Category: Banking

  • MIL-OSI Economics: Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Bank of America and RBC Capital Markets top M&A financial advisers in metals & mining sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Bank of America and RBC Capital Markets were the top mergers and acquisitions (M&A) financial advisers in the metals & mining sector during the Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Bank of America achieved the top position in terms of value by advising on $10.2 billion worth of deals. Meanwhile, RBC Capital Markets led in terms of volume by advising on a total of eight deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “RBC Capital Markets witnessed an improvement in the total volume of deals advised by it and consequently its ranking by volume took a significant leap from 51st position during Q1-Q3 2023 to the top position during Q1-Q3 2024.

    “Meanwhile, Bank of America went ahead from occupying the third position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. Interestingly, despite registering a decline in the total value of deals advised by it, Bank of America was the only adviser to surpass the 10 billion deal value mark during Q1-Q3 2024.”

    BMO Capital Markets occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by JP Morgan with $5.5 billion, Moelis & Company with $5.2 billion and Goldman Sachs with $4.9 billion.

    Meanwhile, BMO Capital Markets occupied the second position in terms of volume with seven deals, followed by Macquarie with seven deals, Cormark Securities with six deals and Bank of America with four deals.

    MIL OSI Economics

  • MIL-OSI Reportage: BNZ offers support for Otago customers affected by severe rainfall  

    Source: BNZ statements

    BNZ is offering an assistance package to customers affected by severe rainfall in the Otago region.  

    Available immediately, the assistance package includes:  

    • Ability to review home lending facilities on a case-by-case basis. 
    • Access to temporary personal overdrafts to support customers who require access to funds urgently while they await insurance pay-outs. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts of up to $10,000 with no application fee for Small Business customers. Standard interest rates and credit criteria applies. 
    • Access to temporary overdrafts for Agri, Business, and Commercial customers up to $100,000, with no application fee. Standard interest rates and credit criteria applies. 

    “We understand the challenges that can be posed to households, businesses and communities as a result of severe weather events,” says Anna Flower, BNZ Executive Personal and Business Banking. 

    “We’ve put together a range of practical support options to help ease some of the immediate financial pressure our customers might be facing. 

    “We also have a range of other options available, especially for customers who are facing hardship, so I encourage people to get in touch so we can see how we can help,” says Flower. 

    To discuss support options, business and agribusiness customers should reach out to their BNZ Partner. Small business owners can call 0800 BNZSME, while personal banking customers can access support through BNZ’s digital platforms or by calling 0800 ASKBNZ. 

    BNZ PremierCare Insurance customers who need assistance can call IAG NZ on 0800 248 888 or submit an online claim https://iagnz.custhelp.com/app/bnz  

    With local authorities in Otago, including Civil Defence, advising locals to avoid any unnecessary travel, BNZ is temporarily closing its Dunedin branches and Partner Centre. 

    “It’s important that our customers and our BNZers stay safe. Our teams in Dunedin can work from home and our people who would normally be working in our branches will instead be available to support customers via telephone banking and they continue to do their banking online or through our BNZ app,” says Flower.  

    BNZ’s ATM network in the affected areas remains operational, ensuring customers have continued access to cash and basic banking services. 

    Customers can check whether their local BNZ branch is open here: http://www.bnz.co.nz/locations 

    The post BNZ offers support for Otago customers affected by severe rainfall   appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI Reportage: To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans

    Source: BNZ statements

    BNZ says “To celebrate the BNZ Kāhu making women’s sporting history, it’s our shout.”

    Less than a week before women’s basketball season tips off, in a bid to increase access to the hotly contested Tauihi season, BNZ has announced that BNZ Kāhu fans attending home games in Auckland and Whangārei won’t have to pay for general admission tickets.

    Last week, the championship franchise revealed BNZ Kāhu’s all-female ownership team of Jo Caird, Jody Cameron, “Georgie” Paula George, Rachel Howard, and Dani Marshall, making New Zealand’s top women’s basketball team the first sports team in the world to be fully owned, managed, and coached by women.

    “The feedback we have been getting from across Aotearoa New Zealand has been extraordinary. Our mission is to celebrate and grow our passionate community of fans by making women’s sports more accessible and family-friendly,” says co-owner Jo Caird.

    “That all starts at home, where we want our fans to turn Eventfinda Stadium and Whangārei McKay Stadium Kensington into our fortresses. And what better way than a sold-out stadium stacked with screaming BNZ Kāhu fans,” says co-owner “Georgie” Paula George.

    Starting this Sunday, when BNZ Kāhu hosts Dunedin’s Southern Hoiho for the first game of the season, BNZ Kāhu fans will be “shouted” their tickets by the team’s naming sponsor, Bank of New Zealand.

    “We were already absolutely stoked to have BNZ as a key partner and supporter. And we were committed to welcoming overlooked communities and reimagining the possibilities. Turning that commitment into a reality is so much easier when you have partners like the team at BNZ who believe with you,” says co-owner Dani Marshall.

    “It’s an absolute no-brainer,” says BNZ’s Executive Corporate and Institutional Banking Penny Ford.

    “What better way to celebrate this groundbreaking team of leaders than by giving them and the brilliant players they support a home stadium filled with passionate fans – all season long,” she says.

    BNZ Kāhu fans who have already purchased general admission tickets will have the option to refund their purchase price or transfer that purchase into admission into a brand-new Kāhu Supporters Club.

    “Those early bird ticket holders will be some of our most passionate fans. We can’t wait to see them on Sunday,” says co-owner and coach Jody Cameron.

    • Sunday 6 October – BNZ Kāhu hosts Southern Hoiho at Eventfinda Stadium.
    • General Admission tickets to six BNZ Kāhu regular-season home games will be available for free at http://www.eventfinda.co.nz starting Tuesday 1 October.

    The post To celebrate the BNZ Kāhu making women’s sporting history, BNZ gifts home game tickets to fans appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI Reportage: BNZ launches new anti-scam tool to lock scammers out of online banking

    Source: BNZ statements

    BNZ is rolling out its latest anti-scam and fraud measure, launching an ‘online banking lock’ feature which gives customers the ability to disable all online banking activity and lock access to their online banking if they suspect a scammer has gained access to their accounts.

    “BNZ is continually looking for new ways to enhance protection for customers and combat criminal scammers,” says BNZ’s Head of Financial Crime Ashley Kai Fong.

    “While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app – gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” says Kai Fong.

    Once the online account lock is activated, it disables all current internet banking and BNZ mobile account activity and locks all access.

    To prevent scammers from regaining access, customers will need to verify their identity at a BNZ branch to regain access to their accounts.

    Customers will still be able to use their cards online, instore and at ATMs while their account is locked, unless they have also chosen to block their card. To minimise disruption, scheduled payments, like rent or mortgage payments, will still go out as scheduled.

    Kai Fong says BNZ invests tens of millions of dollars every year in scam and fraud protection measures.

    “While there is no silver bullet in the fight against scammers, this is another tool in the anti-scam and fraud toolbox to help protect our customers. It’s just one of a number of new features, BNZ has introduced, including:

    • introducing a way for customers to verify their identity through the BNZ app when prompted by a BNZ staff member to confirm it is the bank calling
    • introducing additional two-factor authentication (2FA) within internet banking for high-risk actions such as changing personal contact details, creating a new payee, editing an existing payee, or making payments to unsaved payees. This is required regardless of whether a customer has already completed 2FA in their current session.
    • deploying ID readers in branch to help identify fraudulent documents

    Kai Fong says customers also have a role to play in keeping themselves safe from scams and fraud:

    • keeping account details, passwords and pin numbers safe
    • never clicking on links or attachments sent by someone you don’t know or that seem out of character for someone you do know
    • keeping your computer and phone security software up to date
    • contacting your bank as soon as possible if you think you’ve been scammed

    Top tips to stay scam savvy – BNZ will never:

    • email or text you links to online banking and ask you to log in
    • send you a text message with a link to a website, or link to call us
    • ask you for information about your PIN number, bank account number, or password
    • ask you to verbally share the authentication codes sent to you by text or email, even with a BNZ staff member
    • ask you to transfer money to help catch a scammer or a bank employee who is scamming customers
    • send you a text message about account issues with a link to log in
    • ask you to download software to access your Internet Banking remotely
    • use international phone numbers to call or send you notifications.

    The post BNZ launches new anti-scam tool to lock scammers out of online banking appeared first on BNZ Debrief.

    MIL OSI Analysis

  • MIL-OSI: Sandy Spring Bancorp Reports Third Quarter Earnings of $16.2 Million

    Source: GlobeNewswire (MIL-OSI)

    OLNEY, Md., Oct. 21, 2024 (GLOBE NEWSWIRE) — Sandy Spring Bancorp, Inc. (Nasdaq-SASR), the parent company of Sandy Spring Bank, reported net income of $16.2 million ($0.36 per diluted common share) for the quarter ended September 30, 2024, compared to net income of $22.8 million ($0.51 per diluted common share) for the second quarter of 2024 and $20.7 million ($0.46 per diluted common share) for the third quarter of 2023.

    Current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the quarter ended June 30, 2024 and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. Core earnings exclude the after-tax impact of amortization of intangibles, investment securities gains or losses and other non-recurring or extraordinary items. The current quarter’s decline in net income and core earnings as compared to the linked quarter was driven by higher provision for credit losses combined with higher non-interest expense, partially offset by higher net interest income. The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023.

    “We have a solid capital position and are seeing ongoing success with our core deposit strategies and our wealth management lines of business,” said Daniel J. Schrider, Chair, President & CEO of Sandy Spring Bank. “Our wealth teams – Sandy Spring Trust, and our subsidiaries, West Financial and RPJ – have an expanding number of referrals from current clients and work closely with business owners from early growth through maturity. The success of our wealth teams’ approach is reflected in our strong fee income results.”

    Third Quarter Highlights

    • Total assets at September 30, 2024 increased by 3% to $14.4 billion compared to $14.0 billion at June 30, 2024.
    • Total loans remained level at $11.5 billion as of September 30, 2024 compared to June 30, 2024. During the current quarter, AD&C and commercial business loans and lines increased by $71.3 million and $19.4 million, respectively, while the commercial investor real estate segment declined by $64.9 million. Total residential mortgage and consumer loan portfolios remained relatively unchanged during this period.
    • Deposits increased by $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024, as interest-bearing deposits increased $425.8 million, while noninterest-bearing deposits declined $28.3 million. Strong growth in the interest-bearing deposit categories was mainly experienced within money market, time deposits and savings accounts, which grew by $185.2 million, $151.5 million, and $66.1 million, respectively, compared to the linked quarter. The decline in noninterest-bearing deposit categories was driven by lower balances in personal and small business checking accounts. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and represented 94% of total deposits as of September 30, 2024.
    • The ratio of non-performing loans to total loans was 1.09% at September 30, 2024 compared to 0.81% at June 30, 2024 and 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan that was placed on non-accrual status during the current period. Net charge-offs for the current quarter totaled $0.7 million.
    • Net interest income for the third quarter of 2024 grew $1.1 million or 1% compared to the previous quarter and decreased by $3.7 million or 4% compared to the third quarter of 2023. Compared to the previous quarter, interest income increased by $5.0 million, while interest expense increased by $3.9 million.
    • The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. During the current quarter, the net interest margin was negatively impacted by a reversal of previously accrued uncollected interest income on a single large AD&C loan placed on a non-accrual status. Compared to the linked quarter, the rate paid on interest-bearing liabilities increased seven basis points, while the yield on interest-earning assets increased three basis points.
    • Provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million in the previous quarter and $3.2 million in the prior year quarter. The current quarter’s provision expense is mainly attributable to higher individual reserves on collateral-dependent loans, primarily related to a single AD&C loan due to the borrower-specific circumstances, partially offset by lower qualitative adjustments due to the reduction in commercial investor real estate loans. In addition, during the current quarter, the provision for unfunded commitments was insignificant compared to a credit of $1.9 million from the previous quarter.
    • Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The quarter-over-quarter increase was mainly driven by higher wealth management income and other income, generated by higher credit-related fees, which was fully offset by lower income from bank owned life insurance due to a receipt of one-time mortality proceeds during the prior quarter.
    • Non-interest expense for the third quarter of 2024 increased by $4.8 million compared to the second quarter of 2024 and $0.5 million compared to the prior year quarter. The quarterly increase in non-interest expense was primarily due to higher salaries and benefits along with an increase in professional fees and services.
    • Return on average assets (“ROA”) for the quarter ended September 30, 2024 was 0.46% and return on average tangible common equity (“ROTCE”) was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27%, respectively, for the previous quarter and 0.78% and 9.51%, respectively, for the third quarter of 2023.
    • The GAAP efficiency ratio was 72.12% for the third quarter of 2024, compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The non-GAAP efficiency ratio was 69.06% for the third quarter of 2024 compared to 65.31% for the second quarter of 2024 and 60.91% for the prior year quarter. The increase in non-GAAP efficiency ratio (reflecting a decrease in efficiency) in the current quarter compared to the previous quarter was the result of higher non-interest expense in the current quarter.

    Balance Sheet and Credit Quality

    Total assets were $14.4 billion at September 30, 2024, as compared to $14.0 billion at June 30, 2024. At September 30, 2024, total loans remained stable at $11.5 billion compared to the previous quarter. During this period, the growth in AD&C and commercial business loans and lines of $71.3 million or 6% and $19.4 million or 1%, respectively, were mostly offset by the decline in commercial investor real estate loans of $64.9 million or 1%. Total residential mortgage and consumer loan portfolios remained relatively unchanged.

    Deposits increased $397.5 million or 4% to $11.7 billion at September 30, 2024 compared to $11.3 billion at June 30, 2024. During this period, noninterest-bearing deposits decreased $28.3 million or 1%, while interest-bearing deposits increased $425.8 million or 5%. The slight decline in noninterest-bearing deposit categories was driven by decreases in personal and small business checking accounts, partially offset by an increase in commercial checking accounts. Growth in interest-bearing deposits was seen across all product categories, but most notably in money market and time deposit accounts which grew $185.2 million or 7% and $151.5 million or 6% during the current quarter, respectively. Total deposits, excluding brokered deposits, increased by $351.7 million or 3% quarter-over-quarter and remained at 94% of the total deposits as of September 30, 2024 compared to June 30, 2024, reflecting continued strength and stability of the core deposit base. Total uninsured deposits at September 30, 2024 were approximately 37% of total deposits.

    Total borrowings decreased $54.1 million or 6% at September 30, 2024 as compared to the previous quarter, primarily driven by a $50.0 million pay down of FHLB advances. At September 30, 2024, available unused sources of liquidity, which consist of available FHLB borrowings, fed funds, funds through the Federal Reserve Bank’s discount window, as well as excess cash and unpledged investment securities, totaled $6.3 billion or 146% of uninsured deposits.

    The tangible common equity to tangible assets ratio declined slightly to 8.83% at September 30, 2024, compared to 8.85% at June 30, 2024.

    At September 30, 2024, the Company had a total risk-based capital ratio of 15.53%, a common equity tier 1 risk-based capital ratio of 11.27%, a tier 1 risk-based capital ratio of 11.27%, and a tier 1 leverage ratio of 9.59%. These risk-based capital ratios compare to a total risk-based capital ratio of 15.49%, a common equity tier 1 risk-based capital ratio of 11.28%, a tier 1 risk-based capital ratio of 11.28%, and a tier 1 leverage ratio of 9.70% at June 30, 2024. All of these ratios remain well in excess of the mandated minimum regulatory requirements.

    Non-performing loans include non-accrual loans and accruing loans 90 days or more past due. At September 30, 2024, non-performing loans totaled $125.3 million, compared to $93.0 million at June 30, 2024 and $51.8 million at September 30, 2023. The non-performing loans to total loans ratio was 1.09% compared to 0.81% on a linked quarter basis. These levels of non-performing loans compare to 0.46% at September 30, 2023. The current quarter’s increase in non-performing loans was mainly related to a single AD&C loan with the total outstanding principal balance of $28.0 million, which was placed on a non-accrual status during the current period. Total net charge-offs for the current quarter amounted to $0.7 million compared to $0.2 million for the second quarter of 2024 and $0.1 million for the third quarter of 2023.

    At September 30, 2024, the allowance for credit losses was $131.4 million or 1.14% of outstanding loans and 105% of non-performing loans, compared to $125.9 million or 1.10% of outstanding loans and 135% of non-performing loans at the end of the previous quarter and $123.4 million or 1.09% of outstanding loans and 238% of non-performing loans at the end of the third quarter of 2023. The increase in the allowance for the current quarter compared to the previous quarter mainly reflects higher individual reserves on collateral-dependent non-accrual loans, primarily driven by the aforementioned AD&C lending relationship, partially offset by lower qualitative adjustments as a result of declines in commercial investor real estate loans.

    Income Statement Review

    Quarterly Results

    Net income was $16.2 million ($0.36 per diluted common share) for the three months ended September 30, 2024 compared to $22.8 million ($0.51 per diluted common share) for the three months ended June 30, 2024 and $20.7 million ($0.46 per diluted common share) for the prior year quarter. The current quarter’s core earnings were $17.9 million ($0.40 per diluted common share), compared to $24.4 million ($0.54 per diluted common share) for the previous quarter and $27.8 million ($0.62 per diluted common share) for the quarter ended September 30, 2023. The decreases in the current quarter’s net income and core earnings compared to the previous quarter were driven primarily by higher provision for credit losses and non-interest expense.

    Net interest income for the third quarter of 2024 increased $1.1 million or 1% compared to the previous quarter and declined $3.7 million or 4% compared to the third quarter of 2023. During the current quarter, interest income increased $5.0 million, while interest expense increased $3.9 million. The rising interest rate environment was primarily responsible for a $7.7 million year-over-year increase in interest income. This growth in interest income was more than offset by the $11.4 million year-over-year growth in interest expense as funding costs have also risen in response to the rising rate environment and significant competition for deposits.

    The net interest margin was 2.44% for the third quarter of 2024 compared to 2.46% for the second quarter of 2024 and 2.55% for the third quarter of 2023. The decrease in the net interest margin during the current quarter was a result of a seven basis point increase in the rate paid on interest-bearing liabilities, while the yield earned on interest-earning assets rose three basis points. The current quarter’s net interest margin was negatively impacted by approximately three basis points due to the reversal of previously accrued uncollected interest income on a single large AD&C loan placed on non-accrual status during the period. As compared to the prior year quarter, the yield on interest-earning assets increased 23 basis points while the rate paid on interest-bearing liabilities rose 39 basis points, resulting in net interest margin compression of 11 basis points. The rate and yield increases year-over-year were driven by the higher interest rate environment, competition for deposits in the market, and customer movement of excess funds out of noninterest-bearing accounts into higher yielding products.

    The total provision for credit losses was $6.3 million for the third quarter of 2024 compared to $1.0 million for the previous quarter and $2.4 million for the third quarter of 2023. The provision for credit losses directly attributable to the funded loan portfolio was $6.3 million for the current quarter compared to $3.0 million for the second quarter of 2024 and $3.2 million for the third quarter of 2023. The current quarter’s provision is mainly a reflection of higher individual reserves on collateral-dependent non-accrual loans, primarily associated with the provision on a single AD&C lending relationship based on the current fair value of the collateral, partially offset by lower qualitative adjustments driven by an overall reduction in commercial investor real estate loan portfolio. In addition, during the current quarter, the reserve for unfunded commitments remained relatively stable at $1.5 million.

    Non-interest income for the third quarter of 2024 increased by 1% or $0.1 million compared to the linked quarter and grew by 13% or $2.3 million compared to the prior year quarter. The current quarter’s increase in non-interest income as compared to the previous quarter was mainly driven by the $0.4 million increase in other income, generated by credit-related fees, and $0.3 million increase in wealth management income, due to the $352.1 million or 6% growth in assets under management quarter-over-quarter and the overall favorable market performance, offset by $0.5 million decrease in BOLI income, due to the receipt of one-time death proceeds in the prior quarter.

    Non-interest expense for the third quarter of 2024 increased $4.8 million or 7% compared to the second quarter of 2024 and $0.5 million or 1% compared to the third quarter of 2023. The quarter-over-quarter increase is predominantly attributable to the $3.2 million increase in salaries and benefits, due to the increase in employee incentive compensation coupled with the $1.6 million increase in professional fees and services, mostly due to a one-time contract negotiation fee. The prior year quarter included $8.2 million of pension settlement expense related to the termination of the Company’s pension plan. Excluding this item, non-interest expense for the third quarter of 2024 increased $8.6 million or 13% compared to the third quarter of 2023.

    For the third quarter of 2024, the GAAP efficiency ratio was 72.12% compared to 68.19% for the second quarter of 2024 and 70.72% for the third quarter of 2023. The GAAP efficiency ratio rose from the prior year quarter primarily as a result of the 1% increase in GAAP non-interest expense coupled with the 1% decline in GAAP revenue. The non-GAAP efficiency ratio was 69.06% for the current quarter as compared to 65.31% for the second quarter of 2024 and 60.91% for the third quarter of 2023. The increase in the non-GAAP efficiency ratio (reflecting a decrease in efficiency) from the third quarter of the prior year to the current year quarter was primarily the result of the 12% increase in adjusted non-interest expense.

