One of the nation’s largest wholesale mortgage lenders reported significant insider selling amid a year of declining share prices.On Friday, UWM Holdings Corporation (UWMC +2.66%) President and CEO Mat Ishbia reported via an SEC Form 4 filing the indirect sale of nearly 1.9 million shares in multiple open-market transactions totaling $8.37 million, with all shares disposed of through an entity called SFS Corp as part of a broader derivative conversion and liquidation strategy.Transaction SummaryMetricValueS ...

Core Insights - UWM Holdings, the largest wholesale mortgage lender in America, experienced a significant insider sale by CEO Mat Ishbia amid declining share prices [1][8] - Ishbia sold 1,224,574 Class A Common shares for approximately $6.8 million, representing a 23.39% reduction in his total pre-transaction holdings [2][6] - The company's stock has decreased by 10.90% over the past year, with a notable decline following a lawsuit against it [4][10] Company Overview - UWM Holdings specializes in residential mortgage loans, primarily through a wholesale lending channel, focusing on conforming and government-backed loans [5][7] - The company reported a total revenue of $1.37 billion and a net income of $16.89 million for the trailing twelve months [4] - UWM Holdings has a dividend yield of 6.08%, which may indicate a potential dividend trap [4][10] Transaction Details - The shares were sold at a weighted average price of $5.55, with the stock closing at $5.12 on December 12, 2025 [2][6] - Post-transaction, Ishbia retains 279,989 direct shares and 3,730,973 indirect shares [2][6] - The sale is consistent with Ishbia's historical trading patterns, aimed at increasing the stock's public float to attract institutional investors [8][9] Market Context - UWM's Q3 loan origination volume increased to $41.7 billion from $39.5 billion in 2024, contributing to revenue growth [10] - Despite the growth, the stock price fell after a lawsuit was not dismissed, raising concerns among investors [10][11] - The ongoing sales by Ishbia do not necessarily indicate a loss of confidence in the company, as he continues to hold a substantial number of shares [8][9]

Financial Performance - Net income was $29.5 million, or $0.29 per share[11] - Adjusted Distributable Earnings were $54.2 million, or $0.53 per share[11] - The economic return for the quarter was 2.2% (non-annualized)[11] - Book value per common share was $13.40 after total dividends declared of $0.39 for the quarter[11] Portfolio Composition and Performance - The adjusted long credit portfolio increased by 11% to $3.56 billion[11, 19] - The long Agency portfolio decreased by 18% to $220.7 million[11, 27] - The Longbridge portfolio increased by 37% to $750.0 million[11, 30] Leverage and Capital Structure - The recourse debt-to-equity ratio was 1.8:1[11] - The total debt-to-equity ratio was 8.6:1, including all non-recourse borrowings[11] Loan Origination - Loans Acquired During Q3 2025 totaled $1806.5 million, including Non-QM Loans ($994.4mm), Residential Transition Loans ($186.9mm), Commercial Mortgage Loans ($126.6mm) and Reverse Mortgage Loans ($498.6mm)[37]

