Financial Performance - Total revenue for the third quarter of 2025 was $296.9 million, an increase of 3.1% compared to the third quarter of 2024[106] - Freight revenue, excluding fuel surcharges, was $268.8 million, reflecting a 4.0% increase year-over-year[106] - Net income for the third quarter was $9.1 million, or $0.35 per diluted share, down from $13.0 million, or $0.47 per diluted share, in the same quarter last year[106] - Total revenue for the three months ended September 30, 2025, was $296.889 million, an increase from $287.885 million in 2024, primarily driven by an $8.9 million increase in freight revenue for Dedicated and an $8.8 million increase for Managed Freight[121] - Freight revenue for the nine months ended September 30, 2025, reached $788.591 million, compared to $762.796 million in 2024, with significant contributions from Dedicated and Managed Freight segments[121] Operating Income and Expenses - Operating income decreased to $7.9 million from $16.2 million in the third quarter of 2024[106] - Fuel expense for the three months ended September 30, 2025, was $29.506 million, representing 9.9% of total revenue, consistent with the previous year[125] - Net fuel expense for the three months ended September 30, 2025, increased to $3.334 million, or 1.2% of freight revenue, primarily due to lower fuel surcharge recovery[129] - Salaries, wages, and related expenses for the three months ended September 30, 2025, were $109.745 million, accounting for 37.0% of total revenue, a decrease from 38.5% in 2024[123] - Operations and maintenance costs increased to $19,352 million for the three months ended September 30, 2025, representing 6.5% of total revenue, up from 6.1% in 2024[131] - Revenue equipment rentals and purchased transportation rose to $72,908 million for the three months ended September 30, 2025, accounting for 24.6% of total revenue, compared to 22.4% in 2024[133] - Insurance and claims expenses increased to $14,179 million for the three months ended September 30, 2025, which is 4.8% of total revenue, up from 4.3% in 2024[136] - Depreciation and amortization expenses reached $22,953 million for the three months ended September 30, 2025, representing 7.7% of total revenue, compared to 7.4% in 2024[141] - Interest expense, net was $3,468 million for the three months ended September 30, 2025, which is 1.2% of total revenue, slightly up from 1.1% in 2024[145] Investments and Financing - Total indebtedness increased by $48.7 million to $268.3 million, primarily due to stock repurchases and acquisition-related payments[106] - The company repurchased approximately 1.6 million shares of Class A common stock for $36.2 million during the nine months ended September 30, 2025[173] - The Board approved a stock repurchase program authorizing the purchase of up to $50 million of Class A common stock[173] - Payment of contingent consideration liabilities related to the acquisition of LTST was $8.0 million in 2025, compared to $3.0 million for AAT in 2024[172] - The company reported net proceeds of $16.3 million from notes payable and Credit Facility in 2025, down from $47.3 million in 2024[171] Future Outlook - The company expects modest contraction in its Truckload fleet while anticipating growth in asset-light segments[103] - Future outlook includes potential demand drivers from unwinding excess inventories and government policy clarifications[104] - The company expects driver and non-driver pay and benefits to continue increasing due to wage inflation and higher healthcare costs[124] - The company anticipates fluctuations in net fuel expenses as a percentage of revenue due to factors like diesel prices and fuel surcharge recovery[130] - The company expects operations and maintenance costs to rise due to wage and parts inflation, as well as the condition of the driver market[132] - The company expects insurance and claims expenses to remain volatile, with potential increases in accrual rates due to adverse claims development[138] Operational Metrics - The company operated 2,434 tractors and 6,851 trailers as of September 30, 2025, with an average tractor age of 1.9 years and an average trailer age of 5.8 years[119] - The average tractor fleet age was 1.9 years as of September 30, 2025, providing flexibility in managing the fleet[163] - The company noted a decrease in total miles run by independent contractors from 7.9% and 8.2% in 2024 to 7.7% and 7.2% in 2025 for the three and nine months ended September 30, respectively[133] - The company took delivery of approximately 482 new tractors and 712 new trailers in 2025, compared to 691 new tractors and 757 new trailers in 2024[170] Cash Flow and Working Capital - Net cash flows provided by operating activities decreased to $88.1 million for the nine months ended September 30, 2025, compared to $100.9 million for the same period in 2024[169] - The company had working capital of $2.1 million as of September 30, 2025, a significant decrease from $32.6 million at December 31, 2024[162] - Net cash flows used in investing activities were $89.2 million for the nine months ended September 30, 2025, a decrease from $104.2 million in the same 2024 period[170] - Net cash flows used in financing activities were approximately $31.9 million for the nine months ended September 30, 2025, compared to $36.1 million provided in the same 2024 period[171] Equity Investments - The equity investment in TEL generated $3.6 million in pre-tax earnings, compared to $4.0 million in the prior year[106] - Income from equity method investment for the three months ended September 30, 2025 was $3,578,000, compared to $3,993,000 for the same period in 2024, indicating a slight decline[147] Market and Risk Factors - There have been no material changes to critical accounting policies and estimates during the three and nine months ended September 30, 2025[175] - Market risks have not changed materially from those reported in the Form 10-K for the year ended December 31, 2024[176] - Cash flows may fluctuate due to capital expenditures, stock repurchases, dividends, and strategic investments[174]

