MIL-OSI: Dime Community Bancshares, Inc. Reports Strong Second Quarter Results With Earnings Per Share Increasing by 49% on a Year-over-Year Basis

Source: GlobeNewswire (MIL-OSI)

Continued Growth in Core Deposits and Business Loans on a Year-over-Year Basis

Quarterly Net Interest Margin Improves to 2.98%

HAUPPAUGE, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $27.9 million for the quarter ended June 30, 2025, or $0.64 per diluted common share, compared to $19.6 million, or $0.45 per diluted common share, for the quarter ended March 31, 2025 and net income available to common stockholders of $16.7 million for the quarter ended June 30, 2024, or $0.43 per diluted common share.

Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “As we continue to execute on our growth plan, we were pleased with the solid growth in core deposits, business loans, net interest margin and capital ratios. We had an active second quarter from a recruiting standpoint, which will aid us in the years ahead as we diversify our balance sheet and continue to take market share. Of note, and recognizing the progress we have made in creating a high quality balance sheet, Kroll Bond Rating Agency revised our outlook from “Stable” to “Positive” in the month of June.”

Second Quarter Recruiting Update

Hired Shawn Gines as Executive Vice President of Corporate and Specialty Finance; Mr. Gines was previously the Regional President of the New York City and New Jersey metro markets for Webster Bank;
Hired Jason Brenner and Zach Schwartz to lead the newly created Lender Finance vertical; Mr. Brenner and Mr. Schwartz were previously with Axos Bank and First Citizens Bank, respectively;
Hired Michael Watts to lead the newly created Fund Finance vertical; Mr. Watts was previously with East West Bank;
Hired Raffaella Palazzo as Director of Business Banking; Ms. Palazzo was previously Chief Operations Officer at Hanover Bank; and
Hired Solomon Ponniah as Group Leader to grow metro NYC lending presence; Mr. Ponniah was previously Director of Business Banking at Popular Bank.

Geographic Expansion

Received all requisite regulatory approvals to open a branch location at 500 Boulevard of the Americas in Lakewood, New Jersey. The branch opening is planned for early 2026.
Expect to open a new branch location in Manhattan in the fourth quarter of 2025.

Highlights for the Second Quarter of 2025 included:

Total deposits increased $711.7 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.21 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the second quarter was 30%;
Business loans grew $113.3 million on a linked quarter basis and $371.3 million on a year-over-year basis;
The net interest margin increased to 2.98% for the second quarter of 2025 compared to 2.95% for the prior quarter; and
The Company’s Common Equity Tier 1 Ratio increased to 11.25% at the end of the second quarter.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the second quarter of 2025 was $98.1 million compared to $94.2 million for the first quarter of 2025 and $75.5 million for the second quarter of 2024.

The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.


(Dollars in thousands)	Q2 2025			Q1 2025			Q2 2024
Net interest income	$	98,097		$	94,213		$	75,502
Purchase accounting amortization (accretion) on loans (“PAA”)		(225	)		(124	)		(101	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	97,872		$	94,089		$	75,401

Average interest-earning assets	$	13,195,116		$	12,963,320		$	12,624,556

NIM⁽¹⁾		2.98	%		2.95	%		2.41	%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.98	%		2.94	%		2.40	%

⁽¹⁾NIM represents net interest income divided by average interest-earning assets.
⁽²⁾Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

Mr. Lubow commented, “Dime has multiple levers to grow NIM over time.

First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

Loan Portfolio

The ending weighted average rate (“WAR”) on the total loan portfolio was 5.33% at June 30, 2025, an 8 basis point increase compared to the ending WAR of 5.25% on the total loan portfolio at March 31, 2025.

Outlined below are loan balances and WARs for the quarter ended as indicated.


	June 30, 2025				March 31, 2025				June 30, 2024
(Dollars in thousands)	Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,902,170	6.65	%	$	2,788,848	6.55	%	$	2,530,896	6.92	%
One-to-four family residential, including condominium and cooperative apartment		998,677	4.85			961,562	4.77			906,949	4.55
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,693,481	4.48			3,780,078	4.46			3,920,354	4.59
Non-owner-occupied commercial real estate		3,128,453	5.12			3,191,536	5.07			3,315,100	5.25
Acquisition, development, and construction		141,755	8.28			140,309	7.96			144,860	8.96
Other loans		6,336	11.08			6,402	10.39			6,699	3.39
Loans held for investment	$	10,870,872	5.33	%	$	10,868,735	5.25	%	$	10,824,858	5.39	%

⁽¹⁾    WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
⁽²⁾    Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
⁽³⁾    Includes loans underlying multifamily cooperatives.
⁽⁴⁾    While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

Outlined below are the loan originations, for the quarter ended as indicated.


(Dollars in millions)	Q2 2025		Q1 2025		Q2 2024
Originations Excluding New Lines of Credit	$	227.3	$	71.5	$	162.4
Originations Including New Lines of Credit		450.5		136.7		284.6

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at June 30, 2025 were $11.74 billion, compared to $11.61 billion at March 31, 2025 and $11.03 billion at June 30, 2024. The Company reduced its brokered deposit levels to $200.0 million at June 30, 2025, compared to $285.6 million at March 31, 2025 and $780.3 million at June 30, 2024.

Total Federal Home Loan Bank advances were $508.0 million at June 30, 2025, compared to $508.0 million at March 31, 2025 and $633.0 million at June 30, 2024.

Non-Interest Income

Non-interest income was $11.6 million during the second quarter of 2025, $9.6 million during the first quarter of 2025, and $11.8 million during the second quarter of 2024.

Non-Interest Expense

Total non-interest expense was $60.3 million during the second quarter of 2025, $65.5 million during the first quarter of 2025, and $55.7 million during the second quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, adjusted non-interest expense was $59.9 million during the second quarter of 2025, $58.0 million during the first quarter of 2025, and $55.4 million during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Lubow commented, “The increase in non-interest expense on year-over-year-basis has been due to significant investments and hires the Company has made as we execute on our growth plan, which is centered around growing core deposits, diversifying our loan portfolio and selectively adding new geographies. In the second quarter of 2025, we launched various commercial lending verticals that we expect to contribute to loan and revenue growth in the years ahead.”

The ratio of non-interest expense to average assets was 1.72% during the second quarter of 2025, compared to 1.90% during the linked quarter and 1.66% during the second quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.71% during the second quarter of 2025, 1.68% during the first quarter of 2025, and 1.65% during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

The efficiency ratio was 55.0% during the second quarter of 2025, compared to 63.1% during the linked quarter and 63.8% during the second quarter of 2024. Excluding the impact of net gain on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets, the adjusted efficiency ratio was 54.7% during the second quarter of 2025, compared to 55.8% during the linked quarter and 65.9% during the second quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Income Tax Expense

Income tax expense was $10.5 million during the second quarter of 2025, $7.3 million during the first quarter of 2025, and $7.6 million during the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 26.1%, compared to 25.3% for the first quarter of 2025 and compared to 29.0% for the second quarter of 2024.

Credit Quality

Non-performing loans were $53.2 million at June 30, 2025, compared to $58.0 million at March 31, 2025 and $24.8 million at June 30, 2024.

A credit loss provision of $9.2 million was recorded during the second quarter of 2025, compared to a credit loss provision of $9.6 million during the first quarter of 2025, and a credit loss provision of $5.6 million during the second quarter of 2024.

Capital Management

Stockholders’ equity increased $19.0 million to $1.43 billion at June 30, 2025, compared to $1.41 billion at March 31, 2025.

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of June 30, 2025. All risk-based regulatory capital ratios increased in the second quarter of 2025.

Dividends per common share were $0.25 during the second quarter of 2025 and the first quarter of 2025, respectively.

Book value per common share was $29.95 at June 30, 2025 compared to $29.58 at March 31, 2025.

Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $26.32 at June 30, 2025 compared to $25.94 at March 31, 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Earnings Call Information

The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, July 24, 2025, during which CEO Lubow will discuss the Company’s second quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/7qhzfy2o. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIb23e2d2040014fbe89e85e3654130c71. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/7qhzfy2o.

ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island. ⁽¹⁾

⁽¹⁾ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, tariffs, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contact: Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)

	June 30,			March 31,			December 31,
	2025			2025			2024
Assets:
Cash and due from banks	$	1,156,754		$	1,030,702		$	1,283,571
Securities available-for-sale, at fair value		703,461			710,579			690,693
Securities held-to-maturity		625,188			631,334			637,339
Loans held for sale		13,617			2,527			22,625
Loans held for investment, net:
Business loans⁽¹⁾		2,902,170			2,788,848			2,726,602
One-to-four family and cooperative/condominium apartment		998,677			961,562			952,195
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,693,481			3,780,078			3,820,492
Non-owner-occupied commercial real estate		3,128,453			3,191,536			3,231,398
Acquisition, development and construction		141,755			140,309			136,172
Other loans		6,336			6,402			5,084
Allowance for credit losses		(93,189	)		(90,455	)		(88,751	)
Total loans held for investment, net		10,777,683			10,778,280			10,783,192
Premises and fixed assets, net		33,957			33,650			34,858
Restricted stock		67,110			66,987			69,106
BOLI		393,345			389,167			290,665
Goodwill		155,797			155,797			155,797
Other intangible assets		3,409			3,644			3,896
Operating lease assets		44,717			45,657			46,193
Derivative assets		90,966			98,740			116,496
Accrued interest receivable		55,418			56,044			55,970
Other assets		86,513			94,574			162,857
Total assets	$	14,207,935		$	14,097,682		$	14,353,258
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,432,667		$	3,245,409		$	3,355,829
Interest-bearing checking		1,029,297			950,090			1,079,823
Savings (excluding mortgage escrow deposits)		1,923,277			1,939,852			1,927,903
Money market		4,229,503			4,271,363			4,198,784
Certificates of deposit		1,080,093			1,121,068			1,069,081
Deposits (excluding mortgage escrow deposits)		11,694,837			11,527,782			11,631,420
Non-interest-bearing mortgage escrow deposits		45,256			88,138			54,715
Interest-bearing mortgage escrow deposits		2			4			6
Total mortgage escrow deposits		45,258			88,142			54,721
FHLBNY advances		508,000			508,000			608,000
Other short-term borrowings		—			—			50,000
Subordinated debt, net		272,414			272,370			272,325
Derivative cash collateral		69,840			85,230			112,420
Operating lease liabilities		47,559			48,432			48,993
Derivative liabilities		86,110			92,516			108,347
Other liabilities		52,911			63,197			70,515
Total liabilities		12,776,929			12,685,669			12,956,741
Stockholders’ equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			461
Additional paid-in capital		622,660			623,305			624,822
Retained earnings		820,221			803,202			794,526
Accumulated other comprehensive loss (“AOCI”), net of deferred taxes		(37,937	)		(39,045	)		(45,018	)
Unearned equity awards		(13,525	)		(12,909	)		(7,640	)
Treasury stock, at cost		(77,443	)		(79,570	)		(87,203	)
Total stockholders’ equity		1,431,006			1,412,013			1,396,517
Total liabilities and stockholders’ equity	$	14,207,935		$	14,097,682		$	14,353,258

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
⁽²⁾ Includes loans underlying multifamily cooperatives.

⁽³⁾ While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts)

	Three Months Ended							Six Months Ended
	June 30,		March 31,		June 30,			June 30,		June 30,
	2025		2025		2024			2025		2024
Interest income:
Loans	$	145,448	$	142,705	$	147,099		$	288,153	$	290,664
Securities		11,353		11,323		7,907			22,676		15,787
Other short-term investments		10,749		7,837		4,412			18,586		13,976
Total interest income		167,550		161,865		159,418			329,415		320,427
Interest expense:
Deposits and escrow		60,181		58,074		72,878			118,255		145,947
Borrowed funds		8,354		8,381		9,033			16,735		23,730
Derivative cash collateral		918		1,197		2,005			2,115		3,718
Total interest expense		69,453		67,652		83,916			137,105		173,395
Net interest income		98,097		94,213		75,502			192,310		147,032
Provision for credit losses		9,221		9,626		5,585			18,847		10,795
Net interest income after provision		88,876		84,587		69,917			173,463		136,237
Non-interest income:
Service charges and other fees		4,642		4,643		3,972			9,285		8,516
Title fees		118		98		294			216		427
Loan level derivative income		942		61		1,085			1,003		1,491
BOLI income		4,186		3,993		2,484			8,179		4,945
Gain on sale of Small Business Administration (“SBA”) loans		387		82		113			469		366
Gain on sale of residential loans		50		32		27			82		104
Fair value change in equity securities and loans held for sale		83		18		(416	)		101		(1,258	)
Net gain on securities		149		—		—			149		—
Gain on sale of other assets		—		—		3,695			—		6,663
Other		1,038		706		554			1,744		1,021
Total non-interest income		11,595		9,633		11,808			21,228		22,275
Non-interest expense:
Salaries and employee benefits		36,218		35,651		32,184			71,869		64,221
Severance		136		76		—			212		42
Occupancy and equipment		7,729		8,002		7,409			15,731		14,777
Data processing costs		4,903		4,794		4,405			9,697		8,718
Marketing		1,756		1,666		1,637			3,422		3,134
Professional services		2,097		2,116		2,766			4,213		4,233
Federal deposit insurance premiums		1,692		2,047		2,250			3,739		4,489
Loss on extinguishment of debt		—		—		—			—		453
Loss due to pension settlement		—		7,231		—			7,231		—
Amortization of other intangible assets		235		252		285			487		592
Other		5,533		3,676		4,758			9,209		7,546
Total non-interest expense		60,299		65,511		55,694			125,810		108,205
Income before taxes		40,172		28,709		26,031			68,881		50,307
Income tax expense		10,475		7,251		7,552			17,726		14,137
Net income		29,697		21,458		18,479			51,155		36,170
Preferred stock dividends		1,821		1,822		1,822			3,643		3,643
Net income available to common stockholders	$	27,876	$	19,636	$	16,657		$	47,512	$	32,527
Earnings per common share (“EPS”):
Basic	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84
Diluted	$	0.64	$	0.45	$	0.43		$	1.09	$	0.84

Average common shares outstanding for diluted EPS		43,030,023		42,948,690		38,329,485			42,989,581		38,292,253


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts)

	At or For the Three Months Ended									At or For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Per Share Data:
Reported EPS (Diluted)	$	0.64		$	0.45		$	0.43		$	1.09		$	0.84
Cash dividends paid per common share		0.25			0.25			0.25			0.50			0.50
Book value per common share		29.95			29.58			28.97			29.95			28.97
Tangible common book value per share⁽¹⁾		26.32			25.94			24.87			26.32			24.87
Common shares outstanding		43,889			43,799			39,148			43,889			39,148
Dividend payout ratio		39.06	%		55.56	%		58.14	%		45.87	%		59.52	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.85	%		0.62	%		0.55	%		0.74	%		0.53	%
Return on average equity		8.28			6.04			5.88			7.16			5.78
Return on average tangible common equity⁽¹⁾		9.68			6.92			6.88			8.30			6.76
Net interest margin		2.98			2.95			2.41			2.96			2.31
Non-interest expense to average assets		1.72			1.90			1.66			1.81			1.59
Efficiency ratio		55.0			63.1			63.8			58.9			63.9
Effective tax rate		26.08			25.26			29.01			25.73			28.10

Balance Sheet Data:
Average assets	$	14,013,592		$	13,777,665		$	13,418,441		$	13,896,281		$	13,606,682
Average interest-earning assets		13,195,116			12,963,320			12,624,556			13,079,859			12,820,156
Average tangible common equity⁽¹⁾		1,158,738			1,145,915			979,611			1,152,361			974,165
Loan-to-deposit ratio at end of period⁽²⁾		92.6	%		93.6	%		98.2	%		92.6	%		98.2	%

Capital Ratios and Reserves – Consolidated:⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets⁽¹⁾		9.05			8.99			8.14
Tier 1 common equity ratio		11.25			11.11			10.06
Tier 1 risk-based capital ratio		12.34			12.21			11.17
Total risk-based capital ratio		15.84			15.68			14.46
Tier 1 leverage ratio		9.43			9.46			8.78
Consolidated CRE concentration ratio⁽³⁾⁽⁴⁾		425			442			499
Allowance for credit losses/ Total loans		0.86			0.83			0.72
Allowance for credit losses/ Non-performing loans		175.12			155.85			313.21

⁽¹⁾    See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
⁽²⁾    Total deposits include mortgage escrow deposits, which fluctuate seasonally.
⁽³⁾   June 30, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.

⁽⁴⁾ The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The June 30, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,798,899	$	46,593	6.68	%	$	2,748,142	$	45,047	6.65	%	$	2,400,219	$	42,933	7.19	%
One-to-four family residential, including condo and coop		981,138		11,532	4.71			962,046		11,069	4.67			886,037		9,968	4.52
Multifamily residential and residential mixed-use		3,740,939		42,462	4.55			3,796,754		42,329	4.52			3,958,617		45,775	4.65
Non-owner-occupied commercial real estate		3,175,062		41,822	5.28			3,214,758		41,326	5.21			3,359,004		44,728	5.36
Acquisition, development, and construction		136,154		3,009	8.86			138,428		2,906	8.51			164,283		3,638	8.91
Other loans		7,135		30	1.69			5,740		28	1.98			5,100		57	4.50
Securities		1,361,383		11,353	3.34			1,372,563		11,323	3.35			1,537,487		7,907	2.07
Other short-term investments		994,406		10,749	4.34			724,889		7,837	4.38			313,809		4,412	5.65
Total interest-earning assets		13,195,116		167,550	5.09	%		12,963,320		161,865	5.06	%		12,624,556		159,418	5.08	%
Non-interest-earning assets		818,476						814,345						793,885
Total assets	$	14,013,592					$	13,777,665					$	13,418,441

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	943,716	$	4,141	1.76	%	$	912,852	$	4,164	1.85	%	$	631,403	$	1,499	0.95	%
Money market		4,174,694		32,818	3.15			4,076,612		31,294	3.11			3,495,989		33,193	3.82
Savings⁽²⁾		1,925,224		14,048	2.93			1,970,338		14,185	2.92			2,336,202		23,109	3.98
Certificates of deposit		1,075,729		9,174	3.42			973,108		8,431	3.51			1,393,678		15,077	4.35
Total interest-bearing deposits		8,119,363		60,181	2.97			7,932,910		58,074	2.97			7,857,272		72,878	3.73
FHLBNY advances		508,000		4,053	3.20			509,111		4,066	3.24			671,242		6,429	3.85
Subordinated debt, net		272,385		4,301	6.33			272,341		4,302	6.41			202,232		2,604	5.18
Other short-term borrowings		—		—	—			633		13	8.33			—		—	—
Total borrowings		780,385		8,354	4.29			782,085		8,381	4.35			873,474		9,033	4.16
Derivative cash collateral		79,188		918	4.65			104,126		1,197	4.66			145,702		2,005	5.53
Total interest-bearing liabilities		8,978,936		69,453	3.10	%		8,819,121		67,652	3.11	%		8,876,448		83,916	3.80	%
Non-interest-bearing checking⁽²⁾		3,412,215						3,322,583						3,042,382
Other non-interest-bearing liabilities		187,774						213,876						242,980
Total liabilities		12,578,925						12,355,580						12,161,810
Stockholders’ equity		1,434,667						1,422,085						1,256,631
Total liabilities and stockholders’ equity	$	14,013,592					$	13,777,665					$	13,418,441
Net interest income			$	98,097					$	94,213					$	75,502
Net interest rate spread					1.99	%					1.95	%					1.28	%
Net interest margin					2.98	%					2.95	%					2.41	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,531,578	$	60,181	2.09	%	$	11,255,493	$	58,074	2.09	%	$	10,899,654	$	72,878	2.69	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Includes mortgage escrow deposits.


DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands)

	At or For the Three Months Ended
	June 30,			March 31,			June 30,
Asset Quality Detail	2025			2025			2024
Non-performing loans (“NPLs”)
Business loans⁽¹⁾	$	18,007		$	21,944		$	20,287
One-to-four family residential, including condominium and cooperative apartment		1,642			3,763			3,884
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		32,908			31,677			15
Acquisition, development, and construction		657			657			657
Other loans		—			—			—
Total Non-accrual loans	$	53,214		$	58,041		$	24,843
Total Non-performing assets (“NPAs”)	$	53,214		$	58,041		$	24,843

Total loans 90 days delinquent and accruing (“90+ Delinquent”)	$	—		$	—		$	—

NPAs and 90+ Delinquent	$	53,214		$	58,041		$	24,843

NPAs and 90+ Delinquent / Total assets		0.37	%		0.41	%		0.18	%
Net charge-offs (“NCOs”)	$	5,405		$	7,058		$	3,640
NCOs / Average loans⁽²⁾		0.20	%		0.26	%		0.14	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Calculated based on annualized NCOs to average loans, excluding loans held for sale.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)

The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net gain on sale of securities and other assets, severance, loss on extinguishment of debt and loss due to pension settlement.


