Financial Position - Total assets increased to $26,726,165 at September 30, 2025, from $18,034,868 at December 31, 2024, reflecting an increase of $7,979,299 due to the acquisition of The First[197]. - Total deposits increased to $21,424,555 as of September 30, 2025, up from $14,572,612 at December 31, 2024, reflecting a growth of 47.5%[206]. - Total shareholders' equity increased to $3,825,778 at September 30, 2025, from $2,678,318 at December 31, 2024, driven by the merger with The First and current period earnings[312]. - The estimated amount of uninsured and uncollateralized deposits at September 30, 2025 was $6,878,118[297]. Loans and Credit Quality - Total loans, excluding loans held for sale, rose to $19,025,521 at September 30, 2025, up from $12,885,020 at December 31, 2024, with an increase of $5,171,236 attributed to the merger[203]. - The largest concentration of loans was in non-owner occupied commercial mortgage term loans, comprising 32.17% of total loans at September 30, 2025[203]. - The allowance for credit losses totaled $297,591, representing an increase from $201,756 as of December 31, 2024[268]. - The provision for credit losses on loans for the first nine months of 2025 was $87,100, significantly higher than $8,148 for the same period in 2024[270]. - Net charge-offs for the nine months ended September 30, 2025, amounted to $16,268, compared to $6,348 for the same period in 2024, indicating a rise in credit losses[272]. Income and Expenses - Net income for Q3 2025 was $59,788, down from $72,455 in Q3 2024, resulting in a decrease in basic and diluted EPS from $1.18 to $0.63[211]. - Noninterest income decreased to $46,026 in Q3 2025 from $89,299 in Q3 2024, primarily due to a prior year gain on the sale of the Company's insurance agency[232]. - Noninterest expense for the third quarter of 2025 was $183,830 million, compared to $121,983 million in 2024, primarily due to $38,764 million in merger-related expenses[241]. - Salaries and employee benefits increased to $98,982 million for the third quarter of 2025, up from $71,307 million in 2024[242]. Interest Income and Margin - Net interest income for the three months ended September 30, 2025, was $223,520, compared to $130,998 for the same period in 2024, representing a year-over-year increase of 70.4%[215]. - For the three months ended September 30, 2025, interest income was $355,709, an increase from $231,621 in the same period of 2024, reflecting a growth of 53.5%[221]. - The net interest margin for the three months ended September 30, 2025, was 3.85%, up from 3.36% in the same period of 2024[220]. - The total interest-earning assets increased to $23,527,519 for the three months ended September 30, 2025, from $15,807,569 in 2024, marking a 48.8% rise[221]. Merger Impact - The company completed its merger with The First on April 1, 2025, integrating its operations and expanding its market presence[196]. - The addition of The First's loan portfolio and strong organic loan growth contributed significantly to the increase in net interest income[220]. - The company incurred merger and conversion related expenses of $17,494 in Q3 2025, impacting diluted EPS by $(0.14)[213]. - The company assumed $298,250 of FHLB advances due to the merger with The First, contributing to increased short-term borrowings[209]. Risk Management - The company entered into interest rate contracts with notional amounts of $1,602,805 to manage interest rate risk exposure[307]. - The projected impact of a +100 basis point change in interest rates would result in a 2.53% increase in Economic Value Equity (EVE) and a 2.47% increase in earnings at risk (net interest income) for the 1-12 month period[288]. - The company has opted for a two-year delay in the estimated impact of CECL on regulatory capital, with a three-year transitional period starting January 1, 2022[316]. Capital Ratios - Renasant Corporation's Common Equity Tier 1 capital ratio as of September 30, 2025, is 11.04%, exceeding the minimum requirement of 6.50%[316]. - Renasant Bank's Total Risk-Based Capital Ratio is 13.05% as of September 30, 2025, above the minimum requirement of 10.00%[316]. - The Tier 1 Leverage Ratio for Renasant Corporation is 9.46% as of September 30, 2025, surpassing the minimum requirement of 5.00%[316].

