- Achieved 4.9% annualized loan growth in Q3 2025, showing strong momentum after portfolio alignment.
- Deposits grew by $17 million with a loan-to-deposit ratio of 88%, supporting liquidity and funding needs.
- Diluted earnings per share (EPS) reached a record $1.13 for the quarter.
- Fee income remained robust, representing 20.8% of operating revenue, consistent with the prior quarter.
- Loan interest income increased to $66.0 million from $63.2 million in Q2, driven by loan growth and yield improvements.
- Net interest margin (NIM) increased slightly to 4.11% from 4.07% in Q2 2025, reflecting prudent loan pricing and funding cost management.
- Noninterest expense declined by $1.3 million quarter-over-quarter, improving efficiency ratio from 60.3% to 56.4%.
- Return on assets (ROA) was 1.60%, and return on equity (ROE) nearly 16%, placing Orrstown near the top of its peer group.
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- Customer base increased by 4% compared to last year's first quarter, the first positive growth in 3 years.
- Dollars lent in new originations increased 12.8% year-over-year, in line with fiscal years 2019 and 2020.
- First quarter is historically the lowest for earnings, making up an average of 5.6% of annual net income over the past 3 years.
- Gross yields increased over 230 basis points year-over-year.
- Ledger started the year down 4% year-over-year (~$50 million) and ended the quarter down about 80 basis points (~$10 million).
- Net income since January 1, 2025, is around $45 million.
- Refinance volume increased 10% year-over-year, and new originations increased 12.6%, the highest first quarter volume since fiscal 2020.
- Stable first pay default rates and improving delinquency despite substantial growth.
- The company completed a new credit agreement increasing commitments to $640 million, allowing stock repurchases up to 100% of net income, up from 50%.
- The company is redeeming remaining bonds issued in 2021, with $170 million outstanding to be redeemed by end of August.
- Credit quality remains stable with good trends in classified loans, past dues, and no new significant nonperforming loans beyond previously disclosed large credits.
- Loan production and pipeline remain strong despite some headwinds from elevated payoffs and competitive loan pricing.
- Net interest income (NII) and expenses both beat expectations in Q2 2025, contributing positively to financial results.
- Net interest margin (NIM) reached and exceeded the 3% level ahead of schedule, driven primarily by loan repricing and deposit remixing.
- Adjusted company FFO in Q2 was $0.16 per diluted common share or approximately $47 million.
- Net debt to adjusted EBITDA was 5.8x at quarter end, down 0.4 turns over the last 12 months.
- Portfolio occupancy increased to 94.1% in Q2, up from 93.3% in Q1.
- Repurchased approximately $28 million of floating rate trust preferred securities at a 5% discount to par, yielding approximately 6.6%.
- Same-store NOI growth was 4.7% in Q2 with same-store portfolio 98% leased at quarter end.
- Sold a property in Chillicothe, Ohio for approximately $40 million at a 4.3% cash capitalization rate.
- Cash NOI was lower primarily due to a one-time PENN 1 ground rent true-up payment and free rent associated with backfilling known move-outs.
- Generated $1.5 billion of net proceeds from sales, financings, and the NYU deal, paid down $965 million of debt, and increased cash by $540 million, resulting in cash balances of $1.36 billion and total liquidity of $2.9 billion.
- Lower net interest income from retail preferred repayments and lower NOI from asset sales were offset by lower real estate taxes at THE MART net of tenant reimbursements.
- Net debt-to-EBITDA improved by 1.4 turns to 7.2x from 8.6x, and fixed charge coverage ratio is steadily rising.
- New York office occupancy increased to 86.7% from 84.4% last quarter, mainly due to the full building master lease at 770 Broadway.
- Second quarter comparable FFO was $0.56 per share, beating analyst consensus of $0.53 and essentially flat compared to last year's second quarter.
- Adjusted EBITDA was $53 million and adjusted EPS was $0.36 based on 118 million diluted shares.
- Auto business grew 87% sequentially and Home business grew 67% sequentially, both accelerating from Q1 growth rates.
- Contribution margin improved to 58%, up 3 percentage points from the prior quarter and exceeding guidance.
- GAAP net income was positive $6 million, achieving profitability a quarter earlier than expected.
- GAAP operating expenses were $252 million, up 16% sequentially, driven by variable costs increasing 21% relative to a 55% increase in loan volume.
- Loans held on balance sheet increased to $1.02 billion from $815 million in Q1, mainly due to growth in new products.
- Originations on the platform reached $2.8 billion, the highest volume in three years, with 373,000 loan transactions representing over 250,000 new borrowers.
- Small dollar loans grew 40% sequentially and crossed $100 million in quarterly originations alongside Auto.
- Upstart reported exceptional Q2 2025 results with total revenue of approximately $257 million, up 102% year-on-year.
- Loans and deposits grew over 2% linked quarter, with total assets reaching $83 billion.
- Net income was $261 million, up from $259 million in Q2, with EPS rising to $1.54.
- Net interest income increased by $10 million, driven by balance sheet growth and higher day count.
- Net interest margin declined by 4 basis points to 3.4%, reflecting organic spread compression and a prior quarter nonaccrual reverse benefit.
- Noninterest expenses increased by $11 million, mainly due to an $8 million rise in incentive accruals.
- Noninterest income rose $6 million, including a $4 million legal settlement and increased swap fee income.
- Overall revenue increased 2.3% over the prior quarter.
- Return on tangible common equity was 18% and ROA nearly 1.3% for Q3 2025.
- Adjusted EPS grew 19% year-over-year to $3.49, reflecting strong earnings power.
- Adjusted operating income rose 14% year-over-year to $1.2 billion, supported by restructuring savings and scale improvements from Aon Business Services (ABS).
- Adjusted operating margin expanded by 80 basis points to 28.2%, driven by scale improvements and restructuring savings.
- Aon delivered 6% organic revenue growth, 19% adjusted EPS growth, and 59% free cash flow growth in Q2 2025, in line with expectations.
- Aon delivered 6% organic revenue growth in Q2 2025, with total revenue increasing 11% to $4.2 billion.
- Commercial Risk, Reinsurance, and Health each delivered 6% organic revenue growth; Wealth grew 3%.
- Fiduciary investment income was $66 million, down 12% year-over-year due to lower interest rates despite higher average balances.
- Free cash flow increased 59% year-over-year to $732 million, supported by operating income growth and improved days sales outstanding.
- Free cash flow reached $732 million, up 59% year-over-year, driven by strong operating income and improved days sales outstanding.
- Leverage ratio improved to 3.4x, on track to reach target range of 2.8x to 3.0x by Q4 2025.
- NFP acquisition contributed positively to revenue and margin, with a more normalized margin profile post-acquisition.
- Operating leverage and restructuring savings ($35 million in Q2) contributed approximately 83 basis points to margin expansion.
- Organic revenue growth was broad-based across Commercial Risk, Reinsurance, and Health, each delivering 6% growth, while Wealth grew 3%.
- Retention improved by 1 point year-over-year, driven by gains in Commercial Risk segment.
- Returned $411 million to shareholders in dividends and $250 million in share repurchases during the quarter.
- Revenue-generating hires increased 6% through June 30, supporting sustainable organic growth.
- Total revenue increased 11% to $4.2 billion, with adjusted operating margin expanding 80 basis points to 28.2%.
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