    ROA for the quarter ended September 30, 2024 was 0.46% and ROTCE was 5.88% compared to 0.66% and 8.27%, respectively, for the second quarter of 2024 and 0.58% and 7.42%, respectively, for the third quarter of 2023. On a non-GAAP basis, the current quarter’s core ROA was 0.50% and core ROTCE was 5.88% compared to 0.70% and 8.27% for the second quarter of 2024 and 0.78% and 9.51%, respectively, for the third quarter of 2023.

    Year-to-Date Results

    The Company recorded net income of $59.4 million for the nine months ended September 30, 2024 compared to net income of $96.7 million for the same period in the prior year. Core earnings were $64.3 million for the nine months ended September 30, 2024 compared to $107.2 million for the same period in the prior year. Year-to-date net income and core earnings declined as a result of lower net interest income in combination with higher provision for credit losses, which was partially offset by higher non-interest income.

    For the nine months ended September 30, 2024, net interest income decreased $31.8 million compared to the prior year as a result of the $61.1 million increase in interest expense, partially offset by the $29.3 million increase in interest income. The increase in interest expense was driven by the interest expense on deposits, primarily associated with savings and time deposit accounts. The net interest margin declined to 2.44% for the nine months ended September 30, 2024, compared to 2.75% for the prior year, primarily as a result of higher funding costs due to the elevated interest rate environment and market competition for deposits during the period.

    The provision for credit losses for the nine months ended September 30, 2024 was $9.7 million as compared to a credit of $14.1 million for 2023. The provision for the nine months ended September 30, 2024 was primarily due to an increase in individual reserves on collateral-dependent non-accrual loans, as well as adjustments applied to specific industries within the commercial real estate segment during the first quarter of 2024. The prior year’s credit to provision was mainly attributable to the improving regional forecasted unemployment rate observed during the first half of 2023, and the declining probability of economic recession.

    For the nine months ended September 30, 2024, non-interest income increased 14% to $57.7 million compared to $50.5 million for 2023. During the current year, wealth management income increased $3.7 million or 14%, as assets under management increased $1.0 billion or 19% year-over-year. In addition, BOLI mortality-related income and service charges on deposit accounts increased $1.3 million and $1.1 million, respectively.

    Non-interest expense increased to $209.0 million for the nine months ended September 30, 2024, compared to $207.9 million for 2023. The drivers of the increase in non-interest expense were the $4.0 million increase in professional fees and services, $2.7 increase in amortization of intangible assets, $1.8 million increase in FDIC expense, and $1.2 million increase in outside data services. These year-over-year increases were offset by the $9.2 million decrease in compensation and benefits, as the prior year period included $8.2 million pension termination expense and $1.9 million of severance related expenses associated with staffing adjustments.

    For the nine months ended September 30, 2024, the GAAP efficiency ratio was 69.98% compared to 64.29% for the same period in 2023. The non-GAAP efficiency ratio for the current year was 67.04% compared to 59.42% for the prior year. The growth in the current year’s GAAP and non-GAAP efficiency ratios compared to the prior year, indicating a decline in efficiency, was the result of the declines in GAAP and non-GAAP revenues combined with the growth in GAAP and non-GAAP non-interest expenses.

    Explanation of Non-GAAP Financial Measures

    This news release contains financial information and performance measures determined by methods other than in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. Non-GAAP measures used in this release consist of the following:

    • Tangible common equity and related measures are non-GAAP measures that exclude the impact of goodwill and other intangible assets.
    • The non-GAAP efficiency ratio excludes amortization of intangible assets, investment securities gains/(losses), severance expense, contingent payment expense, and includes tax-equivalent income.
    • Core earnings and the related measures of core earnings per diluted common share, core return on average assets and core return on average tangible common equity reflect net income exclusive of amortization of intangible assets, investment securities gains/(losses) and other non-recurring or extraordinary items, on a net of tax basis.
    • Pre-tax pre-provision net income excludes income tax expense and the provision (credit) for credit losses.

    These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Please refer to the non-GAAP Reconciliation tables included with this release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    Conference Call Cancelled

    As a result of today’s announcement that the Company has entered into a merger agreement with Atlantic Union Bankshares Corporation, the Company has cancelled its conference call scheduled for 2:00 p.m. ET today to discuss the Company’s results for the third quarter of 2024.

    About Sandy Spring Bancorp, Inc.

    Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 50 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of wealth management services.

    Source: Sandy Spring Bancorp, Inc.
    Code: SASR-E

    Forward-Looking Statements

    Sandy Spring Bancorp’s forward-looking statements are subject to significant risks and uncertainties that may cause actual results to differ materially from those in such statements. These risks and uncertainties include, but are not limited to, the risks identified in our quarterly and annual reports and the following: changes in general business and economic conditions nationally or in the markets that we serve; changes in consumer and business confidence, investor sentiment, or consumer spending or savings behavior; changes in the level of inflation; changes in the demand for loans, deposits and other financial services that we provide; the possibility that future credit losses may be higher than currently expected; the impact of the interest rate environment on our business, financial condition and results of operations; the impact of compliance with changes in laws, regulations and regulatory interpretations, including changes in income taxes; changes in credit ratings assigned to us or our subsidiaries; the ability to realize benefits and cost savings from, and limit any unexpected liabilities associated with, any business combinations; competitive pressures among financial services companies; the ability to attract, develop and retain qualified employees; our ability to maintain the security of our data processing and information technology systems; the impact of changes in accounting policies, including the introduction of new accounting standards; the impact of judicial or regulatory proceedings; the impact of fiscal and governmental policies of the United States federal government; the impact of health emergencies, epidemics or pandemics; the effects of climate change; and the impact of natural disasters, extreme weather events, military conflict, terrorism or other geopolitical events. Sandy Spring Bancorp provides greater detail regarding some of these factors in its Form 10-K for the year ended December 31, 2023, including in the Risk Factors section of that report, and in its other SEC reports. Sandy Spring Bancorp’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at http://www.sec.gov.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    FINANCIAL HIGHLIGHTS – UNAUDITED

        Three Months Ended
    September 30,
          Nine Months Ended
    September 30,
       
    (Dollars in thousands, except per share data)     2024       2023     %
    Change
        2024       2023     %
    Change
    Results of operations:                        
    Net interest income   $ 81,412     $ 85,081     (4 )%   $ 241,040     $ 272,854     (12 )%
    Provision/ (credit) for credit losses     6,316       2,365     167 %     9,724       (14,116 )   N/M
    Non-interest income     19,715       17,391     13       57,669       50,518     14  
    Non-interest expense     72,937       72,471     1       209,047       207,912     1  
    Income before income tax expense     21,874       27,636     (21 )     79,938       129,576     (38 )
    Net income     16,209       20,746     (22 )     59,388       96,744     (39 )
                             
    Net income attributable to common shareholders   $ 16,205     $ 20,719     (22 )   $ 59,351     $ 96,552     (39 )
    Pre-tax pre-provision net income (1)   $ 28,190     $ 30,001     (6 )   $ 89,662     $ 115,460     (22 )
                             
    Return on average assets     0.46 %     0.58 %         0.56 %     0.92 %    
    Return on average common equity     4.01 %     5.35 %         4.99 %     8.50 %    
    Return on average tangible common equity (1)     5.88 %     7.42 %         7.17 %     11.67 %    
    Net interest margin     2.44 %     2.55 %         2.44 %     2.75 %    
    Efficiency ratio – GAAP basis (2)     72.12 %     70.72 %         69.98 %     64.29 %    
    Efficiency ratio – Non-GAAP basis (2)     69.06 %     60.91 %         67.04 %     59.42 %    
                             
    Per share data:                        
    Basic net income per common share   $ 0.36     $ 0.46     (22 )%   $ 1.32     $ 2.16     (39 )%
    Diluted net income per common share   $ 0.36     $ 0.46     (22 )   $ 1.31     $ 2.15     (39 )
    Weighted average diluted common shares     45,242,920       44,960,455     1       45,156,521       44,912,803     1  
    Dividends declared per share   $ 0.34     $ 0.34         $ 1.02     $ 1.02      
    Book value per common share   $ 36.10     $ 34.26     5     $ 36.10     $ 34.26     5  
    Tangible book value per common share (1)   $ 27.37     $ 25.80     6     $ 27.37     $ 25.80     6  
    Outstanding common shares     45,125,078       44,895,158     1       45,125,078       44,895,158     1  
                             
    Financial condition at period-end:                        
    Investment securities   $ 1,440,488     $ 1,392,078     3 %   $ 1,440,488     $ 1,392,078     3 %
    Loans     11,491,921       11,300,292     2       11,491,921       11,300,292     2  
    Assets     14,383,073       14,135,085     2       14,383,073       14,135,085     2  
    Deposits     11,737,694       11,151,012     5       11,737,694       11,151,012     5  
    Stockholders’ equity     1,628,837       1,537,914     6       1,628,837       1,537,914     6  
                             
    Capital ratios:                        
    Tier 1 leverage (3)     9.59 %     9.50 %         9.59 %     9.50 %    
    Common equity tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Tier 1 capital to risk-weighted assets (3)     11.27 %     10.83 %         11.27 %     10.83 %    
    Total regulatory capital to risk-weighted assets (3)     15.53 %     14.85 %         15.53 %     14.85 %    
    Tangible common equity to tangible assets (4)     8.83 %     8.42 %         8.83 %     8.42 %    
    Average equity to average assets     11.37 %     10.92 %         11.32 %     10.84 %    
                             
    Credit quality ratios:                        
    Allowance for credit losses to loans     1.14 %     1.09 %         1.14 %     1.09 %    
    Non-performing loans to total loans     1.09 %     0.46 %         1.09 %     0.46 %    
    Non-performing assets to total assets     0.89 %     0.37 %         0.89 %     0.37 %    
    Allowance for credit losses to non-performing loans     104.92 %     238.32 %         104.92 %     238.32 %    
    Annualized net charge-offs/ (recoveries) to average loans (5)     0.03 %     %         0.02 %     0.02 %    
    N/M – not meaningful
    (1) Represents a non-GAAP measure.
    (2) The efficiency ratio – GAAP basis is non-interest expense divided by net interest income plus non-interest income from the Condensed Consolidated Statements of Income. The traditional efficiency ratio – Non-GAAP basis excludes intangible asset amortization, pension settlement expense, severance expense and contingent payment expense from non-interest expense; and investment securities gains/ (losses) from non-interest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights.
    (3) Estimated ratio at September 30, 2024.
    (4) The tangible common equity to tangible assets ratio is a non-GAAP ratio that divides assets excluding goodwill and other intangible assets into stockholders’ equity after deducting goodwill and other intangible assets. See the Reconciliation Table included with these Financial Highlights.
    (5) Calculation utilizes average loans, excluding residential mortgage loans held-for-sale.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED (CONTINUED)
    OPERATING EARNINGS – METRICS

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Core earnings (non-GAAP):                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments (net of tax)(1):                
    Amortization of intangible assets     1,727       932       4,864       2,851  
    Severance expense                       1,445  
    Pension settlement expense           6,088             6,088  
    Contingent payment expense                       27  
    Core earnings (Non-GAAP)   $ 17,936     $ 27,766     $ 64,252     $ 107,155  
                     
    Core earnings per diluted common share (non-GAAP):                
    Weighted average common shares outstanding – diluted (GAAP)     45,242,920       44,960,455       45,156,521       44,912,803  
                     
    Earnings per diluted common share (GAAP)   $ 0.36     $ 0.46     $ 1.31     $ 2.15  
    Core earnings per diluted common share (non-GAAP)   $ 0.40     $ 0.62     $ 1.42     $ 2.39  
                     
    Core return on average assets (non-GAAP):                
    Average assets (GAAP)   $ 14,136,037     $ 14,086,342     $ 14,051,722     $ 14,043,925  
                     
    Return on average assets (GAAP)     0.46 %     0.58 %     0.56 %     0.92 %
    Core return on average assets (non-GAAP)     0.50 %     0.78 %     0.61 %     1.02 %
                     
    Return/ Core return on average tangible common equity (non-GAAP):                
    Net Income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus: Amortization of intangible assets (net of tax)     1,727       932       4,864       2,851  
    Net income before amortization of intangible assets   $ 17,936     $ 21,678     $ 64,252     $ 99,595  
                     
    Average total stockholders’ equity (GAAP)   $ 1,607,377     $ 1,538,553     $ 1,590,682     $ 1,522,153  
    Average goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Average other intangible assets, net     (30,679 )     (16,777 )     (29,940 )     (18,068 )
    Average tangible common equity (non-GAAP)   $ 1,213,262     $ 1,158,340     $ 1,197,306     $ 1,140,649  
                     
    Return on average tangible common equity (non-GAAP)     5.88 %     7.42 %     7.17 %     11.67 %
    Core return on average tangible common equity (non-GAAP)     5.88 %     9.51 %     7.17 %     12.56 %
    (1) Tax adjustments have been determined using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    RECONCILIATION TABLE – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands)     2024       2023       2024       2023  
    Pre-tax pre-provision net income:                
    Net income (GAAP)   $ 16,209     $ 20,746     $ 59,388     $ 96,744  
    Plus/ (less) non-GAAP adjustments:                
    Income tax expense     5,665       6,890       20,550       32,832  
    Provision/ (credit) for credit losses     6,316       2,365       9,724       (14,116 )
    Pre-tax pre-provision net income (non-GAAP)   $ 28,190     $ 30,001     $ 89,662     $ 115,460  
                     
    Efficiency ratio (GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
                     
    Efficiency ratio (GAAP)     72.12 %     70.72 %     69.98 %     64.29 %
                     
    Efficiency ratio (Non-GAAP):                
    Non-interest expense   $ 72,937     $ 72,471     $ 209,047     $ 207,912  
    Less non-GAAP adjustments:                
    Amortization of intangible assets     2,323       1,245       6,527       3,820  
    Severance expense                       1,939  
    Pension settlement expense           8,157             8,157  
    Contingent payment expense                       36  
    Non-interest expense – as adjusted   $ 70,614     $ 63,069     $ 202,520     $ 193,960  
                     
    Net interest income plus non-interest income   $ 101,127     $ 102,472     $ 298,709     $ 323,372  
    Plus non-GAAP adjustment:                
    Tax-equivalent income     1,121       1,068       3,359       3,044  
    Less/ (plus) non-GAAP adjustment:                
    Investment securities gains/ (losses)                        
    Net interest income plus non-interest income – as adjusted   $ 102,248     $ 103,540     $ 302,068     $ 326,416  
                     
    Efficiency ratio (Non-GAAP)     69.06 %     60.91 %     67.04 %     59.42 %
                     
    Tangible common equity ratio:                
    Total stockholders’ equity   $ 1,628,837     $ 1,537,914     $ 1,628,837     $ 1,537,914  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible common equity   $ 1,234,887     $ 1,158,443     $ 1,234,887     $ 1,158,443  
                     
    Total assets   $ 14,383,073     $ 14,135,085     $ 14,383,073     $ 14,135,085  
    Goodwill     (363,436 )     (363,436 )     (363,436 )     (363,436 )
    Other intangible assets, net     (30,514 )     (16,035 )     (30,514 )     (16,035 )
    Tangible assets   $ 13,989,123     $ 13,755,614     $ 13,989,123     $ 13,755,614  
                     
    Tangible common equity ratio     8.83 %     8.42 %     8.83 %     8.42 %
                     
    Outstanding common shares     45,125,078       44,895,158       45,125,078       44,895,158  
    Tangible book value per common share   $ 27.37     $ 25.80     $ 27.37     $ 25.80  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION – UNAUDITED

    (Dollars in thousands)   September 30,
    2024
      December 31,
    2023
    Assets        
    Cash and due from banks   $ 109,583     $ 82,257  
    Federal funds sold           245  
    Interest-bearing deposits with banks     640,763       463,396  
    Cash and cash equivalents     750,346       545,898  
    Residential mortgage loans held for sale (at fair value)     21,489       10,836  
    SBA loans held for sale     425        
    Investments held-to-maturity (fair values of $189,853 and $200,411 at September 30, 2024 and December 31, 2023, respectively)     220,296       236,165  
    Investments available-for-sale (at fair value)     1,149,056       1,102,681  
    Other investments, at cost     71,136       75,607  
    Total loans     11,491,921       11,366,989  
    Less: allowance for credit losses – loans     (131,428 )     (120,865 )
    Net loans     11,360,493       11,246,124  
    Premises and equipment, net     57,249       59,490  
    Other real estate owned     3,265        
    Accrued interest receivable     45,162       46,583  
    Goodwill     363,436       363,436  
    Other intangible assets, net     30,514       28,301  
    Other assets     310,206       313,051  
    Total assets   $ 14,383,073     $ 14,028,172  
             
    Liabilities        
    Noninterest-bearing deposits   $ 2,903,063     $ 2,914,161  
    Interest-bearing deposits     8,834,631       8,082,377  
    Total deposits     11,737,694       10,996,538  
    Securities sold under retail repurchase agreements     70,767       75,032  
    Federal Reserve Bank borrowings           300,000  
    Advances from FHLB     450,000       550,000  
    Subordinated debt     371,251       370,803  
    Total borrowings     892,018       1,295,835  
    Accrued interest payable and other liabilities     124,524       147,657  
    Total liabilities     12,754,236       12,440,030  
             
    Stockholders’ equity        
    Common stock — par value $1.00; shares authorized 100,000,000; shares issued and outstanding 45,125,078 and 44,913,561 at September 30, 2024 and December 31, 2023, respectively.     45,125       44,914  
    Additional paid in capital     748,202       742,243  
    Retained earnings     911,411       898,316  
    Accumulated other comprehensive loss     (75,901 )     (97,331 )
    Total stockholders’ equity     1,628,837       1,588,142  
    Total liabilities and stockholders’ equity   $ 14,383,073     $ 14,028,172  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (Dollars in thousands, except per share data)     2024     2023     2024     2023  
    Interest income:                
    Interest and fees on loans   $ 154,339   $ 147,304   $ 456,309   $ 431,305  
    Interest on mortgage loans held for sale     364     238     801     697  
    Interest on SBA loans held for sale     2         2      
    Interest on deposits with banks     6,191     6,371     17,401     13,979  
    Interest and dividend income on investment securities:                
    Taxable     7,440     6,682     21,319     20,538  
    Tax-advantaged     1,762     1,811     5,385     5,376  
    Interest on federal funds sold         5     8     13  
    Total interest income     170,098     162,411     501,225     471,908  
    Interest expense:                
    Interest on deposits     79,287     63,102     227,062     155,215  
    Interest on retail repurchase agreements and federal funds purchased     452     4,082     4,890     10,377  
    Interest on advances from FHLB     5,001     6,200     16,394     21,623  
    Interest on subordinated debt     3,946     3,946     11,839     11,839  
    Total interest expense     88,686     77,330     260,185     199,054  
    Net interest income     81,412     85,081     241,040     272,854  
    Provision/ (credit) for credit losses     6,316     2,365     9,724     (14,116 )
    Net interest income after provision/ (credit) for credit losses     75,096     82,716     231,316     286,970  
    Non-interest income:                
    Service charges on deposit accounts     3,009     2,704     8,765     7,698  
    Mortgage banking activities     1,529     1,682     4,524     4,744  
    Wealth management income     10,738     9,391     31,151     27,414  
    Income from bank owned life insurance     1,307     845     4,283     3,003  
    Bank card fees     435     450     1,293     1,315  
    Other income     2,697     2,319     7,653     6,344  
    Total non-interest income     19,715     17,391     57,669     50,518  
    Non-interest expense:                
    Salaries and employee benefits     41,030     44,853     115,549     124,710  
    Occupancy expense of premises     4,657     4,609     14,278     14,220  
    Equipment expenses     3,841     3,811     11,672     11,688  
    Marketing     1,320     729     3,350     3,861  
    Outside data services     3,025     2,819     9,414     8,186  
    FDIC insurance     2,773     2,333     8,635     6,846  
    Amortization of intangible assets     2,323     1,245     6,527     3,820  
    Professional fees and services     6,577     4,509     16,403     12,354  
    Other expenses     7,391     7,563     23,219     22,227  
    Total non-interest expense     72,937     72,471     209,047     207,912  
    Income before income tax expense     21,874     27,636     79,938     129,576  
    Income tax expense     5,665     6,890     20,550     32,832  
    Net income   $ 16,209   $ 20,746   $ 59,388   $ 96,744  
                     