Financial Performance - Total operating revenues for the three months ended September 30, 2025, increased to $30,491,000, up 4.6% from $29,142,000 in the same period of 2024[12] - Net income applicable to common stock for the nine months ended September 30, 2025, rose to $18,687,000, representing a 12.9% increase from $16,549,000 in 2024[12] - Operating income for the nine months ended September 30, 2025, was $22,019,000, an increase of 7.3% from $20,508,000 in 2024[12] - Net income for the third quarter of 2025 was reported at $6,962,000, representing an increase of 10.8% compared to $6,813,000 in the previous quarter[18] - Consolidated revenues for the three months ended September 30, 2025, totaled $30,491 thousand, an increase from $29,142 thousand in the same period of 2024[125] - Artesian's total operating revenue for the nine months ended September 30, 2025, was $84.926 million, an increase from $81.102 million in the same period of 2024, representing a growth of approximately 3.5%[56] Cash and Assets - Cash and cash equivalents at the end of the period decreased to $705,000 from $1,147,000 at the end of 2024, reflecting a decrease of 38.5%[16] - Total assets increased to $833,908,000 as of September 30, 2025, compared to $798,623,000 as of December 31, 2024, marking a growth of 4.4%[9] - The total retained earnings as of September 30, 2025, reached $94,214,000, an increase from $84,969,000 as of December 31, 2024, indicating a growth of 10.5%[18] - As of September 30, 2025, net accounts receivable decreased to $8,161,000 from $11,339,000 in December 31, 2024, reflecting a decline of approximately 28.5%[62] - The carrying amount of long-term debt as of September 30, 2025, was $176,885,000, with an estimated fair value of $157,065,000, reflecting a difference primarily due to interest rate variations[69] Revenue Sources - Water sales for the three months ended September 30, 2025, were $24,837,000, up 3.1% from $24,092,000 in the same period of 2024[12] - Tariff revenue for the three months ended September 30, 2025, was $27.803 million, compared to $26.876 million in 2024, reflecting an increase of about 3.4%[56] - Non-tariff revenue for the nine months ended September 30, 2025, reached $6.218 million, up from $5.475 million in 2024, indicating a growth of approximately 13.5%[56] - Industrial wastewater services revenue for the nine months ended September 30, 2025, was $1.464 million, compared to $1.390 million in 2024, marking an increase of about 5.3%[56] - Service line protection plan revenue for the three months ended September 30, 2025, was $1.643 million, up from $1.468 million in 2024, reflecting a growth of about 11.9%[56] Stockholder Information - Total stockholders' equity increased to $248,843,000 as of September 30, 2025, compared to $239,189,000 as of December 31, 2024, reflecting a growth of 4.0%[9] - The company declared cash dividends per share of common stock at $0.3074 for the three months ended September 30, 2025, compared to $0.2955 in 2024, an increase of 6.4%[12] - Cash dividends declared for the third quarter of 2025 amounted to $3,169,000, consistent with the previous quarter's dividend[18] - The balance of additional paid-in capital as of September 30, 2025, was $144,316,000, reflecting an increase from $143,920,000 as of December 31, 2024[18] Operational Highlights - The company operates wastewater treatment facilities with a combined capacity of approximately 3.8 million gallons per day, serving the Town of Middletown under a 20-year contract[28] - The company’s subsidiaries include regulated entities providing water and wastewater services across Delaware, Maryland, and Pennsylvania, contributing to its overall revenue[22][24][25] - The company continues to focus on operational efficiency and cost management to support its growth strategy in both regulated and non-regulated segments[127] Regulatory and Compliance - Artesian Water requested a revenue increase of approximately $16.7 million, or 22.7%, which was approved as a temporary rate increase of approximately $10.8 million, or 14.6%, effective November 28, 2023[109] - A settlement agreement approved on June 12, 2024, authorized a total revenue increase of $11.2 million, or approximately 15.2%, effective from that date[109] - The company has a deferred income tax regulatory liability of $26.518 million as of September 30, 2025, reflecting adjustments from the Tax Cuts and Jobs Act[102] Future Outlook - The company is preparing for the adoption of new accounting standards regarding income tax disclosures, effective for fiscal years beginning after December 15, 2024, which will require additional disclosures but is not expected to impact operations or cash flows[128] - The company plans to enhance its non-utility businesses, which include service line protection plans and engineering services, although these do not meet the quantitative thresholds for reportable segments[127]