Financial Performance - Net income for the three months ended September 30, 2025, was $91,494 thousand, representing a significant increase of 93.5% compared to $47,347 thousand in the prior year[14]. - Net income for the nine months ended September 30, 2025, was $241,640,000, an increase from $176,593,000 in the same period of 2024, representing a growth of 36.8%[19]. - For Q3 2025, net income was $91.5 million, with diluted earnings per share of $0.70, compared to $47.3 million and $0.38 in Q3 2024, representing a 93% increase in net income[151]. - The diluted earnings per share for the three months ended September 30, 2025, was $0.70, up from $0.38 in the same period of 2024, reflecting an increase of 84.2%[136]. - The company reported a net charge-off of $12.854 million for the three months ended September 30, 2025, compared to a charge-off of $26.974 million in the same period of the previous year[89]. Revenue and Income Sources - Net interest revenue for the three months ended September 30, 2025, was $233,629 thousand, up 11.7% from $209,186 thousand in the same period of 2024[14]. - Noninterest income for the nine months ended September 30, 2025, totaled $113,583 thousand, a 34.9% increase from $84,234 thousand in the same period of 2024[14]. - Noninterest income surged by 435% year-over-year to $43,219 thousand in Q3 2025, compared to $8,091 thousand in Q3 2024[161]. - Total revenue rose by 27% year-over-year to $276,848 thousand in Q3 2025, up from $217,277 thousand in Q3 2024[161]. Assets and Liabilities - Total assets increased to $28,143,473 thousand as of September 30, 2025, compared to $27,720,258 thousand at December 31, 2024, reflecting a growth of 1.5%[12]. - Total liabilities stood at $24,546,622 thousand as of September 30, 2025, compared to $24,288,131 thousand at December 31, 2024, indicating a growth of 1.1%[12]. - The carrying value of loans held for investment as of September 30, 2025, was $18,399,997,000, an increase from $17,325,630,000 on December 31, 2024[131]. - The total carrying value of pledged securities as of September 30, 2025, was $2.50 billion, down from $3.20 billion as of December 31, 2024[37]. Deposits and Cash Management - Total deposits rose to $24,020,618 thousand as of September 30, 2025, an increase of 2.4% from $23,460,975 thousand at December 31, 2024[12]. - The balance of cash and cash equivalents at the end of the period was $613,431,000 for September 30, 2025, down from $740,039,000 at the same date in 2024[19]. - The bank's liquidity management strategy includes maximizing liquid funds, with available cash and cash equivalents at $613.431 million as of September 30, 2025[211]. Credit Quality and Losses - The provision for credit losses decreased to $7,907 thousand for the three months ended September 30, 2025, down from $14,428 thousand in the same period of 2024[14]. - The total Allowance for Credit Losses (ACL) for loans was $215.791 million, reflecting a decrease from $228.276 million at the end of the previous quarter[88]. - Nonperforming Assets (NPAs) decreased to $97.92 million as of September 30, 2025, from $115.64 million at December 31, 2024, with nonaccrual loans as a percentage of total loans at 0.50%[196]. Acquisition and Goodwill - The company completed the acquisition of ANB on May 1, 2025, acquiring $447 million in assets and assuming $381 million in liabilities[150]. - The company recorded goodwill of $18,029,000 related to the acquisition of ANB, reflecting the intangible value of the business and its reputation[27]. - Goodwill and other intangible assets increased to $971 million, reflecting the acquisition of ANB, which added $18 million in goodwill[201]. Capital and Shareholder Returns - As of September 30, 2025, the CET1 capital ratio was 13.44%, well above the minimum requirement of 4.5%[138]. - Total capital as of September 30, 2025, was $3,073,175,000, compared to $2,982,273,000 on December 31, 2024, showing an increase of 3%[138]. - The company redeemed all outstanding shares of its 6.875% Series I preferred stock on September 15, 2025, resulting in a cash payment of $91.5 million[140]. Loan Portfolio and Growth - The total loan portfolio increased to $19.175 billion as of September 30, 2025, up from $18.176 billion at December 31, 2024, representing a growth of approximately 5.5%[56]. - The commercial loan segment totaled $14.347 billion as of September 30, 2025, compared to $13.506 billion at December 31, 2024, reflecting an increase of approximately 6.2%[56]. - Mortgage loans originated increased by 18% to $282.66 million for the three months ended September 30, 2025, compared to $238.66 million in 2024[170]. Market and Economic Conditions - The U.S. enacted the One Big Beautiful Bill Act on July 4, 2025, making the 21% corporate tax rate permanent, which may impact the company's future tax liabilities[149]. - The bank's interest sensitivity position indicates a 3.32% increase in net interest revenue under a 200 basis point shock scenario as of September 30, 2025[209].

