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WSFS Financial Corporation

WSFS

2025 Q2

Financial Services

3mo

Financial Performance Summary

Core fee revenue grew 9% quarter-over-quarter, led by wealth (17% YoY growth), capital markets, and mortgage businesses.
Core net interest margin expanded by 1 basis point to 3.89%, driven by a 9 basis point reduction in total funding costs and a deposit beta of 43%.
Gross loans were flat quarter-over-quarter, with strong commercial fundings, especially in C&I loans growing 2% linked quarter, and consumer residential mortgage and HELOCs growing 2% and 8% respectively.
Net credit costs were $14.3 million with net charge-offs at 30 basis points, half attributable to the Upstart sale; excluding Upstart, net charge-offs were 14 basis points.
Nonperforming assets declined to 51 basis points of total assets due to payoffs, despite a slight uptick in delinquencies that resolved in July.
Total client deposits increased 1% linked quarter and 5% year-over-year, with noninterest deposits growing 11% YoY to over 30% of total deposits.
WSFS reported core earnings per share of $1.27 for Q2 2025, with core return on assets at 1.3% and core return on tangible common equity at 18.03%, all improved from Q1.
WSFS returned $87.3 million in capital during Q2, including $77.7 million in share buybacks representing 2.7% of outstanding shares; year-to-date buybacks total 4.4% of shares.

The Western Union Company

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted earnings per share were $0.42 compared to $0.44 a year ago, impacted by lower Iraq revenues and higher interest expense.
Adjusted operating margin remained stable at 19% year-over-year despite higher consumer fraud losses and lower Iraq contributions.
Branded digital business increased transactions by 9% and adjusted revenue by 6%.
Cash flow from operations was $148 million year-to-date, up from $60 million prior year, with capital expenditures down 15%.
Consumer money transfer transactions declined 3% in the quarter, while cross-border principal grew mid-single digits on a constant currency ex Iraq basis.
Consumer Services adjusted revenue grew 40% driven by Eurochange acquisition and strong European travel.
Returned over $150 million to shareholders in Q2 and over $300 million in the first half of 2025, representing over 10% cash return versus market cap.
Western Union reported second quarter 2025 adjusted revenue of $1.026 billion, down 1% year-over-year excluding Iraq impacts.

Piper Sandler Companies

PIPR

2025 Q2

Financial Services

2mo

Financial Performance Summary

Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.

Bank OZK

OZK

2025 Q3

Financial Services

Financial Performance Summary

CIB group achieved record origination growth with nearly two dozen new relationships and significant upsizes.
Combined special mention, substandard, and foreclosed assets declined modestly, indicating stable asset quality.
Fee income from capital markets activities increased due to bond and high-yield issuances impacting loan outstanding growth.
Largest foreclosed asset, Lincoln Yards land in Chicago, sold at book value, representing a positive outcome.
Margins expected to compress temporarily due to Fed cuts with a lag effect from deposit repricing.
Net new originations and upsizes in CIB totaled about $1.6 billion, equating to $850 million in outstandings.
Record level of RESG paydowns in the quarter, reflecting strong liquidity and refinance activity in CRE space.
Three loans migrated to higher risk categories including one from substandard to substandard nonaccrual with a significant charge-off recognized.

ConnectOne Bancorp, Inc.

CNOB

2025 Q2

Financial Services

2mo

Financial Performance Summary

ConnectOne's assets now stand at nearly $14 billion, with $11.2 billion in loans and $11.3 billion of deposits, and a market capitalization exceeding $1.2 billion.
Core deposit growth was strong, including gains in DTA balances from both existing and newly acquired relationships.
Loan-to-deposit ratio improved to 99% at the end of Q2, down from 106% as of March 31.
Loan-to-deposit ratio improved to just below 100%, with expectations to operate around that threshold going forward.
Net interest margin was 3.06% in Q2, with expectations to increase to about 3.25% by year-end and continue expanding through 2026.
Noninterest-bearing demand deposits increased by more than $100 million since March 31, approximately 15% annualized.
Nonperforming asset ratio improved to 0.28% from 0.51% a year ago, and charge-offs remained reasonable at 22 basis points.
Provision for credit losses was $35.7 million in Q2, including a $27.4 million day 1 provision from the merger and an $8.3 million operating provision, higher than usual due to merger-related adjustments.
Tangible common equity ratio stands above 8% at 8.1%, with the bank CET ratio above 12%, slightly down due to the acquisition.
Total deposits were up an annualized 8%, with true core balances increasing by more than $500 million or 17% annualized after factoring in a $200 million decline in brokered deposits.

Fidelity National Financial, Inc.

FNF

2025 Q2

Financial Services

2mo

Financial Performance Summary

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.

Synchrony Financial

SYF

2025 Q3

Financial Services

Net Charge-Off Rate Decline

90 basis points below prior year

5.16% in Q3 2025

Net charge-off rate decreased 90 basis points from 6.06% in prior year, outperforming historical averages and reflecting strong credit actions.

Civista Bancshares, Inc.

CIVB

2025 Q2

Financial Services

3mo

Financial Performance Summary

Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.

Morgan Stanley

2025 Q3

Financial Services

Financial Performance Summary

Bank lending balances rose sequentially to $174 billion, supporting net interest income growth to $2 billion.
Institutional Securities revenues were $8.5 billion, driven by strong investment banking and equities performance.
Investment Management reached a record $1.8 trillion in assets under management (AUM) with $1.7 billion in revenues.
Morgan Stanley reported record revenues of $18.2 billion and EPS of $2.80 for Q3 2025.
Net new assets totaled $81 billion, with fee-based flows exceeding $40 billion for the second consecutive quarter.
Return on tangible common equity (ROTCE) was strong at 23.5%, reflecting operating leverage.
Total client assets increased by $1.3 trillion year-over-year to $8.9 trillion.
Wealth Management achieved record revenues over $8 billion with a 30.3% margin.

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