Financial Performance - Total revenue for Q3 2025 was $24.2 million, up 3.0% from $23.5 million in Q3 2024[8] - Gross profit increased to $18.9 million in Q3 2025, compared to $17.3 million in Q3 2024[8] - The net loss for Q3 2025 was $7.6 million, contrasting with a net income of $1.4 million in Q3 2024[8] - Adjusted EBITDA rose to $5.6 million in Q3 2025, compared to $4.5 million in Q3 2024[8] - Total revenue for Q3 2025 was $24,169 million, a 2.9% increase from $23,476 million in Q3 2024[22] - Net loss for Q3 2025 was $7,569 million, compared to a net income of $1,437 million in Q3 2024[22] - Adjusted EBITDA for the nine months ended September 30, 2025, was $12,805 million, with an adjusted EBITDA margin of 17.3%[26] Loan Activity - Open Lending facilitated 23,880 certified loans in Q3 2025, a decrease of 12.5% from 27,435 certified loans in Q3 2024[8] - Credit unions and banks accounted for 89.8% of certified loans in Q3 2025, up from 79.5% in Q3 2024[9] - The company expects total certified loans for Q4 2025 to be between 21,500 and 23,500[7] Revenue per Loan - Average profit share revenue per certified loan decreased to $310 in Q3 2025 from $502 in Q3 2024[9] - Average program fee revenue per certified loan increased to $558 in Q3 2025 from $516 in Q3 2024[9] Operating Expenses - Operating expenses increased significantly to $26,552 million in Q3 2025, up from $15,483 million in Q3 2024, primarily due to higher general and administrative costs[22] - Research and development expenses for Q3 2025 were $2,050 million, significantly higher than $992 million in Q3 2024, indicating increased investment in innovation[22] Cash Flow - Cash and cash equivalents at the end of Q3 2025 were $233,729 million, down from $260,947 million at the end of Q3 2024[24] - The company reported a net cash used in operating activities of $8,644 million for the nine months ended September 30, 2025, compared to $20,976 million provided in the same period of 2024[24] Interest Expense - Interest expense for the nine months ended September 30, 2025, was $7,440 million, down from $8,468 million in the same period of 2024[24] Share Information - The weighted average diluted shares outstanding for Q3 2025 were 118,825 million, compared to 119,428 million in Q3 2024[22] New Initiatives - Open Lending launched ApexOne Auto, an advanced decisioning platform aimed at enhancing service capabilities for auto borrowers[3] One-time Payments - The company made a one-time payment of $11 million related to a reseller agreement, impacting non-GAAP financial measures[26]

Financial Performance - Third quarter 2025 revenue was $567 million, with Adjusted EBITDA of $243 million, reflecting a 42.9% margin[5] - Total revenues for Q3 2025 were $566.841 million, a decrease of 5.7% compared to $601.432 million in Q3 2024[23] - Net income for Q3 2025 was $43.332 million, compared to a net loss of $70.475 million in Q3 2024[23] - Adjusted EBITDA for the three months ended September 30, 2025, was $243,307 thousand, a decrease of 8.8% from $266,863 thousand in the same period of 2024[35] - Adjusted EBITDA margin for the three months ended September 30, 2025, was 42.9%, down from 44.4% in the prior year[37] - Gross profit for Q3 2025 was $281.618 million, down from $321.484 million in Q3 2024[23] - Gross profit margin for the three months ended September 30, 2025, was 49.7%, down from 53.5% in the same period of 2024[37] - Adjusted Net Income for the nine months ended September 30, 2025, was $163.5 million, down from $216.3 million in 2024[41] - Revenue for the nine months ended September 30, 2025, was $1.72 billion, compared to $1.79 billion in 2024[44] - Adjusted