    Net income per share amounts:                
    Basic net income per common share   $ 0.36   $ 0.46   $ 1.32   $ 2.16  
    Diluted net income per common share   $ 0.36   $ 0.46   $ 1.31   $ 2.15  
    Dividends declared per share   $ 0.34   $ 0.34   $ 1.02   $ 1.02  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Profitability for the quarter:                            
    Tax-equivalent interest income   $ 171,219     $ 166,252     $ 167,113     $ 166,729     $ 163,479     $ 159,156     $ 152,317  
    Interest expense     88,686       84,828       86,671       83,920       77,330       67,679       54,045  
    Tax-equivalent net interest income     82,533       81,424       80,442       82,809       86,149       91,477       98,272  
    Tax-equivalent adjustment     1,121       1,139       1,099       1,113       1,068       1,006       970  
    Provision/ (credit) for credit losses     6,316       1,020       2,388       (3,445 )     2,365       5,055       (21,536 )
    Non-interest income     19,715       19,587       18,367       16,560       17,391       17,176       15,951  
    Non-interest expense     72,937       68,104       68,006       67,142       72,471       69,136       66,305  
    Income before income tax expense     21,874       30,748       27,316       34,559       27,636       33,456       68,484  
    Income tax expense     5,665       7,941       6,944       8,459       6,890       8,711       17,231  
    Net income   $ 16,209     $ 22,807     $ 20,372     $ 26,100     $ 20,746     $ 24,745     $ 51,253  
    GAAP financial performance:                            
    Return on average assets     0.46 %     0.66 %     0.58 %     0.73 %     0.58 %     0.70 %     1.49 %
    Return on average common equity     4.01 %     5.81 %     5.17 %     6.70 %     5.35 %     6.46 %     13.93 %
    Return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     7.42 %     8.93 %     19.10 %
    Net interest margin     2.44 %     2.46 %     2.41 %     2.45 %     2.55 %     2.73 %     2.99 %
    Efficiency ratio – GAAP basis     72.12 %     68.19 %     69.60 %     68.33 %     70.72 %     64.22 %     58.55 %
    Non-GAAP financial performance:                            
    Pre-tax pre-provision net income   $ 28,190     $ 31,768     $ 29,704     $ 31,114     $ 30,001     $ 38,511     $ 46,948  
    Core after-tax earnings   $ 17,936     $ 24,400     $ 21,916     $ 27,147     $ 27,766     $ 27,136     $ 52,253  
    Core return on average assets     0.50 %     0.70 %     0.63 %     0.76 %     0.78 %     0.77 %     1.52 %
    Core return on average common equity     4.44 %     6.21 %     5.56 %     6.97 %     7.16 %     7.09 %     14.20 %
    Core return on average tangible common equity     5.88 %     8.27 %     7.39 %     9.26 %     9.51 %     9.43 %     19.11 %
    Core earnings per diluted common share   $ 0.40     $ 0.54     $ 0.49     $ 0.60     $ 0.62     $ 0.60     $ 1.16  
    Efficiency ratio – Non-GAAP basis     69.06 %     65.31 %     66.73 %     66.16 %     60.91 %     60.68 %     56.87 %
    Per share data:                      
    Net income attributable to common shareholders   $ 16,205     $ 22,800     $ 20,346     $ 26,066     $ 20,719     $ 24,712     $ 51,084  
    Basic net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Diluted net income per common share   $ 0.36     $ 0.51     $ 0.45     $ 0.58     $ 0.46     $ 0.55     $ 1.14  
    Weighted average diluted common shares     45,242,920       45,145,214       45,086,471       45,009,574       44,960,455       44,888,759       44,872,582  
    Dividends declared per share   $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34     $ 0.34  
    Non-interest income:                            
    Service charges on deposit accounts     3,009       2,939       2,817       2,749       2,704       2,606       2,388  
    Mortgage banking activities     1,529       1,621       1,374       792       1,682       1,817       1,245  
    Wealth management income     10,738       10,455       9,958       9,219       9,391       9,031       8,992  
    Income from bank owned life insurance     1,307       1,816       1,160       1,207       845       1,251       907  
    Bank card fees     435       445       413       454       450       447       418  
    Other income     2,697       2,311       2,645       2,139       2,319       2,024       2,001  
    Total non-interest income   $ 19,715     $ 19,587     $ 18,367     $ 16,560     $ 17,391     $ 17,176     $ 15,951  
    Non-interest expense:                            
    Salaries and employee benefits   $ 41,030     $ 37,821     $ 36,698     $ 35,482     $ 44,853     $ 40,931     $ 38,926  
    Occupancy expense of premises     4,657       4,805       4,816       4,558       4,609       4,764       4,847  
    Equipment expenses     3,841       3,868       3,963       3,987       3,811       3,760       4,117  
    Marketing     1,320       1,288       742       1,242       729       1,589       1,543  
    Outside data services     3,025       3,286       3,103       3,000       2,819       2,853       2,514  
    FDIC insurance     2,773       2,951       2,911       2,615       2,333       2,375       2,138  
    Amortization of intangible assets     2,323       2,135       2,069       1,403       1,245       1,269       1,306  
    Professional fees and services     6,577       4,946       4,880       5,628       4,509       4,161       3,684  
    Other expenses     7,391       7,004       8,824       9,227       7,563       7,434       7,230  
    Total non-interest expense   $ 72,937     $ 68,104     $ 68,006     $ 67,142     $ 72,471     $ 69,136     $ 66,305  

    Sandy Spring Bancorp, Inc. and Subsidiaries
    HISTORICAL TRENDS – QUARTERLY FINANCIAL DATA – UNAUDITED

          2024       2023  
    (Dollars in thousands, except per share data)   Q3   Q2   Q1   Q4   Q3   Q2   Q1
    Balance sheets at quarter end:                        
    Commercial investor real estate loans   $ 4,868,467     $ 4,933,329     $ 4,997,879     $ 5,104,425     $ 5,137,694     $ 5,131,210     $ 5,167,456  
    Commercial owner-occupied real estate loans     1,737,327       1,747,708       1,741,113       1,755,235       1,760,384       1,770,135       1,769,928  
    Commercial AD&C loans     1,255,609       1,184,296       1,090,259       988,967       938,673       1,045,742       1,046,665  
    Commercial business loans     1,620,926       1,601,510       1,509,592       1,504,880       1,454,709       1,423,614       1,437,478  
    Residential mortgage loans     1,529,786       1,521,890       1,511,624       1,474,521       1,432,051       1,385,743       1,328,524  
    Residential construction loans     53,639       78,027       97,685       121,419       160,345       190,690       223,456  
    Consumer loans     426,167       417,161       416,132       417,542       416,436       422,505       421,734  
    Total loans     11,491,921       11,483,921       11,364,284       11,366,989       11,300,292       11,369,639       11,395,241  
    Allowance for credit losses – loans     (131,428 )     (125,863 )     (123,096 )     (120,865 )     (123,360 )     (120,287 )     (117,613 )
    Residential mortgage loans held for sale     21,489       18,961       16,627       10,836       19,235       21,476       16,262  
    SBA loans held for sale     425                                      
    Investment securities     1,440,488       1,401,511       1,405,490       1,414,453       1,392,078       1,463,554       1,528,336  
    Total assets     14,383,073       14,008,343       13,888,133       14,028,172       14,135,085       13,994,545       14,129,007  
    Noninterest-bearing demand deposits     2,903,063       2,931,405       2,817,928       2,914,161       3,013,905       3,079,896       3,228,678  
    Total deposits     11,737,694       11,340,228       11,227,200       10,996,538       11,151,012       10,958,922       11,075,991  
    Customer repurchase agreements     70,767       75,038       71,529       75,032       66,581       74,510       47,627  
    Total stockholders’ equity     1,628,837       1,599,004       1,589,364       1,588,142       1,537,914       1,539,032       1,536,865  
    Quarterly average balance sheets:                        
    Commercial investor real estate loans   $ 4,874,003     $ 4,964,406     $ 5,057,334     $ 5,125,028     $ 5,125,459     $ 5,146,632     $ 5,136,204  
    Commercial owner-occupied real estate loans     1,741,663       1,734,106       1,746,042       1,755,048       1,769,717       1,773,039       1,769,680  
    Commercial AD&C loans     1,253,035       1,133,506       1,030,763       960,646       995,682       1,057,205       1,082,791  
    Commercial business loans     1,579,001       1,551,798       1,508,336       1,433,035       1,442,518       1,441,489       1,444,588  
    Residential mortgage loans     1,526,445       1,518,748       1,491,277       1,451,614       1,406,929       1,353,809       1,307,761  
    Residential construction loans     64,684       86,638       110,456       142,325       174,204       211,590       223,313  
    Consumer loans     421,003       417,206       417,539       419,299       421,189       423,306       424,122  
    Total loans     11,459,834       11,406,408       11,361,747       11,286,995       11,335,698       11,407,070       11,388,459  
    Residential mortgage loans held for sale     19,889       14,497       8,142       10,132       13,714       17,480       8,324  
    SBA loans held for sale     65                                      
    Investment securities     1,531,378       1,538,624       1,536,127       1,544,173       1,589,342       1,639,324       1,679,593  
    Interest-earning assets     13,474,697       13,292,995       13,411,810       13,462,583       13,444,117       13,423,589       13,316,165  
    Total assets     14,136,037       13,956,261       14,061,935       14,090,423       14,086,342       14,094,653       13,949,276  
    Noninterest-bearing demand deposits     2,783,906       2,790,620       2,730,295       2,958,254       3,041,101       3,137,971       3,480,433  
    Total deposits     11,483,524       11,245,476       11,086,145       11,089,587       11,076,724       10,928,038       11,049,991  
    Customer repurchase agreements     63,436       62,161       72,836       66,622       67,298       58,382       60,626  
    Total interest-bearing liabilities     9,600,905       9,441,015       9,583,074       9,418,666       9,332,617       9,257,652       8,806,720  
    Total stockholders’ equity     1,607,377       1,579,582       1,584,902       1,546,312       1,538,553       1,535,465       1,491,929  
    Financial measures:                            
    Average equity to average assets     11.37 %     11.32 %     11.27 %     10.97 %     10.92 %     10.89 %     10.70 %
    Average investment securities to average earning assets     11.36 %     11.57 %     11.45 %     11.47 %     11.82 %     12.21 %     12.61 %
    Average loans to average earning assets     85.05 %     85.81 %     84.71 %     83.84 %     84.32 %     84.98 %     85.52 %
    Loans to assets     79.90 %     81.98 %     81.83 %     81.03 %     79.94 %     81.24 %     80.65 %
    Loans to deposits     97.91 %     101.27 %     101.22 %     103.37 %     101.34 %     103.75 %     102.88 %
    Assets under management   $ 6,567,752     $ 6,215,697     $ 6,165,509     $ 5,999,520     $ 5,536,499     $ 5,742,888     $ 5,477,560  
    Capital measures:                            
    Tier 1 leverage (1)     9.59 %     9.70 %     9.56 %     9.51 %     9.50 %     9.42 %     9.44 %
    Common equity tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Tier 1 capital to risk-weighted assets (1)     11.27 %     11.28 %     10.96 %     10.90 %     10.83 %     10.65 %     10.53 %
    Total regulatory capital to risk-weighted assets (1)     15.53 %     15.49 %     15.05 %     14.92 %     14.85 %     14.60 %     14.43 %
    Book value per common share   $ 36.10     $ 35.45     $ 35.37     $ 35.36     $ 34.26     $ 34.31     $ 34.37  
    Outstanding common shares     45,125,078       45,109,671       44,940,147       44,913,561       44,895,158       44,862,369       44,712,497  

    (1) Estimated ratio at September 30, 2024.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    LOAN PORTFOLIO QUALITY DETAIL – UNAUDITED

          2024     2023
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,   March 31,
    Non-performing assets:                            
    Loans 90 days past due:                            
    Commercial real estate:                            
    Commercial investor real estate   $   $   $   $   $   $   $ 215
    Commercial owner-occupied real estate                            
    Commercial AD&C                            
    Commercial business             20     20     415     29     3,002
    Residential real estate:                            
    Residential mortgage     399     338     340     342         692     352
    Residential construction                            
    Consumer                            
    Total loans 90 days past due     399     338     360     362     415     721     3,569
    Non-accrual loans:                            
    Commercial real estate:                            
    Commercial investor real estate     57,578     55,498     55,579     58,658     20,108     20,381     15,451
    Commercial owner-occupied real estate     9,639     9,403     4,394     4,640     4,744     4,846     4,949
    Commercial AD&C     31,816     2,127     556     1,259     1,422     569    
    Commercial business     9,044     8,455     7,164     10,051     9,671     9,393     9,443
    Residential real estate:                            
    Residential mortgage     11,996     12,228     11,835     12,332     10,766     10,153     8,935
    Residential construction     539     539     542     443     449        
    Consumer     4,258     4,400     4,011     4,102     4,187     3,396     4,900
    Total non-accrual loans     124,870     92,650     84,081     91,485     51,347     48,738     43,678
    Total non-performing loans     125,269     92,988     84,441     91,847     51,762     49,459     47,247
    Other real estate owned (OREO)     3,265     2,700     2,700         261     611     645
    Total non-performing assets   $ 128,534   $ 95,688   $ 87,141   $ 91,847   $ 52,023   $ 50,070   $ 47,892
        For the Quarter Ended,
    (Dollars in thousands)   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
      June 30,
    2023
      March 31,
    2023
    Analysis of non-accrual loan activity:                            
    Balance at beginning of period   $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678     $ 34,782  
    Non-accrual balances transferred to OREO     (565 )           (2,700 )                        
    Non-accrual balances charged-off     (787 )           (1,550 )           (183 )     (2,049 )     (126 )
    Net payments or draws     (3,095 )     (1,427 )     (4,017 )     (7,619 )     (1,545 )     (1,654 )     (10,212 )
    Loans placed on non-accrual     36,667       10,038       1,490       47,920       4,967       9,276       19,714  
    Non-accrual loans brought current           (42 )     (627 )     (163 )     (630 )     (513 )     (480 )
    Balance at end of period   $ 124,870     $ 92,650     $ 84,081     $ 91,485     $ 51,347     $ 48,738     $ 43,678  
                                 
    Analysis of allowance for credit losses – loans:                            
    Balance at beginning of period   $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613     $ 136,242  
    Provision/ (credit) for credit losses – loans     6,310       2,961       3,331       (2,574 )     3,171       4,454       (18,945 )
    Less loans charged-off, net of recoveries:                            
    Commercial real estate:                            
    Commercial investor real estate     397       (3 )     (2 )     (3 )     (3 )     (14 )     (5 )
    Commercial owner-occupied real estate     (27 )     (27 )     (27 )     (27 )     (25 )     (27 )     (26 )
    Commercial AD&C     111       (23 )     (283 )                        
    Commercial business     250       (28 )     1,550       (105 )     15       363       (127 )
    Residential real estate:                            
    Residential mortgage     (35 )     39       (6 )     (6 )     (4 )     35       21  
    Residential construction                                          
    Consumer     49       236       (132 )     62       115       1,423       (179 )
    Net charge-offs/ (recoveries)     745       194       1,100       (79 )     98       1,780       (316 )
    Balance at the end of period   $ 131,428     $ 125,863     $ 123,096     $ 120,865     $ 123,360     $ 120,287     $ 117,613  
                                 
    Asset quality ratios:                            
    Non-performing loans to total loans     1.09 %     0.81 %     0.74 %     0.81 %     0.46 %     0.44 %     0.41 %
    Non-performing assets to total assets     0.89 %     0.68 %     0.63 %     0.65 %     0.37 %     0.36 %     0.34 %
    Allowance for credit losses to loans     1.14 %     1.10 %     1.08 %     1.06 %     1.09 %     1.06 %     1.03 %
    Allowance for credit losses to non-performing loans     104.92 %     135.35 %     145.78 %     131.59 %     238.32 %     243.21 %     248.93 %
    Annualized net charge-offs/ (recoveries) to average loans     0.03 %     0.01 %     0.04 %     %     %     0.06 %   (0.01 )%

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Three Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,874,003     $ 58,133   4.74 %   $ 5,125,459     $ 60,482   4.68 %
    Commercial owner-occupied real estate loans     1,741,663       21,609   4.94       1,769,717       20,865   4.68  
    Commercial AD&C loans     1,253,035       24,553   7.80       995,682       20,503   8.17  
    Commercial business loans     1,579,001       26,953   6.79       1,442,518       23,343   6.42  
    Total commercial loans     9,447,702       131,248   5.53       9,333,376       125,193   5.32  
    Residential mortgage loans     1,526,445       14,223   3.73       1,406,929       12,550   3.57  
    Residential construction loans     64,684       876   5.39       174,204       1,680   3.83  
    Consumer loans     421,003       8,653   8.18       421,189       8,491   8.00  
    Total residential and consumer loans     2,012,132       23,752   4.71       2,002,322       22,721   4.52  
    Total loans (2)     11,459,834       155,000   5.38       11,335,698       147,914   5.18  
    Residential mortgage loans held for sale     19,889       364   7.32       13,714       238   6.93  
    SBA loans held for sale     65       2   11.28                
    Taxable securities     1,197,301       7,440   2.49       1,239,564       6,682   2.16  
    Tax-advantaged securities     334,077       2,222   2.66       349,778       2,269   2.59  
    Total investment securities (3)     1,531,378       9,662   2.52       1,589,342       8,951   2.25  
    Interest-bearing deposits with banks     463,531       6,191   5.31       505,017       6,371   5.00  
    Federal funds sold                   346       5   5.38  
    Total interest-earning assets     13,474,697       171,219   5.06       13,444,117       163,479   4.83  
                             
    Less: allowance for credit losses – loans     (125,962 )             (122,348 )        
    Cash and due from banks     82,172               93,354          
    Premises and equipment, net     58,035               71,956          
    Other assets     647,095               599,263          
    Total assets   $ 14,136,037             $ 14,086,342          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,427,739     $ 6,256   1.74 %   $ 1,419,934     $ 4,229   1.18 %
    Regular savings deposits     1,718,475       15,341   3.55       861,634       5,571   2.57  
    Money market savings deposits     3,018,799       28,999   3.82       2,866,744       25,122   3.48  
    Time deposits     2,534,605       28,691   4.50       2,887,311       28,180   3.87  
    Total interest-bearing deposits     8,699,618       79,287   3.63       8,035,623       63,102   3.12  
    Repurchase agreements     63,436       334   2.09       67,298       356   2.10  
    Federal funds purchased and Federal Reserve Bank borrowings     8,543       118   5.53       300,435       3,726   4.92  
    Advances from FHLB     458,152       5,001   4.34       558,696       6,200   4.40  
    Subordinated debt     371,156       3,946   4.25       370,565       3,946   4.26  
    Total borrowings     901,287       9,399   4.15       1,296,994       14,228   4.35  
    Total interest-bearing liabilities     9,600,905       88,686   3.68       9,332,617       77,330   3.29  
                             
    Noninterest-bearing demand deposits     2,783,906               3,041,101          
    Other liabilities     143,849               174,071          
    Stockholders’ equity     1,607,377               1,538,553          
    Total liabilities and stockholders’ equity   $ 14,136,037             $ 14,086,342          
                             
    Tax-equivalent net interest income and spread       $ 82,533   1.38 %       $ 86,149   1.54 %
    Less: tax-equivalent adjustment         1,121             1,068    
    Net interest income       $ 81,412           $ 85,081    
                             
    Interest income/earning assets           5.06 %           4.83 %
    Interest expense/earning assets           2.62             2.28  
    Net interest margin           2.44 %           2.55 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $1.1 million and $1.1 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    Sandy Spring Bancorp, Inc. and Subsidiaries
    CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES – UNAUDITED

        Nine Months Ended September 30,
          2024       2023  
    (Dollars in thousands and tax-equivalent)   Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
      Average
    Balances
      Interest (1)   Annualized
    Average
    Yield/Rate
    Assets                        
    Commercial investor real estate loans   $ 4,964,914     $ 176,504   4.75 %   $ 5,136,059     $ 177,067   4.61 %
    Commercial owner-occupied real estate loans     1,740,608       63,090   4.84       1,770,812       61,038   4.61  
    Commercial AD&C loans     1,139,517       68,779   8.06       1,044,907       61,005   7.81  
    Commercial business loans     1,546,498       79,026   6.83       1,442,858       68,258   6.33  
    Total commercial loans     9,391,537       387,399   5.51       9,394,636       367,368   5.23  
    Residential mortgage loans     1,512,209       41,968   3.70       1,356,530       35,925   3.53  
    Residential construction loans     87,177       3,208   4.92       202,856       5,302   3.49  
    Consumer loans     418,591       25,693   8.20       422,861       24,403   7.72  
    Total residential and consumer loans     2,017,977       70,869   4.69       1,982,247       65,630   4.42  
    Total loans (2)     11,409,514       458,268   5.36       11,376,883       432,998   5.09  
    Residential mortgage loans held for sale     14,197       801   7.52       13,192       697   7.04  
    SBA loans held for sale     22       2   11.28                
    Taxable securities     1,195,481       21,319   2.38       1,275,407       20,538   2.15  
    Tax-advantaged securities     339,881       6,785   2.66       360,348       6,727   2.49  
    Total investment securities (3)     1,535,362       28,104   2.44       1,635,755       27,265   2.22  
    Interest-bearing deposits with banks     434,083       17,401   5.35       368,829       13,979   5.07  
    Federal funds sold     288       8   3.79       433       13   4.00  
    Total interest-earning assets     13,393,466       504,584   5.03       13,395,092       474,952   4.74  
                             
    Less: allowance for credit losses – loans     (122,971 )             (125,558 )        
    Cash and due from banks     83,265               94,960          
    Premises and equipment, net     59,124               70,130          
    Other assets     638,838               609,301          
    Total assets   $ 14,051,722             $ 14,043,925          
                             
    Liabilities and Stockholders’ Equity                        
    Interest-bearing demand deposits   $ 1,467,517     $ 18,858   1.72 %   $ 1,413,876     $ 10,465   0.99 %
    Regular savings deposits     1,602,997       42,597   3.55       660,211       7,831   1.59  
    Money market savings deposits     2,847,006       79,190   3.72       3,067,810       68,976   3.01  
    Time deposits     2,586,639       86,417   4.46       2,658,225       67,943   3.42  
    Total interest-bearing deposits     8,504,159       227,062   3.57       7,800,122       155,215   2.66  
    Repurchase agreements     66,134       1,043   2.11       62,126       561   1.21  
    Federal funds purchased and Federal Reserve Bank borrowings     99,303       3,847   5.17       264,580       9,816   4.96  
    Advances from FHLB     501,277       16,394   4.37       637,015       21,623   4.54  
    Subordinated debt     371,009       11,839   4.25       370,412       11,839   4.26  
    Total borrowings     1,037,723       33,123   4.26       1,334,133       43,839   4.39  
    Total interest-bearing liabilities     9,541,882       260,185   3.64       9,134,255       199,054   2.91  
                             
    Noninterest-bearing demand deposits     2,768,331               3,218,226          
    Other liabilities     150,827               169,291          
    Stockholders’ equity     1,590,682               1,522,153          
    Total liabilities and stockholders’ equity   $ 14,051,722             $ 14,043,925          
                             
    Tax-equivalent net interest income and spread       $ 244,399   1.39 %       $ 275,898   1.83 %
    Less: tax-equivalent adjustment         3,359             3,044    
    Net interest income       $ 241,040           $ 272,854    
                             
    Interest income/earning assets           5.03 %           4.74 %
    Interest expense/earning assets           2.59             1.99  
    Net interest margin           2.44 %           2.75 %
    (1) Tax-equivalent income has been adjusted using the combined marginal federal and state rate of 25.48% and 25.37% for 2024 and 2023, respectively. The annualized taxable-equivalent adjustments utilized in the above table to compute yields aggregated to $3.4 million and $3.0 million in 2024 and 2023, respectively.
    (2) Non-accrual loans are included in the average balances.
    (3) Available-for-sale investments are presented at amortized cost.