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders
Reported net income available to common stockholders	$	27,876		$	19,636		$	16,657		$	47,512		$	32,527
Adjustments to net income ^(1):
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net gain on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Severance		136			76			—			212			42
Loss on extinguishment of debt		—			—			—			—			453
Loss due to pension settlement		—			7,231			—			7,231			—
Income tax effect of adjustments noted above ⁽¹⁾		6			(2,237	)		1,043			(2,231	)		1,561
Adjusted net income available to common stockholders (non-GAAP)	$	27,863		$	24,688		$	14,421		$	52,551		$	29,178

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above)
Adjusted EPS (Diluted)	$	0.64		$	0.57		$	0.37		$	1.20		$	0.75
Adjusted return on average assets		0.85	%		0.77	%		0.48	%		0.81	%		0.48	%
Adjusted return on average equity		8.28			7.46			5.17			7.87			5.25
Adjusted return on average tangible common equity		9.67			8.68			5.97			9.18			6.07
Adjusted non-interest expense to average assets		1.71			1.68			1.65			1.70			1.57
Adjusted efficiency ratio		54.7			55.8			65.9			55.2			65.4

⁽¹⁾ Adjustments to net income are taxed at the Company’s approximate statutory tax rate.

The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):


	Three Months Ended								Six Months Ended
	June 30,			March 31,		June 30,			June 30,			June 30,
		2025		2025			2024			2025			2024
Operating expense as a % of average assets – as reported		1.72	%	1.90	%		1.66	%		1.81	%		1.59	%
Loss on extinguishment of debt		—		—			—			—			(0.01	)
Loss due to pension settlement		—		(0.21	)		—			(0.10	)		—
Amortization of other intangible assets		(0.01	)	(0.01	)		(0.01	)		(0.01	)		(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)		1.71	%	1.68	%		1.65	%		1.70	%		1.57	%

The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):


	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Efficiency ratio – as reported (non-GAAP) ⁽¹⁾		55.0	%		63.1	%		63.8	%		58.9	%		63.9	%
Non-interest expense – as reported	$	60,299		$	65,511		$	55,694		$	125,810		$	108,205
Severance		(136	)		(76	)		—			(212	)		(42	)
Loss on extinguishment of debt		—			—			—			—			(453	)
Loss due to pension settlement		—			(7,231	)		—			(7,231	)		—
Amortization of other intangible assets		(235	)		(252	)		(285	)		(487	)		(592	)
Adjusted non-interest expense (non-GAAP)	$	59,928		$	57,952		$	55,409		$	117,880		$	107,118
Net interest income – as reported	$	98,097		$	94,213		$	75,502		$	192,310		$	147,032
Non-interest income – as reported	$	11,595		$	9,633		$	11,808		$	21,228		$	22,275
Fair value change in equity securities and loans held for sale		(83	)		(18	)		416			(101	)		1,258
Net loss (gain) on sale of securities and other assets		(72	)		—			(3,695	)		(72	)		(6,663	)
Adjusted non-interest income (non-GAAP)	$	11,440		$	9,615		$	8,529		$	21,055		$	16,870
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	109,537		$	103,828		$	84,031		$	213,365		$	163,902
Adjusted efficiency ratio (non-GAAP) ⁽²⁾		54.7	%		55.8	%		65.9	%		55.2	%		65.4	%

⁽¹⁾The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
⁽²⁾The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):


	June 30,			March 31,			June 30,
	2025			2025			2024
Reconciliation of Tangible Assets:
Total assets	$	14,207,935		$	14,097,682		$	13,548,763
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible assets (non-GAAP)	$	14,048,729		$	13,938,241		$	13,388,499

Reconciliation of Tangible Common Equity – Consolidated:
Total stockholders’ equity	$	1,431,006		$	1,412,013		$	1,250,596
Goodwill		(155,797	)		(155,797	)		(155,797	)
Other intangible assets		(3,409	)		(3,644	)		(4,467	)
Tangible equity (non-GAAP)		1,271,800			1,252,572			1,090,332
Preferred stock, net		(116,569	)		(116,569	)		(116,569	)
Tangible common equity (non-GAAP)	$	1,155,231		$	1,136,003		$	973,763

Common shares outstanding		43,889			43,799			39,148

Tangible common equity to tangible assets (non-GAAP)		8.22	%		8.15	%		7.27	%
Tangible equity to tangible assets (non-GAAP)		9.05			8.99			8.14

Book value per common share	$	29.95		$	29.58		$	28.97
Tangible common book value per share (non-GAAP)		26.32			25.94			24.87

The MIL Network –

July 24, 2025

MIL-OSI: Nasdaq Reports Second Quarter 2025 Results; Double-Digit Net Revenue Growth Reflects Strong Momentum Across All Divisions

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2025.

Second quarter 2025 net revenue¹ was $1.3 billion, an increase of 13% over the second quarter of 2024, or up 12% on an organic² basis. This included Solutions³ revenue growing 10%.
Annualized Recurring Revenue (ARR)⁴ of $2.9 billion increased 10% over the second quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 13%, or 12% on an organic basis, and represented 37% of ARR.
Financial Technology revenue of $464 million increased 10% over the second quarter of 2024.
Index revenue of $196 million grew 17%, with $88 billion of net inflows over the trailing twelve months and $20 billion in the second quarter of 2025.
GAAP diluted earnings per share grew over 100% in the second quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the second quarter of 2025.
In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. The company also repaid $400 million of senior unsecured notes in the quarter.

Second Quarter 2025 Highlights

(US$ millions, except per share)	2Q25	YoY change %	Adjusted²YoY change %	Organic YoY change %
Solutions revenue	$991	10%	10%	10%
Market Services net revenue	$306	22%	21%	21%
Net revenue	$1,306	13%	12%	12%
GAAP operating income	$568	34%
Non-GAAP operating income	$721	16%	16%	16%
ARR	$2,931	10%	9%	9%
GAAP diluted EPS	$0.78	103%
Non-GAAP diluted EPS	$0.85	24%		24%

Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.

Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.

Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.

We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”

FINANCIAL REVIEW

Second quarter 2025 net revenue was $1,306 million, reflecting 13% growth versus the prior year period. Organic net revenue growth was 12%.
Solutions revenue was $991 million in the second quarter of 2025, up 10% versus the prior year period, reflecting strong growth from Index and Financial Technology.
ARR grew 10% year-over-year, or 9% on an organic basis, in the second quarter of 2025, with 12% ARR growth for Financial Technology, or 11% on an organic basis, and 7% ARR growth for Capital Access Platforms, or 6% on an organic basis.
Market Services net revenue was $306 million in the second quarter of 2025, up 22% versus the prior year period, or 21% on an organic basis.
Second quarter 2025 GAAP operating expenses were $738 million, in line with the prior year period. The quarter reflected lower restructuring costs, offset by higher compensation and benefits costs, merger and strategic initiative costs, and increased investments in technology and people to drive innovation and long-term growth.
Second quarter 2025 non-GAAP operating expenses were $585 million, reflecting 9% growth versus the prior year period, or 8% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
Cash flow from operations was $746 million for the second quarter, enabling the company to make continued progress on its deleveraging plan. In the second quarter of 2025, the company returned $155 million to shareholders through dividends and $100 million through repurchases of common stock. As of June 30, 2025, there was $1.5 billion remaining under the board authorized share repurchase program. The company also repaid $400 million of senior unsecured notes in the second quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁶

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,295 million to $2,335 million. The driver of the update is the impact of foreign exchange rates, which is offset in net revenue. The company is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology achieved solid revenue growth across each subdivision in a dynamic macro environment. Robust client demand drove double-digit revenue and ARR growth. FinTech delivered 57 new clients, 130 upsells, and a record 7 cross-sells. Second quarter highlights included:
- Financial Crime Management Technology is executing on its key growth initiatives. Second quarter results included three new enterprise client signings, including a cross-sell client and 2 upsells, reflecting continued progress on its enterprise client land and expand strategy. Nasdaq Verafin added 46 new small-and-medium bank clients in the second quarter. The business also signed its first proof of concept project with a European Tier 1 bank as part of its international expansion strategy.
- Regulatory Technology’s success with new client wins and upsells driving growth. AxiomSL signed a new client and a cross-sell. The business accelerated its momentum with existing clients in the second quarter with 34 upsells, including the renewal of a large bank. Surveillance signed 6 new clients in the quarter, including 2 market operators and a European regulator, as well as 3 cross-sells. The business closed 33 upsells in the quarter, including a strategic upsell to a large European bank.
- Solid momentum in Capital Markets Technology. Second quarter client demand was robust, supported by the ongoing market modernization mega trend. Calypso signed 2 new clients, 37 upsells, and a cross-sell. Market Technology secured 2 new clients, 24 upsells, and a cross-sell. In the second quarter, the business signed 3 clients to its fourth-generation marketplace technology platform, Nasdaq Eqlipse, including 2 fully managed services mandates where Nasdaq hosts and manages the clients’ entire trading environment and one AWS-hosted SaaS deployment.
Index ETP assets under management reached record levels and surpassed $700 billion at quarter-end. In the second quarter, Index had $20 billion in net inflows. ETP AUM was $745 billion at quarter-end, an all-time high. Nasdaq launched 33 new Index products in the second quarter, including 21 international products, 12 products in partnership with new Index clients, and 7 in the institutional insurance annuity space. Nasdaq and CME Group signed an extension through 2039 of CME Group’s exclusive license contract to offer futures and options on futures based on the Nasdaq-100 and other Nasdaq indexes, reflecting the companies’ shared commitment to delivering value through trusted benchmark products.
Nasdaq extended its listing leadership to 46 consecutive quarters. Nasdaq had the highest number of first half listings since 2021. New listings in the first half included 83 operating companies that raised more than $8 billion in total proceeds, contributing to a 81% win rate for eligible operating company listings. In the second quarter, the company welcomed 38 U.S. operating company IPOs that raised more than $3.5 billion in proceeds with a 79% win rate. Nasdaq maintained momentum in its switch program, attracting nearly $50 billion in market value in the second quarter and over $270 billion year-to-date, including Shopify, Thomson Reuters, and Kimberly Clark.
Market Services delivered record net revenue with record cash equities and derivatives revenue in the U.S. Nasdaq’s exchanges achieved record U.S. cash equities volumes in a quarter in which the industry achieved record volumes. During the Russell reconstitution, Nasdaq’s Closing Cross successfully executed 2.5 billion shares in 0.871 seconds across Nasdaq-listed securities that represented a record $102.5 billion dollars in notional value. Extending the first quarter’s trend, Nasdaq’s North American markets continued to experience exceptional message traffic in the second quarter, reaching a new record of more than 560 billion messages⁷ in a day. Nasdaq’s European equities business achieved sequential market share improvement in an elevated volume environment.
Nasdaq continues to execute on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with approximately $130 million actioned as of the end of the second quarter. In the second quarter, Nasdaq surpassed the 3.3x gross leverage milestone that was set following the Adenza acquisition, achieving this milestone 16 months ahead of plan.
- Innovate – Nasdaq continues to focus on innovating across the business. In July, Nasdaq Verafin announced the launch of its Agentic AI workforce. This suite of digital workers, now in beta testing, has the potential to address the most resource intensive anti-money laundering workflows. For example, when onboarded into a bank’s alert triage workflow, the Digital Sanctions Analyst automates the screening, documentation and acknowledgement processes, reducing alert review workload requiring human intervention by more than 80%. Beyond AI, Calypso announced a proof of concept that expands its industry-leading collateral management capabilities with digital assets. The use case demonstrates Nasdaq’s ability to integrate on-chain capabilities and help financial institutions manage collateral across asset classes in a more dynamic and efficient manner. Nasdaq became the exclusive distributor of Nasdaq Private Market’s Tape D^(R) API in the second quarter to deliver real-time private market data and valuation insights to investors.
- Accelerate – Nasdaq continued to deliver on its One Nasdaq strategy driving 7 cross-sell wins across Financial Technology in the quarter for a total of 26 cross-sells since the Adenza acquisition. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the second quarter, cross-sells continued to account for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
² Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
³ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁴ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
⁶ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁷ Message count represents the number of records across Nasdaq’s U.S. options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, https://ir.nasdaq.com/, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact:

David Lurie
+1.914.538.0533
David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

Revenues:
Capital Access Platforms		$	527		$	481		$	1,042		$	960
Financial Technology			464			420			896			813
Market Services			1,090			883			2,224			1,678
Other Revenues			9			8			18			18
	Total revenues		2,090			1,792			4,180			3,469
Transaction-based expenses:
Transaction rebates			(629	)		(483	)		(1,208	)		(965	)
Brokerage, clearance and exchange fees			(155	)		(150	)		(429	)		(227	)
Revenues less transaction-based expenses			1,306			1,159			2,543			2,277

Operating Expenses:
Compensation and benefits			352			328			681			669
Professional and contract services			39			39			75			72
Technology and communication infrastructure			79			69			156			135
Occupancy			30			27			58			56
General, administrative and other			23			30			29			58
Marketing and advertising			14			12			28			23
Depreciation and amortization			158			153			313			308
Regulatory			14			18			29			28
Merger and strategic initiatives			20			4			44			13
Restructuring charges			9			56			15			82
	Total operating expenses		738			736			1,428			1,444
Operating income			568			423			1,115			833
Interest income			12			6			24			12
Interest expense			(95	)		(102	)		(192	)		(211	)
Net gain on divestitures			39			—			39			—
Other income			1			12			—			13
Net income from unconsolidated investees			23			2			50			6
Income before income taxes			548			341			1,036			653
Income tax provision			96			119			190			198
Net income			452			222			846			455
Net loss attributable to noncontrolling interests			—			—			1			1
Net income attributable to Nasdaq		$	452		$	222		$	847		$	456

Per share information:
Basic earnings per share		$	0.79		$	0.39		$	1.47		$	0.79
Diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
Cash dividends declared per common share		$	0.27		$	0.24		$	0.51		$	0.46

Weighted-average common shares outstanding
for earnings per share:
Basic			574.1			576.4			574.6			575.9
Diluted			579.0			579.0			579.5			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended						Six Months Ended
				June 30,			June 30,			June 30,			June 30,
					2025			2024			2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	198		$	187		$	391		$	372
	Index revenues				196			167			388			336
	Workflow and Insights revenues				133			127			263			252
		Total Capital Access Platforms revenues			527			481			1,042			960

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				81			67			157			131
	Regulatory Technology revenues				104			95			206			186
	Capital Markets Technology revenues				279			258			533			496
		Total Financial Technology revenues			464			420			896			813

MARKET SERVICES
	Market Services revenues				1,090			883			2,224			1,678
	Transaction-based expenses:
			Transaction rebates		(629	)		(483	)		(1,208	)		(965	)
			Brokerage, clearance and exchange fees		(155	)		(150	)		(429	)		(227	)
		Total Market Services revenues, net			306			250			587			486

OTHER REVENUES					9			8			18			18

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,306		$	1,159		$	2,543		$	2,277

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		June 30,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	732		$	592
	Restricted cash and cash equivalents		195			31
	Default funds and margin deposits		5,218			5,664
	Financial investments		84			184
	Receivables, net		896			1,022
	Other current assets		227			293
Total current assets			7,352			7,786
Property and equipment, net			656			593
Goodwill			14,328			13,957
Intangible assets, net			6,741			6,905
Operating lease assets			441			375
Other non-current assets			865			779
Total assets		$	30,383		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	246		$	269
	Section 31 fees payable to SEC		411			319
	Accrued personnel costs		280			325
	Deferred revenue		848			711
	Other current liabilities		154			215
	Default funds and margin deposits		5,218			5,664
	Short-term debt		500			399
Total current liabilities			7,657			7,902
Long-term debt			8,678			9,081
Deferred tax liabilities, net			1,540			1,594
Operating lease liabilities			453			388
Other non-current liabilities			237			230
Total liabilities			18,565			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,425			5,530
	Common stock in treasury, at cost		(706	)		(647	)
	Accumulated other comprehensive loss		(1,869	)		(2,099	)
	Retained earnings		8,955			8,401
Total Nasdaq stockholders’ equity			11,811			11,191
	Noncontrolling interests		7			9
Total equity			11,818			11,200
Total liabilities and equity		$	30,383		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	452		$	222		$	847		$	456
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Net gain on divestitures ⁽⁴⁾		(39	)		—			(39	)		—
	Net income from unconsolidated investees ⁽⁵⁾		(23	)		(2	)		(50	)		(6	)
	Gain on extinguishment of debt ⁽⁶⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁷⁾		1			13			4			16
	Pension settlement charge ⁽⁸⁾		—			—			—			23
	Other loss (income) ⁽⁹⁾		1			(10	)		1			(9	)
	Total non-GAAP adjustments		91			183			199			363
	Non-GAAP adjustment to the income tax provision ⁽¹⁰⁾		(24	)		(41	)		(70	)		(88	)
	Other tax adjustments ⁽¹¹⁾		(27	)		33			(27	)		33
	Total non-GAAP adjustments, net of tax		40			175			102			308
Non-GAAP net income attributable to Nasdaq		$	492		$	397		$	949		$	764

U.S. GAAP diluted earnings per share		$	0.78		$	0.38		$	1.46		$	0.79
	Total adjustments from non-GAAP net income above		0.07			0.31			0.18			0.53
Non-GAAP diluted earnings per share		$	0.85		$	0.69		$	1.64		$	1.32

Weighted-average diluted common shares outstanding for earnings per share:			579.0			579.0			579.5			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income.
(5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
(6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
(9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income.
(10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement.
(11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating income		$	568		$	423		$	1,115		$	833
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			122			243			244
	Merger and strategic initiatives expense ⁽²⁾		20			4			44			13
	Restructuring charges ⁽³⁾		9			56			15			82
	Gain on extinguishment of debt ⁽⁴⁾		—			—			(19	)		—
	Legal and regulatory matters ⁽⁵⁾		1			13			4			16
	Pension settlement charge ⁽⁶⁾		—			—			—			23
	Other loss		1			2			1			2
	Total non-GAAP adjustments		153			197			288			380
Non-GAAP operating income		$	721		$	620		$	1,403		$	1,213

Revenues less transaction-based expenses		$	1,306		$	1,159		$	2,543		$	2,277

U.S. GAAP operating margin ⁽⁷⁾			44	%		36	%		44	%		37	%

Non-GAAP operating margin ⁽⁸⁾			55	%		53	%		55	%		53	%

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
(7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
(8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024

U.S. GAAP operating expenses		$	738		$	736		$	1,428		$	1,444
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(122	)		(243	)		(244	)
	Merger and strategic initiatives expense ⁽²⁾		(20	)		(4	)		(44	)		(13	)
	Restructuring charges ⁽³⁾		(9	)		(56	)		(15	)		(82	)
	Gain on extinguishment of debt ⁽⁴⁾		—			—			19			—
	Legal and regulatory matters ⁽⁵⁾		(1	)		(13	)		(4	)		(16	)
	Pension settlement charge ⁽⁶⁾		—			—			—			(23	)
	Other loss		(1	)		(2	)		(1	)		(2	)
	Total non-GAAP adjustments		(153	)		(197	)		(288	)		(380	)
Non-GAAP operating expenses		$	585		$	539		$	1,140		$	1,064


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement.
(3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release.
(4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.
(5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income.
(6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾				Adjusted/Organic Impact ⁽²⁾
	June 30, 2025		June 30, 2024		$		%		$		%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	198	$	187	$	11	6	%	$	3	2	%	$	8	5	%
Index revenues		196		167		29	17	%		—	—	%		29	17	%
Workflow and Insights revenues		133		127		6	5	%		1	1	%		5	5	%
Total Capital Access Platforms revenues		527		481		46	10	%		4	1	%		42	9	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		81		67		14	20	%		—	—	%		14	20	%
Regulatory Technology revenues		104		95		9	10	%		—	(1	)%		9	11	%
Capital Markets Technology revenues		279		258		21	8	%		—	—	%		21	8	%
Total Financial Technology revenues		464		420		44	10	%		—	—	%		44	10	%

