UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended Commission file September 30, 2025 number 1-5805 JPMorgan Chase & Co. (Exact name of registrant as specified in its charter) Delaware 13-2624428 (State or other jurisdiction of incorporation or organization) 383 Madison Avenue, New York, New York 10179 (Address of principal executive offices) (Zip Code) (I.R.S ...

Financial Performance - For the three months ended September 30, 2025, net sales increased to $155,869,000, a 42.5% increase from $109,408,000 in the same period of 2024[20] - Gross profit for the nine months ended September 30, 2025, was $187,005,000, representing a 19.6% increase compared to $156,294,000 for the same period in 2024[20] - Operating income for the three months ended September 30, 2025, rose to $18,674,000, up 244.5% from $5,426,000 in the prior year[20] - Net income for the nine months ended September 30, 2025, was $32,400,000, a 40% increase from $23,150,000 in the same period of 2024[20] - The company’s diluted net income per share for the three months ended September 30, 2025, was $0.27, compared to $0.09 for the same period in 2024, reflecting a 200% increase[20] - Net income for the quarter ending June 30, 2025, was reported at $10,941,000, compared to $9,248,000 for the previous quarter, indicating a sequential increase of 18.4%[25] - For the three months ended September 30, 2025, net income was $10,941,000, compared to $3,655,000 for the same period in 2024, representing a significant increase[49] - Adjusted EBITDA for the three months ended September 30, 2025, was $29.8 million, compared to $13.5 million in the same period of 2024, reflecting a significant increase in operational performance[130] Cash and Assets - Cash and cash equivalents increased to $150,875,000 as of September 30, 2025, compared to $124,933,000 at the end of 2024, reflecting a growth of 20.7%[17] - Total assets grew to $792,055,000 as of September 30, 2025, up 21.4% from $652,713,000 at the end of 2024[17] - As of September 30, 2025, total shareholders' equity increased to $340,374,000 from $311,515,000 as of December 31, 2024, reflecting a growth of approximately 9.3%[25] - The company reported a net cash provided by operating activities of $42,455,000 for the nine months ended September 30, 2025, significantly higher than $8,066,000 in the same period of 2024[24] - The company had $150.9 million in cash and cash equivalents at the end of the period on September 30, 2025, compared to $92.9 million at the end of 2024[192] Liabilities and Debt - Total liabilities increased to $451,681,000 as of September 30, 2025, compared to $341,198,000 at the end of 2024, marking a 32.5% rise[17] - Total long-term debt as of September 30, 2025, is $294,971, an increase from $211,830 as of December 31, 2024[78] - Outstanding debt increased to $311.2 million as of September 30, 2025, up from $223.2 million as of December 31, 2024, primarily related to term loan facilities[175] Acquisitions - Business acquisitions for the nine months ended September 30, 2025, totaled $89,590,000, down from $141,813,000 in the same period of 2024[24] - The total consideration for the acquisition of Zircaloy was $89,590,000, net of cash acquired, with total acquisition-related costs amounting to $4,520,000[53] - The company signed a definitive agreement to acquire Tyr Tactical, LLC for a total consideration of $175,000, including $150,000 in cash at closing[121] - The acquisition of ICOR resulted in total consideration of $39,282,000, net of cash acquired, with contingent consideration of $2,226,000 included[56] - The acquisition of Alpha Safety had a total consideration of $102,531, with goodwill of $49,133, indicating anticipated profitability from market expansion[63] Revenue Segments - Net sales for the Product segment for the three months ended September 30, 2025, were $138,789, an increase from $96,493 in the same period of 2024[120] - The Product segment net sales increased by $42.3 million, or 43.8%, to $138.8 million for the three months ended September 30, 2025, primarily due to the Zircaloy acquisition and stronger demand for armor and duty gear products[146] - Distribution segment net sales increased by $8.7 million, or 48.5%, to $26.5 million for the three months ended September 30, 2025, driven by stronger demand for hard goods[146] - Product segment net sales increased by $48.0 million, or 14.0%, from $343.7 million to $391.7 million for the nine months ended September 30, 2025, primarily due to the Zircaloy acquisition and increased demand for duty gear products[155] - Distribution segment net sales increased by $8.3 million, or 11.5%, from $71.6 million to $79.9 million for the nine months ended September 30, 2025, driven by stronger demand for hard