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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 SEPTEMBER 30, 2025


☐	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:

001-12251

AMERISAFE, INC.

(Exact Name of Registrant as Specified in Its Charter)


Texas		75-2069407
(State of Incorporation)		(I.R.S. Employer Identification Number)

2301 Highway 190 West, DeRidder, Louisiana		70634
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (337) 463-9052

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	AMSF	NASDAQ

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 24, 2025, there were 18,924,399 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS


		Page
		No.

FORWARD-LOOKING STATEMENTS		3

PART I - FINANCIAL INFORMATION

Item 1	Financial Statements	4

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3	Quantitative and Qualitative Disclosures About Market Risk	29

Item 4	Controls and Procedures	29

PART II - OTHER INFORMATION

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 5	Other Information	31

Item 6	Exhibits	33

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. Forward-looking statements are all statements other than statements of historical facts. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “could,” “to be,” “anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements.

Forward-looking statements address matters that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied in these statements. We believe that these factors include, but are not limited to, the following:

•

the cyclical nature of the workers’ compensation insurance industry;

•

increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation;

•

changes in relationships with independent agencies (including retail and wholesale brokers and agents);

•

general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates, fluctuating asset values and global health pandemics;

•

developments in capital markets that adversely affect the performance of our investments;

•

technology breaches or failures, including those resulting from a malicious cyber attack on the Company or its policyholders and service providers;

•

in the industries we target, decreased level of business activity of our policyholders caused by downturn in business activity generally;

•

greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data;

•

adverse developments in economic, competitive, judicial or regulatory conditions within the workers’ compensation insurance industry;

•

loss of the services of any of our senior management or other key employees;

•

changes in regulations, laws, rates, rating factors, or taxes applicable to the Company, its policyholders or the agencies that sell its insurance;

•

changes in current accounting standards or new accounting standards;

•

changes in legal theories of liability under our insurance policies;

•

changes in rating agency policies, practices or ratings;

•

changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all;

•

the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and

•

other risks and uncertainties described in more detail under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in the Company’s other filings with the Securities and Exchange Commission (SEC).

The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report and other factors described under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and as may be further amended by subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based are likely to change after the date the forward-looking statements are made. We undertake no obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in our assumptions, actual experience or other changes that arise after the date of this report.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	September 30, 2025			December 31, 2024
	(unaudited)
Assets
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $80 and $116 in 2025 and 2024, respectively, (fair value $364,386 and $399,721 in 2025 and 2024, respectively)	$	372,018		$	413,061
Fixed maturity securities—available-for-sale, at fair value (amortized cost $319,255, allowance for credit losses of $0 in 2025 and amortized cost $318,975, allowance for credit losses of $0 in 2024)		314,604			307,750
Equity securities, at fair value (cost $31,164 and $36,020 in 2025 and 2024, respectively)		56,568			58,629
Short-term investments		19,090			9,338
Total investments		762,280			788,778
Cash and cash equivalents		54,747			44,045
Amounts recoverable from reinsurers (net of allowance for credit losses of $281 and $300 in 2025 and 2024, respectively)		113,918			117,019
Premiums receivable (net of allowance for credit losses of $3,838 and $4,238 in 2025 and 2024, respectively)		167,882			142,659
Deferred income taxes		18,854			19,448
Accrued interest receivable		7,632			7,327
Property and equipment, net		7,270			5,887
Deferred policy acquisition costs		21,758			19,151
Federal income tax recoverable		2,867			2,180
Other assets		7,736			11,297
Total assets	$	1,164,944		$	1,157,791
Liabilities and shareholders’ equity
Liabilities:
Reserves for loss and loss adjustment expenses	$	617,860		$	651,309
Unearned premiums		143,575			121,926
Amounts held for others		37,868			38,657
Policyholder deposits		33,797			33,867
Insurance-related assessments		17,436			14,852
Accounts payable and other liabilities		39,635			38,409
Payable for investments purchased		—			1,430
Total liabilities		890,171			900,450
Shareholders’ equity:
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2025 and 2024; 20,768,723 and 20,733,166 shares issued; and 18,992,255 and 19,050,315 shares outstanding in 2025 and 2024, respectively		208			207
Additional paid-in capital		225,951			223,956
Treasury stock, at cost (1,776,468 and 1,682,851 shares in 2025 and 2024, respectively)		(46,195	)		(42,052	)
Accumulated earnings		98,486			84,105
Accumulated other comprehensive loss, net		(3,677	)		(8,875	)
Total shareholders’ equity		274,773			257,341
Total liabilities and shareholders’ equity	$	1,164,944		$	1,157,791