Solutions revenues ⁽³⁾		991		901		90	10	%		4	—	%		86	10	%

Market Services, net revenues		306		250		56	22	%		4	2	%		52	21	%

Other revenues		9		8		1	5	%		—	3	%		1	1	%

Revenues less transaction-based expenses	$	1,306	$	1,159	$	147	13	%	$	8	1	%	$	139	12	%

Non-GAAP Operating Expenses	$	585	$	539	$	46	9	%	$	5	1	%	$	41	8	%

Non-GAAP Operating Income	$	721	$	620	$	101	16	%	$	3	1	%	$	98	16	%

Non-GAAP diluted earnings per share	$	0.85	$	0.69	$	0.16	24	%	$	—	—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology.
(2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments.
(3) Represents Capital Access Platforms and Financial Technology segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
			2025			2024			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,315		$	1,226		$	1,315		$	1,226
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		79			39			142			66
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		6			5			10			6
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		194			84			364			163
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		6			10			15			12
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,238			4,004			4,238			4,004
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,148			1,198			1,148			1,198
	Index
	Number of licensed exchange traded products ⁽⁶⁾		422			373			422			373
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	745		$	569		$	745		$	569
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	663		$	531		$	662		$	512
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	53		$	88		$	53
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	88		$	115		$	88		$	115

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	308		$	258		$	308		$	258
	Regulatory Technology		376			338			376			338
	Capital Markets Technology		932			846			932			846
	Total Financial Technology	$	1,616		$	1,442		$	1,616		$	1,442

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		52.5			42.1			53.0			42.7
	Nasdaq PHLX matched market share		9.6	%		9.9	%		9.4	%		10.1	%
	The Nasdaq Options Market matched market share		4.3	%		5.5	%		4.7	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.3	%		1.7	%		2.3	%
	Nasdaq ISE Options matched market share		6.6	%		6.9	%		6.7	%		6.6	%
	Nasdaq GEMX Options matched market share		4.4	%		2.6	%		4.0	%		2.6	%
	Nasdaq MRX Options matched market share		2.8	%		2.1	%		2.8	%		2.3	%
	Total matched market share executed on Nasdaq’s exchanges		29.4	%		29.3	%		29.3	%		29.3	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		223,450			251,677			240,133			246,527

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		18.4			11.8			17.1			11.8
	Matched share volume (in billions)		158.4			119.3			295.5			236.0
	The Nasdaq Stock Market matched market share		13.5	%		15.6	%		13.8	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.3	%		0.3	%		0.3	%
	Nasdaq PSX matched market share		0.1	%		0.2	%		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		13.9	%		16.1	%		14.2	%		16.2	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		47.7	%		42.9	%		47.9	%		42.2	%
	Total market share ⁽⁸⁾		61.6	%		59.0	%		62.1	%		58.4	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		804,121			663,897			796,426			665,183
	Total average daily value of shares traded (in billions)	$	5.7		$	4.7		$	5.5		$	4.7
	Total market share executed on Nasdaq’s exchanges ⁽⁹⁾		71.9	%		74.1	%		71.2	%		73.3	%


	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.
	(9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.

The MIL Network –

July 24, 2025

MIL-OSI: Xtract One Secures SmartGateway Contract with Global Performing Arts Company Famous for Live Entertainment

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced its SmartGateway screening solution has been chosen by a leading, global performing arts company, known for permanent and touring live entertainment, to amplify security for its shows. The initial deployment will support a number of the organization’s touring performances across dozens of venue locations beginning earlier in 2025. Further deployments are in planning for later in 2025 and into 2026.

Following a thorough evaluation of available solutions and trial period with a single show with SmartGateway, the entertainment organization selected Xtract One for its enhanced weapons detection capabilities, streamlined entrance experience, flexibility and portability to address the dynamic and changing needs of a tour environment, and seamless integration into existing business security protocols. This deployment sets a new benchmark for safety and innovation in the entertainment industry, spanning live shows, multimedia productions, and immersive experiences. It also reinforces Xtract One’s position as a leader in providing outstanding guest experience, operational simplicity and flexibility, and a solution that can deliver against a globally diverse set of security needs.

“In the world of live entertainment, brand experience is a key priority. These are immersive experiences where the first brand moment occurs at the entry to the venue. Well executed security changes the security guard to the first brand ambassador that a guest encounters, and their first brand experience” said Peter Evans, CEO of Xtract One. “We’re proud to be working with another major player in the entertainment field, delivering next-generation security solutions that meet the demands of large-scale complex events in a myriad of deployment applications. These deployments demonstrate an exciting opportunity to combine our technological expertise with their creative vision, ensuring safe, seamless experiences for all audience members throughout the world.”

SmartGateway revolutionizes security by delivering fast, reliable, and accurate patron screening for high-throughput venues. This concealed weapons detection solution discreetly scans individuals for weapons and prohibited items upon entry by leveraging AI-powered sensors that detect threats without the need for patrons to remove personal items. The advanced system replaces intimidating and traditional metal detectors to ensure that patron privacy and comfort are not compromised, all while maximizing security screening efforts. The Company’s Multi-Sensor Gateway portfolio has been awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

To learn more, visit www.xtractone.com.

About Xtract One
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

About Threat Detection Systems
Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

For further information, please contact:
Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

The MIL Network –

July 24, 2025

MIL-OSI: First Northwest Bancorp Reports Second Quarter 2025 Improved Profitability

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., July 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”), the holding company for First Fed Bank (“First Fed” or the “Bank”), today reported net income of $3.7 million for the second quarter of 2025, compared to a net loss of $9.0 million for the first quarter of 2025 and a net loss of $2.2 million for the second quarter of 2024. Basic and diluted income per share were $0.42 for the second quarter of 2025, compared to basic and diluted loss per share of $1.03 for the first quarter of 2025 and basic and diluted loss per share of $0.25 for the second quarter of 2024.

In the second quarter of 2025, the Company recorded Adjusted Pre-Tax, Pre-Provision Net Revenue (“PPNR”)⁽¹⁾ of $2.1 million, compared to $1.5 million for the preceding quarter and $530,000 for the second quarter of 2024.

The Board of Directors of First Northwest has elected not to declare a dividend for this quarter as part of a prudent approach to capital management. The Company remains committed to maintaining a strong balance sheet and will continue to evaluate future dividend decisions in light of the Company’s long-term strategic objectives.

Quote from Cindy Finnie, First Northwest Board Chair:
“As previously disclosed, the Board has begun a search process for the next full time Chief Executive Officer. We also continue to strongly dispute the allegations contained in the legal proceedings disclosed in our June 13, 2025, 8-K and intend to vigorously defend against them. Despite the volatility of the past few quarters, the Board remains focused on the strategic objectives of the Bank, building on the positive core trends from the past few quarters.”

Quote from Geraldine Bullard, First Northwest Interim CEO:
“Our second quarter included continued modest improvement in several important performance measures, including seven basis points of net interest margin expansion and our fifth consecutive quarter of growing Adjusted PPNR. Commercial business loan recoveries totaling $1.1 million drove a modest provision release during the quarter. The Bank continues to show core customer growth, with loans growing 3% annualized compared to the preceding quarter and total deposits only down modestly despite a $31.0 million reduction in brokered time deposits during the quarter.”

Key Points for the Second Quarter

Positive Trends:

Return on average assets increased to 0.68% for the current quarter from -1.69% in the preceding quarter.
Net interest margin increased to 2.83% for the current quarter compared to 2.76% in the first quarter of 2025, as a result of an increase in the yield on interest-earning assets and a decrease in the rate paid on interest-bearing liabilities.
Efficiency ratio improved to 78.0% for the current quarter from 113.5% in the preceding quarter due to the recognition of a payroll tax credit in the current quarter while the preceding quarter included higher expenses related to the legal reserve recorded.
Customer deposits increased $19.6 million to $1.55 billion at June 30, 2025 from $1.53 billion at March 31, 2025.
Recorded a $296,000 recapture of provision for credit losses on loans in the second quarter of 2025, compared to provisions for credit losses on loans of $7.8 million for the preceding quarter and $8.7 million for the second quarter of 2024.

Other significant events:

In the second quarter of 2025, the statute of limitations expired on employee retention credit (“ERC”) payments received for the first and second quarters of 2021. As a result, the Bank recorded $2.6 million as a reduction to compensation and benefits. A related contingent ERC consulting expense of $528,000 was recorded in professional fees, partially offsetting the credit. The Bank anticipates recording the remaining reserved ERC of $2.0 million in 2028.
During the second quarter of 2025, the Bank consolidated the operations of its Bellevue and Fremont business centers into a new location, the Seattle business center. This consolidation resulted in a one-time increase to other expense of $599,000 for the early termination of the Bellevue business center lease and write-off of remaining leasehold improvements. No additional costs were incurred for closing the Fremont business center. The Bank estimates the consolidation will reduce annual rent expense by $130,000 going forward.
The Company disclosed in its Current Report on Form 8-K filed on July 21, 2025, that a settlement agreement was reached in the previously disclosed legal matter discussed in Part II, Item 1 of the Company’s Form 10-Q for the quarter ended March 31, 2025. The Bank continues to vigorously defend itself in the separate legal proceedings disclosed in the Company’s Current Report on Form 8-K filed on June 13, 2025.

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Selected Quarterly Financial Ratios:

	As of or For the Quarter Ended															As of or For the Six Months Ended June 30,
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			2025			2024
Performance ratios: ⁽¹⁾
Return on average assets		0.68	%		-1.69	%		-0.51	%		-0.36	%		-0.40	%		-0.50	%		-0.17	%
Adjusted PPNR return on average assets ⁽²⁾		0.39			0.27			0.26			0.17			0.10			0.33			0.16
Return on average equity		10.00			-23.42			-6.92			-4.91			-5.47			-7.15			-2.26
Net interest margin ⁽³⁾		2.83			2.76			2.73			2.70			2.76			2.80			2.76
Efficiency ratio ⁽⁴⁾		78.0			113.5			92.2			100.3			72.3			96.40			79.35
Equity to total assets		6.82			6.75			6.89			7.13			7.17			6.82			7.17
Book value per common share	$	15.85		$	15.52		$	16.45		$	17.17		$	16.81		$	15.85		$	16.81
Tangible performance ratios: ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		6.76	%		6.68	%		6.83	%		7.06	%		7.10	%		6.76	%		7.10	%
Return on average tangible common equity ⁽²⁾		10.10			-23.65			-6.99			-4.96			-5.53			-7.22			-2.28
Tangible book value per common share ⁽²⁾	$	15.70		$	15.36		$	16.29		$	17.00		$	16.64		$	15.70		$	16.64
Capital ratios (First Fed): ⁽⁵⁾
Tier 1 leverage		9.2	%		9.0	%		9.4	%		9.4	%		9.4	%		9.2	%		9.4	%
Common equity Tier 1		12.1			12.1			12.4			12.2			12.4			12.1			12.4
Total risk-based		13.1			13.4			13.6			13.4			13.5			13.1			13.5

(1	)	Performance ratios are annualized, where appropriate.
(2	)	See reconciliation of Non-GAAP Financial Measures later in this release.
(3	)	Net interest income divided by average interest-earning assets.
(4	)	Total noninterest expense as a percentage of net interest income and total other noninterest income.
(5	)	Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.

Adjusted Pre-tax, Pre-Provision Net Revenue ⁽¹⁾

Adjusted PPNR for the second quarter of 2025 increased $616,000 to $2.1 million, compared to $1.5 million for the preceding quarter, and increased $1.6 million from $530,000 in the second quarter one year ago.

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
Net interest income (GAAP)	$	14,193		$	13,847		$	14,137		$	14,020		$	14,235		$	28,040		$	28,163
Total noninterest income (GAAP)		2,170			3,777			1,300			1,779			7,347			5,947			9,535
Total revenue (GAAP)		16,363			17,624			15,437			15,799			21,582			33,987			37,698
Total noninterest expense (GAAP)		12,765			20,000			14,233			15,848			15,609			32,765			29,912
PPNR (Non-GAAP) ⁽¹⁾		3,598			(2,376	)		1,204			(49	)		5,973			1,222			7,786
Less selected nonrecurring adjustments to PPNR (Non-GAAP):
Employee retention credit (“ERC”) included in compensation and benefits		2,640			—			—			—			—			2,640			—
ERC consulting expense included in professional fees		(528	)		—			—			—			—			(528	)		—
Costs associated with early termination of Bellevue Business Center lease included in other expense		(599	)		—			—			—			—			(599	)		—
Bank-owned life insurance (“BOLI”) death benefit		—			1,059			1,536			—			—			1,059			—
Gain on extinguishment of subordinated debt included in other income		—			846			—			—			—			846			—
Legal reserve		—			(5,750	)		—			—			—			(5,750	)		—
Equity investment repricing adjustment		—			—			(1,762	)		—			—			—			651
One-time compensation payouts related to reduction in force		—			—			—			(996	)		—			—			—
Net gain on sale of premises and equipment		—			—			—			—			7,919			—			7,919
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			—			(359	)		—			(359	)
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Adjusted PPNR (Non-GAAP) ⁽¹⁾	$	2,085		$	1,469		$	1,430		$	947		$	530		$	3,554		$	1,692

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Total interest income increased $308,000 to $27.1 million for the second quarter of 2025, compared to $26.8 million for the preceding quarter, and decreased $1.5 million compared to $28.6 million in the second quarter of 2024. Interest income increased in the second quarter of 2025 primarily due to an increase in the yields earned on loans receivable, partially offset by a decrease in both the yield earned and average volume of investment securities. Average real estate and commercial business loan balances decreased while average consumer loan balances increased over the preceding quarter.
Total interest expense decreased $38,000 to $12.9 million for the second quarter of 2025, compared to $13.0 million for the preceding quarter, and decreased $1.4 million compared to $14.4 million in the second quarter of 2024. Interest expense decreased in the second quarter of 2025 primarily due to a reduced volume of brokered certificates of deposit (“CDs”) and decreases in interest paid on customer CDs, brokered CDs and demand deposits. These decreases were partially offset by increases in the volume and interest paid on money market and savings accounts and an increase in the rate paid on advances during the current quarter.
The net interest margin increased to 2.83% for the second quarter of 2025, from 2.76% for both the preceding quarter and the second quarter of 2024.
Noninterest income decreased $1.6 million to $2.2 million for the second quarter of 2025, from $3.8 million for the preceding quarter. The first quarter of 2025 was higher due to nonrecurring income items including a $1.1 million BOLI death benefit payment received due to the passing of a former employee and a $846,000 gain on extinguishment of debt.
Noninterest expense decreased $7.2 million to $12.8 million for the second quarter of 2025, compared to $20.0 million for the preceding quarter. Compensation and benefits was lower primarily due to the ERC recorded during the current quarter. Other expense for the preceding quarter included the previously disclosed $5.8 million legal reserve.

Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

The allowance for credit losses on loans (“ACLL”) decreased $2.2 million to $18.4 million at June 30, 2025, from $20.6 million at March 31, 2025. The ACLL as a percentage of total loans was 1.10% at June 30, 2025, a decrease from 1.24% at March 31, 2025, and from 1.14% one year earlier. A release of $2.6 million reserves on individually evaluated loans, partially offset by net loan charge-offs totaling $1.9 million and a small increase to the pooled loan reserve, resulted in a recapture of provision expense of $296,000 for the quarter ended June 30, 2025.

Nonperforming loans totaled $20.4 million at both June 30, 2025 and March 31, 2025. Current quarter activity included an increase due to a $4.1 million commercial real estate loan transitioning into nonperforming status, large principal payments received totaling $3.6 million and charged-off balances totaling $1.3 million. ACLL to nonperforming loans decreased to 90% at June 30, 2025, from 101% at March 31, 2025, and increased from 82% at June 30, 2024. This ratio increased in the first quarter of 2025 with decreases in balances due to principal payments and charge-offs on loans with appropriate reserves.

Classified loans decreased $663,000 to $30.9 million at June 30, 2025, from $31.6 million at March 31, 2025, primarily due to payments received of $3.2 million and commercial business loan net charge-offs totaling $1.5 million, partially offset by the downgrade of a $4.1 million commercial real estate loan that was adversely impacted by reduced cross-border traffic during the second quarter. Four collateral dependent loans totaling $23.8 million account for 77% of the classified loan balance at June 30, 2025. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in the largest of these four collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 11 loans totaling $562,000 included in classified loans at June 30, 2025, and four additional loans totaling $686,000 included in the special mention risk grading category.

	For the Quarter Ended
ACLL ($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Balance at beginning of period	$	20,569		$	20,449		$	21,970		$	19,343		$	17,958
Charge-offs:
Commercial real estate		(15	)		(5,571	)		—			—			—
Construction and land		—			(374	)		(411	)		—			(3,978	)
Auto and other consumer		(273	)		(243	)		(364	)		(492	)		(832	)
Commercial business		(2,823	)		(1,513	)		(4,596	)		(24	)		(2,643	)
Total charge-offs		(3,111	)		(7,701	)		(5,371	)		(516	)		(7,453	)
Recoveries:
One-to-four family		—			—			—			42			—
Commercial real estate		20			6			2			—			—
Construction and land		5			—			—			—			—
Auto and other consumer		74			43			52			24			198
Commercial business		1,084			2			36			—			—
Total recoveries		1,183			51			90			66			198
Net loan charge-offs		(1,928	)		(7,650	)		(5,281	)		(450	)		(7,255	)
(Recapture of) provision for credit losses		(296	)		7,770			3,760			3,077			8,640
Balance at end of period	$	18,345		$	20,569		$	20,449		$	21,970		$	19,343

Average total loans	$	1,658,723		$	1,662,164		$	1,708,232		$	1,718,402		$	1,717,830
Annualized net charge-offs to average outstanding loans		0.47	%		1.87	%		1.23	%		0.10	%		1.70	%

Asset Quality ($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Nonaccrual loans:
One-to-four family	$	2,274		$	1,404		$	1,477		$	1,631		$	1,750
Multi-family		—			—			—			—			708
Commercial real estate		4,095			4			5,598			5,634			14
Construction and land		13,063			15,280			19,544			19,382			19,292
Home equity		10			54			55			116			118
Auto and other consumer		410			710			700			894			746
Commercial business		514			2,903			3,141			2,719			1,003
Total nonaccrual loans		20,366			20,355			30,515			30,376			23,631
Other real estate owned		1,297			—			—			—			—
Total nonperforming assets	$	21,663		$	20,355		$	30,515		$	30,376		$	23,631

Nonaccrual loans as a % of total loans ⁽¹⁾		1.22	%		1.23	%		1.80	%		1.75	%		1.39	%
Nonperforming assets as a % of total assets ⁽²⁾		0.99			0.94			1.37			1.35			1.07
ACLL as a % of total loans		1.10			1.24			1.21			1.27			1.14
ACLL as a % of nonaccrual loans		90.08			101.05			67.01			72.33			81.85
Total past due loans to total loans		1.17			1.36			1.98			1.92			1.45

(1	)	Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
(2	)	Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.

Financial Condition and Capital

Investment securities decreased $11.9 million, or 3.8%, to $303.5 million at June 30, 2025, compared to $315.4 million three months earlier, and decreased $3.2 million compared to $306.7 million at June 30, 2024. Maturities totaling $11.8 million and regular principal payments totaling $5.7 million were partially offset by purchases totaling $5.5 million during the current quarter. Net unrealized losses were flat for the second quarter of 2025. The estimated average life of the securities portfolio was approximately 7.6 years at June 30, 2025, 6.9 years at the preceding quarter end and 7.8 years at the end of the second quarter of 2024. The effective duration of the portfolio was approximately 4.9 years at June 30, 2025, compared to 4.3 years at the preceding quarter end and 4.3 years at the end of the second quarter of 2024.