    The MIL Network

  • MIL-OSI Banking: Stealer here, stealer there, stealers everywhere!

    Source: Securelist – Kaspersky

    Headline: Stealer here, stealer there, stealers everywhere!

    Introduction

    Information stealers, which are used to collect credentials to then sell them on the dark web or use in subsequent cyberattacks, are actively distributed by cybercriminals. Some of them are available through a monthly subscription model, thus attracting novice cybercriminals. According to Kaspersky Digital Footprint Intelligence, almost 10 million devices, both personal and corporate, were attacked by information stealers in 2023. That said, the real number of the attacked devices may be even higher, as not all stealer operators publish all their logs immediately after stealing data.

    This year, we analyzed quite a few previously known and new stealers, which we described in detail in our private reports. You will find a few excerpts from these below. To learn more about our crimeware reporting service, contact us at crimewareintel@kaspersky.com.

    Kral

    In mid-2023, we discovered the Kral downloader which, back then, downloaded the notorious Aurora stealer. This changed in February this year when we discovered a new Kral stealer, which we believe is part of the same malware family as the downloader due to certain code similarities.

    The Kral stealer is delivered solely by the Kral downloader. The downloader itself sneaks onto the user’s device when a potential victim visits an adult website that embeds malicious ads. These redirect the victim to a phishing page which offers them to download a file. That file is the Kral downloader. Back in 2023, the downloader was written in a combination of C++ and Delphi, which resulted in relatively large samples. These days, the downloader is solely written in C++, which has shrunk the size of the payload tenfold.

    The Kral stealer has quite some similarities with the downloader. Both are signed and both use the same function for binary integrity verification ( WinVerifyTrust()). Also, they both use the same key for string encryption. Last but not least, the Kral name is used in the PDB paths to both binaries.

    In terms of functionality, the stealer is particularly interested in cryptocurrency wallets and browser data. A random folder is created in C:ProgramData, where stolen data, as well as information about the system (local time, time zone, CPU, etc) are stored. The folder is then zipped and sent to the C2 via the COM interface of the Background Intelligent Transfer Service (BITS). The stealer only collects data once. However, if the user launches it again, it will steal once more.

    AMOS

    The AMOS stealer targeting macOS was first identified in early 2023. In June 2024, we discovered a new domain delivering this malware. The website impersonated the Homebrew package manager. Following a deeper investigation, we found out that users ended up on this site through malvertising.

    Homebrew fake website

    As you can see from the image above, there are two options to install the malware. First, there is an option to download the infected DMG image directly, while the second option is to use an installation script.

    The installation script is fairly simple. It downloads the malicious image and installs it, after which it downloads and installs the legitimate Homebrew package. In the other case, when the user downloads the image, the following screen is displayed:

    DMG file with nested files

    As can be seen, the user is tricked into thinking that they have launched the Homebrew app and opening the AMOS stealer. When the malware is executed, multiple instances of the Terminal and bash processes are started. These processes start collecting system information and creating new hidden session history files. The stealer also embeds a specific trick to collect the macOS user password. Instead of logging keystrokes, the malware displays deceptive dialog boxes requesting the user’s credentials.

    Vidar / ACR

    The actors behind Vidar spread it by adding comments on YouTube that contain links to a ZIP or RAR archive hosted on a file-sharing platform which is changing every week. The archive is password protected, but the password is found at the same URL as the archive.

    Contents of the cloud storage

    The downloaded archive contains another password-protected archive, which contains the following files:

    1. converter.exe: legitimate ImageMagick application;
    2. vcomp100.dll: malicious DLL used for DLL hijacking;
    3. bake.docx: encrypted first stage loader;
    4. blindworm.avi: IDAT loader, the second stage payload.

    The legitimate converter.exe loads vcomp100.dll as the former is vulnerable to DLL hijacking. Next, the malicious DLL reads the encrypted “bake.docx” file, gets the payload and the key from a specified offset, and decodes the payload. That payload is a variant of the Penguish downloader containing an IDAT packed sample. This means we can use the IDAT loader extractor to extract the final payload, which is the Vidar stealer.

    What is interesting here is that instead of stealing data, Vidar actually downloads the ACR stealer. The latter, like many stealers these days, is interested in browser data and wallets. Vidar, too, normally targets the same types of data, however in this case, it uses the ACR Stealer as an exfiltration module.

    According to our telemetry data, most victims are found in Brazil.

    Conclusion

    Stealers are found everywhere, and they are popular among cybercriminals. Stolen data can be either leveraged for further attacks by the attackers themselves or sold on the dark web. Although stealers implement extensive support for snatching crypto-related data, the harvesting of credentials can be just as damaging – or even more so. This is especially true for credentials that provide access to corporate networks which can then be leveraged to deploy ransomware attacks.

    Relatively simple measures, such as 2FA, choosing unique passwords, downloading software only from official websites, and double-checking the website before downloading, can complicate this kind of attacks.

    If you would like to stay up to date on the latest TTPs being used by criminals, or if you have questions about our private reports, contact us at crimewareintel@kaspersky.com.

    Indicators of compromise

    Kral
    02c168aebb26daafe43a0cccd85397b2
    039bebb6ccc2c447c879eb71cd7a5ba8
    0509cc53472b265f8c3fc57008e31dbe

    Amos
    ec7f737de77d8aa8eece7e355e4f49b9
    dd2832f4bf8f9c429f23ebb35195c791

    Vidar
    6f9d3babdeea3275489589ee69bc3f31

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: Text of Vice-President’s address at the first convocation ceremony of Raja Mahendra Pratap Singh State University, Aligarh, Uttar Pradesh (Excerpts)

    Source: Government of India (2)

    Posted On: 21 OCT 2024 2:21PM by PIB Delhi

    Smt. Anandiben Patel, Hon’ble Governor of Uttar Pradesh, and chancellor of this university, Raja Mahendra Pratap Singh State University. The Governor exemplifies passionate commitment to education. She has brought about big change and I have seen one here, names and certificates and mark sheets all electronically uploaded.

    She is very forward looking and handheld me when I was governor of West Bengal, when it came to the role of Chancellor. The Hon’ble Governor defines the role of chancellor with exemplification of highest virtuosity and commitment. She has been here twice and the state of Uttar Pradesh is lucky to have such an educationist, such a motivational, inspirational governor, particularly for the field of education.

    When I stepped into the premises हमने सबसे पहले एक काम किया महामहिम राज्यपाल ने और मैने ‘मां के नाम एक पेड़’ और जब यहां आकर देखा how thoughtful it was, Vedic chanting related to environment.

    हमें याद रखना पड़ेगा हमारे पास रहने के लिए पृथ्वी के अलावा कोई दूसरी जगह नहीं है इसी का सृजन करना पड़ेगा

    I therefore appeal to every student, every member of the staff, member of the faculty, everyone present here इस premises के अंदर इस प्रांगण में मां के नाम पेड जरूर लगाए यहां देखा है मैंने सब ठीक उन्नति के ऊपर है पर यह पक्ष कमजोर है यह अति शीघ्र होना चाहिए climate change time bomb is ticking we have to act while there is a time.

    Friends, it is an honour to be present at this convocation and for a very special reason. It is named after Raja Mahendra Pratap Singh, a patriot, national hero and freedom fighter. Another very fascinating aspect is being in Brijbhoomi is always spiritually rewarding. My congratulations to all the graduating students, medalists their proud parents also and more importantly, my greetings and congratulations to the members of the faculty.

    My young friends, your high academic qualifications are an asset to the country. In whatever field you work, and the number of fields is now increasing day by day, you will be part of India’s developing growth story. This story of Bharat is full of promises. The next 25 years are with immense potential which you all are required to exploit.

    Friends, the most important component of our youth with high qualifications like you are our spinal strength.

    Our national ambitions are well defined. Our national ambition is well set out and that is to be a developed nation, develop Bharat by 2047.

    Young minds are the most vital stakeholders in this journey. You will define this journey, you will fuel this journey and you will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological and social progress.

    Our national ambitions are well defined, our national ambition is well set out, and that is to be a developed nation, developed part at 2047. Young minds are the most vital stakeholders in this journey, you will define this journey, you will fuel this journey and we will make everyone proud. You are the future leaders, you are the creators of positive change, driving economic, technological, and social progress. You have to be the change you believe in. Don’t be swept by the change. Bring about the change you want as per your aptitude and attitude.

    Friends it is a testament present governance that this university has emerged so well in a such short time with the foundation stone being led by our visionary Prime Minister just 3 years ago.

    This achievement alongside exemplary law and order, highways, infrastructure august well for its northward progress and rise.

    it is a historical fact – Civilizations survive by institutions and ordering their heroes. Imagine in the field of education, Nalanda, Takshashila and many more global beacon of knowledge and education. This university establishment is a step in the right direction to befittingly immortalise Raja Mahendra Pratap Singh, a hero like others who ought to have been given space in our independence movement history, he should have occupied huge space. In 1915, he established first provisional Government of India in Kabul that was two decades before the Britishers could even imagine of the 1935 Government of India Act. It was a very great attempt. It was a thought to proclaim freedom, which we got later on and he had the good occasion to be a Member of Parliament. We thrive in an independent environment today because of sacrifices made by heroes like him.

    These inspiring stories of such great heroes unfortunately have had so far brief or no mention in our textbooks. A painful aberration is the history of independence was manipulated with credit being denied to those undeterred.

    It is our bounden ordainment to make aware our youth of our real heroes of freedom struggle. The next generation of historians should ensure that the sacrifice of multitude freedom fighters inspired this generation. It is soothing in recent times, vigorously we are celebrating all over the country our unsung heroes or well sung heroes.

    Belated conferment of the highest civilian award to Bharat Ratan to Dr. B.R. Ambedkar in 1990, to Chaudhary Charan Singh and Karpoori Thakur in 2023 are steps in the right direction. I was privileged on both the occasions to be in the theatre of parliament. In 1990 I was a union minister and now Vice-President, Chairman Rajya Sabha.

    I feel blessed but a cause of concern. Why it took us so long to recognise our heroes?

    Similarly, very good developments have taken place recently. We celebrate 15th November Janjatiya Gaurav Divas to pay tributes to Bhagwan Birsa Munda on his birth anniversary. A great tribal freedom fighter, know about him. You will be enthused, motivated, inspired. In the prime of youth he went away but left indelible mark on our freedom movement struggle. The day is dedicated to the memory of brave tribal freedom fighters so that our coming generations and this generation know about their sacrifices, about this country.

    Similarly, another great hero who was denied rightful space. Netaji Subhash Chandra Bose, gifted with indomitable spirit and selfless service to the nation. The government has decided to celebrate his birthday 23rd January every year as Prakram Diwas and rightly so. I was again privileged and honoured when the main function was held.

    In Kolkata, I happened to be governor of the state of West Bengal. The honourable Prime Minister inaugurated this great day remembering one of the finest human beings, finest souls, visionary who laid down everything, all comforts to serve the nation.

    Friends, our youth must always remember The fortitude these people exhibited in the face of grave adversity, this will infuse in all of you a fervour for nationalism.

    “शहीदों की चिताओं पर जुड़ेंगे हर बरस मेले।

    वतन पर मरनेवालों का यही बाक़ी निशाँ होगा॥

    कभी वह दिन भी आएगा जब अपना राज देखेंगे।

    जब अपनी ही ज़मीं होगी और अपना आसमाँ होगा॥“

    यह आज चरितार्थ हो रहा है आजादी के लंबे समय बाद इसको हर पल महसूस किया जा रहा है हर दृष्टि से किया जा रहा है।

    My young friends, I have adverted to some of such recent steps to remind you all that our commitment to nationalism should ever be unflinching and uppermost. राष्ट्र से ऊपर कुछ नहीं है। राष्ट्रवाद हमारा धर्म है, निजी हित या कोई भी हित हो राष्ट्रहित से ऊपर नहीं रख सकते यही हमारा संकल्प होना चाहिए, यही हमारी संस्कृति का निचोड़ है।

    Raja Mahendra Pratap Singh was also a visionary educationist who foresaw the need for technical education establishing the Prem Mahavidyalaya.

    Friends, history is proof of it. No country has excelled without being at the forefront of technological revolution. If we want to see Pax Indica becoming a reality, we must lead in technology.

    We are living virtually in the fourth industrial revolution where information is key to all our activities, from agriculture to education to communication. Everything is around communication these days. Technology is a game-changer.

    In our country, it has affected very fortunately, much-needed, transparent, accountable governance, ease of service delivery, and accomplishment of the last in the row, getting benefits.

    As we march towards Viksit Bharat@2047, driven by a knowledge economy, our goal should be to create institutions of excellence, rivalling the best in the world. Because this country had institutions of global excellence and eminence, people from all over the planet swarmed to get enlightenment.

    I appeal to industries and corporates to invest in India’s educational ecosystem. Investment in education is investment in your present, investment in your future, investment for economic growth, investment for peace, investment for harmony.

    This endeavour should be driven, now here is a word of caution by me. I can call it a caveat. We should never make education a commodity, we should never make education commerce. This endeavour, this enterprise, this spirit should not be driven by commodification and commercialisation of education but it should align with our traditional Gurukul system. गुरुकुल में क्या होता था कोई फीस नहीं होती थी, कोई रोक-टोक नहीं होती थी और यही कारण है कि भारत के संविधान निर्माता ने बहुत सोच समझकर जो 22 चित्र संविधान में रखे हैं आपसे अपील करूंगा उन चित्रों का आप अध्ययन कीजिए। आजकल सोशल मीडिया गूगल सब आपकी मदद करेगा उसमें जहां सिटीजनशिप है वहां गुरुकुल का चित्र है, शिक्षा को क्या इंपोर्टेंस दी गई है। They have to be crucibles of character formation, they have to inflame us with the spirit of commitment to our Bharat.

    To those shaping curricula, those who are devising curricula, the members of the faculty, I urge you to make the National Education Policy a success. The honourable Governor and myself have been associated at various stages in the evolution of National Education Policy. Thousands of stakeholders’ inputs have been considered. We have it after more than three decades, it presents a visionary roadmap for transforming our education system. It promotes multidisciplinary learning, skill development, innovation. It does not need a great emphasis on degrees. I want every teacher, every professor, every person associated with education to please go through National Education Policy. You can’t implement it unless you understand it, you have to understand it with a mindset to implement it.

    Our Bharat today, fortunately, and a great development for the world, is emerging as an intellectual powerhouse in terms of technology. My young friends, boys and girls, will know about it.  We rank fifth in terms of patents filed. You know the importance of patents, you know its economic results.  You can realise how it’s a soft diplomatic weapon also and with a significant increase of 25% year-on-year growth, our annual growth in terms of filing patents is 25%.

    In artificial intelligence, India with its dense human interaction and deep technological penetration is poised to lead data set creation. As a matter of fact, our digitisation, our technological penetration, utilisation for service delivery has been accoladed by global institutions, the World Bank, that India is a role model when it comes to service delivery by digitisation but India’s accomplishments in six years are normally not attainable even in more than four decades.

    Friends, we are entering the Amrit Kaal of technological revolution. That has to be driven by young minds, ignited minds like yours. Be the change makers, lead innovation, and find Indian solutions to Indian problems and make available also to the global fraternity.

    To the graduating class of 2024, congratulations on your success. Be inspired by heroes like Radha Mahendra Pratap Singh, who placed national interest above everything else. Exploit the opportunities that new Bharat presents, use your education wisely and for greater good.

    Friends, as you enter and step into the world, you will have challenges, you will have serious challenges, you might get some setbacks also all these are natural.

    It will not be a dream entry for you, it will be fiercely competitive and it should be. Never fear failure. Any failure is a stepping stone to success, if you get a good idea in your mind, don’t harbour it, act on it.

    To the affiliated colleges and academics, my appeal is ensure your activities, prepare graduates for this emerging technological world. Imbibe in them a spirit of nationalism.

    It is no good, you may be brilliant, you may be technologically genius, you may be admired but if your attachment to the nationalism is fragile,

    ‘काट्यो काट्यो कपास हो जाए’ कपास को जब काटते हैं तो धागा बनता है, तो थोड़ा भी मिस डायरेक्शन हो तो वापस कपास बन जाता है। Your efforts go in vain.

    Friends, India, home to one-sixth of humanity, the oldest civilisation on the planet, with exponential economic surge. दुनिया का कोई भी देश 7.5% से 8%, GDP ग्रोथ के साथ आगे नहीं बढ़ रहा है।

    आंखों से देख रहे हैं जिसका सपना लेते हुए भी डर लगता था मेरी उम्र के लोगों को। World class infrastructure of rail, road, connectivity, waterways, digitisation all over the country is happening in this nation.

    It is time for our youth, now my special appeal to you, you are in silos. लगता है नौकरी सरकार की ही है लगता है नौकरियां कहां है थोड़ा सा देखोगे तो पता लगेगा की जो Basket of Opportunities है is enlarging.

    एक जानकारी के अनुसार सिर्फ 10% छात्रों को ही पता है कि कहां संभावनाएं हैं, 90% को नहीं पता है। Please come out of the silos.

    भारत को यदि अगर आज के दिन International Monetary Fund कह रहा है कि it’s a land of opportunity, destination and investment, क्यों? नौकरी के लिए तो नहीं कह रहा। Make most of it, look around you will find your talent can be used in blue economy in the sea, in a space economy.

    चाणक्य के शब्द बताता हूं आपको और चाणक्य का नाम आते ही चाणक्य का नाम लेते ही एक नई ऊर्जा अपने में आ जाती है जो चाणक्य का रोल करते हो वह कैसे बोलते हैं, लगता है चाणक्य कितना महान था। चाणक्य ने कहा था “Education is the best friend, an educated person is respected everywhere.”

    और स्वामी विवेकानंद जी ने कहा था “Arise, awake, and stop not until the goal is reached.” that you should never forget

    To those who are outgoing, stepping out, the cohort and the current students, my very best wishes. You couldn’t be more lucky with an ecosystem and the ecosystem is that you can fully exploit your talent and potential to realise your dreams and aspirations.

    To those who have got degrees today, my one appeal, you are in a very distinguished category, you are the first alumni of this institution. You should take a place to be ever attached to this institution, be in connect with this institution, make annual contributions. Amount does not matter, financial contribution, quantum is immaterial, making financial contribution is all important. Do it. You will find over the years, this will grow like a balloon and help students in need. This will be a great service to the field of education and your institution.

    अंत में एक बात कहूंगा आपको सदैव सचेत रहने के लिए एक सिख दे रहा हूं उसी को सदा याद रखना ‘नायमात्मा बलहीनेन लभ्यः’

    इसका अर्थ है अंग्रेजी में self realisation cannot be achieved by weak willed. हम रिलाइज करना चाहते हैं पर अगर weak willed हैं तो हम नहीं कर पाएंगे। so be strong willed, never be in fear of failure, never suffer from stress and tension because of the fear of failure. It is the earnestness and commitment in efforts that is all important and that was the lesson imparted by Lord Krishna to Arjun at Kurukshetra that should be guiding star for your future working.