goods[155] Expenses - Selling, general and administrative expenses increased by $19.2 million, or 17.0%, for the nine months ended September 30, 2025, primarily due to the Zircaloy acquisition and increased payroll expenses[157] - Interest expense, net increased by $3.2 million for the nine months ended September 30, 2025, primarily due to debt assumed from the Zircaloy acquisition[161] Tax and Other Income - Provision for income taxes was $12.3 million for the nine months ended September 30, 2025, with an effective tax rate of 27.5%[163] - Other income, net was $6.6 million for the nine months ended September 30, 2025, compared to other expense, net of $0.2 million for the same period in 2024, primarily due to changes in foreign currency exchange rates[162] Market Risks - The company is exposed to foreign currency exchange risk, primarily with the Canadian dollar and Mexican peso, due to its geographically diverse operations[214] - Forward contracts have been established to hedge forecasted costs in Mexican pesos, designated as cash flow hedges to manage foreign currency transaction risk[215] - Market risks, including interest rate and foreign currency exchange risks, are not currently significant to the company's results of operations but may become so in the future[207]

Financial Performance - Q3 2025 Net Income was $517 million, an increase of 140% compared to $215 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was $830 million, up 19.0% from $698 million in Q3 2024[6] - Adjusted EPS for Q3 2025 was $0.75, an increase of 5.6% compared to $0.71 in Q3 2024[7] - Total revenue for Q3 2025 was $3,351 million, a slight increase of 1.9% compared to $3,289 million in Q3 2024[23] - Net income attributable to The AES Corporation increased to $639 million in Q3 2025, compared to $504 million in Q3 2024, reflecting a growth of 26.7%[23] - Basic earnings per share for continuing operations rose to $0.94 in Q3 2025, compared to $0.72 in Q3 2024, an increase of 30.6%[23] - Adjusted EBITDA with Tax Attributes for Q3 2025 was $1,256 million, an increase from $1,174 million in Q3 2024, representing a 7% growth[33] Revenue Breakdown - Non-Regulated revenue decreased to $2,269 million in Q3 2025 from $2,352 million in Q3 2024, representing a decline of 3.5%[23] - Regulated revenue increased to $1,082 million in Q3 2025, up 15.4% from $937 million in Q3 2024[23] - The Renewables Strategic Business Unit (SBU) reported revenue of $817 million in Q3 2025, up 8.4% from $754 million in Q3 2024[25] - The Energy Infrastructure SBU revenue decreased to $1,483 million in Q3 2025 from $1,614 million in Q3 2024, a decline of 8.1%[25] Project Development - The company has a backlog of 11.1 GW of signed Power Purchase Agreements (PPAs), including 5 GW under construction[10] - Year-to-date, the company completed 2.9 GW of new projects and is on track to add a total of 3.2 GW by year-end 2025[4] - The company signed or was awarded new long-term PPAs for 2.2 GW of renewables year-to-date, including 1.6 GW with data centers[4] Guidance and Future Expectations - The company reaffirmed its 2025 guidance for Adjusted EBITDA of $2,650 to $2,850 million, with a growth target of 5% to 7% through 2027[9] - The company expects 2025 Adjusted EBITDA with Tax Attributes to be between $3,950 and $4,350 million[11] - The company is on track with its $1.4 billion capex plan for 2025 at its US utilities[5] Cash Flow and Liquidity - Total cash provided by operating activities for the nine months ended September 30, 2025, was $2,818 million, compared to $1,664 million for the same period in 2024, marking a 69% increase[29] - Cash and cash equivalents rose to $1,758 million as of September 30, 2025, up from $1,524 million at the end of 2024, an increase of 15.3%[27] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $2,549 million, slightly down from $2,559 million at the end of Q3 2024[29] Liabilities and Assets - Total current liabilities increased to $9,434 million as of September 30, 2025, compared to $8,571 million at the end of 2024, reflecting a rise of 10.1%[27] - The total assets of The AES Corporation increased to $50,783 million as of September 30, 2025, compared to $47,406 million at the end of 2024, marking a growth of 5.0%[27] Subsidiary Distributions and Parent Company - Total subsidiary distributions to Parent for the four quarters ended September 30, 2025, amounted to $2,200 million, a 23.5% increase from $1,633 million in the previous year[42] - For the quarter ended September 30, 2025, subsidiary distributions to Parent were $423 million, a decrease of 40.8% compared to $715 million in the same quarter of the previous year[42] - The Parent Company's liquidity at September 30, 2025, was $1,650 million, down from $2,047 million at December 31, 2024, representing a decline of 19.4%[42] - Returns of capital distributions to Parent for the quarter ended September 30, 2025, were $200 million, a substantial increase from $28 million in the same quarter of the previous year[42] - The company emphasizes that subsidiary distributions are crucial for funding debt service and other cash needs, highlighting the reliance on subsidiary performance[42]