Financial Performance - Net income for the three months ended September 30, 2025, was $91,494 thousand, representing a significant increase of 93.4% compared to $47,347 thousand in the prior year[14]. - Net income for the nine months ended September 30, 2025, was $241,640,000, an increase from $176,593,000 in the same period of 2024, representing a growth of 36.8%[19]. - The company reported a basic net income per common share of $0.71 for the three months ended September 30, 2025, compared to $0.38 in the same period of 2024, marking an increase of 86.8%[14]. - For Q3 2025, net income was $91.5 million, with diluted earnings per share of $0.70, compared to $47.3 million and $0.38 in Q3 2024, representing an increase of 93% in net income[151]. - For the nine months ended September 30, 2025, net income was $242 million, up from $177 million in the same period of 2024, reflecting a year-over-year increase of 37%[151]. Revenue and Income Sources - Net interest revenue for the three months ended September 30, 2025, was $233,629 thousand, up 11.7% from $209,186 thousand in the same period of 2024[14]. - Noninterest income for the nine months ended September 30, 2025, totaled $113,583 thousand, a 34.9% increase from $84,234 thousand in the same period of 2024[14]. - Noninterest income surged by 435% year-over-year to $43,219 thousand in Q3 2025, compared to $8,091 thousand in Q3 2024[161]. - Total revenue rose by 27% year-over-year to $276,848 thousand in Q3 2025, up from $217,277 thousand in Q3 2024[161]. Assets and Liabilities - Total assets increased to $28,143,473 thousand as of September 30, 2025, compared to $27,720,258 thousand at December 31, 2024, reflecting a growth of 1.5%[12]. - Total liabilities increased to $24,546,622 thousand as of September 30, 2025, from $24,288,131 thousand at December 31, 2024, reflecting a growth of 1.1%[12]. - The company’s retained earnings rose to $858,395 thousand as of September 30, 2025, compared to $714,138 thousand at December 31, 2024, an increase of 20.2%[12]. - Total deposits rose to $24,020,618 thousand as of September 30, 2025, an increase of 2.4% from $23,460,975 thousand at December 31, 2024[12]. Credit Quality and Losses - The provision for credit losses decreased to $7,907 thousand for the three months ended September 30, 2025, down from $14,428 thousand in the same period of 2024, indicating improved credit quality[14]. - The company reported a provision for credit losses of $35,144,000 for the nine months ended September 30, 2025, compared to $39,562,000 in 2024, showing a decrease of 11.4%[19]. - The total nonaccrual loans increased to $96,443 thousand as of September 30, 2025, compared to $113,579 thousand at December 31, 2024[62]. - Net charge-offs for the three months ended September 30, 2025, totaled $7.68 million, with a net charge-off to average loans ratio of 0.16%[193]. Acquisition and Market Expansion - The acquisition of ANB on May 1, 2025, added $447 million in assets and $381 million in liabilities, contributing to the company's growth[150]. - The acquisition of ANB is expected to facilitate market expansion for the company in Oakland Park, Florida, enhancing its operational footprint[26]. - The acquisition of ANB resulted in actual revenue of $4.365 million and net income of $2.208 million for the three months ended September 30, 2025, with pro forma revenue of $275.888 million and net income of $93.064 million if the acquisition had occurred on January 1, 2024[32]. Capital and Equity - As of September 30, 2025, the CET1 capital ratio was 13.44%, well above the minimum requirement of 4.5% for well-capitalized institutions[138]. - Total capital as of September 30, 2025, was $3,073,175,000, compared to $2,982,273,000 on December 31, 2024, representing an increase of 3.0%[138]. - The company redeemed all outstanding shares of its 6.875% Series I non-cumulative perpetual preferred stock on September 15, 2025, for a cash payment of $91.5 million[140]. Loan Portfolio and Performance - The total loan portfolio increased to $19.175 billion as of September 30, 2025, up from $18.176 billion at December 31, 2024, representing a growth of approximately 5.5%[56]. - The commercial loan segment constituted 75% of the total loan portfolio, with owner-occupied CRE at $3.68 billion (19%) and income-producing CRE at $4.53 billion (24%)[187]. - The total commercial loan portfolio reached $14.347 billion as of September 30, 2025, compared to $13.506 billion at December 31, 2024, reflecting an increase of approximately 6.2%[56]. - Mortgage loans originated totaled $282.66 million for the three months ended September 30, 2025, reflecting an 18% increase compared to the same period in 2024[170]. Noninterest Expenses - Noninterest expense for Q3 2025 was $151 million, reflecting a 5% increase compared to Q3 2024, primarily due to higher salaries and employee benefits[157]. - Total noninterest expense for the three months ended September 30, 2025, was $150.87 million, an increase of $7.80 million or 5% compared to the same period in 2024[179]. - Salaries and employee benefits increased by $7.13 million, totaling $90.67 million for the three months ended September 30, 2025, primarily due to merit increases and performance-related compensation[179]. Market and Economic Conditions - The federal funds rate cuts of 125 basis points beginning in September 2024 contributed to the improvement in net interest spread and margin[164]. - The interest sensitivity position indicates a 3.32% increase in net interest revenue under a 200 basis point shock scenario as of September 30, 2025[209].

