- 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.
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- Common Equity Tier 1 (CET1) ratio approached 12%, maintaining peer-leading capital ratios.
- Deposit balances increased while deposit costs declined, with total deposit cost down two basis points to 1.97%.
- Net charge-offs were stable at 42 basis points annualized, within the full-year target range of 40 to 45 basis points.
- Net interest income benefited from strong deposit and loan dynamics, achieving a 2.75% net interest margin (NIM), reaching year-end target one quarter early.
- Nonperforming assets declined 6% sequentially, and criticized loans decreased by 3%.
- Pre-provision net revenue increased by $33 million quarter-over-quarter, a 5% rise marking six consecutive quarters of improvement.
- Reported earnings per share of $0.41, with return on assets surpassing 1%.
- Revenues grew 17% year-over-year, adjusting for last year's securities portfolio repositioning.
- After-tax net investment income was $101 million, generating 13 points of ROE, up 50 basis points from Q2 2024.
- Book value per share increased 9% in the first half of 2025, driven by profitability and reduced after-tax net unrealized fixed income security losses.
- Excess and Surplus lines grew 9% with a combined ratio of 89.8%, while Personal Lines combined ratio improved to 91.6%, 26.5 points better than a year ago.
- Expense ratio increased by 60 basis points due to higher expected employee compensation after lower profit-based payouts last year.
- Fully diluted EPS was $1.36 and non-GAAP operating EPS was $1.31 for the quarter.
- Insurance segments grew 5%, with combined ratios at or below the 95% long-term target for Excess and Surplus and Personal Lines.
- Selective Insurance Group delivered an operating return on equity of 10.3% in Q2 2025 with investment income increasing 18% year-over-year.
- Standard Commercial Lines reported a combined ratio of 102.8%, including 4.8 points of unfavorable prior year casualty development.
- The GAAP combined ratio was elevated primarily due to prior year casualty reserve development; catastrophe losses were 6.7%, better than anticipated.
- The overall combined ratio for the quarter was 100.2%, impacted by 3.8 points of unfavorable prior year casualty reserve development and 6 points of catastrophe losses.
- Underlying combined ratio improved 170 basis points year-over-year to 89.7% for the quarter.
- Capital ratios increased: CET1 at 10.2%, TCE at 8.06%, both up year-over-year and sequentially.
- Commercial & Industrial (C&I) loans grew over $700 million year-to-date, driving loan growth.
- Efficiency ratio improved to below 56%, the lowest since early 2023.
- Net interest income (NII) reached a record $300 million, up 17% year-over-year.
- Net interest margin (NIM) expanded to 3.04%, up 29 basis points year-over-year and 7 basis points sequentially.
- Nonaccrual loans decreased 16%, net charge-offs were 17 basis points, and provision expense was $18 million.
- Noninterest expense was $209 million, slightly down from prior quarter, driving positive operating leverage.
- Noninterest income was $67 million, up 3% year-over-year and 14% sequentially.
- Reported earnings of $0.65 per share in Q2 2025.
- Return on tangible common equity (ROATCE) improved to 12.96%, up 62 basis points from Q1.
- Total loans grew 1% quarter-over-quarter and 3% year-over-year, or nearly 6% adjusted for loan sale.
- Adjusted EPS excluding goodwill impairment was $2.24 with adjusted ROTCE of 9.7%.
- Cost of credit was $2.5 billion, primarily from U.S. Card net credit losses and firm-wide ACL build.
- Expenses up 9% to $14.3 billion, but adjusted expenses up only 3%, driven by compensation and severance.
- Net interest income excluding markets rose 6%, driven by USPB, services, wealth, and banking.
- Non-interest revenues excluding markets increased 12%, led by banking and wealth.
- Positive operating leverage generated for the firm and each of the five businesses.
- Reported net income of $3.8 billion and EPS of $1.86 with ROTCE of 8%.
- Revenues increased 9% year-over-year, with every business achieving record third-quarter revenue.
- Adjusted pretax pre-provision net revenue (PPNR) was $81 million, with an efficiency ratio improving to 53.3% on an adjusted basis.
- Allowance for loan losses increased to $185 million (1.5% of loans), reflecting acquisition-related provisions and organic loan growth.
