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Category: Banking

  • MIL-OSI: First Financial Corporation Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025.

    • Net income was $18.4 million compared to $10.9 million reported for the same period of 2024;
    • Diluted net income per common share of $1.55 compared to $0.93 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.91% for the three months ended March 31, 2024;
    • Credit loss provision was $2.0 million compared to provision of $1.8 million for the first quarter 2024; and
    • Pre-tax, pre-provision net income was $25.7 million compared to $14.9 million for the same period in 2024.1

    ________________________
    1    Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the first quarter of 2025 were $3.84 billion versus $3.18 billion for the comparable period in 2024, an increase of $662 million or 20.80%. On a linked quarter basis, average loans increased $51 million or 1.35% from $3.79 billion as of December 31, 2024. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

    Total Loans Outstanding

    Total loans outstanding as of March 31, 2025, were $3.85 billion compared to $3.19 billion as of March 31, 2024, an increase of $662 million or 20.74%. On a linked quarter basis, total loans increased $16.9 million or 0.44% from $3.84 billion as of December 31, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our strong balance sheet, stable credit quality, and strong capital levels for continued growth.”

    Average Total Deposits

    Average total deposits for the quarter ended March 31, 2025, were $4.65 billion versus $4.05 billion as of March 31, 2024, an increase of $605 million, or 14.95%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

    Total Deposits

    Total deposits were $4.64 billion as of March 31, 2025, compared to $4.11 billion as of March 31, 2024. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $856 million, and time deposits were $726 million as of March 31, 2025, compared to $738 million and $581 million, respectively for the same period of 2024.

    Shareholders’ Equity

    Shareholders’ equity at March 31, 2025, was $571.9 million compared to $520.8 million on March 31, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in January and declared a $0.51 quarterly dividend, which was paid on April 15, 2025.

    Book Value Per Share

    Book Value per share was $48.26 as of March 31, 2025, compared to $44.08 as of March 31, 2024, an increase of $4.18 per share, or 9.49%. Tangible Book Value per share was $38.13 as of March 31, 2025, compared to $36.26 as of March 31, 2024, an increase of $1.87 per share or 5.16%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.32% at March 31, 2025, compared to 9.00% at March 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was a record $52.0 million, compared to $38.9 million reported for the same period of 2024, an increase of $13.1 million, or 33.5%. Interest income increased $13.6 million and interest expense increased $574 thousand year over year.

    Net Interest Margin

    The net interest margin for the quarter ended March 31, 2025, was 4.11% compared to the 3.53% reported at March 31, 2024.

    Nonperforming Loans

    Nonperforming loans as of March 31, 2025, were $10.2 million versus $24.3 million as of March 31, 2024. The ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025, versus 0.76% as of March 31, 2024. On a linked quarter basis, nonperforming loans were $13.3 million, and the ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024.

    Credit Loss Provision

    The provision for credit losses for the three months ended March 31, 2025, was $2.0 million, compared to $1.8 million for the same period 2024.

    Net Charge-Offs

    In the first quarter of 2025 net charge-offs were $1.8 million compared to $1.5 million in the same period of 2024.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of March 31, 2025, was $46.8 million compared to $40.0 million as of March 31, 2024. The allowance for credit losses as a percent of total loans was 1.22% as of March 31, 2025, compared to 1.25% as of March 31, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans was unchanged from December 31, 2024.

    Non-Interest Income

    Non-interest income for the three months ended March 31, 2025 and 2024 was $10.5 million and $9.4 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended March 31, 2025, was $36.8 million compared to $33.4 million in 2023.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 57.54% for the quarter ending March 31, 2025, versus 67.21% for the same period in 2024.

    Income Taxes

    Income tax expense for the three months ended March 31, 2025, was $5.4 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 22.59% compared to 16.79% for 2024.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                         
        Three Months Ended  
        March 31,    December 31,   March 31,   
           2025      2024      2024     
    END OF PERIOD BALANCES                    
    Assets   $ 5,549,094   $ 5,560,348   $ 4,852,615  
    Deposits   $ 4,640,003   $ 4,718,914   $ 4,105,103  
    Loans, including net deferred loan costs   $ 3,854,020   $ 3,837,141   $ 3,191,983  
    Allowance for Credit Losses   $ 46,835   $ 46,732   $ 40,045  
    Total Equity   $ 571,945   $ 549,041   $ 520,766  
    Tangible Common Equity (a)   $ 451,874   $ 427,470   $ 428,430  
                         
    AVERAGE BALANCES                    
    Total Assets   $ 5,508,767   $ 5,516,036   $ 4,804,364  
    Earning Assets   $ 5,194,478   $ 5,196,352   $ 4,566,461  
    Investments   $ 1,266,300   $ 1,311,415   $ 1,308,322  
    Loans   $ 3,841,752   $ 3,790,515   $ 3,180,147  
    Total Deposits   $ 4,650,883   $ 4,757,438   $ 4,045,838  
    Interest-Bearing Deposits   $ 3,837,679   $ 3,925,740   $ 3,326,090  
    Interest-Bearing Liabilities   $ 261,174   $ 134,553   $ 221,425  
    Total Equity   $ 564,742   $ 556,330   $ 522,720  
                         
    INCOME STATEMENT DATA                    
    Net Interest Income   $ 51,975   $ 49,602   $ 38,920  
    Net Interest Income Fully Tax Equivalent (b)   $ 53,373   $ 50,985   $ 40,297  
    Provision for Credit Losses   $ 1,950   $ 2,000   $ 1,800  
    Non-interest Income   $ 10,511   $ 12,213   $ 9,431  
    Non-interest Expense   $ 36,759   $ 39,801   $ 33,422  
    Net Income   $ 18,406   $ 16,241   $ 10,924  
                         
    PER SHARE DATA                    
    Basic and Diluted Net Income Per Common Share   $ 1.55   $ 1.37   $ 0.93  
    Cash Dividends Declared Per Common Share   $ 0.51   $ 0.51   $ 0.45  
    Book Value Per Common Share   $ 48.26   $ 46.36   $ 44.08  
    Tangible Book Value Per Common Share (c)   $ 38.13   $ 36.77   $ 36.26  
    Basic Weighted Average Common Shares Outstanding     11,842     11,824     11,803  

    ________________________
    (a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                       
    Key Ratios      Three Months Ended  
        March 31,         December 31,        March 31,      
        2025     2024     2024        
    Return on average assets   1.34 %   1.18 %   0.91 %
    Return on average common shareholder’s equity   13.04 %   11.68 %   8.36 %
    Efficiency ratio   57.54 %   62.98 %   67.21 %
    Average equity to average assets   10.25 %   10.09 %   10.88 %
    Net interest margin (a)   4.11 %   3.94 %   3.53 %
    Net charge-offs to average loans and leases   0.19 %   0.15 %   0.19 %
    Credit loss reserve to loans and leases   1.22 %   1.22 %   1.25 %
    Credit loss reserve to nonperforming loans   460.57 %   351.37 %   165.12 %
    Nonperforming loans to loans and leases   0.26 %   0.35 %   0.76 %
    Tier 1 leverage   10.63 %   10.38 %   12.02 %
    Risk-based capital – Tier 1   12.70 %   12.43 %   14.69 %

    ________________________
    (a)   Net interest margin is calculated on a tax equivalent basis.

                         
    Asset Quality   Three Months Ended  
           March 31,       December 31,      March 31,      
        2025   2024   2024  
    Accruing loans and leases past due 30-89 days   $ 17,007   $ 22,486   $ 17,937  
    Accruing loans and leases past due 90 days or more   $ 1,109   $ 1,821   $ 1,395  
    Nonaccrual loans and leases   $ 9,060   $ 11,479   $ 22,857  
    Other real estate owned   $ 560   $ 523   $ 167  
    Nonperforming loans and other real estate owned   $ 10,729   $ 13,823   $ 24,419  
    Total nonperforming assets   $ 13,631   $ 16,719   $ 27,307  
    Gross charge-offs   $ 3,241   $ 3,070   $ 3,192  
    Recoveries   $ 1,394   $ 1,633   $ 1,670  
    Net charge-offs/(recoveries)   $ 1,847   $ 1,437   $ 1,522  
                 
    Non-GAAP Reconciliations   Three Months Ended March 31, 
           2025      2024
    ($in thousands, except EPS)            
    Income before Income Taxes   $ 23,777   $ 13,129
    Provision for credit losses     1,950     1,800
    Provision for unfunded commitments     —     —
    Pre-tax, Pre-provision Income   $ 25,727   $ 14,929
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
     
           March 31,       December 31, 
        2025   2024
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 86,211     $ 93,526  
    Federal funds sold     427       820  
    Securities available-for-sale     1,182,495       1,195,990  
    Loans:            
    Commercial     2,208,426       2,196,351  
    Residential     966,521       967,386  
    Consumer     673,751       668,058  
          3,848,698       3,831,795  
    (Less) plus:            
    Net deferred loan costs     5,322       5,346  
    Allowance for credit losses     (46,835 )     (46,732 )
          3,807,185       3,790,409  
    Restricted stock     17,528       17,555  
    Accrued interest receivable     25,556       26,934  
    Premises and equipment, net     80,317       81,508  
    Bank-owned life insurance     129,410       128,766  
    Goodwill     100,026       100,026  
    Other intangible assets     20,045       21,545  
    Other real estate owned     560       523  
    Other assets     99,334       102,746  
    TOTAL ASSETS   $ 5,549,094     $ 5,560,348  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 856,063     $ 859,014  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     145,609       144,982  
    Other interest-bearing deposits     3,638,331       3,714,918  
          4,640,003       4,718,914  
    Short-term borrowings     137,609       187,057  
    FHLB advances     124,898       28,120  
    Other liabilities     74,639       77,216  
    TOTAL LIABILITIES     4,977,149       5,011,307  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,190,157 in 2025 and 16,165,023 in 2024            
    Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024     2,019       2,018  
    Additional paid-in capital     146,159       145,927  
    Retained earnings     699,729       687,366  
    Accumulated other comprehensive income/(loss)     (121,182 )     (132,285 )
    Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024     (154,780 )     (153,985 )
    TOTAL SHAREHOLDERS’ EQUITY     571,945       549,041  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,549,094     $ 5,560,348  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
     
        Three Months Ended
        March 31, 
           2025      2024
                 
    INTEREST INCOME:            
    Loans, including related fees   $ 63,612   $ 50,052  
    Securities:            
    Taxable     6,002     5,931  
    Tax-exempt     2,604     2,603  
    Other     814     817  
    TOTAL INTEREST INCOME     73,032     59,403  
    INTEREST EXPENSE:            
    Deposits     18,199     17,731  
    Short-term borrowings     1,693     976  
    Other borrowings     1,165     1,776  
    TOTAL INTEREST EXPENSE     21,057     20,483  
    NET INTEREST INCOME     51,975     38,920  
    Provision for credit losses     1,950     1,800  
    NET INTEREST INCOME AFTER PROVISION            
    FOR LOAN LOSSES     50,025     37,120  
    NON-INTEREST INCOME:            
    Trust and financial services     1,393     1,333  
    Service charges and fees on deposit accounts     7,585     6,708  
    Other service charges and fees     316     223  
    Interchange income     214     179  
    Loan servicing fees     165     269  
    Gain on sales of mortgage loans     225     176  
    Other     613     543  
    TOTAL NON-INTEREST INCOME     10,511     9,431  
    NON-INTEREST EXPENSE:            
    Salaries and employee benefits     19,248     17,330  
    Occupancy expense     2,676     2,359  
    Equipment expense     4,505     4,144  
    FDIC Expense     750     662  
    Other     9,580     8,927  
    TOTAL NON-INTEREST EXPENSE     36,759     33,422  
    INCOME BEFORE INCOME TAXES     23,777     13,129  
    Provision for income taxes     5,371     2,205  
    NET INCOME     18,406     10,924  
    OTHER COMPREHENSIVE INCOME (LOSS)            
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     11,100     (11,096 )
    Change in funded status of post retirement benefits, net of taxes     3     73  
    COMPREHENSIVE INCOME (LOSS)   $ 29,509   $ (99 )
    PER SHARE DATA            
    Basic and Diluted Earnings per Share   $ 1.55   $ 0.93  
    Weighted average number of shares outstanding (in thousands)     11,842     11,803  

    The MIL Network –

  • MIL-OSI USA: IAM District 5 Joins Forces with Great Plains Food Bank to Fight Hunger

    Source: US GOIAM Union

    IAM District 5, along with members from Locals 2525 and W33, recently organized and performed their annual IAM H.E.L.P.S event at the Great Plains Food Bank (GPFB) in Fargo, N.D. The local food bank is a vital organization committed to fighting hunger by collecting, warehousing, and distributing surplus food to those in need across North Dakota and northwestern Minnesota.

    The IAM Midwest Territory began the “IAM H.E.L.P.S. in the Community” initiative in the spring of 2017 to provide essential assistance to those in need. H.E.L.P.S. stands for Honoring, Engaging, Lifting, Providing and Servicing.

    During the IAM HELPS event, six dedicated volunteers from District 5 and its affiliated locals actively contributed to the food bank’s mission, packing over 450 pounds of dried beans into one-pound packages, each designed to support a family in need. This effort directly benefited local families, providing them with essential items.

    “Through our IAM H.E.L.P.S. initiative, we continue to honor our commitment to serve, uplift, and strengthen our communities,” said IAM Midwest Territory General Vice President Sam Cicinelli. “Partnering with the Great Plains Food Bank allows us to turn compassion into action – one pound, one family, one person at a time.

    The decision to collaborate with the GPFB was driven by the collective desire of District 5 and its locals to make a meaningful impact in their local communities. By supporting the food bank’s mission, the IAM aimed to contribute to the well-being of those in need by providing essential items for essential nourishment. The IAM H.E.L.P.S. event highlighted the importance of community involvement, as the Great Plains Food Bank relies on volunteers to successfully fulfill its mission of alleviating hunger in the region.

    Share and Follow:

    MIL OSI USA News –

  • MIL-OSI: Correction: Dividend Payment Procedure

    Source: GlobeNewswire (MIL-OSI)

    Corrected:  Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to the Corporate Profit Tax rate.

     

    The Ordinary general meeting of shareholders held on 31 March 2025 approved allocation of the profit of Šiaulių Bankas AB which included a pay-out of dividends – 0.061 euro shall be paid for each ordinary registered share with a nominal value of 0.29 euro. Dividends shall be paid out to persons who were the shareholders of Šiaulių Bankas AB at the end of the record day – 14 April 2025.

     

    The Bank shall pay out dividends on 25 April 2025 in compliance with the following procedure:

    – those shareholders whose shares are being accounted in the securities accounts with banks and financial brokerage companies rendering investment services will receive an amount of dividends after deduction of Personal Income Tax or Corporate Profit Tax in compliance with the laws of the Republic of Lithuania which shall be transferred to the accounts with the respective banks or financial brokerage companies;

     

    – for shareholders whose shares are accounted for in Šiaulių Bankas AB in the issuer’s accounting, the amount of dividends, after deducting personal income tax or income tax in accordance with the laws of the Republic of Lithuania, will be transferred to the account specified by the shareholder. If the shareholder has not specified an account for the transfer of dividends, he/she must submit an application for the transfer of dividends. Applications are accepted from     18 April 2025 in all customer service points of Šiaulių Bankas AB. Before going to the customer service department, it is necessary to register for a visit on-line at https://sb.lt/en or by phone +370 610 44447. Applications for dividend transfer can also be submitted via the Internet Bank.

     

    Taxation of dividends:

    – Dividends of natural persons residents of the Republic of Lithuania and foreign countries shall be subject to 15 per cent of the Personal Income Tax rate;

     

    – Dividends of legal entities residents of the Republic of Lithuania and foreign countries shall be subject to 16 per cent of the Corporate Profit Tax rate, unless otherwise provided for in the laws.

     

    Additional information:

    Director of Securities Operations Department Jolanta Dobiliauskienė

    jolanta.dobiliauskiene@sb.lt , +370 610 28767

    The MIL Network –

  • MIL-OSI: Juniata Valley Financial Corp. Announces Results for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Mifflintown, PA, April 22, 2025 (GLOBE NEWSWIRE) —  Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), announced net income for the three months ended March 31, 2025 of $2.0 million, an increase of 48.2%, compared to net income of $1.4 million for the three months ended March 31, 2024. Earnings per share, basic and diluted, for the three months ended March 31, 2025 was $0.40 compared to $0.27 reported for the three months ended March 31, 2024.

    President’s Message

    President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to announce first quarter net income of $2.0 million which represents a nearly 50% increase over the same quarter last year. This improvement is due in part to disciplined loan and deposit pricing which resulted in the reversal of a two-year trend of net interest margin compression. Additionally, our continued efforts to increase fee income and improve efficiency resulted in a 3.9% increase in noninterest income and a 9.2% decrease in noninterest expense. Our credit quality remains strong with nonperforming loans totaling 0.1% of the total loan portfolio and delinquent and nonperforming loans comprising 0.4%. Our focus for the remainder of 2025 is to accelerate loan growth, especially in the State College and Harrisburg regions, while maintaining our excellent credit quality. We also intended to actively communicate with and provide customized service to our customers due to the current economic uncertainty, continue the improvements in fee generation and the containment of operating expenses, while exploring opportunities for expansion.”

    Financial Results for the Quarter

    Annualized return on average assets for the three months ended March 31, 2025 was 0.94%, compared to 0.63% for the three months ended March 31, 2024. Annualized return on average equity for the three months ended March 31, 2025 was 16.55%, compared to 13.38% for the three months ended March 31, 2024.

    Net interest income increased by 5.1%, to $5.8 million for the three months ended March 31, 2025 compared to $5.5 million for the three months ended March 31, 2024. Average interest earning assets decreased 1.7%, to $842.6 million, for the three months ended March 31, 2025 compared to the same period in 2024, due to a decrease of $18.2 million, or 5.7%, in average investment securities as principal paydowns on the mortgage-backed securities portfolio were used for funding needs rather than being reinvested into the securities portfolio. Average interest bearing liabilities decreased by $16.1 million, or 2.6%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This decrease was primarily due to a decline of $23.9 million, or 29.9%, in average borrowings and other interest bearing liabilities, which was partially offset by an increase in average time deposits of $17.3 million, or 8.7%, for the three months end March 31, 2025 compared to the three months ended March 31, 2024.

    The yield on earning assets increased 19 basis points, to 4.42%, for the three months ended March 31, 2025 compared to same period last year driven by an increase in loan yields of 24 basis points, while the cost to fund interest earning assets with interest bearing liabilities increased two basis points, to 2.26%, aided by the 100 basis point decline in the federal funds rate between the three months ended March 31, 2025 and 2024. The net interest margin, on a fully tax equivalent basis, increased from 2.63% for the three months ended March 31, 2024 to 2.83% for the three months ended March 31, 2025.

    Juniata recorded a credit loss expense of $104,000 for the three months ended March 31, 2025 compared to a credit loss expense of $120,000 for the three months ended March 31, 2024.

    Non-interest income was $1.3 million for both the three months ended March 31, 2025 and March 31, 2024. Most significantly impacting non-interest income in the comparative three month periods were increases of $89,000 in customer service fees due to an increase in the collection of overdraft and checking account fees, as well as $24,000 in trust fees. Partially offsetting these increases between the comparative three month periods was a decline of $56,000 in fees derived from loan activity due to decreases in title insurance commissions, a derivative credit adjustment and loan referral fees in the 2025 period.

    Non-interest expense was $4.7 million for the three months ended March 31, 2025 compared to $5.2 million for the three months ended March 31, 2024, a decrease of 9.2%. Most significantly impacting non-interest expense in the comparative three month periods were decreases in employee compensation and benefits expenses of $233,000 and $99,000, respectively. The primary drivers for these declines were decreases in employee compensation expenses compared to the 2024 period, with the 2024 expenses being elevated due to overtime pay from the core conversion and optimizing staffing levels, and employee benefits expense due to a decrease in medical claims expenses for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Also contributing to the decrease in non-interest expense between the comparative three month periods were decreases of $48,000 in professional fees and $34,000 in the provision for unfunded commitments recorded in other non-interest expense. Partially offsetting these decreases for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was an increase of $74,000 in equipment expense primarily due to an increase in depreciation and ATM expenses attributable to the core conversion in March 2024.

    An income tax provision of $371,000 was recorded for the three months ended March 31, 2025 compared to $201,000 recorded for the three months ended March 31, 2024. The increase between the comparative three month periods was primarily due to more taxable income recorded in the 2025 period. Juniata qualifies for a federal tax credit for investments in low-income housing partnerships. The tax credit was $82,000 for both the three months ended March 31, 2025 and March 31, 2024.

    Financial Condition

    Total assets as of March 31, 2025 were $854.0 million, an increase of $5.1 million compared to total assets of $848.9 million as of December 31, 2024. Cash and cash equivalents increased $2.5 million, or 22.8%, while total loans increased by $5.1 million, or 1.0%, as of March 31, 2025 compared to December 31, 2024. Total deposits increased by $728,000, or 0.1%, as of March 31, 2025 compared to December 31, 2024, while short-term borrowings and repurchase agreements increased by $1.8 million, or 4.4%, primarily due to increased balances in repurchase agreement accounts. At March 31, 2025, total capital increased $2.7 million, or 5.8%, compared to year-end 2024 due to an increase in retained earnings and a decline in other comprehensive losses.

    Juniata maintains a strong liquidity position and, as of March 31, 2025, had additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $213.3 million and with the Federal Reserve’s Discount Window of $51.2 million. In addition, Juniata has internal authorization for brokered deposits of up to $175.0 million. Juniata had no brokered deposits outstanding as of March 31, 2025.

    Subsequent Event

    On April 15, 2025, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on May 16, 2025, payable on May 30, 2025.

    Management considers subsequent events occurring after the statement of condition date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements with the Securities and Exchange Commission. Accordingly, the financial information in this release is subject to change.

    The Juniata Valley Bank, the principal subsidiary of Juniata Valley Financial Corp., is headquartered in Mifflintown, Pennsylvania, with fourteen community offices located in Juniata, Mifflin, Perry, Franklin, McKean and Potter Counties. More information regarding Juniata Valley Financial Corp. and The Juniata Valley Bank can be found online at www.JVBonline.com. Juniata Valley Financial Corp. trades through the OTCQX Best Market under the symbol JUVF.

    Forward-Looking Information
    *This press release may contain “forward looking” information as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the current views of Juniata’s management with respect to, among other things, future events and Juniata’s financial performance. When words such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or similar expressions are used in this release, Juniata is making forward-looking statements. Such information is based on Juniata’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business, many of which, by their nature, are inherently uncertain and beyond the control of Juniata. These statements are not historical facts or guarantees of future performance, events or results and are subject to risks, assumptions and uncertainties that are difficult to predict. If one or more events related to these or other risks or uncertainties materializes, or if underlying assumptions prove to be incorrect, actual results may differ materially from this forward-looking information. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and many factors could affect future financial results. Juniata undertakes no obligation to publicly update or revise forward looking information, whether because of new or updated information, future events, or otherwise. For a more complete discussion of certain risks and uncertainties affecting Juniata, please see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” set forth in the Juniata’s filings with the Securities and Exchange Commission.

    Financial Statements

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Financial Condition

                 
    (Dollars in thousands, except share data)      (Unaudited)       
        March 31, 2025   December 31, 2024
    ASSETS            
    Cash and due from banks   $ 5,145     $ 5,064  
    Interest bearing deposits with banks     8,364       5,934  
    Cash and cash equivalents     13,509       10,998  
                 
    Equity securities     1,114       1,189  
    Debt securities available for sale     64,772       64,623  
    Debt securities held to maturity (fair value $184,898 and $182,773, respectively)     189,634       191,627  
    Restricted investment in bank stock     2,674       2,530  
    Total loans     538,971       533,869  
    Less: Allowance for credit losses     (6,278 )     (6,183 )
    Total loans, net of allowance for credit losses     532,693       527,686  
    Premises and equipment, net     9,323       9,382  
    Bank owned life insurance and annuities     15,273       15,214  
    Investment in low income housing partnerships     751       832  
    Core deposit and other intangible assets     240       258  
    Goodwill     9,812       9,812  
    Mortgage servicing rights     68       69  
    Deferred tax asset, net     9,320       9,842  
    Accrued interest receivable and other assets     4,824       4,812  
    Total assets   $ 854,007     $ 848,874  
    LIABILITIES AND STOCKHOLDERS’ EQUITY              
    Liabilities:              
    Deposits:              
    Non-interest bearing   $ 198,753     $ 196,801  
    Interest bearing     549,932       551,156  
    Total deposits     748,685       747,957  
                 
    Short-term borrowings and repurchase agreements     44,082       42,242  
    Long-term debt     5,000       5,000  
    Other interest bearing liabilities     769       830  
    Accrued interest payable and other liabilities     5,275       5,388  
    Total liabilities     803,811       801,417  
    Commitments and contingent liabilities            
    Stockholders’ Equity:              
    Preferred stock, no par value: Authorized – 500,000 shares, none issued     —       —  
    Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at March 31, 2025 and December 31, 2024; Outstanding – 5,016,727 shares at March 31, 2025 and 5,003,384 shares at December 31, 2024     5,151       5,151  
    Surplus     24,712       24,896  
    Retained earnings     54,034       53,126  
    Accumulated other comprehensive loss     (31,522 )     (33,320 )
    Cost of common stock in Treasury: 134,552 shares at March 31, 2025; 147,895 shares at December 31, 2024     (2,179 )     (2,396 )
    Total stockholders’ equity     50,196       47,457  
    Total liabilities and stockholders’ equity   $ 854,007     $ 848,874  

    Juniata Valley Financial Corp. and Subsidiary
    Consolidated Statements of Income (Unaudited)

                 
        Three Months Ended
    (Dollars in thousands, except share and per share data)   March 31, 
           2025        2024  
    Interest income:        
    Loans, including fees   $ 7,781     $ 7,467  
    Taxable securities     1,365       1,465  
    Tax-exempt securities     30       30  
    Other interest income     17       43  
    Total interest income     9,193       9,005  
    Interest expense:              
    Deposits     2,803       2,642  
    Short-term borrowings and repurchase agreements     531       698  
    Long-term debt     30       117  
    Other interest bearing liabilities     7       9  
    Total interest expense     3,371       3,466  
    Net interest income     5,822       5,539  
    Provision for credit losses     104       120  
    Net interest income after provision for credit losses     5,718       5,419  
    Non-interest income:              
    Customer service fees     460       371  
    Debit card fee income     422       404  
    Earnings on bank-owned life insurance and annuities     57       56  
    Trust fees     131       107  
    Commissions from sales of non-deposit products     101       102  
    Fees derived from loan activity     115       171  
    Change in value of equity securities     (28 )     (13 )
    Gain from life insurance proceeds     —       —  
    Other non-interest income     88       98  
    Total non-interest income     1,346       1,296  
    Non-interest expense:              
    Employee compensation expense     1,975       2,208  
    Employee benefits     546       645  
    Occupancy     366       332  
    Equipment     217       143  
    Data processing expense     629       663  
    Professional fees     206       254  
    Taxes, other than income     31       56  
    FDIC Insurance premiums     135       155  
    Gain on other real estate owned     —       —  
    Amortization of intangible assets     18       22  
    Amortization of investment in low-income housing partnerships     81       81  
    Merger and acquisition expense     —       —  
    Other non-interest expense     481       600  
    Total non-interest expense     4,685       5,159  
    Income before income taxes     2,379       1,556  
    Income tax provision     371       201  
    Net income   $ 2,008     $ 1,355  
    Earnings per share              
    Basic   $ 0.40     $ 0.27  
    Diluted   $ 0.40     $ 0.27  

    The MIL Network –

  • MIL-OSI Global: Reducing diversity, equity and inclusion to a catchphrase undermines its true purpose

    Source: The Conversation – USA – By Detris Honora Adelabu, Clinical Professor of Applied Human Development, Boston University

    More than 440 anti-DEI bills have been introduced in 42 states since the 2023 Supreme Court decision that ended race-conscious college admissions. J Studios/Getty Images

    Diversity, equity and inclusion, which has become the catchphrase DEI, represents a commitment to fairness and to tackling racism and exclusionary policies that limit access to resources and perpetuate injustice.

