-offs decreased to $1.2 million or 3 basis points of average loans, reflecting strong credit quality.
Noninterest expenses were $114.6 million with an efficiency ratio improving to 53.5% and annualized expenses to average assets at 1.89%.
Noninterest income remained steady at $27 million, driven by core banking fees, insurance, wealth management, and SBA loan sales.
Nonperforming assets declined to 44 basis points of total assets, and delinquencies and classified loans also decreased.
Pretax pre-provision return on average assets was 1.64%, improving from the prior quarter and last year.
Provident Financial Services reported net earnings of $72 million or $0.55 per share for the second quarter.
Tangible book value per share grew $0.45 to $14.60, and tangible common equity ratio expanded to 8.03%.

The Bank of N.T. Butterfield & Son Limited

NTB

Financial Services

2w

Financial Performance Summary

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.