Financial Performance - Net income for the three months ended September 30, 2025, was $91,494 thousand, representing a significant increase of 93.5% compared to $47,347 thousand in the prior year[14]. - Net income for the nine months ended September 30, 2025, was $241,640,000, an increase from $176,593,000 in the same period of 2024, representing a growth of approximately 36.8%[19]. - The company reported a basic net income per common share of $0.71 for the three months ended September 30, 2025, compared to $0.38 in the prior year, marking an increase of 86.8%[14]. - For Q3 2025, net income was $91.5 million, with diluted earnings per share of $0.70, compared to $47.3 million and $0.38 in Q3 2024, representing an increase of 93% in net income[151]. - For the nine months ended September 30, 2025, net income was $242 million, up from $177 million in the same period of 2024, with diluted earnings per share increasing from $1.43 to $1.91[151]. Revenue and Income Sources - Net interest revenue for the three months ended September 30, 2025, was $233,629 thousand, up 11.7% from $209,186 thousand in the same period of 2024[14]. - Noninterest income for the nine months ended September 30, 2025, totaled $113,583 thousand, a 34.9% increase from $84,234 thousand in the same period of 2024[14]. - Noninterest income for Q3 2025 was $43.2 million, an increase of $35.1 million compared to the same period in 2024, largely due to favorable fair value adjustments[156]. - Total revenue rose by 27% year-over-year to $276,848 thousand in Q3 2025, up from $217,277 thousand in Q3 2024[161]. - Noninterest income surged by 435% year-over-year to $43,219 thousand in Q3 2025, compared to $8,091 thousand in Q3 2024[161]. Assets and Liabilities - Total assets increased to $28,143,473 thousand as of September 30, 2025, compared to $27,720,258 thousand at December 31, 2024, reflecting a growth of 1.5%[12]. - Total liabilities increased to $24,546,622 thousand as of September 30, 2025, from $24,288,131 thousand at December 31, 2024, reflecting a growth of 1.1%[12]. - The company’s retained earnings rose to $858,395 thousand as of September 30, 2025, compared to $714,138 thousand at December 31, 2024, an increase of 20.2%[12]. - The carrying value of loans held for investment as of September 30, 2025, was $18,399,997,000, an increase from $17,325,630,000 on December 31, 2024[131]. - As of September 30, 2025, total investment securities decreased to $6.16 billion from $6.80 billion, a decline of $641 million[199]. Credit Quality and Losses - The provision for credit losses decreased to $7,907 thousand for the three months ended September 30, 2025, down from $14,428 thousand in the same period of 2024, indicating improved credit quality[14]. - The company reported a provision for credit losses of $35,144,000 for the nine months ended September 30, 2025, down from $39,562,000 in 2024, indicating a decrease of 11.4%[19]. - The total Allowance for Credit Losses (ACL) for loans was $215,791,000, reflecting a decrease of $12,854,000 from the previous period[88]. - The net charge-offs for the three months ended September 30, 2025, totaled $7.68 million, compared to $23.65 million for the same period in 2024[193]. - Nonperforming Assets (NPAs) decreased to $97.92 million as of September 30, 2025, from $115.64 million at December 31, 2024, with nonaccrual loans as a percentage of total loans at 0.50%[196]. Acquisition and Market Presence - The company completed the acquisition of ANB on May 1, 2025, which is expected to enhance its market presence in Oakland Park, Florida[26]. - The acquisition of ANB resulted in actual revenue of $4.365 million and net income of $2.208 million for the three months ended September 30, 2025, with pro forma revenue of $275.888 million and net income of $93.064 million if the acquisition had occurred on January 1, 2024[32]. - The company reported net cash provided by operating activities of $318,563,000 for the nine months ended September 30, 2025, compared to $201,642,000 for the same period in 2024, indicating a significant increase of 57.9%[19]. Capital and Shareholder Returns - As of September 30, 2025, the CET1 capital ratio was 13.44%, well above the minimum requirement of 4.5%[138]. - Total capital as of September 30, 2025, was $3,073,175,000, compared to $2,982,273,000 on December 31, 2024, showing an increase of 3%[138]. - The company redeemed all outstanding shares of its 6.875% Series I non-cumulative perpetual preferred stock on September 15, 2025, for a cash payment of $91.5 million[140]. - Cash dividends declared rose to $0.25 per share in Q3 2025, up from $0.24 per share in Q3 2024[161]. Market and Economic Conditions - The corporate tax rate was made permanent at 21% with the enactment of the One Big Beautiful Bill Act on July 4, 2025, impacting future financial planning[149]. - The federal funds rate cuts of 125 basis points beginning in September 2024 contributed to the improvement in net interest spread and margin[164]. - The baseline economic forecast has worsened slightly, impacting the expected default rates, but the decrease in net charge-offs contributed to a lower modeled ACL balance[84].