    The Trump administration’s attacks on DEI frame efforts toward equity and fairness as illegal, wasteful, immoral and shameful.

    However, unfair access to resources and opportunities remains a daily reality in American society.

    Consider persistent disparities in housing, education and employment that prevent access to resources and opportunities based on race.

    These inequalities are also evident in health care and the criminal justice system.

    African Americans, for instance, make up approximately 13% of the U.S. population. But they account for 53% of exonerations after wrongful convictions.

    As public health expert David Ansell argues in his book “The Death Gap: How Inequality Kills,” these disparities are not just a matter of quality of life but of life itself.

    Where people are born and how they live shape their access to health care, education, nutritious food, stable housing and fair treatment within the justice system. This inequity, Ansell argues, creates a “death gap” where systemic barriers to opportunity and well-being shorten lives.

    As professors focused on human development and education, we are committed to building fair and equitable living and learning opportunities for all students. We believe reducing diversity, equity and inclusion to a catchphrase or acronym undermines its importance and purpose to tackle the racism and biases that contribute to unfairness and injustice.

    More than a single concept

    DEI is more than an acronym or catchphrase. When diversity, equity and inclusion is reduced to a buzzword, it undermines its importance and the depth of work required to create inclusive spaces.

    Each component of DEI represents unique aims and challenges.

    Diversity is the practice of involving people from a range of social and ethnic backgrounds who hold varying perspectives. Diversity includes the meaningful and intentional inclusion of those who have been historically underrepresented.

    Equity is the practice of being fair and just, especially in a way that seeks to address existing inequalities.

    Equity means providing fair access to opportunities and resources for people who might otherwise be excluded. This includes those who have been underrepresented due to historical and contemporary biases.

    This inequity is illustrated by education funding disparities where public schools attended by majority Black and Latino students receive less funding than majority white, affluent schools.

    Inclusion is the state of being included within a group in a way that establishes a feeling of being welcomed and respected.

    Broad benefits

    Consider the racial diversity in your neighborhood. To what extent is it racially diverse?

    People of color in predominantly white neighborhoods face discrimination. This includes encounters with police and other community members who question their presence within spaces that have historically been majority white. However, diversity and inclusivity within communities contribute to prejudice reduction and improved race relations.

    DEI can broadly benefit society.

    Imagine going to the local grocery store and the doors open automatically as you approach. Upon exiting, you push your shopping cart toward the sloped sidewalk designed to provide easy access to the road surface. Although the automatic doors and sloped sidewalk were designed for individuals with physical disabilities, these examples of DEI initiatives make everyday life better for everyone.

    The danger of oversimplification

    Reducing diversity, equity and inclusion to a catchphrase can lead to a superficial understanding and application of the concepts.

    Some organizations incorporate DEI language into their mission statement without committing to deeper changes that promote equity and fairness.

    In higher education, institutions may promote DEI initiatives while failing to address inequities in access and opportunity among students and faculty. Despite decades of stated commitments to DEI, predominantly white higher education institutions have made little progress toward racially diversifying their faculty, leadership or student body.

    States such as Florida, Texas and Kentucky have introduced policies to dismantle programs aimed at promoting racial and gender equity in education.
    designer491/Getty Images

    For example, 72% of U.S. college and university presidents and 72% of faculty identify as white. Yet white adults make up just 60% of the U.S. population.

    Additionally, some organizations hire chief diversity officers without allocating resources or power to enact meaningful policy changes. Such superficial steps toward DEI squander its potential to transform higher education to truly advance diversity, equity and inclusion.

    Backlash against DEI

    DEI is also susceptible to political manipulation and dismantling.

    More than 440 anti-diversity, equity and inclusion bills have been introduced in 42 states since the 2023 Supreme Court decision that ended race-conscious college admissions.

    States such as Florida, Texas and Kentucky have recently introduced policies to dismantle programs aimed at promoting racial and gender equity in education and the workplace.

    Meanwhile, in recent years DEI officers and advocates have lost jobs in higher education and other organizations.

    DEI has become a scapegoat for political and systemic failures.

    President Donald Trump, for example, blamed diversity, equity and inclusion for a Washington, D.C., plane crash that killed 67 people in January 2025. And Missouri is suing Starbucks, claiming the coffeehouse chain’s DEI policies are increasing wait times for orders.

    Diversity, equity and inclusion is not about individual prejudice or emotions. It’s about addressing the systemic historical exclusions of people of color and other underrepresented groups – people who have not had fair and equitable access to resources and opportunities in America.

    Linda Banks-Santilli is a member of the board of Horizons@LMS, a summer enrichment program focused on improving math and literacy for low-income students.

    Detris Honora Adelabu and Felicity Crawford do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Reducing diversity, equity and inclusion to a catchphrase undermines its true purpose – https://theconversation.com/reducing-diversity-equity-and-inclusion-to-a-catchphrase-undermines-its-true-purpose-249717

    MIL OSI – Global Reports –

  • MIL-OSI Banking: Russian organizations targeted by backdoor masquerading as secure networking software updates

    Source: Securelist – Kaspersky

    Headline: Russian organizations targeted by backdoor masquerading as secure networking software updates

    As we were looking into a cyberincident in April 2025, we uncovered a rather sophisticated backdoor. It targeted various large organizations in Russia, spanning the government, finance, and industrial sectors. While our investigation into the attack associated with the backdoor is still ongoing, we believe it is crucial to share our preliminary findings with the community. This will enable organizations that may be at risk of infection from the backdoor to take swift action to protect themselves from this threat.

    Impersonating a ViPNet update

    Our investigation revealed that the backdoor targets computers connected to ViPNet networks. ViPNet is a software suite for creating secure networks. We determined that the backdoor was distributed inside LZH archives with a structure typical of updates for the software product in question. These archives contained the following files:

    • action.inf: a text file
    • lumpdiag.exe: a legitimate executable
    • msinfo32.exe: a small malicious executable
    • an encrypted file containing the payload (the name varies between archives)

    The ViPNet developer confirmed targeted attacks against some of their users and issued security updates and recommendations for customers (page in Russian).

    Malware execution

    After analyzing the contents of the archive, we found that the action.inf text file contained an action to be executed by the ViPNet update service component (itcsrvup64.exe) when processing the archive:

    As evident from the file content above, when processing extra_command, the update service launches lumpdiag.exe with an –msconfig argument. We mentioned earlier that this is a legitimate file. However, it is susceptible to the path substitution technique. This allows attackers to execute the malicious file msinfo32.exe while lumpdiag.exe is running.

    Downloadable payload

    The msinfo32.exe file is a loader that reads the encrypted payload file. The loader processes the contents of the file to load the backdoor into memory. This backdoor is versatile: it can connect to a C2 server via TCP, allowing the attacker to steal files from infected computers and launch additional malicious components, among other things. Kaspersky solutions detect this threat as HEUR:Trojan.Win32.Loader.gen.

    Multi-layered security is key to preventing sophisticated cyberattacks

    The complexity of cyberattacks carried out by APT groups has significantly increased over the years. Attackers can target organizations in highly unusual and unexpected ways. To prevent sophisticated targeted attacks, it is essential to employ multi-layered, defense-in-depth security against cyberthreats. This is the type of security architecture implemented in our Kaspersky NEXT product line, capable of protecting businesses from attacks similar to the one described in this article.

    Indicators of compromise

    The full list of indicators of compromise is available to subscribers of our Kaspersky Threat Intelligence service.

    Hashes of msinfo32.exe

    018AD336474B9E54E1BD0E9528CA4DB5
    28AC759E6662A4B4BE3E5BA7CFB62204
    77DA0829858178CCFC2C0A5313E327C1
    A5B31B22E41100EB9D0B9A27B9B2D8EF
    E6DB606FA2B7E9D58340DF14F65664B8

    Paths to malicious files

    MIL OSI Global Banks –

  • MIL-OSI USA: Jefferson, Economic Mobility and the Dual Mandate

    Source: US State of New York Federal Reserve

    Thank you, Dr. Singleton, for the kind introduction and for the opportunity to speak here today.1 It is great to be back in Philadelphia, and I look forward to today’s discussions on economic mobility.

    As monetary policymakers, my colleagues and I on the Federal Open Market Committee do not have direct control over economic mobility in the U.S. Our key monetary policy tools are not designed to address this issue, nor is economic mobility part of our mandate. However, our dual mandate of maximum employment and price stability has implications for a wide range of economic outcomes, including economic mobility. This leads to many important questions about the relationship between the dual mandate and economic mobility. In my remarks, I want to address two such questions. First, does meeting the dual mandate facilitate economic mobility? And second, does economic mobility matter for the conduct of monetary policy?
    In today’s talk, I will discuss my views on these questions, but I will not be able to provide definitive answers. Rather, I hope that posing these questions and relaying some of my own thoughts will lead to further discussions during this conference and beyond. Before turning to these questions, let me start with a brief overview of intergenerational mobility in the U.S.
    Taking Stock of Economic MobilityEconomic mobility, the ability to move up the economic ladder, is at the heart of the American dream. We tell our children that in the U.S., if you work hard and play by the rules, you can have a secure and successful financial future no matter where you start. We continue to believe strongly in this part of the American dream and remain optimistic that hard work is a primary determinant of later-life success. In a survey from 2019, when respondents were asked which factors are essential or very important to getting ahead in life, nearly 90 percent identified hard work, and only 30 percent indicated coming from a wealthy family.2
    Policymakers have long been aware of the importance of economic mobility. To illustrate that, let me share a quote from former Federal Reserve Chair Ben Bernanke: “Equality of economic opportunity appeals to our sense of fairness, certainly, but it also strengthens our economy. If each person is free to develop and apply his or her talents to the greatest extent possible, then both the individual and the economy benefit.”3
    With these sentiments of what Americans and policymakers think and feel about mobility in mind, let me turn to some evidence on economic mobility in the U.S. One common way to measure economic mobility is to relate an individual’s income in adulthood to their family income during childhood. The measure I am showing here—from Harvard economist Raj Chetty and coauthors—is likely familiar to many of you.4 It shows a relative intergenerational mobility measure, also known as the “rank–rank” relationship. This measure relates a child’s ranking in the income distribution as an adult, shown on the vertical axis, to the child’s family income rank during childhood, shown on the horizontal axis.
    The upward slope of the line implies that children born into lower-income families tend to be lower on the income distribution as adults. For example, a child born to the richest parents is, on average, 30 percentage points higher in the income distribution as an adult compared with a child born to the poorest parents. This difference in the relative standing in the income distribution as an adult translates into meaningful differences in earnings levels. To put this in perspective, consider two children who grow up to be 30 percentile points apart on the earnings distribution as adults, with one at the 80th percentile and the other at the 50th percentile. The child who grows up to be at the 80th percentile of the distribution as an adult will earn roughly twice as much compared with the child at the 50th percentile.5
    In addition to having lower earnings as adults, children born into lower-income families are more likely to experience outcomes that can negatively affect their success in the labor market later in life. Girls born into the bottom decile of the family income distribution are about 10 times more likely to become teenage mothers compared with those born to top-decile families.6 Boys born into bottom-decile families are roughly 20 times more likely to be incarcerated in their thirties compared with boys from families in the top decile.7 Teen pregnancy and incarceration are extreme examples of barriers to labor market success that differentially affect children from lower-income families. More generally, there are numerous reasons that any individual may struggle in the labor market, including skill mismatches and lack of proper training or education.
    Does Meeting the Dual Mandate Facilitate Economic Mobility?Now, let me turn to the Fed’s dual mandate and discuss how working toward maximum employment and price stability helps set the stage for broad-based success generally, and how this may provide favorable conditions for upward mobility.
    Consider my first question: Does meeting the dual mandate facilitate economic mobility? To help answer this question, I want to revisit remarks I delivered earlier this year about the implications of noninflationary expansions on shared prosperity.8 Specifically, I am reflecting on the economic expansion that followed the 2007–09 Global Financial Crisis (GFC). During that period, the economy expanded for 128 consecutive months, making it the longest economic expansion in U.S. history.
    As shown in figure 2, the aggregate unemployment rate fell steadily from a peak of 10 percent in October 2009 to 3.5 percent in September 2019, the lowest level recorded in nearly 50 years. The labor market in this period was remarkable in terms of broad-based gains seen across demographic groups, which contributed to a historic narrowing of employment differentials. To illustrate this point, let’s add in unemployment rates by levels of education, as shown in figure 3. In 2019, the unemployment rate gaps between workers with less than a high school education, the solid green line near the top of the chart, and those who had attained at least a bachelor’s degree, the solid orange line closer to the bottom, were near multidecade lows. Further, the strong pre-pandemic labor market drew many new participants into the labor force, including teens and younger workers whose employment prospects, and even long-term career trajectories, are especially sensitive to the cyclical state of the economy.9 These are the types of labor market conditions that the economist Arthur Okun speculated would increase upward mobility.10 In a tight labor market, when individuals move up the job ladder, they create openings for newer or less educated workers.
    Moving on to earnings, figure 4 shows that nominal wage growth increased steadily following the GFC. As with gains in employment, the strong labor market was especially beneficial for some groups. To demonstrate that, let’s turn to figure 5, which shows wage growth for different earnings levels. Wage growth for the bottom half of earners, the dashed red line, started to pick up about five years into the expansion, and by 2017, it was notably stronger compared with that for workers in the top half of the earnings distribution, the solid blue line.11 These differences in wage growth are important. As the bottom of the distribution catches up to higher earners, wage inequality declines. These are also dynamics that can facilitate upward economic mobility.
    Let me now turn to the second component of the dual mandate, price stability. While some long economic expansions have led to an unwelcome rise in prices, inflation remained low and stable during the economic expansion following the GFC. Indeed, Federal Reserve policymakers were grappling with inflation somewhat below, rather than above, the longer-run 2 percent target, as shown in figure 6.
    Low and stable inflation is important for individuals and businesses for a variety of reasons. It ensures that the nominal wage gains I just discussed are not eroded in real terms and that necessities remain affordable. In addition, it helps individuals and families plan for major purchases, such as a car or home, and for major expenses, including retirement and college.
    I want to highlight one of these major expenses—higher education—as attending college is an important pathway for upward mobility. Looking at figure 7, higher education inflation is shown by the red line. A variety of factors affect the cost of college generally, including student loan costs, state funding, and administrative overhead. Nonetheless, when inflation was low for an extended period during the economic expansion that followed the GFC, we also saw a moderation in the growth of higher education costs.12
    To illustrate the importance of college attendance for mobility, let me return to the rank–rank intergenerational mobility relationship I showed earlier. As before, the darkest dots show the national child-income-rank-to-parent-income-rank relationship. Now consider how this relationship looks across different types of higher education. The red line shows elite four-year colleges, the green line shows the remaining four-year institutions, and the lighter-blue line shows two-year schools. As you can see from the colored lines, the relationship between family income rank and later-life income rank is weaker—that is, the slope of the line is flatter—within each type of college than it is nationally.
    The flatter slope indicates that outcomes for children from lower-income families are more similar to outcomes for children from higher-income families within each college type than they are overall. In this way, higher education is an important source of upward mobility for many youths and a pathway to a more secure financial future. Of course, the relatively steeper national relationship holds because there are meaningful differences in college enrollment over the family income distribution.
    Going back to my initial question, I asked whether meeting the dual mandate facilitates economic mobility. I think that achieving the dual mandate sets the conditions for all individuals to succeed, including those moving up the economic ladder. The evidence suggests that long noninflationary expansions are associated with narrower gaps in employment and earnings, and that lower-wage and less-educated workers benefit disproportionately from sustained periods of strong economic growth. Further, achieving price stability allows individuals and households to plan for and make investments in human capital, such as attending college, that may allow individuals to move up the income distribution.13
    Does Economic Mobility Matter for the Conduct of Monetary Policy?Before I conclude, I want to return to my second question: Does economic mobility matter for the conduct of monetary policy? As I mentioned earlier, economic mobility is not part of the Federal Reserve’s mandate, and our monetary policy tools are blunt instruments for affecting economic mobility. For example, interest rates affect the entire economy, not targeted populations, and rate changes operate through financial markets rather than directly influencing labor market outcomes.
    One way that economic mobility could matter for the conduct of monetary policy is if the goals of monetary policy are easier to achieve in a high-mobility society compared with one with low mobility. I do not know if this is true, but let me offer some conjectures. I think that a society with relatively higher mobility may allow for more efficient transmission of monetary policy. In a dynamic economy with relatively more upward mobility, individuals may have greater incentives to be proactive in the job market. They may seek new and better job opportunities, which could allow for a quicker path to maximum employment following economic downturns. Further, individuals and households may hold additional savings for increased investments in human capital when mobility is relatively higher, allowing for more effective transmission of monetary policy. Stepping back, I pose this question not to offer a definitive answer, but rather to serve as one potential starting point for your discussions here today.
    ConclusionLet me conclude by pointing out that the patterns we observe in our economy, including those for economic mobility, are not predetermined. Outcomes can and will change as we learn more about effective strategies to improve and maintain economic mobility in the U.S. By joining in these conversations here today, and by continuing to research and describe the patterns of economic mobility, you are helping society understand the dynamics of our economy better and find new and innovative ways to help keep the American dream of economic mobility alive and well. Thank you.
    ReferencesAutor, David H. (2014). “Skills, Education, and the Rise of Earnings Inequality among the ‘Other 99 Percent,’ ” Science, vol. 344 (May), pp. 843–51.
    Bernanke, Ben S. (2007). “The Level and Distribution of Economic Well-Being,” speech delivered at the Greater Omaha Chamber of Commerce, Omaha, Neb., February 6.
    Bleemer, Zachary, and Basit Zafar (2018). “Intended College Attendance: Evidence from an Experiment on College Returns and Costs,” Journal of Public Economics, vol. 157 (January), pp. 184–211.
    Card, David (1999). “Chapter 30 – The Causal Effect of Education on Earnings,” in Orley C. Ashenfelter and David Card, eds., Handbook of Labor Economics, vol. 3A. Amsterdam: Elsevier Science, pp. 1801–63.
    Chetty, Raj, John N. Friedman, Emmanuel Saez, Nicholas Turner, and Danny Yagan (2020). “Income Segregation and Intergenerational Mobility across Colleges in the United States,” Quarterly Journal of Economics, vol. 135 (August), pp. 1567–1633.
    Chetty, Raj, Nathaniel Hendren, Patrick Kline, and Emmanuel Saez (2014). “Where Is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States,” Quarterly Journal of Economics, vol. 129 (November), pp. 1553–1623.
    ISSP Research Group (2022). International Social Survey Programme: Social Inequality V – ISSP 2019. GESIS, Cologne. ZA7600 Data file Version 3.0.0.
    Jefferson, Philip N. (2025). “Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market,” speech delivered at Swarthmore College, Swarthmore, Pa., February 5.
    Looney, Adam, and Nicholas Turner (2018). “Work and Opportunity before and after Incarceration (PDF),” Economic Studies at Brookings. Washington: Brookings Institution, March.
    Okun, Arthur M. (1973). “Upward Mobility in a High-Pressure Economy (PDF),” Brookings Papers on Economic Activity, no. 1, pp. 207–61.
    Oreopoulos, Philip, Till von Wachter, and Andrew Heisz (2012). “The Short- and Long-Term Career Effects of Graduating in a Recession,” American Economic Journal: Applied Economics, vol. 4 (January), pp. 1–29.
    Wolla, Scott A., Guillaume Vandenbroucke, and Cameron Tucker (2023). “Is College Still Worth the High Price? Weighing Costs and Benefits of Investing in Human Capital,” Page One Economics. St. Louis: Federal Reserve Bank of St. Louis, September 1.
    Zimmerman, Seth D. (2014). “The Returns to College Admission for Academically Marginal Students,” Journal of Labor Economics, vol. 32 (October), pp. 711–54.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. The data are Federal Reserve Board staff calculations for U.S. respondents in the International Social Survey Programme: Social Inequality V. See IISP Research Group (2022). Return to text
    3. See Bernanke (2007), quoted text in paragraph 1. Return to text
    4. In figure 1, parent and child linkages and incomes are based on population-level tax data. The sample includes children born between 1980 and 1982. Parent income for these children is the average of total pretax family income when the child is between the ages of 15 and 19. Later-life income for these children is measured in 2014 when the child is between the ages of 32 and 34 and is defined as total individual pretax income. See Chetty and others (2020). Return to text
    5. Earnings are, on average, just under $56,000 at the 80th percentile of the child earnings distribution, compared with just under $27,000 at the 50th percentile. See Chetty and others (2020). Return to text
    6. See Chetty and others (2014). Return to text
    7. See Looney and Turner (2018). Return to text
    8. See Jefferson (2025). Return to text
    9. See Oreopoulos, von Wachter, and Heisz (2012). Return to text
    10. See Okun (1973). Return to text
    11. Nominal wages in the figure are measured by the Atlanta Fed’s Wage Growth Tracker. Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. Workers are assigned to wage quantiles based on the average of their wage reports in both the Current Population Survey and outgoing rotation group interviews. Workers in the lowest 50 percent of the average wage distribution are assigned to the bottom half, and those in the top 50 percent are assigned to the top half. Return to text
    12. There are limitations to this measure of higher education costs, as it is volatile and may not reflect the underlying net price that students pay. However, list tuition prices have been shown to be salient for many families when making college enrollment decisions. For example, see Bleemer and Zafar (2018). Return to text
    13. Despite the rising cost of college, research consistently shows a positive return to higher education for most students. See Wolla, Vandenbroucke, and Tucker (2023), Autor (2014), Zimmerman (2014), and Card (1999). Return to text

    MIL OSI USA News –

  • MIL-OSI: BCB Bancorp, Inc. Reports Net Loss of $8.3 Million in First Quarter 2025; Declares Quarterly Cash Dividend of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., April 22, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported a net loss of $8.3 million for the first quarter of 2025, compared to net income of $3.3 million in the fourth quarter of 2024, and net income of $5.9 million for the first quarter of 2024. Its loss per diluted share for the first quarter of 2025 was ($0.51), compared to earnings per diluted share of $0.16 in the preceding quarter and $0.32 in the first quarter of 2024.

    The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on May 21, 2025 to common shareholders of record on May 7, 2025.

    “Our first-quarter loss was primarily driven by a $13.7 million specific reserve tied to a $34.2 million loan in the cannabis sector,” Michael Shriner, President and Chief Executive Officer of BCB Bank, explained. “Although the borrower remains current, the significant deterioration in their financial condition warranted a downgrade to non-accrual status and the establishment of the reserve. We also increased reserves for our discontinued Business Express Loan portfolio by $3.1 million, in response to the portfolio’s continued elevated deterioration and broader macroeconomic headwinds.”

    “While these credit actions have impacted short-term results, they reflect our disciplined and proactive approach to risk management,” added Mr. Shriner. “Thanks to the positive capital actions taken throughout 2024, we remain well-capitalized, giving us the flexibility to address credit challenges head-on.”

    “BCB Bank has bolstered its credit risk team with new hires who we believe bring deep expertise and a rigorous approach to underwriting,” said Mr. Shriner. “These efforts are part of a broader initiative to strengthen our credit quality oversight. Following a comprehensive portfolio review using a conservative risk framework, we’ve adjusted the risk ratings on a number of loans to better reflect current market realities. Importantly, the majority of our customers remain current on their payments, and our team is actively engaging with borrowers to secure updated financials and support improved risk profiles.”