- Net interest income increased 32.2% quarter-over-quarter to $147.2 million, driven by higher margin and portfolio additions.
- Net interest margin expanded 27 basis points to 3.95%, aided by Southern States' higher margin portfolios and purchase accounting accretion.
- Non-interest expense included $16.1 million merger-related costs; adjusted expenses increased due to combined operations but efficiency ratio improved.
- Non-interest income rose to $27.3 million adjusted, supported by mortgage banking, investment services, and fee income from Southern States.
- Reported EPS of $0.43 and adjusted EPS of $1.07 for Q3 2025, reflecting combined results post-merger with Southern States Bankshares.
- Return on average assets was 0.58% reported and 1.43% adjusted; return on tangible common equity was 5.82% reported and 14.7% adjusted.
- NBT Bancorp reported net income of $22.5 million or $0.44 per diluted common share for Q2 2025.
- Net interest margin increased 15 basis points to 3.59%, with net interest income at $124.2 million, up $17 million from the prior quarter.
- Noninterest income, excluding securities gains, was $46.8 million, down 1.5% sequentially but up 8% year-over-year.
- Operating earnings per share, excluding acquisition expenses and related items, were $0.88, up $0.08 from the prior quarter.
- Provision for loan losses was $17.8 million, up from $7.6 million in Q1 2025, driven by $13 million acquisition-related provision and a modest economic forecast deterioration.
- Revenues grew approximately 10.5% from the prior quarter and 22% year-over-year, driven by net interest income improvements and the Evans merger.
- Tangible book value per share was $24.57, 9% higher than a year ago, with a tangible equity ratio above pre-merger levels.
- Total operating expenses, excluding acquisition costs, were $105.4 million, a 6.3% increase from the prior quarter, mainly due to Evans acquisition and merit pay increases.
- Horace Mann reported second quarter core earnings per share of $1.06, nearly tripling prior year results.
- Individual Supplemental and Group Benefits segment contributed $13 million to core earnings, with record Individual Supplemental sales up 43% year-over-year.
- Life and Retirement segment core earnings doubled to $25 million, driven by higher net investment income and lower mortality costs.
- Net premiums and contract charges earned increased by 8%, with total revenues up 6%.
- Property and Casualty segment core earnings improved by $25 million to $17 million, with a combined ratio of 97%, a 14.5-point improvement over prior year.
- 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%.
- Adjusted pre-tax earnings were $28.4 million, with net income of $22.4 million or $1.17 per diluted share after tax adjustments.
- Asset quality remained stable with non-accrual loans at $48.6 million and classified assets at $82.8 million; net charge-offs annualized at 10 basis points.
- Loan portfolio grew with $665 million in loans added from NBC merger; loan production was $243 million, up 23% linked quarter at an average rate of 7.14%.
- Net interest income increased to $62.5 million, up $12.7 million linked quarter, driven by margin expansion and asset growth.
- Net interest margin improved by 28 basis points to 4.45%, with core margin normalized at 4.35%.
- Non-interest expenses were $49.1 million including M&A charges; adjusted non-interest expenses were $42.9 million, up 8.3% due to NBC acquisition.
- Non-interest income (excluding portfolio repositioning) was $8.9 million, up $300,000 from Q2, driven by customer service charges and integration of NBC franchise.
- Reported a net loss of $29.7 million or $1.57 per diluted share for Q3 2025, primarily due to a $53.4 million realized loss on bond portfolio repositioning and $6.2 million in M&A costs.
- Book value per share decreased to a negative $43.14 as of June 30, 2025, from a negative $40.99 at year-end 2024, mainly due to the consolidated net loss for the first six months of 2025.
- MBIA Insurance Corp. reported statutory net income of $4 million in Q2 2025 compared to a statutory net loss of $35 million in Q2 2024.
- MBIA reported a consolidated GAAP net loss of $56 million for Q2 2025, a significant improvement from a $254 million net loss in Q2 2024.
- National reported statutory net income of $6 million in Q2 2025 versus a statutory net loss of $131 million in Q2 2024.
- The adjusted net loss was $8 million for Q2 2025 compared to $138 million in Q2 2024, primarily due to lower losses in Loss Adjustment Expenses (LAE) at National related to PREPA exposure.
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