Financial Performance - Net sales for Q3 2025 were $1,505.3 million, slightly up from $1,504.9 million in Q3 2024, while net sales for the nine months ended September 30, 2025, were $4,452.8 million, down from $4,744.1 million in the same period of 2024[14]. - Gross profit for Q3 2025 increased to $189.0 million, compared to $171.3 million in Q3 2024, while gross profit for the nine months ended September 30, 2025, was $563.6 million, down from $587.1 million in 2024[14]. - Operating income for Q3 2025 was $48.4 million, up from $41.7 million in Q3 2024, but down to $146.1 million for the nine months ended September 30, 2025, compared to $205.2 million in 2024[14]. - Net income for Q3 2025 was $9.2 million, a decrease from $10.0 million in Q3 2024, while net income for the nine months ended September 30, 2025, increased to $55.6 million from $48.7 million in 2024[14]. - Total revenue for the three months ended September 30, 2025, was $1,505.3 million, a slight increase from $1,504.9 million in the same period of 2024[79]. - The company reported a total of $4,452.8 million in revenue for the nine months ended September 30, 2025, down from $4,744.1 million in 2024, representing a decrease of 6.1%[79]. Assets and Liabilities - Total assets as of September 30, 2025, were $5,343.2 million, an increase from $5,059.9 million as of December 31, 2024[20]. - Cash and cash equivalents increased to $714.1 million as of September 30, 2025, compared to $552.9 million at the end of 2024[20]. - Total liabilities as of September 30, 2025, were $4,624.8 million, up from $4,497.1 million as of December 31, 2024[20]. - Total current liabilities rose to $1,269.4 million as of September 30, 2025, compared to $1,175.2 million as of December 31, 2024, indicating an increase of 8.0%[20]. - Long-term debt, net, was $2,594.0 million as of September 30, 2025, slightly up from $2,576.9 million as of December 31, 2024, an increase of 0.7%[20]. - The total stockholders' equity increased to $718.4 million as of September 30, 2025, compared to $562.8 million as of December 31, 2024, representing a growth of 27.7%[20]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2025, was $291.1 million, slightly down from $304.2 million in 2024, a decrease of 4.2%[22]. - The company reported a net cash used in investing activities of $108.3 million for the nine months ended September 30, 2025, an improvement from $174.2 million in 2024[22]. - Cash and cash equivalents at the end of the period increased to $714.1 million, compared to $542.5 million at the end of September 2024, reflecting a growth of 31.6%[22]. - The company completed the sale of AAM India Manufacturing Corporation Pvt., Ltd. for total cash proceeds of $64.4 million, with $58.1 million collected in July 2025 and $6.3 million in Q4 2025[37]. Earnings and Taxation - The company reported a basic earnings per share of $0.07 for Q3 2025, down from $0.08 in Q3 2024, while diluted earnings per share remained the same at $0.07[14]. - The effective income tax rate for the nine months ended September 30, 2025, was 35.9%, compared to 30.1% for the same period in 2024[88]. - The company recognized a discrete income tax benefit of $22.0 million during the three and nine months ended September 30, 2025, due to the enactment of new tax legislation[88]. Strategic Initiatives - The company is focusing on transitioning its business from internal combustion engine vehicle products to hybrid and electric vehicle products, amidst various market risks and competition challenges[11]. - AAM announced a pending business combination with Dowlais Group plc, indicating strategic expansion efforts in the automotive sector[35]. - The company expects to incur restructuring costs associated with the Tekfor acquisition into 2026, indicating ongoing integration efforts[82]. Segment Performance - Segment Adjusted EBITDA for the Driveline segment was $156.8 million for the three months ended September 30, 2025, compared to $135.7 million for the same period in 2024, reflecting a year-over-year increase of 15.8%[102]. - Total net external sales for the three months ended September 30, 2025, were $1,505.3 million, with Driveline contributing $1,050.6 million and Metal Forming contributing $454.7 million[102]. - Net external sales for the Metal Forming segment for the three months ended September 30, 2025, were $454.7 million, a decrease from $462.6 million in the same period of 2024[102]. Other Financial Metrics - The company recorded depreciation and amortization expenses of $342.0 million for the nine months ended September 30, 2025, compared to $354.3 million in 2024, a decrease of 3.2%[22]. - Stock-based compensation increased to $12.0 million in 2025 from $11.7 million in 2024, reflecting a growth of 2.6%[22]. - The company incurred restructuring and acquisition-related costs for Q3 2025 of $21.4 million, compared to $2.2 million in Q3 2024, indicating increased strategic initiatives[14]. - The company recorded a net change in accumulated other comprehensive income (loss) of $32.1 million for the three months ended September 30, 2025[68].

