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Johan Norberg's vital lessons from rise and fall of historic golden ages makes Peak Human a persuasive read

Johan Norberg's vital lessons from rise and fall of historic golden ages makes Peak Human a persuasive read

Do we currently live, to repurpose the words of the great philosopher Leibniz, in 'the best of all possible worlds'? Yes, according to Peak Human, an exemplary book which studies world history through the prism of 'what we can learn from the rise and fall of golden ages'.
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Eastern Bankshares Inc (EBC) Q2 2025 Earnings Call Highlights: Strong Growth in Earnings and ...
Eastern Bankshares Inc (EBC) Q2 2025 Earnings Call Highlights: Strong Growth in Earnings and ...

Yahoo

time18 minutes ago

  • Yahoo

Eastern Bankshares Inc (EBC) Q2 2025 Earnings Call Highlights: Strong Growth in Earnings and ...

Operating Earnings: $81.7 million, a 21% increase from the first quarter. Net Interest Margin: Expanded by 21 basis points to 3.59%. Operating Efficiency Ratio: Improved to 50.8%. Operating Return on Average Assets: Increased by 21 basis points to 1.3%. Operating Return on Average Tangible Equity: Increased from 11.7% to 13.6%. Total Assets: $25.5 billion, up 2% from March 31. Tangible Book Value Per Share: Increased 4% to $12.53. Loan Growth: 8% annualized growth this quarter. Deposits Growth: 8% annualized growth. Assets Under Management: Reached a record high of $8.7 billion. Net Income: $100.2 million or $0.50 per diluted share. Operating Earnings Per Share: $0.41, a 21% increase from the previous quarter. Net Interest Income: $202 million, or $206.8 million on an FTE basis, a 7% increase from Q1. Non-Interest Income: $42.9 million, compared to a non-interest loss of $236.1 million in Q1. Non-Interest Expense: $137 million, an increase of $6.8 million from the first quarter. Period End Deposits: $21.2 billion, an increase of $424 million from the prior quarter. Period End Loans: Increased by $385 million, led by commercial lending. Allowance for Loan Losses: $232 million or 127 basis points of total loans. Non-Performing Loans: Decreased to $54.7 million or 30 basis points of total loans. Provision for Loan Losses: $7.6 million, up from $6.6 million in the prior quarter. Full Year Loan Growth Outlook: Raised to 3% to 5%. Full Year Deposit Growth Expectation: Lowered to 0% to 1%. Net Interest Income Guidance: $810 million to $820 million. Operating Fee Income Forecast: Increased to $145 million to $150 million. Operating Non-Interest Expense Forecast: $530 million to $540 million. Operating Tax Rate: Revised to 21% to 22%. Warning! GuruFocus has detected 6 Warning Signs with COLFF. Release Date: July 25, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Eastern Bankshares Inc (NASDAQ:EBC) reported strong second quarter results with operating earnings of $81.7 million, a 21% increase from the first quarter. Net interest margin expanded by 21 basis points to 3.59%, and the operating efficiency ratio improved to 50.8% due to higher revenues and effective expense management. Total assets reached $25.5 billion, up 2% from March 31, with tangible book value per share increasing by 4% to $12.53. Deposits grew at an annualized rate of 8%, with stable deposit costs, highlighting disciplined pricing and a favorable deposit mix. Credit trends remained positive, with non-performing loans improving for the second consecutive quarter and no net charge-offs reported. Negative Points The competitive market for deposits has intensified, impacting the bank's ability to maintain favorable deposit costs. The bank's outlook for deposit growth has been lowered to 0% to 1%, down from the previous range of 1% to 2%. The net interest income guidance has been modestly reduced due to lower average deposit balances. Non-interest expense increased by $6.8 million from the first quarter, driven by higher operating expenses and merger-related costs. The bank remains cautious about economic uncertainties and evolving policies that could impact customers. Q & A Highlights Q: Is it likely that we'll see more securities portfolio restructurings in coming quarters, excluding any related to the Harbor One deal? A: Possibly. We prioritize organic growth, share buybacks, and balance sheet management, including portfolio repositioning. However, due to the merger and the expiration of our current authorization, restructuring is on the back burner for now. - David Rosato, Chief Financial Officer Q: What drove the significant drop in non-performing loans (NPLs) this quarter? Were there any loan sales involved? A: The drop was due to our managed asset group resolving five credits during the quarter, not through loan sales. - David Rosato, Chief Financial Officer Q: Following the Harbor One deal, is there a plan to expand into new markets like Southern Rhode Island, Connecticut, or New York? A: We plan to build out in the Rhode Island market but have no current plans to expand banking services into Connecticut or New York. We already have a presence in Connecticut for wealth management. - Denis Sheahan, Chief Executive Officer Q: Can you provide more details on the strong CNI growth this quarter? What type of customers were involved, and were these new customers or existing ones utilizing more credit? A: It's a combination of both. We're seeing increased confidence from our customer base and have been adding talent in our commercial lending division. The growth is broad-based across all verticals within CNI. - Denis Sheahan, Chief Executive Officer and David Rosato, Chief Financial Officer Q: What is the outlook for the net interest margin in the back half of the year? A: The margin is expected to be relatively flat. Factors include core deposit growth, the impact of securities repositioning, and competitive deposit markets. Accretion income is unpredictable and could affect the margin. - David Rosato, Chief Financial Officer Q: How should we think about the rabbi trust income and its impact on fee income and expenses for the full year? A: Positive equity markets lead to positive rabbi trust income. If markets remain steady, the rabbi trust income and expense won't significantly impact the financials. - David Rosato, Chief Financial Officer Q: Are any of the $118 million in criticized office loans maturing in the next four quarters? A: Yes, there is one criticized loan maturing within the next year. However, there are no non-performing loans or non-accruing loans in the next year's maturities. - David Rosato, Chief Financial Officer Q: Regarding the FASB's proposed ASU on the CECL double count, what will the tangible book pickup look like, and will you be an early adopter? A: If finalized, we plan to early adopt, which applies only to Harbor One. The impact is a 1% to 1.5% reduction in tangible book value dilution and a slight reduction in earn-back time. - David Rosato, Chief Financial Officer For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