    Executive Summary

    • Total deposits were $2.687 billion at March 31, 2025 compared to $2.751 billion at December 31, 2024.
    • Net interest margin was 2.59 percent for the first quarter of 2025, compared to 2.53 percent for the fourth quarter of 2024, and 2.50 percent for the first quarter of 2024.
      • Total yield on interest-earning assets was 5.20 percent for the first quarter of 2025, compared to 5.33 percent for both the fourth quarter of 2024, and the first quarter of 2024.
      • Total cost of interest-bearing liabilities decreased 24 basis points to 3.33 percent for the first quarter of 2025, compared to 3.57 percent for the fourth quarter of 2024, and decreased 21 basis points to 3.54 percent for the first quarter of 2024.
    • The efficiency ratio for the first quarter was 61.6 percent compared to 62.1 percent in the prior quarter, and 58.8 percent in the first quarter of 2024.
    • The annualized return on average assets ratio for the first quarter was (0.95) percent, compared to 0.36 percent in the prior quarter, and 0.61 percent in the first quarter of 2024.
    • The annualized return on average equity ratio for the first quarter was (10.4) percent, compared to 4.0 percent in the prior quarter, and 7.5 percent in the first quarter of 2024.
    • The provision for credit losses was $20.8 million in the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. In the first quarter of 2024, the Bank recorded a provision of $2.1 million.
    • The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 51.6 percent at March 31, 2025 compared to 77.8 percent for the prior quarter-end and 155.4 percent at March 31, 2024. Total non-accrual loans were $99.8 million at March 31, 2025, $44.7 million at December 31, 2024 and $22.2 million at March 31, 2024.
    • Total loans receivable, net of the allowance for credit losses, of $2.918 billion at March 31, 2025, decreased 2.6 percent from $2.996 billion at December 31, 2024, and decreased 9.6 percent, from $3.227 billion at March 31, 2024.

    Balance Sheet Review

    Total assets decreased by $125.3 million, or 3.5 percent, to $3.474 billion at March 31, 2025, from $3.599 billion at December 31, 2024. The decrease in total assets was mainly related to a decrease in net loans and in cash and cash equivalents.

    Total cash and cash equivalents decreased by $64.5 million, or 20.3 percent, to $252.8 million at March 31, 2025, from $317.3 million at December 31, 2024. The decrease in cash was primarily due to the reduction of the Bank’s exposure to wholesale funding by paying down high cost brokered deposits.

    Loans receivable, net, decreased by $78.6 million, or 2.6 percent, to $2.918 billion at March 31, 2025, from $2.996 billion at December 31, 2024. Total loan decreases during the period included decreases totaling $62.3 million in commercial real estate and multi-family loans, construction loans, 1-4 family residential loans and home equity loans. The allowance for credit losses increased $16.7 million to $51.5 million, or 51.6 percent of non-accruing loans and 1.73 percent of gross loans, at March 31, 2025, as compared to an allowance for credit losses of $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024.

    Total investment securities increased by $14.7 million, or 13.2 percent, to $125.9 million at March 31, 2025, from $111.2 million at December 31, 2024, representing current year purchases.

    Deposits decreased by $64.4 million, or 2.3 percent, to $2.687 billion at March 31, 2025, from $2.751 billion at December 31, 2024. Brokered deposits decreased $112.5 million, and were offset by increases in certificates of deposit, money market accounts, transaction accounts and savings accounts which totaled $48.4 million.

    Debt obligations decreased by $49.8 million to $448.5 million at March 31, 2025 from $498.3 million at December 31, 2024, due to maturities and paydowns of our FHLB advances. The weighted average interest rate of FHLB advances was 4.33 percent at March 31, 2025 and 4.35 percent at December 31, 2024. The weighted average maturity of FHLB advances as of March 31, 2025 was 0.83 years. The interest rate of our subordinated debt balances was 9.25 percent at March 31, 2025 and at December 31, 2024.

    Stockholders’ equity decreased by $9.2 million, or 2.8 percent, to $314.7 million at March 31, 2025, from $323.9 million at December 31, 2024. The decrease was attributable to the decrease in retained earnings of $11.6 million, or 8.2 percent, to $130.3 million at March 31, 2025 from $141.9 million at December 31, 2024. Offsetting this were increases in accumulated other comprehensive income, and additional paid in capital on stock, which totaled $2.4 million.

    First Quarter 2025 Income Statement Review

    The Company reported a net loss of $8.3 million for the first quarter ended March 31, 2025 as compared to net income of $5.9 million for the first quarter ended March 31, 2024. The decline was primarily driven by an increase to the Provision for loan losses of $18.8 million. offset by $5.8 million decrease in income tax provisioning. Also, net interest income decreased by $1.1 million, or 4.9 percent, to $22.0 million for the first quarter of 2025, from $23.1 million for the first quarter of 2024. The decrease in net interest income resulted from lower interest income which was partially offset by lower interest expense.

    Interest income decreased by $5.1 million, or 10.3 percent, to $44.2 million for the first quarter of 2025 from $49.3 million for the first quarter of 2024. The average balance of interest-earning assets decreased $255.9 million, or 6.9 percent, to $3.444 billion for the first quarter of 2025 from $3.699 billion for the first quarter of 2024, while the average yield decreased 13 basis points to 5.20 percent for the first quarter of 2025 from 5.33 percent for the first quarter of 2024.

    Interest expense decreased by $4.0 million to $22.2 million for the first quarter of 2025 from $26.1 million for the first quarter of 2024. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 21 basis points to 3.33 percent for the first quarter of 2025 from 3.54 percent for the first quarter of 2024, while the average balance of interest-bearing liabilities decreased by $256.2 million to $2.701 billion for the first quarter of 2025 from $2.957 billion for the first quarter of 2024.

    The net interest margin was 2.59 percent for the first quarter of 2025 compared to 2.50 percent for the first quarter of 2024. The increase in the net interest margin compared to the first quarter of 2024 was the result of a decrease in the cost of interest-bearing liabilities partially offset by the decrease in the yield on interest-earning assets.

    During the first quarter of 2025, the Company recognized $4.2 million in net charge-offs compared to $1.1 million in net charge-offs in the first quarter of 2024. The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025 as compared to $44.7 million, or 1.48 percent of gross loans, at December 31, 2024. The allowance for credit losses on loans was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.8 million, or 1.15 percent of gross loans, at December 31, 2024. The provision for credit losses was $20.8 million for the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. Management believes that the allowance for credit losses on loans was adequate at March 31, 2025 and December 31, 2024.

    Non-interest income decreased by $318 thousand to $1.8 million for the first quarter of 2025 from $2.1 million in the first quarter of 2024. The decrease in total non-interest income was mainly related to decreases in gains on equity securities and BOLI income of $245 thousand and $67 thousand, respectively.

    Non-interest expense decreased by $178 thousand, or 1.2 percent, to $14.7 million for the first quarter of 2025 when compared to non-interest expense of $14.8 million for the first quarter of 2024. The decrease in these expenses for the first quarter of 2025 was primarily driven by lower regulatory assessment charges, offset by higher salaries and employee benefits.

    The income tax provision decreased by $5.8 million, to an income tax credit of $3.4 million for the first quarter of 2025 when compared to a $2.5 million provision for the first quarter of 2024.

    Asset Quality

    During the first quarter of 2025, the Company recognized $4.2 million in net charge offs, compared to $1.1 million in net charge-offs for the first quarter of 2024.

    The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025, as compared to $22.2 million, or 0.68 percent of gross loans, at March 31, 2024. More than 60% of the non-accrual loans are current with all payments of principal, interest, taxes and insurance, including the previously mentioned loan that has been allocated a specific reserve.  However, given that the normal standard for non-accrual is a 90 day delinquency, logic and transparency dictates that this population of loans possess certain weaknesses that are beyond payment status and therefore, even though they are current, they should be placed on non-accrual.  Although our borrowers have made payment of their loan obligations to BCB a priority, our evaluation of their financial condition causes some concern about their continued ability to do so. The allowance for credit losses was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.6 million, or 1.06 percent of gross loans, at March 31, 2024. The allowance for credit losses was 51.6 percent of non-accrual loans at March 31, 2025, and 155.4 percent of non-accrual loans at March 31, 2024.

    About BCB Bancorp, Inc.

    Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    Forward-Looking Statements

    This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    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 global tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause increased loan delinquencies, a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, supply chain disruptions, and labor shortages. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to hire and retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

    The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

             
      Statements of Operations – Three Months Ended,      
      March 31,2025 December 31, 2024 March 31, 2024 Mar 31, 2025 vs.
    Dec 31, 2024    		   Mar 31, 2025 vs.
    Mar 31, 2024
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)      
    Loans, including fees $ 38,927   $ 41,431   $ 43,722     -6.0 %     -11.0 %
    Mortgage-backed securities   561     473     305     18.6 %     83.9 %
    Other investment securities   968     978     975     -1.0 %     -0.7 %
    FHLB stock and other interest-earning assets   3,736     3,771     4,283     -0.9 %     -12.8 %
    Total interest and dividend income   44,192     46,653     49,285     -5.3 %     -10.3 %
                 
    Interest expense:            
    Deposits:            
    Demand   5,418     5,866     5,257     -7.6 %     3.1 %
    Savings and club   151     156     166     -3.2 %     -9.0 %
    Certificates of deposit   10,762     12,218     14,983     -11.9 %     -28.2 %
        16,331     18,240     20,406     -10.5 %     -20.0 %
    Borrowings   5,856     6,219     5,736     -5.8 %     2.1 %
    Total interest expense   22,187     24,459     26,142     -9.3 %     -15.1 %
                 
    Net interest income   22,005     22,194     23,143     -0.9 %     -4.9 %
    Provision for credit losses   20,845     4,154     2,088     401.8 %     898.3 %
                 
    Net interest income after provision for credit losses   1,160     18,040     21,055     -93.6 %     -94.5 %
                 
    Non-interest income income :            
    Fees and service charges   1,173     1,187     1,215     -1.2 %     -3.5 %
    (Loss) gain on sales of loans   –     (554 )   45     -100.0 %     -100.0 %
    Realized and unrealized (loss) gain on equity investments   (115 )   (661 )   130     -82.6 %     -188.5 %
    Bank-owned life insurance (“BOLI”) income   608     636     675     -4.4 %     -9.9 %
    Other   125     330     44     -62.1 %     184.1 %
    Total non-interest income   1,791     938     2,109     90.9 %     -15.1 %
                 
    Non-interest expense:            
    Salaries and employee benefits   7,403     7,117     6,981     4.0 %     6.0 %
    Occupancy and equipment   2,723     2,483     2,644     9.7 %     3.0 %
    Data processing and communications   1,844     1,754     1,853     5.1 %     -0.5 %
    Professional fees   692     599     595     15.5 %     16.3 %
    Director fees   418     269     277     55.4 %     50.9 %
    Regulatory assessment fees   709     769     1,142     -7.8 %     -37.9 %
    Advertising and promotions   179     212     216     -15.6 %     -17.1 %
    Other   692     1,164     1,130     -40.5 %     -38.8 %
    Total non-interest expense   14,660     14,367     14,838     2.0 %     -1.2 %
                 
    (Loss) Income before income tax provision   (11,709 )   4,611     8,326     -353.9 %     -240.6 %
    Income tax (benefit) provision   (3,385 )   1,339     2,460     -352.8 %     -237.6 %
                 
    Net (Loss) Income   (8,324 )   3,272     5,866     -354.4 %     -241.9 %
    Preferred stock dividends   482     475     434     1.6 %     11.0 %
    Net (Loss) Income available to common stockholders $ (8,806 ) $ 2,797   $ 5,432     -414.8 %     -262.1 %
                 
    Net (Loss) Income per common share-basic and diluted            
    Basic $ (0.51 ) $ 0.16   $ 0.32     -413.8 %     -260.4 %
    Diluted $ (0.51 ) $ 0.16   $ 0.32     -414.7 %     -260.5 %
                 
    Weighted average number of common shares outstanding            
    Basic   17,113     17,056     16,930     0.3 %     1.1 %
    Diluted   17,113     17,108     16,939     0.0 %     1.0 %
                 
    Statements of Financial Condition March 31,2025 December 31,2024 March 31, 2024 March 31, 2025 vs.
    December 31, 2024    		 March 31, 2025 vs.
    March 31, 2024
    ASSETS (In Thousands, Unaudited)    
    Cash and amounts due from depository institutions $ 11,977   $ 14,075   $ 11,795     -14.9 %   1.5 %
    Interest-earning deposits   240,773     303,207     340,653     -20.6 %   -29.3 %
    Total cash and cash equivalents   252,750     317,282     352,448     -20.3 %   -28.3 %
               
    Interest-earning time deposits   735     735     735     –     –  
    Debt securities available for sale   116,496     101,717     86,966     14.5 %   34.0 %
    Equity investments   9,357     9,472     9,223     -1.2 %   1.5 %
    Loans held for sale   –     –     –     –     –  
    Loans receivable, net of allowance for credit losses on loans          
    of $51,484, $34,789 and $34,563 , respectively   2,917,610     2,996,259     3,226,877     -2.6 %   -9.6 %
    Federal Home Loan Bank of New York (“FHLB”) stock, at cost   22,066     24,272     24,917     -9.1 %   -11.4 %
    Premises and equipment, net   12,474     12,569     12,744     -0.8 %   -2.1 %
    Accrued interest receivable   16,354     15,176     17,442     7.8 %   -6.2 %
    Deferred income taxes   22,814     17,181     17,555     32.8 %   30.0 %
    Goodwill and other intangibles   5,253     5,253     5,253     0.0 %   0.0 %
    Operating lease right-of-use asset   12,622     12,686     12,186     -0.5 %   3.6 %
    Bank-owned life insurance (“BOLI”)   76,648     76,040     74,081     0.8 %   3.5 %
    Other assets   8,643     10,476     8,768     -17.5 %   -1.4 %
    Total Assets $ 3,473,822   $ 3,599,118   $ 3,849,195     -3.5 %   -9.8 %
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    LIABILITIES          
    Non-interest bearing deposits $ 542,621   $ 520,387   $ 531,112     4.3 %   2.2 %
    Interest bearing deposits   2,143,887     2,230,471     2,460,547     -3.9 %   -12.9 %
    Total deposits   2,686,508     2,750,858     2,991,659     -2.3 %   -10.2 %
    FHLB advances   405,499     455,361     472,949     -10.9 %   -14.3 %
    Subordinated debentures   43,024     42,961     37,624     0.1 %   14.4 %
    Operating lease liability   13,087     13,139     12,579     -0.4 %   4.0 %
    Other liabilities   10,982     12,874     14,253     -14.7 %   -22.9 %
    Total Liabilities   3,159,100     3,275,193     3,529,064     -3.5 %   -10.5 %
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock: $0.01 par value, 10,000 shares authorized   –     –     –     –     –  
    Additional paid-in capital preferred stock   25,243     24,723     27,733     2.1 %   -9.0 %
    Common stock: no par value, 40,000 shares authorized   –     –     –     0.0 %   0.0 %
    Additional paid-in capital common stock   201,804     200,935     199,726     0.4 %   1.0 %
    Retained earnings   130,291     141,853     138,643     -8.2 %   -6.0 %
    Accumulated other comprehensive loss   (4,269 )   (5,239 )   (7,624 )   –     –  
    Treasury stock, at cost   (38,347 )   (38,347 )   (38,347 )   0.0 %   0.0 %
    Total Stockholders’ Equity   314,722     323,925     320,131     -2.8 %   -1.7 %
               
    Total Liabilities and Stockholders’ Equity $ 3,473,822   $ 3,599,118   $ 3,849,195     -3.5 %   -9.8 %
               
    Outstanding common shares   17,163     17,063     16,957      
               
      Three Months Ended March 31,
      2025   2024
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable (4)(5) $ 2,994,529   $ 38,927     5.27 %   $ 3,299,938   $ 43,722     5.30 %
    Investment Securities   117,205     1,529     5.22 %     96,226     1,280     5.32 %
    Other Interest-earning assets (6)   331,808     3,736     4.57 %     303,291     4,283     5.65 %
    Total Interest-earning assets   3,443,542     44,192     5.20 %     3,699,455     49,285     5.33 %
    Non-interest-earning assets   125,974           125,480      
    Total assets $ 3,569,516         $ 3,824,935      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 560,565   $ 2,369     1.71 %   $ 560,190   $ 2,230     1.59 %
    Money market accounts   394,282     3,049     3.14 %     369,096     3,027     3.28 %
    Savings accounts   252,227     151     0.24 %     277,731     166     0.24 %
    Certificates of Deposit   1,005,669     10,762     4.34 %     1,239,807     14,983     4.83 %
    Total interest-bearing deposits   2,212,743     16,331     2.99 %     2,446,824     20,406     3.34 %
    Borrowed funds   488,418     5,856     4.86 %     510,503     5,736     4.49 %
    Total interest-bearing liabilities   2,701,161     22,187     3.33 %     2,957,327     26,142     3.54 %
    Non-interest-bearing liabilities   543,660           552,959      
    Total liabilities   3,244,821           3,510,286      
    Stockholders’ equity   324,695           314,649      
    Total liabilities and stockholders’ equity $ 3,569,516         $ 3,824,935      
    Net interest income   $ 22,005         $ 23,143    
    Net interest rate spread(1)       1.87 %         1.79 %
    Net interest margin(2)       2.59 %         2.50 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
                   
      Financial Condition data by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
               
      (In thousands, except book values)
    Total assets $ 3,473,822   $ 3,599,118   $ 3,613,770   $ 3,793,941   $ 3,849,195  
    Cash and cash equivalents   252,750     317,282     243,123     326,870     352,448  
    Securities   125,853     111,189     108,302     94,965     96,189  
    Loans receivable, net   2,917,610     2,996,259     3,087,914     3,161,925     3,226,877  
    Deposits   2,686,508     2,750,858     2,724,580     2,935,239     2,991,659  
    Borrowings   448,523     498,322     533,466     510,710     510,573  
    Stockholders’ equity   314,722     323,925     328,113     320,732     320,131  
    Book value per common share1 $ 16.87   $ 17.54   $ 17.50   $ 17.17   $ 17.24  
    Tangible book value per common share2 $ 16.56   $ 17.23   $ 17.19   $ 16.86   $ 16.93  
               
      Operating data by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for per share amounts)
    Net interest income $ 22,005   $ 22,194   $ 23,045   $ 23,639   $ 23,143  
    Provision for credit losses   20,845     4,154     2,890     2,438     2,088  
    Non-interest income (loss)   1,791     938     3,127     (3,234 )   2,109  
    Non-interest expense   14,660     14,367     13,929     13,987     14,838  
    Income tax (benefit) expense   (3,385 )   1,339     2,685     1,163     2,460  
    Net (loss) income $ (8,324 ) $ 3,272   $ 6,668   $ 2,817   $ 5,866  
    Net (loss) income per diluted share $ (0.51 ) $ 0.16   $ 0.36   $ 0.14   $ 0.32  
    Common Dividends declared per share $ 0.16   $ 0.16   $ 0.16   $ 0.16   $ 0.16  
               
      Financial Ratios(3)
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Return on average assets   (0.95 %)   0.36 %   0.72 %   0.30 %   0.61 %
    Return on average stockholders’ equity   (10.40 %)   4.04 %   8.29 %   3.52 %   7.46 %
    Net interest margin   2.59 %   2.53 %   2.58 %   2.60 %   2.50 %
    Stockholders’ equity to total assets   9.06 %   9.00 %   9.08 %   8.45 %   8.32 %
    Efficiency Ratio4   61.61 %   62.11 %   53.22 %   68.55 %   58.76 %
               
      Asset Quality Ratios
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for ratio %)
    Non-Accrual Loans $ 99,833   $ 44,708   $ 35,330   $ 32,448   $ 22,241  
    Non-Accrual Loans as a % of Total Loans   3.36 %   1.48 %   1.13 %   1.01 %   0.68 %
    ACL as % of Non-Accrual Loans   51.6 %   77.8 %   98.2 %   108.6 %   155.4 %
    Individually Analyzed Loans   122,517     83,399     66,048     60,798     65,731  
    Classified Loans   251,989     152,714     98,316     87,033     97,739  
               
    (1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
    (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”  
    (3) Ratios are presented on an annualized basis, where appropriate.
    (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
               
      Recorded Investment in Loans Receivable by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Residential one-to-four family $ 232,456   $ 239,870   $ 241,050   $ 242,706   $ 244,762  
    Commercial and multi-family   2,221,218     2,246,677     2,296,886     2,340,385     2,392,970  
    Construction   118,779     135,434     146,471     173,207     180,975  
    Commercial business   330,358     342,799     371,365     375,355     378,073  
    Home equity   66,479     66,769     67,566     66,843     65,518  
    Consumer   2,271     2,235     2,309     2,053     2,847  
      $ 2,971,561   $ 3,033,784   $ 3,125,647   $ 3,200,549   $ 3,265,145  
    Less:          
    Deferred loan fees, net   (2,467 )   (2,736 )   (3,040 )   (3,381 )   (3,705 )
    Allowance for credit losses   (51,484 )   (34,789 )   (34,693 )   (35,243 )   (34,563 )
               
    Total loans, net $ 2,917,610   $ 2,996,259   $ 3,087,914   $ 3,161,925   $ 3,226,877  
               
      Non-Accruing Loans in Portfolio by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Residential one-to-four family $ 1,138   $ 1,387   $ 410   $ 350   $ 429  
    Commercial and multi-family   89,296     32,974     27,693     27,796     12,627  
    Construction   586     586     586     586     3,225  
    Commercial business   8,374     9,530     6,498     3,673     5,916  
    Home equity   439     231     123     43     44  
    Consumer   –     –     20     –     –  
    Total: $ 99,833   $ 44,708   $ 35,330   $ 32,448   $ 22,241  
               
      Distribution of Deposits by quarter
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands)
    Demand:          
    Non-Interest Bearing $ 542,620   $ 520,387   $ 528,089   $ 523,816   $ 531,112  
    Interest Bearing   537,468     553,731     527,862     549,239     552,295  
    Money Market   405,793     395,004     366,655     371,689     361,791  
    Sub-total: $ 1,485,881   $ 1,469,122   $ 1,422,606   $ 1,444,744   $ 1,445,198  
    Savings and Club   254,732     252,491     255,115     258,680     272,051  
    Certificates of Deposit   945,895     1,029,245     1,046,859     1,231,815     1,274,410  
    Total Deposits: $ 2,686,508   $ 2,750,858   $ 2,724,580   $ 2,935,239   $ 2,991,659  
               
      Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
               
      Tangible Book Value per Share
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except per share amounts)
    Total Stockholders’ Equity $ 314,722   $ 323,925   $ 328,113   $ 320,732   $ 320,131  
    Less: goodwill   5,253     5,253     5,253     5,253     5,253  
    Less: preferred stock   25,243     24,723     29,763     28,403     27,733  
    Total tangible common stockholders’ equity   284,226     293,949     293,097     287,076     287,145  
    Shares common shares outstanding   17,163     17,063     17,048     17,029     16,957  
    Book value per common share $ 16.87   $ 17.54   $ 17.50   $ 17.17   $ 17.24  
    Tangible book value per common share $ 16.56   $ 17.23   $ 17.19   $ 16.86   $ 16.93  
               
      Efficiency Ratios
      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
      (In thousands, except for ratio %)
    Net interest income $ 22,005   $ 22,194   $ 23,045   $ 23,639   $ 23,143  
    Non-interest income (loss)   1,791     938     3,127     (3,234 )   2,109  
    Total income   23,796     23,132     26,172     20,405     25,252  
    Non-interest expense   14,660     14,367     13,929     13,987     14,838  
    Efficiency Ratio   61.61 %   62.11 %   53.22 %   68.55 %   58.76 %
               
    Contact: Michael Shriner,
    President & CEO
    Jawad Chaudhry,
    EVP & CFO
    (201) 823-0700
       

    The MIL Network –

  • MIL-OSI Africa: South Africa’s Rand Refinery Chief Executive Officer (CEO) Joins Mining in Motion 2025

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, April 22, 2025/APO Group/ —

    Praveen Baijnath, CEO of Rand Refinery, has been confirmed as a speaker at the Mining in Motion 2025 Summit, scheduled for June 2–4 in Accra. Baijnath will contribute to the panel discussion, Medium to Long-Term Funding Models for Artisanal and Small-Scale Mining, which will explore innovative financing mechanisms aimed at improving financial accessibility for small-scale miners.

    As the head of the world’s largest integrated single-site precious metals refining and smelting complex, Baijnath brings a critical perspective on the downstream sector’s role in strengthening artisanal mining, supporting sector-wide growth and delivering value-added products tailored to African markets. Ghana’s small-scale gold mining activities generated $5 billion in export revenue in 2024, while South Africa accounted for 60.5% of Ghana’s gold exports to other African nations – highlighting the deep interconnection between the two countries’ gold sectors.

    Rand Refinery’s major shareholders are also key players in Ghana’s upstream gold industry. AngloGold Ashanti, which owns 42.5% of Rand Refinery, operates major Ghanaian mines including Iduapriem and Obuasi. Gold Fields, holding a 33.15% stake, manages the Tarkwa and Damang mines. Baijnath’s participation is expected to foster stronger collaboration between South Africa and Ghana, promoting sustainable and inclusive development within the gold mining sector.

    Organized by the Ashanti Green Initiative in partnership with the World Bank, World Gold Council and other international stakeholders, Mining in Motion 2025 will be held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact. The event will welcome top-level decision-makers, including H.E. John Dramani Mahama, President of Ghana, along with representatives from the African Union, ECOWAS, the United Nations and the private sector.