EBITDA for the nine months ended September 30, 2025, was $721.0 million, down from $778.4 million in 2024[49] Cash Flow and Debt Management - Generated net cash from operating activities of $191 million, resulting in Adjusted Free Cash Flow of $122 million[12] - Adjusted Free Cash Flow for the three months ended September 30, 2025, was $122.2 million, with a margin of 21.6%, compared to $143.1 million and 23.8% in 2024[44] - Total debt was $3.617 billion, with a reduction of $84 million in the quarter, and net debt to Adjusted EBITDA ratio at 3.6x[12] - Net debt as of September 30, 2025, was $3,602,695 thousand, resulting in a Net Debt to Adjusted EBITDA ratio of 3.6[38] - Long-term debt decreased to $3,590,015 thousand as of September 30, 2025, from $3,683,502 thousand at December 31, 2024, a reduction of 2.5%[27] Shareholder Returns - Adjusted diluted earnings per share for Q3 2025 were $0.30, compared to $0.38 in Q3 2024[8] - Basic earnings per share for Q3 2025 were $0.24, compared to a loss of $0.37 per share in Q3 2024[23] - The company repurchased 296,805 shares for $8 million, contributing to a 2.7% reduction in outstanding shares over the past year[12] Outlook and Guidance - The company expects fourth quarter 2025 revenue of approximately $545 million and Adjusted EBITDA of $250 million[3] - Updated full year 2025 outlook includes revenue of $2.26 billion and Adjusted EBITDA of $970 million[14] - Adjusted EBITDA guidance for the upcoming quarters is expected to provide useful insights for investors, although specific reconciliations to GAAP measures are not available[17] Operational Insights - Leasing revenues were $434 million, down 4.7% year-over-year, but flat sequentially when excluding write-offs[5] - The company’s leasing revenue for Q3 2025 was $434.224 million, a decrease from $455.578 million in Q3 2024[23] - Accounts receivable write-offs increased by $20 million year-over-year, with $25 million of total write-offs impacting leasing revenue[3] - The company plans to optimize its real estate footprint, potentially reducing leased acreage by over 20% and annual real estate cost increases by $20 million to $30 million[7] - The company operates approximately 260 branch locations across North America, providing a comprehensive range of space solutions[19] Asset and Liability Management - Total assets increased to $6,104,669 thousand as of September 30, 2025, compared to $6,034,911 thousand at December 31, 2024, reflecting a growth of 1.2%[27] - Total current liabilities increased to $659,819 thousand as of September 30, 2025, from $585,008 thousand at December 31, 2024, representing a rise of 12.7%[27] - Total shareholders' equity increased to $1,060,070 thousand as of September 30, 2025, compared to $1,018,593 thousand at December 31, 2024, reflecting a growth of 4.1%[27] Strategic Initiatives - Forward-looking statements indicate a focus on growth strategies, including potential mergers and acquisitions, and optimizing network operations[20]

Exhibit 99.1 Sana Biotechnology Reports Third Quarter 2025 Financial Results and Business Updates Announced increased focus on type 1 diabetes and in vivo CAR T programs Regulatory interactions increase confidence in moving forward with GMP master cell bank for SC451, nonclinical testing plan, and path to filing SC451 Investigational New Drug Application (IND) as early as 2026 Q3 2025 cash position of $153.1 million and $170.5 million pro forma cash balance including recent ATM activity; expected cash runwa ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-40928 Ventyx Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 83-2996852 (St ...