    I am honoured to deliver the first lecture, the first convocation address. It will ever be etched in my memory. It is an occasion for me to pay tribute to one of the greatest sons of this soil.

    ****

    JK/RC/SM

    (Release ID: 2066642) Visitor Counter : 25

    MIL OSI Asia Pacific News

  • MIL-OSI China: Announcement on Open Market Operations No.207 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.207 [2024]

    (Open Market Operations Office, October 21, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB208.9 billion through quantity bidding at a fixed interest rate on October 21, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB208.9 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年10月21日

    MIL OSI China News

  • MIL-OSI: Correction: HSBC Bank Plc – Form 8.5 (EPT/RI) – Learning Technologies Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.         KEY INFORMATION

    (a) Name of exempt principal trader: HSBC Bank Plc
    (b) Name of offeror/offeree in relation to whose relevant securities this form relates:
         Use a separate form for each offeror/offeree
    Learning Technologies Group plc
    (c) Name of the party to the offer with which exempt principal trader is connected: OFFEROR: GASC APF, L.P. and certain of its managed or advised funds (including Atlantic Park), accounts and/or affiliates (collectively, General Atlantic)
    (d) Date dealing undertaken: 18 October 2024
    (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
         If it is a cash offer or possible cash offer, state “N/A”
    N/A      

    2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales

     

    Total number of securities Highest price per unit paid/received
    (GBP)
    Lowest price per unit paid/received
    (GBP)
     

    Ordinary Shares

     

    Purchase

    49,342 92.802 p 91.946 p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit (GBP)
    e.g. CFD e.g. opening/closing a long/short position, increasing/reducing a long/short position
    ­ Ordinary shares Swap Increasing a short position 7,115 91.840 p
    ­ Ordinary shares Swap Increasing a short position 5,154 92.802 p
    ­ Ordinary shares Swap Increasing a short position 742 92.001 p
    ­ Ordinary shares Swap Increasing a short position 8,973 92.302 p
    ­ Ordinary shares Swap Increasing a short position 1,426 92.052 p
    ­ Ordinary shares Swap Increasing a short position 751 92.802 p
    ­ Ordinary shares Swap Increasing a short position 195 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,341 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,643 92.053 p
    ­ Ordinary shares Swap Increasing a short position 1,392 92.802 p
    ­ Ordinary shares Swap Increasing a short position 362 92.001 p
    ­ Ordinary shares Swap Increasing a short position 2,485 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,053 92.053 p
    ­ Ordinary shares Swap Increasing a short position 1,081 92.802 p
    ­ Ordinary shares Swap Increasing a short position 281 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,930 92.282 p
    ­ Ordinary shares Swap Increasing a short position 2,132 92.052 p
    ­ Ordinary shares Swap Increasing a short position 1,122 92.802 p
    ­ Ordinary shares Swap Increasing a short position 292 92.001 p
    ­ Ordinary shares Swap Increasing a short position 2,004 92.282 p
    ­ Ordinary shares Swap Increasing a short position 1,004 91.920 p
    ­ Ordinary shares Swap Increasing a short position 648 92.802 p
    ­ Ordinary shares Swap Increasing a short position 115 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,138 92.297 p
    ­ Ordinary shares Swap Increasing a short position 966 91.846 p
    ­ Ordinary shares Swap Increasing a short position 691 92.802 p
    ­ Ordinary shares Swap Increasing a short position 101 92.001 p
    ­ Ordinary shares Swap Increasing a short position 1,205 92.301 p

    (c)        Stock-settled derivative transactions (including options)

    (i)         Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

     

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
       

     

       

    3.         OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state “none”
     

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)  the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     

    None

    Date of disclosure: 21 October 2024
    Contact name: Dhruti Singh
    Telephone number: 0207 088 2000

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: Bilibili Inc. Announces Repurchase Right Notification for 0.50% Convertible Senior Notes due 2026

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced that it is notifying holders of its 0.50% Convertible Senior Notes due 2026 (CUSIP No. 090040AF3) (the “Notes”) that, pursuant to the Indenture dated as of November 23, 2021 (the “Indenture”) relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$1,000 principal amount for cash on December 1, 2024 (the “Repurchase Right”). Holders of the Notes may exercise the Repurchase Right from 12:01 a.m., New York City time, on Tuesday, October 29, 2024 until 5:00 p.m., New York City time, on Wednesday, November 27, 2024.

    As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions, and procedures for exercising the Repurchase Right will be available through the Depository Trust Company and the paying agent, which is Deutsche Bank Trust Company Americas. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Repurchase Right.

    The Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes, or any portion thereof that is an integral multiple of US$1,000 principal amount. The repurchase price for such Notes will be an amount in cash equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, December 1, 2024, which is the date specified for repurchase in the Indenture (the “Repurchase Date”), subject to the terms and conditions of the Indenture and the Notes. The Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. As December 1, 2024 is a Sunday, pursuant to the Indenture and the Notes, on Monday, December 2, 2024, which is the next succeeding business day, the Company will pay accrued and unpaid interest on all of the Notes through November 29, 2024 to all holders who were holders of record as of close of business on Friday, November 15, 2024, regardless of whether the Repurchase Right is exercised with respect to such Notes, with the same force and effect as if paid on December 1, 2024 and no interest shall accrue in respect of the delay. As a result, on the Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of October 21, 2024, there was US$432,407,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Repurchase Right, the aggregate cash purchase price will be US$432,407,000.

    In order to exercise the Repurchase Right, a holder must follow the transmittal procedures set forth in the Company’s Repurchase Right Notice to holders (the “Repurchase Right Notice”), which is available through the Depository Trust Company and Deutsche Bank Trust Company Americas. Holders may withdraw any previously tendered Notes pursuant to the terms of the Repurchase Right at any time prior to 5:00 p.m., New York City time, on Wednesday, November 27, 2024, which is the second business day immediately preceding the Repurchase Date. If a holder has tendered any Notes pursuant to the Repurchase Right, such Notes cannot be converted unless the holder withdraws the tender in accordance with the terms of the Indenture.

    This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Company’s Repurchase Right Notice dated October 21, 2024 and related documents.

    Holders of the Notes should refer to the Indenture for a complete description of repurchase procedures and direct any questions concerning the mechanics of repurchase to the Trustee by contacting Deutsche Bank Trust Company Americas. Holders of Notes may request the Company’s Repurchase Right Notice from the paying agent, at Deutsche Bank Trust Company Americas, c/o DB Services Americas Inc., 5022 Gate Parkway Suite 200, MS JCK01-218, Jacksonville, FL 32256.

    HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ THE COMPANY’S TENDER OFFER STATEMENT ON SCHEDULE TO, REPURCHASE RIGHT NOTICE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BILIBILI INC. AND THE REPURCHASE RIGHT.

    Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s investor relations website, http://ir.bilibili.com.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high- quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    For investor and media inquiries, please contact:

    In China:
    Bilibili Inc.
    Juliet Yang
    Tel: +86-21-2509-9255 Ext. 8523
    E-mail: ir@bilibili.com

    Piacente Financial Communications
    Helen Wu
    Tel: +86-10-6508-0677
    E-mail: bilibili@tpg-ir.com

    In the United States:
    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: bilibili@tpg-ir.com

    The MIL Network

  • MIL-OSI Economics: Advanced Trading System Group (ATS Group): BaFin warns consumers about the website advtradegroup.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The operators of the website refer to themselves only as Advanced Trading System Group (ATS Group) without stating the company’s legal form. They do not provide any information about their registered office and the website contains no legal notice.

    Anyone conducting banking business and providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Submissions: Africa – Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

    SOURCE: African Development Bank Group (AfDB)

    Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

    TOKYO, Japan, October 21, 2024/

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Africa – SHAFDB Wins Pan-African Development Bank Leadership Award

    Source: Media Fast

    Zanzibar, Tanzania: 21 October 2024 – Shelter Afrique Development Bank (ShafDB), a leading Pan-African multilateral development bank, dedicated to financing and promoting housing, urban & related infrastructure development across the African continent, has been honored with the prestigious “Pan-African Development Bank Leadership Award – A Pioneer in Housing Finance” for its outstanding contributions to the development of the continent.

    The award, presented during the 40th Anniversary Gala of the African Union for Housing Finance (AUHF) and the International Secondary Mortgage Market Association (ISSMA), recognized Shelter Afrique Development Bank for its pioneering leadership and 42 years unwavering commitment to advancing sustainable development in Africa’s housing sector. This prestigious honor was conferred by Ambassador Sharon Trail, founder of the AUHF 40 years ago, who was also honored with a lifetime achievement award at the same event.

    Receiving the award, Shelter Afrique Development Bank Managing Director, Thierno-Habib Hann expressed gratitude for the recognition, stating, “This honor is a testament to our mission of transforming Africa’s housing and urban landscape. We are proud of the work we’ve done in collaboration with governments, development finance institutions (DFIs), private developers, and financial institutions across Africa to provide affordable housing solutions.”

    The award highlights the transformative changes taking place at ShafDB, driven by its visionary leadership and the ‘New Dawn’ strategy now coming to light.

    Last month, ShafDB was designated as the anchor resource mobilization partner at the African Union’s Inaugural Africa Urban Forum in its Addis Ababa Declaration, further solidifying the Bank’s central role in shaping Africa’s urban development and housing landscape.

    Shaping the housing agenda

    Over the past four decades, ShafDB has spearheaded various affordable housing projects in over 40 African countries, playing a crucial role in shaping the housing agenda by providing long-term financing solutions, promoting green building initiatives, and supporting the construction of inclusive communities.

    Going forward, the institution aims to build on its success by leveraging its expertise and resources to address Africa’s housing and urban challenges, focusing on scalable, sustainable, inclusive, and impactful solutions.

    “We dedicate this award to our shareholders, partners, clients, and the communities we serve. It is through these collaborations that we will continue to make a lasting impact on Africa’s development. My thanks go to our esteemed Board Members who have shown relentless support to our transformation, and to our bold staff at Shelter Afrique Development Bank. They are the reason for our success. For it is only through teamwork, passion, and dedication that we can elevate ShafDB to fulfill its mission for Africa,” Mr. Hann concluded.

    MIL OSI – Submitted News

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with São Tomé and Príncipe

    Source: IMF – News in Russian

    October 21, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the São Toméan authorities have reached staff-level agreement on economic policies and reforms to be supported by a new 40-month arrangement under the Extended Credit Facility (ECF), updating the agreement reached last year. This renewed staff-level agreement is subject to IMF Management approval and IMF Executive Board consideration, contingent on the implementation of the agreed prior actions and the timely confirmation of the necessary financing assurances from the country’s development partners.
    • The authorities’ ambitious reform program aims at restoring macroeconomic stability while laying the foundations for faster and more inclusive growth. This includes a sizable and front-loaded fiscal adjustment while protecting the vulnerable. The program includes decisive near-term reforms in the electricity sector and medium-term structural reforms to facilitate the green energy transition and unleash the country’s growth potential.

    Washington, DC: An International Monetary Fund (IMF) team led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, visited São Tomé during May 23 – June 5, 2024, and held virtual discussions in the recent months, to discuss with the São Toméan authorities IMF support for their policies and reform plans.

    At the end of the mission, Mr. Slavov issued the following statement:

    “The São Toméan authorities and the IMF team have reached a renewed staff-level agreement to support the authorities’ economic adjustment and reform policies with a new 40-month program supported by an arrangement under the Extended Credit Facility (ECF). The agreement is subject to approval by IMF’s Management and Executive Board in the period ahead, and is contingent on the implementation of prior actions by the authorities and the timely confirmation of the necessary financing assurances from the country’s development partners to cover the external financing gap.

    “São Tomé and Príncipe faced a very challenging 2023 and continues to struggle with high fuel import needs and depleted international reserves. Over the past few years, the country has been hit by multiple shocks, whose impact on the economy continues to reverberate. This includes the massive external shock in early 2023 when a major fuel exporter stopped supplying fuel on credit, opening a large external financing gap.

    “These factors, along with energy shortages, contributed to a slowdown of real GDP growth to 0.2 percent in 2022 and 0.4 percent in 2023. Inflation accelerated to 19.2 percent in April 2024 before declining to 12 percent in August, year-on-year. International reserves fell sharply.

    “The authorities’ program aims to restore macroeconomic stability, improve the living conditions of the population, foster the economic recovery, and promote sustainable and inclusive growth. The necessarily ambitious and front-loaded fiscal adjustment is crucial to lowering the high public debt and rebalancing the economy under a pegged exchange rate, but is designed with care to protect the vulnerable.

    “The authorities have already implemented significant reforms. They launched the Value-Added Tax in June 2023 and implemented a large fiscal adjustment in 2023. Fuel prices were adjusted, and explicit fuel subsidies have been eliminated in the aggregate. The central bank (Banco Central de São Tomé e Príncipe or BCSTP) ended monetary financing of the budget and implemented tightening measures.  

    “The authorities will make further efforts to strengthen tax and customs administration and to rationalize budgetary expenditures. These efforts will create the fiscal space for implementing growth-enhancing development programs that will help put public debt on a downward trajectory. In addition, the authorities will strengthen social safety nets and reinforce the existing targeted cash-transfer program for vulnerable households. Given the country’s high public debt, ensuring that new financing takes the form of highly concessional loans or ideally grants will be vital to ensure sustainability and also meet vital spending needs.

    “Moreover, the program will urgently implement near-term reforms to address the crisis in the electricity sector. This would alleviate pressures on public debt and foreign exchange reserves. To prevent implicit fuel subsidies and contain fiscal risks, the authorities will apply the fuel price adjustment mechanism in a truly automatic way on a monthly basis. The government will strengthen transparency and address governance weaknesses to reduce vulnerabilities to corruption. Finally, the authorities will strengthen the BCSTP, ensuring its autonomy and appropriate governance arrangements.

    “Over the medium term, structural reforms will unleash the country’s growth potential. These include the reform strategy for the energy sector with a focus on shifting towards renewable sources, encouraging domestic food production, fostering the tourism sector, adapting to climate change, and empowering women.

    “During the visit and subsequent virtual discussions, the mission met with President Carlos Vila Nova; Prime Minister Patrice Émery Trovoada; Minister of Planning and Finance Ginésio Valentim Afonso da Mata; Minister of Economy Disney Leite Ramos; Governor of the Central Bank Américo D’Oliveira dos Ramos; President of the Court of Auditors Ricardino Costa Alegre; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation and constructive policy dialogue.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/18/pr-24382-sao-tome-and-principe-imf-reaches-staff-level-agreement-on-an-ecf-arrangement

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    Source: Government of India (2)

    Union Minister Dr. Virendra Kumar inaugurates the 21st Divya Kala Mela in Jabalpur, Madhya Pradesh

    The Event – based on Prime Minister’s Vocal for Local vision – is a unique initiative towards Empowering Divyang Entrepreneurs

    Last 20 editions of the Mela generated a combined income exceeding ₹15 crore and facilitated loans worth over ₹12 crore for participating Divyangjans till date

    Posted On: 19 OCT 2024 8:47PM by PIB Delhi

    The 21st Divya Kala Mela, a monumental fair dedicated to the economic empowerment of persons with disabilities (PwDs), is being held at Jabalpur, Madhya Pradesh, from 17th to 27th October 2024. The fair was officially inaugurated today by Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, alongside Minister of Social Justice and Empowerment, Madhya Pradesh, Shri Narayan Das Kushwaha and Shri Ashok Rohani, MLA of Jabalpur.

    Other dignitaries present at the event included senior officials from the Government of India and Madhya Pradesh, graced the occasion, with active participation from Shri Rajeev Sharma, Joint Secretary, DEPwD, Shri Naveen Shah, Managing Director of National Divyangjan Finance and Development Corporation (NDFDC), and Shri Deepak Kumar Saxena, District Collector of Jabalpur.

     

     

    The grand event is a shining example of India’s commitment to fostering inclusive growth, as it offers an exceptional platform for differently abled entrepreneurs to showcase their products, talents, and skills. With around 100 stalls, the fair has been meticulously organized to promote self-reliance, encourage business ventures, and amplify the impact of PwDs in line with Prime Minister Shri Narendra Modi’s ‘Vocal for Local’ vision.

     

     

     

    Addressing the event, Dr. Virendra Kumar informed about the tremendous success of the Divya Kala Mela since its inception in 2022, with over 20 fairs organized across the Nation, generating a combined income exceeding ₹15 crore for participating Divyangjans. He further announced a special job fair for PwDs, to be held on 25th October 2024, providing new employment avenues and reinforcing the government’s commitment to ensuring equal opportunities for all.

     

     

    It was further informed that a special highlight of the event is the distribution of loans worth ₹1.21 crore by Madhya Pradesh Gramin Bank, Union Bank, and IDBI Bank to disabled entrepreneurs, a crucial step in bolstering their businesses. To date, the Divya Kala Mela initiative has facilitated loans worth over ₹12 crore, promoting business expansion and fostering a culture of entrepreneurship among PwDs. Moreover, the distribution of essential aids and assistive devices like hearing aids, motors, and lifts has further empowered the differently abled community, he added.

     

     

    In his keynote address, Shri Narayan Das Kushwaha praised the Divya Kala Mela as a transformative initiative by the Government of India, which has paved the way for economic empowerment, recognition, and self-reliance for Divyangjan artisans and entrepreneurs. He highlighted that this platform serves not only as an economic catalyst but also as a beacon of awareness and skill recognition for PwDs across India.

    Adding a festive touch, a vibrant cultural programme titled ‘Divya Kala Shakti’, showcasing the talents of Divyang artists from across India, will be held alongside the fair. With performances already having taken place in 15 cities, ‘Divya Kala Shakti’ has become a national platform for the creative expression of PwDs, bringing their talents to the forefront.

     

    In his address, Shri Sandeep Rajak, State Commissioner for Persons with Disabilities, urged the Government to host a World Art Fair in Jabalpur, envisioning a grand collaboration between the public sector, private companies, and NGOs, united by the common goal of empowering the Divyangjans.

    CMD of NDFDC, Shri Naveen Shah, also extended a warm invitation to the citizens of Jabalpur, encouraging them to visit the fair, support the talented Divyang artisans, indulge in delectable local food, and enjoy the colorful cultural programmes. He emphasized that the fair is free and open to the public, making it a not-to-miss event for everyone.

    *****

    VM

    (Release ID: 2066409) Visitor Counter : 72

    MIL OSI Asia Pacific News

  • MIL-OSI: Leading Independent Proxy Advisory Firm ISS Issues New Recommendation in Support of Territorial/Hope Bancorp Combination

    Source: GlobeNewswire (MIL-OSI)

    ISS Recommends Territorial Shareholders Vote “FOR” Hope Bancorp Transaction

    ISS Recognizes Value Creation Upside of the Hope Bancorp Merger and Risks and Uncertainty Associated with Blue Hill’s Preliminary Indication of Interest

    Territorial Board Urges Shareholders to Follow ISS’s Recommendation and Vote “FOR” the Hope Bancorp Merger Today

    HONOLULU, Oct. 21, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that leading independent proxy advisory firm Institutional Shareholder Services (“ISS”) has reissued its report assessing Territorial’s proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”).

    In its report, ISS recommends that Territorial shareholders vote “FOR” the Company’s pending merger with Hope Bancorp at the Special Meeting on November 6, 2024, at 8:30 a.m., Hawai‘i Time.

    The Territorial Board of Directors also unanimously recommends that all Territorial shareholders vote “FOR” the Hope Bancorp agreement.

    Commenting on the report, Territorial issued the following statement:

    The Hope Bancorp merger is the only transaction that provides realizable value and substantial upside for Territorial shareholders. This tax-free transaction also enables our shareholders to benefit from a more than 1000% increase to Territorial’s standalone dividend. Accordingly, we strongly urge all Territorial shareholders to vote FOR the transaction today.

    ISS’s report recognizes the risks and uncertainty associated with Blue Hill’s preliminary indication of interest, including a lack of financing, failure to identify the entities behind Blue Hill and questionable ability to execute the indication of interest. These deficiencies support our belief that Blue Hill does not have the ability to complete a transaction with Territorial or to obtain the necessary regulatory approvals for the transaction in a timely manner.

    In making its recommendation, ISS stated in its October 18, 2024, reporti:

    • “A merger with HOPE is arguably a better outcome for TBNK than remaining standalone, given the strategic rationale for the combination and the issues facing the company”
    • “we find that the board’s caution [regarding Blue Hill] appears to have a reasonable basis. The request for evidence of committed financing and increased disclosure regarding the consortium, in particular, seem to be low hanging fruit that Blue Hill could provide to address these concerns.”
    • “In our engagement with the company, the board expressed a willingness to engage with Blue Hill if its concerns could be properly addressed in order to best protect shareholders.”
    • “It is unclear at this point why Blue Hill has not provided the board the details it has asked for.”

    Time is short. The Special Meeting is fast approaching. Territorial shareholders are urged to follow the recommendations from ISS and the Territorial Board by voting today FOR the transaction with Hope Bancorp.