Financial Performance - Third quarter 2025 net income was $57 million ($1.41 per diluted share), down from $95 million ($2.27 per diluted share) in Q3 2024, with net sales decreasing to $846 million from $965 million[90]. - Adjusted EBITDA for Q3 2025 was $151 million, representing an adjusted EBITDA margin of 18%, compared to $193 million and a margin of 20% in Q3 2024[90]. - Free cash flow for Q3 2025 was $33 million, significantly lower than $119 million in Q3 2024, with cash from operations at $87 million compared to $163 million last year[90][116]. - Total net sales for the nine months ended September 30, 2025, were $2,461 million, down from $2,803 million in the same period of 2024[115]. - Operating cash flow for the nine months ended September 30, 2025, was $174 million, down from $305 million for the same period in 2024, primarily due to lower net income and working capital cash flow timing[120]. Segment Performance - North America segment sales decreased by $82 million in Q3 2025, primarily due to a $90 million drop in volumes, partially offset by an $8 million increase in sales price and mix[110]. - Latin America segment sales fell by $19 million in Q3 2025, driven by lower volumes ($14 million) and a decrease in sales price and mix ($7 million)[105]. - Europe segment sales decreased by $10 million in Q3 2025, primarily due to unfavorable sales price and mix, which accounted for a $26 million decline[99]. - Business segment operating profit for North America was $84 million in Q3 2025, down from $98 million in Q3 2024, primarily due to lower volumes and higher input costs[111]. Capital Expenditures and Cash Flow - Total capital spending for the nine months ended September 30, 2025, was $168 million, representing 6.8% of net sales, compared to $157 million in 2024[123][126]. - Maintenance, regulatory, and reforestation capital expenditures for the nine months ended September 30, 2025, were approximately $124 million, or 5.0% of net sales[126]. - Cash used for financing activities for the nine months ended September 30, 2025, included $55 million in dividends and $82 million in share repurchases[124]. - The company expects annual maintenance, regulatory, and reforestation capital expenditures to be between $165 million and $190 million for the next several years[126]. - The company anticipates spending approximately $55 million to $65 million on high-return projects in 2025[126]. Market and Operational Outlook - Planned maintenance outage costs in Q4 2025 are expected to be unfavorable by $18 million due to one planned outage in North America[92]. - For Q4 2025, the company anticipates unfavorable price and mix primarily driven by paper prices in Europe, while volume is expected to be favorable due to Latin America and North America[92]. Accounting and Risk Management - The company has not made any changes to its critical accounting policies during the first nine months of 2025[130]. - There have been no material changes in the company's exposure to market risk since December 31, 2024[134].

Financial Performance - Total net sales for the three months ended September 30, 2025, were $485.3 million, a decrease of $69.0 million or 12.4% compared to $554.3 million in the same period of 2024[111] - Total net sales for the nine months ended September 30, 2025, were $1,446.6 million, a decrease of $168.5 million or 10.4% compared to the prior year[121] - Adjusted EBITDA for the three months ended September 30, 2025, was $70.9 million, down $6.5 million or 8.4% from $77.4 million in the prior year[117] - Adjusted EBITDA margin for Railroad and Utility Products and Services increased to 12.5%, up 2.5% from the prior year[117] - CMC adjusted EBITDA increased due to $26.2 million of lower raw material and operating expenses, partly offset by lower sales prices[131] Segment Performance - The Railroad and Utility Products and Services segment reported net sales of $232.7 million, down $15.4 million or 6.2% from $248.1 million in 2024, primarily due to lower volumes in the Class I crosstie business[111] - Performance Chemicals segment net sales decreased by $32.4 million or 18.3%, from $176.7 million in 2024 to $144.3 million in 2025[111] - Carbon Materials and Chemicals segment saw a decline in net sales of $21.2 million or 16.4%, from $129.5 million in 2024 to $108.3 million in 2025[111] - PC net sales decreased by 19% in volume, primarily due to a shift in United States market share and a slight decrease in remaining customer volumes[112] - CMC net sales decreased by $50.3 million due to the cessation of phthalic anhydride production and lower prices for carbon pitch, which were down approximately 6% globally[123] Market Trends and Projections - The Railway Tie Association estimates total crosstie purchases in 2025 to be approximately 19.9 million ties, down from 21.3 million in 2024, with a decrease expected from the commercial market[110] - Market demand for utility poles is projected to grow due to aging infrastructure and the expansion of renewable energy, with a focus on increasing market share in the western and midwestern U.S. and Canada[110] - The Leading Indicator of Remodeling Activity (LIRA) projects a year-over-year spending growth of 2.4% in early 2026 for homeowner renovation and maintenance expenditures, easing to 1.9% in Q3 2026[110] Operational Strategies and Challenges - The company is implementing transformation initiatives aimed at creating a higher margin profile and improving free cash flow over the next three years[105] - The company anticipates ongoing uncertainty related to geopolitical and supply chain challenges, impacting its operational strategies and cost management[105] Financial Management - Selling, general and administrative expenses decreased by $6.4 million compared to the prior year, mainly due to lower compensation-related costs[115] - Interest expense decreased by $3.5 million compared to the prior year due to lower interest rates and lower borrowings[117] - The company reported a net cash provided by operating activities of $77.4 million for the nine months ended September 