Kingstone Reports Third Quarter 2025 Results

Direct Premiums Written Grow 14% and Net Income Increases 56% to $10.9 Million Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time KINGSTON, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the third quarter ended September 30, 2025. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com. Key Financial and Operational Highlights Quarters EndedNine Months Ended September 30,September 30,($ in thousands, except per share data) 2025 2024 Change 2025 2024 ChangeDirect premiums written1$75,810 $66,627 13.8%$195,047 $169,447 15.1%Net combined ratio 72.7% 72.0%0.7pts 79.0% 80.7%(1.7)ptsNet income$10,872 $6,978 55.8%$26,007 $12,920 101.3%Net income per share - basic$0.77 $0.61 26.2%$1.88 $1.16 62.1%Net income per share - diluted$0.74 $0.55 34.5%$1.82 $1.05 73.3%Return on equity - annualized 42.9% 55.6%(12.7)pts 39.8% 36.6%3.2pts Management Commentary Meryl Golden, President and Chief Executive Officer of Kingstone, stated, “Building on the momentum from our record second quarter 2025 performance, we again delivered one of the strongest quarters in our history with net income of $10.9 million, diluted earnings per share of $0.74, a GAAP net combined ratio of 72.7%, and an annualized return on equity of 42.9%. "Direct premiums written for the quarter grew 14%, driven by higher average premiums and strong retention. The hard market conditions in our Downstate New York footprint have not changed materially. Our volume remains strong with a month-over-month increase in new business since June and continuing into the fourth quarter. "Net earned premium growth continues to be a powerful tailwind, exceeding 40% for the third consecutive quarter of 2025, primarily due to our reduced quota share. "Our net combined ratio of 72.7% was supported by lower frequency and lower-than-expected catastrophe losses as well as an increase in ceding commission resulting in a lower expense ratio. Notably, even with typical third quarter catastrophe losses, our combined ratio would have been in the low eighties, reflecting the differentiated platform we have built at Kingstone. "We will continue to execute with discipline, advance our measured expansion roadmap and allocate capital prudently to drive sustained, profitable growth. Our success underscores the strength and durability of our strategy, and we remain committed to delivering long-term value to our shareholders.” Guidance (see “Disclaimer and Forward-Looking Statements” below) The Company affirmed its growth guidance and raised its profitability outlook for fiscal year 2025, calculated based on anticipated net premiums earned of approximately $187 million, and is as follows: Guidance Metrics2025E2025 - PreviousDirect premiums written1growth12% to 17%12% to 17%Net combined ratio78% to 82%79% to 83%Net income per share – basic$2.30 to $2.70$2.10 to $2.50Net income per share – diluted$2.20 to $2.60$1.95 to $2.35Return on equity35% to 39%30% to 38% The Company affirmed its growth guidance and its profitability outlook for fiscal year 2026, calculated based on anticipated net premiums earned of approximately $233 million, and is as follows: Guidance Metrics2026EDirect premiums written1growth15% to 20%Net combined ratio79% to 83%Net income per share – basic$2.15 to $2.85Net income per share – diluted$2.10 to $2.80Return on equity26% to 36% The following reflects the impact of dilution on total shares outstanding for the nine months ended September 30, 2025, and for the full year 2025 and 2026 guidance: Common Stock MetricsNine Months Ended2025E2026E(shares in millions)September 30, 2025 Weighted average shares outstanding – basic13.813.914.4Weighted average shares outstanding – diluted14.314.514.7Total shares outstanding as of end of period – basic14.114.214.5Total shares outstanding as of end of period – diluted14.814.814.9 Consolidated Financial Results Consolidated Financial ResultsQuarters EndedNine Months Ended($ in thousands, except policy and per share data)September 30,September 30, 2025 2024 Change 2025 2024 ChangeDirect premiums written1$75,810 $66,627 13.8%$195,047 $169,447 15.1%Net premiums earned$47,925 $33,407 43.5%$137,663 $92,531 48.8% Policies in force, at the end of the period 78,026 74,887 4.2% Net investment income$2,499 $1,650 51.5%$6,848 $4,917 39.3%Net gains on investments$182 $827 (78.0)%$591 $1,319 (55.2)%Gain on sale of real estate$— $— —%$1,966 $— NM Underlying loss ratio1 44.1% 39.2%4.9pts 48.0% 47.9%0.1ptsEffect of prior-year reserve development —%(1.9)%1.9pts(0.6)%(1.8)%1.2ptsNet loss ratio excluding the effect of catastrophes1 44.1% 37.3%6.8pts 47.4% 46.1%1.3ptsCatastrophe loss ratio1 0.2% 1.7%(1.5)pts 0.8% 2.7%(1.9)ptsNet loss ratio 44.3% 39.0%5.3pts 48.2% 48.8%(0.6)ptsNet underwriting expense ratio 28.4% 33.0%(4.6)pts 30.8% 31.9%(1.1)ptsNet combined ratio 72.7% 72.0%0.7pts 79.0% 80.7%(1.7)pts Adjusted EBITDA1$14,671 $10,433 40.6%$33,710 $21,213 58.9%Net Income$10,872 $6,978 55.8%$26,007 $12,920 101.3%Net Income per share - basic$0.77 $0.61 26.2%$1.88 $1.16 62.1%Net Income per share - diluted$0.74 $0.55 34.5%$1.82 $1.05 73.3%Return on equity - annualized 42.9% 55.6%(12.7)pts 39.8% 36.6%3.2pts Other comprehensive income, net of tax$2,186 $3,584 (39.0)%$5,431 $3,234 67.9%Operating net income1$10,729 $6,325 69.6%$23,988 $11,878 102.0%Operating net income per share - basic1$0.76 $0.55 38.2%$1.73 $1.07 61.7%Operating net income per share - diluted1$0.73 $0.50 46.0%$1.68 $0.97 73.2%Operating return on equity1 10.6% 12.6%(2.0)pts 27.5% 25.2%2.3ptsOperating return on equity1- annualized 42.4% 50.4%(8.0)pts 36.7% 33.6%3.1pts Book value per share, at the end of the period - diluted$7.28 $4.32 68.7%Book value per share, at the end of the period - diluted excluding AOCI$7.74 $4.97 55.7% NM = Not Meaningful1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release. Conference Call Details Friday, November 7, 2025, at 8:30 a.m. Eastern Time To participate please dial: U.S. toll free 1-877-423-9820International 1-201-493-6749 Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the “News & Events/Events” tab of the Company’s website at www.kingstonecompanies.com or by clicking here. The webcast will be archived and accessible for approximately 30 days. About Kingstone Companies, Inc.Kingstone is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 12th largest writer of homeowners insurance in New York in 2024 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Investor Relations Contact:Elevate IRKINS@elevate-ir.com720-330-2829 Disclaimer and Forward-Looking Statements The guidance provided above is based on information available as of November 6, 2025 and management's review of the anticipated financial results for 2025. Such guidance remains subject to change based on management's ongoing review of the Company's 2025 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission. This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. The risks and uncertainties include, without limitation, the following: the risk of significant losses from catastrophes and severe weather events;risks related to the lack of a financial strength rating from A.M. Best;risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;adverse capital, credit and financial market conditions;risks related to volatility in net investment income;the unavailability of reinsurance at current levels and prices;the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;the credit risk of our reinsurers;the inability to maintain the requisite amount of risk-based capital needed to grow our business;the effects of climate change on the frequency or severity of weather events and wildfires;risks related to the limited market area of our business;risks related to a concentration of business in a limited number of producers;legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators; the effects of competition in our market areas;our reliance on certain key personnel;risks related to security breaches or other attacks involving our computer systems or those of our vendors; andour reliance on information technology and information systems. Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Definitions and Non-GAAP Measures Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period. Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned. Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA. Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income and does not reflect the Company’s overall profitability. Operating net income and basic operating net income per share is net income and basic income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and basic net income per share are the GAAP measures most closely comparable to operating net income and basic operating net income per share. Management uses operating net income and basic operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and basic operating net income per share are provided as supplemental information, not as a substitute for net income and basic net income per share and do not reflect the Company’s overall profitability. Operating net income and diluted operating net income per share is net income and diluted income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and diluted net income per share are the GAAP measures most closely comparable to operating net income and diluted operating net income (loss) per share. Management uses operating net income and diluted operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and diluted operating net income per share are provided as supplemental information, not as a substitute for net income and diluted net income per share, and do not reflect the Company’s overall profitability. Operating return on equity is operating income divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity. Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity. Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses. Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio. Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio. Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio. The table below reconciles direct premiums written to net premiums earned for the periods presented: For the Three Months Ended For the Nine Months Ended September 30, September 30, % %(000’s except percentages) 2025 2024 Change 2025 2024 ChangeDirect Premiums Written Reconciliation: Direct premiums written$75,810 $66,627 13.8 % $195,047 $169,447 15.1 %Ceded written premiums (44,161) (46,081) (4.2) (50,178) (69,381) (27.7) Net premiums written 31,649 20,545 54.0 144,869 100,065 44.8 Change in unearned premiums 16,276 12,862 26.5 (7,206) (7,535) (4.4) Net premiums earned$47,925 $33,407 43.5 % $137,663 $92,531 48.8 % (Components may not sum due to rounding) The following table reconciles net income to adjusted EBITDA for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30, % %(000’s except percentages) 2025 2024 Change 2025 2024 ChangeAdjusted EBITDA Reconciliation: Net income$10,872 $6,978 55.8 % $26,007 $12,920 101.3 %Interest expense 73 901 (91.9) 377 2,884 (86.9) Income tax expense 2,834 2,106 34.6 6,584 3,689 78.5 Depreciation and amortization 645 619 4.2 1,882 1,836 2.5 EBITDA 14,423 10,604 36.0 34,850 21,329 63.4 Loss on extinguishment of debt — 297 (100.0) 175 297 (41.1) Net gain on investments (182) (827) (78.0) (591) (1,319) (55.2) Gain on sale of real estate — — — (1,966) — NM Stock-based compensation 430 359 19.8 1,241 906 37.0 Adjusted EBITDA$14,671 $10,433 40.6 % $33,710 $21,213 58.9 % (Components may not sum due to rounding) NM = Not Meaningful The following table reconciles net income to operating net income and basic net income per share to basic operating net income per share for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (000’s except per common share and outstanding share amounts)Amount Basic income per common share Amount Basic income per common share Amount Basic income per common share Amount Basic income per common share Net income$10,872 $0.77 $6,978 $0.61 $26,007 $1.88 $12,920 $1.16 Net gain on investments (182) (827) (591) (1,319) Gain on sale of real estate — — (1,966) — Net gain on investments and gain on sale of real estate (182) (827) (2,557) (1,319) Less tax expense on net gain (38) (174) (537) (277) Net gain on investments and (gain) on sale of real estate, net of taxes (144) $(0.01) (653) $(0.06) (2,020) $(0.15) (1,042) $(0.09) Operating net income$10,729 $0.76 $6,325 $0.55 $23,988 $1.73 $11,878 $1.07 Weighted average basic shares outstanding 14,142,374 11,404,360 13,849,283 11,142,043 (Components may not sum due to rounding) The following table reconciles net income to operating net income and diluted net income per share to diluted operating net income per share for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024(000’s except per common share and outstanding share amounts)Amount Diluted income per common share Amount Diluted income per common share Amount Diluted income per common share Amount Diluted income per common share Net income$10,872 $0.74 $6,978 $0.55 $26,007 $1.82 $12,920 $1.05 Net gain on investments (182) (827) (591) (1,319) Gain on sale of real estate — — (1,966) — Net gain on investments and gain on sale of real estate (182) (827) (2,557) (1,319) Less tax expense on net gain (38) (174) (537) (277) Net gain on investments and gain on sale of real estate, net of taxes (144) $(0.01) (653) $(0.05) (2,020) $(0.14) (1,042) $(0.09) Operating net income$10,729 $0.73 $6,325 $0.50 $23,988 $1.68 $11,878 $0.97 Weighted average diluted shares outstanding 14,601,241 12,581,128 14,303,326 12,249,576 (Components may not sum due to rounding) The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated: For the Three Months Ended For the Nine Months Ended September 30, September 30,(000’s except percentages) 2025 2024 Change 2025 2024 ChangeOperating Net Income Reconciliation: Net income$10,872 $6,978 55.8% $26,007 $12,920 101.3% Net gain on investments (182) (827) (78.0)% (591) (1,319) (55.2)%Gain on sale of real estate — — —% (1,966) — NMNet gain on investments and gain on sale of real estate (182) (827) (78.0)% (2,557) (1,319) 93.9%Less tax expense on net gain (38) (174) (78.2)% (537) (277) 93.9%Net gain on investments and gain on sale of real estate, net of taxes (144) (653) (77.9)% (2,020) (1,042) 93.9% Operating net income$10,729 $6,325 69.6% $23,988 $11,878 102.0% Operating Return on Equity Reconciliation: Net income$10,872 $6,978 55.8% $26,007 $12,920 101.3%Average equity$101,265 $50,236 101.6% $87,181 $47,087 85.1%Return on equity 10.7% 13.9% (3.2)pts 29.8% 27.4% 2.4ptsReturn on equity - annualized 42.9% 55.6% (12.7)pts 39.8% 36.6% 3.2pts Net gain on investments and gain on sale of real estate, net of taxes$(144) $(653) (77.9)% $(2,020) $(1,042) 93.9%Average equity$101,265 $50,236 101.6% $87,181 $47,087 85.1%Effect of net gain on investments and gain on sale of real estate, net of taxes, on return on equity(0.1)% (1.3)% 1.2pts (2.3)% (2.2)% (0.1)pts Operating net income$10,729 $6,325 69.6% $23,988 $11,878 102.0%Operating net income - annualized$42,914 $25,300 69.6% $31,984 $15,837 102.0%Average equity$101,265 $50,236 101.6% $87,181 $47,087 85.1% Operating return on equity 10.6% 12.6% (2.0)pts 27.5% 25.2% 2.3ptsOperating return on equity - annualized 42.4% 50.4% (8.0)pts 36.7% 33.6% 3.1pts (Components may not sum due to rounding) NM = Not Meaningful The following table reconciles the underlying loss ratio and the net loss ratio excluding the effect of catastrophes to the net loss ratio for the periods presented: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2025 2024 Percentage Point Change 2025 2024 Percentage Point Change Underlying Loss Ratio Reconciliation: Underlying Loss Ratio44.1% 39.2% 4.9 pts 48.0% 47.9% 0.1 pts Effect of prior-year reserve development—% (1.9) % 1.9 pts (0.6) % (1.8) % 1.2 pts Net loss ratio excluding the effect of catastrophes44.1% 37.3% 6.8 pts 47.4% 46.1% 1.3 pts Effect of catastrophes0.2% 1.7% (1.5)pts 0.8% 2.7% (1.9)pts Net loss ratio44.3% 39.0% 5.3 pts 48.2% 48.8% (0.6)pts (Components may not sum due to rounding) KINGSTONE COMPANIES, INC. AND SUBSIDIARIESConsolidated Balance Sheets September 30,2025December 31,2024 (unaudited) Assets Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,174,675 at September 30, 2025 and $5,959,265 at December 31, 2024)$6,043,708 $7,047,342 Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $261,180,534 at September 30, 2025 and $202,308,158 at December 31, 2024) 252,640,428 186,893,438 Equity securities, at fair value (cost of $13,546,654 at September 30, 2025 and $13,527,554 at December 31, 2024 