    MIL OSI Africa –

  • MIL-OSI: Auburn National Bancorporation, Inc. Reports First Quarter Net Earnings

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Highlights:

    • Net income of $1.5 million, or $0.44 per share, compared to $1.4 million, or $0.39 per share in 1Q 2024
    • Net interest income (tax-equivalent) was $7.1 million, an increase of 6% compared to 1Q 2024
    • Net interest margin (tax-equivalent) of 3.20%, compared to 3.04% in 1Q 2024
    • Strong balance sheet –
      • Credit quality – Nonperforming assets to total assets were 0.05%
      • Liquidity – Cash and cash equivalents to total assets increased to 11.90%, compared to 7.41% at March 31, 2024
      • Capital – Tangible Common Equity (“TCE”) to total assets improved to 8.34%, compared to 7.61% at March 31, 2024

    AUBURN, Ala., April 22, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation, Inc. (Nasdaq: AUBN) reported net earnings of $1.5 million, or $0.44 per share, for the first quarter of 2025, compared to $1.6 million, or $0.45 per share, for the fourth quarter of 2024, and $1.4 million, or $0.39 per share, for the first quarter of 2024.

    “Our first quarter results reflect strong credit quality and continued improvement in our net interest margin,” said David A. Hedges, President and CEO. “While loan demand has slowed, we remain optimistic that our net interest margin will continue to improve as loans and securities re-price. Once again, our capital and liquidity remain strong and we are well positioned to meet the needs of our customers,” continued Mr. Hedges.
            
    Net interest income (tax-equivalent) was $7.1 million in the first quarter of 2025, compared to $7.0 million in the fourth quarter of 2024, and $6.7 million in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our net interest margin, partially offset by a decrease in average interest earning assets of 1%. The increase compared to the first quarter of 2024 was primarily due to improvements in our net interest margin and an increase in average interest earning assets of 1%.

    Net interest margin (tax-equivalent) was 3.20% in the first quarter of 2025, compared to 3.09% in the fourth quarter of 2024, and 3.04% in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our yield on interest-earning assets and a decrease in our cost of interest-bearing deposits. The increase compared to the first quarter of 2024 was primarily due to a more favorable asset mix, and improvements in our yield on interest-earning assets, which outpaced increases in the cost of our interest-bearing deposits.

    Nonperforming assets were $0.5 million, or 0.05% of total assets, at March 31, 2025 and December 31, 2024, respectively, compared to $0.9 million, or 0.09% of total assets, at March 31, 2024.

    The Company recorded a negative provision for credit losses of $(10) thousand in the first quarter of 2025, compared to a negative provision of $(48) thousand in the fourth quarter of 2024 and a charge to provision for credit losses of $334 thousand in the first quarter of 2024.

    At March 31, 2025, the Company’s allowance for credit losses was $6.8 million, or 1.20% of total loans, compared to $6.9 million, or 1.22% of total loans, at December 31, 2024, and $7.2 million, or 1.27% of total loans, at March 31, 2024.

    Noninterest income was $0.8 million for the first quarter of 2025, compared to $0.8 million for the fourth quarter of 2024, and $0.9 million in the first quarter of 2024. The decrease compared to both the fourth quarter and first quarter of 2024 was primarily due to decreases in mortgage lending income and other noninterest income.

    Noninterest expense was $5.9 million for the first quarter of 2025, compared to $5.5 million for the fourth quarter of 2024, and $5.7 million in the first quarter of 2024. The increase from the fourth quarter of 2024 was primarily related to routine increases in salaries and benefits expense and an increase in net occupancy expense attributable to repairs and maintenance costs and seasonal fluctuations in utilities costs and parking revenue. The increase compared to the first quarter of 2024 was primarily related to routine increases in salaries and benefits expense.

    The provision for income tax expense was $0.4 million for the first quarter of 2025, compared to income tax expense of $0.8 million for the fourth quarter of 2024, and income tax expense of $0.2 million for the first quarter of 2024.

    The effective tax rate for the first quarter of 2025 was 20.40%, compared to 34.73% for the fourth quarter of 2024 and 10.68% for the first quarter of 2024. Except for the fourth quarter of 2024, the Company’s effective income tax rate is principally affected by tax-exempt earnings from the Company’s investments in municipal securities and loans, bank-owned life insurance, and New Markets Tax Credits. The provision for income tax expense and the effective tax rate for the fourth quarter of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth quarter of 2024, would have been 21.55%.

    Total assets were $996.8 million at March 31, 2025, compared to $977.3 million at December 31, 2024 and $979.0 million at March 31, 2024. Loans, net of unearned income were $560.7 million at March 31, 2025, compared to $564.0 million at December 31, 2024 and $567.5 million at March 31, 2024. The decrease is primarily due to payoffs in the commercial and industrial and commercial real estate loan portfolio segments exceeding growth in construction and land development loans. Total deposits were $910.5 million at March 31, 2025, compared to $895.8 million at December 31, 2024, and $899.7 million at March 31, 2024. The increase compared to both December 31, 2024 and March 31, 2024, was primarily related to growth in both noninterest and interest-bearing demand deposit account balances.

    At March 31, 2025, the Company’s consolidated stockholders’ equity (book value) was $83.1 million or $23.79 per share, compared to $78.3 million, or $22.41 per share, at December 31, 2024, and $74.5 million, or $21.32 per share, at March 31, 2024. The increase from December 31, 2024 was primarily driven by other comprehensive income of $4.2 million due to a decrease in unrealized losses on securities available-for-sale, net of tax, plus net earnings of $1.5 million. These increases in stockholders’ equity were partially offset by cash dividends paid of $0.9 million. Unrealized losses on our securities portfolio vary with market interest rates and do not affect the Bank’s capital for regulatory capital purposes.

    The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.34% at March 31, 2025, compared to 8.01% at December 31, 2024, and 7.61% at March 31, 2024. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

    The Company paid cash dividends of $0.27 per share in the first quarter of 2025. At March 31, 2025, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

    About Auburn National Bancorporation, Inc.

    Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $996.8 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank currently operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

    Cautionary Notice Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements with respect to our objectives, expectations, anticipations, estimates and intentions and all statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “designed”, “plan,” “point to,” “project,” “could,” “intend,” “target,” “seek” and other similar words and expressions of the future. Forward looking statements, include, without limitation, statements about future financial and operating results, costs and revenues, government policies and changes in policies, including Federal Reserve monetary and regulatory actions. Forward looking statements also include statements about economic conditions generally in our markets and which may affect us, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation and employment, including Federal Reserve monetary policies.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements and/or financial condition of the Company or the Bank to be materially different from future results, performance, achievements or financial condition expressed or implied by such forward-looking statements. Forward looking statements may not be realized due numerous factors, including, without limitation, changes in employment levels, actual and expected changes in interest rates and interest rate expectations (generally and those applicable to our assets and liabilities) and the shape of the yield curve, and related changes in our asset values, especially investment securities, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including possible adjustments to the fair values of securities available for sale, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends. You should not expect us to update any forward-looking statements.

    All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those described in the “Cautionary Note Regarding Forward-Looking Statements” and the risks and uncertainties described under “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 and otherwise in our other SEC reports and filings.

    Explanation of Certain Unaudited Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

    Financial Highlights (unaudited)               Quarter ended
                March 31,     December 31,   March 31,
    (Dollars in thousands, except per share amounts)     2025     2024   2024
    Results of Operations                
    Net interest income (a)   $ 7,062       6,988     6,677  
    Less: tax-equivalent adjustment     17       19     20  
      Net interest income (GAAP)     7,045       6,969     6,657  
    Noninterest income     747       845     887  
      Total revenue     7,792       7,814     7,544  
    Provision for credit losses     (10 )     (48 )   334  
    Noninterest expense     5,880       5,472     5,675  
    Income tax expense     392       830     164  
    Net earnings   $ 1,530       1,560     1,371  
                           
    Per share data:                
    Basic and diluted net earnings   $ 0.44       0.45     0.39  
    Cash dividends declared   $ 0.27       0.27     0.27  
    Weighted average shares outstanding:                
      Basic and diluted     3,493,699       3,493,699     3,493,663  
    Shares outstanding, at period end     3,493,699       3,493,699     3,493,699  
    Stockholders’ equity (book value)   $ 23.79       22.41     21.32  
    Common stock price:                
      High   $ 23.37       24.57     21.55  
      Low     20.36       20.06     18.82  
      Period-end     21.59       23.49     19.27  
      To earnings ratio (c)     11.42   x   12.77     83.78  
      To book value     91   %   105     90  
    Performance ratios:                
    Return on average equity (annualized)     7.83   %   7.49     7.13  
    Return on average assets (annualized)     0.62   %   0.63     0.56  
    Dividend payout ratio     61.36   %   60.00     69.23  
    Other financial data:                
    Net interest margin (a)     3.20   %   3.09     3.04  
    Effective income tax rate     20.40   %   34.73     10.68  
    Efficiency ratio (b)     75.30   %   69.86     75.03  
    Asset Quality:                
    Nonperforming assets:                
      Nonperforming (nonaccrual) loans   $ 520       503     878  
        Total nonperforming assets   $ 520       503     878  
                           
    Net charge-offs (recoveries)   $ 64       (16 )   (67 )
                           
    Allowance for credit losses as a % of:                
      Loans     1.20   %   1.22     1.27  
      Nonperforming loans     1,298   %   1,366     822  
    Nonperforming assets as a % of:                
      Loans and other real estate owned     0.09   %   0.09     0.15  
      Total assets     0.05   %   0.05     0.09  
    Nonperforming loans as a % of total loans     0.09   %   0.09     0.15  
    Annualized net charge-offs (recoveries) as a % of average loans     0.05   %   (0.01 )   (0.05 )
    Selected average balances:                
    Securities   $ 240,588       255,168     267,606  
    Loans, net of unearned income     566,082       567,634     560,757  
    Total assets     987,272       991,275     976,930  
    Total deposits     906,805       904,605     897,051  
    Total stockholders’ equity     78,158       83,325     76,948  
    Selected period end balances:                
    Securities   $ 242,468       243,012     260,770  
    Loans, net of unearned income     560,650       564,017     567,520  
    Allowance for credit losses     6,750       6,871     7,215  
    Total assets     996,786       977,324     979,039  
    Total deposits     910,503       895,824     899,673  
    Total stockholders’ equity     83,115       78,292     74,489  
     
    (a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation
      of GAAP to non-GAAP Measures (unaudited).”
    (b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and
      tax-equivalent net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.
    (c) Calculated by dividing period end share price by earnings per share for the previous four quarters.
     
    Reconciliation of GAAP to non-GAAP Measures (unaudited):
                        Quarter ended
          March 31,
    		     December 31,
    		   March 31,
    (Dollars in thousands, except per share amounts)     2025
    		     2024
    		   2024
    Net interest income, as reported (GAAP)   $ 7,045       6,969     6,657  
    Tax-equivalent adjustment     17       19     20  
    Net interest income (tax-equivalent)   $ 7,062       6,988     6,677  
     

    The MIL Network –

  • MIL-OSI: Exowatt Closes $70 Million in Series A Funding to Deploy and Scale the Exowatt P3

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, April 22, 2025 (GLOBE NEWSWIRE) — Exowatt, a next-generation renewable energy company, today announced the close of its $70 million Series A round, bringing the company’s total funding to $90 million to date. The Series A round was led by Felicis, a leading venture capital firm in Silicon Valley. Of the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners—this marks further commitment following an initial debt facility established during the seed round for Exowatt in August of 2024—while the remaining $35 million comes from equity. Additional investors include Andreesen Horowitz, 8090 Industries, Starwood Capital, Thrive Capital, MCJ Collective, MVP Ventures, GOAT VC, and StepStone Group. Atomic and a16z returned to make additional investments following their contributions to Exowatt’s Seed round, which included notable angel investors such as Sam Altman, CEO of Open AI and actor and environmentalist, Leonardo DiCaprio.

    The close of Exowatt’s Series A round comes just months after launching its flagship product, The Exowatt P3, during the RE+ conference last September in Anaheim, CA. The Exowatt P3 is a modular, dispatchable solar solution capable of delivering up to 24 hours of power daily. The P3 captures solar energy as heat in a long-duration battery and converts it into electricity on demand, making it ideal for data centers and other commercial and industrial (C&I) applications. Funding from Series A will support the domestic production and deployment of the Exowatt P3, making the technology far more accessible to the industry. Exowatt has a demand backlog of over 90 GWh (gigawatt hours) from data centers, energy developers and hyperscalers across the U.S. Several commercial deployments will be going live in 2025 across a number of locations across the U.S.

    “We’ve been overwhelmed with the amount of interest in the P3 since we launched it to market late last year,” said Hannan Happi, CEO of Exowatt. “The additional funding will help us accelerate commercialization and deployment of our solution for the data center energy needs and help us scale our manufacturing capacity as fast as possible to address the almost insatiable demand for power from our customers.”

    The expansion of the data center and AI market has become one of the Trump administration’s priorities since January, beginning with the launch of Project Stargate earlier this year. This funding will enable Exowatt to continue providing domestically manufactured products, which will contribute significant amounts of power to data centers across the country, and to assist in reaching America’s goal of energy dominance.

    “With power consumption from AI data centers growing fast, we urgently need an alternative American energy supply chain that’s sustainable and accessible,” said Aydin Senkut, founder and managing partner of Felicis. “Exowatt’s technology will lead the future of power generation and improve energy efficiency across the country.”

    “Exowatt’s Series A fundraise is the culmination of incredible progress and represents the next phase of the company’s journey,” said Matt Perlow of HSBC Innovation Banking. “We are proud to be expanding our support for the Exowatt team and their mission to create a more sustainable future for data center power generation.”

    Power generation demand from data centers is predicted to increase by 150% by 2030, and Exowatt is powering the next wave of innovations. Interested customers can learn more about Exowatt’s technology and order the Exowatt P3 at www.exowatt.com.

    About Exowatt
    Exowatt is a next-generation renewable energy company providing modular energy solutions tailored for energy-intensive applications like data centers. Founded in 2023 by Hannan Happi and Atomic CEO Jack Abraham, Exowatt’s mission is to make sustainable renewable energy always available and almost free. Exowatt is backed by a16z, Atomic, Felicis, and Sam Altman and is headquartered in Miami, Florida.

    Media Contact
    Claire Underwood
    Silverline Communications
    claire@teamsilverline.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b780b67a-8aad-4578-aebc-756eddaaf1b9

    The MIL Network –

  • MIL-OSI: Hanover Bank Announces Core Banking System Conversion to Drive Digital Growth

    Source: GlobeNewswire (MIL-OSI)

    MINEOLA, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce its conversion to a new core banking system, a significant technological upgrade designed to improve the banking experience for our clients, streamline operations for employees, and drive greater value for all our stakeholders. Our core banking system conversion was successfully completed on Tuesday, February 18, 2025.

    As the bank continues to evolve into a more business-focused financial institution, we remain committed to providing the best possible service to our customers. This upgrade strengthens Hanover Bank’s ability to offer digitally forward business banking solutions that are agile and expected to drive success in today’s economy.

    Further, this transition will enhance our ability to offer innovative services and solutions while maintaining the security, reliability, and trust that our clients have come to expect. With a focus on improving our customer experience, the new system will offer:

    • Faster and More Efficient Services: Clients will benefit from improved user interfaces and digital banking tools, enabling us to provide an even higher level of convenience and responsiveness.
    • Enhanced Security: As digital banking continues to grow, security is of paramount importance, and our new core system features state-of-the-art security protocols, ensuring that client data and transactions are safeguarded at the highest level.
    • Customizable Business Solutions: Our new core banking system allows for more tailored product offerings and integrated banking solutions designed to streamline banking and financial management for our clients.

    “Our core banking conversion is not just about technology – it’s about creating long-term value for our clients, helping them grow and succeed in an increasingly digital and competitive marketplace,” stated Michael P. Puorro, Chairman & Chief Executive Officer of Hanover Bank.

    Hanover Bank’s employees have undergone comprehensive training to leverage the full capabilities of the new system, empowering them to serve clients with more speed and accuracy. With more automated and simplified back-office functions due to the efficiencies created by the conversion, our focus on delivering top-tier, unparalleled service will only continue to grow.

    Better functionality on more competitive financial terms bolsters our sustained commitment to efficient operations. The conversion also brings advantages for all stakeholders, including:

    • Operational Efficiency: The new core system will allow for better management of resources, reduce operational costs, and improve profitability. This translates into a stronger, more sustainable financial institution poised for continued growth.
    • Improved Reporting and Insights: Enhanced reporting tools will provide real-time, actionable insights, supporting more informed decision-making and business strategies.

    “We are proud to make this investment in the future of our bank. Our core conversion marks a significant milestone in Hanover Bank’s journey toward creating an even more efficient, secure, and client-focused banking experience. Our commitment to innovation means we are always seeking ways to increase our value to clients, employees, stakeholders, and the communities in which we operate. With this new system in place, we are poised for a future where banking is not only faster and more robust, but also more personalized and responsive to our clients’ needs,” concluded Mr. Puorro.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Press Contact:
    Ms. Annette Esposito
    First VP – Director of Marketing
    (516) 548-8500

    The MIL Network –

  • MIL-OSI Banking: Rosneft Continues Research into Rare Bird Species

    Source: Rosneft

    Headline: Rosneft Continues Research into Rare Bird Species

    1 April is International Bird Day, established to raise awareness of the need to conserve the diversity and numbers of birds in their natural habitats.

    Environment protection is an integral part of the Company’s corporate culture and operation principles. The Company is particularly committed to the study of birds.

    As part of the new Tamura Biodiversity Conservation Programme, a major expedition to the Brekhovsky Islands and adjacent areas of the Gydan Peninsula in the north of Krasnoyarsk Territory was organised during the 2024 field season. In the ornithological area of international importance, 60 species have been recorded, among them: the peregrine falcon, the barnacle, the water scoter and the long-tailed duck, as well as the Siberian chiffchaff, the red-winged thrush and the brown thrush. Scientists have noted movements of tundra swans, geese, ducks and gulls in these areas. The work will clarify the abundance and species composition of the herds.

    The company supports research on red listed birds in the Sakhalin region and Khabarovsk territory. For example, the Komsomolsk refinery (part of Rosneft’s oil refining complex) and scientists from Zapovedniy Priamurye continue to implement the Under the Strong Wing project to protect Steller’s sea eagles, the largest member of the eagle family. On the territory of the Komsomolsky Nature Reserve, photo and video cameras have been installed, which make it possible to observe bird families in summer and early autumn. During the previous stages of the project, ornithologists identified the location of the birds’ nests. A five-day snowmobile expedition was organised to install the camera traps. Scientists are also planning to use quadrocopters to survey the eagle population in the Komsomolsky Reserve, and a five-day snowmobile expedition has been organised to install the camera traps.

    In addition, as part of the Under the Strong Wing project, its participants carry out environmental education activities for young people in Komsomolsk-on-Amur. On International Bird Day, the reserve’s specialists gave an informative talk with a quiz for children.

    Samara’s oil workers are helping ornithologists to preserve another member of the eagle family — the white-tailed eagle. This year, Rosneft’s Samara Group of Enterprises summarised the results of the first stage of a grant competition for research projects to study this rare bird in the region. Scientists from Samarskaya Luka National Park carried out a series of activities aimed at studying the habitats and increasing the population of the red-listed bird. They identified nesting areas, recorded nest locations and key demographic indicators — the number of eggs in the clutch and the number of chicks hatched. Today, work is underway to create a map of the white-tailed eagle’s habitat in the Samara region.

    With the support of RN-Uvatneftegaz, the white-tailed eagle is also being studied in the Tyumen region. In 2024, the results of a grant project to study the population of this species were summarised there, and with the support of RN-Uvatneftegaz, the white-tailed eagle is also being studied in the Tyumen region. As part of the project, scientists from Tyumen State University created a biotechnical programme aimed at increasing the number of white-tailed eagles and prepared an e-book «Birds of the Southern Tyumen Region». Ornithological work of this kind in the south of the Tyumen Region was carried out for the first time.

    RN-Vankor supported a scientific expedition to the Taymyrsky Dolgano-Nenetsky District of Krasnoyarsk Territory, where scientists studied wild goose populations, including those listed in the Red Book of the Russian Federation. The large amount of data collected during the fieldwork will provide an overview of the current population status and nesting sites of geese species.

    In addition, since 2020, Rosneft, together with the Arctic and Antarctic Research Institute, has been conducting extensive research on the white gull, a rare bird species listed in Russia’s Red Book. Expeditions were carried out to hard-to-reach areas on the islands of the Kara Sea — Wiese, Golomyanny, Sredny and Domashny. Scientists carry out aerial surveys, ring adult white gulls, install GPS trackers and collect biological material from the birds.

    Department of Information and Advertising
    Rosneft
    April 1, 2025

    MIL OSI Global Banks –

  • MIL-OSI: Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

    Source: GlobeNewswire (MIL-OSI)

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

    Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

    HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

    First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

    Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

    Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

    Year-to-date Recruiting Update

    • Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
    • Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
    • Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
    • Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
    • Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

    Highlights for the First Quarter of 2025 included:

    • Total deposits increased $717.0 million on a year-over-year basis;
    • Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
    • The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
    • The cost of total deposits declined by 19 basis points versus the prior quarter;
    • The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
    • The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

    Management’s Discussion of Quarterly Operating Results

    Net Interest Income

    Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

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

                         
    (Dollars in thousands)   Q1 2025   Q4 2024   Q1 2024  
    Net interest income   $ 94,213     $ 91,098     $ 71,530    
    Purchase accounting amortization (accretion) on loans (“PAA”)     (124 )     (1,268 )     (82 )  
    Adjusted net interest income excluding PAA on loans (non-GAAP)   $ 94,089     $ 89,830     $ 71,448    
                         
    Average interest-earning assets   $ 12,963,320     $ 12,974,958     $ 13,015,755    
                         
    NIM(1)     2.95   %   2.79   %   2.21   %
    Adjusted NIM excluding PAA on loans (non-GAAP)(2)     2.94   %   2.75   %   2.21   %

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

    Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

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

    Loan Portfolio

    The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

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

                                     
        March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands)   Balance   WAR(1)   Balance   WAR(1)   Balance   WAR(1)  
    Loans held for investment balances at period end:                                
    Business loans(2)   $ 2,788,848   6.55 % $ 2,726,602   6.56 % $ 2,327,403   6.90 %
    One-to-four family residential, including condominium and cooperative apartment     961,562   4.77     952,195   4.72     873,671   4.48  
    Multifamily residential and residential mixed-use(3)(4)     3,780,078   4.46     3,820,492   4.49     3,996,654   4.57  
    Non-owner-occupied commercial real estate     3,191,536   5.07     3,231,398   5.13     3,386,333   5.24  
    Acquisition, development, and construction     140,309   7.96     136,172   7.95     175,352   8.40  
    Other loans     6,402   10.39     5,084   10.51     5,170   7.10  
    Loans held for investment   $ 10,868,735   5.25 % $ 10,871,943   5.26 % $ 10,764,583   5.34 %

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

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

                       
    (Dollars in millions)   Q1 2025   Q4 2024   Q1 2024
    Loan originations   $ 71.5   $ 187.5   $ 98.3

    Deposits and Borrowed Funds

    Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

    Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

    Non-Interest Income

    Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

    Non-Interest Expense

    Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

    The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Income Tax Expense

    Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

    Credit Quality

    Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

    A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

    Capital Management

    Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

    The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

    Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

    Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

    Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Earnings Call Information

    The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

    Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

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

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

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

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

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

    Contact: Avinash Reddy  
    Senior Executive Vice President – Chief Financial Officer  
    718-782-6200 extension 5909  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands)
     
     
        March 31,   December 31,   March 31,
        2025     2024     2024  
    Assets:                  
    Cash and due from banks   $ 1,030,702     $ 1,283,571     $ 370,852  
    Securities available-for-sale, at fair value     710,579       690,693       859,216  
    Securities held-to-maturity     631,334       637,339       589,331  
    Loans held for sale     2,527       22,625       8,973  
    Loans held for investment, net:                  
    Business loans(1)     2,788,848       2,726,602       2,327,403  
    One-to-four family and cooperative/condominium apartment     961,562       952,195       873,671  
    Multifamily residential and residential mixed-use(2)(3)     3,780,078       3,820,492       3,996,654  
    Non-owner-occupied commercial real estate     3,191,536       3,231,398       3,386,333  
    Acquisition, development and construction     140,309       136,172       175,352  
    Other loans     6,402       5,084       5,170  
    Allowance for credit losses     (90,455 )     (88,751 )     (76,068 )
    Total loans held for investment, net     10,778,280       10,783,192       10,688,515  
    Premises and fixed assets, net     33,650       34,858       44,501  
    Restricted stock     66,987       69,106       74,346  
    BOLI     389,167       290,665       352,277  
    Goodwill     155,797       155,797       155,797  
    Other intangible assets     3,644       3,896       4,753  
    Operating lease assets     45,657       46,193       51,988  
    Derivative assets     98,740       116,496       135,162  
    Accrued interest receivable     56,044       55,970       55,369  
    Other assets     94,574       162,857       110,012  
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092  
    Liabilities:                  
    Non-interest-bearing checking (excluding mortgage escrow deposits)   $ 3,245,409     $ 3,355,829     $ 2,819,481  
    Interest-bearing checking     950,090       1,079,823       635,640  
    Savings (excluding mortgage escrow deposits)     1,939,852       1,927,903       2,347,114  
    Money market     4,271,363       4,198,784       3,440,083  
    Certificates of deposit     1,121,068       1,069,081       1,555,157  
    Deposits (excluding mortgage escrow deposits)     11,527,782       11,631,420       10,797,475  
    Non-interest-bearing mortgage escrow deposits     88,138       54,715       101,229  
    Interest-bearing mortgage escrow deposits     4       6       173  
    Total mortgage escrow deposits     88,142       54,721       101,402  
    FHLBNY advances     508,000       608,000       773,000  
    Other short-term borrowings     —       50,000       —  
    Subordinated debt, net     272,370       272,325       200,174  
    Derivative cash collateral     85,230       112,420       132,900  
    Operating lease liabilities     48,432       48,993       54,727  
    Derivative liabilities     92,516       108,347       122,112  
    Other liabilities     63,197       70,515       79,931  
    Total liabilities     12,685,669       12,956,741       12,261,721  
    Stockholders’ equity:                  
    Preferred stock, Series A     116,569       116,569       116,569  
    Common stock     461       461       416  
    Additional paid-in capital     623,305       624,822       492,834  
    Retained earnings     803,202       794,526       819,130  
    Accumulated other comprehensive loss (“AOCI”), net of deferred taxes     (39,045 )     (45,018 )     (85,466 )
    Unearned equity awards     (12,909 )     (7,640 )     (10,191 )
    Treasury stock, at cost     (79,570 )     (87,203 )     (93,921 )
    Total stockholders’ equity     1,412,013       1,396,517       1,239,371  
    Total liabilities and stockholders’ equity   $ 14,097,682     $ 14,353,258     $ 13,501,092  