Financial Performance - Revenue for Q3 2025 was $70.7 million, a decrease of 10.3% compared to Q3 2024[7] - Adjusted EBITDA for Q3 2025 was $8.9 million, up from $8.1 million in Q3 2024, reflecting lower operational spend[7] - Gross margin improved to 64.6% in Q3 2025, compared to 51.6% in Q3 2024, driven by lower inventory-related charges[7] - Net sales for Q3 2025 were $70.7 million, a decrease of 10.3% from $78.8 million in Q3 2024[17] - Gross profit increased to $45.6 million in Q3 2025, up 12.3% from $40.6 million in Q3 2024, resulting in a gross margin of 64.6%[24] - Operating expenses for Q3 2025 totaled $51.9 million, down from $62.2 million in Q3 2024, reflecting a reduction of 16.5%[17] - The net loss for Q3 2025 was $11.0 million, compared to a net loss of $18.3 million in Q3 2024, indicating an improvement of 40.5%[17] - Adjusted EBITDA for Q3 2025 was $8.9 million, representing an adjusted EBITDA margin of 12.6%, compared to 10.2% in Q3 2024[25] - The company reported a comprehensive loss of $10.6 million for Q3 2025, compared to a comprehensive loss of $17.1 million in Q3 2024[17] Sales and Market Activity - Total delivery systems sold in Q3 2025 was 875, down from 1,118 in Q3 2024, indicating a challenging macroeconomic environment[7] - Total consumables net sales for Q3 2025 were $49.8 million, slightly down from $51.2 million in Q3 2024[9] - Active install base reached 35,409 as of September 30, 2025, compared to 34,162 in the prior year[3] Cash and Assets - Cash and cash equivalents were approximately $219 million as of September 30, 2025, down from $370 million at the end of 2024[7] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were $219.4 million, down from $370.1 million at the end of 2024[19] - Total assets decreased to $503.6 million as of September 30, 2025, from $685.7 million at the end of 2024[19] - Total liabilities were $438.0 million as of September 30, 2025, down from $633.9 million at the end of 2024[19] Strategic Focus and Guidance - Updated financial guidance for FY 2025 projects net sales between $293 million and $300 million[6] - The company aims to expand its device footprint and strengthen commercial execution moving forward[2] - The company is focused on expanding its product offerings and enhancing its market presence through innovative technologies and strategic initiatives[26] Risks and Forward-Looking Statements - The Beauty Health Company acknowledges that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations[30] - Key factors affecting actual results include the company's ability to manage growth and execute its business plan[31] - Potential litigation and changes in applicable laws or regulations may adversely affect the company's performance[31] - The company does not undertake any obligation to update or revise forward-looking statements unless required by law[31]

Financial Performance - Revenues for the three months ended September 30, 2025, were $5, unchanged from the same period in 2024[90] - The net loss for the three months ended September 30, 2025, was $19.01 million, a decrease of $3.83 million, or 17%, from a net loss of $22.85 million in 2024[90] - Revenues for the nine months ended September 30, 2025, remained unchanged at $15,000 compared to the same period in 2024[98] - Net loss for the nine months ended September 30, 2025, was $60.7 million, a decrease of $11.1 million, or 16%, from a net loss of $71.9 million in 2024[98] Expenses - Research and development expenses decreased by $4.8 million, or 24%, to $14.96 million for the three months ended September 30, 2025, compared to $19.80 million in 2024[93] - General and administrative expenses increased by $0.9 million, or 19%, to $5.90 million for the three months ended September 30, 2025, compared to $4.97 million in 2024[95] - Research and development expenses decreased by $14.4 million, or 23%, to $48.0 million for the nine months ended September 30, 2025, from $62.4 million in 2024[100] - General and administrative expenses increased by $1.7 million, or 11%, to $17.6 million for the nine months ended September 30, 2025[102] Other Income and Cash Flow - Total other income (expense), net decreased by $0.1 million, or 4%, for the three months ended September 30, 2025, compared to the same period in 2024[96] - Total other income (expense), net decreased by $2.2 million, or 35%, to $4.2 million for the nine months ended September 30, 2025[103] - Net cash used in operating activities was $48.1 million for the