Citizens Holding Company is a one-bank holding company and the parent company of the Bank, both headquartered in Philadelphia, Mississippi. The Bank currently has locations in fourteen counties throughout the state of Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through third party partnerships and a full range of Internet banking services including online banking, bill pay and cash management services for businesses. Internet servi ...

Delinquent federal student loan borrowers are staring down the prospect of wage garnishment or involuntary collections — and it’s causing them to weigh reorienting their finances, even if it means falling behind on other payments. That’s according to a new TransUnion survey of federal student loan borrowers, which found they would consider putting student loan payments ahead of bills for credit cards and personal loans, though mortgage and auto loan payments were prioritized above all else. Typically, ...

Better Home & Finance (BETR) stock more than doubled early Monday after activist investor Eric Jackson called the company "the Shopify of mortgages" in a post on X, announcing a strong bullish take on the real estate company. Better Home, which opened for trading at $33.50, traded as high as $73 in the wake of Jackson's announcement before giving up some of those gains and settling around $60 at noon ET on Monday. Jackson said in the post that his hedge fund, EMJ Capital, has a long position in the stock ...

Financial Data and Key Metrics Changes - Banco Macro's net income for Q2 2025 totaled ARS 101.1 billion, representing a 209% increase compared to the previous quarter, primarily driven by higher net interest income and net fee income [4][5] - Total comprehensive income for the quarter reached ARS 157.1 billion, a 241% increase from the previous quarter [5] - The annualized ROE and ROA were reported at 123.5% [5] - Provision for loan losses increased by 47% quarter on quarter and 349% year on year, totaling ARS 103 billion [6][14] Business Line Data and Key Metrics Changes - Net interest income for Q2 2025 was ARS 696.9 billion, a 14% increase from the previous quarter and a 163% increase year on year [6][7] - Income from interest on loans increased by 19% quarter on quarter and 30% year on year, representing 69% of total interest income [8] - Net fee income totaled ARS 108.4 billion, a 16% increase from the previous quarter and a 34% increase year on year, with credit card fees increasing by 90% [11][12] Market Data and Key Metrics Changes - Banco Macro's market share in private sector loans reached 9.2% as of June 2025 [15] - Total deposits increased by 4% quarter on quarter and 13% year on year, with private sector deposits also increasing by 4% quarter on quarter [16][17] - The nonperforming loans (NPL) ratio reached 2.06%, with consumer portfolio NPLs deteriorating to 2.81% [17][18] Company Strategy and Development Direction - The bank aims to maintain a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [38][39] - Banco Macro is focused on optimizing its deposit base and improving efficiency standards while managing asset quality [18][19] - The bank is open to analyzing potential M&A opportunities if favorable conditions arise [51] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in funding costs and anticipated some reduction in net interest margins (NIMs) in Q3 due to market volatility [24][26] - The bank expects NPLs to increase to between 2.5% to 3% of total loans by the end of the year due to high real interest rates [26][33] - The effective income tax rate was reported at 39%, lower than the previous year [14] Other Important Information - Banco Macro's capital adequacy ratio was reported at 30.5%, with a Tier one ratio of 9% [18] - The bank's liquidity remains strong, with a liquid assets to total deposit ratio of 67% [18] Q&A Session Summary Question: Impact on NIMs and asset quality from interest rate volatility - Management acknowledged higher volatility and increased funding costs, forecasting a slight reduction in NIMs for Q3 [24][26] Question: ROE expectations for the second half of the year - Management maintained an ROE guidance of 8% to 10% for 2025 [26] Question: Cost of risk expectations - Management estimated a cost of risk similar to the previous year, around 4% [27] Question: Tier one ratio forecast - Management forecasted a Tier one ratio of approximately 28.75% by the end of 2025 [30] Question: Quality of the retail loan portfolio - Management noted some deterioration in asset quality due to rising interest rates, expecting continued deterioration in the third quarter [32][33] Question: Funding growth strategy - Management emphasized the importance of maintaining growth in both peso and dollar deposits while managing funding costs [36][38] Question: Loan growth guidance - Management confirmed a loan growth guidance of 60% for 2025 and a deposit growth guidance of 30% [39][40]

