Happen, Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. Results of Operations
Results of Operations
The following tables set forth the Income Statement data for each of the periods presented:
| Three Months Ended · Change (%) | |||||
|---|---|---|---|---|---|
| September 30,2026 | June 30,2026 | September 30,2025(1) | Q3 2026 vs Q2 2026 | Q3 2026vs Q3 2025 | |
| Interest income: | |||||
| Interest on loans | $216,027 | $206,397 | $179,158 | 5% | 21% |
| Interest on securities available for sale | 55,535 | 55,114 | 56,253 | 1% | (1)% |
| Other interest income | 6,740 | 7,424 | 6,390 | (9)% | 5% |
| Total interest income | 278,302 | 268,935 | 241,801 | 3% | 15% |
| Interest expense: | |||||
| Interest on deposits | 95,226 | 89,916 | 83,221 | 6% | 14% |
| Other interest expense | 5 | 2 | 141 | 150% | (96)% |
| Total interest expense | 95,231 | 89,918 | 83,362 | 6% | 14% |
| Net interest income | 183,071 | 179,017 | 158,439 | 2% | 16% |
| Non-interest income: | |||||
| Origination fees | 173,220 | 164,006 | 105,731 | 6% | 64% |
| Servicing fees | 13,585 | 12,890 | 17,000 | 5% | (20)% |
| Gain on sales of loans | 19,608 | 21,461 | 17,799 | (9)% | 10% |
| Net fair value adjustments | (131,409) | (121,145) | (38,375) | (8)% | (242)% |
| Other non-interest income | 5,085 | 6,626 | 5,637 | (23)% | (10)% |
| Total non-interest income | 80,089 | 83,838 | 107,792 | (4)% | (26)% |
| Total net revenue | 263,160 | 262,855 | 266,231 | —% | (1)% |
| Provision for credit losses | (15,930) | (10,917) | 46,280 | 46% | N/M |
| Non-interest expense: | |||||
| Compensation and benefits | 64,529 | 68,221 | 60,830 | (5)% | 6% |
| Marketing | 72,763 | 62,580 | 40,712 | 16% | 79% |
| Equipment and software | 17,500 | 15,846 | 13,465 | 10% | 30% |
| Depreciation and amortization | 17,062 | 18,152 | 16,879 | (6)% | 1% |
| Professional services | 10,889 | 11,989 | 10,922 | (9)% | —% |
| Occupancy | 3,644 | 4,982 | 5,245 | (27)% | (31)% |
| Other non-interest expense | 15,928 | 16,345 | 14,660 | (3)% | 9% |
| Total non-interest expense | 202,315 | 198,115 | 162,713 | 2% | 24% |
| Income before income tax expense | 76,775 | 75,657 | 57,238 | 1% | 34% |
| Income tax expense | (17,499) | (17,509) | (12,964) | —% | 35% |
| Net income | $59,276 | $58,148 | $44,274 | 2% | 34% |
| Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| 2026 | 2025(1) | Change (%) | |||
| Interest income: | |||||
| Interest on loans | $622,321 | $519,976 | 20% | ||
| Interest on securities available for sale | 165,060 | 167,872 | (2)% | ||
| Other interest income | 21,063 | 23,109 | (9)% | ||
| Total interest income | 808,444 | 710,957 | 14% | ||
| Interest expense: | |||||
| Interest on deposits | 270,113 | 248,166 | 9% | ||
| Other interest expense | 9 | 146 | (94)% | ||
| Total interest expense | 270,122 | 248,312 | 9% | ||
| Net interest income | 538,322 | 462,645 | 16% | ||
| Non-interest income: | |||||
| Origination fees | 467,314 | 263,253 | 78% | ||
| Servicing fees | 39,588 | 46,143 | (14)% | ||
| Gain on sales of loans | 57,338 | 43,541 | 32% | ||
| Net fair value adjustments | (341,479) | (95,495) | (258)% | ||
| Other non-interest income | 17,183 | 12,290 | 40% | ||
| Total non-interest income | 239,944 | 269,732 | (11)% | ||
| Total net revenue | 778,266 | 732,377 | 6% | ||
| Provision for credit losses | (26,457) | 144,162 | N/M | ||
| Non-interest expense: | |||||
| Compensation and benefits | 198,264 | 181,208 | 9% | ||
| Marketing | 190,758 | 103,531 | 84% | ||
| Equipment and software | 48,639 | 42,604 | 14% | ||
| Depreciation and amortization | 51,033 | 46,248 | 10% | ||
| Professional services | 34,645 | 30,986 | 12% | ||
| Occupancy | 15,017 | 14,377 | 4% | ||
| Other non-interest expense | 46,607 | 42,344 | 10% | ||
| Total non-interest expense | 584,963 | 461,298 | 27% | ||
| Income before income tax expense | 219,760 | 126,917 | 73% | ||
| Income tax expense | (50,733) | (32,794) | 55% | ||
| Net income | $169,027 | $94,123 | 80% | ||
(1) Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements – Note 1. Summary of Significant Accounting Policies” for additional information.
The analysis below is presented for the following periods: Third quarter of 2026 compared to the second quarter of 2026 (sequential), third quarter of 2026 compared to the third quarter of 2025 (year over year) and first nine months of 2026 compared to the first nine months of 2025 (nine months over nine months).
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