Financial Performance - Net income attributable to Holdings decreased significantly to $(1,309) million for the nine months ended September 30, 2025, compared to $388 million for the same period in 2024, representing a decline of 511.1%[6] - Non-GAAP Operating Earnings for the three months ended September 30, 2025, were $455 million, down 12.0% from $517 million in the same period of 2024[6] - Total revenues for the three months ended September 30, 2025, decreased by 52.8% to $1,450 million compared to $3,073 million for the same period in 2024[9] - Net income attributable to Holdings for the three months ended September 30, 2025, was a loss of $1,309 million, a decrease of 891.7% from $892 million in the same period in 2024[9] - For the nine months ended September 30, 2025, consolidated operating earnings were $1,228 million, compared to $1,489 million for the same period in 2024, reflecting a decrease of 17.5%[17] Equity and Capital - Total equity attributable to Holdings' common shareholders fell to $148 million as of September 30, 2025, a decrease of 95.4% from $3,201 million a year earlier[6] - The company reported a return on equity (ex. AOCI) of (10.4)% for the trailing twelve months, compared to 14.0% in the previous year[6] - Book value per common share (ex. AOCI) decreased by 30.2% to $18.23 as of September 30, 2025, from $26.12 a year prior[6] - Total capital returned to common shareholders was $1,410 million for the nine months ended September 30, 2025, compared to $757 million for the same period in 2024[6] - The company’s debt to capital ratio (ex. AOCI) increased to 37.7% as of September 30, 2025, from 28.1% a year earlier[6] Assets and Liabilities - Total assets as of September 30, 2025, increased to $314,515 million from $298,841 million as of September 30, 2024, reflecting a growth of 5.2%[13] - Total liabilities as of September 30, 2025, were $312,567 million, up from $292,662 million as of September 30, 2024, representing a 6.8% increase[13] - Total long-term debt as of September 30, 2025, is $4,330 million, showing an increase from $3,831 million on September 30, 2024[14] Investment Income - Net investment income for the nine months ended September 30, 2025, increased by 7.1% to $3,946 million compared to $3,685 million for the same period in 2024[9] - The company reported net investment income of $1,350 million for the three months ended September 30, 2025, compared to $1,256 million for the same period in 2024, representing an increase of 7.5%[16] - Net investment income for the nine months ended September 30, 2025, was $3,972 million, compared to $3,622 million in 2024, reflecting an increase of 9.7%[17] Premiums and Policyholder Benefits - Policyholders' benefits for the nine months ended September 30, 2025, were $1,998 million, a slight decrease of 0.4% from $2,007 million for the same period in 2024[9] - The company experienced a 17.3% decline in premiums for the three months ended September 30, 2025, totaling $258 million compared to $312 million for the same period in 2024[9] - Policyholders' benefits for the three months ended September 30, 2025, decreased by 12.0% to $73 million from $83 million in the same period of 2024[25] Market Performance - The S&P 500 index value increased from 5,762 on September 30, 2024, to 6,688 on September 30, 2025, reflecting a growth of 16.1%[18] - The company's third-party AUM increased to $724.4 billion as of September 30, 2025, compared to $672.6 billion a year earlier, marking a growth of 7.7%[18] Shareholder Actions - Common stock dividends paid were $81 million for the three months ended September 30, 2025, compared to $76 million in the same period of 2024[6] - The company repurchased 10.9 million shares during the three months ended September 30, 2025[14] Non-GAAP Measures - The company emphasizes the use of Non-GAAP financial measures to provide a clearer picture of operating performance and underlying profitability trends[52] - The company reported a Non-GAAP Operating ROE for the previous twelve months, which is calculated by dividing Non-GAAP Operating Earnings by consolidated average equity attributable to Holdings' common shareholders[59] Derivative and Other Financial Metrics - The company recorded a net derivative loss of $1,117 million for the three months ended September 30, 2025, a 56.4% decrease from a loss of $714 million in the same period in 2024[9] - The net derivative losses for the three months ended September 30, 2025, were $(4) million, a 75% improvement from $(16) million in the previous quarter[29]