Merger and Acquisition - The Company announced a proposed merger with TC Bancshares, Inc. valued at approximately $86.1 million, expected to create a combined organization with total assets of approximately $3.8 billion[220]. - Upon completion of the merger, the combined entity is projected to have total loans of $2.4 billion and total deposits of $3.1 billion[222]. - Each TCBC shareholder can elect to receive either $21.25 in cash or 1.25 shares of the Company's common stock for each share of TCBC common stock, with approximately 20% of shares converted to cash and 80% to stock[223]. - The merger is anticipated to be immediately accretive to the Company's earnings per share, excluding transaction costs[222]. - The transaction is subject to customary conditions, including regulatory approval and shareholder approval, with closing expected in the fourth quarter of 2025[222]. Financial Performance - Net income for the third quarter of 2025 was $5.8 million, or $0.33 per diluted share, compared to $5.6 million, or $0.32 per diluted share for the same period in 2024, representing a year-over-year increase of 3.57% in net income[237]. - Net interest income on a tax equivalent basis increased to $22.9 million for the third quarter of 2025, up from $18.7 million in the third quarter of 2024, marking a 22.45% increase[226]. - The net interest margin improved to 3.17% for the third quarter of 2025, compared to 2.64% for the same period in 2024, reflecting better loan rates and lower deposit costs[240]. - Noninterest income for the third quarter of 2025 was $10.1 million, a slight increase of 0.09% from the same period in 2024[228]. - For the nine months ended September 30, 2025, net interest income was $66,600, an increase from $56,114 in the same period of 2024[245]. Credit Risk and Allowance - The Company is focused on managing credit risk and maintaining adequate reserves for credit losses, which are critical for financial stability[217]. - Provision for credit losses for the three months ended September 30, 2025, was $900,000, compared to $750,000 for the same period in 2024, indicating a rise in credit loss provisions[227]. - The allowance for credit losses on loans was $18.1 million, or 0.89% of total loans, as of September 30, 2025, down from $19.0 million, or 1.03% of total loans, at December 31, 2024[227]. - Nonaccrual loans increased to $14.3 million at September 30, 2025, a rise of $3.6 million or 33.8% from $10.7 million at December 31, 2024[292]. - The allowance for credit losses on loans decreased to $18.1 million at September 30, 2025, down from $19.7 million at September 30, 2024, representing an 8.0% decline[283]. Deposits and Liquidity - The Company's uninsured deposits represented 31.52% of total bank deposits at September 30, 2025, down from 33.03% at December 31, 2024[236]. - The Company maintained strong liquidity with available funding sources of approximately $1.3 billion as of September 30, 2025[236]. - Total deposits rose by $16.4 million to $2.58 billion at September 30, 2025, compared to $2.57 billion at December 31, 2024[297]. - Brokered deposits increased significantly to $130.0 million at September 30, 2025, up from $59.5 million at December 31, 2024[298]. - Cash and cash equivalents decreased to $200.0 million at September 30, 2025, from $231.0 million at December 31, 2024, primarily due to increases in loans[306]. Capital Ratios - CET1 risk-based capital ratio was 12.37% as of September 30, 2025, down from 13.08% at December 31, 2024[313]. - Total risk-based capital ratio decreased to 16.00% at September 30, 2025, from 17.10% at December 31, 2024[313]. - The Company exceeded all regulatory capital requirements and was considered "well-capitalized" as of September 30, 2025[311]. Economic and Competitive Environment - The Company faces risks from economic conditions, including inflation, interest rate changes, and potential economic downturns that could impact financial performance[216]. - The Company emphasizes the importance of attracting and retaining experienced bankers to support its operations and growth strategies[218]. - The Company is navigating challenges related to competition from fintech companies and other financial institutions, which may affect market positioning[218]. Noninterest Expenses - Noninterest expense for the third quarter of 2025 was $24.6 million, an increase of 18.13% from the same period in 2024, driven by higher salaries, employee benefits, and technology expenses[230]. - Total noninterest expense for the three months ended September 30, 2025, was $24,612 thousand, an increase of 18.1% from $20,835 thousand in 2024[261]. - Salaries and employee benefits increased by 7.4% for the three months ended September 30, 2025, totaling $13,532 thousand compared to $12,594 thousand in 2024[261]. Interest Rate Sensitivity - A 200 basis point increase in interest rates would result in a 6.93% increase in net interest income as of September 30, 2025[317].

Financial Performance - The Company reported net income of $4.6 million, or $0.51 per share, for Q3 2025, compared to $2.2 million, or $0.25 per share, for Q3 2024, representing a 109% increase in net income year-over-year[106] - For the nine months ended September 30, 2025, net income totaled $12.5 million, or $1.41 per share, compared to $6.7 million, or $0.75 per share, for the same period in 2024, indicating an increase of 86%[106] - Noninterest income for the nine months ended September 30, 2025 totaled $7.7 million, an increase of 7.1% compared to $7.2 million for the same period in 2024[138] - Noninterest expense for the nine months ended September 30, 2025 was $30.9 million, a decrease of 1.8% from $31.4 million in 2024[139] - The efficiency ratio improved to 64.10% for the nine months ended September 30, 2025, compared to 78.47% for the same period in 2024[139] Interest Income and Expenses - Net interest income for Q3 2025 was $14.0 million, up from $11.1 million in Q3 2024, reflecting a 26% increase driven by higher yields on loans and investments[120] - Interest income increased by $1.1 million, or 5.5%, in Q3 2025 compared to Q3 2024, primarily due to improved yields[121] - Interest expense decreased by $1.8 million, or 19.0%, in Q3 2025 compared to the same period in 2024, attributed to reduced borrowings and lower market rates[121] - Interest income increased by $3.1 million, or 5.0%, for the nine months ended September 30, 2025, primarily due to improved yield in the loan portfolio[134] - Interest expense decreased by $4.5 million, or 15.7%, for the nine months ended September 30, 2025, mainly due to reduced borrowings and lower market