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues
Gross premiums written	$	80,321		$	74,940		$	243,809		$	231,442
Ceded premiums written		(4,334	)		(3,951	)		(12,698	)		(11,904	)
Net premiums written	$	75,987		$	70,989		$	231,111		$	219,538
Net premiums earned	$	71,196		$	67,050		$	209,462		$	204,129
Net investment income		6,566			7,485			19,909			22,298
Net realized gains (losses) on investments		—			158			3,118			(181	)
Net unrealized gains on equity securities		4,117			3,873			2,794			8,591
Fee and other income		97			129			378			177
Total revenues		81,976			78,695			235,661			235,014
Expenses
Loss and loss adjustment expenses incurred		41,679			39,150			122,498			119,765
Underwriting and certain other operating costs		7,586			7,866			21,899			20,450
Commissions		6,199			5,639			18,488			17,438
Salaries and benefits		8,327			7,747			24,070			22,491
Policyholder dividends		712			513			2,585			2,634
Provision for investment related credit loss benefit		(8	)		(13	)		(36	)		(46	)
Total expenses		64,495			60,902			189,504			182,732
Income before income taxes		17,481			17,793			46,157			52,282
Income tax expense		3,663			3,469			9,435			10,040
Net income	$	13,818		$	14,324		$	36,722		$	42,242
Earnings per share
Basic	$	0.73		$	0.75		$	1.93		$	2.21
Diluted	$	0.72		$	0.75		$	1.92		$	2.21
Shares used in computing earnings per share
Basic		18,980,807			19,042,152			19,018,293			19,082,374
Diluted		19,072,061			19,113,103			19,106,556			19,156,976
Cash dividends declared per common share	$	0.39		$	0.37		$	1.17		$	1.11

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	13,818	$	14,324	$	36,722	$	42,242
Other comprehensive income:
Unrealized gain on debt securities, net of tax		3,884		6,885		5,198		4,519
Comprehensive income	$	17,702	$	21,209	$	41,920	$	46,761

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended September 30, 2025 and 2024

(in thousands, except share data)

(unaudited)


	Common Stock				Additional Paid-In			Treasury Stock						Accumulated			Accumulated Other Comprehensive
	Shares		Amounts		Capital			Shares			Amounts			Earnings			Loss			Total
Balance at June 30, 2025		20,764,355	$	208	$	225,674			(1,745,608	)	$	(44,848	)	$	92,097		$	(7,561	)	$	265,570
Comprehensive income:
Net income		—		—		—			—			—			13,818			—			13,818
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—			—			—			—			3,884			3,884
Comprehensive income:																					17,702
Common stock issued		4,368		—		(137	)		—			—			—			—			(137	)
Purchase of treasury stock		—		—		—			(30,860	)		(1,347	)		—			—			(1,347	)
Share-based compensation		—		—		414			—			—			—			—			414
Dividends to shareholders		—		—		—			—			—			(7,429	)		—			(7,429	)
Balance at September 30, 2025		20,768,723	$	208	$	225,951			(1,776,468	)	$	(46,195	)	$	98,486		$	(3,677	)	$	274,773

	Common Stock				Additional Paid-In			Treasury Stock						Accumulated			Accumulated Other Comprehensive
	Shares		Amounts		Capital			Shares			Amounts			Earnings			Loss			Total
Balance at June 30, 2024		20,729,551	$	207	$	223,359			(1,661,265	)	$	(41,042	)	$	128,028		$	(9,560	)	$	300,992
Comprehensive income:
Net income		—		—		—			—			—			14,324			—			14,324
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—			—			—			—			6,885			6,885
Comprehensive income:																					21,209
Common stock issued		3,270		—		(112	)		—			—			—			—			(112	)
Purchase of treasury stock		—		—		—			(21,586	)		(1,008	)		—			—			(1,008	)
Share-based compensation		—		—		358			—			—			—			—			358
Dividends to shareholders		—		—		—			—			—			(7,068	)		—			(7,068	)
Balance at September 30, 2024		20,732,821	$	207	$	223,605			(1,682,851	)	$	(42,050	)	$	135,284		$	(2,675	)	$	314,371

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Nine Months Ended September 30, 2025 and 2024

(in thousands, except share data)

(unaudited)