Investment Securities ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024	Three Month % Change		One Year % Change
Available for Sale at Fair Value
Municipal bonds	$	77,324	$	78,295	$	78,825	-1.2	%	-1.9	%
U.S. government agency issued asset-backed securities (ABS agency)		12,298		12,643		13,982	-2.7		-12.0
Corporate issued asset-backed securities (ABS corporate)		13,105		15,671		16,483	-16.4		-20.5
Corporate issued debt securities (Corporate debt)		55,760		55,067		52,892	1.3		5.4
U.S. Small Business Administration securities (SBA)		7,504		8,061		9,772	-6.9		-23.2
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)		96,014		96,642		77,301	-0.6		24.2
Non-agency issued mortgage-backed securities (MBS non-agency)		41,510		49,054		57,459	-15.4		-27.8
Total securities available for sale	$	303,515	$	315,433	$	306,714	-3.8		-1.0

Net loans, excluding loans held for sale, increased $9.6 million, or 0.6%, to $1.65 billion at June 30, 2025, from $1.64 billion at March 31, 2025, and decreased $30.6 million, or 1.8%, from $1.68 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $6.0 million. New loan funding totaling $47.2 million and draws on existing loans totaling $23.9 million outpaced loan payoffs of $34.1 million, regular payments of $28.4 million and charge-offs totaling $2.4 million.

Loans ($ in thousands)		June 30, 2025			March 31, 2025			June 30, 2024	Three Month % Change		One Year % Change
Real Estate:
One-to-four family	$	387,459		$	394,428		$	389,934	-1.8	%	-0.6	%
Multi-family		329,696			338,147			350,076	-2.5		-5.8
Commercial real estate		391,362			387,312			375,511	1.0		4.2
Construction and land		72,538			64,877			107,273	11.8		-32.4
Total real estate loans		1,181,055			1,184,764			1,222,794	-0.3		-3.4
Consumer:
Home equity		84,927			79,151			72,613	7.3		17.0
Auto and other consumer		280,877			273,878			285,623	2.6		-1.7
Total consumer loans		365,804			353,029			358,236	3.6		2.1
Commercial business		117,843			119,783			117,094	-1.6		0.6
Total loans receivable		1,664,702			1,657,576			1,698,124	0.4		-2.0
Less:
Derivative basis adjustment		(860	)		(566	)		1,017	-51.9		-184.6
Allowance for credit losses on loans		18,345			20,569			19,343	-10.8		-5.2
Total loans receivable, net	$	1,647,217		$	1,637,573		$	1,677,764	0.6		-1.8

The Bank invested $9.1 million into a new bank-owned life insurance policy in the second quarter of 2025 to replace a policy surrendered in the preceding quarter. The Bank received the return of the surrendered funds early in the third quarter of 2025.

Total deposits decreased $11.4 million to $1.65 billion at June 30, 2025, compared to $1.67 billion at March 31, 2025, and decreased $53.7 million compared to $1.71 billion one year prior. During the second quarter of 2025, total customer deposit balances increased $19.6 million and brokered deposit balances decreased $31.0 million. Overall, the current rate environment continues to contribute to competition for deposits leading to increased volumes and higher rates paid on money market and savings accounts during the current quarter. The deposit mix compared to June 30, 2024, also reflects a shift in volume to money market and customer CD accounts while the volume and rate paid on brokered CDs decreased.

Deposits ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024	Three Month % Change		One Year % Change
Noninterest-bearing demand deposits	$	240,051	$	247,890	$	276,543	-3.2	%	-13.2	%
Interest-bearing demand deposits		144,409		169,912		162,201	-15.0		-11.0
Money market accounts		484,787		424,469		423,047	14.2		14.6
Savings accounts		227,968		235,188		224,631	-3.1		1.5
Certificates of deposit, customer		450,494		450,663		398,161	0.0		13.1
Certificates of deposit, brokered		106,927		137,946		223,705	-22.5		-52.2
Total deposits	$	1,654,636	$	1,666,068	$	1,708,288	-0.7		-3.1

Total shareholders’ equity increased to $149.7 million at June 30, 2025, compared to $146.5 million three months earlier, due to net income of $3.7 million and an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $128,000, partially offset by dividends declared of $661,000 and a decrease in the after-tax fair market values of derivatives of $197,000.

Capital levels for both the Company and the Bank remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at June 30, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at June 30, 2025, were 12.1% and 13.1%, respectively.

First Northwest continued to provide a return on capital to our shareholders through cash dividends during the second quarter of 2025. The Company paid cash dividends totaling $650,000 in the second quarter of 2025. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended June 30, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

2025 Awards/Recognition
Forbes Best-in-State Banks

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 17 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; legal proceedings regulatory investigations and their resolutions; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

For More Information Contact:
Geraldine Bullard, Interim Chief Executive Officer, Chief Operating Officer and EVP
Phyllis Nomura, Chief Financial Officer and EVP
IRGroup@ourfirstfed.com
360-457-0461


FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
ASSETS
Cash and due from banks	$	18,487		$	18,911		$	16,811		$	17,953		$	19,184
Interest-earning deposits in banks		69,376			51,412			55,637			64,769			63,995
Investment securities available for sale, at fair value (amortized cost at each period end of $336,206, $348,249, $376,265, $341,011 and $344,941)		303,515			315,433			340,344			310,860			306,714
Loans held for sale		1,557			2,940			472			378			1,086
Loans receivable (net of allowance for credit losses on loans at each period end of $18,345, $20,569, $20,449, $21,970, and $19,343)		1,647,217			1,637,573			1,675,186			1,714,416			1,677,764
Federal Home Loan Bank (FHLB) stock, at cost		14,906			13,106			14,435			14,435			13,086
Accrued interest receivable		8,305			8,319			8,159			8,939			9,466
Premises and equipment, net		8,999			9,870			10,129			10,436			10,714
Servicing rights on sold loans, at fair value		3,220			3,301			3,281			3,584			3,740
Bank-owned life insurance (“BOLI”), net		41,380			31,786			41,150			41,429			41,113
Equity and partnership investments		14,811			15,026			13,229			14,912			15,085
Goodwill and other intangible assets, net		1,081			1,082			1,082			1,083			1,084
Deferred tax asset, net		14,266			14,304			13,738			10,802			12,216
Right-of-use (“ROU”) asset, net		15,772			16,687			17,001			17,315			17,627
Prepaid expenses and other assets		32,471			31,680			21,352			24,175			23,088
Total assets	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	1,654,636		$	1,666,068		$	1,688,026		$	1,711,641		$	1,708,288
Borrowings		344,108			307,091			336,014			334,994			302,575
Accrued interest payable		1,514			2,163			3,295			2,153			3,143
Lease liability, net		16,257			17,266			17,535			17,799			18,054
Accrued expenses and other liabilities		27,790			29,767			31,770			25,625			23,717
Advances from borrowers for taxes and insurance		1,325			2,583			1,484			2,485			1,304
Total liabilities		2,045,630			2,024,938			2,078,124			2,094,697			2,057,081

Shareholders’ Equity
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,444,963; 9,440,618; 9,353,348; 9,365,979; and 9,453,247		94			94			93			94			94
Additional paid-in capital		93,595			93,450			93,357			93,218			93,985
Retained earnings		90,506			87,506			97,198			100,660			103,322
Accumulated other comprehensive loss, net of tax		(28,198	)		(28,129	)		(30,172	)		(26,424	)		(31,597	)
Unearned employee stock ownership plan (ESOP) shares		(6,264	)		(6,429	)		(6,594	)		(6,759	)		(6,923	)
Total shareholders’ equity		149,733			146,492			153,882			160,789			158,881
Total liabilities and shareholders’ equity	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962


FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)

	For the Quarter Ended															For the Six Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024
INTEREST INCOME
Interest and fees on loans receivable	$	22,814		$	22,231		$	23,716		$	23,536		$	23,733		$	45,045		$	46,500
Interest on investment securities		3,466			3,803			3,658			3,786			3,949			7,269			7,581
Interest on deposits in banks		520			482			550			582			571			1,002			1,216
FHLB dividends		331			307			273			302			358			638			640
Total interest income		27,131			26,823			28,197			28,206			28,611			53,954			55,937
INTEREST EXPENSE
Deposits		9,552			9,737			11,175			10,960			10,180			19,289			20,292
Borrowings		3,386			3,239			2,885			3,226			4,196			6,625			7,482
Total interest expense		12,938			12,976			14,060			14,186			14,376			25,914			27,774
Net interest income		14,193			13,847			14,137			14,020			14,235			28,040			28,163
PROVISION FOR CREDIT LOSSES
(Recapture of) provision for credit losses on loans		(296	)		7,770			3,760			3,077			8,640			7,474			9,879
(Recapture of) provision for credit losses on unfunded commitments		(64	)		15			(105	)		57			99			(49	)		(170	)
(Recapture of) provision for credit losses		(360	)		7,785			3,655			3,134			8,739			7,425			9,709
Net interest income after (recapture of) provision for credit losses		14,553			6,062			10,482			10,886			5,496			20,615			18,454
NONINTEREST INCOME
Loan and deposit service fees		1,095			1,106			1,054			1,059			1,076			2,201			2,178
Sold loan servicing fees and servicing rights mark-to-market		92			195			(115	)		10			74			287			293
Net gain on sale of loans		44			11			52			58			150			55			202
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Net gain on sale of premises and equipment		—			—			—			—			7,919			—			7,919
Increase in BOLI cash surrender value		485			372			328			315			293			857			536
Income from BOLI death benefit, net		—			1,059			1,536			—			—			1,059			—
Other income (loss)		454			1,034			(1,555	)		337			(48	)		1,488			524
Total noninterest income		2,170			3,777			1,300			1,779			7,347			5,947			9,535
NONINTEREST EXPENSE
Compensation and benefits		4,698			7,715			7,367			8,582			8,588			12,413			16,716
Data processing		1,926			2,011			2,065			2,085			2,008			3,937			3,952
Occupancy and equipment		1,507			1,592			1,559			1,553			1,799			3,099			3,039
Supplies, postage, and telephone		346			298			296			360			317			644			610
Regulatory assessments and state taxes		501			479			460			548			457			980			970
Advertising		299			265			362			409			377			564			686
Professional fees		1,449			777			813			698			684			2,226			1,594
FDIC insurance premium		463			434			491			533			473			897			859
Other expense		1,576			6,429			820			1,080			906			8,005			1,486
Total noninterest expense		12,765			20,000			14,233			15,848			15,609			32,765			29,912
Income (loss) before provision (benefit) for income taxes		3,958			(10,161	)		(2,451	)		(3,183	)		(2,766	)		(6,203	)		(1,923	)
Provision (benefit) for income taxes		297			(1,125	)		359			(1,203	)		(547	)		(828	)		(100	)
Net income (loss)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)

Basic and diluted earnings (loss) per common share	$	0.42		$	(1.03	)	$	(0.32	)	$	(0.23	)	$	(0.25	)	$	(0.61	)	$	(0.21	)


FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Selected Loan Detail	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Construction and land loans breakout
1-4 Family construction	$	39,040	$	42,371	$	39,319	$	43,125	$	56,514
Multifamily construction		14,728		9,223		15,407		29,109		43,341
Nonresidential construction		12,832		7,229		16,857		17,500		1,015
Land and development		5,938		6,054		6,527		5,975		6,403
Total construction and land loans	$	72,538	$	64,877	$	78,110	$	95,709	$	107,273

Auto and other consumer loans breakout
Triad Manufactured Home loans	$	135,537	$	134,740	$	128,231	$	129,600	$	110,510
Woodside auto loans		127,828		118,972		117,968		126,129		131,151
First Help auto loans		11,221		13,012		14,283		15,971		17,427
Other auto loans		1,016		1,313		1,647		2,064		2,690
Other consumer loans		5,275		5,841		6,747		7,434		23,845
Total auto and other consumer loans	$	280,877	$	273,878	$	268,876	$	281,198	$	285,623

Commercial business loans breakout
Northpointe Bank MPP	$	–	$	–	$	36,230	$	38,155	$	9,150
Secured lines of credit		41,043		39,986		35,701		37,686		28,862
Unsecured lines of credit		2,551		2,030		1,717		1,571		1,133
SBA loans		6,618		6,889		7,044		7,219		7,146
Other commercial business loans		67,631		70,878		70,801		70,696		70,803
Total commercial business loans	$	117,843	$	119,783	$	151,493	$	155,327	$	117,094

Loans by Collateral and Unfunded Commitments	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

One-to-four family construction	$	40,509	$	38,221	$	44,468	$	51,607	$	49,440
All other construction and land		36,129		30,947		34,290		45,166		58,346
One-to-four family first mortgage		420,847		428,081		466,046		469,053		434,840
One-to-four family junior liens		20,116		15,155		15,090		14,701		13,706
One-to-four family revolving open-end		57,502		51,832		51,481		48,459		44,803
Commercial real estate, owner occupied:
Health care		29,091		29,386		29,129		29,407		29,678
Office		19,116		19,363		17,756		17,901		19,215
Warehouse		7,432		9,272		14,948		11,645		14,613
Other		74,364		74,915		78,170		64,535		56,292
Commercial real estate, non-owner occupied:
Office		42,198		41,885		49,417		49,770		50,158
Retail		51,708		50,737		49,591		49,717		50,101
Hospitality		64,308		62,226		61,919		62,282		62,628
Other		93,505		93,549		81,640		82,573		84,428
Multi-family residential		330,784		339,217		333,419		354,118		350,382
Commercial business loans		73,403		75,628		77,381		86,904		79,055
Commercial agriculture and fishing loans		22,443		22,914		21,833		15,369		14,411
State and political subdivision obligations		369		369		369		404		405
Consumer automobile loans		139,992		133,209		133,789		144,036		151,121
Consumer loans secured by other assets		138,378		137,619		131,429		132,749		129,293
Consumer loans unsecured		2,508		3,051		3,658		4,411		5,209
Total loans	$	1,664,702	$	1,657,576	$	1,695,823	$	1,734,807	$	1,698,124

Unfunded commitments under lines of credit or existing loans	$	166,589	$	175,100	$	163,827	$	166,446	$	155,005


FIRST NORTHWEST BANCORP AND SUBSIDIARY NET INTEREST MARGIN ANALYSIS (Dollars in thousands) (Unaudited)

	Three Months Ended June 30,
	2025								2024
	Average			Interest					Average			Interest
	Balance			Earned/		Yield/			Balance			Earned/		Yield/
	Outstanding			Paid		Rate			Outstanding			Paid		Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable, net ^{(1) (2)}	$	1,639,236		$	22,814		5.58	%	$	1,698,777		$	23,733		5.62	%
Total investment securities		311,078			3,466		4.47			316,878			3,949		5.01
FHLB dividends		13,313			331		9.97			15,175			358		9.49
Interest-earning deposits in banks		46,807			520		4.46			41,450			571		5.54
Total interest-earning assets ⁽³⁾		2,010,434			27,131		5.41			2,072,280			28,611		5.55
Noninterest-earning assets		154,145								147,090
Total average assets	$	2,164,579							$	2,219,370
Interest-bearing liabilities:
Interest-bearing demand deposits	$	164,475		$	240		0.59		$	165,212		$	193		0.47
Money market accounts		444,135			2,660		2.40			405,393			2,420		2.40
Savings accounts		228,901			884		1.55			227,650			915		1.62
Certificates of deposit, customer		451,712			4,396		3.90			400,197			4,079		4.10
Certificates of deposit, brokered		124,383			1,372		4.42			209,566			2,573		4.94
Total interest-bearing deposits ⁽⁴⁾		1,413,606			9,552		2.71			1,408,018			10,180		2.91
Advances		275,176			3,041		4.43			315,375			3,801		4.85
Subordinated debt		34,600			345		4.00			39,465			395		4.03
Total interest-bearing liabilities		1,723,382			12,938		3.01			1,762,858			14,376		3.28
Noninterest-bearing deposits ⁽⁴⁾		243,655								251,442
Other noninterest-bearing liabilities		50,685								41,991
Total average liabilities		2,017,722								2,056,291
Average equity		146,857								163,079
Total average liabilities and equity	$	2,164,579							$	2,219,370

Net interest income				$	14,193							$	14,235
Net interest rate spread							2.40								2.27
Net earning assets	$	287,052							$	309,422
Net interest margin ⁽⁵⁾							2.83								2.76
Average interest-earning assets to average interest-bearing liabilities		116.7	%							117.6	%

(1)	The average loans receivable, net balances include nonaccrual loans.
(2)	Interest earned on loans receivable includes net deferred (costs) fees of ($148,000) and $34,000 for the three months ended June 30, 2025 and 2024, respectively.
(3)	Includes interest-earning deposits (cash) at other financial institutions.
(4)	Cost of all deposits, including noninterest-bearing demand deposits, was 2.31% and 2.47% for the three months ended June 30, 2025 and 2024, respectively.
(5)	Net interest income divided by average interest-earning assets.

FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)

Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

Calculations Based on PPNR and Adjusted PPNR:

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024

Net income (loss) (GAAP)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)
Plus: (recapture of) provision for credit losses (GAAP)		(360	)		7,785			3,655			3,134			8,739			7,425			9,709
Provision (benefit) for income taxes (GAAP)		297			(1,125	)		359			(1,203	)		(547	)		(828	)		(100	)
PPNR (Non-GAAP) ⁽¹⁾		3,598			(2,376	)		1,204			(49	)		5,973			1,222			7,786
Less selected nonrecurring adjustments to PPNR (Non-GAAP):
Employee retention credit (“ERC”) included in compensation and benefits		2,640			—			—			—			—			2,640			—
ERC consulting expense included in professional fees		(528	)		—			—			—			—			(528	)		—
Costs associated with early termination of Bellevue Business Center lease included in other expense		(599	)		—			—			—			—			(599	)		—
Bank-owned life insurance (“BOLI”) death benefit		—			1,059			1,536			—			—			1,059			—
Gain on extinguishment of subordinated debt included in other income		—			846			—			—			—			846			—
Legal reserve		—			(5,750	)		—			—			—			(5,750	)		—
Equity investment repricing adjustment		—			—			(1,762	)		—			—			—			651
One-time compensation payouts related to reduction in force		—			—			—			(996	)		—			—			—
Net gain on sale of premises and equipment		—			—			—			—			7,919			—			7,919
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			—			(359	)		—			(359	)
Net loss on sale of investment securities		—			—			—			—			(2,117	)		—			(2,117	)
Adjusted PPNR (Non-GAAP) ⁽¹⁾	$	2,085		$	1,469		$	1,430		$	947		$	530		$	3,554		$	1,692

Average total assets (GAAP)	$	2,164,579		$	2,174,748		$	2,205,502		$	2,209,333		$	2,219,370		$	2,169,621		$	2,192,779
GAAP Ratio:
Return on average assets (GAAP)		0.68	%		-1.69	%		-0.51	%		-0.36	%		-0.40	%		-0.50	%		-0.17	%
Non-GAAP Ratios:
PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.67	%		-0.44	%		0.22	%		-0.01	%		1.08	%		0.11	%		0.71	%
Adjusted PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.39	%		0.27	%		0.26	%		0.17	%		0.10	%		0.33	%		0.16	%

(1)

PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.


FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Calculations Based on Tangible Common Equity:

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024

Total shareholders’ equity	$	149,733		$	146,492		$	153,882		$	160,789		$	158,881		$	149,733		$	158,881
Less: Goodwill and other intangible assets		1,081			1,082			1,082			1,083			1,084			1,081			1,084
Disallowed non-mortgage loan servicing rights		372			415			423			489			517			372			517
Total tangible common equity	$	148,280		$	144,995		$	152,377		$	159,217		$	157,280		$	148,280		$	157,280

Total assets	$	2,195,363		$	2,171,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,195,363		$	2,215,962
Less: Goodwill and other intangible assets		1,081			1,082			1,082			1,083			1,084			1,081			1,084
Disallowed non-mortgage loan servicing rights		372			415			423			489			517			372			517
Total tangible assets	$	2,193,910		$	2,169,933		$	2,230,501		$	2,253,914		$	2,214,361		$	2,193,910		$	2,214,361

Average shareholders’ equity	$	146,857		$	156,470		$	161,560		$	160,479		$	163,079		$	151,620		$	162,473
Less: Average goodwill and other intangible assets		1,081			1,082			1,083			1,084			1,085			1,082			1,085
Average disallowed non-mortgage loan servicing rights		415			423			489			517			489			419			485
Total average tangible common equity	$	145,361		$	154,965		$	159,988		$	158,878		$	161,505		$	150,119		$	160,903

Net income (loss)	$	3,661		$	(9,036	)	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	(5,375	)	$	(1,823	)
Common shares outstanding		9,444,963			9,440,618			9,353,348			9,365,979			9,453,247			9,444,963			9,453,247
GAAP Ratios:
Equity to total assets		6.82	%		6.75	%		6.89	%		7.13	%		7.17	%		6.82	%		7.17	%
Return on average equity		10.00	%		-23.42	%		-6.92	%		-4.91	%		-5.47	%		-7.15	%		-2.26	%
Book value per common share	$	15.85		$	15.52		$	16.45		$	17.17		$	16.81		$	15.85		$	16.81
Non-GAAP Ratios:
Tangible common equity to tangible assets ⁽¹⁾		6.76	%		6.68	%		6.83	%		7.06	%		7.10	%		6.76	%		7.10	%
Return on average tangible common equity ⁽¹⁾		10.10	%		-23.65	%		-6.99	%		-4.96	%		-5.53	%		-7.22	%		-2.28	%
Tangible book value per common share ⁽¹⁾	$	15.70		$	15.36		$	16.29		$	17.00		$	16.64		$	15.70		$	16.64

(1	)	We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c85e4dc5-66aa-4a20-9353-c1b9da5ac869

https://www.globenewswire.com/NewsRoom/AttachmentNg/e8d326aa-0fde-4c3c-954f-bb809e7c276c

https://www.globenewswire.com/NewsRoom/AttachmentNg/f24035e8-5a6e-4f39-a0db-93ca11dc39d5

https://www.globenewswire.com/NewsRoom/AttachmentNg/c29167d1-36df-44c1-9e51-889b5be4fb96

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae6ceb7f-9f7a-4a77-b835-146a0638be30

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ba4f507-769e-4e54-acdb-4aed9253c967

https://www.globenewswire.com/NewsRoom/AttachmentNg/66e51144-1d2d-4c3f-ae91-2192cc90a887

The MIL Network –

July 24, 2025

MIL-OSI: MEXC Celebrates StablR Euro (EURR) Listing with Exclusive Launchpool Event Featuring 85,000 USDT

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, July 24, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, today announced it will launch a special Launchpool event to mark the listing of StablR Euro (EURR), a Euro-backed stablecoin. The event will run from July 24, 11:00 to July 28, 11:00 (UTC) and offers users the opportunity to share an 85,000 USDT prize pool. Participation is open to both new and existing users.

About StablR Euro (EURR)

StablR Euro (EURR) represents a significant addition to MEXC’s expanding stablecoin offerings. This Euro-backed digital asset maintains a 1:1 peg with the Euro and is fully redeemable, backed by fiat currency and short-term government bonds. With a total supply of 6,325,084 EURR, the stablecoin serves as a digital alternative to traditional money, offering enhanced efficiency, security, and accessibility for users worldwide.

The stablecoin addresses multiple use cases including faster cross-border payments, international trade facilitation, and supporting more flexible financial systems. As a reliable store of value and medium of exchange, EURR provides European users and global traders with direct exposure to Euro-denominated digital assets without the volatility typically associated with cryptocurrencies.

Launchpool Event Highlights

Event 1: Launchpool – Stake USDT, MX, EURR to Share 70,000 USDT
Users can stake USDT, MX, or EURR to share 70,000 USDT in rewards. The USDT staking pool, offering the largest 50,000 USDT prize, is exclusively available to new users. Each pool features distinct reward caps and staking limits, giving users flexible ways to participate. Additionally, users staking MX tokens can earn bonus airdrops through MEXC’s Kickstarter events, unlocking double rewards.

Event 2: Invite New Users & Share 15,000 USDT
In addition, users can invite friends to join MEXC and earn up to 400 USDT in referral rewards—20 USDT per successful invite, capped at 20 invites per user. Rewards are distributed on a first-come, first-served basis.

Complete event details are available on the MEXC platform.

MEXC’s User-Centric Commitment

This event reflects MEXC’s user-centric philosophy and demonstrates its determination to create a convenient and mutually beneficial trading environment for the global community. With rapid listing efficiency, comprehensive selection of over 3,000 digital assets, daily airdrop benefits, industry-leading liquidity, low trading fees, and robust security infrastructure, MEXC has earned the trust of over 40 million users worldwide. In the future, MEXC will continue to uphold its user-centric values while delivering cutting-edge trading solutions and community benefits.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Risk Disclaimer:
The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92cdf20d-c8fa-4de9-a88d-c7fd5b975478

The MIL Network –

July 24, 2025

MIL-OSI: Quality Clouds Launches AI Quality Shield for Technology Services Companies to Empower Enterprise Clients with AI Readiness and Orchestration

Source: GlobeNewswire (MIL-OSI)

LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Quality Clouds, a provider of software governance solutions trusted by companies like JPMorgan Chase, Shell, Barclays, and BP, today announced the launch of AI Quality Shield, a new governance suite designed to assist technology services leaders in achieving successful AI transformations for their enterprise clients. This broadens Quality Clouds’ established software governance toolset to address the growing demand for enterprise AI readiness and growth.

While the potential of AI is widely acknowledged, many enterprise AI initiatives have yet to deliver substantial impact. Recent industry reports highlight this challenge, with Accenture disclosing that only 15% of companies are “AI reinvention-ready” and McKinsey noting that only 1% of enterprises view their generative AI strategies as mature. This “Gen AI Paradox” underscores a critical need for a robust foundation to scale AI effectively.

Technology services companies agree that enterprise clients need to reengineer their digital foundation of technology and processes to build the necessary capabilities, security, and organizational trust for an effective AI journey.

Recognizing that governance is a major component of this AI-ready foundation, AI Quality Shield automates governance across key phases of AI transformations:

Readiness: Quality Clouds provides environment diagnostics and assessment scoring, enabling partners and their clients to safely prepare for AI adoption.
Growth: The suite offers ongoing governance, helping end-customers confidently deploy and evolve AI systems at scale.

“Forward-thinking technology services companies are developing programs to help their enterprise clients transition into AI-first businesses,” said Adrian Serle, Chief Executive Officer of Quality Clouds. “Our new AI Quality Shield builds upon our legacy of enterprise software governance to provide our partners with the AI Readiness and Growth automation necessary to accelerate outcomes and achieve the transformative goals for their clients.”

About Quality Clouds

Quality Clouds provides an industry-leading independent governance layer for enterprise software platforms, empowering organizations to manage and mitigate risk across their DevOps and AI initiatives. Trusted by Fortune 500 companies and leading technology services providers, Quality Clouds’ solutions offer comprehensive visibility into code, configuration, and technical debt. By extending its capabilities to include AI readiness and ongoing governance, Quality Clouds empowers enterprises to achieve secure, compliant, and scalable innovation throughout their DevOps and AI transformation journeys.

QualityClouds.com/aiqualityshield

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44735b9c-dff2-4ed9-a98e-31ff72c335cf

The MIL Network –

July 24, 2025

MIL-OSI: Valley National Bancorp Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2025 of $133.2 million, or $0.22 per diluted common share, as compared to the first quarter 2025 net income of $106.1 million, or $0.18 per diluted common share, and net income of $70.4 million, or $0.13 per diluted common share, for the second quarter 2024. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $134.4 million, or $0.23 per diluted common share, for the second quarter 2025, $106.1 million, or $0.18 per diluted common share, for the first quarter 2025, and $71.6 million, or $0.13 per diluted common share, for the second quarter 2024. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “I am pleased by the continued balance sheet strength and commercial loan growth exhibited during the second quarter. Our profitability metrics are trending positively, consistent with our expectations for improvement throughout the year. We remain focused on growing low-cost deposits, which we expect will support our aspirations in 2025 and beyond.”

Mr. Robbins continued, “Our quarterly credit results continued to improve as illustrated by the significant reduction in our provision for loan losses on both a quarter-over-quarter and year-over-year basis. Our allowance coverage ratio remains at a comfortable level, and we expect general stability going forward.”

Key financial highlights for the second quarter 2025:

Net Interest Income and Margin: Our net interest margin on a tax equivalent basis increased by 5 basis points to 3.01 percent in the second quarter 2025 as compared to 2.96 percent for the first quarter 2025. Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. The increase in net interest income from the first quarter 2025 was mainly driven by higher yields on new loan originations, increases in average loans and taxable investments and one additional day during the second quarter 2025. See additional details in the “Net Interest Income and Margin” section below.
Loan Portfolio: Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mostly due to increases of $719.8 million and $137.6 million in commercial and industrial (C&I) and automobile loans, respectively. Total commercial real estate (CRE) loans (including construction loans) decreased $288.6 million from March 31, 2025 largely due to normal repayments and continued selective origination activity. As a result, our CRE loan concentration ratio (defined as total commercial real estate loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) declined to approximately 349 percent at June 30, 2025 from 353 percent at March 31, 2025. See the “Loans” section below for more details.
Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $594.0 million and $594.1 million at June 30, 2025 and March 31, 2025, respectively, representing 1.20 percent and 1.22 percent of total loans at each respective date. During the second quarter 2025, we recorded a provision for credit losses for loans of $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. See the “Credit Quality” section below for more details.
Credit Quality: Net loan charge-offs totaled $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and second quarter 2024, respectively. Non-accrual loans totaled $354.4 million, or 0.72 percent of total loans, at June 30, 2025 as compared to $346.5 million, or 0.71 percent of total loans, at March 31, 2025. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025. The majority of this increase related to three CRE loans, of which two were no longer past due in July 2025. See the “Credit Quality” section below for more details.
Deposits: Total deposit balances increased $759.4 million to $50.7 billion at June 30, 2025 as compared to $50.0 billion at March 31, 2025 mainly due to increases in both direct and indirect (brokered) customer time deposits during the second quarter 2025, partially offset by the outflows of certain indirect customer deposits in the savings, NOW and money market deposit category. Non-interest bearing deposits increased $118.2 million to $11.7 billion at June 30, 2025 from March 31, 2025. See the “Deposits” section below for more details.
Subordinated Debt Redemptions: On June 15, 2025, we redeemed in full $115 million of 5.25 percent fixed-to-floating rate subordinated notes issued in June 2020 and due in June 2030. The transaction was accounted for as an early debt extinguishment and resulted in a $922 thousand pre-tax loss reported within non-interest expense for the second quarter 2025. In addition, we repaid $100 million of 4.55 percent fixed rate subordinated notes that matured on June 30, 2025.
Non-Interest Income: Non-interest income increased $4.3 million to $62.6 million for the second quarter 2025 as compared to the first quarter 2025 mainly due to increases of $2.8 million and $2.0 million in capital markets income and service charges on deposit accounts, respectively. The increase in capital markets income was largely driven by a higher volume of interest rate swap transactions executed for commercial loan customers during the second quarter 2025.
Non-Interest Expense: Non-interest expense increased $7.5 million to $284.1 million for the second quarter 2025 as compared to the first quarter 2025 largely due to an increase of $4.3 million in professional and legal fees driven by higher consulting and legal expenses. Salary and employee benefits expense also increased $2.8 million from the first quarter 2025 mainly due to annual salary merit increases late in the first quarter 2025 and higher cash incentive compensation and severance related expenses. These items were partially offset by lower payroll taxes.
Efficiency Ratio: Our efficiency ratio was 55.20 percent for the second quarter 2025 as compared to 55.87 percent and 59.62 percent for the first quarter 2025 and second quarter 2024, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.86 percent, 7.08 percent and 9.62 percent for the second quarter 2025, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.87 percent, 7.15 percent and 9.71 percent for the second quarter 2025, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $433.7 million for the second quarter 2025 increased $12.3 million compared to the first quarter 2025 and increased $30.7 million as compared to the second quarter 2024. Interest income on a tax equivalent basis increased $20.3 million to $806.3 million for the second quarter 2025 as compared to the first quarter 2025. The increase was mostly driven by (i) higher yields on new loan originations, (ii) increased average loan balances driven by new organic loan originations largely within the C&I loan portfolio, (iii) additional interest income from purchases of taxable investments mainly within the available for sale portfolio during the first half of 2025 and (iv) one additional day in the second quarter 2025. Total interest expense increased $8.0 million to $372.6 million for the second quarter 2025 as compared to the first quarter 2025 largely due to (i) a $548.7 million increase in average time deposit balances, (ii) the increased cost of certain non-maturity deposits and (iii) the aforementioned increase in day count. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 3.01 percent for the second quarter 2025 increased by 5 basis points from 2.96 percent for the first quarter 2025 and increased 17 basis points from 2.84 percent for the second quarter 2024. The increase as compared to the first quarter 2025 was mostly due to the 7 basis point increase in the yield on average interest earning assets largely caused by higher interest rates on new loan originations in the second quarter 2025 and higher yielding investment purchases. The overall cost of average interest bearing liabilities increased 2 basis points to 3.56 percent for the second quarter 2025 as compared to the first quarter 2025 mostly due to higher interest rates on certain non-maturity deposit products, partially offset by a lower overall cost of time deposits driven by both new volumes and maturities. Our cost of total average deposits was 2.67 percent for the second quarter 2025 as compared to 2.65 percent and 3.18 percent for the first quarter 2025 and the second quarter 2024, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $734.3 million, or 6.0 percent on an annualized basis, to $49.4 billion at June 30, 2025 from March 31, 2025 mainly due to increases in the C&I and automobile loan portfolios, partially offset by lower CRE loan balances. C&I loans grew by $719.8 million, or 28.4 percent on an annualized basis, to $10.9 billion at June 30, 2025 from March 31, 2025 largely due to our continued strategic focus on organic growth within this category. Automobile loans increased by $137.6 million, or 27.0 percent on an annualized basis, to $2.2 billion at June 30, 2025 from March 31, 2025 mainly due to high quality consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Residential mortgage loans also moderately increased $73.6 million to $5.7 billion at June 30, 2025 from March 31, 2025 as new loan originations outpaced repayment activity. Total CRE (including construction) loans decreased $288.6 million to $28.8 billion at June 30, 2025 from March 31, 2025. The decrease was largely driven by runoff from repayment activity and our efforts to focus new CRE loan originations on more profitable holistic banking clients. Additionally, construction loans decreased $172.1 million to $2.9 billion at June 30, 2025 from March 31, 2025 mainly due to the migration of completed projects to permanent financing within the multifamily loan category of the CRE loan portfolio during the second quarter 2025.

Deposits. Actual ending balances for deposits increased $759.4 million to $50.7 billion at June 30, 2025 from March 31, 2025 due to increases of $962.9 million and $118.2 million in time deposits and non-interest bearing deposits, respectively, partially offset by a $321.6 million decrease in savings, NOW and money market deposit balances. The increase in time deposit balances was mainly driven by continued deposit inflows from new promotional retail CD offerings and additional fully-insured indirect (i.e., brokered) customer CDs during the second quarter 2025. The increase in non-interest bearing deposit balances was mostly due to higher commercial customer deposit inflows in the second quarter 2025. Savings, NOW and money market deposit balances decreased at June 30, 2025 from March 31, 2025 largely due to lower indirect customer deposits, as well as some seasonal runoff in governmental deposits account balances. Total indirect customer deposits (including both brokered money market and time deposits) totaled $6.5 billion and $6.3 billion at June 30, 2025 and March 31, 2025, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 52 percent and 25 percent of total deposits as of June 30, 2025, respectively, as compared to 23 percent, 53 percent and 24 percent of total deposits as of March 31, 2025, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase and FHLB advances, increased $103.2 million to $162.2 million at June 30, 2025 from March 31, 2025 largely due to an increase in FHLB advances. Long-term borrowings totaled $2.9 billion at June 30, 2025 and remained relatively unchanged as compared to March 31, 2025. In June 2025, we fully redeemed $215 million of subordinated notes that were mostly offset by the issuance of new long-term FHLB advances during the second quarter 2025.

Credit Quality

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $4.6 million to $360.8 million at June 30, 2025 as compared to March 31, 2025. Non-accrual loans increased $7.9 million to $354.4 million at June 30, 2025 as compared to $346.5 million at March 31, 2025 mainly because of a net increase in non-performing CRE loans during the second quarter 2025, which was partially offset by a decline in non-performing C&I loans. Non-accrual C&I loans decreased largely due to the full charge-offs of four loan relationships totaling $17.4 million during the second quarter 2025. Non-accrual loans represented 0.72 percent of total loans at June 30, 2025 as compared to 0.71 percent of total loans at March 31, 2025. OREO decreased $2.9 million to $4.8 million at June 30, 2025 from March 31, 2025 mostly due to the fair valuation write-down related to one CRE property recorded during the second quarter 2025.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $147.5 million to $199.2 million, or 0.40 percent of total loans, at June 30, 2025 as compared to $51.7 million, or 0.11 percent of total loans, at March 31, 2025.

Loans 30 to 59 days past due increased $89.5 million to $123.0 million at June 30, 2025 as compared to March 31, 2025 due, in large part, to one $39.2 million CRE loan and one $35.0 million construction loan included in this early stage delinquency category at June 30, 2025. The $39.2 million CRE loan 30 to 59 days past due was subsequently paid in full by the borrower in July 2025. Loans 60 to 89 days past due increased $62.8 million to $73.3 million at June 30, 2025 as compared to March 31, 2025 mainly due to a $60.6 million CRE loan. This past due loan was subsequently modified and was brought current to its restructured terms in July 2025. Loans 90 days or more past due and still accruing interest decreased $4.8 million to $2.9 million at June 30, 2025 as compared to March 31, 2025 mainly due to a decrease in residential mortgage loan delinquencies. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at June 30, 2025, March 31, 2025 and June 30, 2024:

		June 30, 2025				March 31, 2025				June 30, 2024
				Allocation				Allocation				Allocation
				as a % of				as a % of				as a % of
		Allowance		Loan		Allowance		Loan		Allowance		Loan
		Allocation		Category		Allocation		Category		Allocation		Category
		($ in thousands)
Loan Category:
Commercial and industrial loans		$	173,415	1.60	%	$	184,700	1.82	%	$	149,243	1.57	%
Commercial real estate loans:
	Commercial real estate		270,937	1.04			266,938	1.02			246,316	0.87
	Construction		64,042	2.24			54,724	1.81			54,777	1.54
Total commercial real estate loans			334,979	1.16			321,662	1.10			301,093	0.95
Residential mortgage loans			48,830	0.86			48,906	0.87			47,697	0.85
Consumer loans:
	Home equity		3,689	0.58			3,401	0.56			3,077	0.54
	Auto and other consumer		18,587	0.55			19,531	0.62			18,200	0.63
Total consumer loans			22,276	0.56			22,932	0.61			21,277	0.62
Allowance for loan losses			579,500	1.17			578,200	1.19			519,310	1.03
Allowance for unfunded credit commitments			14,520				15,854				13,231
Total allowance for credit losses for loans		$	594,020			$	594,054			$	532,541
Allowance for credit losses for loans as a % of total loans				1.20	%			1.22	%			1.06	%

Our loan portfolio, totaling $49.4 billion at June 30, 2025, had net loan charge-offs totaling $37.8 million for the second quarter 2025 as compared to $41.9 million and $36.8 million for the first quarter 2025 and the second quarter 2024, respectively. Gross loan charge-offs totaled $42.1 million for the second quarter 2025 and included $23.1 million of partial and full charge-offs related to five non-performing C&I loan relationships with combined specific reserves of $11.2 million at March 31, 2025.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.20 percent at June 30, 2025, 1.22 percent at March 31, 2025, and 1.06 percent at June 30, 2024. For the second quarter 2025, the provision for credit losses for loans totaled $37.8 million as compared to $62.7 million and $82.1 million for the first quarter 2025 and second quarter 2024, respectively. The second quarter 2025 provision reflects, among other factors, the impact of loan growth mainly within the C&I loan portfolio and loan charge-offs, partially offset by a decline in quantitative reserves in certain loan categories and lower specific reserves associated with collateral dependent loans at June 30, 2025.