rates[135] Asset and Liability Management - The Company’s total interest-earning assets for Q3 2025 were $2,001,002 thousand, with total interest-bearing liabilities at $1,548,232 thousand[116][119] - Total assets as of September 30, 2025 were $2.1 billion, a decrease of $25.2 million from December 31, 2024[142] - The loan portfolio totaled $1.28 billion as of September 30, 2025, down from $1.30 billion at December 31, 2024[145] - Deposits decreased to $1.83 billion as of September 30, 2025, from $1.85 billion at December 31, 2024, primarily due to a decrease in noninterest-bearing checking accounts[146] - Total investments as of September 30, 2025, were $650.7 million, slightly up from $648.5 million as of December 31, 2024[166] Credit Quality - A credit loss expense of $627 thousand was recognized for Q3 2025, compared to $371 thousand for Q3 2024, reflecting an increase in specific reserves[122] - Credit loss expense recognized for the nine months ended September 30, 2025 was $1.7 million, compared to $722 thousand in 2024[137] - As of September 30, 2025, nonaccrual loans totaled $19.3 million, an increase from $14.8 million as of December 31, 2024[153] - Loans past due 30 days or more increased to $10.3 million as of September 30, 2025, compared to $6.9 million as of December 31, 2024[154] - The allowance for credit losses as a percentage of outstanding loans was 1.39% as of September 30, 2025, up from 1.29% at December 31, 2024, with total allowance increasing to $18.0 million[157] Liquidity and Capital - Liquidity sources included $108.2 million in liquid assets as of September 30, 2025, compared to $101.2 million as of December 31, 2024[164] - The Company's total stockholders' equity as of September 30, 2025, was $200.6 million, an increase of $25.9 million from $174.7 million as of December 31, 2024[173] - Dividends paid by the Banks to the Company amounted to $9.7 million for the nine months ended September 30, 2025, compared to $7.9 million for the same period in 2024[171] Operational Insights - The Company employs 27 individuals for corporate functions, in addition to 231 full-time equivalent employees at its bank subsidiaries[103] - The average yield on loans for Q3 2025 was 5.39%, compared to 5.14% in Q3 2024, indicating improved loan performance[116] - Net cash provided by operating activities for the nine months ended September 30, 2025, totaled $13.9 million, an increase of $5.5 million from $8.4 million for the same period in 2024[167] Regulatory and Compliance - The Company has concluded that its disclosure controls and procedures are effective for ensuring timely and accurate reporting as required by the SEC[177] - There were no material changes in the Company's internal control over financial reporting during the last fiscal quarter[178] - Management does not believe there have been any material changes in the risk factors disclosed in the Company's Form 10-K filed on March 12, 2025[179]

Financial Performance - Revenues for Q3 2025 were $1,460 million, a decrease of 5% compared to $1,540 million in Q3 2024[151] - Gross profit for Q3 2025 was $204 million, down 13% from $234 million in Q3 2024[151] - Operating income for Q3 2025 was $6 million, an 86% decline from $42 million in Q3 2024[151] - Adjusted EBITDA for Q3 2025 was $94 million, a decrease of 28% from $131 million in Q3 2024[152] - Loss from continuing operations for Q3 2025 was $24 million, compared to a loss of $21 million in Q3 2024[152] - Net loss for Q3 2025 was $25 million, a decrease from a net loss of $33 million in Q3 2024[152] - Operating income for Q3 2025 was $7 million, an 84% decline from $43 million in Q3 2024[153] - Adjusted EBITDA for Q3 2025 was $95 million, a decrease of 28% from $132 million in Q3 2024[155] - The company reported a net loss of $11 million for Q3 2025, compared to a net loss of $16 million in Q3 2024[154] - For the nine months ended September 30, 2025, the net loss attributable to Huntsman Corporation was $145 million, compared to a net loss of $2 million for the same period in 2024[156] - Adjusted net loss income for the nine months ended September 30, 2025, was $58 million, while adjusted net income for the same period in 2024 was $30 million[156] Cash Flow and Expenses - Net cash provided by operating activities from continuing operations increased by 75% to $221 million compared to $126 million in Q3 2024[152] - Total operating expenses for Q3 2025 were $198 million, a 3% increase from $192 million in Q3 2024[151] - Capital expenditures from continuing operations were $116 million, down 13% from $133 million in Q3 2024[152] - Free cash flow from continuing operations for the nine months ended September 30, 2025, was $105 million, compared to a negative free cash flow of $7 million for the same period in 2024[156] - Net cash provided by operating activities from continuing operations increased to $221 million for the nine months ended September 30, 2025, compared to $126 million in the same period of 2024[182] - Net cash used in investing activities decreased to $74 million for the nine months ended September 30, 2025, from $87 million in the prior year[183] - Cash and cash equivalents increased by $128 million to $468 million as of September 30, 2025, representing a 38% increase from December 2024[187] - Total current assets rose by $57 million to $2,182 million, a 3% increase compared to December 2024[187] - Working capital increased by $21 million to $581 million, reflecting a 4% change from December 2024[187] Segment Performance - Revenues for the three months ended September 30, 2025, decreased by $80 million, or 5%, compared to the same period in 2024, primarily due to lower average selling prices[165] - Gross profit for the three months ended September 30, 2025, decreased by $30 million, or 13%, compared to the same period in 2024, driven by lower gross profits in the Polyurethanes and Performance Products segments[165] - Segment adjusted EBITDA for Polyurethanes decreased by 37% to $48 million, while Performance Products saw a 31% decline to $29 million for the three months ended September 30, 2025[169] - Performance Products segment revenues decreased by 11% for the nine months ended September 30, 2025, primarily due to lower sales volumes[174] - Advanced Materials segment revenues increased slightly by 2% for the three months ended September 30, 2025, primarily due to higher average selling prices[171] Tax and Capital Expenditures - Income tax expense from continuing operations decreased by 92% to $3 million compared to $39 million in Q3 2024[151] - The effective tax rate for the nine months ended September 30, 2025, was (21)%, compared to 76% for the same period in 2024[156] - The company expects to spend between $170 million to $180 million on capital expenditures during 2025[193] Shareholder Returns and Debt - A cash dividend of $0.0875 per share was declared, marking a 65% decrease from the previous dividend[190] - Approximately $547 million remains under the authorization of the existing share repurchase program[193] - The current portion of debt increased by $53 million to $378 million, primarily due to increased borrowings under the 2022 Revolving Credit Facility[187] - The company has approximately $465 million of cash held by foreign subsidiaries, intended to fund local operations[191]

