- Adjusted pretax pre-provision net revenue (PPNR) was $81 million, with an efficiency ratio improving to 53.3% on an adjusted basis.
- Allowance for loan losses increased to $185 million (1.5% of loans), reflecting acquisition-related provisions and organic loan growth.
- Net interest income increased 32.2% quarter-over-quarter to $147.2 million, driven by higher margin and portfolio additions.
- Net interest margin expanded 27 basis points to 3.95%, aided by Southern States' higher margin portfolios and purchase accounting accretion.
- Non-interest expense included $16.1 million merger-related costs; adjusted expenses increased due to combined operations but efficiency ratio improved.
- Non-interest income rose to $27.3 million adjusted, supported by mortgage banking, investment services, and fee income from Southern States.
- Reported EPS of $0.43 and adjusted EPS of $1.07 for Q3 2025, reflecting combined results post-merger with Southern States Bankshares.
- Return on average assets was 0.58% reported and 1.43% adjusted; return on tangible common equity was 5.82% reported and 14.7% adjusted.
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- Commission revenue increased by 27% year-over-year to a record $516 million, with an additional $15 million in commission revenue lost due to the SEC fee rate reduction to zero mid-quarter.
- Customer credit balances rose 34% to a record $144 billion, and client equity increased 34% to $604 billion, outperforming the S&P 500's 11% quarterly gain.
- Dividend was increased from $1 per year to $1.28, adjusted for the four-for-one stock split completed in June.
- Execution, clearing, and distribution costs rose only 1% despite higher volumes, maintaining a gross transactional profit margin of 82%.
- Expenses were well controlled with a 5% staff increase and compensation expense ratio steady at 11% of adjusted net revenues.
- Net interest income reached a quarterly record of $860 million, including a one-time $26 million tax credit; adjusted net interest income was $834 million.
- Pretax income exceeded $1 billion for the third consecutive quarter, with a pretax profit margin of 75%, a record for the company.
- Total assets grew 33% year-over-year to $181 billion, driven by higher segregated cash balances and margin lending.
- Catastrophe losses were $99 million, slightly higher than the prior year's $90 million, but the impact on the combined ratio remained flat.
- Financial leverage remained low at 23.4%, and after-tax unrealized investment losses improved by $120 million to $249 million.
- Net income per diluted share increased 8.7% year-over-year to $1.00 or $401 million, with an annualized return on beginning of year equity of 19.1%.
- Net premiums earned reached a quarterly record of $3.1 billion, and net premiums written hit a record $3.4 billion, with growth across all lines and segments.
- Operating earnings were $420 million or $1.05 per share, yielding a 20% annualized return on beginning of year equity, excluding after-tax foreign currency gains and losses.
- Ordinary and special dividends totaled $224 million, with book value per share growth before dividends at 6.8% for the quarter and 14.3% year-to-date.
- Record net investment income of $379 million was driven by growth in invested assets and higher new money rates on fixed maturity securities, with a book yield increase to 4.7%.
- Stockholders' equity increased by over $380 million or 4.3% to a record $9.3 billion.
- The accident year combined ratio before catastrophe losses was 88.4%, with a loss ratio excluding cats of 59.9% and an expense ratio of 28.5%.
- The effective tax rate was 23.2%, above the U.S. statutory rate due to foreign and state taxes.
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