Return on average assets was 1.60% and return on average equity was 15.72% for the three months ended September 30, 2025, compared to 1.45% and 14.56% for the return on average assets and return on average equity, respectively, for the three months ended June 30, 2025;
Excluding the impact of the merger-related expenses referenced above, net of taxes, adjusted return on average assets and adjusted return on average equity were 1.51%(1) and 15.12%(1), respectively, for the three months ended June 30, 2025;
Net interest margin, on a tax equivalent basis, was 4.11% in the third quarter of 2025 compared to 4.07% in the second quarter of 2025; the net accretion of purchase accounting marks positively impacted the margin by 52 basis points in the third quarter of 2025 compared to 50 basis points in the second quarter of 2025;
Loans increased by $48.4 million, or approximately 5% annualized, from June 30, 2025 to September 30, 2025; classified loans decreased by $1.7 million from $65.8 million at June 30, 2025 to $64.1 million at September 30, 2025;
Subordinated notes of $32.5 million were redeemed on September 30, 2025; as a result of the redemption, the Company amortized the remaining debt issuance costs of $0.3 million;
Noninterest income increased by $0.5 million from $12.9 million for the three months ended June 30, 2025 to $13.4 million for the three months ended September 30, 2025;
Noninterest expenses decreased by $1.3 million from $37.6 million for the three months ended June 30, 2025 to $36.3 million for the three months ended September 30, 2025; no merger-related expenses were incurred during the third quarter of 2025;
Efficiency ratio decreased from 60.3% for the three months ended June 30, 2025 to 56.4% for the three months ended September 30, 2025;
Tangible common equity increased to 8.8% at September 30, 2025 compared to 8.3% at June 30, 2025;
Tangible book value per common share(1) increased to $24.12 per share at September 30, 2025 compared to $22.77 per share at June 30, 2025;
The Board of Directors declared a cash dividend of $0.27 per common share, payable November 12, 2025, to shareholders of record as of November 5, 2025.
(1) Non-GAAP measure. See Appendix A for additional information.
HARRISBURG, Pa., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Orrstown Financial Services, Inc. (the "Company") (NASDAQ:ORRF), the parent company of Orrstown Bank (the "Bank"), announced earnings for the periods ended September 30, 2025. Net income totaled $21.9 million for the three months ended September 30, 2025, compared to net income of $19.4 million for the three months ended June 30, 2025 and net loss of $7.9 million for the three months ended September 30, 2024. Diluted earnings per share was $1.13 for the three months ended September 30, 2025, compared to diluted earnings per share of $1.01 for the three months ended June 30, 2025 and diluted loss per share of $0.41 for the three months ended September 30, 2024. The Company did not incur merger-related expenses during the third quarter of 2025. For the second quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $20.2 million(1) and $1.04(1), respectively. For the third quarter of 2024, excluding the impact from the non-recurring charges, net of taxes, net income and diluted earnings per share were $21.4 million(1) and $1.11(1), respectively.
"Orrstown generated another quarter of impressive earnings, demonstrating our continued momentum after a measured start to the year," said Thomas R. Quinn, Jr., President and Chief Executive Officer. "Loan growth was strong, fee income increased again and expenses continue to decline. This all translated into our strongest quarter of earnings on record with diluted EPS of $1.13, return on assets of 1.60% and return on equity of nearly 16%. The synergies achieved since the prior year merger are clearly evident in our financial metrics. Our capital ratios remain sound even after redeeming subordinated debt during the third quarter. While we are proud of our recent accomplishments, we remain focused on structuring our balance sheet to facilitate success in a changing interest rate environment within a competitive landscape. We are mindful of some remaining economic uncertainty and its potential impact on the overall business environment. We therefore plan to continue to grow prudently while making appropriate strategic investments along the way."
(1) Non-GAAP measure. See Appendix A for additional information.
DISCUSSION OF RESULTS
Balance Sheet
Loans
Loans held for investment increased by $48.4 million and totaled $4.0 billion and $3.9 billion at September 30, 2025 and June 30, 2025, respectively. Commercial loans increased by $38.2 million, or approximately 5% annualized, and residential mortgages increased by $10.3 million, or approximately 5%, from June 30, 2025 to September 30, 2025.