nine months ended September 30, 2025, compared to $61.6 million in 2024, reflecting a decrease of $13.5 million[116] - Net cash provided by financing activities was $125.7 million during the nine months ended September 30, 2025, primarily from the issuance of common stock[118] Financial Position - Cash, cash equivalents, restricted cash, and short-term investments totaled $210.8 million as of September 30, 2025[105] - The accumulated deficit as of September 30, 2025, was $622.1 million, indicating significant losses since operations commenced[106] - The company plans to continue pursuing additional equity or debt financing to address long-term capital needs for clinical trials[119] Clinical Trials and Designations - In a Phase 2b trial for MASH, 58% and 52% of subjects achieved MASH resolution with pemvidutide doses of 1.2 mg and 1.8 mg, respectively, compared to 20% for placebo (p<0.0001) at 24 weeks[77] - Mean weight loss in pemvidutide-treated subjects was 4.8% and 5.8% at the 1.2 mg and 1.8 mg doses, respectively, versus 0.5% in the placebo group (p<0.001) at 24 weeks[79] - The U.S. FDA granted Fast Track designation to pemvidutide for the treatment of alcohol use disorder (AUD) on August 19, 2025[83] - The RECLAIM Phase 2 trial for AUD has enrolled approximately 100 subjects, with topline results expected in 2026[84] - The RESTORE Phase 2 trial for alcohol-associated liver disease (ALD) is enrolling approximately 100 patients, with a primary endpoint of liver stiffness measurement change at Week 24[85] Accounting and Reporting - Management's Discussion and Analysis is based on unaudited consolidated financial statements prepared in accordance with U.S. GAAP[121] - There have been no changes in critical accounting policies and significant judgments since the Annual Report for the year ended December 31, 2024[122] - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk[123]

Revenue Performance - Total revenue for Q3 2025 was $139.6 million, down from $161.6 million in Q3 2024, representing a decrease of approximately 13.0%[4] - Revenue from material sales in Q3 2025 was $82.6 million, slightly down from $83.4 million in Q3 2024, a decrease of about 1.0%[4] - Revenue from royalty and license fees decreased to $53.3 million in Q3 2025 from $74.6 million in Q3 2024, a decline of approximately 28.5%[4] - For the first nine months of 2025, total revenue was $477.7 million, slightly down from $485.4 million in the same period of 2024, a decrease of about 1.4%[7] - Total revenue for Q3 2025 was $139.6 million, a decrease of 13.6% compared to $161.6 million in Q3 2024[21] - Material sales amounted to $82.6 million, slightly down from $83.4 million in the same quarter last year[21] Income and Profitability - Operating income for Q3 2025 was $43.1 million, compared to $67.0 million in Q3 2024, reflecting a decrease of about 35.7%[4] - Net income for Q3 2025 was $44.0 million, or $0.92 per diluted share, down from $66.9 million, or $1.40 per diluted share in Q3 2024, a decline of approximately 34.2%[4] - Net income for the nine months ended September 30, 2025, was $175.7 million, compared to $176.1 million for the same period in 2024[23] - Basic net income per share for Q3 2025 was $0.93, down from $1.40 in Q3 2024[21] Margins and Tax Rates - Total gross margin for Q3 2025 was 75%, down from 78% in Q3 2024[4] - The effective income tax rate for Q3 2025 was 18.7%, compared to 17.9% in Q3 2024[4] Cash and Assets - Cash and cash equivalents increased to $121.6 million as of September 30, 2025, from $99.0 million at the end of 2024[19] - Total assets rose to $1.95 billion as of September 30, 2025, compared to $1.83 billion at the end of 2024[19] - Total current assets increased to $1.04 billion as of September 30, 2025, from $899.8 million at the end of 2024[19] Dividends - A fourth quarter cash dividend of $0.45 per share was announced, payable on December 31, 2025[11] - The company declared cash dividends of $0.45 per share in Q3 2025, up from $0.40 per share in Q3 2024[21] Guidance - The company revised its 2025 revenue guidance to the lower end of the previous range, now expecting around $650 million to $700 million[10]