30, 2025, compared to $44.7 million in the prior year[134] - As of September 30, 2025, the company's liquidity from its Credit Facility and cash on hand was approximately $379 million[137] - The company anticipates capital expenditures in 2025 to total approximately $52 to $55 million, funded by cash from operations[138] Compliance and Risk Management - The total net leverage ratio as of September 30, 2025, was 3.3, which is below the maximum allowed ratio of 4.75[143] - The cash interest coverage ratio as of September 30, 2025, was 4.2, exceeding the minimum requirement of 2.0[143] - Koppers Holdings Inc. can make dividend payments up to $50 million per fiscal year, with unused amounts carried over[140] - The company is currently in compliance with all covenants governing the Credit Facility[141] - The company manages working capital to enhance flexibility for debt repayment[139] - The company expects liquidity to remain adequate to meet cash requirements for at least the next twelve months[138] - There have been no material changes to critical accounting policies since the last annual report[145] - There are no material changes to market risk disclosures from the previous annual report[147]

Financial Performance - Total revenues for the three months ended September 30, 2025, were $4,399 million, a decrease of 5.5% compared to $4,654 million in the same period of 2024[11]. - Net sales for the nine months ended September 30, 2025, were $10,895 million, down 15.8% from $12,931 million in the same period of 2024[11]. - Net income attributable to CNH Industrial N.V. for the three months ended September 30, 2025, was $80 million, a decrease of 73.6% from $306 million in the same period of 2024[11]. - The company reported a comprehensive income attributable to CNH Industrial N.V. of $428 million for the nine months ended September 30, 2025, down from $878 million in the same period of 2024[14]. - The company reported a net income of $416 million for the nine months ended September 30, 2025, compared to $1,083 million for the same period in 2024, indicating a decline[57][58]. - The net income for the three months ended September 30, 2025, was $67 million, compared to $310 million for the same period in 2024, indicating a significant decrease[55][56]. Cash and Liquidity - Cash and cash equivalents at the end of the period were $2,303 million, compared to $1,801 million at the end of the previous year[17]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $1,593 million, significantly higher than $276 million in the same period of 2024[17]. - The company reported a net cash used in investing activities of $1,088 million in 2025, an improvement from $1,777 million in 2024, reflecting a decrease of 38.8%[17]. - The total cash, cash equivalents, and restricted cash at the end of the period was $2,956 million in 2025, compared to $2,450 million in 2024, an increase of 20.7%[17]. Assets and Liabilities - Total assets increased to $43,258 million as of September 30, 2025, from $42,933 million at December 31, 2024[9]. - Total liabilities rose to $35,421 million as of September 30, 2025, compared to $35,165 million at December 31, 2024[9]. - The company’s debt stood at $27,128 million as of September 30, 2025, an increase from $26,882 million at December 31, 2024[9]. - The total past due receivables in North America for 2025 were $3,462 million, reflecting an increase from $2,973 million in 2024[77]. Research and Development - Research and development expenses for the three months ended September 30, 2025, were $281 million, an increase of 27.2% from $221 million in the same period of 2024[11]. - Research and development expenses for the Agriculture segment were $205 million in Q3 2025, compared to $199 million in Q3 2024, showing a slight increase[55][56]. Dividends and Retained Earnings - The company declared cash dividends of $0.250 per common share for the nine months ended September 30, 2025, compared to $0.470 in the same period of 2024[11]. - The company paid dividends totaling $313 million during the period, which is a decrease compared to the previous period[19]. - The total retained earnings increased to $10,420 million, reflecting a growth from $10,340 million[19]. Segment Performance - Total revenues for the Agriculture segment were $2,963 million, while the Construction segment reported revenues of $739 million for the three months ended September 30, 2025[55]. - Net sales for the Agriculture segment decreased from $3,310 million in Q3 2024 to $2,963 million in Q3 2025, representing a decline of approximately 10.5%[55][56]. - Total revenues for Financial Services increased from $659 million in Q3 2024 to $684 million in Q3 2025, reflecting a growth of about 3.8%[55][56]. Tax and Compliance - The effective tax rate for the three months ended September 30, 2025, was 2.0%, a significant decrease from 20.8% in 2024[43]. - The company concluded its cooperation with the SEC's inquiry regarding revenue recognition and sales practices, with no enforcement action recommended[111]. Inventory and Financing - Total inventory as of September 30, 2025, was $5,353 million, an increase from $4,776 million as of December 31, 2024[63]. - Financing receivables totaled $23,001 million as of September 30, 2025, slightly down from $23,085 million as of December 31, 2024[64]. Derivatives and Fair Value - The total notional amount of CNH's foreign exchange derivatives was $4.3 billion as of September 30, 2025, compared to $4.2 billion at December 31, 2024[122]. - The fair value of CNH's derivative assets was $134 million as of September 30, 2025, down from $147 million at December 31, 2024[132]. Other Comprehensive Income - Other comprehensive income (loss) for the nine months ended September 30, 2025, was $(2,709) million, compared to $(2,712) million for the same period in 2024, indicating a slight improvement[19]. - The total other comprehensive income (loss) for the nine months ended September 30, 2025, was $(24) million, compared to $(191) million for the same period in 2024, showing an improvement in comprehensive income[139].