    YOUR VOTE IS IMPORTANT NO MATTER HOW MANY OR HOW FEW SHARES YOU OWN!

    Please take a moment to vote FOR the proposals set forth on the enclosed proxy card — by Internet, telephone toll-free or by signing, dating and returning the enclosed proxy card or voting instruction form. Vote well in advance of the Special Meeting on November 6, 2024, at 8:30 a.m. Hawaiʻi Time.

    If you have questions about how to vote your shares, please contact:

    Laurel Hill Advisory Group

    Call toll-free: (888) 742-1305
    Banks and brokers should call: (516) 933-3100


    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

    Additional Information about the Hope Merger and Where to Find It

    In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at http://www.sec.gov.

    Forward-Looking Statements

    Some statements in this news release may constitute 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. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.   

    Investor / Media Contacts:
    Walter Ida
    SVP, Director of Investor Relations
    808-946-1400
    walter.ida@territorialsavings.net


    i Permission to use quotes neither sought nor obtained

    The MIL Network

  • MIL-OSI Economics: Report for the G20 on tokenisation highlights the opportunities, risks and future considerations for central banks

    Source: Bank for International Settlements

    • Tokenisation could have implications for the future of finance and the role of central banks in payments, monetary policy and financial stability.
    • While tokenisation could offer numerous benefits for the financial system and broader economy, costs and risks also need to be considered.
    • BIS report highlights four key considerations for central banks: private sector initiatives; trade-offs between different types of settlement assets; sound regulation, supervision and oversight for tokenisation; and the impact on monetary policy implementation.

    Tokenisation of money could have implications for the role of central banks in payments, monetary policy and financial stability, according to a report to the G20 published today by the Bank for International Settlements (BIS).

    Tokenisation in the context of money and other assets: concepts and implications for central banks, which was prepared by the BIS, including the BIS Committee on Payment and Market Infrastructures (CPMI), examined tokenisation – the generation and recording of digital representations of traditional assets on a programmable platform. 

    The report also looked at global challenges in the regulated payments sector and focused on the possible benefits of tokenisation in addressing existing frictions in financial markets. It considered potential benefits of some of the innovative solutions involving new use cases and functions that are currently being explored around the world. 

    It notes that, while the potential benefits of tokenisation, such as cheaper and speedier transactions, have attracted interest, the costs and risks need to be considered. 

    They may also affect how pre- and post-trade functions are executed for money and other assets. In addition, ensuring appropriate governance and legal frameworks, credit and liquidity risks, as well as custody and operational risks will also require focus. 

    The report also highlights that risks may materialise in a different manner to the challenges faced by conventional market infrastructures. Tokenisation arrangements provide platform-based intermediation for financial assets that may lead to changes in how financial markets operate and are structured. 

    In this context, the report focuses on four key considerations for central banks:

    • responding to ongoing private sector tokenisation initiatives; for example, whether to foster interoperability in the case of fragmenting markets;
    • assessing the trade-offs and the appropriate balance between different types of settlement assets in token arrangements;
    • Identifying, monitoring and assessing tokenisation arrangements that may need to be subject to sound regulation, supervision, and oversight; and
    • assessing the potential impact of token arrangements on monetary policy implementation, for example through changes in the structure of regulated markets or the demand for central bank versus other types of money. 

    Tokenisation has significant potential to improve the safety and efficiency of the financial system. Central banks along with the private sector must continue to explore novel technologies and develop solutions that are fit for purpose for the future financial system. However, tokenisation also poses economic, legal and technical challenges that must be addressed if it is to fulfil its potential. The BIS is committed to exploring aspects of these challenges through its analysis and Innovation Hub projects in the years ahead.

    Agustín Carstens, General Manager of the BIS

    As with existing payment, clearing and settlement systems, the potential capacity of token arrangements to improve financial system safety and efficiency will require sound governance and risk management. The well known risks of existing systems apply, but these risks may materialise in different ways due to the effects of token arrangements on market structure.  As follow-up to this report, the CPMI will continue its exploration of the topic, including the impact of innovation on the role of central bank money.

    Fabio Panetta, Governor, Bank of Italy and Chair, CPMI

    MIL OSI Economics

  • MIL-OSI: Marquette National Corporation Declares a Dividend of $0.28 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.28 per share. The dividend will be payable on January 2, 2025 to shareholders of record on December 20, 2024. As of September 30, 2024, Marquette National Corporation had 4,372,352 shares issued and outstanding.  

    Marquette National Corporation is a diversified bank holding company with total assets of approximately $2.20 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com.

    Special Note Concerning Forward-Looking Statements
    This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies(including the effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business as a result of the upcoming 2024 presidential election or any changes in response to failures of other banks; (v) changes in interest rates and prepayment rates of the Company’s assets (including the impact of the significant rate increases by the Federal Reserve since 2022); (vi) increased competition in the financial services sector (including from non-bank competitors such as credit unions and “fintech” companies) and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; (xi) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xii) fluctuations in the value of securities held in our securities portfolio; (xiii) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xiv) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversity their exposure; (xv) the level of non-performing assets on our balance sheets; (xvi) interruptions involving our information technology and communications systems or third-party servicers; (xvii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xviii) the ability of the Company to manage the risks associated with the foregoing as well as anticipated.. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

    For more information:
    Patrick Hunt
    EVP & CFO
    708-364-9019
    phunt@emarquettebank.com

    The MIL Network

  • MIL-OSI: HBT Financial, Inc. Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter Highlights

    • Net income of $18.2 million, or $0.57 per diluted share; return on average assets (“ROAA”) of 1.44%; return on average stockholders’ equity (“ROAE”) of 13.81%; and return on average tangible common equity (“ROATCE”)(1) of 16.25%
    • Adjusted net income(1) of $19.2 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.53%; adjusted ROAE(1) of 14.62%; and adjusted ROATCE(1) of 17.20%
    • Asset quality remained strong with nonperforming assets to total assets of 0.17% and net charge-offs to average loans of 0.07%, on an annualized basis
    • Net interest margin and net interest margin (tax-equivalent basis)(1) expanded to 3.98% and 4.03%, respectively

    BLOOMINGTON, Ill., Oct. 21, 2024 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024. This compares to net income of $18.1 million, or $0.57 diluted earnings per share, for the second quarter of 2024, and net income of $19.7 million, or $0.62 diluted earnings per share, for the third quarter of 2023.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “In the third quarter, we continued our consistently solid financial performance with net income of $18.2 million, adjusted net income(1) of $19.2 million, adjusted ROAA(1) of 1.53% and adjusted ROATCE(1) of 17.20%. We have also seen tangible equity continue to build, with tangible book value per share increasing 23.3% over the last year. Our net interest margin (tax-equivalent basis)(1) increased 3 basis points to 4.03% while funding costs remained modest, increasing 5 basis points to 1.47%. Our asset quality remains strong with net charge-offs at 0.07% of average loans on an annualized basis during the quarter and nonperforming assets to total assets at 0.17%. We have not seen any significant signs of stress in our loan portfolio, but we continue to monitor the portfolio closely. Noninterest income remained consistent and noninterest expense of $31.3 million was up only 2.1% when compared to the third quarter of 2023, as we remain focused on operational efficiency while continuing to invest in our business. Lastly, all capital ratios had solid increases and can support future organic growth or acquisitions.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, charges related to termination of certain employee benefit plans, realized gains (losses) on sales of securities, and mortgage servicing rights fair value adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024. This compares to adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the second quarter of 2024, and adjusted net income of $20.3 million, or $0.63 adjusted diluted earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the third quarter of 2024 was $47.7 million, an increase of 1.5% from $47.0 million for the second quarter of 2024. The increase was primarily attributable to improved loan yields which were mostly offset by an increase in funding costs.

    Relative to the third quarter of 2023, net interest income decreased 1.1% from $48.3 million. The decrease was primarily attributable to higher funding costs which were partially offset by higher asset yields and an increase in interest-earning assets.

    Net interest margin for the third quarter of 2024 was 3.98%, compared to 3.95% for the second quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the third quarter of 2024 was 4.03%, compared to 4.00% for the second quarter of 2024. Higher yields on interest-earning assets, which increased by 7 basis points to 5.35%, were mostly offset by an increase in funding costs, with the cost of funds increasing by 5 basis points to 1.47%.

    Relative to the third quarter of 2023, net interest margin decreased 9 basis points from 4.07% and net interest margin (tax-equivalent basis)(1) decreased 10 basis points from 4.13%. These decreases were primarily attributable to increases in funding costs outpacing increases in interest-earning asset yields.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $8.7 million, a decrease from $9.6 million for the second quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results compared to a $0.1 million negative MSR fair value adjustment included in the second quarter 2024 results. Partially offsetting the MSR fair value adjustment was a $0.2 million increase in service charge income and a $0.2 million increase in other noninterest income, primarily attributable to swap fee income.

    Relative to the third quarter of 2023, noninterest income decreased 8.3% from $9.5 million. The decrease was primarily attributable to the $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results, partially offset by the absence of $0.8 million in realized losses on the sale of securities included in the third quarter 2023 results.

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $31.3 million, a 2.7% increase from $30.5 million for the second quarter of 2024. The increase was primarily attributable to a $0.5 million increase in occupancy expense, driven in part by a seasonal increase in planned building maintenance expenses, and a $0.4 million increase in marketing and customer relations expense.

    Relative to the third quarter of 2023, noninterest expense increased 2.1% from $30.7 million. The increase was primarily attributable to a $0.7 million increase in salaries and a $0.4 million increase in employee benefits. Partially offsetting these increases was a $0.3 million decrease in marketing and customer relations expense.

    On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the nine months ended September 30, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.

    (dollars in thousands)     Nine Months Ended
    September 30, 2023
     
         
    PROVISION FOR CREDIT LOSSES   $ 5,924  
    NONINTEREST EXPENSE    
    Salaries     3,584  
    Furniture and equipment     39  
    Data processing     2,031  
    Marketing and customer relations     24  
    Loan collection and servicing     125  
    Legal fees and other noninterest expense     1,964  
    Total noninterest expense     7,767  
    Total acquisition-related expenses   $ 13,691  
     

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.37 billion at September 30, 2024, compared with $3.39 billion at June 30, 2024, and $3.34 billion at September 30, 2023. The $15.7 million decrease from June 30, 2024 was primarily attributable to several larger commercial real estate loan payoffs due to the sale of the property and a couple of larger one-to-four family residential loan payoffs. These decreases were partially offset by increased line usage and term originations in our agricultural and farmland portfolio.

    Deposits

    Total deposits were $4.28 billion at September 30, 2024, compared with $4.32 billion at June 30, 2024, and $4.20 billion at September 30, 2023. The $38.0 million decrease from June 30, 2024 was primarily attributable to lower balances maintained in retail accounts and a $18.3 million decrease in escrow balances related to seasonal tax payments, partially offset by increases in public funds and business accounts. Additionally, we continue to see a shift towards higher cost deposit products, with decreases in noninterest-bearing deposits, interest-bearing demand, and savings balances being partially offset by an increase in money market and time deposit balances.

    Asset Quality

    Nonperforming loans totaled $8.2 million, or 0.24% of total loans, at September 30, 2024, compared with $8.4 million, or 0.25% of total loans, at June 30, 2024, and $6.7 million, or 0.20% of total loans, at September 30, 2023. Additionally, of the $8.2 million of nonperforming loans held as of September 30, 2024, $2.0 million is either wholly or partially guaranteed by the U.S. government. The $0.2 million decrease in nonperforming loans from June 30, 2024 was primarily attributable to the payoff of $0.1 million in nonaccrual agricultural and farmland loans.

    The Company recorded a provision for credit losses of $0.6 million for the third quarter of 2024. The provision for credit losses primarily reflects a $1.2 million increase in required reserves resulting from changes in economic forecasts; a $0.2 million increase in required reserves resulting from qualitative factor changes; a $0.6 million decrease in required reserves driven by decreased loan balances and changes within the loan portfolio; and a $0.2 million decrease in specific reserves.

    The Company had net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $0.1 million, or 0.01% of average loans on an annualized basis, for the third quarter of 2023. During the third quarter of 2024, net charge-offs were primarily recognized in the commercial and industrial category which had $0.7 million of net charge-offs.

    The Company’s allowance for credit losses was 1.22% of total loans and 499% of nonperforming loans at September 30, 2024, compared with 1.21% of total loans and 484% of nonperforming loans at June 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $4.1 million as of September 30, 2024, compared with $4.3 million as of June 30, 2024.

    Capital

    As of September 30, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        September 30, 2024   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.54 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.48     8.50  
    Common equity tier 1 capital ratio   13.15     7.00  
    Tier 1 leverage ratio   11.16     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.35% as of September 30, 2024, from 8.74% as of June 30, 2024, and tangible book value per share(1) increased by $0.91 to $14.55 as of September 30, 2024, when compared to June 30, 2024.

    During the third quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2025. As of September 30, 2024, the Company had $10.6 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of September 30, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.4 billion, and total deposits of $4.3 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), ratio of tangible common equity to tangible assets, tangible book value per share, ROATCE, adjusted net income, adjusted earnings per share, adjusted ROAA, adjusted ROAE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies (including effects of inflationary pressures and supply chain constraints); (ii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Israeli-Palestinian conflict and the Russian invasion of Ukraine), or other adverse external events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iii) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (iv) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the recent failures of other banks or as a result of the upcoming 2024 presidential election; (v) changes in interest rates and prepayment rates of the Company’s assets; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and “fintech” companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (ix) the loss of key executives or employees; (x) changes in consumer spending; (xi) unexpected outcomes of existing or new litigation involving the Company; (xii) the economic impact of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio; (xiv) concentrations within our loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (xv) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xvi) the level of non-performing assets on our balance sheets; (xvii) interruptions involving our information technology and communications systems or third-party servicers; (xviii) breaches or failures of our information security controls or cybersecurity-related incidents, and (xix) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
        As of or for the Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
    Interest and dividend income   $ 64,117     $ 62,824     $ 59,041     $ 188,902     $ 167,588  
    Interest expense     16,384       15,796       10,762       47,453       23,600  
    Net interest income     47,733       47,028       48,279       141,449       143,988  
    Provision for credit losses     603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses     47,130       45,852       47,799       139,143       137,528  
    Noninterest income     8,705       9,610       9,490       23,941       26,841  
    Noninterest expense     31,322       30,509       30,671       93,099       100,577  
    Income before income tax expense     24,513       24,953       26,618       69,985       63,792  
    Income tax expense     6,333       6,883       6,903       18,477       16,396  
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                         
    Earnings per share – Diluted   $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
                         
    Adjusted net income (1)   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
    Adjusted earnings per share – Diluted (1)     0.61       0.57       0.63       1.75       1.86  
                         
    Book value per share   $ 17.04     $ 16.14     $ 14.36          
    Tangible book value per share (1)     14.55       13.64       11.80          
                         
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140          
    Weighted average shares of common stock outstanding     31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
                         
    SUMMARY RATIOS                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.03       4.00       4.13       4.01       4.20  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.71       52.10       51.25       54.45       57.04  
                         
    Loan to deposit ratio     78.72 %     78.39 %     79.63 %        
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Return on average stockholders’ equity *     13.81       14.48       17.02       13.58       14.22  
    Return on average tangible common equity * (1)     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average assets * (1)     1.53 %     1.45 %     1.62 %     1.48 %     1.61 %
    Adjusted return on average stockholders’ equity * (1)     14.62       14.54       17.51       14.62       17.68  
    Adjusted return on average tangible common equity * (1)     17.20       17.27       21.29       17.34       21.34  
                         
    CAPITAL                    
    Total capital to risk-weighted assets     16.54 %     16.01 %     15.09 %        
    Tier 1 capital to risk-weighted assets     14.48       13.98       13.18          
    Common equity tier 1 capital ratio     13.15       12.66       11.88          
    Tier 1 leverage ratio     11.16       10.83       10.34          
    Total stockholders’ equity to total assets     10.77       10.18       9.14          
    Tangible common equity to tangible assets (1)     9.35       8.74       7.64          
                         
    ASSET QUALITY                    
    Net charge-offs (recoveries) to average loans *     0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.16          
    Nonperforming loans to loans, before allowance for credit losses     0.24       0.25       0.20          
    Nonperforming assets to total assets     0.17       0.17       0.16          
                                             
    *   Annualized measure.
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
     
      Three Months Ended   Nine Months Ended September 30,
    (dollars in thousands, except per share data) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
    INTEREST AND DIVIDEND INCOME                  
    Loans, including fees:                  
    Taxable $ 53,650     $ 52,177     $ 49, 640     $ 157,753     $ 138,948  
    Federally tax exempt   1,133       1,097       1,072       3,324       3,064  
    Debt Securities:                  
    Taxable   6,453       6,315       6,402       18,972       19,460  
    Federally tax exempt   502       521       978       1,620       3,337  
    Interest-bearing deposits in bank   2,230       2,570       714       6,752       2,234  
    Other interest and dividend income   149       144       235       481       545  
    Total interest and dividend income   64,117       62,824       59,041       188,902       167,588  
    INTEREST EXPENSE                  
    Deposits   14,649       14,133       7,211       42,375       13,908  
    Securities sold under agreements to repurchase   134       129       35       415       107  
    Borrowings   119       121       2,108       365       5,594  
    Subordinated notes   470       469       470       1,409       1,409  
    Junior subordinated debentures issued to capital trusts   1,012       944       938       2,889       2,582  
    Total interest expense   16,384       15,796       10,762       47,453       23,600  
    Net interest income   47,733       47,028       48,279       141,449       143,988  
    PROVISION FOR CREDIT LOSSES   603       1,176       480       2,306       6,460  
    Net interest income after provision for credit losses   47,130       45,852       47,799       139,143       137,528  
    NONINTEREST INCOME                  
    Card income   2,753       2,885       2,763       8,254       8,326  
    Wealth management fees   2,670       2,623       2,381       7,840       6,998  
    Service charges on deposit accounts   2,081       1,902       2,040       5,852       5,830  
    Mortgage servicing   1,113       1,111       1,169       3,279       3,522  
    Mortgage servicing rights fair value adjustment   (1,488 )     (97 )     23       (1,505 )     (460 )
    Gains on sale of mortgage loans   461       443       476       1,202       1,125  
    Realized gains (losses) on sales of securities               (813 )     (3,382 )     (1,820 )
    Unrealized gains (losses) on equity securities   136       (96 )     (46 )     24       (61 )
    Gains (losses) on foreclosed assets   (44 )     (28 )     550       15       443  
    Gains (losses) on other assets   (2 )           52       (637 )     161  
    Income on bank owned life insurance   170       166       153       500       415  
    Other noninterest income   855       701       742       2,499       2,362  
    Total noninterest income   8,705       9,610       9,490       23,941       26,841  
    NONINTEREST EXPENSE                  
    Salaries   16,325       16,364       15,644       49,346       51,715  
    Employee benefits   2,997       2,860       2,616       8,662       7,658  
    Occupancy of bank premises   2,695       2,243       2,573       7,520       7,460  
    Furniture and equipment   446       548       667       1,544       2,135  
    Data processing   2,640       2,606       2,581       8,171       9,787  
    Marketing and customer relations   1,380       996       1,679       3,372       3,874  
    Amortization of intangible assets   710       710       720       2,130       1,950  
    FDIC insurance   572       565       512       1,697       1,705  
    Loan collection and servicing   476       475       345       1,403       971  
    Foreclosed assets   19       10       76       78       234  
    Other noninterest expense   3,062       3,132       3,258       9,176       13,088  
    Total noninterest expense   31,322       30,509       30,671       93,099       100,577  
    INCOME BEFORE INCOME TAX EXPENSE   24,513       24,953       26,618       69,985       63,792  
    INCOME TAX EXPENSE   6,333       6,883       6,903       18,477       16,396  
    NET INCOME $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
                       
    EARNINGS PER SHARE – BASIC $ 0.58     $ 0.57     $ 0.62     $ 1.63     $ 1.50  
    EARNINGS PER SHARE – DILUTED $ 0.57     $ 0.57     $ 0.62     $ 1.62     $ 1.49  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,579,457       31,829,250       31,600,442       31,598,650  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
     
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
    ASSETS          
    Cash and due from banks $ 26,776     $ 22,604     $ 24,757  
    Interest-bearing deposits with banks   152,895       172,636       87,156  
    Cash and cash equivalents   179,671       195,240       111,913  
               
    Interest-bearing time deposits with banks         520       500  
    Debt securities available-for-sale, at fair value   710,303       669,055       753,163  
    Debt securities held-to-maturity   505,075       512,549       527,144  
    Equity securities with readily determinable fair value   3,364       3,228       3,106  
    Equity securities with no readily determinable fair value   2,638       2,613       2,300  
    Restricted stock, at cost   5,086       5,086       11,165  
    Loans held for sale   2,959       858       3,563  
               
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
    Allowance for credit losses   (40,966 )     (40,806 )     (38,863 )
    Loans, net of allowance for credit losses   3,328,864       3,344,677       3,303,923  
               