Financial Performance - Net sales for Q3 fiscal 2025 increased by 4.8% year-over-year to $376.4 million, with year-to-date net sales up 6.3%[4] - AAG net sales rose by 17.4% to $117.8 million, while PVG net sales increased by 15.1% to $125.9 million; SSG net sales decreased by 11.2% to $132.7 million[5] - Adjusted EBITDA for Q3 fiscal 2025 was $44.4 million, reflecting a 5.7% year-over-year increase, with an adjusted EBITDA margin of 11.8%[10] - The company reported a net loss of $0.6 million, or $0.02 per diluted share, compared to a net income of $4.8 million, or $0.11 per diluted share, in the prior year quarter[9] - Gross margin improved by 50 basis points year-over-year to 30.4%, driven by favorable shifts in product line mix[6] - Total operating expenses for Q3 fiscal 2025 were $99.4 million, or 26.4% of net sales, up from $88.7 million, or 24.7% of net sales in Q3 fiscal 2024[7] - For Q4 fiscal 2025, net sales are expected to be in the range of $340 million to $370 million, with adjusted earnings per diluted share projected between $0.05 and $0.25[18] - For fiscal year 2025, net sales are now expected to be between $1.445 billion and $1.475 billion, with adjusted earnings per diluted share in the range of $0.92 to $1.12[18] Balance Sheet and Cash Flow - Total current assets as of October 3, 2025, were $758,814 thousand, an increase from $727,680 thousand as of January 3, 2025[29] - The company's total liabilities decreased slightly to $1,019,100 thousand as of October 3, 2025, from $1,033,644 thousand as of January 3, 2025[29] - Cash and cash equivalents decreased to $65,372 thousand as of October 3, 2025, down from $71,674 thousand as of January 3, 2025[29] - The company reported net cash provided by operating activities of $42,766 thousand for the nine months ended October 3, 2025, compared to $50,111 thousand for the same period last year[33] Operational Insights - Operating expenses for the three months ended October 3, 2025, totaled $99,351 thousand, compared to $88,677 thousand for the same period last year, indicating an increase of 11.9%[31] - The adjusted operating expense for the three months ended October 3, 2025, was $85,671 thousand, compared to $75,760 thousand for the same period in 2024, reflecting an increase of 13.5%[46] - The company reported a goodwill impairment of $262,129 thousand for the nine months ended October 3, 2025[40] Market Outlook and Risks - The company anticipates a challenging macroeconomic environment for fiscal year 2026, impacting consumer spending and business investment[19] - The company emphasizes that forward-looking statements regarding future performance and financial results are subject to significant uncertainties and should not be overly relied upon[49] - Key risks include supply chain disruptions, ability to maintain profitability, and adapting to changes in tax laws and international trade policies[49] - The company acknowledges potential impacts from global events, such as the Russia-Ukraine conflict and inflation, on its operations and market conditions[49] - The company is cautious about its international growth and the potential for strategic acquisitions[49] Product Development and Brand Strategy - The company aims to improve operating efficiencies and expects future sales growth, although specific figures are not provided[49] - There is a focus on developing new and innovative products to expand into new categories and end-markets[49] - The ability to maintain relationships with professional athletes and race teams is crucial for the company's brand image[49] - The company is monitoring consumer preferences and competition in the performance-defining products market[49] - Legal and regulatory developments, including environmental regulations, are highlighted as significant factors affecting the company's operations[49]

Financial Performance - Third quarter 2025 revenue was $537.0 million, a decrease of 8.8% from $589.1 million in the same period last year[3] - GAAP gross profit for Q3 2025 was $200.9 million, with a gross margin of 37%, compared to $204.9 million and 35% in Q3 2024[3] - GAAP net loss for Q3 2025 was $(3.4) million, or $(0.14) per diluted share, significantly improved from a net loss of $(33.0) million, or $(1.35) per diluted share, in Q3 2024[3] - Adjusted EBITDA for Q3 2025 was $105.9 million, up from $94.8 million in Q3 2024[3] - Total revenues for the three months ended September 30, 2025, were reported at $536.99 million[37] - Gross profit for the same period was $200.88 million, representing 37% of total revenues[37] - The company reported a net loss of $3.40 million, with a diluted loss per share of $0.14[37] - Adjusted net income was $50.25 million, with an adjusted diluted earnings per share of $2.03[37] - The company recorded a net loss of $(32.98) million