Mortgage Market Overview - Mortgage rates are currently at the lowest levels of 2025, with the average 30-year mortgage rate at 6.58% as of August 21, 2025, unchanged from the previous week and down from 6.91% at the start of 2025 [1][9] - The decline in mortgage rates reflects market optimism for potential Federal Reserve rate cuts later in the year, along with changing inflation and bond market dynamics [4] mREITs Performance and Outlook - mREITs such as Apollo Commercial Real Estate Finance (ARI), Annaly Capital Management (NLY), and Orchid Island Capital (ORC) are expected to benefit from lower mortgage rates, which are lifting mortgage originations and driving stronger refinancing activity [5][9] - With improving purchase originations and refinancing activities, mREITs are likely to see book value improvement as Agency market spreads tighten, enhancing net interest spread and financial performance [7][9] Apollo Commercial Real Estate Finance (ARI) - Apollo Commercial has a portfolio of $8.6 billion in loans, primarily secured by properties in the U.S. and European gateway cities, with 96% of its lending consisting of floating-rate loans [10] - Despite a 23.9% year-over-year decline in net interest income (NII) in the first half of 2025, NII is expected to rise due to declining mortgage rates, with a current dividend yield of 9.9% and a payout ratio of 96% [11] Annaly Capital Management (NLY) - Annaly manages an $89.5 billion portfolio, with a focus on residential credit, mortgage servicing rights (MSRs), and Agency mortgage-backed securities (MBS), which helps reduce volatility and interest rate sensitivity [14][15] - NLY's NII increased to $493.2 million in the first half of 2025 from $47.1 million a year ago, supported by improving purchase originations and refinancing, with a current dividend yield of 13.6% and a payout ratio of 99% [16][17] Orchid Island Capital (ORC) - Orchid focuses on Agency residential mortgage-backed securities (RMBS) and has seen its NII rise to $42.9 million in the first half of 2025, compared to net interest expenses of $3.2 million in the same period last year [22] - The company currently offers a dividend yield of 20.4% and has increased its dividend twice in the past five years, with earnings estimates indicating significant year-over-year growth of 450% and 39.7% for 2025 and 2026, respectively [23]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a GAAP net loss of $1.3 per share and a distributable loss of $0.77 per share, with distributable earnings prior to realized losses at $0.10 per share [13] - The held for investment loan portfolio decreased to $5 billion at June 30 from $5.9 billion at March 31, primarily due to loan resolutions [13][14] - Total liquidity increased to $323 million as of August 5, representing a $221 million increase compared to December 31 [9][29] Business Line Data and Key Metrics Changes - The company resolved eight loans totaling $873 million of UPB during the second quarter, including four loans paid off in full and four watch list loans [6][7] - Year-to-date resolutions total $1.9 billion of UPB, consisting of $1.55 billion of loan repayments and sales, and $305 million of multifamily property foreclosures [17][29] - The watch list loans decreased to 17 loans and $2.1 billion of UPB, a net decline of $758 million of UPB and seven loans from the first quarter [7][17] Market Data and Key Metrics Changes - The elevated rate environment remains a headwind for commercial real estate, but investor sentiment has improved and transaction volumes have been recovering [5] - The company has seen significant turnover in its loan portfolio, with a higher percentage of resolutions compared to peers [65] Company Strategy and Development Direction - The company outlined three strategic priorities for 2025: resolving watch list loans, improving liquidity, and redeploying capital [5] - The management believes that their experience as a value-add owner and operator of real estate assets provides a competitive advantage in evaluating opportunities [10] - The company is optimistic about monetizing multifamily REO assets in the coming quarters [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the healing of the real estate capital markets and the potential for continued loan resolutions and liquidity generation [5][32] - The company is focused on addressing the upcoming maturity of its Term Loan B in August 2026, with potential uses for liquidity including partial paydowns or replacement financing [28][29] Other Important Information - The total CECL reserve on loans increased to $333 million or 6.4% of UPB at June 30, compared to $243 million or 4.1% at March 31, reflecting a conservative outlook amidst market uncertainty [22] - The company completed the commercial condomization of a mixed-use building in New York City, generating $29 million in gross proceeds [10] Q&A Session Summary Question: Does the liquidity number reflect the discounted payoff of the New York City multifamily? - Yes, the $323 million amount reflects the liquidity generated by the New York multifamily loan in July [31] Question: What is the outlook for continued resolutions and liquidity generation in the second half? - The capital markets are healing, and additional payoffs are expected, but the company will rely more on regular repayments moving forward [32][34] Question: What are the signposts for deploying liquidity? - The company will continue to focus on deleveraging the balance sheet and may consider stock buybacks, but will prioritize resolving watch list assets [35][36] Question: Can you provide an update on the REO balance and strategies for the assets? - The REO balance is approximately $525 million, and the company is pursuing various strategies for asset sales and operational improvements [40][41] Question: How is the term loan refinancing process progressing? - The company is engaging with private credit providers and expects to reduce the size of the financing, while also considering preferred equity in the future [72]

Image source: The Motley Fool. Friday, July 25, 2025 at 3:00 p.m. ET Call participants Chairman, President, and CEO — Mark A. Klein Executive Vice President and CFO — Anthony R. Cosentino Executive Vice President, Chief Lending Officer — Steven J. Walz For analyst quotes or media inquiries, email [email protected] Takeaways Net income: Net income was $3.9 million, with diluted EPS (GAAP) of $0.60, representing an increase of nearly 28% compared to Q2 2024. Adjusted EPS: $0.58 adjusted EPS, factoring in serv ...