Investment Securities
Investment securities, all of which are classified as available-for-sale, increased by $5.0 million to $890.4 million at September 30, 2025 from $885.4 million at June 30, 2025. During the third quarter of 2025, the Bank purchased $57.7 million of investment securities, which was partially offset by sales of $41.6 million and paydowns totaling $20.5 million. Net unrealized losses declined by $9.1 million for the three months ended September 30, 2025 due to reduced market rates. The overall duration of the Company's investment securities portfolio was 4.4 years at September 30, 2025 compared to 4.5 years at June 30, 2025. See Appendix B for a summary of the Bank's investment securities at September 30, 2025, highlighting their concentrations, credit ratings and credit enhancement levels.
Deposits
During the third quarter of 2025, deposits increased by $16.9 million and totaled $4.5 billion at both September 30, 2025 and June 30, 2025. Money market deposits and time deposits increased by $64.0 million and $36.1 million, respectively, and interest-bearing demand deposits, non-interest bearing demand deposits and saving deposits decreased by $60.9 million, $16.7 million and $5.6 million, respectively, from June 30, 2025 to September 30, 2025. Money market deposits and time deposits were impacted by increases in brokered money market deposits of $40.0 million and brokered time deposits of $50.6 million. Continued run-off in higher yielding promotional balances partially offset these deposits. The decreases in the other categories were consistent with normal cyclical activity. The Bank's loan-to-deposit ratio increased to 88% at September 30, 2025 from 87% at June 30, 2025.
Borrowings
On September 30, 2025, the Company redeemed its $32.5 million outstanding 6.0% fixed-to-floating rate subordinated notes. During the three months ended September 30, 2025, the Company amortized the remaining debt issuance costs of $0.3 million as a result of the redemption.
The Company actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $209.2 million at September 30, 2025 compared to $136.3 million at June 30, 2025. The increase was due to higher utilization of overnight borrowings during the third quarter of 2025 as lending and investing activities increased. This increase was partially offset by the subordinated note redemption. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.7 billion at both September 30, 2025 and June 30, 2025.
Income Statement
Net Interest Income and Margin
Net interest income was $51.0 million for the three months ended September 30, 2025 compared to $49.5 million for the three months ended June 30, 2025. The net interest margin, on a tax equivalent basis, increased to 4.11% in the third quarter of 2025 from 4.07% in the second quarter of 2025. This increase is primarily the result of an increase of six basis points in the yield on loans from the three months ended June 30, 2025 to the three months ended September 30, 2025. This was partially offset by an increase of three basis points in the cost of funds between the same periods due to the accelerated amortization of debt issuance costs in the third quarter.
The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $5.8 million during the third quarter of 2025 compared to $5.2 million for the second quarter of 2025. This change was due primarily to higher accelerated accretion in the three months ended September 30, 2025 compared to the three months ended June 30, 2025.
Interest income on loans, on a tax equivalent basis, increased by $2.8 million to $66.0 million for the three months ended September 30, 2025 compared to $63.2 million for the three months ended June 30, 2025. Average loans increased by $84.1 million during the three months ended September 30, 2025 compared to the three months ended June 30, 2025. The accretion of purchase accounting marks on loans totaled $5.3 million during the third quarter of 2025 compared to $4.9 million during the second quarter of 2025.
Interest income on investment securities, on a tax equivalent basis, was $10.6 million for both the third and second quarters of 2025. Average investment securities increased by $2.3 million during the three months ended September 30, 2025 compared to the three months ended June 30, 2025.