for Q3 2024, with a diluted loss per share of $(1.35)[39] Revenue Breakdown - Revenue from the Consumables product line for Q3 2025 was $285.1 million, an increase of 7.6% from $264.9 million in Q3 2024[5] - Infusion Systems revenue for Q3 2025 was $173.9 million, up 8.8% from $159.8 million in Q3 2024[5] - Vital Care revenue for Q3 2025 was $78.0 million, a decrease of 47.5% from $164.5 million in Q3 2024, impacted by the disposal of the IV Solutions business[5] Guidance and Projections - The company updated its fiscal year 2025 guidance for GAAP net loss to a range of $(8) million to $0 million, improving from a previous range of $(43) million to $(35) million[7] - Adjusted EBITDA guidance for FY 2025 was raised to a range of $395 million to $405 million, up from $380 million to $390 million[7] - The company expects a GAAP net loss in FY 2025 to be between $(8) million and $0, with total non-GAAP adjustments projected at $403 million to $405 million[44] - Adjusted EBITDA for FY 2025 is forecasted to be between $395 million and $405 million[44] - The company anticipates an adjusted earnings per share of $7.35 to $7.65 for FY 2025[44] Cash Flow and Assets - Net cash provided by operating activities for the nine months ended September 30, 2025, was $119,248,000, down from $163,841,000 in 2024, reflecting a decrease of approximately 27%[17] - The cash and cash equivalents at the end of the period were $299,732,000 for September 30, 2025, down from $312,512,000 in 2024, showing a decrease of about 4%[17] - The company reported net cash provided by investing activities of $140,620,000 for the nine months ended September 30, 2025, compared to a net cash used of $62,414,000 in 2024, showing a substantial improvement[17] - Total current assets decreased to $1,207.3 million as of September 30, 2025, from $1,441.9 million at the end of 2024[13] Expenses and Adjustments - Research and development expenses amounted to $21.25 million, accounting for 4% of total revenues[37] - The company incurred $13.14 million in restructuring and strategic transaction expenses[37] - Quality system and product-related remediation costs were $13.80 million, contributing to a net loss impact[37] - The company incurred stock compensation expenses of $15,243,000 for the three months ended September 30, 2025, compared to $11,770,000 in 2024, reflecting a rise of about 29%[36] - The restructuring, strategic transaction, and integration costs for Q3 2024 amounted to $16.8 million, impacting net income significantly[39] - Stock compensation expense for Q3 2024 was $1.8 million, contributing to the overall financial adjustments[39] Debt and Financial Position - Principal repayments of long-term debt increased significantly to $272,750,000 in 2025 from $38,250,000 in 2024, indicating a strategic focus on debt reduction[17] Tax and Valuation - The company recorded a tax expense of $1.39 million related to valuation allowance against certain deferred tax assets[37] - The tax expense from valuation allowance was $22.4 million, affecting the non-GAAP annual effective tax rate calculation[39] - The non-GAAP annual effective tax rate was adjusted based on a three-year cumulative U.S. income position[37] Other Financial Metrics - The total non-GAAP adjustments for the three months ended September 30, 2025, amounted to $109,307,000, compared to $127,821,000 in 2024, indicating a decrease of approximately 14.5%[36] - The effect of exchange rate changes on cash resulted in an increase of $8,338,000 for the nine months ended September 30, 2025, compared to $4,472,000 in 2024, reflecting favorable currency movements[17]

Financial Performance - Net interest income for the three months ended September 30, 2025, was $126.64 million, an increase from $104.81 million in the same period of 2024, representing a growth of 20.8%[215] - Net income for the three months ended September 30, 2025, was $30.84 million, up from $24.16 million in 2024, reflecting a growth of 27.2%[215] - Net income for Q3 2025 was $30.8 million, or $0.24 per diluted share, an increase of 27.5% from $24.2 million, or $0.20 per diluted share in Q3 2024[228] - Year-to-date net income for the nine months ended September 30, 2025, was $24.1 million, or $0.19 per diluted share, a decrease of 68.1% from $75.3 million, or $0.62 per diluted share in the same period of 2024[229] - Net interest income for the nine months ended September 30, 2025, was $345.0 million, an increase of 5.9% from $325.7 million in the same period