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
    (2) Includes loans underlying multifamily cooperatives.
    (3) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands except share and per share amounts)
     
        Three Months Ended
        March 31,   December 31,   March 31,
        2025   2024     2024  
    Interest income:                  
    Loans   $ 142,705   $ 148,000     $ 143,565  
    Securities     11,323     10,010       7,880  
    Other short-term investments     7,837     7,473       9,564  
    Total interest income     161,865     165,483       161,009  
    Interest expense:                  
    Deposits and escrow     58,074     64,773       73,069  
    Borrowed funds     8,381     8,542       14,697  
    Derivative cash collateral     1,197     1,070       1,713  
    Total interest expense     67,652     74,385       89,479  
    Net interest income     94,213     91,098       71,530  
    Provision for credit losses     9,626     13,715       5,210  
    Net interest income after provision     84,587     77,383       66,320  
    Non-interest income:                  
    Service charges and other fees     4,643     3,942       4,544  
    Title fees     98     226       133  
    Loan level derivative income     61     491       406  
    BOLI income     3,993     2,825       2,461  
    Gain on sale of Small Business Administration (“SBA”) loans     82     22       253  
    Gain on sale of residential loans     32     83       77  
    Fair value change in equity securities and loans held for sale     18     15       (842 )
    Net loss on sale of securities     —     (42,810 )     —  
    Gain on sale of other assets     —     554       2,968  
    Other     706     791       467  
    Total non-interest income (loss)     9,633     (33,861 )     10,467  
    Non-interest expense:                  
    Salaries and employee benefits     35,651     35,761       32,037  
    Severance     76     1,254       42  
    Occupancy and equipment     8,002     7,569       7,368  
    Data processing costs     4,794     4,483       4,313  
    Marketing     1,666     1,897       1,497  
    Professional services     2,116     2,345       1,467  
    Federal deposit insurance premiums(1)     2,047     2,116       2,239  
    Loss on extinguishment of debt     —     —       453  
    Loss due to pension settlement     7,231     1,215       —  
    Amortization of other intangible assets     252     285       307  
    Other     3,676     3,688       2,788  
    Total non-interest expense     65,511     60,613       52,511  
    Income (loss) before taxes     28,709     (17,091 )     24,276  
    Income tax expense(2)     7,251     3,322       6,585  
    Net income (loss)     21,458     (20,413 )     17,691  
    Preferred stock dividends     1,822     1,821       1,821  
    Net income (loss) available to common stockholders   $ 19,636   $ (22,234 )   $ 15,870  
    Earnings (loss) per common share (“EPS”):                  
    Basic   $ 0.45   $ (0.54 )   $ 0.41  
    Diluted   $ 0.45   $ (0.54 )   $ 0.41  
                       
    Average common shares outstanding for diluted EPS     42,948,690     40,767,161       38,255,559  

    (1) Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
    (2) Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
    (Dollars in thousands except per share amounts)
     
        At or For the Three Months Ended  
        March 31,   December 31,   March 31,  
        2025   2024     2024  
    Per Share Data:                    
    Reported EPS (Diluted)   $ 0.45   $ (0.54 )   $ 0.41  
    Cash dividends paid per common share     0.25     0.25       0.25  
    Book value per common share     29.58     29.34       28.84  
    Tangible common book value per share(1)     25.94     25.68       24.72  
    Common shares outstanding     43,799     43,622       38,932  
    Dividend payout ratio     55.56 %   (46.30 ) %   60.98 %
                         
    Performance Ratios (Based upon Reported Net Income):                    
    Return on average assets     0.62 %   (0.59 ) %   0.51 %
    Return on average equity     6.04     (6.02 )     5.68  
    Return on average tangible common equity(1)     6.92     (8.16 )     6.64  
    Net interest margin     2.95     2.79       2.21  
    Non-interest expense to average assets     1.90     1.76       1.52  
    Efficiency ratio     63.1     105.9       64.0  
    Effective tax rate     25.26     (19.44 )     27.13  
                         
    Balance Sheet Data:                    
    Average assets   $ 13,777,665   $ 13,759,002     $ 13,794,924  
    Average interest-earning assets     12,963,320     12,974,958       13,015,755  
    Average tangible common equity(1)     1,145,915     1,080,177       968,719  
    Loan-to-deposit ratio at end of period(2)     93.6     93.0       98.8  
                         
    Capital Ratios and Reserves – Consolidated:(3)                    
    Tangible common equity to tangible assets(1)     8.15 %   7.89   %   7.21 %
    Tangible equity to tangible assets(1)     8.99     8.71       8.09  
    Tier 1 common equity ratio     11.12     11.06       10.00  
    Tier 1 risk-based capital ratio     12.23     12.17       11.11  
    Total risk-based capital ratio     15.71     15.65       13.78  
    Tier 1 leverage ratio     9.46     9.38       8.48  
    Consolidated CRE concentration ratio(4)     442     447       534  
    Allowance for credit losses/ Total loans     0.83     0.82       0.71  
    Allowance for credit losses/ Non-performing loans     155.85     179.37       218.42  

    (1) See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
    (2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
    (3) March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports. 
    (4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
    (Dollars in thousands)    		  
       
        Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
                    Average               Average               Average  
        Average         Yield/   Average         Yield/   Average         Yield/  
        Balance   Interest   Cost   Balance   Interest   Cost   Balance   Interest   Cost  
    Assets:                                                  
    Interest-earning assets:                                                  
    Business loans(1)   $ 2,748,142   $ 45,047   6.65 % $ 2,681,953   $ 46,791   6.94 % $ 2,308,319   $ 39,224   6.83 %
    One-to-four family residential, including condo and coop     962,046     11,069   4.67     943,319     11,061   4.66     886,588     9,770   4.43  
    Multifamily residential and residential mixed-use     3,796,754     42,329   4.52     3,848,579     44,152   4.56     4,000,510     46,019   4.63  
    Non-owner-occupied commercial real estate     3,214,758     41,326   5.21     3,265,906     42,865   5.22     3,371,438     44,776   5.34  
    Acquisition, development, and construction     138,428     2,906   8.51     139,440     3,101   8.85     169,775     3,692   8.75  
    Other loans     5,740     28   1.98     4,781     30   2.50     5,420     84   6.23  
    Securities     1,372,563     11,323   3.35     1,455,449     10,010   2.74     1,578,330     7,880   2.01  
    Other short-term investments     724,889     7,837   4.38     635,531     7,473   4.68     695,375     9,564   5.53  
    Total interest-earning assets     12,963,320     161,865   5.06 %   12,974,958     165,483   5.07 %   13,015,755     161,009   4.98 %
    Non-interest-earning assets     814,345               784,044               779,169            
    Total assets   $ 13,777,665             $ 13,759,002             $ 13,794,924            
                                                       
    Liabilities and Stockholders’ Equity:                                                  
    Interest-bearing liabilities:                                                  
    Interest-bearing checking(2)   $ 912,852   $ 4,164   1.85 % $ 912,645   $ 5,115   2.23 % $ 582,047   $ 1,223   0.85 %
    Money market     4,076,612     31,294   3.11     3,968,793     33,695   3.38     3,359,884     30,638   3.67  
    Savings(2)     1,970,338     14,185   2.92     1,905,866     14,828   3.10     2,368,946     22,810   3.87  
    Certificates of deposit     973,108     8,431   3.51     1,126,859     11,135   3.93     1,655,882     18,398   4.47  
    Total interest-bearing deposits     7,932,910     58,074   2.97     7,914,163     64,773   3.26     7,966,759     73,069   3.69  
    FHLBNY advances     509,111     4,066   3.24     509,630     4,241   3.31     1,094,209     12,143   4.46  
    Subordinated debt, net     272,341     4,302   6.41     272,311     4,301   6.28     200,188     2,553   5.13  
    Other short-term borrowings     633     13   8.33     543     —   —     77     1   5.22  
    Total borrowings     782,085     8,381   4.35     782,484     8,542   4.34     1,294,474     14,697   4.57  
    Derivative cash collateral     104,126     1,197   4.66     99,560     1,070   4.28     130,166     1,713   5.29  
    Total interest-bearing liabilities     8,819,121     67,652   3.11 %   8,796,207     74,385   3.36 %   9,391,399     89,479   3.83 %
    Non-interest-bearing checking(2)     3,322,583               3,396,457               2,909,776            
    Other non-interest-bearing liabilities     213,876               209,712               247,717            
    Total liabilities     12,355,580               12,402,376               12,548,892            
    Stockholders’ equity     1,422,085               1,356,626               1,246,032            
    Total liabilities and stockholders’ equity   $ 13,777,665             $ 13,759,002             $ 13,794,924            
    Net interest income         $ 94,213             $ 91,098             $ 71,530      
    Net interest rate spread               1.95 %             1.71 %             1.15 %
    Net interest margin               2.95 %             2.79 %             2.21 %
    Deposits (including non-interest-bearing checking accounts)(2)   $ 11,255,493   $ 58,074   2.09 % $ 11,310,620   $ 64,773   2.28 % $ 10,876,535   $ 73,069   2.70 %

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

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
    (Dollars in thousands)
     
        At or For the Three Months Ended
        March 31,   December 31,   March 31,
    Asset Quality Detail   2025     2024     2024  
    Non-performing loans (“NPLs”)                  
    Business loans(1)   $ 21,944     $ 22,624     $ 18,213  
    One-to-four family residential, including condominium and cooperative apartment     3,763       3,213       3,689  
    Multifamily residential and residential mixed-use     —       —       —  
    Non-owner-occupied commercial real estate     31,677       22,960       15  
    Acquisition, development, and construction     657       657       12,910  
    Other loans     —       25       —  
    Total Non-accrual loans   $ 58,041     $ 49,479     $ 34,827  
    Total Non-performing assets (“NPAs”)   $ 58,041     $ 49,479     $ 34,827  
                       
    Total loans 90 days delinquent and accruing (“90+ Delinquent”)   $ —     $ —     $ —  
                       
    NPAs and 90+ Delinquent   $ 58,041     $ 49,479     $ 34,827  
                       
    NPAs and 90+ Delinquent / Total assets     0.41 %     0.34 %     0.26 %
    Net charge-offs (“NCOs”)   $ 7,058     $ 10,611     $ 739  
    NCOs / Average loans(2)     0.26 %     0.39 %     0.03 %

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

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

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

    The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.  

                         
        Three Months Ended  
        March 31,   December 31,   March 31,     
        2025     2024     2024    
    Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders                    
    Reported net income (loss) available to common stockholders   $ 19,636     $ (22,234 )   $ 15,870    
    Adjustments to net income(1):                    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Severance     76       1,254       42    
    FDIC special assessment     —       126       —    
    Loss on extinguishment of debt     —       —       453    
    Loss due to pension settlement     7,231       1,215       —    
    Income tax effect of adjustments noted above(1)     (2,237 )     (14,258 )     518    
    BOLI tax adjustment(2):     —       9,073       —    
    Adjusted net income available to common stockholders (non-GAAP)   $ 24,688     $ 17,417     $ 14,757    
                         
    Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)                    
    Adjusted EPS (Diluted)   $ 0.57     $ 0.42     $ 0.38    
    Adjusted return on average assets     0.77   %   0.56   %   0.48   %
    Adjusted return on average equity     7.46       5.67       5.32    
    Adjusted return on average tangible common equity     8.68       6.52       6.18    
    Adjusted non-interest expense to average assets     1.68       1.68       1.50    
    Adjusted efficiency ratio     55.8       58.0       64.7    

    (1) Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
    (2) Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

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

                         
        Three Months Ended    
           March 31,      December 31,      March 31,     
        2025       2024       2024      
    Operating expense as a % of average assets – as reported   1.90   %     1.76   %     1.52   %    
    Severance   —       (0.04 )     —      
    FDIC special assessment   —       —       —      
    Loss on extinguishment of debt   —       —       (0.01 )    
    Loss due to pension settlement   (0.21 )     (0.04 )     —      
    Amortization of other intangible assets   (0.01 )     —       (0.01 )    
    Adjusted operating expense as a % of average assets (non-GAAP)   1.68   %     1.68   %     1.50   %    

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

                         
        Three Months Ended  
           March 31,       December 31,       March 31,      
        2025     2024     2024    
    Efficiency ratio – as reported (non-GAAP) (1)        63.1   %     105.9   %     64.0   %  
    Non-interest expense – as reported   $ 65,511     $ 60,613     $ 52,511    
    Severance     (76 )     (1,254 )     (42 )  
    FDIC special assessment     —       (126 )     —    
    Loss on extinguishment of debt     —       —       (453 )  
    Loss due to pension settlement     (7,231 )     (1,215 )     —    
    Amortization of other intangible assets     (252 )     (285 )     (307 )  
    Adjusted non-interest expense (non-GAAP)   $ 57,952     $ 57,733     $ 51,709    
    Net interest income – as reported   $ 94,213     $ 91,098     $ 71,530    
    Non-interest income (loss) – as reported   $ 9,633     $ (33,861 )   $ 10,467    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Adjusted non-interest income (non-GAAP)   $ 9,615     $ 8,380     $ 8,341    
    Adjusted total revenues for adjusted efficiency ratio (non-GAAP)   $ 103,828     $ 99,478     $ 79,871    
    Adjusted efficiency ratio (non-GAAP) (2)     55.8   %     58.0   %     64.7   %  

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

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

                         
        March 31,   December 31,   March 31,  
        2025     2024     2024    
    Reconciliation of Tangible Assets:                    
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible assets (non-GAAP)   $ 13,938,241     $ 14,193,565     $ 13,340,542    
                         
    Reconciliation of Tangible Common Equity – Consolidated:                    
    Total stockholders’ equity   $ 1,412,013     $ 1,396,517     $ 1,239,371    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible equity (non-GAAP)     1,252,572       1,236,824       1,078,821    
    Preferred stock, net     (116,569 )     (116,569 )     (116,569 )  
    Tangible common equity (non-GAAP)   $ 1,136,003     $ 1,120,255     $ 962,252    
                         
    Common shares outstanding     43,799       43,622       38,932    
                         
    Tangible common equity to tangible assets (non-GAAP)     8.15   %   7.89   %   7.21   %
    Tangible equity to tangible assets (non-GAAP)     8.99       8.71       8.09    
                         
    Book value per common share   $ 29.58     $ 29.34     $ 28.84    
    Tangible common book value per share (non-GAAP)     25.94       25.68       24.72    

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Reports First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

    On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

    United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

    Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

    Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

    United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

    Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

    First Quarter 2025 Financial Highlights:

    • EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis
    • Total revenue improved $8.9 million, or 3.7%, year-over-year
    • Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds
    • Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter
    • Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits
    • Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains
    • Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago
    • Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis
    • Efficiency ratio of 56.7%, or 56.2% on an operating basis
    • Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million
    • Return on assets of 1.02%, or 1.04% on an operating basis
    • Pre-tax, pre-provision return on assets of 1.55% on an operating basis
    • Return on common equity of 7.9%
    • Return on tangible common equity of 11.2% on an operating basis
    • Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans
    • Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans
    • Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets
    • Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%
    • Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

    Conference Call
    United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.


    UNITED COMMUNITY BANKS, INC.
    Selected Financial Information
    (in thousands, except per share data)

        2025       2024     First Quarter
    2025–2024
    Change
      First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		  
    INCOME SUMMARY                      
    Interest revenue $ 335,357     $ 344,962     $ 349,086     $ 346,965     $ 336,728      
    Interest expense   123,336       134,629       139,900       138,265       137,579      
    Net interest revenue   212,021       210,333       209,186       208,700       199,149     6 %
    Noninterest income   35,656       40,522       8,091       36,556       39,587     (10 )
    Total revenue   247,677       250,855       217,277       245,256       238,736     4  
    Provision for credit losses   15,419       11,389       14,428       12,235       12,899      
    Noninterest expenses   141,099       143,056       143,065       147,044       145,002     (3 )
    Income before income tax expense   91,159       96,410       59,784       85,977       80,835     13  
    Income tax expense   19,746       20,606       12,437       19,362       18,204     8  
    Net income   71,413       75,804       47,347       66,615       62,631     14  
    Non-operating items   1,297       2,203       29,385       6,493       2,187      
    Income tax benefit of non-operating items   (281 )     (471 )     (6,276 )     (1,462 )     (493 )    
    Net income – operating (1) $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325     13  
    Pre-tax pre-provision income (5) $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734     14  
    PERFORMANCE MEASURES                      
    Per common share:                      
    Diluted net income – GAAP $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51     14  
    Diluted net income – operating (1)   0.59       0.63       0.57       0.58       0.52     13  
    Cash dividends declared   0.24       0.24       0.24       0.23       0.23     4  
    Book value   28.42       27.87       27.68       27.18       26.83     6  
    Tangible book value (3)   20.58       20.00       19.66       19.13       18.71     10  
    Key performance ratios:                      
    Return on common equity – GAAP (2)(4)   7.89 %     8.40 %     5.20 %     7.53 %     7.14 %    
    Return on common equity – operating (1)(2)(4)   8.01       8.60       7.82       8.12       7.34      
    Return on tangible common equity – operating (1)(2)(3)(4)   11.21       12.12       11.17       11.68       10.68      
    Return on assets – GAAP (4)   1.02       1.06       0.67       0.97       0.90      
    Return on assets – operating (1)(4)   1.04       1.08       1.01       1.04       0.93      
    Return on assets – pre-tax pre-provision, excluding non-operating items (1)(4)(5)   1.55       1.55       1.50       1.54       1.40      
    Net interest margin (fully taxable equivalent) (4)   3.36       3.26       3.33       3.37       3.20      
    Efficiency ratio – GAAP   56.74       56.05       65.51       59.70       60.47      
    Efficiency ratio – operating (1)   56.22       55.18       57.37       57.06       59.15      
    Equity to total assets   12.56       12.38       12.45       12.35       12.06      
    Tangible common equity to tangible assets (3)   9.18       8.97       8.93       8.78       8.49      
    ASSET QUALITY                      
    Nonperforming assets (“NPAs”) $ 93,290     $ 115,635     $ 114,960     $ 116,722     $ 107,230     (13 )
    Allowance for credit losses – loans   211,974       206,998       205,290       213,022       210,934     —  
    Allowance for credit losses – total   223,201       217,389       215,517       224,740       224,119     —  
    Net charge-offs   9,607       9,517       23,651       11,614       12,908      
    Allowance for credit losses – loans to loans   1.15 %     1.14 %     1.14 %     1.17 %     1.15 %    
    Allowance for credit losses – total to loans   1.21       1.20       1.20       1.23       1.22      
    Net charge-offs to average loans (4)   0.21       0.21       0.52       0.26       0.28      
    NPAs to total assets   0.33       0.42       0.42       0.43       0.39      
    AT PERIOD END ($ in millions)                      
    Loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     —  
    Investment securities   6,661       6,804       6,425       6,038       5,859     14  
    Total assets   27,874       27,720       27,373       27,057       27,365     2  
    Deposits   23,762       23,461       23,253       22,982       23,332     2  
    Shareholders’ equity   3,501       3,432       3,407       3,343       3,300     6  
    Common shares outstanding (thousands)   119,514       119,364       119,283       119,175       119,137     —  
     
    (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

    UNITED COMMUNITY BANKS, INC.
    Non-GAAP Performance Measures Reconciliation
    (in thousands, except per share data)

          2025       2024  
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter
                         
    Noninterest income reconciliation                    
    Noninterest income (GAAP)   $ 35,656     $ 40,522     $ 8,091     $ 36,556     $ 39,587  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Noninterest income – operating   $ 35,656     $ 40,522     $ 35,300     $ 36,556     $ 37,187  
                         
    Noninterest expense reconciliation                    
    Noninterest expenses (GAAP)   $ 141,099     $ 143,056     $ 143,065     $ 147,044     $ 145,002  
    Loss on FinTrust (goodwill impairment)     —       —       —       (5,100 )     —  
    FDIC special assessment     —       —       —       764       (2,500 )
    Merger-related and other charges     (1,297 )     (2,203 )     (2,176 )     (2,157 )     (2,087 )
    Noninterest expenses – operating   $ 139,802     $ 140,853     $ 140,889     $ 140,551     $ 140,415  
                         
    Net income to operating income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Loss on FinTrust (goodwill impairment)     —       —       —       5,100       —  
    FDIC special assessment     —       —       —       (764 )     2,500  
    Merger-related and other charges     1,297       2,203       2,176       2,157       2,087  
    Income tax benefit of non-operating items     (281 )     (471 )     (6,276 )     (1,462 )     (493 )
    Net income – operating   $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325  
                         
    Net income to pre-tax pre-provision income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Income tax expense     19,746       20,606       12,437       19,362       18,204  
    Provision for credit losses     15,419       11,389       14,428       12,235       12,899  
    Pre-tax pre-provision income   $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734  
                         
    Diluted income per common share reconciliation                    
    Diluted income per common share (GAAP)   $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51  
    Loss on sale of manufactured housing loans     —       —       0.18       —       —  
    Gain on lease termination     —       —       —       —       (0.02 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.03       —  
    FDIC special assessment     —       —       —       —       0.02  
    Merger-related and other charges     0.01       0.02       0.01       0.01       0.01  
    Diluted income per common share – operating   $ 0.59     $ 0.63     $ 0.57     $ 0.58     $ 0.52  
                         
    Book value per common share reconciliation                    
    Book value per common share (GAAP)   $ 28.42     $ 27.87     $ 27.68     $ 27.18     $ 26.83  
    Effect of goodwill and other intangibles     (7.84 )     (7.87 )     (8.02 )     (8.05 )     (8.12 )
    Tangible book value per common share   $ 20.58     $ 20.00     $ 19.66     $ 19.13     $ 18.71  
                         
    Return on tangible common equity reconciliation                    
    Return on common equity (GAAP)     7.89 %     8.40 %     5.20 %     7.53 %     7.14 %
    Loss on sale of manufactured housing loans     —       —       2.43       —       —  
    Gain on lease termination     —       —       —       —       (0.22 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.46       —  
    FDIC special assessment     —       —       —       (0.07 )     0.23  
    Merger-related and other charges     0.12       0.20       0.19       0.20       0.19  
    Return on common equity – operating     8.01       8.60       7.82       8.12       7.34  
    Effect of goodwill and other intangibles     3.20       3.52       3.35       3.56       3.34  
    Return on tangible common equity – operating     11.21 %     12.12 %     11.17 %     11.68 %     10.68 %
                         
    Return on assets reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Loss on sale of manufactured housing loans     —       —       0.31       —       —  
    Gain on lease termination     —       —       —       —       (0.03 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.06       —  
    FDIC special assessment     —       —       —       (0.01 )     0.03  
    Merger-related and other charges     0.02       0.02       0.03       0.02       0.03  
    Return on assets – operating     1.04 %     1.08 %     1.01 %     1.04 %     0.93 %
                         
    Return on assets to return on assets – pre-tax pre-provision reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Income tax expense     0.29       0.30       0.19       0.29       0.27  
    Provision for credit losses     0.23       0.16       0.21       0.18       0.19  
    Loss on sale of manufactured housing loans     —       —       0.40       —       —  
    Gain on lease termination     —       —       —       —       (0.04 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.08       —  
    FDIC special assessment     —       —       —       (0.01 )     0.04  
    Merger-related and other charges     0.01       0.03       0.03       0.03       0.04  
    Return on assets – pre-tax pre-provision – operating     1.55 %     1.55 %     1.50 %     1.54 %     1.40 %
                         
    Efficiency ratio reconciliation                    
    Efficiency ratio (GAAP)     56.74 %     56.05 %     65.51 %     59.70 %     60.47 %
    Loss on sale of manufactured housing loans     —       —       (7.15 )     —       —  
    Gain on lease termination     —       —       —       —       0.60  
    Loss on FinTrust (goodwill impairment)     —       —       —       (2.07 )     —  
    FDIC special assessment     —       —       —       0.31       (1.05 )
    Merger-related and other charges     (0.52 )     (0.87 )     (0.99 )     (0.88 )     (0.87 )
    Efficiency ratio – operating     56.22 %     55.18 %     57.37 %     57.06 %     59.15 %
                         
    Tangible common equity to tangible assets reconciliation                    
    Equity to total assets (GAAP)     12.56 %     12.38 %     12.45 %     12.35 %     12.06 %
    Effect of goodwill and other intangibles     (3.06 )     (3.09 )     (3.20 )     (3.24 )     (3.25 )
    Effect of preferred equity     (0.32 )     (0.32 )     (0.32 )     (0.33 )     (0.32 )
    Tangible common equity to tangible assets     9.18 %     8.97 %     8.93 %     8.78 %     8.49 %