Financial Performance - Total revenues for Q3 2025 were $4,399 million, a decrease of 5.5% compared to $4,654 million in Q3 2024[11] - Net sales for the nine months ended September 30, 2025, were $10,895 million, down 15.8% from $12,931 million in the same period of 2024[11] - Net income attributable to CNH Industrial N.V. for Q3 2025 was $80 million, a decline of 73.6% from $306 million in Q3 2024[11] - Net income for Q3 2025 was $67 million, a significant decrease from $310 million in Q3 2024[55][56] - Net income for the nine months ended September 30, 2025, was $416 million, compared to $1,083 million for the same period in 2024, representing a decrease of approximately 61.6%[17] Cash and Liquidity - Cash and cash equivalents at the end of Q3 2025 were $2,303 million, down from $3,191 million at the end of 2024[9] - The total cash, cash equivalents, and restricted cash at the end of the period was $2,956 million in 2025, compared to $2,450 million in 2024, an increase of 20.7%[17] - The company reported a net cash provided by operating activities of $1,593 million for the nine months ended September 30, 2025, compared to $276 million in the same period of 2024[17] - The company reported a net cash used in investing activities of $1,088 million in 2025, a decrease from $1,777 million in 2024, showing improved capital management[17] Assets and Liabilities - Total assets increased to $43,258 million as of September 30, 2025, compared to $42,933 million at the end of 2024[9] - Total liabilities rose to $35,421 million as of September 30, 2025, compared to $35,165 million at the end of 2024[9] - The carrying amount of financing receivables was $23,001 million as of September 30, 2025, slightly up from $22,976 million as of December 31, 2024, reflecting a marginal increase of 0.1%[135] Equity and Dividends - The company’s total equity as of September 30, 2025, was $7,777 million, slightly down from $7,713 million at the end of 2024[9] - Cash dividends declared per common share for the nine months ended September 30, 2025, were $0.250, down from $0.470 in the same period of 2024[11] - Dividends paid decreased to $322 million in 2025 from $600 million in 2024, reflecting a 46.3% reduction in shareholder returns[17] Segment Performance - Agriculture segment net sales for Q3 2025 were $2,963 million, a decrease of 10.5% compared to $3,310 million in Q3 2024[55][56] - Construction segment net sales for Q3 2025 were $739 million, a decrease of 7% compared to $687 million in Q3 2024[55][56] - Total revenues for the Agriculture and Construction segments combined were $3,702 million in Q3 2025, down from $3,997 million in Q3 2024, reflecting a decline of 7.4%[55][56] Research and Development - Research and development expenses for Q3 2025 were $281 million, an increase of 27.2% from $221 million in Q3 2024[11] - Research and development expenses for the Agriculture segment in Q3 2025 were $205 million, compared to $199 million in Q3 2024[55][56] Tax and Compliance - The effective tax rate for the three months ended September 30, 2025, was 2.0%, a significant decrease from 20.8% in 2024[43] - The company is evaluating the impact of new accounting standards on its consolidated financial statements, including ASU 2025-06 and ASU 2025-05[28][29] - The company anticipates adopting new income tax disclosure requirements effective for fiscal years beginning after December 15, 2024[32] Inventory and Receivables - Total inventory as of September 30, 2025, was $5,353 million, an increase from $4,776 million as of December 31, 2024[63] - Trade and financing receivables related to sales, net, rose to $948 million in 2025, up from $482 million in 2024, reflecting a growth of 96.7%[17] Derivatives and Financial Instruments - The total notional amount of CNH's foreign exchange derivatives was $4.3 billion as of September 30, 2025, compared to $4.2 billion at December 31, 2024[122] - The fair value of CNH's derivative assets was $134 million as of September 30, 2025, down from $147 million at December 31, 2024[132] Legal and Regulatory Matters - The company concluded its cooperation with the SEC's inquiry regarding revenue recognition and sales practices, with no enforcement action recommended[111] - The Italian criminal investigation related to FPT Industrial was dismissed in 2023, and all German investigations were concluded in December 2023[110]

Financial Performance - For the quarter ended September 30, 2025, the company reported net income of $106.0 million, or $1.54 per diluted share, an increase from $99.2 million, or $1.44 per diluted share in the same period of 2024, representing a 6.9% increase in net income [143]. - Ameris reported net income of $303.8 million, or $4.41 per diluted share, for the nine months ended September 30, 2025, compared to $264.3 million, or $3.83 per diluted share, for the same period in 2024, representing a 14.93% increase in net income [157]. - Net interest income increased by $64.2 million, or 10.18%, to $694.4 million for the nine months ended September 30, 2025, from $630.2 million in the same period of 2024 [160]. Interest Income and Expenses - Total interest income for the retail banking division was $245.3 million in Q3 2025, compared to $244.0 million in Q3 2024, reflecting a marginal increase [144]. - The company's