Financial Data and Key Metrics Changes - GAAP net loss for Q3 2025 was $22 million or $0.27 per share, with GAAP book value at $20.24 per share [11] - Economic return on GAAP book value was negative 1.4% for Q3, while year-to-date return was 8.3% [11] - Economic net interest income for Q3 was $69 million, with a yield on average interest-earning assets of 5.9% and an average cost of funds of 4.5% [11] Business Line Data and Key Metrics Changes - Home Express originated $2.4 billion by UPB in Q3, up 36% year-over-year, with expectations of around $1 billion in Q4 originations [9][10] - For 2026, projected originations are between $4 billion and $4.4 billion, with pre-tax earnings of $62 million to $80 million [10] Market Data and Key Metrics Changes - The non-QM market share is expected to grow from 1.1% in 2021 to 5.1% or more than $100 billion in 2025, indicating a five-fold increase [5] - Primary mortgage rates declined approximately 35 basis points to 6.32%, leading to a rise in refinance activity [18] Company Strategy and Development Direction - The acquisition of Home Express for $267 million is aimed at enhancing earnings, diversifying revenue streams, and supporting long-term growth [9][10] - The company is focused on building a balanced and diversified portfolio, reducing reliance on residential credit [21] Management's Comments on Operating Environment and Future Outlook - The U.S. economy remains mixed but resilient, with growth supported by non-residential investment and gradual cooling in labor conditions [17] - The Federal Reserve has shifted to a more growth-oriented policy, cutting rates to support employment [17] Other Important Information - The company ended Q3 with $752 million in total cash and unencumbered assets, up from $561 million at the end of Q2 [12] - The acquisition of Home Express is expected to create synergies and enhance the company's asset management capabilities [25] Q&A Session Summary Question: Can you walk through the change in book value? - Management explained that the change was due to a lag in the timing of spreads changing in the securitization markets compared to the loan market, along with the steepening yield curve affecting securitized debt more significantly [29][30] Question: What is the update on book value for the quarter? - Management reported a 2.4% increase in book value through October 31 [31] Question: Is Goodwill $120 million from the acquisition? - Management confirmed that the total premium was above the $120 million book value, with ongoing evaluations for purchase accounting [32] Question: How will Home Express's earnings impact dividends? - Management indicated that the board will consider various factors regarding the retention of earnings for growth versus dividend payouts [36][37] Question: What are the near-term expectations for loan retention and securitization? - Management stated the intent to retain loans without disrupting existing partnerships, with expectations of one securitization per quarter [40][42]

Financial Performance - The company reported earnings per share of $1.03 and operating earnings per share of $1.05[9] - Return on average tangible equity was 17.35% reported and 17.61% operating[9] - Total revenue reached $186 million[9] - Net income was $54.5 million, a 142% increase compared to Q2 2025 and a 43% increase compared to Q3 2024[14] - Diluted earnings per share were $1.03, a 134.1% increase from Q2 2025 and a 28.8% increase from Q3 2024[14] Balance Sheet - Period-end loans totaled $11.60 billion[9] - Period-end deposits amounted to $13.66 billion[9] - Stockholders' equity grew by $327 million, or 21.4%, from December 31, 2024[11] - Total loans increased by $1.63 billion from December 31, 2024[22] - Total deposits increased by $2.11 billion, or 18.3%, from December 31, 2024, including $1.86 billion from the Evans acquisition[29] Net Interest Income and Margin - Net interest income increased by $10.4 million to $135.3 million[36] - Net interest margin increased by 7 bps to 3.66%[36]

Financial Data and Key Metrics Changes - The company reported a core EPS of $1.40, core return on assets of 1.40%, and core return on tangible common equity of 18.7%, all showing improvement compared to the second quarter [3] - Year-over-year, core net income increased by 21%, core PP&R grew by 6%, and core earnings per share rose by 30% [3] - Tangible book value per share increased by 12% [4] - Net interest margin expanded by two basis points to 3.91% quarter over quarter [4] Business Line Data and Key Metrics Changes - The wealth and trust business grew by 13% year over year [5] - Core fee revenue was flat quarter over quarter but grew by 5% when excluding strategic exits [4] - Client deposits increased by 1% linked quarter and grew by 5% year over year, with non-interest deposits up by 12% year over year [5] - Loans decreased by 1% linked quarter, but residential mortgage and WSFS-originated consumer loan portfolios saw increases of 5% and 3%, respectively [5][6] Market Data and Key Metrics Changes - The commercial pipeline increased to approximately $300 million, indicating strong demand [6] - Total net credit costs were $8.4 million, down $5.9 million compared to the prior quarter, with net charge-offs at 30 bps [6] Company Strategy and Development Direction - The company plans to maintain elevated buybacks while adjusting the pace based on macroeconomic conditions and business performance [7] - Management emphasized a focus on organic growth and potential acquisitions in both depositories and fee verticals to achieve medium-term CET1 targets [12][14] - The wealth and trust business is expected to continue growing, with a focus on new accounts and transaction activity [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage margins through deposit repricing and hedging strategies amid uncertain rate cuts [8][50] - The company plans to provide a full-year 2026 outlook in January, indicating a commitment to high performance [8] Other Important Information - The company returned $56.3 million of capital, including $46.8 million in buybacks, representing 1.5% of outstanding shares [7] - The company has a CET1 ratio of 14.39%, well above the medium-term target of 12% [7] Q&A Session Summary Question: What is the base case scenario for achieving the CET1 target? - Management indicated that they are currently buying back approximately 100% of net income and have the capacity to continue this for the next two to three years, depending on balance sheet dynamics and investment opportunities [12][14] Question: How are reserve levels being managed amid macro volatility? - Management noted that while there is capacity to release some reserves, they are maintaining conservative levels due to potential macroeconomic volatility [16][18] Question: What is the outlook for the wealth and trust business? - The wealth business is seeing growth in new accounts and transactions, with institutional services up 30% and The Bryn Mawr Trust Company of Delaware up 20% year over year [26][28] Question: How does the Cash Connect business forecast profitability amid rate changes? - Management confirmed that while fee revenue may decrease with rate cuts, expenses would also reduce, leading to overall profitability benefits [34][36] Question: What is the expected pace of consumer loan portfolio runoff? - The company expects the Spring EQ portfolio runoff to continue at a pace of $15 million to $17 million per month, while home lending is expected to grow positively [40][41]