    UNITED COMMUNITY BANKS, INC.
    Loan Portfolio Composition at Period-End

        2025     2024
    		   Linked
    Quarter
    Change    		   Year over
    Year
    Change
    (in millions) First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		    
    LOANS BY CATEGORY                          
    Owner occupied commercial RE $ 3,419     $ 3,398     $ 3,323     $ 3,297     $ 3,310     $ 21     $ 109  
    Income producing commercial RE   4,416       4,361       4,259       4,058       4,206       55       210  
    Commercial & industrial   2,506       2,428       2,313       2,299       2,405       78       101  
    Commercial construction   1,681       1,656       1,785       2,014       1,936       25       (255 )
    Equipment financing   1,723       1,663       1,603       1,581       1,544       60       179  
    Total commercial   13,745       13,506       13,283       13,249       13,401       239       344  
    Residential mortgage   3,218       3,232       3,263       3,266       3,240       (14 )     (22 )
    Home equity   1,099       1,065       1,015       985       969       34       130  
    Residential construction   171       178       189       211       257       (7 )     (86 )
    Manufactured housing (1)   —       2       2       321       328       (2 )     (328 )
    Consumer   183       186       188       183       180       (3 )     3  
    Other   9       7       24       (4 )     —       2       9  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
                               
    LOANS BY MARKET                          
    Georgia $ 4,484     $ 4,447     $ 4,470     $ 4,411     $ 4,356     $ 37     $ 128  
    South Carolina   2,821       2,815       2,782       2,779       2,804       6       17  
    North Carolina   2,666       2,644       2,586       2,591       2,566       22       100  
    Tennessee   1,880       1,799       1,848       2,144       2,209       81       (329 )
    Florida   2,572       2,527       2,423       2,407       2,443       45       129  
    Alabama   1,009       996       996       1,021       1,068       13       (59 )
    Commercial Banking Solutions   2,993       2,948       2,859       2,858       2,929       45       64  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
     
    (1) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Credit Quality
    (in thousands)

          2025     2024
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter
    NONACCRUAL LOANS            
    Owner occupied RE   $ 8,949     $ 11,674     $ 7,783  
    Income producing RE     16,536       25,357       31,222  
    Commercial & industrial     22,396       29,339       28,856  
    Commercial construction     5,558       7,400       7,356  
    Equipment financing     8,818       8,925       9,123  
    Total commercial     62,257       82,695       84,340  
    Residential mortgage     22,756       24,615       21,851  
    Home equity     4,091       4,630       4,111  
    Residential construction     811       57       118  
    Manufactured housing (2)     —       1,444       1,808  
    Consumer     1,423       138       152  
    Total nonaccrual loans     91,338       113,579       112,380  
    OREO and repossessed assets     1,952       2,056       2,580  
    Total NPAs   $ 93,290     $ 115,635     $ 114,960  
        2025     2024
      First Quarter   Fourth Quarter   Third Quarter
    (in thousands) Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)
    NET CHARGE-OFFS (RECOVERIES) BY CATEGORY                        
    Owner occupied RE $ 126     0.02 %   $ (184 )   (0.02 )%   $ (184 )   (0.02 )%
    Income producing RE   718     0.07       (1,001 )   (0.09 )     1,409     0.13  
    Commercial & industrial   2,447     0.40       4,075     0.69       4,577     0.79  
    Commercial construction   (138 )   (0.03 )     2     —       36     0.01  
    Equipment financing   5,042     1.21       5,812     1.43       5,268     1.32  
    Total commercial   8,195     0.24       8,704     0.26       11,106     0.33  
    Residential mortgage   (1 )   —       145     0.02       32     —  
    Home equity   (62 )   (0.02 )     (33 )   (0.01 )     36     0.01  
    Residential construction   219     0.51       7     0.02       111     0.22  
    Manufactured housing (2)   —     —       114     23.41       11,556     28.51  
    Consumer   1,256     2.76       580     1.24       810     1.74  
    Total $ 9,607     0.21     $ 9,517     0.21     $ 23,651     0.52  
                             
    (1) Annualized.                        
    (2) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Consolidated Balance Sheets (Unaudited)

    (in thousands, except share and per share data)   March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Cash and due from banks   $ 198,287     $ 296,161  
    Interest-bearing deposits in banks     438,425       223,712  
    Cash and cash equivalents     636,712       519,873  
    Debt securities available-for-sale     4,322,644       4,436,291  
    Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)     2,338,571       2,368,107  
    Loans held for sale     37,344       57,534  
    Loans and leases held for investment     18,425,365       18,175,980  
    Less allowance for credit losses – loans and leases     (211,974 )     (206,998 )
    Loans and leases, net     18,213,391       17,968,982  
    Premises and equipment, net     391,020       394,264  
    Bank owned life insurance     346,410       346,234  
    Goodwill and other intangible assets, net     953,357       956,643  
    Other assets     634,269       672,330  
    Total assets   $ 27,873,718     $ 27,720,258  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Deposits:        
    Noninterest-bearing demand   $ 6,257,032     $ 6,211,182  
    NOW and interest-bearing demand     6,155,141       6,141,342  
    Money market     6,637,506       6,398,144  
    Savings     1,105,374       1,100,591  
    Time     3,446,567       3,441,424  
    Brokered     160,785       168,292  
    Total deposits     23,762,405       23,460,975  
    Short-term borrowings     —       195,000  
    Long-term debt     254,287       254,152  
    Accrued expenses and other liabilities     356,130       378,004  
    Total liabilities     24,372,822       24,288,131  
    Shareholders’ equity:        
    Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference     88,266       88,266  
    Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively     119,514       119,364  
    Common stock issuable; 584,083 and 600,168 shares, respectively     12,983       12,999  
    Capital surplus     2,711,721       2,710,279  
    Retained earnings     754,971       714,138  
    Accumulated other comprehensive loss     (186,559 )     (212,919 )
    Total shareholders’ equity     3,500,896       3,432,127  
    Total liabilities and shareholders’ equity   $ 27,873,718     $ 27,720,258  

    UNITED COMMUNITY BANKS, INC.
    Consolidated Statements of Income (Unaudited)

        Three Months Ended
    March 31,
    (in thousands, except per share data)     2025       2024  
    Interest revenue:        
    Loans, including fees   $ 274,056     $ 283,983  
    Investment securities, including tax exempt of $1,678 and $1,721, respectively     58,850       46,436  
    Deposits in banks and short-term investments     2,451       6,309  
    Total interest revenue     335,357       336,728  
             
    Interest expense:        
    Deposits:        
    NOW and interest-bearing demand     37,390       46,211  
    Money market     49,541       50,478  
    Savings     624       706  
    Time     31,379       36,389  
    Deposits     118,934       133,784  
    Short-term borrowings     1,107       —  
    Federal Home Loan Bank advances     433       —  
    Long-term debt     2,862       3,795  
    Total interest expense     123,336       137,579  
    Net interest revenue     212,021       199,149  
             
    Noninterest income:        
    Service charges and fees     9,535       9,264  
    Mortgage loan gains and other related fees     6,122       7,511  
    Wealth management fees     4,465       6,313  
    Net gains from sales of other loans     1,396       1,537  
    Lending and loan servicing fees     4,165       4,210  
    Securities gains, net     6       —  
    Other     9,967       10,752  
    Total noninterest income     35,656       39,587  
             
    Provision for credit losses     15,419       12,899  
             
    Noninterest expenses:        
    Salaries and employee benefits     84,267       84,985  
    Communications and equipment     13,699       11,920  
    Occupancy     10,929       11,099  
    Advertising and public relations     1,881       1,901  
    Postage, printing and supplies     2,561       2,648  
    Professional fees     5,931       5,988  
    Lending and loan servicing expense     1,987       1,827  
    Outside services – electronic banking     2,763       2,918  
    FDIC assessments and other regulatory charges     4,642       7,566  
    Amortization of intangibles     3,286       3,887  
    Merger-related and other charges     1,297       2,087  
    Other     7,856       8,176  
    Total noninterest expenses     141,099       145,002  
    Income before income taxes     91,159       80,835  
    Income tax expense     19,746       18,204  
    Net income     71,413       62,631  
    Preferred stock dividends     1,573       1,573  
    Earnings allocated to participating securities     411       345  
    Net income available to common shareholders   $ 69,429     $ 60,713  
             
    Net income per common share:        
    Basic   $ 0.58     $ 0.51  
    Diluted     0.58       0.51  
    Weighted average common shares outstanding:        
    Basic     120,043       119,662  
    Diluted     120,201       119,743  


    UNITED COMMUNITY BANKS, INC.
    Average Consolidated Balance Sheets and Net Interest Analysis
    For the Three Months Ended March 31,

        2025       2024  
    (dollars in thousands, fully taxable equivalent (FTE)) Average
    Balance    		   Interest   Average
    Rate    		   Average
    Balance    		   Interest   Average
    Rate
    Assets:                      
    Interest-earning assets:                      
    Loans, net of unearned income (FTE) (1)(2) $ 18,213,501     $ 273,930     6.10 %   $ 18,299,739     $ 283,960     6.24 %
    Taxable securities (3)   6,737,658       57,172     3.39       5,828,391       44,715     3.07  
    Tax-exempt securities (FTE) (1)(3)   356,712       2,245     2.52       366,350       2,311     2.52  
    Federal funds sold and other interest-earning assets   400,592       3,001     3.04       674,594       6,805     4.06  
    Total interest-earning assets (FTE)   25,708,463       336,348     5.29       25,169,074       337,791     5.39  
                           
    Noninterest-earning assets:                      
    Allowance for credit losses   (210,169 )             (212,996 )        
    Cash and due from banks   219,540               221,203          
    Premises and equipment   396,443               386,021          
    Other assets (3)   1,610,104               1,618,315          
    Total assets $ 27,724,381             $ 27,181,617          
                           
    Liabilities and Shareholders’ Equity:                      
    Interest-bearing liabilities:                      
    Interest-bearing deposits:                      
    NOW and interest-bearing demand $ 6,134,004       37,390     2.47     $ 6,078,090       46,211     3.06  
    Money market   6,583,963       49,541     3.05       5,864,217       50,478     3.46  
    Savings   1,096,308       624     0.23       1,192,828       706     0.24  
    Time   3,446,048       30,831     3.63       3,596,486       35,944     4.02  
    Brokered time deposits   50,447       548     4.41       50,343       445     3.56  
    Total interest-bearing deposits   17,310,770       118,934     2.79       16,781,964       133,784     3.21  
    Federal funds purchased and other borrowings   80,760       1,107     5.56       13       —     —  
    Federal Home Loan Bank advances   38,900       433     4.51       4       —     —  
    Long-term debt   254,220       2,862     4.57       324,838       3,795     4.70  
    Total borrowed funds   373,880       4,402     4.77       324,855       3,795     4.70  
    Total interest-bearing liabilities   17,684,650       123,336     2.83       17,106,819       137,579     3.23  
                           
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   6,194,217               6,398,079          
    Other liabilities   369,939               390,451          
    Total liabilities   24,248,806               23,895,349          
    Shareholders’ equity   3,475,575               3,286,268          
    Total liabilities and shareholders’ equity $ 27,724,381             $ 27,181,617          
                           
    Net interest revenue (FTE)     $ 213,012             $ 200,212      
    Net interest-rate spread (FTE)         2.46 %           2.16 %
    Net interest margin (FTE) (4)         3.36 %           3.20 %
     
    (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
    (2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
    (3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.
    (4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.


    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

    Non-GAAP Financial Measures
    This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

    Caution About Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

    Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

    Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

    United qualifies all forward-looking statements by these cautionary statements.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI: Sydbank share buyback programme: transactions in week 16

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 16/2025

    		 Peberlyk 4
    6200 Aabenraa
    Denmark

    Tel +45 74 37 37 37
    Fax +45 74 37 35 36

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    sydbank.dk
    22 April 2025  

    Dear Sirs

    Sydbank share buyback programme: transactions in week 16
    On 26 February 2025 Sydbank announced a share buyback programme of DKK 1,350m. The share buyback programme commenced on 3 March 2025 and will be completed by 31 January 2026.

    The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules.

    The following transactions have been made under the share buyback programme:

      Number of shares VWAP Gross value (DKK)
    Accumulated, most recent
    announcement

    503,000

    		  

    209,570,180.00
    14 April 2025
    15 April 2025
    16 April 2025
    17 April 2025 (public holiday)
    18 April 2025 (public holiday)    		 22,000
    20,000
    18,000
    –
    –    		 396.85
    408.14
    408.08
    –
    –    		 8,730,700.00
    8,162,800.00
    7,345,440.00
    –
    –
    Total over week 16 60,000   24,238,940.00
    Total accumulated during the
    share buyback programme

    563,000

    		  

    233,809,120.00

    All transactions were made under ISIN DK 0010311471 and effected by Danske Bank A/S on behalf of Sydbank A/S.

    Further information about the transactions, cf Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and Commission delegated regulation, is available in the attachment.

    Following the above transactions, Sydbank holds a total of 3,947,697 own shares, equal to 7.23% of the Bank’s share capital.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Attachment

    The MIL Network –

  • MIL-OSI: Old National Bancorp Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., April 22, 2025 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 1Q25 net income applicable to common shares of $140.6 million, diluted EPS of $0.44; $145.5 million and $0.45 on an adjusted1basis, respectively.

    CEO COMMENTARY:

    “Old National reported better-than-expected first-quarter results driven by our peer-leading deposit franchise, solid loan growth and disciplined expense management,” said Chairman and CEO Jim Ryan. “These results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and, importantly, as we prepare for our partnership with Bremer Bank which we anticipate closing on May 1, 2025.”


    FIRST     QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $140.6 million; adjusted net income applicable to common shares1 of $145.5 million
    • Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS1 of $0.45
       
    Net Interest
    Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $393.0 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.27%, down 3 basis points (“bps”)
       
    Operating
    Performance
    • Pre-provision net revenue1 (“PPNR”) of $218.3 million; adjusted PPNR1 of $224.3 million
    • Noninterest expense of $268.5 million; adjusted noninterest expense1 of $262.6 million
    • Efficiency ratio1 of 53.7%; adjusted efficiency ratio1 of 51.8%
       
    Deposits and
    Funding
    • Period-end total deposits of $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized
    • Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps
       
    Loans and
    Credit
    Quality
    • End-of-period total loans3 of $36.5 billion, up 1.5% annualized
    • Provision for credit losses4 (“provision”) of $31.4 million
    • Net charge-offs of $21.6 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.22% and nonaccrual loans of 1.29% of total loans
     
    Return
    Profile &
    Capital
    • Return on average tangible common equity1 (“ROATCE”) of 15.0%; adjusted ROATCE1 of 15.5%
    • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.62%, up 24 bps
       
    Notable
    Items
    • $5.9 million of pre-tax merger-related charges
       

    1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments

    RESULTS OF OPERATIONS2
    Old National Bancorp (“Old National”) reported first quarter 2025 net income applicable to common shares of $140.6 million, or $0.44 per diluted common share.

    Included in first quarter results were pre-tax charges of $5.9 million for merger-related expenses. Excluding these charges and realized debt securities losses from the current quarter, adjusted net income1 was $145.5 million, or $0.45 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in core deposits driven by normal seasonal patterns in business checking and public funds, along with growth in community deposits.

    • Period-end total deposits were $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized.
    • On average, total deposits for the first quarter were $40.5 billion, down 6.2% annualized.
    • Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps.
    • A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Balanced commercial loan production, growth and pipeline.

    • Period-end total loans3 were $36.5 billion, up 1.5% annualized; up 2.3% annualized excluding $71 million of commercial real estate loan sales.
    • Total commercial loan production in the first quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion.
    • Average total loans in the first quarter were $36.3 billion, a decrease of $128.2 million, or down 1.4% annualized.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $31.4 million compared to $27.0 million.
    • Net charge-offs were $21.6 million, or 24 bps of average loans compared to 21 bps.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps compared to 17 bps.
    • 30+ day delinquencies as a percentage of loans were 0.22% compared to 0.27%.
    • Nonaccrual loans as a percentage of total loans were 1.29% compared to 1.23%.
    • Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $119.2 million.
    • The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $424.0 million, or 1.16% of total loans, compared to $414.2 million, or 1.14% of total loans.

    NET INTEREST INCOME AND MARGIN
    Lower reflective of lower accretion and number of days.

    • Net interest income on a fully taxable equivalent basis1 decreased to $393.0 million compared to $400.0 million, driven by lower accretion, fewer days in the quarter and earning asset mix, partly offset by lower funding costs.
    • Net interest margin on a fully taxable equivalent basis1 decreased 3 bps to 3.27%.
    • Accretion income on loans and borrowings was $12.3 million, or 10 bps of net interest margin1, compared to $18.5 million, or 15 bps of net interest margin1.
    • Cost of total deposits was 1.91%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 25 bps to 2.46%.

    NONINTEREST INCOME
    Impacted by seasonally lower bank fees and lower company-owned life insurance.

    • Total noninterest income was $93.8 million compared to $95.8 million.
    • Noninterest income decreased 2.1% driven by seasonally lower bank fees and lower company-owned life insurance.
      • Other income was impacted by $4.8 million of gains on the sale of $71 million of commercial real estate loans in the first quarter of 2025 and $8 million of equity investments recoveries in the fourth quarter of 2024.

    NONINTEREST EXPENSE
    Disciplined expense management.

    • Noninterest expense was $268.5 million and included $5.9 million of merger-related charges.
      • Excluding merger-related charges, adjusted noninterest expense1 was $262.6 million, compared to $268.7 million; decrease driven by lower FDIC assessment expense and tax credit amortization.
    • The efficiency ratio1 was 53.7%, while the adjusted efficiency ratio1 was 51.8% compared to 54.4% and 51.8%, respectively.

    INCOME TAXES

    • Income tax expense was $36.9 million, resulting in an effective tax rate of 20.3% compared to 17.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 22.6% compared to 19.8%.
      • The effective tax rate for the first quarter of 2025 was impacted by $1.2 million for the vesting of employee stock compensation and the fourth quarter of 2024 was impacted by $5.9 million for the resolution of tax matters.
    • Income tax expense included $5.3 million of tax credit benefit compared to $5.2 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital up 31 bps to 13.68% and preliminary regulatory Tier 1 capital up 25 bps to 12.23%, as strong retained earnings drive capital.
    • Tangible common equity to tangible assets was 7.76%, up 4.7%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 22, 2025, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 5176690. A replay of the call will also be available from approximately noon Central Time on April 22, 2025 through May 6, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 5176690.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $29 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, separation expense, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the possibility that the merger (the “Merger”) between Old National and Bremer Financial Corporation (“Bremer”) does not close when expected; the expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; risks relating to the potential dilutive effect of shares of Old National’s common stock to be issued in the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

    CONTACTS:    
    Media: Rick Vach   Investors: Lynell Durchholz
    (904) 535-9489   (812) 464-1366
    Rick.Vach@oldnational.com   Lynell.Durchholz@oldnational.com
             
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Income Statement          
    Net interest income $ 387,643   $ 394,180   $ 391,724   $ 388,421   $ 356,458  
    FTE adjustment1,3   5,360     5,777     6,144     6,340     6,253  
    Net interest income – tax equivalent basis3   393,003     399,957     397,868     394,761     362,711  
    Provision for credit losses   31,403     27,017     28,497     36,214     18,891  
    Noninterest income   93,794     95,766     94,138     87,271     77,522  
    Noninterest expense   268,471     276,824     272,283     282,999     262,317  
    Net income available to common shareholders $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Per Common Share Data          
    Weighted average diluted shares   321,016     318,803     317,331     316,461     292,207  
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Cash dividends   0.14     0.14     0.14     0.14     0.14  
    Dividend payout ratio2   32 %   30 %   32 %   38 %   35 %
    Book value $ 19.71   $ 19.11   $ 19.20   $ 18.28   $ 18.24  
    Stock price   21.19     21.71     18.66     17.19     17.41  
    Tangible book value3   12.54     11.91     11.97     11.05     11.10  
    Performance Ratios          
    ROAA   1.08 %   1.14 %   1.08 %   0.92 %   0.98 %
    ROAE   9.1 %   9.8 %   9.4 %   8.2 %   8.7 %
    ROATCE3   15.0 %   16.4 %   16.0 %   14.1 %   14.9 %
    NIM (FTE)3   3.27 %   3.30 %   3.32 %   3.33 %   3.28 %
    Efficiency ratio3   53.7 %   54.4 %   53.8 %   57.2 %   58.3 %
    NCOs to average loans   0.24 %   0.21 %   0.19 %   0.16 %   0.14 %
    ACL on loans to EOP loans   1.10 %   1.08 %   1.05 %   1.01 %   0.95 %
    ACL4 to EOP loans   1.16 %   1.14 %   1.12 %   1.08 %   1.03 %
    NPLs to EOP loans   1.29 %   1.23 %   1.22 %   0.94 %   0.98 %
    Balance Sheet (EOP)          
    Total loans $ 36,413,944   $ 36,285,887   $ 36,400,643   $ 36,150,513   $ 33,623,319  
    Total assets   53,877,944     53,552,272     53,602,293     53,119,645     49,534,918  
    Total deposits   41,034,572     40,823,560     40,845,746     39,999,228     37,699,418  
    Total borrowed funds   5,447,054     5,411,537     5,449,096     6,085,204     5,331,161  
    Total shareholders’ equity   6,534,654     6,340,350     6,367,298     6,075,072     5,595,408  
    Capital Ratios3          
    Risk-based capital ratios (EOP):          
    Tier 1 common equity   11.62 %   11.38 %   11.00 %   10.73 %   10.76 %
    Tier 1 capital   12.23 %   11.98 %   11.60 %   11.33 %   11.40 %
    Total capital   13.68 %   13.37 %   12.94 %   12.71 %   12.74 %
    Leverage ratio (average assets)   9.44 %   9.21 %   9.05 %   8.90 %   8.96 %
    Equity to assets (averages)   12.01 %   11.78 %   11.60 %   11.31 %   11.32 %
    TCE to TA   7.76 %   7.41 %   7.44 %   6.94 %   6.86 %
    Nonfinancial Data          
    Full-time equivalent employees   4,028     4,066     4,105     4,267     3,955  
    Banking centers   280     280     280     280     258  
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.    
    2 Cash dividends per common share divided by net income per common share (basic).    
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        March 31, 2025 capital ratios are preliminary.
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.    
               
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets
               
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Interest income $ 630,399   $ 662,082   $ 679,925   $ 663,663   $ 595,981  
    Less: interest expense   242,756     267,902     288,201     275,242     239,523  
    Net interest income   387,643     394,180     391,724     388,421     356,458  
    Provision for credit losses   31,403     27,017     28,497     36,214     18,891  
    Net interest income
    after provision for credit losses    		   356,240     367,163     363,227     352,207     337,567  
    Wealth and investment services fees   29,648     30,012     29,117     29,358     28,304  
    Service charges on deposit accounts   21,156     20,577     20,350     19,350     17,898  
    Debit card and ATM fees   9,991     10,991     11,362     10,993     10,054  
    Mortgage banking revenue   6,879     7,026     7,669     7,064     4,478  
    Capital markets income   4,506     5,244     7,426     4,729     2,900  
    Company-owned life insurance   5,381     6,499     5,315     5,739     3,434  
    Other income   16,309     15,539     12,975     10,036     10,470  
    Debt securities gains (losses), net   (76 )   (122 )   (76 )   2     (16 )
    Total noninterest income   93,794     95,766     94,138     87,271     77,522  
    Salaries and employee benefits   148,305     146,605     147,494     159,193     149,803  
    Occupancy   29,053     29,733     27,130     26,547     27,019  
    Equipment   8,901     9,325     9,888     8,704     8,671  
    Marketing   11,940     12,653     11,036     11,284     10,634  
    Technology   22,020     21,429     23,343     24,002     20,023  
    Communication   4,134     4,176     4,681     4,480     4,000  
    Professional fees   7,919     11,055     7,278     10,552     6,406  
    FDIC assessment   9,700     11,970     11,722     9,676     11,313  
    Amortization of intangibles   6,830     7,237     7,411     7,425     5,455  
    Amortization of tax credit investments   3,424     4,556     3,277     2,747     2,749  
    Other expense   16,245     18,085     19,023     18,389     16,244  
    Total noninterest expense   268,471     276,824     272,283     282,999     262,317  
    Income before income taxes   181,563     186,105     185,082     156,479     152,772  
    Income tax expense   36,904     32,232     41,280     35,250     32,488  
    Net income $ 144,659   $ 153,873   $ 143,802   $ 121,229   $ 120,284  
    Preferred dividends   (4,034 )   (4,034 )   (4,034 )   (4,033 )   (4,034 )
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
               
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Weighted Average Common Shares Outstanding          
    Basic   315,925     315,673     315,622     315,585     290,980  
    Diluted   321,016     318,803     317,331     316,461     292,207  
    Common shares outstanding (EOP)   319,236     318,980     318,955     318,969     293,330  
               
               
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Assets          
    Cash and due from banks $ 486,061   $ 394,450   $ 498,120   $ 428,665   $ 350,990  
    Money market and other interest-earning investments   753,719     833,518     693,450     804,381     588,509  
    Investments:          
    Treasury and government-sponsored agencies   2,364,170     2,289,903     2,335,716     2,207,004     2,243,754  
    Mortgage-backed securities   6,458,023     6,175,103     6,085,826     5,890,371     5,566,881  
    States and political subdivisions   1,589,555     1,637,379     1,665,128     1,678,597     1,672,061  
    Other securities   755,348     781,656     783,079     775,623     760,847  
    Total investments   11,167,096     10,884,041     10,869,749     10,551,595     10,243,543  
    Loans held-for-sale, at fair value   40,424     34,483     62,376     66,126     19,418  
    Loans:          
    Commercial   10,650,615     10,288,560     10,408,095     10,332,631     9,648,269  
    Commercial and agriculture real estate   16,135,327     16,307,486     16,356,216     16,016,958     14,653,958  
    Residential real estate   6,771,694     6,797,586     6,757,896     6,894,957     6,661,379  
    Consumer   2,856,308     2,892,255     2,878,436     2,905,967     2,659,713  
    Total loans   36,413,944     36,285,887     36,400,643     36,150,513     33,623,319  
    Allowance for credit losses on loans   (401,932 )   (392,522 )   (380,840 )   (366,335 )   (319,713 )
    Premises and equipment, net   584,664     588,970     599,528     601,945     564,007  
    Goodwill and other intangible assets   2,289,268     2,296,098     2,305,084     2,306,204     2,095,511  
    Company-owned life insurance   859,211     859,851     863,723     862,032     767,423  
    Accrued interest receivable and other assets   1,685,489     1,767,496     1,690,460     1,714,519     1,601,911  
    Total assets $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 9,186,314   $ 9,399,019   $ 9,429,285   $ 9,336,042   $ 9,257,709  
    Interest-bearing:          
    Checking and NOW accounts   7,736,014     7,538,987     7,314,245     7,680,865     7,236,667  
    Savings accounts   4,715,329     4,753,279     4,781,447     4,983,811     5,020,095  
    Money market accounts   11,638,653     11,807,228     11,601,461     10,485,491     10,234,113  
    Other time deposits   6,212,898     5,819,970     6,010,070     5,688,432     4,760,659  
    Total core deposits   39,489,208     39,318,483     39,136,508     38,174,641     36,509,243  
    Brokered deposits   1,545,364     1,505,077     1,709,238     1,824,587     1,190,175  
    Total deposits   41,034,572     40,823,560     40,845,746     39,999,228     37,699,418  
               