net interest income for the quarter was $237.9 million, up from $214.1 million in the same quarter of the previous year, representing an increase of 11.1% [144]. - The average interest rate on interest-earning assets for Q3 2025 was 4.12%, compared to 3.92% in Q3 2024, indicating a rise in interest rates [145]. Credit Losses and Asset Quality - The provision for credit losses increased to $22.6 million in Q3 2025 from $6.1 million in Q3 2024, indicating a significant rise in expected credit losses [144]. - Non-performing assets as a percentage of total assets decreased to 0.40% at September 30, 2025, from 0.47% at December 31, 2024 [3]. - The total allowance for credit losses on loans at September 30, 2025, was $345.3 million, or 1.62% of total loans, compared to $338.1 million, or 1.63%, at December 31, 2024 [177]. Noninterest Income and Expenses - Noninterest income for the company reached $76.3 million in Q3 2025, compared to $69.7 million in Q3 2024, marking a 9.1% increase [144]. - Total noninterest expense rose to $154.6 million in Q3 2025 from $151.8 million in Q3 2024, reflecting a 1.8% increase [144]. - Total noninterest income for the nine months ended September 30, 2025, was $209.2 million, a decrease of $15.1 million, or 6.7%, from $224.3 million in the same period of 2024 [166]. Capital and Liquidity - The Company’s common equity Tier 1 capital ratio increased to 13.20% at September 30, 2025, compared to 12.65% at December 31, 2024 [201]. - Total deposits increased by $505.6 million, or 2.3%, to $22.23 billion at September 30, 2025, compared to $21.72 billion at December 31, 2024 [195]. - As of September 30, 2025, the Company had liquidity availability with the FHLB and FRB Discount Window amounting to $3.37 billion and $2.10 billion, respectively [206]. Loan Production and Yields - Loan production in Q3 2025 amounted to $5.4 billion, with weighted average yields of 6.77% [1]. - Loan production amounted to $15.1 billion during the first nine months of 2025, with a weighted average yield of 6.79%, compared to $14.1 billion and 7.54% in the same period of 2024 [160]. - The yield on interest-bearing deposits decreased from 3.44% in Q3 2024 to 2.82% in Q3 2025 [2]. Tax and Regulatory Compliance - The effective tax rate for Q3 2025 was 22.6%, up from 21.2% in Q3 2024 [5]. - Income tax expense for the nine months ended September 30, 2025, was $88.9 million, compared to $85.5 million in the same period of 2024, with an effective tax rate decrease from 24.4% to 22.6% [170]. Risk Management - The Company aims to manage interest rate risk such that net interest income does not increase or decrease by more than 20% given a change of 200 basis points over any 24-month period [205]. - The ALCO Committee continuously monitors the Company's liquidity resources, which were deemed satisfactory as of September 30, 2025 [207]. - The Company has no exposure to foreign currency exchange rate risk, commodity price risk, or other market risks [210].

Revenue Performance - Total revenues for Q3 2025 were approximately $3.1 million, a 20% decline from $3.9 million in the same period last year[99] - For the nine-month period, revenue decreased by 20.2% to approximately $11.1 million from $13.9 million in the prior year[99] Profitability Metrics - Gross profit margin on sales reached 47.7% in Q3 2025, down from 49% in the same period last year[100] Expense Management - Research and development expenses for Q3 2025 were approximately $1.0 million, a decrease of 12% compared to $1.2 million in the same period last year[101] - Sales and marketing expenses for Q3 2025 were approximately $0.9 million, representing a 17% decrease from $1.1 million in the same period last year[102] - General and administrative expenses for Q3 2025 were approximately $0.58 million, a decrease of 10% compared to $0.64 million in the same period last year[103] - The company anticipates a slight increase in general and administrative expenses for the remainder of the year[102] Cash Flow Analysis - Net cash used in operating activities was approximately $1.6 million in the first nine months of 2025, compared to $434,000 in the same period of 2024[107] - In the first nine months of 2025, net cash used in operating activities was approximately $513,000, primarily due to operating lease payments and a reduction in accrued payroll expenses[108] - In the first nine months of 2024, net cash used in operating activities was approximately $120,000, primarily due to operating lease payments, partially offset by a release of cash from reduced accounts receivable[109] - Net cash provided by financing activities was approximately $1.5 million in the first nine months of 2025, compared to approximately $1.0 million in the same period of 2024[111] Financial Obligations - Total contractual obligations as of September 30, 2025, amounted to $6,033,000, with $4,030,000 due within one year[114] - The company has no off-balance sheet arrangements as of September 30, 2025[115] - The company has a bank credit line facility with a capacity of up to $3.0 million, with interest rates based on the lender's prime rate plus 0.75%[116] Foreign Currency Risk - An adverse change of 10% in foreign exchange rates would have increased the net loss for the third quarter of 2025 by approximately $48,700[117] - The actual net adjustment for foreign currency changes in the third quarter of 2025 resulted in a net loss of approximately $840[117] - The company will continue to monitor and assess risks related to foreign currency fluctuations[117] Interest Expense - Interest expense, net of interest income, for Q3 2025 was approximately $140,000, compared to $84,000 in the same period last year[104]