Capital Adequacy

Valley’s total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.67 percent, 11.57 percent, 10.85 percent and 9.49 percent, respectively, at June 30, 2025 as compared to 13.91 percent, 11.53 percent, 10.80 percent and 9.41 percent, respectively, at March 31, 2025. The reduction in our total risk-based capital ratio reflects the early redemption of our $115 million of 5.25 percent fixed-to-floating rate subordinated notes due in June 2030, which was previously eligible for full regulatory capital treatment.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss Valley’s second quarter 2025 earnings. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, August 25, 2025. Investor presentation materials will be made available prior to the conference call at valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $63 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs, any retaliatory actions, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, geopolitical instabilities or events, natural and other disasters, including severe weather events, health emergencies, acts of terrorism, or other external events;
the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
changes in the statutes, regulations, policies, or enforcement priorities of the federal bank regulatory agencies;
the loss of or decrease in lower-cost funding sources within our deposit base;
damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
the inability to grow customer deposits to keep pace with the level of loan growth;
a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
increased competitive challenges, including our ability to stay current with rapid technological changes in the financial services industry;
cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks;
results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
our ability to successfully execute our business plan and strategic initiatives; and
unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

-Tables to Follow-

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL DATA
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data and stock price)		2025			2025			2024			2025			2024
FINANCIAL DATA:
Net interest income – FTE ⁽¹⁾	$	433,675		$	421,378		$	402,984		$	855,052		$	797,831
Net interest income	$	432,408		$	420,105		$	401,685		$	852,513		$	795,233
Non-interest income		62,604			58,294			51,213			120,898			112,628
Total revenue		495,012			478,399			452,898			973,411			907,861
Non-interest expense		284,122			276,618			277,497			560,740			557,807
Pre-provision net revenue		210,890			201,781			175,401			412,671			350,054
Provision for credit losses		37,799			62,661			82,070			100,460			127,270
Income tax expense		39,924			33,062			22,907			72,986			56,080
Net income		133,167			106,058			70,424			239,225			166,704
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net income available to common shareholders	$	126,219		$	99,103		$	66,316		$	225,322		$	158,477
Weighted average number of common shares outstanding:
Basic		560,336,610			559,613,272			509,141,252			559,976,939			508,740,986
Diluted		562,312,330			563,305,525			510,338,502			563,431,390			510,437,959
Per common share data:
Basic earnings	$	0.23		$	0.18		$	0.13		$	0.40		$	0.31
Diluted earnings		0.22			0.18			0.13			0.40			0.31
Cash dividends declared		0.11			0.11			0.11			0.22			0.22
Closing stock price – high		9.20			10.42			8.02			10.42			10.80
Closing stock price – low		7.87			8.56			6.52			7.87			6.52
FINANCIAL RATIOS:
Net interest margin		3.01	%		2.95	%		2.83	%		2.98	%		2.81	%
Net interest margin – FTE ⁽¹⁾		3.01			2.96			2.84			2.99			2.81
Annualized return on average assets		0.86			0.69			0.46			0.77			0.54
Annualized return on avg. shareholders’ equity		7.08			5.69			4.17			6.39			4.95
NON-GAAP FINANCIAL DATA AND RATIOS: ⁽²⁾
Basic earnings per share, as adjusted	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Diluted earnings per share, as adjusted		0.23			0.18			0.13			0.40			0.32
Annualized return on average assets, as adjusted		0.87	%		0.69	%		0.47	%		0.78	%		0.56	%
Annualized return on average shareholders’ equity, as adjusted		7.15			5.69			4.24			6.42			5.08
Annualized return on average tangible shareholders’ equity		9.62			7.76			5.95			8.70			7.07
Annualized return on average tangible shareholders’ equity, as adjusted		9.71			7.76			6.05			8.74			7.25
Efficiency ratio		55.20			55.87			59.62			55.53			59.36

AVERAGE BALANCE SHEET ITEMS:
Assets	$	62,106,945		$	61,502,768		$	61,518,639		$	61,806,614		$	61,387,754
Interest earning assets		57,553,624			56,891,691			56,772,950			57,224,486			56,695,874
Loans		49,032,637			48,654,921			50,020,901			48,844,823			50,133,746
Interest bearing liabilities		41,913,735			41,230,709			41,576,344			41,574,732			41,566,466
Deposits		49,907,124			49,139,303			49,383,209			49,525,957			48,979,591
Shareholders’ equity		7,524,231			7,458,177			6,753,981			7,491,395			6,739,838

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	As Of
BALANCE SHEET ITEMS:	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands)		2025			2025			2024			2024			2024
Assets	$	62,705,358		$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974
Total loans		49,391,420			48,657,128			48,799,711			49,355,319			50,311,702
Deposits		50,725,284			49,965,844			50,075,857			50,395,966			50,112,177
Shareholders’ equity		7,575,421			7,499,897			7,435,127			6,972,380			6,737,737

LOANS:
(In thousands)
Commercial and industrial	$	10,870,036		$	10,150,205		$	9,931,400		$	9,799,287		$	9,479,147
Commercial real estate:
Non-owner occupied		11,747,491			11,945,222			12,344,355			12,647,649			13,710,015
Multifamily		8,434,173			8,420,385			8,299,250			8,612,936			8,976,264
Owner occupied		5,789,397			5,722,014			5,886,620			5,654,147			5,536,844
Construction		2,854,859			3,026,935			3,114,733			3,487,464			3,545,723
Total commercial real estate		28,825,920			29,114,556			29,644,958			30,402,196			31,768,846
Residential mortgage		5,709,971			5,636,407			5,632,516			5,684,079			5,627,113
Consumer:
Home equity		634,553			602,161			604,433			581,181			566,467
Automobile		2,178,841			2,041,227			1,901,065			1,823,738			1,762,852
Other consumer		1,172,099			1,112,572			1,085,339			1,064,838			1,107,277
Total consumer loans		3,985,493			3,755,960			3,590,837			3,469,757			3,436,596
Total loans	$	49,391,420		$	48,657,128		$	48,799,711		$	49,355,319		$	50,311,702

CAPITAL RATIOS:
Book value per common share	$	12.89		$	12.76		$	12.67		$	13.00		$	12.82
Tangible book value per common share ⁽²⁾		9.35			9.21			9.10			9.06			8.87
Tangible common equity to tangible assets ⁽²⁾		8.63	%		8.61	%		8.40	%		7.68	%		7.52	%
Tier 1 leverage capital		9.49			9.41			9.16			8.40			8.19
Common equity tier 1 capital		10.85			10.80			10.82			9.57			9.55
Tier 1 risk-based capital		11.57			11.53			11.55			10.29			9.98
Total risk-based capital		13.67			13.91			13.87			12.56			12.17

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	Three Months Ended									Six Months Ended
ALLOWANCE FOR CREDIT LOSSES:	June 30,			March 31,			June 30,			June 30,
($ in thousands)		2025			2025			2024			2025			2024
Allowance for credit losses for loans
Beginning balance – Allowance for credit losses for loans	$	594,054		$	573,328		$	487,269		$	573,328		$	465,550
Loans charged-off:
Commercial and industrial		(25,189	)		(28,456	)		(14,721	)		(53,645	)		(29,014	)
Commercial real estate		(14,623	)		(12,260	)		(22,144	)		(26,883	)		(23,348	)
Construction		—			(1,163	)		(212	)		(1,163	)		(7,806	)
Total consumer		(2,259	)		(2,140	)		(1,262	)		(4,399	)		(3,071	)
Total loans charged-off		(42,071	)		(44,019	)		(38,339	)		(86,090	)		(63,239	)
Charged-off loans recovered:
Commercial and industrial		2,789			810			742			3,599			1,424
Commercial real estate		188			249			150			437			391
Construction		455			—			—			455			—
Residential mortgage		37			168			5			205			30
Total consumer		773			843			603			1,616			1,000
Total loans recovered		4,242			2,070			1,500			6,312			2,845
Total net charge-offs		(37,829	)		(41,949	)		(36,839	)		(79,778	)		(60,394	)
Provision for credit losses for loans		37,795			62,675			82,111			100,470			127,385
Ending balance	$	594,020		$	594,054		$	532,541		$	594,020		$	532,541
Components of allowance for credit losses for loans:
Allowance for loan losses	$	579,500		$	578,200		$	519,310		$	579,500		$	519,310
Allowance for unfunded credit commitments		14,520			15,854			13,231			14,520			13,231
Allowance for credit losses for loans	$	594,020		$	594,054		$	532,541		$	594,020		$	532,541
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	39,129		$	61,299		$	86,901		$	100,428		$	133,624
(Credit) provision for unfunded credit commitments		(1,334	)		1,376			(4,790	)		42			(6,239	)
Total provision for credit losses for loans	$	37,795		$	62,675		$	82,111		$	100,470		$	127,385
Annualized ratio of total net charge-offs to total average loans		0.31	%		0.34	%		0.29	%		0.33	%		0.24	%
Allowance for credit losses for loans as a % of total loans		1.20	%		1.22	%		1.06	%		1.20	%		1.06	%

VALLEY NATIONAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS
	As Of
ASSET QUALITY:	June 30,			March 31,			December 31,			September 30,			June 30,
($ in thousands)		2025			2025			2024			2024			2024
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	10,451		$	3,609		$	2,389		$	4,537		$	5,086
Commercial real estate		42,884			170			20,902			76,370			1,879
Construction		35,000			—			—			—			—
Residential mortgage		21,744			16,747			21,295			19,549			17,389
Total consumer		12,878			12,887			12,552			14,672			21,639
Total 30 to 59 days past due		122,957			33,413			57,138			115,128			45,993
60 to 89 days past due:
Commercial and industrial		1,095			420			1,007			1,238			1,621
Commercial real estate		60,601			—			24,903			43,926			—
Residential mortgage		7,627			7,700			5,773			6,892			6,632
Total consumer		4,001			2,408			4,484			2,732			3,671
Total 60 to 89 days past due		73,324			10,528			36,167			54,788			11,924
90 or more days past due:
Commercial and industrial		—			—			1,307			1,786			2,739
Commercial real estate		—			—			—			—			4,242
Construction		—			—			—			—			3,990
Residential mortgage		2,062			6,892			3,533			1,931			2,609
Total consumer		859			864			1,049			1,063			898
Total 90 or more days past due		2,921			7,756			5,889			4,780			14,478
Total accruing past due loans	$	199,202		$	51,697		$	99,194		$	174,696		$	72,395
Non-accrual loans:
Commercial and industrial	$	90,973		$	110,146		$	136,675		$	120,575		$	102,942
Commercial real estate		193,604			172,011			157,231			113,752			123,011
Construction		24,068			24,275			24,591			24,657			45,380
Residential mortgage		41,099			35,393			36,786			33,075			28,322
Total consumer		4,615			4,626			4,215			4,260			3,624
Total non-accrual loans		354,359			346,451			359,498			296,319			303,279
Other real estate owned (OREO)		4,783			7,714			12,150			7,172			8,059
Other repossessed assets		1,642			2,054			1,681			1,611			1,607
Total non-performing assets	$	360,784		$	356,219		$	373,329		$	305,102		$	312,945
Total non-accrual loans as a % of loans		0.72	%		0.71	%		0.74	%		0.60	%		0.60	%
Total accruing past due and non-accrual loans as a % of loans		1.12	%		0.82	%		0.94	%		0.95	%		0.75	%
Allowance for losses on loans as a % of non-accrual loans		163.53	%		166.89	%		155.45	%		185.05	%		171.23	%

NOTES TO SELECTED FINANCIAL DATA

(1	)	Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2	)	Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

Non-GAAP Reconciliations to GAAP Financial Measures
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2025			2024
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	133,167		$	106,058		$	70,424		$	239,225		$	166,704
Add: Loss on extinguishment of debt		922			—			—			922			—
Add: FDIC special assessment ^(a)		—			—			1,363			—			8,757
Add: Losses on available for sale and held to maturity debt securities, net ^(b)		—			11			4			11			11
Add: Restructuring charge ^(c)		800			—			334			800			954
Less: Gain on sale of commercial premium finance lending division ^(d)		—			—			—			—			(3,629	)
Total non-GAAP adjustments to net income		1,722			11			1,701			1,733			6,093
Income tax adjustments related to non-GAAP adjustments ^(e)		(474	)		(3	)		(482	)		(477	)		(1,706	)
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net income available to common shareholders, as adjusted (non-GAAP)	$	127,467		$	99,111		$	67,535		$	226,578		$	162,864
__________
(a) Included in the FDIC insurance assessment.
(b) Included in gains on securities transactions, net.
(c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(d) Included in other income within non-interest income.
(e) Calculated using the appropriate blended statutory tax rate for the applicable period.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	127,467		$	99,111		$	67,535		$	226,578		$	162,864
Average number of shares outstanding		560,336,610			559,613,272			509,141,252			559,976,939			508,740,986
Basic earnings, as adjusted (non-GAAP)	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Average number of diluted shares outstanding		562,312,330			563,305,525			510,338,502			563,431,390			510,437,959
Diluted earnings, as adjusted (non-GAAP)	$	0.23		$	0.18		$	0.13		$	0.40		$	0.32
Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Less: Average goodwill and other intangible assets		1,987,381			1,994,061			2,016,766			1,990,702			2,020,883
Average tangible shareholders’ equity	$	5,536,850		$	5,464,116		$	4,737,215		$	5,500,693		$	4,718,955
Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)		9.71	%		7.76	%		6.05	%		8.74	%		7.25	%
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average assets	$	62,106,945		$	61,502,768		$	61,518,639		$	61,806,614		$	61,387,754
Annualized return on average assets, as adjusted (non-GAAP)		0.87	%		0.69	%		0.47	%		0.78	%		0.56	%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2025			2024
Adjusted annualized return on average shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	134,415		$	106,066		$	71,643		$	240,481		$	171,091
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Annualized return on average shareholders’ equity, as adjusted (non-GAAP)		7.15	%		5.69	%		4.24	%		6.42	%		5.08	%
Annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as reported (GAAP)	$	133,167		$	106,058		$	70,424		$	239,225		$	166,704
Average shareholders’ equity	$	7,524,231		$	7,458,177		$	6,753,981		$	7,491,395		$	6,739,838
Less: Average goodwill and other intangible assets		1,987,381			1,994,061			2,016,766			1,990,702			2,020,883
Average tangible shareholders’ equity	$	5,536,850		$	5,464,116		$	4,737,215		$	5,500,693		$	4,718,955
Annualized return on average tangible shareholders’ equity (non-GAAP)		9.62	%		7.76	%		5.95	%		8.70	%		7.07	%

Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	284,122		$	276,618		$	277,497		$	560,740		$	557,807
Less: Loss on extinguishment of debt (pre-tax)		922			—			—			922			—
Less: FDIC special assessment (pre-tax)		—			—			1,363			—			8,757
Less: Restructuring charge (pre-tax)		800			—			334			800			954
Less: Amortization of tax credit investments (pre-tax)		9,134			9,320			5,791			18,454			11,353
Non-interest expense, as adjusted (non-GAAP)	$	273,266		$	267,298		$	270,009		$	540,564		$	536,743
Net interest income, as reported (GAAP)		432,408			420,105			401,685			852,513			795,233
Non-interest income, as reported (GAAP)		62,604			58,294			51,213			120,898			112,628
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)		—			11			4			11			11
Less: Gain on sale of premium finance division (pre-tax)		—			—			—			—			(3,629	)
Non-interest income, as adjusted (non-GAAP)	$	62,604		$	58,305		$	51,217		$	120,909		$	109,010
Gross operating income, as adjusted (non-GAAP)	$	495,012		$	478,410		$	452,902		$	973,422		$	904,243
Efficiency ratio (non-GAAP)		55.20	%		55.87	%		59.62	%		55.53	%		59.36	%

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
($ in thousands, except for share data)		2025			2025			2024			2024			2024
Tangible book value per common share (non-GAAP):
Common shares outstanding		560,281,821			560,028,101			558,786,093			509,252,936			509,205,014
Shareholders’ equity (GAAP)	$	7,575,421		$	7,499,897		$	7,435,127		$	6,972,380		$	6,737,737
Less: Preferred stock		354,345			354,345			354,345			354,345			209,691
Less: Goodwill and other intangible assets		1,983,515			1,990,276			1,997,597			2,004,414			2,012,580
Tangible common shareholders’ equity (non-GAAP)	$	5,237,561		$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466
Tangible book value per common share (non-GAAP)	$	9.35		$	9.21		$	9.10		$	9.06		$	8.87
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders’ equity (non-GAAP)	$	5,237,561		$	5,155,276		$	5,083,185		$	4,613,621		$	4,515,466
Total assets (GAAP)	$	62,705,358		$	61,865,655		$	62,491,691		$	62,092,332		$	62,058,974
Less: Goodwill and other intangible assets		1,983,515			1,990,276			1,997,597			2,004,414			2,012,580
Tangible assets (non-GAAP)	$	60,721,843		$	59,875,379		$	60,494,094		$	60,087,918		$	60,046,394
Tangible common equity to tangible assets (non-GAAP)		8.63	%		8.61	%		8.40	%		7.68	%		7.52	%

VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data)
	June 30,			December 31,
		2025			2024
	(Unaudited)
Assets
Cash and due from banks	$	440,870		$	411,412
Interest bearing deposits with banks		745,547			1,478,713
Investment securities:
Equity securities		77,408			71,513
Available for sale debt securities		3,896,205			3,369,724
Held to maturity debt securities (net of allowance for credit losses of $637 at June 30, 2025 and $647 at December 31, 2024)		3,530,924			3,531,573
Total investment securities		7,504,537			6,972,810
Loans held for sale (includes fair value of $9,146 at June 30, 2025 and $16,931 at December 31, 2024 for loans originated for sale)		28,096			25,681
Loans		49,391,420			48,799,711
Less: Allowance for loan losses		(579,500	)		(558,850	)
Net loans		48,811,920			48,240,861
Premises and equipment, net		337,371			350,796
Lease right of use assets		332,324			328,475
Bank owned life insurance		735,026			731,574
Accrued interest receivable		238,278			239,941
Goodwill		1,868,936			1,868,936
Other intangible assets, net		114,579			128,661
Other assets		1,547,874			1,713,831
Total Assets	$	62,705,358		$	62,491,691
Liabilities
Deposits:
Non-interest bearing	$	11,746,770		$	11,428,674
Interest bearing:
Savings, NOW and money market		26,091,633			26,304,639
Time		12,886,881			12,342,544
Total deposits		50,725,284			50,075,857
Short-term borrowings		162,244			72,718
Long-term borrowings		2,903,091			3,174,155
Junior subordinated debentures issued to capital trusts		57,629			57,455
Lease liabilities		392,633			388,303
Accrued expenses and other liabilities		889,056			1,288,076
Total Liabilities		55,129,937			55,056,564
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at June 30, 2025 and December 31, 2024)		111,590			111,590
Series B (4,000,000 shares issued at June 30, 2025 and December 31, 2024)		98,101			98,101
Series C (6,000,000 shares issued at June 30, 2025 and December 31, 2024)		144,654			144,654
Common stock (no par value, authorized 650,000,000 shares; issued 560,522,946 shares at June 30, 2025 and 558,786,093 shares at December 31, 2024)		196,606			195,998
Surplus		5,451,543			5,442,070
Retained earnings		1,694,903			1,598,048
Accumulated other comprehensive loss		(119,889	)		(155,334	)
Treasury stock, at cost (241,125 common shares at June 30, 2025)		(2,087	)		—
Total Shareholders’ Equity		7,575,421			7,435,127
Total Liabilities and Shareholders’ Equity	$	62,705,358		$	62,491,691

VALLEY NATIONAL BANCORP CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except for share data)
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2024			2025			2024
Interest Income
Interest and fees on loans	$	720,282		$	703,609		$	770,964		$	1,423,891		$	1,542,517
Interest and dividends on investment securities:
Taxable		67,164			63,898			40,460			131,062			76,257
Tax-exempt		4,681			4,702			4,799			9,383			9,595
Dividends		5,528			5,664			6,341			11,192			13,169
Interest on federal funds sold and other short-term investments		7,357			6,879			10,902			14,236			20,584
Total interest income		805,012			784,752			833,466			1,589,764			1,662,122
Interest Expense
Interest on deposits:
Savings, NOW and money market		203,390			200,221			231,597			403,611			464,103
Time		129,324			125,069			160,442			254,393			311,507
Interest on short-term borrowings		1,736			2,946			691			4,682			21,303
Interest on long-term borrowings and junior subordinated debentures		38,154			36,411			39,051			74,565			69,976
Total interest expense		372,604			364,647			431,781			737,251			866,889
Net Interest Income		432,408			420,105			401,685			852,513			795,233
Provision (credit) for credit losses for available for sale and held to maturity securities		4			(14	)		(41	)		(10	)		(115	)
Provision for credit losses for loans		37,795			62,675			82,111			100,470			127,385
Net Interest Income After Provision for Credit Losses		394,609			357,444			319,615			752,053			667,963
Non-Interest Income
Wealth management and trust fees		14,056			15,031			13,136			29,087			31,066
Insurance commissions		3,430			3,402			3,958			6,832			6,209
Capital markets		9,767			6,940			7,779			16,707			13,449
Service charges on deposit accounts		14,705			12,726			11,212			27,431			22,461
(Losses) gains on securities transactions, net		(1	)		46			3			45			52
Fees from loan servicing		3,671			3,215			2,691			6,886			5,879
Gains on sales of loans, net		2,025			2,197			884			4,222			2,502
Bank owned life insurance		6,019			4,777			4,545			10,796			7,780
Other		8,932			9,960			7,005			18,892			23,230
Total non-interest income		62,604			58,294			51,213			120,898			112,628
Non-Interest Expense
Salary and employee benefits expense		145,422			142,618			140,815			288,040			282,646
Net occupancy expense		25,483			25,888			24,252			51,371			48,575
Technology, furniture and equipment expense		30,667			29,896			35,203			60,563			70,665
FDIC insurance assessment		12,192			12,867			14,446			25,059			32,682
Amortization of other intangible assets		7,427			8,019			8,568			15,446			17,980
Professional and legal fees		19,970			15,670			17,938			35,640			34,403
Loss on extinguishment of debt		922			—			—			922			—
Amortization of tax credit investments		9,134			9,320			5,791			18,454			11,353
Other		32,905			32,340			30,484			65,245			59,503
Total non-interest expense		284,122			276,618			277,497			560,740			557,807
Income Before Income Taxes		173,091			139,120			93,331			312,211			222,784
Income tax expense		39,924			33,062			22,907			72,986			56,080
Net Income		133,167			106,058			70,424			239,225			166,704
Dividends on preferred stock		6,948			6,955			4,108			13,903			8,227
Net Income Available to Common Shareholders	$	126,219		$	99,103		$	66,316		$	225,322		$	158,477