Financial Performance - Total revenues for Q3 2025 reached $212.5 million, a slight increase from $211.8 million in Q3 2024, while net premiums earned decreased to $195.1 million from $198.8 million year-over-year [15]. - Net income for Q3 2025 was $50.4 million, significantly up from $8.2 million in Q3 2024, resulting in earnings per share of $1.63 compared to $0.27 in the prior year [15]. - Net income for the nine months ended September 30, 2025, was $128,919 thousand, a significant increase from $41,246 thousand in the same period of 2024, representing a growth of approximately 212% [24]. - For the nine months ended September 30, 2025, net income attributable to common stockholders was $128.9 million, with a basic earnings per share of $4.17, compared to $41.2 million and $1.35 in 2024 [66]. - Third quarter 2025 net income was $50.4 million or $1.63 per diluted share, a significant increase from $8.2 million or $0.27 per diluted share in the prior year quarter, primarily due to a 42.5% reduction in losses and loss adjustment expenses (LAE) and lower operating expenses [164]. - Net income for the nine months ended September 30, 2025, was $128.9 million, a 212.6% increase from $41.2 million in the prior year period, driven by higher net premiums earned and a significant decrease in losses and LAE [202]. Assets and Liabilities - The company reported a total assets decrease to $2.37 billion as of September 30, 2025, down from $2.47 billion at the end of 2024 [14]. - The company’s total liabilities decreased to $1.93 billion from $2.18 billion, reflecting a reduction in financial obligations [14]. - Total stockholders' equity increased to $437.3 million as of September 30, 2025, compared to $290.8 million at the end of 2024, driven by retained earnings growth [14]. - The total long-term debt as of September 30, 2025, was $79,253,000, down from $116,319,000 as of December 31, 2024, representing a decrease of approximately 31.9% [114]. - The combined statutory surplus for the Company's insurance subsidiaries was $352.2 million at September 30, 2025, up from $285.5 million at December 31, 2024, indicating an increase of approximately 23.4% [118]. Cash Flow and Investments - Cash and cash equivalents increased to $560.4 million from $452.7 million, reflecting a stronger liquidity position [14]. - Net cash provided by operating activities was $168,432 thousand for the nine months ended September 30, 2025, compared to $143,173 thousand in 2024, indicating an increase of approximately 18% [24]. - Total cash, cash equivalents, and restricted cash at the end of the period was $573,725 thousand, up from $463,645 thousand at the beginning of the period, marking an increase of about 24% [26]. - The company reported net investment income of $9.7 million for Q3 2025, slightly down from $9.8 million in Q3 2024 [15]. - The net investment income, less investment expenses, for the nine months ended September 30, 2025, is $27,295,000, compared to $28,121,000 in 2024 [43]. Premiums and Reinsurance - Gross premiums written for Q3 2025 were $333.2 million, up from $313.0 million in Q3 2024, indicating growth in premium generation [15]. - The company ceded 46.0% of net premiums under the Net Quota Share program for the current year, with an occurrence limit of $20.0-$25.0 million for catastrophe losses [86]. - Ceded premiums for the nine months ended September 30, 2025, were $594,218,000, compared to $583,876,000 for the same period in 2024 [92]. - The Company has catastrophe excess of loss reinsurance coverage of up to $1.6 billion for Heritage P&C, $1.1 billion for NBIC, and $865 million for Zephyr for the 2025-2026 period [83]. Losses and Expenses - Unpaid losses and loss adjustment expenses decreased to $649.6 million from $1.04 billion, indicating improved claims management [14]. - The Company experienced a reduction in losses and loss adjustment expenses to $74.8 million in Q3 2025 from $130.0 million in Q3 2024 [15]. - Total incurred losses for the three months ended September 30, 2025, were $74.8 million, compared to $130.0 million for the same period in 2024, indicating a decrease of approximately 42.5% [94]. - The net loss ratio improved to 38.3%, a 27.1 point decrease from 65.4% in the same quarter last year, reflecting significantly lower net losses and LAE [182]. - Losses and LAE incurred were $249.8 million for the nine months ended September 30, 2025, a 26.1% decrease from $338.0 million in the prior year period, primarily due to lower weather and attritional losses [197]. Stock and Compensation - Stock-based compensation increased to $4,152 thousand for the nine months ended September 30, 2025, compared to $2,248 thousand in 2024, reflecting a rise of about 84% [24]. - The Company recognized stock-based compensation for an additional 217,877 shares of performance-based restricted stock due to expected maximum achievement of performance conditions [138]. - The Company awarded a total of 163,640 shares of time-based restricted stock and 253,918 shares of performance-based restricted stock, with a fair value of $7.02 per share at the time of grant [141]. - The Company repurchased 85,135 shares of common stock at an average cost of $20.74 per share under the 2025 Share Repurchase Plan [131]. Tax and Regulatory - The Company recorded income tax expense of $17.9 million for the three months ended September 30, 2025, with an effective tax rate of 26.2%, compared to $0.8 million and 9.4% in 2024 [74]. - The effective tax rate increased to 26.2% from 9.4% in the prior year quarter, reflecting changes in estimates used for income tax provisions [181]. - The Company has no significant uncertain tax positions or unrecognized tax benefits that would impact the effective income tax rate as of September 30, 2025 [77]. Market Conditions - The Company experienced rising inflation, impacting labor and material costs, but noted that inflation is increasing at a lower rate than in previous years [160].