Financial Performance - Associated Banc-Corp (ASB) reported net income available to common equity of $122 million, or $0.73 per common share[7] - Net interest income was $305 million[7], with a net interest margin of 3.04%[7], a 16.3% increase compared to 3Q 2024[7] - Noninterest income reached $81 million[7], while noninterest expense amounted to $216 million[7] Balance Sheet Growth - Total loans reached $31.0 billion, a 1.1% increase compared to 2Q 2025 and a 3.2% increase compared to 3Q 2024[7] - Total C&I (Commercial & Industrial) loans amounted to $11.6 billion, a 2.5% increase compared to 2Q 2025 and a 12.8% increase compared to 3Q 2024[7] - Total deposits reached $34.9 billion, a 2.2% increase compared to 2Q 2025 and a 4.0% increase compared to 3Q 2024[7] - Core customer deposits totaled $28.9 billion, a 2.2% increase compared to 2Q 2025 and a 4.2% increase compared to 3Q 2024[7] Asset Quality - The allowance for credit losses on loans (ACLL) was 1.34% of total loans[7], with net charge-offs (NCOs) at 0.17% of average loans (annualized)[7] - Total common equity to total assets was 10.51%[7], with a tangible common equity (TCE) ratio of 8.18%[7] Strategic Outlook - The company maintains its FY 2025 guidance for total loans (up 5% to 6%), total deposits (up 1% to 3%), and core customer deposits (up 4% to 5%)[68] - The effective tax rate guidance for FY 2025 has been updated to 18% to 19%[68] - Noninterest income guidance for FY 2025 is up 5% to 6%, and noninterest expense is projected to increase by 5% to 6%[68]

Earnings Performance - Third quarter net income was $22.1 million, or $0.73 per diluted share, compared with $15.1 million, or $0.50 per diluted share in the second quarter[9, 10] - Preprovision net revenues grew 16.4%, or $4.7 million, reflecting a 6.9% increase in net interest income, a 15 basis point increase in net interest margin, a 22.4% increase in noninterest income and well-managed noninterest expenses with the efficiency ratio declining to 52.65%[10] - Net interest income for the third quarter was $61.1 million and net interest margin (taxable equivalent) was 3.22%, both up from the second quarter[26] Loans and Deposits - Loans receivables were $6.53 billion at September 30, 2025, up 3.5% from the end of the second quarter; loan production for the third quarter was $570.8 million, with a weighted average interest rate of 6.91% compared to $329.6 million at a weighted average interest rate of 7.10% for the second quarter[10] - Deposits were $6.77 billion on September 30, 2025, up 0.6% from the end of the second quarter; noninterest-bearing deposits were 30.8% of total deposits[10] - Total deposits increased 0.6% to $6.77 billion, led by a $58.0 million, or 2.4%, increase in time deposits, quarter-over-quarter[21] Asset Quality - Nonperforming assets were $21.4 million at September 30, 2025, down 17.7% from the previous quarter and represented 0.27% of total assets, compared to $26.0 million and 0.33% of total assets[10] - Criticized loans also declined 2.6% to $45.4 million, or 0.69% of total loans, from $46.6 million, or 0.74% of total loans[10] - Allowance for credit losses was $69.8 million at September 30, 2025, or 1.07% to total loans, compared with $66.8 million, or 1.06% of total loans, at the end of the prior quarter[66] Capital - Hanmi's capital position remains strong with the tangible common equity to tangible assets at 9.80% and the common equity tier 1 capital ratio at 12.01%[10]