Financial Performance - Third quarter sales increased 3.8% to $211.4 million, driven by Aerospace growth of 8.5% to $192.7 million[4]. - Third quarter net loss was $11.1 million, reflecting $32.6 million in refinancing-related charges; adjusted EBITDA was $32.7 million, or 15.5% of sales[4]. - Gross profit increased 16.8% to $64.5 million, with a gross margin improvement to 30.5%[5]. - Operating income for Q3 2025 was $23.1 million, with an operating margin of 10.9%, compared to 4.1% in Q3 2024[37]. - Net loss for Q3 2025 was $11.1 million, or 5.2% of sales, compared to a net loss of $11.7 million, or 5.8% of sales, in Q3 2024[37]. - Adjusted EBITDA for the three months ended September 27, 2025, was $32,718 thousand, representing a margin of 15.5%, up from 13.3% in the prior year[52]. - Adjusted net income for the three months ended September 27, 2025, was $19,404 thousand, compared to $12,163 thousand for the same period in 2024[57]. Sales and Revenue Outlook - The company expects fourth quarter revenue to be between $225 million and $235 million, leading to a total revenue expectation of $847 to $857 million for 2025[4][26]. - Q3 2025 sales were $211.4 million, a 3.4% increase from $203.7 million in Q3 2024[37]. - Total consolidated sales for the nine months ended September 27, 2025, were $622,061 thousand, representing a 6.0% increase from $586,886 thousand in the prior year[46]. - Aerospace segment sales increased by 11.5% to $577,726 thousand for the nine months ended September 27, 2025, compared to $518,135 thousand in the same period of 2024[46]. Backlog and Bookings - Solid quarterly bookings of $210.4 million resulted in a backlog of $646.7 million[4]. - Backlog at the end of Q3 2025 was $646.7 million, with approximately 74% expected to be recognized as revenue over the next twelve months[27]. - The company reported a backlog of $646,723 thousand as of September 27, 2025, compared to $599,229 thousand at the end of the previous quarter[50]. Cost and Expenses - Interest expense decreased by 53.0% to $3.0 million due to lower rates following refinancing activities[12]. - The company recorded a loss on settlement of debt amounting to $32,644 thousand for the nine months ended September 27, 2025[44]. - Interest expense for the nine months ended September 27, 2025, was $9,167 thousand, a decrease from $17,832 thousand in the same period of 2024[44]. Capital Expenditures and Debt - Planned capital expenditures for 2025 are expected to be between $40 million and $50 million[27]. - Long-term debt rose significantly to $334.0 million from $168.7 million at the end of 2024[40]. - Capital expenditures for the nine months ended September 27, 2025, were $19,860 thousand, up from $5,244 thousand in the prior year[42]. Cash Flow - The company generated $34.2 million in cash from operations during the third quarter[4]. - The company generated net cash provided by operating activities of $47,172 thousand for the nine months ended September 27, 2025, compared to $4,149 thousand in the prior year[42]. Market Outlook - The company anticipates a significant reduction in future dilution due to the repurchase of 80% of its 5.5% Convertible Senior Notes due 2030[21]. - The company anticipates low double-digit growth for 2026, indicating a strong market outlook[28]. - The company is focused on developing technologies and capabilities to provide innovative solutions to its targeted markets[31].

Exhibit 99.1 CAVA GROUP REPORTS THIRD QUARTER 2025 RESULTS YEAR OVER YEAR CAVA REVENUE GROWTH OF 20.0% INCLUDING CAVA SAME RESTAURANT SALES GROWTH OF 1.9% 17 NET NEW CAVA RESTAURANT OPENINGS DURING QUARTER THIRD QUARTER 2025 CAVA RESTAURANT-LEVEL PROFIT MARGIN OF 24.6% WASHINGTON, D.C. (November 4, 2025) - CAVA Group, Inc. (NYSE: CAVA) ("CAVA Group" or the "Company"), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial r ...

Anaptys Announces Third Quarter 2025 Financial Results and Provides Business Update SAN DIEGO, Nov. 4, 2025 — AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, today reported financial results for the third quarter ended September 30, 2025, and provided a business update. "Our intent to separate our wholly owned biopharma programs from our royalty assets provides investors with the opportunity to realize and enhance the potentia ...

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ________________________________________________ FORM 10-Q ________________________________________________ 110 West Front Street, Red Bank, NJ 07701 (Address of principal executive offices) (Zip ...