Interest expense, on a tax equivalent basis, increased by $0.8 million to $26.1 million for the three months ended September 30, 2025 compared to $25.3 million for the three months ended June 30, 2025. Average FHLB advances and other borrowings increased by $65.8 million from $104.1 million for the three months ended June 30, 2025 to $168.9 million for the three months ended September 30, 2025. Subordinated notes were redeemed on September 30, 2025, which resulted in the accelerated amortization of the remaining debt issuance costs of $0.3 million, which reduced the net interest margin by two basis points. Borrowing costs increased by 25 basis points during the three months ended September 30, 2025. Average interest-bearing deposits decreased by $34.9 million during the three months ended September 30, 2025 compared to the three months ended June 30, 2025. The cost of interest-bearing deposits declined by two basis points from the second quarter of 2025 to the third quarter of 2025. In addition, interest expense includes $0.3 million and $0.4 million of amortization of purchase accounting marks on interest bearing liabilities for the three months ended September 30, 2025 and June 30, 2025, respectively.
Provision for Credit Losses on Loans
The allowance for credit losses ("ACL") on loans increased to $48.1 million at September 30, 2025 from $47.9 million at June 30, 2025. The ACL to total loans was 1.21% at September 30, 2025 compared to 1.22% at June 30, 2025. The Company recorded provision expense of $0.4 million for the three months ended September 30, 2025 compared to $0.2 million for the three months ended June 30, 2025. Net charge-offs were $0.2 million for the three months ended September 30, 2025 compared to $0.1 million for the three months ended June 30, 2025.
Classified loans decreased by $1.7 million to $64.1 million at September 30, 2025 from $65.8 million at June 30, 2025 due to repayments of $5.8 million, net downgrades of $4.3 million and charge offs of $0.3 million. Delinquent loans decreased by $0.4 million from $12.3 million at June 30, 2025 to $11.9 million at September 30, 2025. Non-accrual loans totaled $26.2 million at September 30, 2025 compared to $22.4 million at June 30, 2025 due to additions to nonaccrual status of $7.8 million primarily consisting of $4.7 million for one commercial construction and land development relationship, $1.3 million in owner-occupied commercial real estate loans and $1.1 million in residential mortgages, partially offset by repayments totaling $3.9 million. Nonaccrual loans to total loans increased to 0.66% at September 30, 2025 compared to 0.57% at June 30, 2025. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts.
Noninterest Income
Noninterest income increased by $0.5 million to $13.4 million for the three months ended September 30, 2025 from $12.9 million for the three months ended June 30, 2025.
Income from service charges was $3.0 million for the three months ended September 30, 2025 compared to $2.6 million for the three months ended June 30, 2025 based on increased interchange activity.
Swap fee income increased by $0.1 million to $0.8 million for the three months ended September 30, 2025 compared to $0.7 million for the three months ended June 30, 2025. Swap fee income will fluctuate based on market conditions and client demand.
Income from mortgage banking activities was $0.5 million for both the three months ended September 30, 2025 and June 30, 2025. The Bank sold 37 loans to the secondary market during the third quarter of 2025 compared to 47 loans during the second quarter of 2025. The impact of the reduction in loan sale activity was offset by gains from positive fair value adjustments resulting from the increase in the residential mortgage loan pipeline and declining market interest rates.
Other income decreased by $0.3 million to $2.1 million for the three months ended September 30, 2025 compared to $2.4 million for the three months ended June 30, 2025. During the second quarter of 2025, the Bank recorded $0.3 million in solar tax credits and a gain on the sale of other real estate owned of $0.1 million.
Noninterest Expenses
Noninterest expenses decreased by $1.3 million to $36.3 million in the three months ended September 30, 2025 from $37.6 million in the three months ended June 30, 2025.
For the three months ended September 30, 2025, the Company did not incur merger-related expenses compared to $1.0 million for the three months ended June 30, 2025.
Advertising and bank promotions expense decreased by $0.9 million from $1.1 million for the three months ended June 30, 2025 to $0.2 million for the three months ended September 30, 2025 due to $0.7 million in contributions to tax credit programs during the second quarter of 2025. Taxes other than income increased by $0.5 million in the three months ended September 30, 2025 compared to the three months ended June 30, 2025. This decrease reflects the tax impact of the contributions referenced above.