10,409,833 10,296,505 Other investments 4,889,148 4,380,656 Total investments 273,983,117 208,617,941 Cash and cash equivalents 26,772,302 28,669,441 Premiums receivable, net of allowance for credit losses of $477,154 at September 30, 2025 and $402,290 at December 31, 2024 18,252,649 21,766,988 Reinsurance receivables, net 60,019,060 69,322,436 Prepaid reinsurance 2,142,329 — Deferred policy acquisition costs 25,377,781 24,732,371 Intangible assets 500,000 500,000 Property and equipment, net 7,861,007 9,283,970 Deferred income taxes, net 4,138,144 5,597,920 Other assets 9,543,853 6,424,776 Total assets$428,590,242 $374,915,843 Liabilities Loss and loss adjustment expense reserves$141,194,246 $126,210,428 Unearned premiums 140,041,140 134,701,733 Advance premiums 7,711,957 3,503,063 Reinsurance balances payable 5,690,029 10,509,121 Deferred ceding commission revenue 7,562,417 11,541,239 Accounts payable, accrued expenses and other liabilities 12,152,437 10,570,388 Income taxes payable 1,832,290 — Debt, net (current $1,278,094 and long-term $3,474,590 at September 30, 2025, current $6,849,257 and long-term $4,322,163 at December 31, 2024, ) 4,752,684 11,171,420 Total liabilities 320,937,200 308,207,392 Commitments and Contingencies — — Stockholders' Equity Preferred stock, $.01 par value; authorized 2,500,000 shares — — Common stock, $.01 par value; authorized 20,000,000 shares; issued 15,671,553 shares at September 30, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,147,428 shares at September 30, 2025 and 12,924,080 shares at December 31, 2024 156,715 144,482 Capital in excess of par 99,264,372 89,063,326 Accumulated other comprehensive loss (6,744,530) (12,175,476)Retained earnings (accumulated deficit) 20,544,492 (4,755,874) 113,221,049 72,276,458 Treasury stock, at cost, 1,524,125 shares at September 30, 2025 and December 31, 2024 (5,568,007) (5,568,007)Total stockholders' equity 107,653,042 66,708,451 Total liabilities and stockholders' equity$428,590,242 $374,915,843 KINGSTONE COMPANIES, INC. AND SUBSIDIARIESConsolidated Statements of Income and Comprehensive Income (Unaudited) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenues Net premiums earned$ 47,925,053 $ 33,407,194 $ 137,663,376 $ 92,530,708 Ceding commission revenue 4,900,401 4,741,676 10,940,648 13,870,748 Net investment income 2,499,071 1,649,673 6,847,934 4,917,129 Net gains on investments 182,122 826,522 590,594 1,319,307 Gain on sale of real estate — — 1,965,989 — Other income 145,843 146,663 437,503 401,128 Total revenues 55,652,490 40,771,728 158,446,044 113,039,020 Expenses Loss and loss adjustment expenses 21,232,324 13,027,597 66,334,564 45,125,492 Commission expense 10,308,092 9,004,254 30,250,601 25,088,546 Other underwriting expenses 8,358,432 6,894,590 23,491,221 18,675,720 Other operating expenses 1,330,258 1,241,572 3,519,475 2,820,620 Depreciation and amortization 644,653 619,056 1,881,880 1,835,503 Interest expense 72,609 900,583 377,137 2,884,181 Total expenses 41,946,368 31,687,652 125,854,878 96,430,062 Income from operations before taxes 13,706,122 9,084,076 32,591,166 16,608,958 Income tax expense 2,833,647 2,105,931 6,583,699 3,689,197 Net income 10,872,475 6,978,145 26,007,467 12,919,761 Other comprehensive income, net of tax Gross decrease in net unrealized losses on available-for-sale-securities 2,760,803 4,533,334 6,862,488 4,082,771 Reclassification adjustment for net losses included in net income 6,322 3,939 12,126 11,468 Net decrease in net unrealized losses 2,767,125 4,537,273 6,874,614 4,094,239 Income tax expense related to items of other comprehensive income (581,096) (952,827) (1,443,668) (859,789) Other comprehensive income, net of tax 2,186,029 3,584,446 5,430,946 3,234,450 Comprehensive income$ 13,058,504 $ 10,562,591 $ 31,438,413 $ 16,154,211 Earnings per common share: Basic$ 0.77 $ 0.61 $ 1.88 $ 1.16 Diluted$ 0.74 $ 0.55 $ 1.82 $ 1.05 Weighted average common shares outstanding Basic 14,142,374 11,404,360 13,849,283 11,142,043 Diluted 14,601,241 12,581,128 14,303,326 12,249,576

Kingstone Reports Third Quarter 2025 Results

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