Declared an annualized dividend of $0.95 per share, a 5% increase over prior year.
For the first half of 2025, Nareit FFO was $72.6 million or $0.93 per diluted share, reflecting a 4.5% year-over-year increase; Core FFO was $0.90 per diluted share, up 3.4%.
For the quarter, same-property NOI was $42.6 million, a 4.8% increase compared to the same period last year, driven by embedded rent escalations, occupancy gains, positive rent spreads, redevelopment activity, and percentage rents.
Nareit FFO for Q2 was $35.5 million or $0.45 per diluted share, a 2.3% increase compared to Q2 last year; Core FFO also increased 2.3% to $0.44 per diluted share.
Net leverage ratio stood at 17%, net debt to adjusted EBITDA was 2.8x on a trailing 12-month basis.
Same property NOI grew approximately 6% for the first half of the year, with Nareit FFO per share rising nearly 5% year-over-year.
The company ended the quarter with $787 million of total liquidity, including $500 million borrowing capacity under revolving credit.
Weighted average interest rate was 4% with a weighted average maturity of 2.9 years.
Year-to-date same-property NOI totaled $85.1 million, a 5.6% increase over the first 6 months of 2024.
Adjusted EBITDA was $73.5 million, exceeding the high end of outlook, with Progressive Leasing adjusted EBITDA at $69.7 million or 12.2% of revenue.
Four Technologies delivered over 200% revenue growth and 167% GMV growth year-over-year, achieving profitability in Q1 and Q2 2025.
Gross margin for Progressive Leasing was 32.4%, down 15 basis points year-over-year, impacted by increased 90-day purchase option utilization and Big Lots loss.
Non-GAAP EPS was $1.02, significantly exceeding the outlook range of $0.75 to $0.85 per share.
PROG Holdings delivered revenue and earnings above the high end of guidance in Q2 2025, with consolidated revenue of $604.7 million, representing low single-digit growth year-over-year.
Progressive Leasing segment GMV was $413.9 million, down 8.9% year-over-year due to Big Lots bankruptcy and tightening actions, but up approximately 1% excluding Big Lots impact.
SG&A expenses increased to $78.9 million or 13.8% of revenue, reflecting investments in technology and sales enablement.
Write-offs came in at 7.5%, 20 basis points better than last year, within the targeted annual range of 6% to 8%.
Asset quality remained strong despite one commercial borrower filing for bankruptcy, with past due loans at eight basis points, net charge-offs at two basis points, and non-performing loans at 37 basis points.
Camden National Corporation reported strong second quarter 2025 earnings of $14.1 million, with diluted earnings per share of $0.83 and adjusted non-GAAP earnings of $15.2 million or $0.89 per share.
Loan growth was 1% during the quarter, primarily from commercial and home equity loans, with a robust $150 million committed loan pipeline, a 40% increase over last quarter.
Net interest margin expanded by two basis points to 3.06%, and the non-GAAP efficiency ratio improved to 55.5%, the lowest since 2022.
Noninterest income reached $13.1 million, beating prior guidance, while noninterest expense was $37.6 million, 15% lower than the first quarter.
Pretax pre-provision income excluding one-time merger-related expenses rose 13% from the prior quarter, reflecting early success in realizing cost synergies from the Northway acquisition.
Tangible common equity ratio increased to 6.77%, with tangible book value per share rising 3% to $26.9.
Total revenues grew 4% over the prior quarter to $62.3 million, driven by net interest income and noninterest income growth.
Allowance for credit losses was $51.6 million or 1.26% of gross loans, down from $54.9 million in the prior quarter.
Earnings for the June quarter were $1.39 diluted, unchanged from the prior quarter but up 17% year-over-year.
Full year fiscal '25 earnings were $5.18 compared to $4.42 in fiscal '24, driven by stronger net interest income from 7% earning asset growth and net interest margin expansion.
Net charge-offs totaled $5.3 million for the quarter, primarily from a special purpose CRE loan and a commercial contractor credit.
Net interest margin for the quarter was 3.46%, up from 3.39% in the prior quarter, benefiting from higher loan yields and deployment of excess cash into loans.
Noninterest expense rose 2.3% due to $425,000 consulting expenses and increased data processing costs.
Noninterest income increased 9.2% quarter-over-quarter, driven by an additional card network bonus of $537,000.
Provision for credit losses increased to $2.5 million from $932,000 in the prior quarter due to net charge-offs and loan growth.
Quarterly dividend increased by $0.02 or 8.7% to $0.25 per share.
Return on average assets was 1.21% and return on average equity was 11.4% for fiscal 2025.
Tangible book value per share increased by $5.19 or just above 14% over the last 12 months to $41.87.
Dafinchi