- 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.
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- Adjusted noninterest expense decreased $12 million versus prior year to $521 million, reflecting seasonality and lower technology costs, but increased 3% year-over-year due to higher incentive compensation.
- Average loans grew 5.6% annualized quarter-over-quarter and 3.7% year-over-year, with average deposits up 0.5% year-over-year but down 1.4% annualized quarter-over-quarter.
- Common Equity Tier 1 ratio was 11%, with tangible book value per share growing 20% year-over-year.
- Credit quality remained strong with net charge-offs at $10 million (7 bps annualized), nonperforming assets at 0.51% of loans, and allowance for credit losses at 1.2% of loans.
- Diluted earnings per share was $1.63, up from $1.13 in the prior period and $1.28 year-over-year, including a $0.05 per share benefit from an SBIC portfolio investment.
- Net earnings for Q2 2025 were $243 million, a 28% increase year-over-year and 44% increase quarter-over-quarter.
- Net interest margin expanded for the sixth consecutive quarter to 3.17%, driven by lower funding costs and improved earning asset mix.
- Noninterest income increased 4% quarter-over-quarter and 7% year-over-year, led by capital markets activity and customer-related fees.
- Advisory revenue was $127 million with strong contributions from financials, industrials, and improving health care and technology sectors.
- Asset management revenues rose 6%, reflecting market appreciation and improved organic growth.
- Commissions and principal transactions rose 11% with gains in both Global Wealth and Institutional segments.
- Compensation ratio was 58%, consistent with the high end of full year guidance, and operating pretax margin was 20.3%.
- Equity capital raising totaled $46 million with a market shutdown for six weeks post-Liberation Day but recovery mid-May.
- Equity transactional revenue increased 16% year-over-year, and fixed income revenue rose 21% year-over-year.
- Fixed income underwriting revenue was $54 million, up 18% sequentially driven by public finance activity.
- Global Wealth Management posted its strongest second quarter ever with record client asset levels and higher net interest income.
- Institutional business revenue increased 7% year-over-year, with record fixed income revenue and a late quarter pickup in investment banking.
- Investment banking revenue totaled $233 million, exceeding guidance by over $20 million due to six transactions closing late in the quarter.
- Net interest income increased 8% due to higher interest earning assets and lower funding costs.
- Net interest income of $270 million came in at the high end of guidance with a 12 basis point increase in bank net interest margin.
- Non-compensation expenses increased 7% year-over-year, with severance and restructuring charges of $28 million in European operations.
- Operating EPS of $1.71 was up 7% from the prior year.
- Provision for income taxes was 25.4%, slightly above consensus due to nondeductible foreign losses.
- Stifel Financial delivered over $1.28 billion of net revenue and $1.71 in core EPS in Q2 2025, marking the best second quarter in company history with a return on tangible common equity of 22%.
- Tier 1 leverage capital ratio was 10.8%, and Tier 1 risk-based capital ratio was 17.5%, with approximately $315 million of excess capital.
- Earnings per share reached $1.95, marking the third highest EPS in firm history and a 30% increase from last year.
- Global Wealth Management revenue was $907 million with pretax margins near 38%, the highest in almost two years.
- Institutional Group revenue was $500 million, up 34% year-over-year, with investment banking revenue up 33%.
- Net interest income increased 6%, driven by higher interest-earning assets and lower funding costs.
- Non-compensation expenses rose 7% year-over-year, with an adjusted non-comp operating ratio of 19%.
- Record net revenue exceeded $1.4 billion, a 17% year-over-year increase and about 7% above consensus estimates.
- Return on tangible common equity exceeded 24%, demonstrating strong profitability.
- Tier 1 leverage capital ratio improved to 11.1%, and Tier 1 risk-based capital ratio increased to 17.6%, reflecting a well-capitalized balance sheet.
- Adjusted earnings per share were $44.78 with an adjusted ROE of 11.00% and ROA of 1.07%.
- Adjusted net income was $607 million, exceeding expectations, driven by better-than-expected net interest income growth, lower credit costs, and expenses at the low end of guidance.