Financial Performance - Net income available to common stockholders decreased to $17.33 million for the quarter, down from $24.11 million in the same quarter last year, representing a decline of 28.2%[17] - Net income available to common stockholders decreased to $17.3 million for the three months ended September 30, 2025, compared to $24.1 million for the same period in 2024[33] - Net interest income for the quarter was $90.66 million, up from $82.22 million in the same quarter last year, indicating a year-over-year increase of 10.4%[1] - Net interest income for the nine months ended September 30, 2025, was $264.9 million, compared to $250.7 million for the same period in 2024[33] - Non-interest income for the three months ended September 30, 2025 decreased to $12.3 million from $14.7 million, impacted by net losses on equity investments of $7,000[42] - Operating expenses for the three months ended September 30, 2025 increased to $76.3 million from $63.7 million, primarily due to restructuring charges of $4.1 million and an increase in compensation and benefits of $5.5 million[44] Asset and Liability Management - Total assets increased to $14.32 billion as of September 30, 2025, compared to $13.33 billion in the previous quarter, reflecting a growth of 7.5%[1] - Total liabilities increased by $952.7 million to $12.67 billion, primarily related to an increase in FHLB advances and deposits[27] - FHLB advances increased by $633.0 million to $1.71 billion, while deposits increased by $369.7 million to $10.44 billion[27] - The loan-to-deposit ratio was 101.2%, compared to 100.5% in the previous period[27] - Stockholders' equity decreased to $1.65 billion, primarily due to the redemption of preferred stock and capital returns[30] Loan Performance - Total loans increased by $372.9 million, representing a 14% annualized growth rate, with commercial loan originations rising 74% to $739.2 million from the previous quarter[19] - Total loans increased by $439.9 million to $10.56 billion, with a loan pipeline increase of $557.3 million to $863.9 million[26] - Non-performing loans increased to $41.26 million, representing 0.39% of total loans receivable, up from 0.28% in the same quarter last year[1] - Non-performing loans accounted for 0.39% of total loans as of September 30, 2025, compared to 0.35% at December 31, 2024[76] - The allowance for loan credit losses as a percentage of total loans receivable was 0.77%, slightly down from 0.78% in the previous quarter[1] - The allowance for loan credit losses was 0.77% of total loans, an increase from 0.73%[76] Capital and Regulatory Compliance - The common equity tier one capital ratio declined to 10.6%, driven by loan growth and increased lending commitments[29] - The Company satisfied all regulatory capital requirements as of September 30, 2025, with Tier 1 capital to risk-weighted assets at 11.28%[63] - Total capital to risk-weighted assets was 13.06% for the Company as of September 30, 2025, exceeding the required 10.50%[63] Shareholder Returns - The company declared a quarterly cash dividend of $0.20 per share, consistent with the previous quarter[18] - Cash dividends on common stock declared and paid during the nine months ended September 30, 2025, were $34.8 million, while preferred stock dividends were $2.0 million[59] - The Company repurchased 1,404,253 shares totaling $24.4 million during the nine months ended September 30, 2025[31] Interest Rate Risk Management - Management actively monitors interest rate risk, which could significantly impact earnings and stockholders' equity[93] - The Company's weighted average age of non-maturity deposit accounts was approximately 12.4 years, with a weighted average cost of 2.01%[97] - The net interest income sensitivity results indicated that the Company was modestly liability sensitive to rising rate scenarios and modestly asset sensitive to falling rate scenarios as of September 30, 2025[99] - The EVE sensitivity to a 200 basis point decrease in interest rates showed a change of (1.7)% as of September 30, 2025[99] Non-Performing Assets - Non-performing assets increased to $48.76 million as of September 30, 2025, from $37.34 million as of December 31, 2024[73] - The Company sold non-performing residential and consumer loans totaling $7.3 million during the nine months ended September 30, 2025[74] - The Company's other real estate owned increased to $7.5 million from $1.8 million, primarily due to one commercial loan[76]