    Federal funds purchased and interbank borrowings   170     385     135,263     250,154     50,416  
    Securities sold under agreements to repurchase   290,256     268,975     244,626     240,713     274,493  
    Federal Home Loan Bank advances   4,514,354     4,452,559     4,471,153     4,744,560     4,193,039  
    Other borrowings   642,274     689,618     598,054     849,777     813,213  
    Total borrowed funds   5,447,054     5,411,537     5,449,096     6,085,204     5,331,161  
    Accrued expenses and other liabilities   861,664     976,825     940,153     960,141     908,931  
    Total liabilities   47,343,290     47,211,922     47,234,995     47,044,573     43,939,510  
    Preferred stock, common stock, surplus, and retained earnings   7,183,163     7,086,393     6,971,054     6,866,480     6,375,036  
    Accumulated other comprehensive income (loss), net of tax   (648,509 )   (746,043 )   (603,756 )   (791,408 )   (779,628 )
    Total shareholders’ equity   6,534,654     6,340,350     6,367,298     6,075,072     5,595,408  
    Total liabilities and shareholders’ equity $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 791,067   $ 8,815 4.52 %   $ 1,072,509   $ 12,843 4.76 %   $ 757,244   $ 9,985 5.30 %
    Investments:                        
    Treasury and government-sponsored agencies     2,318,869     20,019 3.45 %     2,325,120     20,841 3.59 %     2,362,477     23,266 3.94 %
    Mortgage-backed securities     6,287,825     54,523 3.47 %     6,149,775     50,416 3.28 %     5,357,085     38,888 2.90 %
    States and political subdivisions     1,610,819     13,242 3.29 %     1,654,591     13,698 3.31 %     1,680,175     13,976 3.33 %
    Other securities     770,839     10,512 5.45 %     783,708     10,518 5.37 %     770,438     12,173 6.32 %
    Total investments     10,988,352     98,296 3.58 %     10,913,194     95,473 3.50 %     10,170,175     88,303 3.47 %
    Loans:2                        
    Commercial     10,397,991     165,595 6.37 %     10,401,056     176,996 6.81 %     9,540,385     167,263 7.01 %
    Commercial and agriculture real estate     16,213,606     245,935 6.07 %     16,326,802     263,062 6.44 %     14,368,370     230,086 6.41 %
    Residential real estate loans     6,815,091     67,648 3.97 %     6,814,829     68,346 4.01 %     6,693,814     63,003 3.76 %
    Consumer     2,871,213     49,470 6.99 %     2,883,413     51,139 7.06 %     2,645,091     43,594 6.63 %
    Total loans     36,297,901     528,648 5.83 %     36,426,100     559,543 6.14 %     33,247,660     503,946 6.07 %
                             
    Total earning assets   $ 48,077,320   $ 635,759 5.30 %   $ 48,411,803   $ 667,859 5.52 %   $ 44,175,079   $ 602,234 5.46 %
                             
    Less: Allowance for credit losses on loans     (398,765 )         (382,799 )         (313,470 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 372,428         $ 370,932         $ 362,676      
    Other assets     5,394,600           5,402,359           4,961,595      
                             
    Total assets   $ 53,445,583         $ 53,802,295         $ 49,185,880      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 7,526,294   $ 23,850 1.29 %   $ 7,338,532   $ 23,747 1.29 %   $ 7,141,201   $ 25,252 1.42 %
    Savings accounts     4,692,239     3,608 0.31 %     4,750,387     4,467 0.37 %     5,025,400     5,017 0.40 %
    Money market accounts     11,664,650     88,381 3.07 %     11,900,305     103,818 3.47 %     9,917,572     94,213 3.82 %
    Other time deposits     5,996,108     56,485 3.82 %     5,985,911     61,679 4.10 %     4,689,136     47,432 4.07 %
    Total interest-bearing core deposits     29,879,291     172,324 2.34 %     29,975,135     193,711 2.57 %     26,773,309     171,914 2.58 %
    Brokered deposits     1,546,756     18,171 4.76 %     1,662,698     21,579 5.16 %     1,047,140     13,525 5.19 %
    Total interest-bearing deposits     31,426,047     190,495 2.46 %     31,637,833     215,290 2.71 %     27,820,449     185,439 2.68 %
                             
    Federal funds purchased and interbank borrowings     148,130     1,625 4.45 %     433     23 21.13 %     69,090     961 5.59 %
    Securities sold under agreements to repurchase     272,961     551 0.82 %     249,133     584 0.93 %     296,236     917 1.25 %
    Federal Home Loan Bank advances     4,464,590     41,896 3.81 %     4,461,733     43,788 3.90 %     4,386,492     41,167 3.77 %
    Other borrowings     675,759     8,189 4.91 %     669,580     8,217 4.88 %     825,846     11,039 5.38 %
    Total borrowed funds     5,561,440     52,261 3.81 %     5,380,879     52,612 3.89 %     5,577,664     54,084 3.90 %
                             
    Total interest-bearing liabilities   $ 36,987,487   $ 242,756 2.66 %   $ 37,018,712   $ 267,902 2.88 %   $ 33,398,113   $ 239,523 2.88 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 9,096,676         $ 9,509,446         $ 9,258,136      
    Other liabilities     944,935           935,184           964,089      
    Shareholders’ equity     6,416,485           6,338,953           5,565,542      
                             
    Total liabilities and shareholders’ equity   $ 53,445,583         $ 53,802,295         $ 49,185,880      
                             
    Net interest rate spread       2.64 %       2.64 %       2.58 %
                             
    Net interest margin (GAAP)       3.23 %       3.26 %       3.23 %
                             
    Net interest margin (FTE)3       3.27 %       3.30 %       3.28 %
                             
    FTE adjustment     $ 5,360       $ 5,777       $ 6,253  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
               
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Allowance for credit losses:          
    Beginning allowance for credit losses on loans $ 392,522   $ 380,840   $ 366,335   $ 319,713   $ 307,610  
    Allowance established for acquired PCD loans   —     —     2,803     23,922     —  
    Provision for credit losses on loans   31,026     30,417     29,176     36,745     23,853  
    Gross charge-offs   (24,540 )   (21,278 )   (18,965 )   (17,041 )   (14,020 )
    Gross recoveries   2,924     2,543     1,491     2,996     2,270  
    NCOs   (21,616 )   (18,735 )   (17,474 )   (14,045 )   (11,750 )
    Ending allowance for credit losses on loans $ 401,932   $ 392,522   $ 380,840   $ 366,335   $ 319,713  
    Beginning allowance for credit losses on unfunded commitments $ 21,654   $ 25,054   $ 25,733   $ 26,264   $ 31,226  
    Provision (release) for credit losses on unfunded commitments   377     (3,400 )   (679 )   (531 )   (4,962 )
    Ending allowance for credit losses on unfunded commitments $ 22,031   $ 21,654   $ 25,054   $ 25,733   $ 26,264  
    Allowance for credit losses $ 423,963   $ 414,176   $ 405,894   $ 392,068   $ 345,977  
    Provision for credit losses on loans $ 31,026   $ 30,417   $ 29,176   $ 36,745   $ 23,853  
    Provision (release) for credit losses on unfunded commitments   377     (3,400 )   (679 )   (531 )   (4,962 )
    Provision for credit losses $ 31,403   $ 27,017   $ 28,497   $ 36,214   $ 18,891  
    NCOs / average loans1   0.24 %   0.21 %   0.19 %   0.16 %   0.14 %
    Average loans1 $ 36,284,059   $ 36,410,414   $ 36,299,544   $ 36,053,845   $ 33,242,739  
    EOP loans1   36,413,944     36,285,887     36,400,643     36,150,513     33,623,319  
    ACL on loans / EOP loans1   1.10 %   1.08 %   1.05 %   1.01 %   0.95 %
    ACL / EOP loans1   1.16 %   1.14 %   1.12 %   1.08 %   1.03 %
    Underperforming Assets:          
    Loans 90 days and over (still accruing) $ 6,757   $ 4,060   $ 1,177   $ 5,251   $ 2,172  
    Nonaccrual loans   469,211     447,979     443,597     340,181     328,645  
    Foreclosed assets   6,301     4,294     4,077     8,290     9,344  
    Total underperforming assets $ 482,269   $ 456,333   $ 448,851   $ 353,722   $ 340,161  
    Classified and Criticized Assets:          
    Nonaccrual loans $ 469,211   $ 447,979   $ 443,597   $ 340,181   $ 328,645  
    Substandard loans (still accruing)   1,479,630     1,073,413     1,074,243     841,087     626,157  
    Loans 90 days and over (still accruing)   6,757     4,060     1,177     5,251     2,172  
    Total classified loans – “problem loans”   1,955,598     1,525,452     1,519,017     1,186,519     956,974  
    Other classified assets   53,239     58,954     59,485     60,772     54,392  
    Special Mention   828,314     908,630     837,543     967,655     827,419  
    Total classified and criticized assets $ 2,837,151   $ 2,493,036   $ 2,416,045   $ 2,214,946   $ 1,838,785  
    Loans 30-89 days past due (still accruing) $ 72,517   $ 93,141   $ 91,750   $ 51,712   $ 53,112  
    Nonaccrual loans / EOP loans1   1.29 %   1.23 %   1.22 %   0.94 %   0.98 %
    ACL / nonaccrual loans   90 %   92 %   92 %   115 %   105 %
    Under-performing assets/EOP loans1   1.32 %   1.26 %   1.23 %   0.98 %   1.01 %
    Under-performing assets/EOP assets   0.90 %   0.85 %   0.84 %   0.67 %   0.69 %
    30+ day delinquencies/EOP loans1   0.22 %   0.27 %   0.26 %   0.16 %   0.16 %
               
    1 Excludes loans held-for-sale.      
               

            

            

               
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Earnings Per Share:          
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Adjustments:          
    Merger-related charges   5,856     8,117     6,860     19,440     2,908  
    Tax effect1   (1,089 )   (2,058 )   (1,528 )   (4,413 )   (710 )
    Merger-related charges, net   4,767     6,059     5,332     15,027     2,198  
    Debt securities (gains) losses   76     122     76     (2 )   16  
    Tax effect1   (14 )   (31 )   (17 )   1     (4 )
    Debt securities (gains) losses, net   62     91     59     (1 )   12  
    Separation expense   —     —     2,646     —     —  
    Tax effect1   —     —     (589 )   —     —  
    Separation expense, net   —     —     2,057     —     —  
    CECL Day 1 non-PCD provision expense   —     —     —     15,312     —  
    Tax effect1   —     —     —     (3,476 )   —  
    CECL Day 1 non-PCD provision expense, net   —     —     —     11,836     —  
    Distribution of excess pension assets   —     —     —     —     13,318  
    Tax effect1   —     —     —     —     (3,250 )
    Distribution excess pension assets, net   —     —     —     —     10,068  
    FDIC special assessment   —     —     —     —     2,994  
    Tax effect1   —     —     —     —     (731 )
    FDIC special assessment, net   —     —     —     —     2,263  
    Total adjustments, net   4,829     6,150     7,448     26,862     14,541  
    Net income applicable to common shares, adjusted $ 145,454   $ 155,989   $ 147,216   $ 144,058   $ 130,791  
    Weighted average diluted common shares outstanding   321,016     318,803     317,331     316,461     292,207  
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Adjusted EPS, diluted $ 0.45   $ 0.49   $ 0.46   $ 0.46   $ 0.45  
    NIM:          
    Net interest income $ 387,643   $ 394,180   $ 391,724   $ 388,421   $ 356,458  
    Add: FTE adjustment2   5,360     5,777     6,144     6,340     6,253  
    Net interest income (FTE) $ 393,003   $ 399,957   $ 397,868   $ 394,761   $ 362,711  
    Average earning assets $ 48,077,320   $ 48,411,803   $ 47,905,463   $ 47,406,849   $ 44,175,079  
    NIM (GAAP)   3.23 %   3.26 %   3.27 %   3.28 %   3.23 %
    NIM (FTE)   3.27 %   3.30 %   3.32 %   3.33 %   3.28 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    PPNR:          
    Net interest income (FTE)2 $ 393,003   $ 399,957   $ 397,868   $ 394,761   $ 362,711  
    Add: Noninterest income   93,794     95,766     94,138     87,271     77,522  
    Total revenue (FTE)   486,797     495,723     492,006     482,032     440,233  
    Less: Noninterest expense   (268,471 )   (276,824 )   (272,283 )   (282,999 )   (262,317 )
    PPNR $ 218,326   $ 218,899   $ 219,723   $ 199,033   $ 177,916  
    Adjustments:          
    Debt securities (gains) losses $ 76   $ 122   $ 76   $ (2 ) $ 16  
    Noninterest income adjustments   76     122     76     (2 )   16  
    Adjusted noninterest income   93,870     95,888     94,214     87,269     77,538  
    Adjusted revenue $ 486,873   $ 495,845   $ 492,082   $ 482,030   $ 440,249  
    Adjustments:          
    Merger-related charges $ 5,856   $ 8,117   $ 6,860   $ 19,440   $ 2,908  
    Separation expense   —     —     2,646     —     —  
    Distribution of excess pension assets   —     —     —     —     13,318  
    FDIC Special Assessment   —     —     —     —     2,994  
    Noninterest expense adjustments   5,856     8,117     9,506     19,440     19,220  
    Adjusted total noninterest expense   (262,615 )   (268,707 )   (262,777 )   (263,559 )   (243,097 )
    Adjusted PPNR $ 224,258   $ 227,138   $ 229,305   $ 218,471   $ 197,152  
    Efficiency Ratio:          
    Noninterest expense $ 268,471   $ 276,824   $ 272,283   $ 282,999   $ 262,317  
    Less: Amortization of intangibles   (6,830 )   (7,237 )   (7,411 )   (7,425 )   (5,455 )
    Noninterest expense, excl. amortization of intangibles   261,641     269,587     264,872     275,574     256,862  
    Less: Amortization of tax credit investments   (3,424 )   (4,556 )   (3,277 )   (2,747 )   (2,749 )
    Less: Noninterest expense adjustments   (5,856 )   (8,117 )   (9,506 )   (19,440 )   (19,220 )
    Adjusted noninterest expense, excluding amortization $ 252,361   $ 256,914   $ 252,089   $ 253,387   $ 234,893  
    Total revenue (FTE)2 $ 486,797   $ 495,723   $ 492,006   $ 482,032   $ 440,233  
    Less: Debt securities (gains) losses   76     122     76     (2 )   16  
    Total adjusted revenue $ 486,873   $ 495,845   $ 492,082   $ 482,030   $ 440,249  
    Efficiency Ratio   53.7 %   54.4 %   53.8 %   57.2 %   58.3 %
    Adjusted Efficiency Ratio   51.8 %   51.8 %   51.2 %   52.6 %   53.4 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    ROAE and ROATCE:          
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Amortization of intangibles   6,830     7,237     7,411     7,425     5,455  
    Tax effect1   (1,708 )   (1,809 )   (1,853 )   (1,856 )   (1,364 )
    Amortization of intangibles, net   5,122     5,428     5,558     5,569     4,091  
    Net income applicable to common shares, excluding intangibles amortization   145,747     155,267     145,326     122,765     120,341  
    Total adjustments, net (see pg.12)   4,829     6,150     7,448     26,862     14,541  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 150,576   $ 161,417   $ 152,774   $ 149,627   $ 134,882  
    Average shareholders’ equity $ 6,416,485   $ 6,338,953   $ 6,190,071   $ 5,978,976   $ 5,565,542  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Average shareholders’ common equity $ 6,172,766   $ 6,095,234   $ 5,946,352   $ 5,735,257   $ 5,321,823  
    Average goodwill and other intangible assets   (2,292,526 )   (2,301,177 )   (2,304,597 )   (2,245,405 )   (2,098,338 )
    Average tangible shareholder’s common equity $ 3,880,240   $ 3,794,057   $ 3,641,755   $ 3,489,852   $ 3,223,485  
    ROAE   9.1 %   9.8 %   9.4 %   8.2 %   8.7 %
    ROAE, adjusted   9.4 %   10.2 %   9.9 %   10.0 %   9.8 %
    ROATCE   15.0 %   16.4 %   16.0 %   14.1 %   14.9 %
    ROATCE, adjusted   15.5 %   17.0 %   16.8 %   17.1 %   16.7 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Tangible Common Equity:          
    Shareholders’ equity $ 6,534,654   $ 6,340,350   $ 6,367,298   $ 6,075,072   $ 5,595,408  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 6,290,935   $ 6,096,631   $ 6,123,579   $ 5,831,353   $ 5,351,689  
    Less: Goodwill and other intangible assets   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )   (2,095,511 )
    Tangible shareholders’ common equity $ 4,001,667   $ 3,800,533   $ 3,818,495   $ 3,525,149   $ 3,256,178  
               
    Total assets $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
    Less: Goodwill and other intangible assets   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )   (2,095,511 )
    Tangible assets $ 51,588,676   $ 51,256,174   $ 51,297,209   $ 50,813,441   $ 47,439,407  
               
    Risk-weighted assets3 $ 40,266,670   $ 40,314,805   $ 40,584,608   $ 40,627,117   $ 37,845,139  
               
    Tangible common equity to tangible assets   7.76 %   7.41 %   7.44 %   6.94 %   6.86 %
    Tangible common equity to risk-weighted assets3   9.94 %   9.43 %   9.41 %   8.68 %   8.60 %
    Tangible Common Book Value:          
    Common shares outstanding   319,236     318,980     318,955     318,969     293,330  
    Tangible common book value $ 12.54   $ 11.91   $ 11.97   $ 11.05   $ 11.10  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 March 31, 2025 figures are preliminary.

    The MIL Network –

  • MIL-OSI Economics: RBI cancels the licence of Ajantha Urban Co-operative Bank Maryadit, Aurangabad

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI), vide order dated April 21, 2025, has cancelled the licence of “Ajantha Urban Co-operative Bank Maryadit, Aurangabad”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 22, 2025. The Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

    The Reserve Bank cancelled the licence of the bank as:

    1. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949;

    2. The bank has failed to comply with the requirements of Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;

    3. The continuance of the bank is prejudicial to the interests of its depositors;

    4. The bank with its present financial position would be unable to pay its present depositors in full; and

    5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

    2. Consequent to the cancellation of its licence, “Ajantha Urban Co-operative Bank Maryadit, Aurangabad” is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

    3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees Five Lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, 91.55% of the depositors are entitled to receive full amount of their deposits from DICGC. As on April 03, 2025, DICGC has already paid ₹275.22 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/151

    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: A press conference will be held on April 25 at 15:00 following the meeting of the Board of Directors on monetary policy

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The event will be attended by the Chairman of the Bank of Russia Elvira Nabiullina and the Deputy Chairman of the Bank of Russia Alexey Zabotkin.

    Elvira Nabiullina will make a statement on monetary policy and medium-term forecast.

    The press conference will be held at the Bank of Russia press center. The broadcast of the speech will be available on our website, channels inRutube AndTelegram, as well as on the official page in“VKontakte”.

    Accreditation for journalists is open until 17:00 on April 23 at the following address: Media@kbr.ru.

    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: //vv. KBR.ru/Press/Event/? ID = 23567

    MIL OSI Russia News –

  • MIL-OSI: Best Online Casinos in New Zealand: Top Real Money Casino Goes To 7Bit Casino, Rated by Experts!

    Source: GlobeNewswire (MIL-OSI)

    WELLINGTON, New Zealand, April 22, 2025 (GLOBE NEWSWIRE) — 7Bit Casino ranks among the best online casinos in New Zealand for 2025 with its lightning-fast crypto payouts, 7,000+ games, and a generous welcome bonus of up to NZ$10,800 + 250 free spins. Kiwi players enjoy 24/7 live chat support, fair 40x wagering, and instant banking via Visa, Skrill, and top cryptos like BTC, ETH, and DOGE. With withdrawals in under 10 minutes and a sleek, mobile-friendly design, it’s a top real money casino choice for NZ players.

    >>CLICK HERE TO JOIN 7BIT CASINO<<

    How to Join 7Bit Casino?

    Joining 7Bit Casino, a standout among the Best Online Casinos in New Zealand, is simple. Follow these steps to start playing:

    1. Visit 7Bit Casino.com by clicking here
    2. Click on the Registration tab
    3. Select the welcome bonus and click “Choose.”
    4. Enter your email and password.
    5. Provide personal details: name, date of birth, phone number, currency, and address.
    6. Make a deposit to claim a 325% bonus up to NZ$10,800, 250 free spins.
    Feature Details
    Game Library Over 7,000 games, including pokies, table games, and live dealer options
    Support 24/7 live chat (under 2-min response), email, comprehensive FAQ
    Banking Visa, Mastercard, Skrill, Neteller, Bitcoin, Ethereum, and more
    Withdrawals Crypto: <10 mins, PayID: near-instant, Visa/Mastercard: 3–5 days
    License Government of Curacao (No. 8048/JAZ2020-013)


    Our Favorite Overall Casino in New Zealand

    Among all the Best Online Casinos New Zealand reviewed, 7Bit Casino excels with its expansive game library, featuring the best online pokies, blackjack, roulette, and live dealer games. Its promotions, including reload bonuses, weekly cashbacks, and a 325% welcome bonus up to NZ$10,800 with 250 free spins, captivate Kiwi players.

    Licensed by the Government of Curacao, 7Bit ensures fairness and security, making it a trusted anonymous online casino.

    CLICK HERE TO GET 325% UP TO 5.25 BTC AND 250 FREE SPINS

    Benefits of 7Bit Casino:

    • 7,000+ games from top providers like NetEnt and Pragmatic Play.
    • Diverse payment options, including NZD and crypto.
    • Lucrative welcome bonus and ongoing promotions.

    Negatives of 7Bit Casino:

    • No dedicated mobile app (in development, expected Q3 2025).
    • High wagering requirements on some bonuses.

    Why 7Bit Casino Leads the Best Online Casinos in New Zealand?

    7Bit Casino’s dominance in the Best Online Casinos New Zealand stems from its commitment to quality, security, and player satisfaction. Its Curacao license ensures regulatory compliance, while SSL encryption and blockchain verification for crypto games provide transparency, making it the best no KYC casino in New Zealand.

    The 7Bit Casino’s frequent promotions, such as weekly cashback up to 20% and free spins on popular pokies, keep players engaged.

    Game Variety and Quality

    With over 7,000 games, 7Bit Casino offers something for every Kiwi player. From high-RTP pokies to immersive live dealer tables, the platform partners with industry leaders like Evolution Gaming and Betsoft to deliver top-tier gaming experiences. Its best online pokies include progressive jackpots like Mega Moolah, appealing to players chasing big wins.

    Game Category Popular Titles RTP Range
    Pokies Gates of Olympus, Buffalo King 92%–99%
    Table Games European Blackjack, French Roulette 97%–99.5%
    Live Dealer Crazy Time, Live Baccarat 95%–98%


    Mobile Gaming Experience

    7Bit Casino’s browser-based mobile platform is a hallmark of the Best Online Casinos New Zealand. Optimized for iOS and Android, it offers full access to games, banking, and support. A native app is in beta testing, with a Q3 2025 release planned, further enhancing its appeal as a new online casino.

    How We Choose the Top-Rated Casino Sites in New Zealand

    Our selection process for the Best Online Casinos New Zealand is rigorous, focusing on key criteria to ensure a safe and enjoyable experience.

    The Selection Process: Defining Excellence in Online Gaming

    • Security First: The Foundation of Trust

    Security is non-negotiable for the Best Online Casinos New Zealand. 7Bit Casino’s Curacao license (No. 8048/JAZ2020-013) and 256-bit SSL encryption protect player data. Blockchain verification for crypto games ensures fairness, making it a leading anonymous online casino.

    • Rewards That Deliver

    Bonuses must be fair and achievable. 7Bit’s welcome package, NZ$10,800 and 250 free spins, has a 40x wagering requirement, lower than many competitors. Weekly promotions include:

    • Monday Reload Bonus: 25% match up to C$1,000 + 50 free spins (no code needed).
    • Wednesday Free Spins: Up to 100.
    • Easter Crypto Offer: 75 Free Spins
    • Pre-Release Offer: 35 Free Spins
    • Spring Elite Offer: 100 Free Spins
    • Weekly Cashback: Up to 20%
    • Friday Offer: 111 Free Spins
    • Weekend Offer: 99 Free Spins
    • Telegram Offer: 50 Free Spins
    • Telegram Friday Offer: 111 Free Spins
    • Telegram Sunday Offer: 66 Free Spins

    7Bit’s 7,000+ games include pokies, table games, and live dealer options from providers like NetEnt and Pragmatic Play. It’s provably fair crypto games appeal to players seeking transparency in the best no KYC casino space.

