- Diluted EPS was $0.33 and tangible book value per share was $11.53.
- Effective tax rate was 29% due to a California tax law change, with a long-term statutory tax rate expectation reduced to 25.5%.
- GAAP net income more than doubled to $38 million from $15 million last year, achieving an ROTCE of nearly 12%, surpassing the 8% target set at the beginning of the year.
- LendingClub delivered 32% year-on-year growth in originations and 33% growth in revenue in Q2 2025.
- Net charge-off ratio improved to 3% from 6.2% last year, though expected to rise modestly as newer vintages season.
- Net interest margin improved to 6.1%, benefiting from repricing of deposit portfolios.
- Noninterest expense was $155 million, up 17%, mainly due to a 26% increase in marketing spend.
- Originations reached $2.4 billion, driven by paid marketing initiatives and product enhancements.
- Pre-provision net revenue (PPNR) was $94 million, up 70% year-over-year and above guidance.
- Provision for credit losses was $40 million, modestly up from $36 million last year, with a provision benefit of approximately $9 million due to credit outperformance.
- Total revenue was $248 million, up 33% year-over-year, with noninterest income at $94 million (up 60%) and net interest income at $154 million (up 20%).
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- A quarterly cash dividend of $0.20 per common share was approved, marking the 114th consecutive quarterly dividend.
- Asset quality remained strong with classified loans decreasing 3% to $145 million or 1.4% of total loans.
- Capital levels remained robust with a common equity Tier 1 capital ratio of 11% and tangible book value per share of $19.34.
- Commercial and industrial loans increased 8% for the quarter.
- Earnings per share were $0.28 on a fully diluted GAAP basis and $0.31 on a core basis for Q2 2025.
- Net charge-offs were $2.2 million, primarily from two commercial credits and a small sale of nonperforming residential loans.
- Net interest income grew by $1 million with net interest margin expanding by 1 basis point.
- Operating expenses were $71 million, in line with expectations and previous guidance.
- The company repurchased 1 million shares at a weighted average cost of $17.17 and redeemed $57 million of preferred stock.
- Total loans increased by $60 million, representing a 2% annualized growth rate, driven by strong originations of $716 million.
- Bad debt was up from a year ago in Q2 but in line year-to-date and within guidance range.
- Core FFO for Q2 was $88.2 million or $0.64 per diluted share, reflecting 8.5% per share growth.
- Core FFO per share increased 8.5% year-over-year.
- NAREIT FFO for Q2 was $86 million or $0.62 per diluted share, reflecting 8.8% per share growth.
- New leasing rent spreads were 34.6% comparable and 28.1% in-line.
- Portfolio occupancy ended Q2 at 97.4%, anchor occupancy at 98.9%, and in-line occupancy at 94.8%.
- Renewal rent spreads were strong with comparable renewal spreads at 19.1% and in-line renewal spreads at 20.7%.
- Same-center NOI increased 4.2% in Q2 2025.
- Tenant improvement costs for renewals were low at $0.49 per square foot.
- Adjusted non-interest expenses were $344 million, reflecting two months of Bremer operations, with positive operating leverage year over year.
- Adjusted non-interest income was $112 million, reflecting growth in wealth, mortgage, and capital markets.
- CET1 ratio was 10.74%, approximately 50 basis points higher than expected post-Bremer close.
- CET1 ratio was better than expected at 10.74%, about 50 basis points higher than modeled post-Bremer.
- Criticized and classified loans decreased by approximately 9% excluding Bremer, and allowance for credit losses improved by 8 basis points to 1.24%.
- Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and C&I loan production.
- Loan growth excluding Bremer was 3.7% annualized from last quarter, in line with guidance, with strong commercial and industrial loan production.
- Net charge-offs were 24 basis points, or 21 basis points excluding charge-offs on PCD loans, with non-accrual loans declining 5 basis points during the quarter.
- Net interest income and margin increased driven by Bremer, organic loan growth, and securities portfolio repositioning.
- Old National reported GAAP 2Q earnings per share of $0.34, with adjusted EPS of $0.53 excluding $0.19 of net merger-related expenses, representing an 18% increase over the prior quarter and 15% year over year.
- Tangible book value per share increased by 14% year over year despite the impact of the Bremer partnership.
- Total deposits increased by $13.3 billion, with core deposits ex-brokered up $11.6 billion.
- Closed $2.3 billion in financing with a €1 billion raise at 3.5%, maintaining a low cost of debt at 3.2% with over eight years average maturity.
- Core FFO including net promote expense was $1.49 per share, excluding net promotes $1.50, both ahead of forecast.
- Energy business delivered 28 megawatts of solar generation and storage, progressing toward a one-gigawatt goal by year-end.
- Lease mark to market ended at 19%, capturing $75 million of NOI this quarter and $900 million as leases roll.
- Net effective rent change was 49% on a net effective basis and 29% on cash basis, highlighting durable lease mark to market.
- Record leasing quarter with nearly 62 million square feet signed, driving occupancy to 95.3%, up 20 basis points.
- Same-store net effective and cash NOI growth were 3.9% and 5.2%, respectively.
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