- Allowance ratio decreased 1 basis point to 1.18%, with strong reserve coverage and risk management framework.
- Deposits grew by $610 million or 0.4% sequentially, led by the Direct Bank and SVB Commercial segments.
- Loans declined modestly by $89 million or 0.1% sequentially, with growth in Global Fund Banking and General and Commercial Bank segments offset by declines in tech and healthcare portfolios.
- Net charge-offs declined by 8 basis points sequentially and were below guidance, concentrated in general office, investor-dependent, and equipment finance portfolios.
- Net interest income increased 2% sequentially, with headline NIM at 3.26% and NIM ex accretion up 2 basis points to 3.14%.
- Share repurchases totaled $613 million in the quarter, with a new $4 billion share repurchase plan approved to commence after the current plan.
- ConnectOne's assets now stand at nearly $14 billion, with $11.2 billion in loans and $11.3 billion of deposits, and a market capitalization exceeding $1.2 billion.
- Core deposit growth was strong, including gains in DTA balances from both existing and newly acquired relationships.
- Loan-to-deposit ratio improved to 99% at the end of Q2, down from 106% as of March 31.
- Loan-to-deposit ratio improved to just below 100%, with expectations to operate around that threshold going forward.
- Net interest margin was 3.06% in Q2, with expectations to increase to about 3.25% by year-end and continue expanding through 2026.
- Noninterest-bearing demand deposits increased by more than $100 million since March 31, approximately 15% annualized.
- Nonperforming asset ratio improved to 0.28% from 0.51% a year ago, and charge-offs remained reasonable at 22 basis points.
- Provision for credit losses was $35.7 million in Q2, including a $27.4 million day 1 provision from the merger and an $8.3 million operating provision, higher than usual due to merger-related adjustments.
- Tangible common equity ratio stands above 8% at 8.1%, with the bank CET ratio above 12%, slightly down due to the acquisition.
- Total deposits were up an annualized 8%, with true core balances increasing by more than $500 million or 17% annualized after factoring in a $200 million decline in brokered deposits.
- 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%.
- Allowance for credit losses decreased by $11.7 million; provision for credit losses was $6.1 million, including $6 million for net charge-offs and $2.2 million due to macroeconomic factors, offset by releases due to loan growth and recoveries.
- Assets under management increased by $132.42 million to $3.1 billion, driven by higher market valuations and net new assets.
- Classified loans increased by $9.3 million or 4.5% to $215.4 million due to downgrades in CRE and commercial loans, partially offset by $50 million in charge-offs, payoffs, and loans sold.
- Core efficiency ratio was 66.35%, core ROA was 0.94%, and core ROE was 10.49%.
- Gross loans were down by $30 million to $7.2 billion, primarily due to increased prepayments offsetting loan production and some loans originated but not yet funded.
- Net interest income was $90.5 million, up $4.6 million, driven by higher average balances of securities and lower average balances and rates on time deposits.
- Net interest margin (NIM) was 3.81%, higher than projected due to recovery of interest on commercial loans including a fully paid off nonaccrual loan and a fully charged off loan.
- Noninterest income was $19.8 million, while noninterest expense was $74.4 million, higher than the guided $71.5 million due to noncore expenses and increased customer derivatives expenses.
- Nonperforming loans decreased by $41 million due to payoffs, loans sold, paydowns, and charge-offs.
- Pre-provision net revenue (PPNR) was $35.9 million in 2Q '25 compared to $33.9 million in 1Q '25; core PPNR was $37.1 million, up 17.7% from $31.5 million in 1Q '25.
- Provision for credit losses was $6.1 million, down $12.4 million from $18.4 million in the first quarter.
- Return on assets (ROA) improved to 0.90% and return on equity (ROE) to 10.1%, compared to 0.48% and 5.3% respectively in the prior quarter.
- Total assets reached $10.3 billion as of the close of the second quarter.
- Total deposits increased by $151.6 million to $8.3 billion, driven by growth in core deposits and a planned reduction of $51 million in broker deposits.
- Total investment securities were $2 billion, up by $209.2 million, including $120 million mortgage-backed securities classified as trading securities and $87 million available for sale.
- 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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