Core Insights - Annaly Capital Management, Inc. (NLY) reported second-quarter 2025 adjusted earnings available for distribution (EAD) per average share of 73 cents, exceeding the Zacks Consensus Estimate by 1.4% and reflecting a 7.4% increase from the previous year, primarily driven by a significant rise in net interest income (NII) [1][10] Financial Performance - NLY's net interest income (NII) for the second quarter of 2025 was $273.2 million, a substantial increase from $53.6 million in the same quarter of the previous year, attributed to rising loan demand and lower mortgage rates [3][10] - The company's 2025 earnings outlook has been raised, supported by tightening spreads and improving asset prices [10] Market Conditions - The Federal Reserve's decision to lower interest rates by 100 basis points in 2024 has led to a slight decline in mortgage rates, improving housing affordability [2] - With lower rates and balanced supply/affordability in the mortgage market, loan demand is increasing, which is beneficial for NLY's NII [3] Competitive Landscape - AGNC Investment's NII also benefited from lower mortgage rates, reporting $162 million in the second quarter of 2025, compared to a net interest expense of $3 million in the prior-year quarter [5] - Arbor Realty Trust (ABR) experienced a decline in NII by 21.9% year over year to $68.7 million in the second quarter of 2025, but is expected to see an increase in net interest spreads due to declining mortgage rates [7] Valuation Metrics - NLY shares have appreciated by 22.3% over the past year, outperforming the industry growth of 8.1% [8] - The company trades at a forward price-to-tangible book (P/TB) ratio of 1.07X, which is above the industry average of 0.96X [12] Earnings Estimates - The Zacks Consensus Estimate for NLY's 2025 earnings implies a year-over-year growth of 6.3%, with the estimate revised upward over the past week [15]

Core Insights - Oma Savings Bank Plc's core business remains stable despite challenges from declining interest rates and economic uncertainty, with ongoing improvements in risk management and regulatory compliance [2][3][14] Financial Performance - For the first half of 2025, net interest income decreased by 17.2% year-on-year, totaling EUR 90.9 million, while the second quarter saw a 16.1% decline to EUR 44.0 million [6][12] - Comparable profit before taxes for the second quarter was EUR 19.0 million, a significant increase from EUR 5.5 million in the previous year, while the first half profit before taxes was EUR 21.7 million, down from EUR 29.2 million [4][17] - Total operating income for January-June 2025 decreased by 15.7% to EUR 119.4 million, with a 12.1% decline in the second quarter [12][13] - Operating expenses increased by 31.8% in the first half of 2025, reaching EUR 65.1 million, primarily due to personnel growth and branch network expansion [5][12] Risk Management and Compliance - The bank has initiated a new action plan to enhance risk management, with expenses of EUR 2.6 million recorded in the second quarter, continuing until the end of 2025 [3][15] - The controlled winding down of a non-compliance portfolio has reduced from approximately EUR 240 million to EUR 200 million [3][15] Customer and Market Position - The mortgage loan portfolio grew by 1.2% year-on-year, while the corporate loan portfolio decreased by 7.5% [7][12] - The deposit portfolio increased by 7.9% over the past year, indicating a stable customer base [7][12] - Customer satisfaction remains high, with a focus on enhancing customer service and experience [9][19] Capital and Equity - The total capital ratio strengthened to 18.7% at the end of June 2025, up from 15.6% a year earlier, with accumulated equity reaching EUR 591 million [10][13] Future Outlook - The bank has lowered its earnings guidance for 2025, estimating comparable profit before taxes to be between EUR 50-65 million, influenced by high costs and slower growth in fee and commission income [14][17]

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000, while corporate customers grew by 20,000, totaling an annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5] - Cash loans saw a 13% year-on-year increase, marking one of the best quarters in the bank's history [6] - Corporate loans grew by only 1.3% quarter-on-quarter and 3% year-on-year, with SMEs showing faster growth compared to larger corporations [7] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors like Romania and Hungary [10][11] - Household savings rates are solid, higher than pre-pandemic levels, which supports the bank's business model [12] - Investment in the construction sector is expected to rise slowly, with public investment beginning to increase [14][15] Company Strategy and Development Direction - The bank is focusing on increasing market share through active customer growth and digitization of processes [4][5] - A revision of the bank's strategy is underway, with plans to present it on November 19, emphasizing improved customer service and reduced reliance on physical branches [51][52] - The bank aims to enhance private banking services and mutual fund sales while maintaining a conservative approach to risk [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while corporate lending is facing challenges, there is optimism for a rebound in the second half of the year [63] - The bank is prepared for potential impacts from interest rate changes, with a belief that their sensitivity to these changes is low due to effective risk management [46][47] - The outlook for mortgage lending remains positive, despite demographic challenges, with a significant demand for residential properties still expected [60][61] Other Important Information - The bank's interest margin is stable despite fluctuations in interest rates, supported by effective management of interest rate risk [34][33] - The bank is actively participating in discussions for a model mortgage loan contract to enhance consumer protection and simplify processes [69][71] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking data but acknowledged that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - Expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and operational efficiency [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to market volatility and effective trading management [56] Question: Cost of hedging remaining flat - The impact of hedging on financial performance should be analyzed over a longer time perspective rather than quarterly [57] Question: Mortgage loans as a fundamental product - The bank views mortgage loans as essential and plans to continue offering them despite market challenges [59][60]