VALLEY NATIONAL BANCORP Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and Net Interest Income on a Tax Equivalent Basis
	Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average					Avg.		Average					Avg.		Average					Avg.
($ in thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Interest earning assets:
Loans ⁽¹⁾⁽²⁾	$	49,032,637	$	720,305		5.88	%	$	48,654,921	$	703,632		5.78	%	$	50,020,901	$	770,987		6.17	%
Taxable investments ⁽³⁾		7,350,792		72,692		3.96			7,100,958		69,562		3.92			5,379,101		46,801		3.48
Tax-exempt investments ⁽¹⁾⁽³⁾		544,302		5,925		4.35			552,291		5,952		4.31			575,272		6,075		4.22
Interest bearing deposits with banks		625,893		7,357		4.70			583,521		6,879		4.72			797,676		10,902		5.47
Total interest earning assets		57,553,624		806,279		5.60			56,891,691		786,025		5.53			56,772,950		834,765		5.88
Other assets		4,553,321							4,611,077							4,745,689
Total assets	$	62,106,945						$	61,502,768						$	61,518,639
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	26,451,349	$	203,390		3.08	%	$	26,345,983	$	200,221		3.04	%	$	24,848,266	$	231,597		3.73	%
Time deposits		12,119,461		129,324		4.27			11,570,758		125,069		4.32			13,311,381		160,442		4.82
Short-term borrowings		196,491		1,736		3.53			307,637		2,946		3.83			97,502		691		2.83
Long-term borrowings ⁽⁴⁾		3,146,434		38,154		4.85			3,006,331		36,411		4.84			3,319,195		39,051		4.71
Total interest bearing liabilities		41,913,735		372,604		3.56			41,230,709		364,647		3.54			41,576,344		431,781		4.15
Non-interest bearing deposits		11,336,314							11,222,562							11,223,562
Other liabilities		1,332,665							1,591,320							1,964,752
Shareholders’ equity		7,524,231							7,458,177							6,753,981
Total liabilities and shareholders’ equity	$	62,106,945						$	61,502,768						$	61,518,639

Net interest income/interest rate spread ⁽⁵⁾			$	433,675		2.04	%			$	421,378		1.99	%			$	402,984		1.73	%
Tax equivalent adjustment				(1,267	)						(1,273	)						(1,299	)
Net interest income, as reported			$	432,408						$	420,105						$	401,685
Net interest margin ⁽⁶⁾						3.01	%						2.95	%						2.83	%
Tax equivalent effect						0.00							0.01							0.01
Net interest margin on a fully tax equivalent basis ⁽⁶⁾						3.01	%						2.96	%						2.84	%

____________

(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6) Net interest income as a percentage of total average interest earning assets.

SHAREHOLDER RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

Contact:		Travis Lan
		Senior Executive Vice President and
		Chief Financial Officer
		973-686-5007

The MIL Network –

July 24, 2025

MIL-OSI: Nasdaq Announces Quarterly Dividend of $0.27 Per Share

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.27 per share on the company’s outstanding common stock. The dividend is payable on September 26, 2025 to shareholders of record at the close of business on September 12, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contact:

David Lurie
+1.914.538.0533
David.Lurie@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

The MIL Network –

July 24, 2025

MIL-OSI Economics: Consultation deadline extended by three weeks

Source: Isle of Man

Published on: 24 July 2025

The Isle of Man Financial Services Authority has extended the deadline for responses to its public consultation on the Financial Services (Miscellaneous Provisions) Bill.

Feedback on the proposals aimed at enhancing the Island’s regulatory framework can now be submitted up to Monday 1 September 2025. The draft Bill includes plans to revise measures within the:

Collective Investment Schemes Act 2008
Designated Businesses (Registration and Oversight) Act 2015
Financial Services Act 2008
Insurance Act 2008

The consultation documents are available to view on the Isle of Man Government Engagement Hub. Comments should be sent to Policy@iomfsa.im or to Casey Houareau, Policy Adviser, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.

MIL OSI Economics –

July 24, 2025

India and UK sign landmark trade deal: How CETA could benefit different sections of society

Source: Government of India

Source: Government of India (4)

India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

This opens up significant opportunities to boost bilateral trade between India and the UK.

In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

(ANI)

July 24, 2025

India-UK CETA to empower Indian fisherfolk with global opportunities

Source: Government of India

Source: Government of India (4)

The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom is poised to significantly enhance the competitiveness of India’s fishery and aquaculture sector, which accounts for 7.96% of global fish production and supports the livelihoods of approximately 28 million individuals.

By eliminating tariffs and providing preferential access to the USD 3 billion fisheries market of the UK, the CETA directly benefits Indian seafood exporters, particularly those supplying high-demand products such as shrimp and other seafood.

The enhanced market access is set to boost exports, which will directly benefit Indian fishermen of Andhra Pradesh, Gujarat, Karnataka, Odisha, and Maharashtra.

Overall, the CETA will not only strengthen India’s fisheries exports but also contribute to the welfare and livelihoods of fishermen, promote coastal economic development, and enhance the competitiveness of the Indian fisheries sector on the global stage. Through this agreement, India strengthens not only its seafood exports but also its commitment to inclusive and equitable trade.

July 24, 2025

MIL-OSI United Kingdom: UK-India Technology Security Initiative – Anniversary Statement

Source: United Kingdom – Executive Government & Departments

News story

UK-India Technology Security Initiative – Anniversary Statement

Statement on the one-year anniversary of the landmark UK-India Technology Security Initiative

On the occasion of the one-year anniversary of the landmark UK-India Technology Security Initiative (TSI), the UK and India reaffirmed their shared commitment to harness frontier technologies to drive economic growth and strengthen national security.

Both parties welcomed the Initiative’s achievements to date and underscored the transformative potential of the TSI to deliver cutting-edge innovations and generate investment across the entire technology value chain.

The TSI has already enabled industry, academia and government to deliver new strategic opportunities. Over the past year, both sides have:

Launched a flagship £7 million joint research programme on Future Telecoms in 2024 to support joint Open RAN and 5G/6G testbed development.
Formalised collaboration between key telecoms lab facilities – India’s Centre for Development of Telematics (C-DOT) and the UK’s Smart RAN Open Network Interoperability Centre (SONIC) for bilateral collaboration in telecom innovation, testing and emerging technology.
Accelerated development in responsible and trustworthy AI, including through the first UK-India Conference on AI opportunities, held in Bengaluru in February 2025.
Completed the successful first phase of the world’s first UK-India Critical Minerals Supply Chain Observatory. Phase Two, supported by £1.8 million of new funding, will deliver the world’s largest digital data infrastructure on the critical minerals value chain and establish a new satellite campus at the Indian School of Mines in Dhanbad.
Strengthened our partnership in FEMTECH – Women-Orientated Health Tech by collaboration between National Institute for Health and Care Research (NIHR) and Department of Biotechnology (DBT).
Initiated several new partnerships between private sector from both sides in the fields of Telecoms, Critical Minerals, Advanced Materials and AI.

To further our strategic collaboration, both sides will:

Harness together, the benefits of the global AI revolution and boost economic growth through a UK-India joint centre for AI that will promote trusted real world AI innovations and widespread adoption.
Advance next generation, secure-by-design telecommunications through joint research, development and innovation, strategically collaborating on advanced connectivity and cyber resilience. Establish an India-UK Connectivity and Innovation Centre to pioneer AI-driven telecoms, non-terrestrial networks and secure 5G and 6G. Work together through international fora like ITU and 3GPP for 6G.
Secure resilient and sustainable critical mineral supply chains to power the Fourth Industrial Revolution. Establish a UK-India Critical Minerals Guild to transform financing standards and innovation. Together, the two sides will prioritise processing, R&D, recycling, managing risk to supply chains, market development etc. and will champion circular economy principles and advance traceability.
Use the UK-India biotechnology partnership to unlock the potential in biofoundries, bioprinting, biomanufacturing, bio-based materials, advanced biosciences and drive innovation across health, clean energy and sustainable agriculture. Explore the possibility of setting up a UK-India Biotechnology Accelerator.

The UK and India continue to work together across other TSI commitments including the collaboration on Graphene and 2D Materials Technology.
In recognition of the TSI’s success, the two leaders agreed to expand the TSI into new frontier domains, particularly to unlock engagement on futuristic, secure and strategic technologies. This expansion will further align UK and Indian national security priorities and unlock new opportunities for industry and researchers.

Both parties called on industry, including start-ups and academia to further catalyse the UK-India technology partnership and to take advantage of the opportunities presented by the TSI.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI United Kingdom: Simon Lewis appointed as Chair of UK Anti-Doping

Source: United Kingdom – Government Statements

News story

Simon Lewis appointed as Chair of UK Anti-Doping

The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.

Simon Lewis

Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.

His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.

Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.

On his appointment, Simon Lewis said:

“It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.

“I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”

Lisa Nandy, Secretary of State for Culture, Media and Sport said:

“I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.

“Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”

Jane Rumble, Chief Executive of UKAD said:

“We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.

“On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.

“I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”

Remuneration and Governance Code

The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI Russia: Xi Jinping: China, EU should adhere to openness and cooperation, properly handle differences /detailed version-1/

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 24 (Xinhua) — Chinese President Xi Jinping said on Thursday that China and the European Union (EU) should adhere to openness and cooperation and properly handle differences.

Xi Jinping made the announcement during a meeting with European Council President António Costa and European Commission President Ursula von der Leyen, who are in Beijing to attend the 25th China-EU leaders’ meeting.

History and reality show that interdependence is not a risk and the intertwining of interests is not a threat, Xi Jinping said, noting that competitiveness cannot be enhanced by “erecting walls and creating barriers” – attempts to decouple and break chains can only lead to self-isolation.

The head of state stressed that “reducing dependence” should not lead to a reduction in cooperation between China and the EU. Bilateral trade and economic relations, which are essentially complementary and mutually beneficial, should and can achieve dynamic equilibrium through development, Xi Jinping said.

According to him, China’s high-quality development and opening up have opened up new opportunities and new horizons for China-EU cooperation. Xi Jinping called on both sides to deepen green and digital partnerships and promote mutual investment cooperation.

Xi Jinping expressed hope that the EU will keep its trade and investment markets open, exercise restraint in using restrictive trade and economic instruments, and create a favorable business environment for Chinese enterprises willing to invest and do business in the EU. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 24, 2025

MIL-OSI Russia: China increases health insurance funds’ spending on innovative drugs

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 24 (Xinhua) — China’s medical insurance funds’ spending on new drugs, or innovative medicines purchased through government procurement following price negotiations with pharmaceutical companies, increased by an average of 40 percent annually during the 14th Five-Year Plan period (2021-2025), Zhang Ke, director general of the National Medical Security Administration, said Thursday.

In 2024, the expenditure of health insurance funds on purchasing new drugs through price negotiations increased by 3.9 times compared with the figure in 2020. During the 14th Five-Year Plan period, the total expenditure of China’s health insurance funds reached 12.13 trillion yuan (about 1.7 trillion US dollars), with an average annual increase of 9.1 percent, Zhang Ke said at a press conference. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 24, 2025

MIL-OSI Russia: The Chinese city of Manzhouli and the Russian Republic of Buryatia have agreed to deepen cooperation

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 24 (Xinhua) — Officials from China’s Manzhouli City and Russia’s Buryatia Republic have agreed to deepen cooperation in agriculture, tourism, logistics and the food industry, the press service of Manzhouli City in the Inner Mongolia Autonomous Region said.

This week, the 3rd Forum on Scientific, Technical, Trade and Economic Cooperation between Manzhouli and the Republic of Buryatia was held in Manzhouli. It was attended by officials from Manzhouli, the Export Support Center of the Republic of Buryatia, and business representatives from both sides.

Manzhouli is China’s largest land border crossing, accounting for more than 65 percent of China-Russia trade overland. Those present at the forum called for expanding and raising the level of bilateral cooperation.

The forum featured presentations of products from enterprises on both sides and meetings of entrepreneurs. A cooperation agreement was concluded between the Manzhouli International Trade Promotion Committee and the Buryatia Chamber of Commerce and Industry.

The forum aims to strengthen mutual understanding and trust between Chinese and Russian enterprises. Its participants hope to further deepen pragmatic cooperation, achieve mutual benefit and win-win, and give new impetus to the development of friendly relations between China and Russia and the economies of the regions of the two sides. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 24, 2025

MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

Source: GlobeNewswire (MIL-OSI)

Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights (on a linked quarter basis)

Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
Core net income¹ of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

Deposits and Liquidity

On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
Off-balance sheet deposits were $41.4 million at the end of the quarter.
Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

Assets and Margin

Net interest margin remained unchanged at 3.55%.
Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

Capital and Returns

Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
Tangible common equity¹ ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
Tangible book value per share¹ increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
Core return on average tangible common equity¹ of 14.90% and core return on average assets¹ of 1.28%.

Share Repurchase

Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.


^{1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.}

Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.”

Second Quarter Earnings

Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter.

Core net income¹ was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities.

Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat.

Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter.

Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income¹ was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees.

Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense¹ was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense.

Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter.

Balance Sheet Quarterly Summary

Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million.

Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan.

Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits¹ totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits.

Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter.

During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses.

Capital Quarterly Summary

As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share.

Tangible book value per share¹ was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity¹ improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025.

Conference Call

As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

About Amalgamated Financial Corp.

Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management.

Non-GAAP Financial Measures

This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

Terminology

Certain terms used in this release are defined as follows:

“Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

“Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

“Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

“Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

“Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

“Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

“Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

“Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

“Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

“Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

“Traditional securities” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

Forward-Looking Statements

Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
changes in deposits, including an increase in uninsured deposits;
ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
the outcome of legal or regulatory proceedings that may be instituted against us;
inability to achieve organic loan and deposit growth and the composition of that growth;
composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
limitations on the ability to declare and pay dividends;
the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
increased competition for experienced members of the workforce including executives in the banking industry;
a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
a downgrade in the Company’s credit rating;
“greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
descriptions of assumptions underlying or relating to any of the foregoing.

Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172

Consolidated Statements of Income (unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
($ in thousands)	2025			2025			2024			2025			2024
INTEREST AND DIVIDEND INCOME
Loans	$	58,723		$	57,843		$	51,293		$	116,566		$	103,245
Securities		43,737			41,653			44,978			85,390			87,368
Interest-bearing deposits in banks		1,639			1,194			2,690			2,833			5,282
Total interest and dividend income		104,099			100,690			98,961			204,789			195,895
INTEREST EXPENSE
Deposits		30,593			28,917			28,882			59,510			54,773
Borrowed funds		597			1,196			887			1,793			3,893
Total interest expense		31,190			30,113			29,769			61,303			58,666
NET INTEREST INCOME		72,909			70,577			69,192			143,486			137,229
Provision for credit losses		4,890			596			3,161			5,486			4,749
Net interest income after provision for credit losses		68,019			69,981			66,031			138,000			132,480
NON-INTEREST INCOME
Trust Department fees		3,879			4,191			3,657			8,069			7,511
Service charges on deposit accounts		3,873			3,438			8,614			7,311			14,750
Bank-owned life insurance income		796			626			615			1,422			1,224
Losses on sale of securities and other assets		(1,041	)		(680	)		(2,691	)		(1,721	)		(5,465	)
Gain (loss) on sale of loans and changes in fair value on loans held- for-sale, net		18			832			69			850			116
Equity method investments income (loss)		51			(2,508	)		(1,551	)		(2,458	)		521
Other income		449			507			545			957			830
Total non-interest income		8,025			6,406			9,258			14,430			19,487
NON-INTEREST EXPENSE
Compensation and employee benefits		23,240			23,314			23,045			46,554			45,318
Occupancy and depreciation		3,476			3,293			3,379			6,768			6,283
Professional fees		3,283			4,739			2,332			8,022			4,708
Technology		5,485			5,619			4,786			11,103			9,415
Office maintenance and depreciation		570			629			580			1,199			1,243
Amortization of intangible assets		144			144			182			287			365
Advertising and promotion		412			51			1,175			463			2,394
Federal deposit insurance premiums		900			900			1,050			1,800			2,100
Other expense		3,074			2,961			2,983			6,038			5,838
Total non-interest expense		40,584			41,650			39,512			82,234			77,664
Income before income taxes		35,460			34,737			35,777			70,196			74,303
Income tax expense		9,471			9,709			9,024			19,179			20,301
Net income	$	25,989		$	25,028		$	26,753		$	51,017		$	54,002
Earnings per common share – basic	$	0.85		$	0.82		$	0.88		$	1.67		$	1.77
Earnings per common share – diluted	$	0.84		$	0.81		$	0.87		$	1.65		$	1.75

Consolidated Statements of Financial Condition

($ in thousands)	June 30, 2025			March 31, 2025			December 31, 2024
Assets	(unaudited)			(unaudited)
Cash and due from banks	$	4,049		$	4,196		$	4,042
Interest-bearing deposits in banks		167,017			61,518			56,707
Total cash and cash equivalents		171,066			65,714			60,749
Securities:
Available for sale, at fair value
Traditional securities		1,713,077			1,546,127			1,477,047
Property Assessed Clean Energy (“PACE”) assessments		178,247			161,147			152,011
		1,891,324			1,707,274			1,629,058
Held-to-maturity, at amortized cost:
Traditional securities, net of allowance for credit losses of $47, $47, and $49, respectively		529,418			535,065			542,246
PACE assessments, net of allowance for credit losses of $657, $654, and $655, respectively		1,037,220			1,038,052			1,043,959
		1,566,638			1,573,117			1,586,205

Loans held for sale		2,545			3,667			37,593
Loans receivable, net of deferred loan origination fees and costs		4,714,344			4,677,506			4,672,924
Allowance for credit losses		(58,998	)		(57,676	)		(60,086	)
Loans receivable, net		4,655,346			4,619,830			4,612,838

Resell agreements		57,040			41,651			23,741
Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost		5,277			4,679			15,693
Accrued interest receivable		55,509			55,092			61,172
Premises and equipment, net		8,823			7,366			6,386
Bank-owned life insurance		108,465			108,652			108,026
Right-of-use lease asset		11,379			12,477			14,231
Deferred tax asset, net		33,685			33,799			42,437
Goodwill		12,936			12,936			12,936
Intangible assets, net		1,200			1,343			1,487
Equity method investments		5,110			5,639			8,482
Other assets		34,995			31,991			35,858
Total assets	$	8,621,338		$	8,285,227		$	8,256,892
Liabilities
Deposits		7,733,272			7,412,072			7,180,605
Borrowings		75,457			69,676			314,409
Operating leases		15,395			17,190			19,734
Other liabilities		43,230			50,293			34,490
Total liabilities		7,867,354			7,549,231			7,549,238
Stockholders’ equity
Common stock, par value $0.01 per share		310			309			308
Additional paid-in capital		290,256			288,539			288,656
Retained earnings		522,405			500,783			480,144
Accumulated other comprehensive loss, net of income taxes		(42,982	)		(47,308	)		(58,637	)
Treasury stock, at cost		(16,005	)		(6,327	)		(2,817	)
Total stockholders’ equity		753,984			735,996			707,654
Total liabilities and stockholders’ equity	$	8,621,338		$	8,285,227		$	8,256,892