Salaries and benefits expense was $21.4 million for both the three months ended September 30, 2025 and June 30, 2025. The third quarter of 2025 reflects a full quarter impact from the increase in merit-based salaries that went into effect in May 2025 and third quarter contributions towards employee benefit expense that occur semi-annually. The second quarter of 2025 included $0.6 million of severance costs.
Professional services expense decreased by $0.3 million from $2.0 million for the three months ended June 30, 2025 to $1.7 million for the three months ended September 30, 2025. The third quarter of 2025 reflects a reduction in the level of third-party assistance to enhance daily functions and operational processes throughout the organization. While the Company will remain reliant on these services in the fourth quarter of 2025, the Company expects expenses related to these services to continue to decline.
Income Taxes
The Company's effective tax rate was 21.0% for the third quarter of 2025 compared to 21.3% for the second quarter of 2025. The second quarter rate reflected a year-to-date adjustment to align with the revised projection for the full year. The Company's effective tax rate for the three months ended September 30, 2025 is aligned with the 21% federal statutory rate primarily due to the disallowed portion of interest expense against earnings in association with the Bank's tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 partially offset by the benefit of tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.
Capital
Shareholders' equity totaled $571.9 million at September 30, 2025 compared to $548.4 million at June 30, 2025. The increase is due to net income of $21.9 million and other comprehensive income of $6.9 million, partially offset by dividend payments of $5.3 million.
Tangible book value per common share(1) increased to $24.12 per share at September 30, 2025 from $22.77 per share at June 30, 2025. The Company's tangible common equity ratio was 8.8% at September 30, 2025 compared to 8.3% at June 30, 2025. Return on average tangible common equity per common share(1) was 19.7% for the three months ended September 30, 2025 compared to 18.4% for the three months ended June 30, 2025.
Most of the Company's capital ratios increased during the three months ended September 30, 2025 due to earnings; however, total risk-based capital decreased due to impact of the redemption of subordinated notes. The Company's tier 1 common equity, tier 1 and total risk-based capital ratios were 11.1%, 11.3% and 13.1%, respectively, at September 30, 2025 compared to 10.9%, 11.1% and 13.3%, respectively, at June 30, 2025. The Company's Tier 1 leverage ratio increased to 9.3% at September 30, 2025 compared to 9.0% at June 30, 2025.
At September 30, 2025, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed "well capitalized" under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.
(1) Non-GAAP measure. See Appendix A for additional information.
Investor Relations Contact:
Neelesh Kalani
Executive Vice President, Chief Financial Officer
Phone (717) 510-7097
FINANCIAL HIGHLIGHTS (Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
September 30,
September 30,
(In thousands)
2025
2024
2025
2024
Profitability for the period:
Net interest income
$
50,988
$
51,697
$
149,261
$
104,681
Provision for credit losses - loans
396
14,115
51
15,348
Recovery of credit losses - unfunded loan commitments
—
(434
)
(100
)
(557
)
Noninterest income
13,382
12,386
37,921
26,188
Noninterest expenses
36,297
60,299
112,087
105,407
Income (loss) before income tax expense (benefit)
27,677
(9,897
)
75,144
10,671
Income tax expense (benefit)
5,812
(1,994
)
15,780
2,305
Net income (loss) available to common shareholders
$
21,865
$
(7,903
)
$
59,364
$
8,366
Financial ratios:
Return on average assets (1)
1.60
%
(0.57)%
1.47
%
0.28
%
Return on average assets, adjusted (1) (2) (3)
n/a
1.55
%
1.52
%
1.33
%
Return on average equity (1)
15.72
%
(5.85)%
14.77
%
3.10
%
Return on average equity, adjusted (1) (2) (3)
n/a
15.85
%
15.28
%
14.59
%
Net interest margin (1)
4.11
%
4.14
%
4.06
%
3.88
%
Efficiency ratio
56.4
%
94.1
%
59.9
%
80.5
%
Efficiency ratio, adjusted (2) (3)
n/a
60.2
%
58.5
%
62.6
%
Income (loss) per common share:
Basic
$
1.14
$
(0.41
)
$
3.09
$
0.63
Basic, adjusted (2) (3)
n/a
$
1.12
$
3.20
$
2.96
Diluted
$
1.13
$
(0.41
)
$
3.07
$
0.62
Diluted, adjusted (2) (3)
n/a
$
1.11
$
3.17
$
2.93
Average equity to average assets
10.18
%
9.75
%
9.94
%
9.13
%
(1) Annualized for the three and nine months ended September 30, 2025 and 2024.
