$NMIH

NMI Holdings, Inc.

CIK:0001547903|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net premiums earned	$ 157,524	$ 149,066	$ 312,330	$ 298,432
Net investment income	30,331	24,949	58,935	48,635
Net realized investment losses	(229)	(400)	(376)	(376)
Other revenues	265	164	477	334
Total revenues	187,891	173,779	371,366	347,025
Expenses
Insurance claims and claim expenses	13,147	13,445	33,808	17,923
Underwriting and operating expenses	30,492	29,508	61,115	59,683
Service expenses	190	110	329	226
Interest expense	7,116	7,115	14,225	14,221
Total expenses	50,945	50,178	109,477	92,053
Income before income taxes	136,946	123,601	261,889	254,972
Income tax expense	31,158	27,450	56,771	56,262
Net income	$ 105,788	$ 96,151	$ 205,118	$ 198,710
Earnings per share
Basic (in dollars per share)	$ 1.40	$ 1.23	$ 2.70	$ 2.54
Diluted (in dollars per share)	$ 1.38	$ 1.21	$ 2.66	$ 2.50
Weighted average common shares outstanding
Basic (in shares)	75,779	77,987	75,977	78,197
Diluted (in shares)	76,585	79,256	77,010	79,557
Comprehensive income:
Net income	$ 105,788	$ 96,151	$ 205,118	$ 198,710
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $(1,686) and $5,570 for the three months ended June 30, 2026 and 2025, and $(7,645) and $13,756 for the six months ended June 30, 2026 and 2025, respectively	(6,345)	20,955	(28,761)	51,750
Reclassification adjustment for realized losses included in net income, net of tax benefit of $48 and $84 for the three months ended June 30, 2026 and 2025, and $138 and $79 for the six months ended June 30, 2026 and 2025, respectively	181	316	520	297
Other comprehensive (loss) income, net of tax	(6,164)	21,271	(28,241)	52,047
Comprehensive income	$ 99,624	$ 117,422	$ 176,877	$ 250,757

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 205,118	$ 198,710
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses	376	376
Depreciation and amortization	4,956	5,726
Net accretion of discount on investment securities	(1,298)	(1,634)
Amortization of debt discount and debt issuance costs	1,255	1,192
Deferred income taxes	39,964	41,361
Share-based compensation expense	9,988	9,464
Changes in operating assets and liabilities:
Premiums receivable, net	(519)	(843)
Accrued investment income	(3,621)	(1,990)
Deferred policy acquisition costs, net	(275)	179
Reinsurance recoverable	(1,857)	(445)
Other assets	(2,894)	(6,089)
Unearned premiums	(5,154)	(11,058)
Reserve for insurance claims and claim expenses	18,154	10,962
Reinsurance balances, net	0	(132)
Accounts payable and accrued expenses	(5,472)	(16,272)
Net cash provided by operating activities	258,721	229,507
Cash flows from investing activities
Purchase of short-term investments	(88,548)	(91,711)
Purchase of fixed-maturity investments, available-for-sale	(504,331)	(253,319)
Proceeds from maturities of short-term investments	86,625	55,100
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale	138,631	137,935
Proceeds from sales of fixed-maturity investments, available-for-sale	214,753	13,563
Additions to software and equipment	(3,481)	(3,354)
Net cash used in investing activities	(156,351)	(141,786)
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans	3,904	2,828
Taxes paid related to net share settlement of equity awards	(18,124)	(10,921)
Repurchases of common stock	(59,965)	(49,923)
Net cash used in financing activities	(74,185)	(58,016)
Net increase in cash, cash equivalents and restricted cash	28,185	29,705
Cash, cash equivalents and restricted cash, beginning of period	43,937	54,308
Cash, cash equivalents and restricted cash, end of period	72,122	84,013
Supplemental disclosures of cash flow information
Interest paid	12,750	18,700
Income taxes paid	$ 14,164	$ 22,811

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,346,838 and $3,190,174)	$ 3,257,940	$ 3,137,023
Cash and cash equivalents	72,122	43,937
Premiums receivable, net	86,778	86,259
Accrued investment income	30,874	27,253
Deferred policy acquisition costs, net	64,647	64,372
Software and equipment, net	20,755	21,727
Intangible assets and goodwill	3,634	3,634
Reinsurance recoverable	40,434	38,577
Prepaid federal income taxes	400,258	400,258
Other assets	19,933	18,058
Total assets	3,997,375	3,841,098
Liabilities
Debt	418,021	417,031
Unearned premiums	41,506	46,660
Accounts payable and accrued expenses	98,597	101,595
Reserve for insurance claims and claim expenses	214,583	196,429
Deferred tax liability, net	511,347	478,890
Other liabilities	8,125	8,507
Total liabilities	1,292,179	1,249,112
Commitments and contingencies
Shareholders' equity
Common stock - $0.01 par value; 88,995,839 shares issued and 75,367,346 shares outstanding as of June 30, 2026 and 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 (250,000,000 shares authorized)	890	884
Additional paid-in capital	1,012,534	1,016,772
Treasury stock, at cost: 13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively	(411,207)	(351,772)
Accumulated other comprehensive loss, net of tax	(74,324)	(46,083)
Retained earnings	2,177,303	1,972,185
Total shareholders' equity	2,705,196	2,591,986
Total liabilities and shareholders' equity	$ 3,997,375	$ 3,841,098