	Common Stock				Additional Paid-In		Treasury Stock						Accumulated			Accumulated Other Comprehensive
	Shares		Amounts		Capital		Shares			Amounts			Earnings			Loss			Total
Balance at December 31, 2024		20,733,166	$	207	$	223,956		(1,682,851	)	$	(42,052	)	$	84,105		$	(8,875	)	$	257,341
Comprehensive income:
Net income		—		—		—		—			—			36,722			—			36,722
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—		—			—			—			5,198			5,198
Comprehensive income:																				41,920
Common stock issued		35,557		1		806		—			—			—			—			807
Purchase of treasury stock		—		—		—		(93,617	)		(4,143	)		—			—			(4,143	)
Share-based compensation		—		—		1,189		—			—			—			—			1,189
Dividends to shareholders		—		—		—		—			—			(22,341	)		—			(22,341	)
Balance at September 30, 2025		20,768,723	$	208	$	225,951		(1,776,468	)	$	(46,195	)	$	98,486		$	(3,677	)	$	274,773

	Common Stock				Additional Paid-In		Treasury Stock						Accumulated			Accumulated Other Comprehensive
	Shares		Amounts		Capital		Shares			Amounts			Earnings			Loss			Total
Balance at December 31, 2023		20,704,448	$	207	$	222,078		(1,569,440	)	$	(36,929	)	$	114,289		$	(7,194	)	$	292,451
Comprehensive income:
Net income		—		—		—		—			—			42,242			—			42,242
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—		—			—			—			4,519			4,519
Comprehensive income:																				46,761
Common stock issued		28,373		—		453		—			—			—			—			453
Purchase of treasury stock		—		—		—		(113,411	)		(5,121	)		—			—			(5,121	)
Share-based compensation		—		—		1,074		—			—			—			—			1,074
Dividends to shareholders		—		—		—		—			—			(21,247	)		—			(21,247	)
Balance at September 30, 2024		20,732,821	$	207	$	223,605		(1,682,851	)	$	(42,050	)	$	135,284		$	(2,675	)	$	314,371

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Operating activities
Net income	$	36,722		$	42,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		592			835
Net amortization of investments		491			1,076
Change in investment related allowance for credit losses		(36	)		(46	)
Deferred income taxes		(788	)		(297	)
Net realized (gains) losses on investments		(3,118	)		181
Net unrealized gains on equity securities		(2,794	)		(8,591	)
Net realized losses on disposal of assets		—			209
Share-based compensation		2,621			2,161
Changes in operating assets and liabilities:
Premiums receivable, net		(25,029	)		(22,107	)
Accrued interest receivable		(305	)		82
Deferred policy acquisition costs		(2,607	)		(2,173	)
Amounts held by others		(2	)		—
Other assets		966			(1,487	)
Reserves for loss and loss adjustment expenses		(33,449	)		(10,508	)
Unearned premiums		21,649			15,409
Reinsurance balances		3,118			263
Amounts held for others and policyholder deposits		(859	)		(4,250	)
Federal income taxes recoverable		(687	)		(978	)
Accounts payable and other liabilities		3,962			1,342
Net cash provided by operating activities		447			13,363
Investing activities
Purchases of investments held-to-maturity		—			(5,465	)
Purchases of investments available-for-sale		(26,720	)		(33,956	)
Purchases of equity securities		(254	)		—
Purchases of short-term investments		(13,077	)		(46,957	)
Proceeds from maturities of investments held-to-maturity		43,074			50,988
Proceeds from sales and maturities of investments available-for-sale		24,900			45,532
Proceeds from sales of equity securities		8,232			7,933
Proceeds from sales and maturities of short-term investments		3,504			21,364
Purchases of property and equipment		(1,975	)		(826	)
Net cash provided by investing activities		37,684			38,613
Financing activities
Finance lease purchases		(63	)		(64	)
Share-based compensation related tax withholding		(810	)		(541	)
Purchase of treasury stock		(4,143	)		(5,121	)
Dividends to shareholders		(22,413	)		(21,269	)
Net cash used in financing activities		(27,429	)		(26,995	)
Change in cash and cash equivalents		10,702			24,981
Cash and cash equivalents at beginning of period		44,045			38,682
Cash and cash equivalents at end of period	$	54,747		$	63,663

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Basis of Presentation

AMERISAFE, Inc. (the Company) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: American Interstate Insurance Company (AIIC) and its insurance subsidiaries, Silver Oak Casualty, Inc. (SOCI) and American Interstate Insurance Company of Texas (AIICTX), Amerisafe Risk Services, Inc. (RISK) and Amerisafe General Agency, Inc. (AGAI). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK is a claims and safety service company currently servicing only affiliated insurance companies. AGAI is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers.

The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.

The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, maritime, and telecommunications. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the nine months ended September 30, 2025 and 2024.

In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended (the Exchange Act), and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (GAAP). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of our assets, liabilities, revenues and expenses and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates.

Adopted Accounting Guidance

The Company has not adopted any new accounting guidance in 2025.