Select Financial Data

	As of and for the Three Months Ended						As of and for the Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(Shares in thousands)	2025		2025		2024		2025		2024
Selected Financial Ratios and Other Data:
Earnings per share
Basic	$	0.85	$	0.82	$	0.88	$	1.67	$	1.77
Diluted		0.84		0.81		0.87		1.65		1.75
Core net income (non-GAAP)
Basic	$	0.88	$	0.88	$	0.86	$	1.77	$	1.70
Diluted		0.88		0.88		0.85		1.75		1.68
Book value per common share (excluding minority interest)	$	24.79	$	23.98	$	21.09	$	24.79	$	21.09
Tangible book value per share (non-GAAP)	$	24.33	$	23.51	$	20.61	$	24.33	$	20.61
Common shares outstanding, par value $0.01 per share⁽¹⁾		30,412		30,697		30,630		30,412		30,630
Weighted average common shares outstanding, basic		30,558		30,682		30,551		30,619		30,513
Weighted average common shares outstanding, diluted		30,758		30,946		30,832		30,872		30,789

(1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

Select Financial Data

	As of and for the Three Months Ended						As of and for the Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2025		2025		2024		2025		2024
Selected Performance Metrics:
Return on average assets	1.23	%	1.22	%	1.30	%	1.23	%	1.33	%
Core return on average assets (non-GAAP)	1.28	%	1.33	%	1.27	%	1.30	%	1.27	%
Return on average equity	14.06	%	14.05	%	17.27	%	14.06	%	17.75	%
Core return on average tangible common equity (non-GAAP)	14.90	%	15.54	%	17.34	%	15.21	%	17.46	%
Average equity to average assets	8.78	%	8.71	%	7.53	%	8.75	%	7.48	%
Tangible common equity to tangible assets (non-GAAP)	8.60	%	8.73	%	7.66	%	8.60	%	7.66	%
Loan yield	5.05	%	5.00	%	4.68	%	5.03	%	4.72	%
Securities yield	5.11	%	5.15	%	5.22	%	5.13	%	5.21	%
Deposit cost	1.62	%	1.59	%	1.55	%	1.61	%	1.51	%
Net interest margin	3.55	%	3.55	%	3.46	%	3.55	%	3.47	%
Efficiency ratio ⁽¹⁾	50.14	%	54.10	%	50.37	%	52.07	%	49.56	%
Core efficiency ratio (non-GAAP)	49.21	%	52.11	%	50.80	%	50.64	%	50.60	%

Asset Quality Ratios:
Nonaccrual loans to total loans	0.74	%	0.70	%	0.78	%	0.74	%	0.78	%
Nonperforming assets to total assets	0.41	%	0.41	%	0.43	%	0.41	%	0.43	%
Allowance for credit losses on loans to nonaccrual loans	170.02	%	175.07	%	182.83	%	170.02	%	182.83	%
Allowance for credit losses on loans to total loans	1.25	%	1.23	%	1.42	%	1.25	%	1.42	%
Annualized net charge-offs to average loans	0.30	%	0.22	%	0.25	%	0.26	%	0.22	%

Liquidity Ratios:
2 day Liquidity Coverage of Uninsured Deposits %	96.73	%	93.75	%	100.83	%	96.73	%	100.83	%
Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore Deposits (%)	167.94	%	163.71	%	174.24	%	167.94	%	174.24	%

Capital Ratios:
Tier 1 leverage capital ratio	9.22	%	9.22	%	8.42	%	9.22	%	8.42	%
Tier 1 risk-based capital ratio	14.13	%	14.27	%	13.48	%	14.13	%	13.48	%
Total risk-based capital ratio	16.43	%	16.61	%	16.04	%	16.43	%	16.04	%
Common equity tier 1 capital ratio	14.13	%	14.27	%	13.48	%	14.13	%	13.48	%

(1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

Loan and PACE Assessments Portfolio Composition

(In thousands)	At June 30, 2025					At March 31, 2025					At June 30, 2024
	Amount			% of total		Amount			% of total		Amount			% of total
Commercial portfolio:
Commercial and industrial	$	1,196,804		25.4	%	$	1,183,297		25.3	%	$	1,012,400		22.6	%
Multifamily		1,406,193		29.8	%		1,371,950		29.4	%		1,230,545		27.5	%
Commercial real estate		422,068		9.0	%		409,004		8.7	%		377,484		8.4	%
Construction and land development		20,330		0.4	%		20,690		0.4	%		23,254		0.5	%
Total commercial portfolio		3,045,395		64.6	%		2,984,941		63.8	%		2,643,683		59.0	%

Retail portfolio:
Residential real estate lending		1,292,013		27.4	%		1,303,856		27.9	%		1,404,624		31.4	%
Consumer solar		345,604		7.3	%		356,601		7.6	%		385,567		8.6	%
Consumer and other		31,332		0.7	%		32,108		0.7	%		37,965		1.0	%
Total retail portfolio		1,668,949		35.4	%		1,692,565		36.2	%		1,828,156		41.0	%
Total loans held for investment		4,714,344		100.0	%		4,677,506		100.0	%		4,471,839		100.0	%

Allowance for credit losses		(58,998	)				(57,676	)				(63,444	)
Loans receivable, net	$	4,655,346				$	4,619,830				$	4,408,395

PACE assessments:
Available for sale, at fair value
Residential PACE assessments		178,247		14.7	%		161,147		13.4	%		112,923		9.7	%

Held-to-maturity, at amortized cost
Commercial PACE assessments		278,006		22.9	%		271,200		22.6	%		256,663		22.0	%
Residential PACE assessments		759,871		62.4	%		767,507		64.0	%		798,561		68.4	%
Total Held-to-maturity PACE assessments		1,037,877		85.3	%		1,038,707		86.6	%		1,055,224		90.4	%
Total PACE assessments		1,216,124		100.0	%		1,199,854		100.0	%		1,168,147		100.0	%

Allowance for credit losses		(657	)				(654	)				(655	)
Total PACE assessments, net	$	1,215,467				$	1,199,200				$	1,167,492

Loans receivable, net and total PACE assessments, net as a % of Deposits		75.9	%				78.5	%				74.9	%
Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs		75.9	%				78.5	%				76.4	%

Net Interest Income Analysis

	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
(In thousands)	Average Balance		Income / Expense		Yield / Rate		Average Balance		Income / Expense		Yield / Rate		Average Balance		Income / Expense		Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	161,965	$	1,639	4.06	%	$	121,321	$	1,194	3.99	%	$	213,725	$	2,690	5.06	%
Securities⁽¹⁾		3,361,812		42,850	5.11	%		3,220,590		40,867	5.15	%		3,308,881		42,937	5.22	%
Resell agreements		52,621		887	6.76	%		30,169		786	10.57	%		122,618		2,041	6.69	%
Loans receivable, net ⁽²⁾		4,659,667		58,723	5.05	%		4,695,264		57,843	5.00	%		4,406,843		51,293	4.68	%
Total interest-earning assets		8,236,065		104,099	5.07	%		8,067,344		100,690	5.06	%		8,052,067		98,961	4.94	%
Non-interest-earning assets:
Cash and due from banks		5,622						5,045						6,371
Other assets		203,992						220,589						217,578
Total assets	$	8,445,679					$	8,292,978					$	8,276,016

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	4,457,620	$	28,653	2.58	%	$	4,242,786	$	26,806	2.56	%	$	3,729,858	$	24,992	2.69	%
Time deposits		218,835		1,940	3.56	%		232,683		2,111	3.68	%		210,565		1,898	3.63	%
Brokered CDs		—		—	0.00	%		—		—	0.00	%		156,086		1,992	5.13	%
Total interest-bearing deposits		4,676,455		30,593	2.62	%		4,475,469		28,917	2.62	%		4,096,509		28,882	2.84	%
Borrowings		75,741		597	3.16	%		134,340		1,196	3.61	%		104,560		887	3.41	%
Total interest-bearing liabilities		4,752,196		31,190	2.63	%		4,609,809		30,113	2.65	%		4,201,069		29,769	2.85	%
Non-interest-bearing liabilities:
Demand and transaction deposits		2,895,845						2,901,061						3,390,941
Other liabilities		56,203						59,728						60,982
Total liabilities		7,704,244						7,570,598						7,652,992
Stockholders’ equity		741,435						722,380						623,024
Total liabilities and stockholders’ equity	$	8,445,679					$	8,292,978					$	8,276,016

Net interest income / interest rate spread			$	72,909	2.44	%			$	70,577	2.41	%			$	69,192	2.09	%
Net interest-earning assets / net interest margin	$	3,483,869			3.55	%	$	3,457,535			3.55	%	$	3,850,998			3.46	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	7,572,300			1.62	%	$	7,376,530			1.59	%	$	7,331,364			1.48	%
Total deposits / total cost of deposits	$	7,572,300			1.62	%	$	7,376,530			1.59	%	$	7,487,450			1.55	%
Total funding / total cost of funds	$	7,648,041			1.64	%	$	7,510,870			1.63	%	$	7,592,010			1.58	%

(1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
(2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands).

Net Interest Income Analysis

	Six Months Ended
	June 30, 2025						June 30, 2024
(In thousands)	Average Balance		Income / Expense		Yield / Rate		Average Balance		Income / Expense		Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	141,756	$	2,833	4.03	%	$	209,547	$	5,282	5.07	%
Securities		3,291,591		83,717	5.13	%		3,239,619		84,000	5.21	%
Resell agreements		41,457		1,673	8.14	%		100,814		3,368	6.72	%
Total loans, net ⁽¹⁾⁽²⁾		4,677,367		116,566	5.03	%		4,398,665		103,245	4.72	%
Total interest-earning assets		8,152,171		204,789	5.07	%		7,948,645		195,895	4.96	%
Non-interest-earning assets:
Cash and due from banks		5,335						5,720
Other assets		212,245						221,924
Total assets	$	8,369,751					$	8,176,289

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	4,350,797	$	55,459	2.57	%	$	3,660,704	$	46,864	2.57	%
Time deposits		225,721		4,051	3.62	%		199,305		3,474	3.51	%
Brokered CDs		—		—	0.00	%		173,163		4,435	5.15	%
Total interest-bearing deposits		4,576,518		59,510	2.62	%		4,033,172		54,773	2.73	%
Borrowings		104,879		1,793	3.45	%		196,326		3,893	3.99	%
Total interest-bearing liabilities		4,681,397		61,303	2.64	%		4,229,498		58,666	2.79	%
Non-interest-bearing liabilities:
Demand and transaction deposits		2,898,439						3,264,590
Other liabilities		57,955						70,309
Total liabilities		7,637,791						7,564,397
Stockholders’ equity		731,960						611,892
Total liabilities and stockholders’ equity	$	8,369,751					$	8,176,289

Net interest income / interest rate spread			$	143,486	2.43	%			$	137,229	2.17	%
Net interest-earning assets / net interest margin	$	3,470,774			3.55	%	$	3,719,147			3.47	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	7,474,957			1.61	%	$	7,124,599			1.42	%
Total deposits / total cost of deposits	$	7,474,957			1.61	%	$	7,297,762			1.51	%
Total funding / total cost of funds	$	7,579,836			1.63	%	$	7,494,088			1.57	%

(1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
(2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively.

Deposit Portfolio Composition

	Three Months Ended
(In thousands)	June 30, 2025				March 31, 2025				June 30, 2024
	Ending Balance		Average Balance		Ending Balance		Average Balance		Ending Balance		Average Balance
Non-interest-bearing demand deposit accounts	$	2,810,489	$	2,895,845	$	2,895,757	$	2,901,061	$	3,445,068	$	3,390,941
NOW accounts		177,494		177,312		187,078		177,827		192,452		191,253
Money market deposit accounts		4,216,318		3,950,346		3,772,423		3,739,548		3,093,644		3,202,365
Savings accounts		330,892		329,962		330,410		325,411		336,943		336,240
Time deposits		198,079		218,835		226,404		232,683		227,437		210,565
Brokered certificates of deposit (“CDs”)		—		—		—		—		153,444		156,086
Total deposits	$	7,733,272	$	7,572,300	$	7,412,072	$	7,376,530	$	7,448,988	$	7,487,450

Total deposits excluding Brokered CDs	$	7,733,272	$	7,572,300	$	7,412,072	$	7,376,530	$	7,295,544	$	7,331,364

	Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
(In thousands)	Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds

Non-interest bearing demand deposit accounts	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
NOW accounts	0.68	%	0.72	%	0.72	%	0.70	%	1.07	%	1.07	%
Money market deposit accounts	2.70	%	2.77	%	2.73	%	2.76	%	3.08	%	2.93	%
Savings accounts	1.32	%	1.30	%	1.28	%	1.28	%	1.67	%	1.37	%
Time deposits	3.22	%	3.56	%	3.52	%	3.68	%	3.50	%	3.63	%
Brokered CDs	—	%	—	%	—	%	—	%	4.98	%	5.13	%
Total deposits	1.63	%	1.62	%	1.57	%	1.59	%	1.59	%	1.55	%

Interest-bearing deposits excluding Brokered CDs	2.56	%	2.62	%	2.58	%	2.62	%	2.88	%	2.74	%

(1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.

Asset Quality

(In thousands)	June 30, 2025		March 31, 2025		June 30, 2024
Loans 90 days past due and accruing	$	—	$	—	$	—
Nonaccrual loans held for sale		459		989		989
Nonaccrual loans – Commercial		27,501		27,872		23,778
Nonaccrual loans – Retail		7,199		5,072		10,924
Nonaccrual securities		6		7		29
Total nonperforming assets	$	35,165	$	33,940	$	35,720

Nonaccrual loans:
Commercial and industrial	$	12,501	$	12,786	$	8,428
Commercial real estate		3,893		3,979		4,231
Construction and land development		11,107		11,107		11,119
Total commercial portfolio		27,501		27,872		23,778

Residential real estate lending		3,805		1,375		7,756
Consumer solar		3,193		3,479		2,794
Consumer and other		201		218		374
Total retail portfolio		7,199		5,072		10,924
Total nonaccrual loans	$	34,700	$	32,944	$	34,702

Credit Quality

	June 30, 2025		March 31, 2025		June 30, 2024
($ in thousands)
Criticized and classified loans
Commercial and industrial	$	64,305	$	55,157	$	53,940
Multifamily		11,324		8,540		10,242
Commercial real estate		3,893		3,979		8,311
Construction and land development		11,107		11,107		11,119
Residential real estate lending		3,805		1,375		7,756
Consumer solar		3,193		3,479		2,794
Consumer and other		201		218		374
Total loans	$	97,828	$	83,855	$	94,536

Criticized and classified loans to total loans
Commercial and industrial	1.36	%	1.18	%	1.21	%
Multifamily	0.24	%	0.18	%	0.23	%
Commercial real estate	0.08	%	0.09	%	0.19	%
Construction and land development	0.24	%	0.24	%	0.25	%
Residential real estate lending	0.08	%	0.03	%	0.17	%
Consumer solar	0.07	%	0.07	%	0.06	%
Consumer and other	—	%	—	%	0.01	%
Total loans	2.07	%	1.79	%	2.12	%

	June 30, 2025				March 31, 2025				June 30, 2024
	Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge- offs (recoveries) to average loans		ACL to total portfolio balance
Commercial and industrial	0.32	%	1.42	%	0.28	%	1.29	%	0.32	%	1.44	%
Multifamily	—	%	0.20	%	—	%	0.23	%	—	%	0.38	%
Commercial real estate	—	%	0.49	%	—	%	0.39	%	—	%	0.40	%
Construction and land development	—	%	6.33	%	—	%	6.05	%	—	%	3.60	%
Residential real estate lending	(0.01	)%	0.69	%	—	%	0.73	%	(0.18	)%	0.88	%
Consumer solar	2.91	%	7.26	%	1.90	%	7.01	%	2.57	%	7.00	%
Consumer and other	0.07	%	5.74	%	0.70	%	5.67	%	0.01	%	6.49	%
Total loans	0.30	%	1.25	%	0.22	%	1.23	%	0.25	%	1.42	%

Reconciliation of GAAP to Non-GAAP Financial Measures
The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

	As of and for the Three Months Ended									As of and for the Six Months Ended
(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Core operating revenue
Net Interest Income (GAAP)	$	72,909		$	70,577		$	69,192		$	143,486		$	137,229
Non-interest income (GAAP)		8,025			6,406			9,258			14,430			19,487
Add: Loss on Sale of Securities and Other Assets		1,041			680			2,691			1,721			5,465
Less: ICS One-Way Sell Fee Income⁽¹⁾		(102	)		(9	)		(4,859	)		(111	)		(7,762	)
Less: Changes in fair value of loans held-for-sale⁽⁶⁾		—			(837	)		—			(837	)		—
Less: Subdebt repurchase gain⁽²⁾		—			—			(406	)		—			(406	)
Add: Tax (credits) depreciation on solar investments⁽³⁾		310			2,868			1,815			3,179			7
Core operating revenue (non-GAAP)	$	82,183		$	79,685		$	77,691			161,868			154,020

Core non-interest expense
Non-interest expense (GAAP)	$	40,584		$	41,650		$	39,512		$	82,234		$	77,664
Add: Gain on settlement of lease termination⁽⁴⁾		—			—			—			—			499
Less: Severance costs⁽⁵⁾		(142	)		(125	)		(44	)		(267	)		(228	)
Core non-interest expense (non-GAAP)	$	40,442		$	41,525		$	39,468			81,967			77,935

Core net income
Net Income (GAAP)	$	25,989		$	25,028		$	26,753		$	51,017		$	54,002
Add: Loss on Sale of Securities and Other Assets		1,041			680			2,691			1,721			5,465
Less: ICS One-Way Sell Fee Income⁽¹⁾		(102	)		(9	)		(4,859	)		(111	)		(7,762	)
Less: Changes in fair value of loans held-for-sale⁽⁶⁾		—			(837	)		—			(837	)		—
Less: Gain on settlement of lease termination⁽⁴⁾		—			—			—			—			(499	)
Less: Subdebt repurchase gain⁽²⁾		—			—			(406	)		—			(406	)
Add: Severance costs⁽⁵⁾		142			125			44			267			228
Add: Tax (credits) depreciation on solar investments⁽³⁾		310			2,868			1,815			3,179			7
Less: Tax on notable items		(371	)		(731	)		180			(1,109	)		775
Core net income (non-GAAP)	$	27,009		$	27,124		$	26,218			54,127			51,810

Tangible common equity
Stockholders’ equity (GAAP)	$	753,984		$	735,996		$	646,112		$	753,984		$	646,112
Less: Minority interest		—			—			(133	)		—			(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,200	)		(1,343	)		(1,852	)		(1,200	)		(1,852	)
Tangible common equity (non-GAAP)	$	739,848		$	721,717		$	631,191			739,848			631,191

Average tangible common equity
Average stockholders’ equity (GAAP)	$	741,435		$	722,380		$	623,024		$	731,960		$	611,892
Less: Minority interest		—			—			(133	)		—			(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,270	)		(1,413	)		(1,941	)		(1,341	)		(2,032	)
Average tangible common equity (non-GAAP)	$	727,229		$	708,031		$	608,014			717,683			596,791

(1) Included in service charges on deposit accounts in the Consolidated Statements of Income.
(2) Included in other income in the Consolidated Statements of Income.
(3) Included in equity method investments income in the Consolidated Statements of Income.
(4) Included in occupancy and depreciation in the Consolidated Statements of Income.
(5) Included in compensation and employee benefits in the Consolidated Statements of Income.
(6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.

The MIL Network –

July 24, 2025

MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

Source: GlobeNewswire (MIL-OSI)

Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights (on a linked quarter basis)

Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
Core net income¹ of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

Deposits and Liquidity

On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
Off-balance sheet deposits were $41.4 million at the end of the quarter.
Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

Assets and Margin

Net interest margin remained unchanged at 3.55%.
Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

Capital and Returns

Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
Tangible common equity¹ ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
Tangible book value per share¹ increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
Core return on average tangible common equity¹ of 14.90% and core return on average assets¹ of 1.28%.

Share Repurchase

Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.


^{1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.}