Exhibit 99.2 SILVERCORP METALS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS Ta b l e o f C o n t e n t s | 1 | C | o | r | e | B | u | s | i | n | e | s | s | a | n | d | S | t | r | a | t | e | g | y | 2 | 2 | S | e | c | o | n | d | Q | u | a | r | t | e | r | o | f | F | i | s | c | a | l | Ye | a | r | 2 | 0 | 2 | 6 | H | i | g | h | l | i | g | h | t | s | 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Company Overview - Bank First Corporation operates as a holding company for Bank First, N.A., which has 27 banking locations across various counties in Wisconsin[92]. Income Sources - The primary source of income for the Bank is interest received on loans and investments, with a significant reliance on deposits for funding[94]. - The Bank generates additional income through net gains on the sale of loans held for sale and servicing income from those sold loans[94]. Interest Income and Expenses - Interest income for the three months ended September 30, 2025, was $55,456,000, an increase from $54,032,000 for the same period last year, representing a growth of 2.6%[96]. - Net interest income after provision for credit losses was $37,603,000 for the three months ended September 30, 2025, compared to $36,561,000 for the same period last year, reflecting an increase of 2.9%[96]. - Total interest income increased by $1.4 million, or 2.6%, to $55.4 million for the three months ended September 30, 2025, compared to $54.0 million for the same period in 2024[108]. - Interest expense decreased by $0.9 million, or 5.2%, to $17.2 million for the three months ended September 30, 2025, compared to $18.1 million for the same period in 2024[109]. - The average rate paid on interest-bearing liabilities decreased from 2.79% for the three months ended September 30, 2024, to 2.52% for the same period in 2025[107]. Noninterest Income and Expenses - Noninterest income totaled $5,953,000 for the three months ended September 30, 2025, up from $4,893,000 in the same period last year, marking a growth of 21.6%[96]. - Noninterest income increased by $1.1 million to $6.0 million for Q3 2025, up 22% from $4.9 million in Q3 2024[115]. - Noninterest expense rose by $1.0 million to $21.1 million for Q3 2025, primarily driven by outside service fees which increased by 65% to $1.8 million[118]. Net Income and Earnings - Net income for the three months ended September 30, 2025, was $17,990,000, an increase from $16,552,000 for the same period last year, representing a growth of 8.7%[96]. - Earnings per common share (diluted) for the three months ended September 30, 2025, was $1.83, compared to $1.65 for the same period last year, reflecting an increase of 10.9%[96]. - Net income for the nine months ended September 30, 2025, increased by $5.1 million to $53.1 million compared to $48.0 million for the same period in 2024[121]. Assets and Loans - Total assets as of September 30, 2025, were $4,420,411,000, an increase from $4,294,498,000 year-over-year, representing a growth of 2.9%[96]. - Loans outstanding as of September 30, 2025, were $3,629,663,000, compared to $3,470,920,000 as of September 30, 2024, indicating an increase of 4.6%[96]. - Total loans increased by $112.5 million, or 3.2%, to $3.63 billion as of September 30, 2025, compared to $3.52 billion as of December 31, 2024[151]. Deposits - Deposits as of September 30, 2025, were $3,538,761,000, a slight decrease from $3,661,073,000 year-over-year, reflecting a decline of 3.4%[96]. - Total deposits decreased to $3.54 billion as of September 30, 2025, down from $3.66 billion at December 31, 2024, reflecting a shift from noninterest-bearing to interest-bearing deposits[182]. Credit Losses and Nonperforming Loans - An Allowance for Credit Losses (ACL) is maintained to absorb potential losses on loans, established through provisions charged against operating earnings[94]. - The company recorded a provision for credit loss of $0.7 million for Q3 2025, compared to no provision in Q3 2024[113]. - Nonperforming loans totaled $13.9 million as of September 30, 2025, an increase from $8.5 million at December 31, 2024[172]. - The allowance for credit losses (ACL) on loans was $44.5 million, representing 1.23% of period-end loans[176]. Capital and Equity - Total stockholders' equity decreased to $628.1 million at September 30, 2025, down from $639.7 million at December 31, 2024[209]. - The Bank was well capitalized as of September 30, 2025, with total capital to risk-weighted assets ratio at 13.3%, exceeding the minimum required of 8.0%[218]. - The Bank's Tier 1 capital to risk-weighted assets ratio was 11.8%, significantly above the minimum requirement of 6.0%[221]. Interest Rate Risk Management - The Bank's interest rate risk management aims to minimize adverse impacts on net interest income and capital[230]. - The Company actively manages its interest rate sensitivity position to control exposure to risks associated with interest rate movements[233]. - As of September 30, 2025, a 300 basis point increase in interest rates is projected to decrease net interest income by 3.8%[240]. Securities and Investments - The fair value of securities available for sale was $167.1 million as of September 30, 2025, down from $223.1 million at December 31, 2024[192]. - The total held to maturity securities amounted to $106.823 million with a weighted average yield of 4.0%[196]. - The Company had no net losses on sales of securities during the nine months ended September 30, 2025, contrasting with net losses of $30,000 during the same period in 2024[194].