'My world caved in' - Taylor on forced retirement
'My world caved in' - Taylor on forced retirement

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time18 minutes ago

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'My world caved in' - Taylor on forced retirement

For any athlete who has reached the top of their sport, saying goodbye can be the hardest part. When that decision is taken out of your own hands, it becomes harder still. "It's just been like my world's caved in," Josh Taylor tells BBC Scotland two weeks on from the devastating diagnosis that brought his boxing career to an immediate halt. A routine eye exam following defeat by Ekow Essuman in May showed extensive damage. An initial scan found a tear in the retinal tissue behind Taylor's left eye, but a closer examination found there were actually six. The specialist laid it out plainly - continue boxing and you risk going blind. The Tartan Tornado enjoyed a career few fighters could dream of - a Commonwealth Games gold medallist, an Olympian and, in 2021, becoming the first - and so far only - male fighter from the UK to win four belts in a single division as he became undisputed light-welterweight world champion. After consecutive defeats in his past three bouts, Taylor did not want his storied career to finish on a losing note and had hoped for "one or two more fights", but the potential loss of his vision in one eye put paid to thoughts of a fairytale ending. Taylor 'sadly' announces retirement over eye issue Taylor deserves place in Hall of Fame - Frampton The sudden transition from active fighter to former boxer has been tough to process. "I'm feeling quite down in the dumps, to be honest," said the 34-year-old. "I've had two weeks to absorb it, but the more I think about it, the more upset I get. "I know I've sort of completed the game in a sense in terms of becoming undisputed champion, but not going out on my own terms, it was kind of like a kick in the teeth. "It was kind of like falling straight off the edge of a cliff. I'm not going to risk losing my sight for the sake of just one more fight. But it was like the end of my world." 'Heart-warming response softened the blow' Elite athletes often speak of the difficulty of transitioning out of the sport that has defined them for most of their life. The structure of a training schedule, the lofty goals to aim for and everything that drives them on a daily basis, it all disappears overnight. Taylor speaks incredibly honestly, and with visible emotion, about "the slump" he is experiencing since he was told his boxing career was over. What has provided solace in this tough period is the mountain of messages, from fans and fellow fighters alike, paying tribute to the Scot for his magnificent achievements since he publicly announced his retirement on Monday. "The messages of support that I've had has helped me, helped lift me because it's made me feel a little bit better, made me feel appreciated, made me feel that I've done good in the sport," he says. "I've had a lot of great messages from some high profile names and just my friends and people I haven't heard from in a long time. "For the last few years I've had nothing but hate with every single post that I've written, there's always a section of the comments that there's just hate and stuff like that. I think this is the first one in the last two or three years that I've not had any. "So the response has been quite heart-warming and made me appreciate what I achieved, kind of softened the blow a little bit and it's cheered me up a little bit. So I'd like to say thank you to everybody that's taken time to message me." 'Someone that wasn't afraid to be great' Taylor admits his diagnosis perhaps "saved me from myself" - a fighter will always want to fight. What the future now holds for the boy from Prestonpans who conquered the world is unclear. He's open to some punditry work and with his direct, unvarnished honesty, he would seem tailor made for that. He will go back to where it all started, Lochend Boxing Club, to help out his friend and mentor Terry McCormack, inspiring the next generation. "Maybe we'll find the next Josh Taylor", he says. One day he might even open his own gym in East Lothian. He has a lot left to give to the sport, even if his own time under the lights has now come to an end. So how would Josh Taylor like to be remembered? "I don't know, I've never thought about it," he says. "They're going to remember me any way they want, but I would like to hope they thought I was an all-action kind of fighter and wasn't afraid to take a fight. "Someone that come up and took on all challenges and wasn't afraid to try to be great. "Just a fighter." Boxing schedule and results 2025 Watch every Born to Brawl episode More boxing from the BBC Notifications, social media and more with BBC Sport

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