Financial Performance - Diluted net income per common share for Q3 2025 was $2.19, up from $1.86 in Q3 2024, representing a 17.7% increase[149] - Net income available to common shareholders for Q3 2025 was $169.3 million, an 18.5% increase from $142.9 million in Q3 2024[173] - Basic net income per common share rose to $2.20 in Q3 2025, a 17.6% increase from $1.87 in Q3 2024[173] - Net interest income for Q3 2025 was $396.9 million, a 12.9% increase from $351.5 million in Q3 2024[157] - Net interest income for the nine months ended September 30, 2025, reached $1.1 billion, up 13.9% from $1.0 billion in the same period of 2024[174] - Noninterest income for Q3 2025 was $147.9 million, a 28.4% increase from $115.2 million in Q3 2024[173] - Noninterest income increased by $32.7 million, or 28.4%, in Q3 2025 compared to Q3 2024, largely due to a significant rise in income from equity method investments[159] Loans and Deposits - Total loans increased to $37.9 billion as of September 30, 2025, compared to $35.5 billion at December 31, 2024, reflecting a growth of 6.8%[149] - Total deposits rose to $45.7 billion at September 30, 2025, up from $42.8 billion at December 31, 2024, indicating a 6.8% increase[149] - Loans increased by $2.4 billion, or 6.9%, during the nine months ended September 30, 2025 compared to December 31, 2024[165] - Total deposits grew by 6.7% to $45.7 billion as of September 30, 2025, up from $42.8 billion as of September 30, 2024[173] - Noninterest-bearing deposits increased by $782.5 million, or 9.6%, to $9.0 billion at September 30, 2025[165] - Total loans outstanding increased to $37.9 billion as of September 30, 2025, up from $35.5 billion at December 31, 2024[217] - Total deposits rose by $2.9 billion to $45.7 billion between December 31, 2024, and September 30, 2025[217] Credit Losses and Allowance - Provision for credit losses was $31.9 million for Q3 2025, compared to $26.3 million in Q3 2024, reflecting a 21.3% increase[158] - The allowance for credit losses was $434.5 million at September 30, 2025, with a ratio of 1.15% to total loans, down from 1.17% at December 31, 2024[166] - Provision for credit losses increased by 21.5% to $31.9 million in Q3 2025 compared to $26.3 million in Q3 2024[173] - Provision for credit losses was $73.1 million for the nine months ended September 30, 2025, down from $90.9 million in the same period of 2024, reflecting a decrease of 19.5%[187] - The allowance for credit losses (ACL) was approximately $434,500 thousand as of September 30, 2025, representing 1.15% of total loans[227] Merger and Corporate Actions - The company entered into a merger agreement with Synovus, with Pinnacle Financial and Synovus merging into a newly formed entity, Newco[150] - The merger agreement includes a termination fee of $425 million payable under certain circumstances[156] - On July 24, 2025, the company entered into a Merger Agreement with Synovus, with Newco surviving the merger[169] - Merger-related expenses amounted to $7.7 million for the three months ended September 30, 2025, associated with the proposed merger with Synovus[213] Expenses and Efficiency - Noninterest expense increased by $43.8 million, or 16.9%, for the three months ended September 30, 2025 compared to the same period in 2024[161] - The efficiency ratio was 55.6% for the three months ended September 30, 2025, unchanged from the same period in 2024[162] - The efficiency ratio improved to 55.6% for the three months and 57.2% for the nine months ended September 30, 2025, compared to 55.6% and 61.3% for the same periods in 2024[215] Shareholder and Capital Information - Shareholders' equity increased to $6.9 billion as of September 30, 2025, up from $6.4 billion at December 31, 2024[237] - The company has approximately $246.3 million in cash available to support capital needs as of September 30, 2025[239] - The board authorized a share repurchase program for up to $125.0 million, effective through March 31, 2026[240] - The company’s capital ratios exceeded regulatory minimum requirements, indicating a well-capitalized status[237] Asset Management and Investments - The investment securities portfolio increased to $9.1 billion at September 30, 2025, up from $8.4 billion at December 31, 2024, with a tax equivalent yield of 4.41%[229] - The effective duration of the investment portfolio was 2.30% as of September 30, 2025, compared to 2.11% at December 31, 2024[229] - Securities purchased with an agreement to resell amounted to $83.1 million at September 30, 2025, compared to $66.4 million at December 31, 2024[231] Risk Management and Compliance - The bank aims to maintain a non-owner occupied commercial real estate, multifamily, and construction and land development loans to total risk-based capital ratio of less than 225%[219] - The bank's CECL models utilize macroeconomic factors such as the national unemployment rate and GDP to estimate future credit losses, indicating a data-driven approach to risk assessment[225] - The liquidity coverage ratio was compliant as of September 30, 2025, ensuring sufficient cash flows to meet obligations[260] - The company had an estimated $3.4 billion in additional borrowing capacity with the Federal Home Loan Bank (FHLB) as of September 30, 2025[263] Operational Highlights - Service charges on deposit accounts increased by $2.1 million, or 12.8%, in Q3 2025 compared to Q3 2024[160] - Income from wealth management services increased by 29.5% for the three months ended September 30, 2025, compared to the same period in 2024, driven by hiring more revenue producers[191] - Interchange revenues increased by 3.6% during the nine months ended September 30, 2025, primarily due to the volume of commercial credit card usage[203]