Financial Performance - The company reported net income available to common equity of $310 million, resulting in diluted quarterly earnings per share of $2.24[9] - Record quarterly revenue reached $703 million, driven by record net interest income (NII) of $617 million[13] - The company's Return on Average Assets (ROAA) was 1.62%, and the Return on Average Common Equity (ROACE) was 15.4% (16.7% Adjusted ROTCE)[13] Balance Sheet and Loan Portfolio - Total average loans increased by 2% quarter-over-quarter, with strong growth in C&I and residential mortgage sectors[12] - Total average deposits also grew by 2% quarter-over-quarter, supported by strong growth from commercial and consumer customers, and a reduction in average deposit cost[12] - Average loans reached $54.3 billion, with C&I loans at $17.4 billion and residential mortgages at $5 billion[18] - Average deposits totaled $63.7 billion, showing year-over-year growth of 9%[14] Asset Quality - Criticized loans decreased by 14 basis points quarter-over-quarter to 2.15%[9] - Nonaccrual loans decreased by 3 basis points quarter-over-quarter to 25 basis points, with nonperforming assets at 22 basis points[12] - Net charge-offs were $15 million, equivalent to 11 basis points annualized[12] - The company bolstered its Allowance for Loan Losses (ALLL) to 1.38%, reflecting changes in the economic outlook[12] Capital and Ratios - The company's Tangible Common Equity (TCE) ratio stood at 10%, and the Common Equity Tier 1 (CET1) ratio was 14.5%[13] - The company repurchased $2 million shares in 2Q25, with $241 million remaining available under the share repurchase authorization[51] Outlook - The company expects full-year 2025 loan growth in the range of 4% to 6% year-over-year and net interest income trending above 7%[53]

Core Viewpoint - Rithm Capital Corp. is expected to report second-quarter 2025 earnings on July 28, 2025, with an estimated earnings of 51 cents per share and revenues of $1.25 billion, reflecting a year-over-year increase in earnings but a slight revenue growth [1][2][6]. Earnings Estimates - The second-quarter earnings estimate has decreased by one cent over the past 60 days, but it still indicates an 8.5% year-over-year increase [2]. - The Zacks Consensus Estimate for quarterly revenues suggests a 1.6% year-over-year rise [2]. - For the full year 2025, the revenue estimate is $4.56 billion, which represents a 12.9% year-over-year decrease [3]. Recent Performance - Rithm Capital has consistently beaten consensus estimates in the last four quarters, with an average surprise of 21.6% [3]. - The company has an Earnings ESP of -2.60% and a Zacks Rank of 3, indicating uncertainty regarding an earnings beat this quarter [4]. Factors Influencing Q2 Results - The diversified platform strength and strategic partnerships are expected to support second-quarter results, with a projected 4.5% year-over-year growth in interest income [5]. - The profitability of the Newrez business is likely to benefit the Origination & Servicing segment, with a projected 27.7% year-over-year increase in net gain on originated residential mortgage loans [7]. Revenue Projections - The consensus estimate for asset management revenues is $100.19 million, down 8.4% year over year [9]. - The consensus estimate for net servicing revenues is $425.3 million, indicating a 1.3% year-over-year decline [9]. - Other revenues are projected to decline by 35.5% year over year [9].