    Bank owned life insurance   24,405       24,235       23,747  
    Bank premises and equipment, net   65,919       65,711       64,713  
    Bank premises held for sale   317       317       35  
    Foreclosed assets   376       320       1,519  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   18,552       19,262       21,402  
    Mortgage servicing rights, at fair value   17,496       18,984       20,156  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   24,160       22,425       23,447  
    Other assets   40,109       59,685       58,538  
    Total assets $ 4,990,728     $ 5,006,199     $ 4,991,768  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,008,359     $ 1,045,697     $ 1,086,877  
    Interest-bearing   3,272,341       3,272,996       3,111,191  
    Total deposits   4,280,700       4,318,693       4,198,068  
               
    Securities sold under agreements to repurchase   29,029       29,330       28,900  
    Federal Home Loan Bank advances   13,435       13,734       177,650  
    Subordinated notes   39,533       39,514       39,454  
    Junior subordinated debentures issued to capital trusts   52,834       52,819       52,774  
    Other liabilities   37,535       42,640       38,671  
    Total liabilities   4,453,066       4,496,730       4,535,517  
               
    Stockholders’ Equity          
    Common stock   328       328       327  
    Surplus   296,810       296,430       295,483  
    Retained earnings   302,532       290,386       256,050  
    Accumulated other comprehensive income (loss)   (38,989 )     (54,656 )     (78,432 )
    Treasury stock at cost   (23,019 )     (23,019 )     (17,177 )
    Total stockholders’ equity   537,662       509,469       456,251  
    Total liabilities and stockholders’ equity $ 4,990,728     $ 5,006,199     $ 4,991,768  
    SHARES OF COMMON STOCK OUTSTANDING   31,559,366       31,559,366       31,774,140  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
               
    LOANS          
    Commercial and industrial $ 395,598   $ 400,276   $ 386,933  
    Commercial real estate – owner occupied   288,838     289,992     297,242  
    Commercial real estate – non-owner occupied   889,188     889,193     901,929  
    Construction and land development   359,151     365,371     371,158  
    Multi-family   432,712     429,951     388,742  
    One-to-four family residential   472,040     484,335     488,655  
    Agricultural and farmland   297,102     285,822     275,239  
    Municipal, consumer, and other   235,201     240,543     232,888  
    Total loans $ 3,369,830   $ 3,385,483   $ 3,342,786  
     
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,008,359   $ 1,045,697   $ 1,086,877  
    Interest-bearing deposits:          
    Interest-bearing demand   1,076,445     1,094,797     1,134,721  
    Money market   795,150     769,386     673,780  
    Savings   566,783     582,752     623,083  
    Time   803,964     796,069     564,634  
    Brokered   29,999     29,992     114,973  
    Total interest-bearing deposits   3,272,341     3,272,996     3,111,191  
    Total deposits $ 4,280,700   $ 4,318,693   $ 4,198,068  
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,379,299     $ 54,783   6.45 %   $ 3,374,058     $ 53,274   6.35 %   $ 3,296,703     $ 50,712   6.10 %
    Debt Securities   1,191,642       6,955   2.32       1,187,795       6,836   2.31       1,317,603       7,380   2.22  
    Deposits with banks   185,870       2,230   4.77       211,117       2,570   4.90       77,595       714   3.65  
    Other   12,660       149   4.68       12,588       144   4.60       16,430       235   5.68  
    Total interest-earning assets   4,769,471     $ 64,117   5.35 %     4,785,558     $ 62,824   5.28 %     4,708,331     $ 59,041   4.97 %
    Allowance for credit losses   (40,780 )             (40,814 )             (38,317 )        
    Noninterest-earning assets   278,030               283,103               294,818          
    Total assets $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,085,609     $ 1,408   0.52 %   $ 1,123,592     $ 1,429   0.51 %   $ 1,160,654     $ 761   0.26 %
    Money market   800,651       4,726   2.35       788,744       4,670   2.38       682,772       2,026   1.18  
    Savings   573,077       396   0.27       592,312       393   0.27       639,384       249   0.15  
    Time   804,379       7,702   3.81       763,507       7,117   3.75       519,683       3,275   2.50  
    Brokered   29,996       417   5.54       38,213       524   5.51       66,776       900   5.34  
    Total interest-bearing deposits   3,293,712       14,649   1.77       3,306,368       14,133   1.72       3,069,269       7,211   0.93  
    Securities sold under agreements to repurchase   29,426       134   1.80       30,440       129   1.70       33,807       35   0.41  
    Borrowings   13,691       119   3.47       13,466       121   3.60       157,908       2,108   5.30  
    Subordinated notes   39,524       470   4.73       39,504       469   4.78       39,444       470   4.72  
    Junior subordinated debentures issued to capital trusts   52,827       1,012   7.63       52,812       944   7.18       52,767       938   7.05  
    Total interest-bearing liabilities   3,429,180     $ 16,384   1.90 %     3,442,590     $ 15,796   1.85 %     3,353,195     $ 10,762   1.27 %
    Noninterest-bearing deposits   1,013,893               1,043,614               1,105,472          
    Noninterest-bearing liabilities   39,903               39,806               46,564          
    Total liabilities   4,482,976               4,526,010               4,505,231          
    Stockholders’ Equity   523,745               501,837               459,601          
    Total liabilities and stockholders’ equity $ 5,006,721             $ 5,027,847             $ 4,964,832          
                                       
    Net interest income/Net interest margin (1)     $ 47,733   3.98 %       $ 47,028   3.95 %       $ 48,279   4.07 %
    Tax-equivalent adjustment (2)       552   0.05           553   0.05           675   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)
        $ 48,285   4.03 %       $ 47,581   4.00 %       $ 48,954   4.13 %
    Net interest rate spread (4)         3.45 %           3.43 %           3.70 %
    Net interest-earning assets (5) $ 1,340,291             $ 1,342,968             $ 1,355,136          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.39               1.40          
    Cost of total deposits         1.35 %           1.31 %           0.69 %
    Cost of funds         1.47             1.42             0.96  
                                                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Nine Months Ended
      September 30, 2024   September 30, 2023
    (dollars in thousands) Average Balance   Interest   Yield/Cost *   Average Balance   Interest   Yield/Cost *
                           
    ASSETS                      
    Loans $ 3,374,875     $ 161,077   6.38 %   $ 3,183,641     $ 142,012   5.96 %
    Debt Securities   1,197,772       20,592   2.30       1,366,298       22,797   2.23  
    Deposits with banks   188,087       6,752   4.80       84,720       2,234   3.53  
    Other   12,744       481   5.04       15,334       545   4.75  
    Total interest-earning assets   4,773,478     $ 188,902   5.29 %     4,649,993     $ 167,588   4.82 %
    Allowance for credit losses   (40,611 )             (37,053 )        
    Noninterest-earning assets   279,789               289,843          
    Total assets $ 5,012,656             $ 4,902,783          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Liabilities                      
    Interest-bearing deposits:                      
    Interest-bearing demand $ 1,112,198     $ 4,148   0.50 %   $ 1,204,937     $ 1,902   0.21 %
    Money market   800,693       14,193   2.37       664,036       4,467   0.90  
    Savings   592,134       1,232   0.28       678,495       616   0.12  
    Time   744,349       20,744   3.72       441,760       6,011   1.82  
    Brokered   50,046       2,058   5.49       22,987       912   5.30  
    Total interest-bearing deposits   3,299,420       42,375   1.72       3,012,215       13,908   0.62  
    Securities sold under agreements to repurchase   30,769       415   1.80       35,844       107   0.40  
    Borrowings   13,387       365   3.64       148,443       5,594   5.04  
    Subordinated notes   39,504       1,409   4.76       39,424       1,409   4.78  
    Junior subordinated debentures issued to capital trusts   52,812       2,889   7.31       51,054       2,582   6.76  
    Total interest-bearing liabilities   3,435,892     $ 47,453   1.84 %     3,286,980     $ 23,600   0.96 %
    Noninterest-bearing deposits   1,031,239               1,123,917          
    Noninterest-bearing liabilities   38,943               46,310          
    Total liabilities   4,506,074               4,457,207          
    Stockholders’ Equity   506,582               445,576          
    Total liabilities and stockholders’ equity $ 5,012,656               4,902,783          
                           
    Net interest income/Net interest margin (1)     $ 141,449   3.96 %       $ 143,988   4.14 %
    Tax-equivalent adjustment (2)       1,680   0.05           2,092   0.06  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)
        $ 143,129   4.01 %       $ 146,080   4.20 %
    Net interest rate spread (4)         3.45 %           3.86 %
    Net interest-earning assets (5) $ 1,337,586             $ 1,363,013          
    Ratio of interest-earning assets to interest-bearing liabilities   1.39               1.41          
    Cost of total deposits         1.31 %           0.45 %
    Cost of funds         1.42             0.72  
                               
    *   Annualized measure.
    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
     
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 8,200     $ 8,425     $ 6,678  
    Past due 90 days or more, still accruing   5       7        
    Total nonperforming loans   8,205       8,432       6,678  
    Foreclosed assets   376       320       1,519  
    Total nonperforming assets $ 8,581     $ 8,752     $ 8,197  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 2,046     $ 2,132     $ 1,968  
               
    Allowance for credit losses $ 40,966     $ 40,806     $ 38,863  
    Loans, before allowance for credit losses   3,369,830       3,385,483       3,342,786  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.16 %
    Allowance for credit losses to nonaccrual loans   499.59       484.34       581.96  
    Allowance for credit losses to nonperforming loans   499.28       483.94       581.96  
    Nonaccrual loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming loans to loans, before allowance for credit losses   0.24       0.25       0.20  
    Nonperforming assets to total assets   0.17       0.17       0.16  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.25       0.26       0.25  
                           
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
     
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
                       
    ALLOWANCE FOR CREDIT LOSSES                  
    Beginning balance $ 40,806     $ 40,815     $ 37,814     $ 40,048     $ 25,333  
    Adoption of ASC 326                           6,983  
    PCD allowance established in acquisition                           1,247  
    Provision for credit losses   746       677       983       1,983       5,004  
    Charge-offs   (1,101 )     (870 )     (412 )     (2,198 )     (733 )
    Recoveries   515       184       478       1,133       1,029  
    Ending balance $ 40,966     $ 40,806     $ 38,863     $ 40,966     $ 38,863  
                       
    Net charge-offs (recoveries) $ 586     $ 686     $ (66 )   $ 1,065     $ (296 )
    Average loans   3,379,299       3,374,058       3,296,703       3,374,875       3,183,641  
                       
    Net charge-offs (recoveries) to average loans *   0.07 %     0.08 %     (0.01) %     0.04 %     (0.01) %
                                   
    *   Annualized measure.                              
                                   
      Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024     2023  
                       
    PROVISION FOR CREDIT LOSSES                  
    Loans (1) $ 746     $ 677   $ 983     $ 1,983   $ 5,004  
    Unfunded lending-related commitments (1)   (143 )     499     297       323     1,456  
    Debt securities             (800 )          
    Total provision for credit losses $ 603     $ 1,176   $ 480     $ 2,306   $ 6,460  
                                       
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
                                       
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjustments:                    
    Acquisition expenses (1)                             (13,691 )
    Gains (losses) on closed branch premises                       (635 )     75  
    Realized gains (losses) on sales of securities                 (813 )     (3,382 )     (1,820 )
    Mortgage servicing rights fair value adjustment     (1,488 )     (97 )     23       (1,505 )     (460 )
    Total adjustments     (1,488 )     (97 )     (790 )     (5,522 )     (15,896 )
    Tax effect of adjustments (2)     424       28       226       1,574       4,382  
    Total adjustments after tax effect     (1,064 )     (69 )     (564 )     (3,948 )     (11,514 )
    Adjusted net income   $ 19,244     $ 18,139     $ 20,279     $ 55,456     $ 58,910  
                         
    Average assets   $ 5,006,721     $ 5,027,847     $ 4,964,832     $ 5,012,656     $ 4,902,783  
                         
    Return on average assets *     1.44 %     1.45 %     1.58 %     1.37 %     1.29 %
    Adjusted return on average assets *     1.53       1.45       1.62       1.48       1.61  
                                             
    *   Annualized measure.
    (1)   Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
    (2)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands, except per share amounts)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024     2023  
                         
    Numerator:                    
    Net income   $ 18,180   $ 18,070   $ 19,715     $ 51,508   $ 47,396  
    Earnings allocated to participating securities (1)             (10 )         (26 )
    Numerator for earnings per share – basic and diluted   $ 18,180   $ 18,070   $ 19,705     $ 51,508   $ 47,370  
                         
    Adjusted net income   $ 19,244   $ 18,139   $ 20,279     $ 55,456   $ 58,910  
    Earnings allocated to participating securities (1)             (10 )         (33 )
    Numerator for adjusted earnings per share – basic and diluted   $ 19,244   $ 18,139   $ 20,269     $ 55,456   $ 58,877  
                         
    Denominator:                    
    Weighted average common shares outstanding     31,559,366     31,579,457     31,829,250       31,600,442     31,598,650  
    Dilutive effect of outstanding restricted stock units     118,180     87,354     137,187       115,266     102,574  
    Weighted average common shares outstanding, including all dilutive potential shares     31,677,546     31,666,811     31,966,437       31,715,708     31,701,224  
                         
    Earnings per share – Basic   $ 0.58   $ 0.57   $ 0.62     $ 1.63   $ 1.50  
    Earnings per share – Diluted   $ 0.57   $ 0.57   $ 0.62     $ 1.62   $ 1.49  
                         
    Adjusted earnings per share – Basic   $ 0.61   $ 0.57   $ 0.64     $ 1.75   $ 1.86  
    Adjusted earnings per share – Diluted   $ 0.61   $ 0.57   $ 0.63     $ 1.75   $ 1.86  
                                       
    (1)    The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
     
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
                         
    Net interest income (tax-equivalent basis)                    
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Net interest income (tax-equivalent basis) (1)   $ 48,285     $ 47,581     $ 48,954     $ 143,129     $ 146,080  
                         
    Net interest margin (tax-equivalent basis)                    
    Net interest margin *     3.98 %     3.95 %     4.07 %     3.96 %     4.14 %
    Tax-equivalent adjustment * (1)     0.05       0.05       0.06       0.05       0.06  
    Net interest margin (tax-equivalent basis) * (1)     4.03 %     4.00 %     4.13 %     4.01 %     4.20 %
                         
    Average interest-earning assets   $ 4,769,471     $ 4,785,558     $ 4,708,331     $ 4,773,478     $ 4,649,993  
                                             
    *   Annualized measure.
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis)
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
                         
    Efficiency ratio (tax-equivalent basis)                    
    Total noninterest expense   $ 31,322     $ 30,509     $ 30,671     $ 93,099     $ 100,577  
    Less: amortization of intangible assets     710       710       720       2,130       1,950  
    Noninterest expense excluding amortization of intangible assets   $ 30,612     $ 29,799     $ 29,951     $ 90,969     $ 98,627  
                         
    Net interest income   $ 47,733     $ 47,028     $ 48,279     $ 141,449     $ 143,988  
    Total noninterest income     8,705       9,610       9,490       23,941       26,841  
    Operating revenue     56,438       56,638       57,769       165,390       170,829  
    Tax-equivalent adjustment (1)     552       553       675       1,680       2,092  
    Operating revenue (tax-equivalent basis) (1)   $ 56,990     $ 57,191     $ 58,444     $ 167,070     $ 172,921  
                         
    Efficiency ratio     54.24 %     52.61 %     51.85 %     55.00 %     57.73 %
    Efficiency ratio (tax-equivalent basis) (1)     53.71       52.10       51.25       54.45       57.04  
                                             
    (1)    On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
     
    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
                 
    Tangible Common Equity            
    Total stockholders’ equity   $ 537,662     $ 509,469     $ 456,251  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible common equity   $ 459,290     $ 430,387     $ 375,029  
                 
    Tangible Assets            
    Total assets   $ 4,990,728     $ 5,006,199     $ 4,991,768  
    Less: Goodwill     59,820       59,820       59,820  
    Less: Intangible assets, net     18,552       19,262       21,402  
    Tangible assets   $ 4,912,356     $ 4,927,117     $ 4,910,546  
                 
    Total stockholders’ equity to total assets     10.77 %     10.18 %     9.14 %
    Tangible common equity to tangible assets     9.35       8.74       7.64  
                 
    Shares of common stock outstanding     31,559,366       31,559,366       31,774,140  
                 
    Book value per share   $ 17.04     $ 16.14     $ 14.36  
    Tangible book value per share     14.55       13.64       11.80  
                             
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
             
        Three Months Ended   Nine Months Ended
    September 30,
    (dollars in thousands)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
        2024       2023  
                         
    Average Tangible Common Equity                    
    Total stockholders’ equity   $ 523,745     $ 501,837     $ 459,601     $ 506,582     $ 445,576  
    Less: Goodwill     59,820       59,820       59,875       59,820       56,406  
    Less: Intangible assets, net     18,892       19,605       21,793       19,607       20,005  
    Average tangible common equity   $ 445,033     $ 422,412     $ 377,933     $ 427,155     $ 369,165  
                         
    Net income   $ 18,180     $ 18,070     $ 19,715     $ 51,508     $ 47,396  
    Adjusted net income     19,244       18,139       20,279       55,456       58,910  
                         
    Return on average stockholders’ equity *     13.81 %     14.48 %     17.02 %     13.58 %     14.22 %
    Return on average tangible common equity *     16.25       17.21       20.70       16.11       17.17  
                         
    Adjusted return on average stockholders’ equity *     14.62 %     14.54 %     17.51 %     14.62 %     17.68 %
    Adjusted return on average tangible common equity *     17.20       17.27       21.29       17.34       21.34  
                                             
    *   Annualized measure.
     

    The MIL Network

  • MIL-OSI: Preferred Bank Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended September 30, 2024. Preferred Bank (“the Bank”) reported net income of $33.4 million or $2.46 per diluted share for the third quarter of 2024. This represents a slight decrease in net income of $209,000 from the prior quarter and down by $4.8 million from the same quarter last year. The decrease in net income from the prior year was due to a decrease in net interest income of $4.1 million due to higher deposit costs as well as an increase in noninterest expense of $3.1 million. These were partially offset by lower provision for credit losses and an increase in noninterest income. The decrease from the prior quarter was due to an increase in noninterest expense of $2.4 million, an increase in the provision for credit losses of $700,000 partially offset by an increase in net interest income of $2.7 million. Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.95%
    • Return on beginning equity of 18.37%
    • Net interest margin (NIM) expanded to 4.10%
    • Total loans increased by $143 million or 2.6% for the quarter
    • Efficiency ratio was 30.6%

    Li Yu, Chairman and CEO, commented, “I am pleased to report our third quarter 2024 net income was $33.4 million or $2.46 a share. Highlights of the quarter include the successful reduction of $21.2 million in non-performing loans, with no charge-offs. Interest recovery related to this was $800,000. Criticized loans, however, have increased but we believe it may be temporary in nature. Separately, the OREO property is currently in escrow, scheduled to close later this month. The valuation allowance we recorded of $1.7 million is included in the quarter’s non-interest expense.

    Loan demand was strong this quarter. We had a net increase of $143 million, or 2.6% on a linked quarter basis. The September’s rate cut seems to have spurred borrower interest in general. Deposits for the quarter had a very small decrease, as we have been careful in monitoring our deposit costs.

    At September 30, 2024, Preferred Bank’s loan portfolio was 26% fixed rate loans and 74% floating rate loans with floor rates for most of them. We believe it is well-balanced with the sensitivity of our deposits. However, the time certificates of deposits do have a cost adjustment pattern of slower reduction in the beginning but increasing gradually.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $68.8 million for the third quarter of 2024. This was a decrease from the $73.0 million recorded in the same quarter last year and an increase over the $66.1 million posted in the second quarter of 2024. A higher cost of deposits was to blame for the decrease in net interest income versus the prior year and a curing of a nonaccrual loan in the third quarter of 2024 was the reason for the increase in net interest income over the second quarter of 2024. A loan that was placed into nonaccrual status in the second quarter of 2024 was paid down significantly and the interest was brought current in the third quarter of 2024. This interest recovery of $800,000 helped to increase the Bank’s net interest margin to 4.10% for the quarter from 3.96% in the prior quarter. This compares to a margin of 4.39% one year ago. Also very importantly, the Bank’s total interest expense decreased for the first time since the first quarter of 2022. This was the result of the Bank’s efforts to replace higher cost brokered MMDA accounts with traditional brokered CD’s which carry a lower coupon. This is why, during this quarter, there is a fairly sizeable decrease in money market accounts and a corresponding increase in certificates of deposit.

    Noninterest Income. For the third quarter of 2024, noninterest income was $3.5 million compared with $3.0 million for the same quarter last year and compared to $3.4 million for the second quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fees which increased by $210,000 and other income partially offset by a decrease in gains on sales of SBA loans of $263,000. In comparing to the same quarter last year; LC fee income was up by $547,000 partially offset by a decrease in service charges of $192,000.