(2) Ratio has been adjusted for the non-recurring charges for all periods presented prior to September 30, 2025.
(3) Non-GAAP based financial measure. Please refer to Appendix A - Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.
FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
September 30,
December 31,
(Dollars in thousands, except per share amounts)
2025
2024
At period-end:
Total assets
$
5,470,233
$
5,441,589
Loans, net of allowance for credit losses
3,931,631
3,882,525
Loans held-for-sale, at fair value
6,026
6,614
Securities available for sale, at fair value
890,357
829,711
Total deposits
4,533,560
4,623,096
FHLB advances and other borrowings and Securities sold under agreements to repurchase
241,719
141,227
Subordinated notes and trust preferred debt
36,970
68,680
Shareholders' equity
571,936
516,682
Credit quality and capital ratios (1):
Allowance for credit losses to total loans
1.21
%
1.24
%
Total nonaccrual loans to total loans
0.66
%
0.61
%
Nonperforming assets to total assets
0.48
%
0.45
%
Allowance for credit losses to nonaccrual loans
184
%
202
%
Total risk-based capital:
Orrstown Financial Services, Inc.
13.1
%
12.4
%
Orrstown Bank
12.9
%
12.4
%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.
11.3
%
10.2
%
Orrstown Bank
11.8
%
11.2
%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.
11.1
%
10.0
%
Orrstown Bank
11.8
%
11.2
%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.
9.3
%
8.3
%
Orrstown Bank
9.6
%
9.1
%
Book value per common share
$
29.33
$
26.65
(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses ("CECL") to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.
ORRSTOWN FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)
September 30, 2025
December 31, 2024
Assets
Cash and due from banks
$
60,970
$
51,026
Interest-bearing deposits with banks
123,176
197,848
Cash and cash equivalents
184,146
248,874
Restricted investments in bank stocks
24,111
20,232
Securities available for sale (amortized cost of $912,760 and $864,920 at September 30, 2025 and December 31, 2024, respectively)
890,357
829,711
Loans held for sale, at fair value
6,026
6,614
Loans
3,979,736
3,931,214
Less: Allowance for credit losses
(48,105
)
(48,689
)
Net loans
3,931,631
3,882,525
Premises and equipment, net
51,312
50,217
Cash surrender value of life insurance
146,020
143,854
Goodwill
69,751
68,106
Other intangible assets, net
40,338
47,765
Accrued interest receivable
20,443
21,058
Deferred tax assets, net
34,100
42,647
Other assets
71,998
79,986
Total assets
$
5,470,233
$
5,441,589
Liabilities
Deposits:
Noninterest-bearing
$
901,557
$
894,176
Interest-bearing
3,632,003
3,728,920
Total deposits
4,533,560
4,623,096
Securities sold under agreements to repurchase and federal funds purchased
32,501
25,863
FHLB advances and other borrowings
209,218
115,364
Subordinated notes and trust preferred debt
36,970
68,680
Other liabilities
86,048
91,904
Total liabilities
4,898,297
4,924,907
Shareholders' Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding
—
—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,712,347 shares issued and 19,500,983 outstanding at September 30, 2025; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024
1,026
1,027
Additional paid—in capital
423,624
423,274
Retained earnings
170,526
126,540
Accumulated other comprehensive loss
(17,538
)
(26,316
)
Treasury stock— 211,364 and 332,673 shares, at cost at September 30, 2025 and December 31, 2024, respectively
(5,702
)
(7,843
)
Total shareholders' equity
571,936
516,682