of 2024[234] - Noninterest income for the three months ended September 30, 2025, was $15.4 million, an increase of $3.5 million or 30.0% compared to $11.8 million for the same period in 2024[253] Asset and Equity Growth - Total assets of Hope Bancorp, Inc. reached $18.51 billion as of September 30, 2025, following the acquisition of Territorial Savings[212] - Total assets as of September 30, 2025, were $18.55 billion, compared to $17.37 billion as of September 30, 2024[243] - Total stockholders' equity as of September 30, 2025, was $2,255.9 million, compared to $2,169.8 million as of September 30, 2024[225] - Stockholders' equity rose to $2.26 billion at September 30, 2025, up from $2.13 billion at December 31, 2024, an increase of $121.4 million[319] - Total equity investments increased to $88.7 million, up $48.8 million or 122.1% from $39.9 million at December 31, 2024[283] Loan and Deposit Information - Average loans for the three months ended September 30, 2025, were $14.52 billion, up from $13.57 billion in the same period of 2024, representing a growth of 7.0%[217] - Total deposits reached $15.83 billion at September 30, 2025, an increase of $1.50 billion, or 10.5%, from $14.33 billion at December 31, 2024[303] - Loans receivable reached $14.59 billion, an increase of $968.6 million or 7.1% from $13.62 billion at December 31, 2024[287] - Loans held for sale rose to $33.1 million, an increase of $18.6 million or 128.5% from $14.5 million at December 31, 2024[286] Credit Quality and Losses - Provision for credit losses increased to $8.71 million for the three months ended September 30, 2025, compared to $3.28 million in the same period of 2024, indicating a rise of 165.5%[215] - Nonperforming loans to loans receivable remained stable at 0.77% as of September 30, 2025, compared to 0.76% in the previous year[219] - The allowance for credit losses (ACL) was $152.5 million, compared to $150.5 million at December 31, 2024, with an ACL coverage ratio of 1.05%[294] - Net loan charge-offs for the three months ended September 30, 2025, were 0.14% of average loans, compared to 0.17% for the same period in 2024[297] - Net loan charge-offs for the nine months ended September 30, 2025, totaled $25.38 million, compared to $13.72 million for the same period in 2024, reflecting an increase of 85.5%[298] Operational Efficiency - The efficiency ratio improved to 68.20% for the three months ended September 30, 2025, down from 69.67% in the same period of 2024[215] - Noninterest expense for Q3 2025 was $96.9 million, an increase of 19.2% from $81.3 million in Q3 2024[224] - The efficiency ratio excluding notable items for Q3 2025 was 67.52%, compared to 68.44% in Q3 2024[224] Acquisition Impact - The Company completed the acquisition of Territorial Savings Bank on April 2, 2025, becoming the largest regional bank serving multicultural customers across the continental U.S. and Hawaii[230] - The bank's common stock issued as consideration in the Territorial acquisition amounted to $73.3 million during the nine months ended September 30, 2025[319] - Salaries and employee benefits rose by $10.8 million, or 24.3%, for Q3 2025, driven by an increase in headcount post-Territorial acquisition, with full-time equivalent employees at 1,452[261] - Occupancy expense increased by $2.2 million, or 31.9%, for Q3 2025, attributed to the addition of 29 branches from the Territorial acquisition[262] Interest Rates and Margins - The net interest margin for the three months ended September 30, 2025, was 2.89%, an increase from 2.55% in the same period of 2024[215] - The weighted average yield on loans decreased to 5.93% for Q3 2025, down 23 basis points from 6.16% in Q3 2024[237] - The weighted average cost of deposits for Q3 2025 was 2.88%, down 56 basis points from 3.44% in Q3 2024, influenced by lower market interest rates and the acquisition of lower-cost deposits[240] Tax and Regulatory Information - The company recorded an income tax provision of $5.6 million on pretax income of $36.5 million for Q3 2025, resulting in an effective tax rate of 15.40%[268] - Total tax credits and benefits from affordable housing partnerships were approximately $3.4 million for Q3 2025, compared to $2.8 million for the same period in 2024[271] - The bank's total capital ratio was 13.83% as of September 30, 2025, exceeding the required well-capitalized ratio[322] - The bank's leverage capital ratio was 10.85% as of September 30, 2025, indicating strong capital management[322]