- AMERISAFE reported net income of $14 million or $0.73 per diluted share for Q2 2025, compared to $11 million or $0.57 per diluted share in Q2 2024.
- Book value per share increased 3.3% year-to-date to $13.96; statutory surplus grew to $257 million from $235 million at year-end 2024.
- Expense ratio rose to 31.3% from 29.8% due to investments in growth and increased insurance-based assessments; full year expense ratio expected to be in line with previous years.
- Gross written premiums increased 4.3% to $79.7 million from $76.4 million in Q2 2024, driven by 12.8% growth in voluntary premiums despite moderation in audit premiums.
- Net investment income decreased 10.2% to $6.7 million due to lower investable assets after special dividend payment, but yields on new investments improved by 230 basis points.
- Operating net income was $10 million or $0.53 per diluted share, down from $11.1 million or $0.58 per diluted share in the prior year quarter.
- The company repurchased 63,000 shares at an average cost of $44.55 totaling $2.8 million in the quarter.
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- Allowance for credit losses to total loans was 1.28%, consistent with prior periods, and allowance to nonperforming loans improved to 175% from 122%.
- Effective tax rate was 14.6% for the quarter and 14.7% year-to-date.
- Efficiency ratio improved to 64.5% from 64.9% in the linked quarter and 72.6% in Q2 2024.
- Loan and lease portfolio grew at an annualized rate of 6.1%, with residential loans increasing by $42 million.
- Loan-to-deposit ratio was 98.6%, higher than targeted, with plans to reduce it to 90%-95%.
- Margin expanded by 13 basis points to 3.64% compared to the linked quarter.
- Net income for Q2 2025 was $11 million or $0.71 per diluted share, a 56% increase over Q2 2024 and a $847,000 increase over the linked quarter.
- Net interest income was $34.8 million, up 6.2% from the linked quarter, driven by a 13 basis point increase in earning asset yield to 5.84%.
- Noninterest expense was $27.5 million, a 1.3% increase over the first quarter due to merit increases and salary adjustments, but declined 3.2% from Q2 2024 due to fewer FTEs and reduced equipment expense.
- Noninterest income declined $1.3 million or 16.2% from the first quarter and $3.8 million from Q2 2024, mainly due to nonrecurring adjustments related to leasing operations.
- Pre-provision net revenue increased by $3.3 million or 37.5% over Q2 2024 and $770,000 or 6.7% over the linked quarter.
- Tier 1 leverage ratio was 8.8%, tangible common equity ratio was 6.7%, both improving post capital raise and acquisition.
- Adjusted Funds From Operations (AFFO) was negative $3.4 million or $0.10 per share, down from a positive $3.7 million or $0.10 per share in Q2 2024.
- Core operating expenses decreased by about $200,000, with lower G&A costs partially offset by higher property operating expenses related to water rights protection and vacant farms.
- Dividends declared per common share remained steady at $0.14.
- Fixed base cash rents declined by approximately $6.8 million year-over-year due to lease modifications, vacancies, and farm sales.
- Gladstone Land reported a net loss of $7.9 million and a net loss to common shareholders of $13.9 million or $0.38 per share for Q2 2025.
- Interest expense decreased due to loan repayments over the past year.
- Liquidity remains strong with over $150 million in available capital and nearly $170 million in unpledged properties for additional collateral.
- Expanded full-year net interest margin to 7.34% and adjusted net interest margin to 5.92%, reflecting improved rate-related card expense management.
- Fourth quarter net income grew 16% with EPS up 26% to $1.69, supported by 13% growth in non-interest income.
- Liquidity remains strong with $2.3 billion available, higher than the prior year.
- Loans and leases grew to $4.7 billion, a 14% increase primarily from commercial finance verticals including renewable energy and asset-based lending.
- Net income for the year was $185.9 million, driven by a 10% increase in non-interest income compared to the previous year.
- Non-performing loans increased in the quarter but remain well collateralized; net charge-off rate for 2025 was 64 basis points, within historic range.
- Reported full-year earnings per diluted share of $7.87, representing 9% year-over-year growth and exceeding the high end of prior guidance.
- Return on average assets for the year was 2.46%, and return on average tangible equity was 38.75%, indicating strong profitability.
- Agree Realty invested over $350 million in 110 properties during Q2 2025, including $328 million in acquisitions across 91 retail net lease assets with a weighted average cap rate of 7.1% and lease term of 12.2 years.
- Core FFO per share was $1.05 for Q2, a 1.3% increase year-over-year, and AFFO per share was $1.06, a 1.7% increase year-over-year.
- Liquidity stood at $2.3 billion with no material debt maturities until 2028 and pro forma net debt to recurring EBITDA at 3.1x, the lowest since Q4 2022.
- The company declared monthly dividends of $0.256 per share for Q2, representing a 2.4% year-over-year increase and a payout ratio of 72% of AFFO per share.
- The portfolio occupancy rebounded to 99.6% post re-tenanting of former Big Lots, with investment-grade exposure at 68%.
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