Prospective Accounting Guidance

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures, that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our Annual Report on Form 10-K for the year ended December 31, 2025. Early adoption of the new standard is permitted; however, we have not elected to early-adopt the standard. Prospective application is required, with retrospective application permitted. We have analyzed the impacts and will provide the required disclosures upon adoption.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Expense Disaggregation Disclosures, which requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our Annual Report on Form 10-K for the year ended December 31, 2027, and interim reporting periods beginning in 2028. Early adoption of the new standard is permitted; however, we have not elected to early-adopt the standard. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Note 2. Restricted Stock, Restricted Stock Units, and Stock Options

As of September 30, 2025, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the

2012 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding the Company’s incentive plans.

During the nine months ended September 30, 2025, the Company issued 19,737 shares of common stock to executive officers pursuant to vested performance awards and 4,368 restricted stock units to officers. During the nine months ended September 30, 2025, the Company awarded 11,452 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.6 million. During the nine months ended September 30, 2024, the Company issued 12,993 shares of common stock to executive officers pursuant to vested performance awards and 3,270 restricted stock units to officers. During the nine months ended September 30, 2024, the Company awarded 12,110 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.2 million.

The Company had no stock options outstanding as of September 30, 2025.

The Company recognized share-based compensation expense of $0.8 million in the quarter ended September 30, 2025 and $0.8 million in the same period in 2024. The Company recognized share-based compensation expense of $2.6 million in the nine months ended September 30, 2025 and $2.2 million in the same period in 2024.

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested shares of common stock which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted EPS.

Basic EPS is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs vest.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	13,818	$	14,324	$	36,722	$	42,242
Basic weighted average common shares		18,980,807		19,042,152		19,018,293		19,082,374
Basic earnings per common share	$	0.73	$	0.75	$	1.93	$	2.21
Diluted EPS:
Net income	$	13,818	$	14,324	$	36,722	$	42,242
Diluted weighted average common shares:
Weighted average common shares		18,980,807		19,042,152		19,018,293		19,082,374
Restricted stock and RSUs		91,254		70,951		88,263		74,602
Diluted weighted average common shares		19,072,061		19,113,103		19,106,556		19,156,976
Diluted earnings per common share	$	0.72	$	0.75	$	1.92	$	2.21

Note 4. Investments

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at September 30, 2025 are summarized as follows:


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	339,321	$	(24	)	$	339,297	$	1,399	$	(8,302	)	$	332,394
Corporate bonds		21,733		(56	)		21,677		4		(530	)		21,151
U.S. agency-based mortgage-backed securities		2,490		—			2,490		25		(93	)		2,422
U.S. Treasury securities and obligations of U.S. government agencies		8,545		—			8,545		8		(143	)		8,410
Asset-backed securities		9		—			9		—		—			9
Totals	$	372,098	$	(80	)	$	372,018	$	1,436	$	(9,068	)	$	364,386

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at September 30, 2025 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	167,375	$	592	$	(6,344	)	$	161,623	$	—
Corporate bonds		132,868		2,767		(813	)		134,822		—
U.S. agency-based mortgage-backed securities		4,097		—		(337	)		3,760		—
U.S. Treasury securities and obligations of U.S. government agencies		14,915		—		(516	)		14,399		—
Totals	$	319,255	$	3,359	$	(8,010	)	$	314,604	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at September 30, 2025 are summarized as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	31,164	$	25,404	$	—	$	56,568
Total equity securities	$	31,164	$	25,404	$	—	$	56,568


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	368,056	$	(30	)	$	368,026	$	1,810	$	(13,568	)	$	356,268
Corporate bonds		33,849		(86	)		33,763		6		(1,099	)		32,670
U.S. agency-based mortgage-backed securities		2,781		—			2,781		11		(149	)		2,643
U.S. Treasury securities and obligations of U.S. government agencies		8,478		—			8,478		11		(362	)		8,127
Asset-backed securities		13		—			13		—		—			13
Totals	$	413,177	$	(116	)	$	413,061	$	1,838	$	(15,178	)	$	399,721

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2024 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	156,488	$	148	$	(8,430	)	$	148,206	$	—
Corporate bonds		143,070		1,248		(2,783	)		141,535		—
U.S. agency-based mortgage-backed securities		4,545		—		(486	)		4,059		—
U.S. Treasury securities and obligations of U.S. government agencies		14,872		—		(922	)		13,950		—
Totals	$	318,975	$	1,396	$	(12,621	)	$	307,750	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2024 are summarized as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	36,020	$	22,609	$	—	$	58,629
Total equity securities	$	36,020	$	22,609	$	—	$	58,629

A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:

          
         September 30, 2025

         December 31, 2024

          
         Carrying
Amount

         Fair
Value

AMERISAFE INC 10-Q