Total liabilities and shareholders' equity
$
5,470,233
$
5,441,589
ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
September 30,
September 30,
(Dollars in thousands, except per share amounts)
2025
2024
2025
2024
Interest income
Loans
$
65,751
$
70,647
$
192,219
$
142,417
Investment securities - taxable
9,367
9,005
27,717
18,588
Investment securities - tax-exempt
881
883
2,634
2,641
Short-term investments
1,123
2,452
4,904
5,272
Total interest income
77,122
82,987
227,474
168,918
Interest expense
Deposits
22,639
28,603
69,754
57,384
Securities sold under agreements to repurchase and federal funds purchased
107
96
297
148
FHLB advances and other borrowings
1,791
1,154
3,939
3,780
Subordinated notes and trust preferred debt
1,597
1,437
4,223
2,925
Total interest expense
26,134
31,290
78,213
64,237
Net interest income
50,988
51,697
149,261
104,681
Provision for credit losses - loans
396
14,115
51
15,348
Recovery of credit losses - unfunded loan commitments
—
(434
)
(100
)
(557
)
Net interest income after net recovery of credit losses
50,592
38,016
149,310
89,890
Noninterest income
Service charges
2,997
2,360
8,022
4,843
Interchange income
1,620
1,779
4,488
3,651
Swap fee income
816
505
1,879
1,079
Wealth management income
5,277
5,037
15,959
11,451
Mortgage banking activities
522
491
1,302
1,318
Investment securities gains
50
271
71
254
Other income
2,100
1,943
6,200
3,592
Total noninterest income
13,382
12,386
37,921
26,188
Noninterest expenses
Salaries and employee benefits
21,439
27,190
63,191
54,137
Occupancy, furniture and equipment
4,075
4,333
12,961
9,677
Data processing
1,116
2,046
3,005
4,548
Advertising and bank promotions
154
537
1,730
1,709
FDIC insurance
652
862
2,150
1,722
Professional services
1,703
1,119
5,545
2,551
Taxes other than income
828
503
2,065
1,046
Intangible asset amortization
2,410
2,464
7,417
2,904
Merger-related expenses
—
16,977
2,617
18,784
Restructuring expenses
—
257
91
257
Other operating expenses
3,920
4,011
11,315
8,072
Total noninterest expenses
36,297
60,299
112,087
105,407
Income (loss) before income tax expense (benefit)
27,677
(9,897
)
75,144
10,671
Income tax expense (benefit)
5,812
(1,994
)
15,780
2,305
Net income (loss)
$
21,865
$
(7,903
)
$
59,364
$
8,366
Share information:
Basic earnings (loss) per share
$
1.14
$
(0.41
)
$
3.09
$
0.63
Diluted earnings (loss) per share
$
1.13
$
(0.41
)
$
3.07
$
0.62
Dividends paid per share
$
0.27
$
0.23
$
0.79
$
0.63
Weighted average shares - basic
19,224
19,088
19,185
13,298
Weighted average shares - diluted
19,364
19,226
19,345
13,441
ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
Three Months Ended
9/30/2025
6/30/2025
3/31/2025
12/31/2024
9/30/2024
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Taxable-
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
Average
Equivalent
Equivalent
(In thousands)
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets
Federal funds sold & interest-bearing bank balances
$
101,728
$
1,123
4.38
%
$
136,106
$
1,513
4.46
%
$
203,347
$
2,268
4.52
%
$
199,236
$
2,492
4.96
%
$
184,465
$
2,452
5.29
%
Investment securities(1)(2)
906,399
10,593
4.67
904,119
10,626
4.70
865,126
10,052
4.65
849,389
9,887
4.66
849,700
10,123
4.77
Loans(1)(3)(4)(5)
3,979,044
65,975
6.58
3,894,978
63,246
6.52
3,909,694
63,641
6.59
3,961,269
68,073
6.82
3,989,259
70,849
7.07
Total interest-earning assets
4,987,171
77,691
6.19
4,935,203
75,385
6.13
4,978,167
75,961
6.17
5,009,894
80,452
6.38
5,023,424
83,424
6.61
Other assets
433,659
439,569
447,530
454,271
491,719
Total assets
$