Financial Performance - Net income for the three months ended September 30, 2025, was $9,631 thousand, a 27% increase compared to $7,587 thousand in the prior year[14]. - Basic earnings per share increased to $0.55 for the three months ended September 30, 2025, compared to $0.43 for the same period in 2024, reflecting a growth of 27.9%[14]. - Total income for Q3 2025 reached $70,694,000, up from $56,619,000 in Q3 2024, marking a 24.9% year-over-year growth[155]. - Net income for Q3 2025 was $9,631,000, compared to $7,587,000 in Q3 2024, reflecting a 27.0% increase[155]. - For the nine months ended September 30, 2025, total income was $204,794,000, a 23.1% increase from $166,292,000 in the same period of 2024[156]. Asset Growth - Total assets increased to $7,439,642 thousand as of September 30, 2025, up from $7,011,238 thousand at December 31, 2024, representing a growth of 6.1%[11]. - Total deposits grew to $6,562,162 thousand, an increase of 7.2% from $6,129,022 thousand at the end of 2024[11]. - Cash and cash equivalents at the end of the period were $347,186,000 in 2025, down from $492,658,000 in 2024, a decrease of 30%[23]. Loan Performance - Net loans rose to $5,950,325 thousand, a 9.4% increase from $5,439,334 thousand in the previous year[11]. - As of September 30, 2025, total loans outstanding reached $6,018.97 million, an increase from $5,512.33 million as of December 31, 2024, representing a growth of 9.2%[110]. - The multifamily mortgage segment accounted for 29.85% of total loans as of September 30, 2025, slightly down from 32.65% in the previous year[110]. Credit Losses - Provision for credit losses for the three months ended September 30, 2025, was $4,790 thousand, significantly higher than $1,224 thousand in the same period last year[14]. - Provision for credit losses increased significantly to $15,847,000 in 2025 from $5,762,000 in 2024, indicating a rise of 175%[23]. - The allowance for credit losses (ACL) was $68.6 million as of September 30, 2025, down from $73.0 million at December 31, 2024, primarily due to charge-offs of $20.4 million during the nine months ended September 30, 2025[132]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $52,297 thousand, an increase of 17.5% from $44,649 thousand in 2024[14]. - Total operating expenses for Q3 2025 were $57,087,000, up from $45,873,000 in Q3 2024, representing a 24.5% increase[155]. - The company’s total operating expenses for the nine months ended September 30, 2025, were $169,477,000, compared to $133,578,000 in the same period of 2024, an increase of 26.9%[156]. Wealth Management - Wealth management fee income for the nine months ended September 30, 2025, was $47,176 thousand, up from $45,976 thousand in the previous year[14]. - The Wealth Management Division generates revenue primarily from wealth management fee income and assets under management (AUM), with fees collected on a tiered schedule based on market value[34]. Shareholder Returns - Cash dividends declared on common stock for the three months ended September 30, 2025, were $877 thousand, with a dividend of $0.05 per share[18]. - The company repurchased 100,000 shares during the three months ended September 30, 2025, at a cost of $2,666 thousand[18]. - The total number of common shares outstanding as of September 30, 2025, was 17,548,471, a decrease from 17,577,747 shares as of September 30, 2024[18]. Securities and Investments - The total fair value of securities available for sale as of September 30, 2025, was $756,578,000, compared to $784,544,000 as of December 31, 2024, showing a decrease of 3.5%[104]. - The company reported unrealized losses on total securities available for sale amounting to $75.238 million as of September 30, 2025, compared to $100.521 million as of December 31, 2024, indicating a reduction in losses[107]. - The total securities, including available for sale and held to maturity, were valued at $536.94 million with unrealized losses of $84.395 million as of September 30, 2025[107]. Risk Management - The Company employs the Current Expected Credit Loss (CECL) methodology for determining the allowance for credit losses, requiring immediate recognition of estimated credit losses[47]. - The Company has engaged an independent loan review firm to validate risk ratings and ensure compliance with policies, reviewing loans greater than $1,000,000 quarterly[113]. - Current period gross charge-offs for commercial and industrial loans amount to $11,086,000, indicating potential credit quality concerns[120]. Other Income - The company reported a total of $20,121 thousand in other income for the three months ended September 30, 2025, compared to $18,938 thousand in the same period of 2024, reflecting a growth of 6.3%[14]. - The company reported a total of $8,082,000 in other income for the nine months ended September 30, 2025, compared to $8,252,000 for the same period in 2024, reflecting a decrease of 2.1%[177].