    • Mobile Gaming Perfected

    7Bit’s mobile platform ensures seamless gaming, with no compromise on quality or speed. The upcoming app will solidify its position among the Best Online Casinos in New Zealand.

    • Banking Without Limits

    7Bit offers 15+ payment methods, including Apple Pay and cryptocurrencies, with no fees and low minimum withdrawals. Crypto payouts in under 10 minutes make it a top pay ID casino.

    • Customer Support That Excels

    With a 97% resolution rate, 7Bit’s 24/7 support via live chat and email sets a benchmark for Best Online Casinos New Zealand. Responses are swift and professional.

    Payment Options

    Fast, secure payments are crucial for Best Online Casinos New Zealand. 7Bit supports a wide range of methods, ensuring flexibility for Kiwi players.

    Payment Method Deposit Time Withdrawal Time
    Visa Instant 3–5 days
    Mastercard Instant 3–5 days
    Skrill Instant Instant
    Neteller Instant Instant
    Paysafecard Instant Not available
    Bitcoin Instant <10 mins
    eZeeWallet Instant Not available
    Astropay Instant Instant
    Bitcoin Cash Instant <10 mins
    Ethereum Instant <10 mins


    Notes:

    • Crypto transactions are fee-free, ideal for best no KYC casino users.
    • POLi and Paysafecard are deposit-only, requiring alternative withdrawal methods.

    Customer Support

    Top-rated Best Online Casinos New Zealand require exceptional support. 7Bit offers 24/7 live chat (under 2-minute responses), email at support@7bit.com (replies within 4 hours), and a detailed FAQ section covering payments, bonuses, and account issues.

    The Most Popular Games at New Zealand Casino Sites

    The Best Online Casinos New Zealand cater to diverse preferences with high-quality games. 7Bit’s offerings include:

    VIEW THE BEST ONLINE CASINOS NEW ZEALAND WITH FREE SPINS & BONUS DEPOSITS

    Pokies are a cornerstone of Best Online Casinos New Zealand, with 7Bit featuring titles like Gates of Olympus, Buffalo King Megaways, and Blood Suckers (98% RTP). Progressive jackpots like Mega Moolah offer life-changing payouts.

    Blackjack combines strategy and luck, with variants like European Blackjack and Live Blackjack. House edge: 0.5%–1% with optimal strategy.

    European (2.7% house edge) and French Roulette (1.35% with La Partage) are preferable over American Roulette (5.26%) for better odds.

    Texas Hold’em, Omaha, and video poker like Jacks or Better offer house edges of 0.5%–2% with strategy, popular among Kiwi players.

    Craps delivers excitement with bets like Pass Line (1.41% house edge) or riskier Big 6/8 (9%).

    Baccarat’s simplicity shines, with Banker bets (1.06% house edge) being the optimal choice.

    • Live Dealer Games

    Powered by Evolution Gaming, live games like Blackjack, Roulette, and Crazy Time offer an authentic casino experience for Best Online Casinos New Zealand.

    • Specialty Games

    Keno, Slingo, and Scratch Cards provide casual fun with instant wins, appealing to players seeking variety.

    Exploring the Best Online Pokies at 7Bit Casino

    7Bit’s pokies library is a highlight of the Best Online Casinos New Zealand, with over 5,000 slots ranging from classic 3-reel games to modern video pokies. Popular titles include:

    • Starburst: High-RTP (96.09%) with vibrant graphics.
    • Mega Moolah: Progressive jackpot with multi-million NZD potential.
    • Johnny Cash: Themed pokie with free spins and multipliers.

    These games, powered by providers like Microgaming and Betsoft, ensure fairness and engaging gameplay, making 7Bit a go-to for best online pokies enthusiasts.

    Loyalty and VIP Programs

    7Bit Casino rewards loyal players with a comprehensive VIP program, a key feature of Best Online Casinos New Zealand. Players earn Comp Points (CPs) for every bet, which can be exchanged for bonuses or cash. The program includes:

    • 10 VIP Levels: From Newbie to Guru, each level unlocks better rewards.
    • Benefits: Higher cashback (up to 20%), exclusive bonuses, and faster withdrawals.
    • Personalized Offers: VIP managers provide tailored promotions for high rollers.

    Tournaments and Competitions

    7Bit hosts regular tournaments, adding excitement to the Best Online Casinos New Zealand. These include:

    • Weekly Slot Races: Compete for cash prizes and free spins.
    • Live Dealer Tournaments: Wager on live tables to climb leaderboards.
    • Crypto Challenges: Exclusive events for crypto users, offering BTC rewards.

    Tournaments are accessible to all players, with leaderboards updated in real-time, enhancing the competitive thrill of this new online casino.

    Responsible Gambling in New Zealand Casinos

    The Best Online Casinos New Zealand prioritize player well-being. 7Bit provides tools like deposit limits, session reminders, loss limits, and self-exclusion options. 7Bit also partners with organizations to promote safe gambling, ensuring a responsible gaming environment.

    Software Providers Powering 7Bit Casino

    7Bit’s game quality is driven by partnerships with leading software providers, a hallmark of Best Online Casinos New Zealand. Key providers include:

    • NetEnt: Known for high-RTP pokies like Starburst.
    • Microgaming: Offers progressive jackpots like Mega Moolah.
    • Evolution Gaming: Powers live dealer games with HD streams.
    • Betsoft: Delivers 3D slots with immersive themes.

    These providers ensure fair, engaging games with regular updates, keeping 7Bit at the forefront of the best no KYC casino market.

    Tips for Maximizing Your Experience at 7Bit Casino

    To get the most out of 7Bit Casino, a leader in Best Online Casinos New Zealand, consider these tips:

    1. Claim Bonuses Wisely: Start with the welcome bonus and check wagering requirements.
    2. Play High-RTP Games: Focus on pokies like Blood Suckers (98% RTP) for better returns.
    3. Use Crypto for Speed: Bitcoin and Ethereum offer the fastest withdrawals.
    4. Join Tournaments: Participate in slot races for extra rewards.
    5. Set Limits: Use responsible gambling tools to manage your budget.

    The Future of Online Gambling in New Zealand

    The Best Online Casinos in New Zealand are evolving with technology. Trends shaping the industry include:

    • Crypto Adoption: More casinos, like 7Bit, are embracing cryptocurrencies for anonymity and speed, reinforcing their status as the best no KYC casino platforms.
    • VR and AR Gaming: Virtual reality pokies and live dealer tables are emerging.
    • AI-Powered Support: Chatbots and personalized offers are enhancing player experiences.
    • Mobile-First Design: With 7Bit’s upcoming app, mobile gaming is set to dominate.

    7Bit is well-positioned to lead these trends, ensuring it remains a top new online casino in 2025 and beyond.

    Final Words About The Best Online Casinos New Zealand

    The Best Online Casinos New Zealand deliver thrilling, secure gaming, and 7Bit Casino leads with its 7,000+ games, rapid payouts, and crypto support. Its generous bonuses, VIP program, and upcoming mobile app make it the ultimate new online casino for Kiwi players. Explore 7Bit for the best online pokies and play responsibly!

    Frequently Asked Questions (FAQs)

    1. How do I verify if an online casino accepts NZ players and offers geo-targeted bonuses?
    Check the casino’s terms and conditions or promotions page; reputable sites often tailor welcome bonuses in NZD or include offers specifically for Kiwi players.

    2. What makes an online casino truly “NZ-friendly” beyond accepting NZD?
    Top NZ casinos offer local payment methods (like POLi or Interac), fast withdrawals, local customer support hours, and game libraries featuring pokies popular with Kiwi players.

    3. How can I tell if an online casino is rigged or fair in New Zealand?
    Look for a license from reputable regulators (e.g., MGA, Curacao) and independent auditing certificates from eCOGRA or iTech Labs. “Provably Fair” games add extra transparency.

    4. Are crypto casinos safe for NZ players, and what are the benefits?
    Yes, if licensed. Crypto casinos offer fast, anonymous withdrawals, no KYC in many cases, and exclusive bonuses. Just make sure to use a secure wallet and a verified platform.

    5. Do NZ online casinos offer VIP programs or loyalty schemes worth joining?
    Yes — many top casinos reward regular play with comp points, cashback, faster withdrawals, and personal account managers. Always compare VIP tiers and perks across sites.

    CLICK HERE TO REGISTER AT 7BIT CASINO & GET EXCITING BONUSES

    Email: Support@7bitCasino.com

    Disclaimer: This press release is provided by the 7Bit Casino. 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.

    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 public information as of April 2025. No warranties are made regarding accuracy. Users must verify information before acting.

    Casino and Gambling Disclaimer
    Online gambling carries financial risks and is not suitable for all. Ensure you’re of legal gambling age in New Zealand. Gambling laws vary, and it’s your responsibility to comply. 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 issues.

    Affiliate Disclosure
    This article may contain affiliate links, earning us a commission at no cost to you. Our reviews remain unbiased, recommending only valuable Best Online Casinos New Zealand.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bea2fdb2-713f-4dd8-8c6a-9388de5cd240

    The MIL Network –

  • MIL-OSI: Best No KYC Casinos 2025: 7Bit Casino Rated as the Top Instant Withdrawal Casino with No Verification

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., April 22, 2025 (GLOBE NEWSWIRE) — In light of that, our team set out to find the best no KYC casinos available to players in 2025, digging through dozens of crypto-friendly platforms. After extensive research and testing, one casino clearly stood out – 7Bit Casino.

    With its commitment to player anonymity, ultra-fast crypto payouts, and massive game selection, 7Bit Casino passed every benchmark and proved to be the best no KYC casino of 2025.

    Why 7Bit Stands Out

    7Bit Casino appears to excel among the best no KYC casinos due to its vast game library, anonymous crypto transactions, and generous bonuses. It’s likely ideal for players seeking privacy without sacrificing variety or security.

    How to Get Started

    Visit the 7Bit Casino website, sign up, deposit using crypto or fiat, and claim a 325% welcome bonus up to 5.25 BTC plus 250 free spins.

    >>CLICK HERE TO JOIN 7BIT CASINO & GET 325% WELCOME BONUS UP TO 5.25 BTC PLUS 250 FREE SPINS<<

    Game Highlights

    Popular games like Mega Moolah, live blackjack, and Texas Hold’em seem to cater to all preferences, making it a top anonymous online casino.

    VIP Program and Loyalty Rewards

    7Bit Casino offers a robust VIP program designed to reward loyal players with exclusive perks. The program is tier-based, with levels ranging from Newbie to Hero. As players wager real money, they earn Comp Points (CPs) at a rate of 0.0042 BTC per point, which can be exchanged for bonus cash. Higher tiers unlock benefits like:

    • Increased Cashback: Up to 20% with reduced wagering requirements (as low as 1x for top tiers).
    • Exclusive Bonuses: Personalized offers, including free spins and deposit matches.
    • Dedicated Account Managers: Priority support for high-level VIPs.
    • Faster Withdrawals: Expedited processing for crypto transactions.

    The VIP program enhances the appeal of 7Bit Casino as a top no KYC casino, rewarding consistent play with tangible benefits.

    Payment Options

    Crypto (Bitcoin, Ethereum) offers anonymity; fiat options like Pay ID ensure fast transactions, positioning 7Bit as a leading Pay ID casino.

    <>

    In this detailed review, we’ll explore why 7Bit Casino is among the best no KYC casinos in 2025. We’ll cover its key features, pros and cons, how to join, our selection criteria, popular games, payment methods, responsible gambling practices, and why it’s a top anonymous online casino.

    A Closer Look at the Best No KYC Casino: 7Bit Casino

    7Bit Casino, operating for over a decade, holds a license from the Curacao eGaming Commission, ensuring a secure and fair gaming environment. As one of the best no KYC casinos, it allows players to enjoy games without identity verification, appealing to those who value privacy. Its support for cryptocurrencies and minimal registration requirements make it a leading anonymous online casino.

    With a robust mobile platform and a vast game library, 7Bit Casino caters to both casual and seasoned players. With the rising popularity of online gaming platforms prioritizing privacy, no KYC casinos have seen a surge in demand. Among these, 7Bit Casino stands out as a top contender in 2025, offering anonymous play, cryptocurrency payments, and a vast selection of over 10,000 games.

    Our team researched numerous best no KYC casinos, and 7Bit Casino consistently ranked high due to its focus on player privacy, fast transactions, and diverse gaming options. Whether you’re spinning slots, playing live dealer games, or enjoying table games like blackjack and roulette, 7Bit Casino delivers an unmatched experience as a no id verification casino.

    Why 7Bit Casino is Our Favorite No KYC Casino

    7Bit Casino tops our list of best no KYC casinos for several reasons. Its welcome bonus is among the most generous, offering a 325% match up to 5.25 BTC plus 250 free spins across four deposits:

    • First Deposit: 100% match up to 1.5 BTC + 100 free spins.
    • Second Deposit: 75% match up to 1.25 BTC + 100 free spins.
    • Third Deposit: 50% match up to 1.5 BTC.
    • Fourth Deposit: 100% match up to 1 BTC + 50 free spins.

    <>

    Beyond the welcome offer, 7Bit Casino provides ongoing promotions like weekly cashback, daily free spins, and seasonal offers, enhancing the player experience. Its game library, with over 10,000 titles, includes slots, table games, and live dealer options, ensuring variety for all preferences. The casino’s seamless payment options, including crypto and pay ID casino features, add convenience, while 24/7 customer support ensures prompt assistance.

    Pros and Cons of 7Bit Casino

    Pros Cons
    Over 10,000 games, including slots, table games, and live dealer options. High wagering requirements on bonuses.
    Anonymous play with cryptocurrency payments, no KYC required. Mixed customer support reviews.
    Fast withdrawals via crypto and Pay ID.  
    Generous welcome bonus and frequent promotions.  
    24/7 customer support via email and live chat.  

    Despite minor drawbacks, 7Bit Casino remains a top choice among the best no KYC casinos.

    How To Join 7Bit Casino

    Joining 7Bit Casino, a leading no ID verification casino, is simple:

    1. Visit 7Bit Casino: Go to the official website.
    2. Create an Account: Click “Sign Up,” enter your email, choose a currency, and set a username and password.
    3. Make Your First Deposit: Navigate to the cashier, select a payment method (crypto or fiat), and deposit the minimum amount to activate the welcome bonus.
    4. Claim the Welcome Bonus: The bonus is automatically credited after your deposit, no promo code needed.
    5. Start Playing: Explore the game library and enjoy real-money gaming.

    This streamlined process makes 7Bit Casino ideal for new online casino players seeking a no ID verification casino.

    How We Selected the Best No KYC Casino

    We evaluated the best no KYC casinos based on strict criteria to ensure a safe, rewarding experience:

    • License and Security: Must be licensed by a reputable authority.
    • Bonuses and Promotions: Generous offers for new and existing players.
    • Casino Games: Diverse selection catering to all preferences.
    • Casino Game Providers: Partnerships with top developers for quality games.
    • Banking Methods: Flexible options, especially cryptocurrencies.
    • Customer Support: 24/7 availability for prompt assistance.

    7Bit Casino excels in these areas, making it the best no-KYC casino.

    License and Security

    7Bit Casino is licensed by the Curacao eGaming Commission, ensuring fairness and security. It uses SSL encryption to protect player data, reinforcing its status as a trusted anonymous online casino (Curacao eGaming).

    Bonuses and Promotions

    7Bit Casino offers a 325% welcome bonus up to 5.25 BTC plus 250 free spins, alongside regular promotions:

    • Weekly Cashback: Up to 20% on losses.
    • Monday Offer: 25% up to 6.5 mBTC + 50 free spins.
    • Wednesday Offer: Up to 100 free spins on Snoop Dogg Dollars.
    • Friday Offer: 111 free spins for a 0.52 mBTC deposit.
    • Weekend Offer: 99 free spins on 7Bit CasinoMillion.
    • Telegram Bonuses: Exclusive free spins via the Telegram channel.

    These offers make 7Bit Casino a favorite among the best no KYC casinos.

    Casino Games

    With over 10,000 games, 7Bit Casino offers slots, table games, live dealer games, and instant wins from providers like NetEnt and Microgaming, ensuring high-quality gameplay.

    Casino Game Providers

    7Bit Casino partners with over 100 providers, including NetEnt, Microgaming, BGaming, Platipus, 3 Oaks, and 1spin4win, delivering a diverse, high-quality game library (7Bit Casino Providers).

    Banking Methods

    7Bit Casino supports cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin) for anonymous transactions and fiat options (VISA, Mastercard, Skrill, Neosurf, Paysafe Card). The pay ID casino feature ensures fast transactions for Australians.

    Customer Support

    7Bit Casino provides 24/7 support via email (support@7bitcasino.com) and live chat. While most players report positive experiences, some note occasional delays (Trustpilot Reviews).

    Best No KYC Casino Games

    7Bit Casino’s game library, with over 10,000 titles, is a key reason it’s among the best no KYC casinos. It offers slots, table games, live dealer games, and instant wins.

    1.   Online Slots

    Slots dominate 7Bit Casino’s offerings, with thousands of titles:

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    7Bit Casino offers over 100 live dealer games, streamed in real-time:

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    These tournaments make 7Bit Casino a dynamic, anonymous online casino, fostering a competitive yet rewarding environment.

    Best No KYC Casino Payment Methods

    7Bit Casino excels in payment flexibility, a hallmark of the best no KYC casinos.

    Cryptocurrency Payments

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    Crypto payments are processed within 24 hours, ideal for anonymous online casino players.

    Fiat Methods

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    The pay ID casino feature ensures quick transactions for Australians.

    Responsible Gambling Tools in Depth

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    Why 7Bit Casino Excels for Anonymous Play

    7Bit Casino is the best no KYC casino due to its focus on privacy. No KYC requirements allow instant play, while cryptocurrency payments ensure anonymity. SSL encryption protects data, balancing privacy with security. This makes 7Bit Casino ideal for players prioritizing discretion without compromising quality.

    Mobile Gaming at 7Bit Casino

    7Bit Casino offers a seamless mobile experience on iOS and Android, accessible via browsers. The mobile platform mirrors the desktop version, with over 10,000 games optimized for touchscreens, ensuring players enjoy the best no KYC casino experience on the go.

    Player Feedback and Reputation

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    Common Inquiries

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    7Bit Casino Conclusion: The Best No KYC Casino

    7Bit Casino is among the best no KYC casinos in 2025, offering privacy, over 10,000 games, generous bonuses, and flexible payments. Fast crypto withdrawals, a robust mobile platform, and 24/7 support make it a top anonymous online casino. Ultimately, 7Bit Casino is a standout best no KYC casino for its ability to combine privacy, security, and an expansive gaming ecosystem.

    Whether you’re chasing progressive jackpots, engaging in live dealer action, or enjoying instant-win games, 7Bit delivers a thrilling, player-centric experience. Its focus on responsible gambling, with tools like deposit limits and self-exclusion, ensures a safe environment, while its forward-thinking approach positions it as a leader in the evolving online gaming landscape. For anyone seeking a secure, private, and exhilarating gaming journey in 2025, 7Bit Casino is the definitive choice.

    Email: Support@7bitCasino.com

    Disclaimer: This press release is provided by the 7Bit Casino. 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.

    Legal Disclaimer

    This content is for informational purposes only. Ensure compliance with local gambling laws.

    Affiliate Disclosure

    Some links may be affiliate links, earning a commission at no cost to you. Recommendations are based on objective evaluation.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/660f7dac-9451-4cd3-a355-273dbc4f1538

    The MIL Network –

  • MIL-OSI: Recording of LHV Group’s 22 April investor webinar

    Source: GlobeNewswire (MIL-OSI)

    To give an overview of the 2025 Q1 financial results, LHV Group organised an investor meeting webinar on 22 April. An overview of the company’s progress was given by Madis Toomsalu, Chairman of the Management Board of LHV Group and Meelis Paakspuu, CFO of LHV Group.

    The live coverage was followed by 33 participants, the live feed of the presentation was broadcast over Zoom.

    Recording of the investor meeting (in Estonian) is available at: https://youtu.be/hwWkBQPaXHk

    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 –

  • MIL-OSI China: China’s bank wealth management market expands steadily

    Source: China State Council Information Office

    China’s bank wealth management market enjoyed steady growth momentum in the first quarter, industry data indicated on Tuesday.

    The balance of wealth management products stood at 29.14 trillion yuan (about 4.04 trillion U.S. dollars) at the end of March, up 9.41 percent year on year, according to the latest data provided by the China Banking Wealth Management Registration and Depository Center.

    At the end of the first quarter, the number of wealth management products increased by 0.67 percent year on year to 40,600, offered by a combination of 215 banking institutions and 31 wealth management companies, the center said.

    Meanwhile, support for the real economy from bank wealth management products stood at nearly 20 trillion yuan, the center added.

    The number of investors holding wealth management products in the banking market rose by 6.73 percent year on year to 126 million by the end of March, the data showed. 

    MIL OSI China News –

  • MIL-OSI Economics: Results of the ECB Survey of Professional Forecasters for the second quarter of 2025

    Source: European Central Bank

    22 April 2025

    • Headline inflation expectations revised up slightly for 2025-26 but unchanged for 2027 and the long term
    • Expectations for HICP inflation excluding energy and food revised up slightly across all horizons
    • Impacts of tariffs and defence spending main factors behind revisions to inflation and growth expectations
    • Real GDP growth expectations revised down by 0.1 percentage points for 2025 and 2026 but up by 0.1 percentage points for 2027; longer-term expectations unchanged
    • Unemployment rate expectations revised down slightly for 2025, 2026 and the longer term

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.2% for 2025 and 2.0% for 2026 and 2027. Expectations were revised up by 0.1 percentage points for 2025 and 2026 compared with the previous survey (conducted in the first quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised up slightly across all horizons. Longer-term expectations for headline inflation were unchanged at 2.0%, while those for core HICP inflation were revised up slightly to 2.0%.

    Respondents expected real GDP growth of 0.9% in 2025, 1.2% in 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised down by 0.1 percentage points for 2025-26 but up by 0.1 percentage points for 2027. Longer-term growth expectations remained unchanged at 1.3%.

    The expected trajectory of the unemployment rate was revised slightly downwards. The unemployment rate is expected to average 6.3% from 2025 to 2027, and then to fall to 6.2% in the longer term.

    MIL OSI Economics –

  • MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on April 22, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 6.10% GS 2031 7.26% GS 2032 7.50% GS 2034 8.30% GS 2040 9.23% GS 2043
    Total amount notified Aggregate amount of ₹20,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 8,525 3,930 5,870 1,000 675
    Cut off yield (%) 6.2096 6.2775 6.4490 6.6282 6.6951
    Cut off price (₹) 99.43 105.69 107.25 115.84 126.77
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/150

    MIL OSI Economics –

  • MIL-OSI: Danske Bank share buy-back programme: transactions in week 16

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 19 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    22 April 2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 16

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 16:
      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 2,934,865 221.7348 650,761,750
    14 April 2025 50,000 207.4994 10,374,970
    15 April 2025 50,000 213.7504 10,687,520
    16 April 2025 50,000 213.7017 10,685,085
    17 April 2025      
    18 April 2025      
    Total accumulated over week 16 150,000 211.6505 31,747,575
    Total accumulated during the share buyback programme 3,084,865 221.2445 682,509,325

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.358% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Results of the ECB Survey of Professional Forecasters for the second quarter of 2025

    Source: European Central Bank

    22 April 2025

    • Headline inflation expectations revised up slightly for 2025-26 but unchanged for 2027 and the long term
    • Expectations for HICP inflation excluding energy and food revised up slightly across all horizons
    • Impacts of tariffs and defence spending main factors behind revisions to inflation and growth expectations
    • Real GDP growth expectations revised down by 0.1 percentage points for 2025 and 2026 but up by 0.1 percentage points for 2027; longer-term expectations unchanged
    • Unemployment rate expectations revised down slightly for 2025, 2026 and the longer term

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.2% for 2025 and 2.0% for 2026 and 2027. Expectations were revised up by 0.1 percentage points for 2025 and 2026 compared with the previous survey (conducted in the first quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised up slightly across all horizons. Longer-term expectations for headline inflation were unchanged at 2.0%, while those for core HICP inflation were revised up slightly to 2.0%.

    Respondents expected real GDP growth of 0.9% in 2025, 1.2% in 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised down by 0.1 percentage points for 2025-26 but up by 0.1 percentage points for 2027. Longer-term growth expectations remained unchanged at 1.3%.

    The expected trajectory of the unemployment rate was revised slightly downwards. The unemployment rate is expected to average 6.3% from 2025 to 2027, and then to fall to 6.2% in the longer term.

    MIL OSI Europe News –

  • MIL-OSI Economics: Advancing Africa’s Positioning within Global Development and Geopolitical Dynamics – Lecture delivered by Dr. Akinwumi A. Adesina, CON, CGH President…

    Source: African Development Bank Group
    I wish to thank the Vice Chancellor and the University Senate for the great honor of receiving an honorary doctorate from the National Open University of Nigeria (NOUN). I am delighted to be here today with my dear wife, Grace.
    I have great admiration for NOUN for three reasons.

    MIL OSI Economics –

  • MIL-OSI Economics: African Development Bank approves $19.85 million grant for crisis response to the most vulnerable in Sudan’s conflict areas

    Source: African Development Bank Group
    The Board of Directors of the African Development Bank Group has recently approved a $19.85 million grant over two years to support a humanitarian and resilience operation in Sudan, with a strong focus on improving livelihoods of vulnerable populations and easing the impact of the…

    MIL OSI Economics –

  • MIL-OSI China: Announcement on Open Market Operations No.76 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.76 [2025]

    (Open Market Operations Office, April 22, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB220.5 billion through quantity bidding at a fixed interest rate on April 22, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB220.5 billion

    RMB220.5 billion

    Date of last update Nov. 29 2018

    2025年04月22日

    MIL OSI China News –