    Noninterest Expense. Total noninterest expense was $22.1 million for the third quarter of 2024 compared to $19.7 million for the second quarter of 2024 and compared to the $19.0 million recorded in the same period last year. The primary reason for the increase from the prior year and over the prior quarter was the $1.7 million valuation allowance recorded this quarter on the Bank’s other real estate owned (OREO) property. In comparing to the prior quarter; personnel expense increased by $581,000 and occupancy expense increased by $167,000. This was partially offset by a decrease in promotion expense of $162,000. In comparing to same quarter last year; personnel expense was up by $517,000, occupancy expense was up by $320,000 and professional services was up by $393,000. The increase in professional services expense was due to increased legal costs which were associated with a number of nonperforming loans. For the quarter ended September 30, 2024, the Bank’s efficiency ratio was 30.6%, higher than the 28.3% posted last quarter and higher than the 25.04% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $13.6 million for the third quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at September 30, 2024 were $5.57 billion, an increase of $298.1 million from the total of $5.27 billion as of December 31, 2023. Total deposits decreased during the quarter by $11 million but still increased year-to-date to $5.87 billion, up $158.4 million from the $5.71 billion as of December 31, 2023. Total assets were $6.87 billion, an increase of $213.3 million over the total of $6.66 billion as of December 31, 2023.

    Asset Quality

    Non-accrual loans as of September 30, 2024, was $19.4 million, a decrease of $21.2 million from $40.6 million on June 30, 2024. There were no charge-offs related to the reduction. Interest recoveries were $800,000 for this quarter

    The increase in total criticized loans of $161.2 for the quarter was largely due to the downgrade of a relationship with seven real estate related loans. These seven loans totaling $182.1 were secured by retail or multifamily properties that have late payment irregularities. At September 30, 2024, four of the seven loans totaling $86.5 million have been brought current and are expected to be out of criticized status in the fourth quarter. The three loans that have not been brought to current have a combined weighted average LTV of 64% and DCR of 0.98. All these loans have adequate guarantor support. Combined amount outstanding for these three loans is $95.6 million.

    Allowance for Credit Losses

    The provision for credit losses for the third quarter of 2024 was $3.2 million compared to $2.5 million last quarter and compared to $3.5 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.36% of loans as compared to 1.34% in the prior quarter.

    Capitalization

    As of September 30, 2024, the Bank’s leverage ratio was 11.28%, the common equity tier 1 capital ratio was 11.66% and the total capital ratio stood at 15.06%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s third quarter 2024 financial results will be held this afternoon, October 21, 2024 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at http://www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through November 4, 2024; the passcode is 7955778.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at http://www.preferredbank.com.

    AT THE COMPANY:
    Edward J. Czajka
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188
    AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com
       

    Financial Tables to Follow

    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
                         
                         
              For the Quarter Ended
              September 30,   June 30,   September 30,  
                2024     2024     2023  
    Interest income:              
      Loans, including fees   $ 114,112   $ 109,451   $ 106,695  
      Investment securities     15,032     17,552     18,556  
      Fed funds sold     280     291     278  
        Total interest income     129,424     127,294     125,529  
                         
    Interest expense:              
      Interest-bearing demand     23,211     24,205     20,257  
      Savings     84     79     67  
      Time certificates     35,956     35,578     29,369  
      FHLB borrowings             1,557  
      Subordinated debt     1,325     1,325     1,325  
        Total interest expense     60,576     61,187     52,575  
        Net interest income     68,848     66,107     72,954  
    Provision for credit losses     3,200     2,500     3,500  
        Net interest income after provision for              
          credit losses     65,648     63,607     69,454  
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     747     819     939  
      Letters of credit fee income     1,959     1,749     1,412  
      BOLI income     108     105     103  
      Net gain on sale of loans     91     353     21  
      Other income     554     378     497  
        Total noninterest income     3,459     3,404     2,972  
                         
    Noninterest expense:              
      Salary and employee benefits     13,525     12,944     13,008  
      Net occupancy expense     1,883     1,716     1,563  
      Business development and promotion expense     241     403     193  
      Professional services     1,816     1,832     1,423  
      Office supplies and equipment expense     435     477     395  
      Loss on sale of OREO, valuation allowance and related expense     1,915     29     140  
      Other       2,274     2,296     2,287  
        Total noninterest expense     22,089     19,697     19,009  
        Income before provision for income taxes     47,018     47,314     53,417  
    Income tax expense     13,635     13,722     15,225  
        Net income   $ 33,383   $ 33,592   $ 38,192  
                         
    Income per share available to common shareholders              
        Basic   $ 2.50   $ 2.51   $ 2.74  
        Diluted   $ 2.46   $ 2.48   $ 2.71  
                         
    Weighted-average common shares outstanding              
        Basic     13,327,848     13,362,522     13,925,994  
        Diluted     13,544,273     13,548,400     14,105,915  
                         
    Cash dividends per common share   $ 0.70   $ 0.70   $ 0.55  
                         
    PREFERRED BANK  
    Condensed Consolidated Statements of Operations  
    (unaudited)  
    (in thousands, except for net income per share and shares)  
                         
                         
              For the Nine Months Ended      
              September 30,   September 30,   Change  
                2024     2023     %  
    Interest income:              
      Loans, including fees   $ 333,543   $ 304,796     9.4  
      Investment securities     48,841     47,454     2.9  
      Fed funds sold     854     774     10.4  
        Total interest income     383,238     353,024     8.6  
                         
    Interest expense:              
      Interest-bearing demand     69,706     53,701     29.8  
      Savings     238     153     55.6  
      Time certificates     105,864     71,399     48.3  
      FHLB borrowings         3,819     -100.0 %
      Subordinated debt     3,975     3,975     0.0  
        Total interest expense     179,783     133,046     35.1  
        Net interest income     203,455     219,978     -7.5 %
    Provision for credit losses     10,100     6,500     55.4  
        Net interest income after provision for credit losses     193,355     213,478     -9.4 %
                         
    Noninterest income:              
      Fees & service charges on deposit accounts     2,411     2,477     -2.7 %
      Letters of credit fee income     5,211     4,312     20.8 %
      BOLI income     318     307     3.3 %
      Net loss on called and sale of investment securities         (4,117 )   -100.0 %
      Net gain on sale of loans     547     547     -0.1 %
      Other income     1,441     1,481     -2.7 %
        Total noninterest income     9,928     5,007     98.3 %
                         
    Noninterest expense:              
      Salary and employee benefits     40,369     39,256     2.8 %
      Net occupancy expense     5,310     4,513     17.7 %
      Business development and promotion expense     910     498     82.7 %
      Professional services     5,105     3,915     30.4 %
      Office supplies and equipment expense     1,385     1,197     15.7 %
      Loss on sale of OREO, valuation allowance and related expense     2,079     3,050     -31.8 %
      Other       6,656     6,332     5.1 %
        Total noninterest expense     61,814     58,761     5.2 %
        Income before provision for income taxes     141,469     159,724     -11.4 %
    Income tax expense     41,028     45,523     -9.9 %
        Net income   $ 100,441   $ 114,201     -12.0 %
                         
    Income per share available to common shareholders              
        Basic   $ 7.50   $ 8.01     -6.4 %
        Diluted   $ 7.39   $ 7.92     -6.7 %
                         
    Weighted-average common shares outstanding              
        Basic     13,399,487     14,257,005     -6.0 %
        Diluted     13,587,820     14,418,939     -5.8 %
                         
    Dividends per share   $ 2.10   $ 1.65     27.3 %
                         
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
                   
                   
            September 30,   December 31,  
              2024       2023    
            (Unaudited)   (Audited)  
    Assets        
    Cash and due from banks $ 782,394     $ 890,852    
    Fed funds sold   22,600       20,000    
      Cash and cash equivalents   804,994       910,852    
                   
    Securities held-to-maturity, at amortized cost   20,311       21,171    
    Securities available-for-sale, at fair value   337,363       313,842    
                   
    Loans held for sale, at lower of cost or fair value   225       360    
                   
    Loans   5,571,579       5,273,498    
      Less allowance for credit losses   (76,051 )     (78,355 )  
      Less amortized deferred loan fees, net   (10,414 )     (11,079 )  
      Loans, net   5,485,114       5,184,064    
                   
    Other real estate owned and repossessed assets   15,082       16,716    
    Customers’ liability on acceptances         315    
    Bank furniture and fixtures, net   9,195       9,694    
    Bank-owned life insurance   10,364       10,632    
    Accrued interest receivable   35,562       33,892    
    Investment in affordable housing partnerships   58,009       65,276    
    Federal Home Loan Bank stock, at cost   15,000       15,000    
    Deferred tax assets   46,209       48,991    
    Income tax receivable   1,013       2,391    
    Operating lease right-of-use assets   30,489       22,050    
    Other assets   3,414       4,030    
      Total assets $ 6,872,344     $ 6,659,276    
                   
    Liabilities and Shareholders’ Equity        
    Deposits:        
      Noninterest bearing demand deposits $ 682,859     $ 786,995    
      Interest bearing deposits:   1,994,288       2,075,156    
        Savings   29,793       29,167    
        Time certificates of $250,000 or more   1,478,500       1,317,862    
        Other time certificates   1,682,324       1,500,162    
        Total deposits   5,867,764       5,709,342    
                   
    Acceptances outstanding         315    
    Subordinated debt issuance, net   148,410       148,232    
    Commitments to fund investment in affordable housing partnerships   23,617       30,824    
    Operating lease liabilities   26,730       19,766    
    Accrued interest payable   16,001       16,124    
    Other liabilities   39,705       39,568    
      Total liabilities   6,122,227       5,964,171    
                   
    Shareholders’ equity   750,117       695,105    
      Total liabilities and shareholders’ equity $ 6,872,344     $ 6,659,276    
                   
    Book value per common share $ 56.54     $ 50.54    
    Number of common shares outstanding   13,267,852       13,753,246    
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                     
                     
                     
            For the Quarter Ended
                     
            September 30, June 30, March 31, December 31, September 30,
              2024     2024     2024     2023     2023  
    Unaudited historical quarterly operations data:          
      Interest income $ 129,424   $ 127,294   $ 126,520   $ 124,964   $ 125,529  
      Interest expense   60,576     61,187     58,020     55,568     52,575  
        Interest income before provision for credit losses   68,848     66,107     68,500     69,396     72,954  
      Provision for credit losses   3,200     2,500     4,400     3,500     3,500  
      Noninterest income   3,459     3,404     3,065     2,106     2,972  
      Noninterest expense   22,089     19,697     20,028     17,873     19,009  
      Income tax expense   13,635     13,722     13,671     14,290     15,225  
        Net income $ 33,383   $ 33,592   $ 33,466   $ 35,839   $ 38,192  
                     
      Earnings per share          
        Basic $ 2.50   $ 2.51   $ 2.48   $ 2.63   $ 2.74  
        Diluted $ 2.46   $ 2.48   $ 2.44   $ 2.60   $ 2.71  
                     
    Ratios for the period:          
      Return on average assets   1.95 %   1.97 %   2.00 %   2.15 %   2.25 %
      Return on beginning equity   18.37 %   19.44 %   19.36 %   21.21 %   22.66 %
      Net interest margin (Fully-taxable equivalent)   4.10 %   3.96 %   4.19 %   4.24 %   4.39 %
      Noninterest expense to average assets   1.29 %   1.15 %   1.20 %   1.07 %   1.12 %
      Efficiency ratio   30.55 %   28.34 %   27.99 %   25.00 %   25.04 %
      Net charge-offs (recoveries) to average loans (annualized)   -0.00 %   0.68 %   0.26 %   -0.00 %   0.01 %
                     
    Ratios as of period end:          
      Tangible common equity ratio   10.92 %   10.55 %   10.35 %   10.43 %   10.10 %
      Tier 1 leverage capital ratio   11.28 %   10.89 %   10.80 %   10.85 %   10.46 %
      Common equity tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Tier 1 risk-based capital ratio   11.66 %   11.52 %   11.50 %   11.57 %   11.63 %
      Total risk-based capital ratio   15.06 %   14.93 %   15.08 %   15.18 %   15.32 %
      Allowances for credit losses to loans at end of period   1.36 %   1.34 %   1.49 %   1.49 %   1.46 %
      Allowance for credit losses to non-performing loans 3.92x 1.79x 4.33x 2.73x 3.86x
                     
    Average balances:          
      Total securities $ 356,590   $ 353,357   $ 348,961   $ 349,863   $ 368,968  
      Total loans   5,458,613     5,320,360     5,263,562     5,126,918     5,086,241  
      Total earning assets   6,684,766     6,728,498     6,585,853     6,499,469     6,597,557  
      Total assets   6,817,979     6,863,829     6,718,018     6,627,349     6,719,859  
      Total time certificate of deposits   2,874,985     2,884,259     2,852,860     2,767,385     2,680,854  
      Total interest bearing deposits   5,124,245     5,203,034     5,004,834     4,906,947     4,800,227  
      Total deposits   5,828,227     5,901,976     5,761,488     5,689,713     5,654,350  
      Total interest bearing liabilities   5,272,617     5,351,347     5,153,089     5,055,143     5,069,014  
      Total equity   747,222     715,190     704,996     683,141     678,020  
                     
    PREFERRED BANK  
    Selected Consolidated Financial Information  
    (unaudited)  
    (in thousands, except for ratios)  
                   
                   
                   
            For the Nine Months Ended  
            September 30,   September 30,  
              2024       2023    
                   
      Interest income $ 383,238     $ 353,024    
      Interest expense   179,783       133,046    
        Interest income before provision for credit losses   203,455       219,978    
      Provision for credit losses   10,100       6,500    
      Noninterest income   9,928       5,007    
      Noninterest expense   61,814       58,761    
      Income tax expense   41,028       45,523    
        Net income $ 100,441     $ 114,201    
                   
      Earnings per share        
        Basic $ 7.50     $ 8.01    
        Diluted $ 7.39     $ 7.92    
                   
    Ratios for the period:        
      Return on average assets   1.97 %     2.33 %  
      Return on beginning equity   19.30 %     24.22 %  
      Net interest margin (Fully-taxable equivalent)   4.08 %     4.58 %  
      Noninterest expense to average assets   1.21 %     1.20 %  
      Efficiency ratio   28.97 %     26.12 %  
      Net charge-off (recoveries) to average loans   0.31 %     0.00 %  
                   
    Average balances:        
      Total securities $ 352,982     $ 402,971    
      Total loans   5,347,918       5,048,452    
      Total earning assets   6,666,439       5,047,971    
      Total assets   6,800,008       6,436,889    
      Total time certificate of deposits   2,870,717       6,560,955    
      Total interest bearing deposits   5,110,755       2,504,426    
      Total deposits   5,830,555       4,602,039    
      Total interest bearing liabilities   5,259,068       5,539,223    
      Total equity   722,560       4,851,214    
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
                             
            As of
                             
            September 30,   June 30,   March 31,   December 31,   September 30,
              2024       2024       2024       2023       2023  
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 804,994     $ 917,677     $ 936,600     $ 910,852     $ 1,021,108  
      Securities held-to-maturity, at amortized cost   20,311       20,605       20,904       21,171       21,474  
      Securities available-for-sale, at fair value   337,363       331,909       333,411       313,842       335,608  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 753,453     $ 732,251     $ 724,101     $ 688,058     $ 663,021  
          Real estate—Commercial   2,882,506       2,833,430       2,777,608       2,760,761       2,688,148  
          Total Real Estate – Mortgage   3,635,959       3,565,681       3,501,709       3,448,819       3,351,169  
        Real estate – Construction:                  
          R/E Construction — Residential   274,214       238,062       236,596       246,201       226,482  
          R/E Construction — Commercial   290,308       247,582       213,727       179,775       164,666  
          Total real estate construction loans   564,522       485,644       450,323       425,976       391,148  
        Commercial and industrial   1,365,550       1,369,617       1,369,529       1,394,871       1,377,675  
        SBA   5,649       5,463       3,914       3,469       2,424  
        Consumer and others   124       118       379       363       285  
          Gross loans   5,571,804       5,428,600       5,325,854       5,273,498       5,128,242  
      Allowance for credit losses on loans   (76,051 )     (72,848 )     (79,311 )     (78,355 )     (74,849 )
      Net deferred loan fees   (10,414 )     (10,502 )     (10,460 )     (11,079 )     (10,240 )
        Net loans, excluding loans held for sale $ 5,485,339     $ 5,345,250     $ 5,236,083     $ 5,184,064     $ 5,043,153  
      Loans held for sale $ 225     $ 955     $ 605     $ 360     $  
        Net loans $ 5,485,564     $ 5,346,205     $ 5,236,688     $ 5,184,424     $ 5,043,153  
                             
      Other real estate owned and repossessed assets $ 15,082     $ 16,716     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,009       60,432       62,854       65,276       54,679  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   136,021       138,036       134,040       131,995       124,793  
        Total assets $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 682,859     $ 675,767     $ 709,767     $ 786,995     $ 838,300  
        Interest bearing demand   1,994,288       2,326,214       2,159,948       2,075,156       2,091,384  
        Savings   29,793       28,251       29,261       29,167       30,427  
        Time certificates of $250,000 or more   1,478,500       1,406,149       1,349,927       1,317,862       1,283,461  
        Other time certificates   1,682,324       1,442,381       1,552,805       1,500,162       1,439,699  
        Total deposits $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342     $ 5,683,271  
                             
      Acceptances outstanding $     $     $     $ 315     $ 103  
      Subordinated debt issuance, net   148,410       148,351       148,292       148,232       148,173  
      Commitments to fund investment in affordable housing partnerships       23,617       27,946       29,647       30,824       20,824  
      Other liabilities   82,436       68,394       77,008       75,458       109,651  
        Total liabilities $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171     $ 5,962,022  
                             
    Equity:                    
      Net common stock, no par value $ 109,928     $ 113,509     $ 115,915     $ 134,534     $ 143,584  
      Retained earnings   664,808       640,675       616,417       592,325       566,027  
      Accumulated other comprehensive income   (24,619 )     (31,057 )     (32,774 )     (31,754 )     (39,103 )
        Total shareholders’ equity $ 750,117     $ 723,127     $ 699,558     $ 695,105     $ 670,508  
        Total liabilities and shareholders’ equity $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276     $ 6,632,530  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended September 30,   Three months ended June 30,   Three months ended September 30,
            2024       2024       2023  
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,459,842   $ 114,112 8.31 %   $ 5,324,410   $ 109,451 8.27 %   $ 5,086,302   $ 106,695 8.32 %
      Investment securities (3)   356,590     3,610 4.03 %     353,357     3,652 4.16 %     368,968     3,422 3.68 %
      Federal funds sold   20,164     280 5.52 %     20,866     291 5.61 %     20,111     278 5.48 %
      Other earning assets   848,170     11,521 5.40 %     1,029,865     13,999 5.47 %     1,122,176     15,235 5.39 %
        Total interest earning assets   6,684,766     129,523 7.71 %     6,728,498     127,393 7.61 %     6,597,557     125,630 7.55 %
      Deferred loan fees, net   (10,248 )         (10,459 )         (10,071 )    
      Allowance for credit losses on loans   (72,899 )         (79,119 )         (71,503 )    
    Noninterest earning assets:                      
      Cash and due from banks   10,826           10,626           12,101      
      Bank furniture and fixtures   9,419           9,787           8,814      
      Right of use assets   22,496           22,886           21,491      
      Other assets   173,619           181,610           161,470      
        Total assets $ 6,817,979         $ 6,863,829         $ 6,719,859      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,249,260   $ 23,295 4.12 %   $ 2,318,775   $ 24,284 4.21 %   $ 2,119,373   $ 20,324 3.80 %
        TCD $250K or more   1,412,073     17,866 5.03 %     1,379,116     17,295 5.04 %     1,251,397     14,085 4.47 %
        Other time certificates   1,462,912     18,090 4.92 %     1,505,143     18,283 4.89 %     1,429,457     15,284 4.24 %
        Total interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
    Advance from Federal Home Loan Bank       0.00 %         0.00 %     120,652     1,557 5.12 %
    Subordinated debt, net   148,372     1,325 3.55 %     148,313     1,325 3.59 %     148,135     1,325 3.55 %
        Total interest bearing liabilities   5,272,617     60,576 4.57 %     5,351,347     61,187 4.60 %     5,069,014     52,575 4.11 %
    Noninterest bearing liabilities:                      
      Demand deposits   703,982           698,942           854,123      
      Lease liability   18,882           19,828           19,759      
      Other liabilities   75,276           78,522           98,943      
        Total liabilities   6,070,757           6,148,639           6,041,839      
    Shareholders’ equity   747,222           715,190           678,020      
        Total liabilities and shareholders’ equity $ 6,817,979         $ 6,863,829         $ 6,719,859      
    Net interest income   $ 68,947       $ 66,206       $ 73,055  
    Net interest spread     3.14 %       3.02 %       3.44 %
    Net interest margin     4.10 %       3.96 %       4.39 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 703,982         $ 698,942         $ 854,123      
      Interest bearing deposits   5,124,245     59,251 4.60 %     5,203,034     59,862 4.63 %     4,800,227     49,693 4.11 %
        Total Deposits $ 5,828,227   $ 59,251 4.04 %   $ 5,901,976   $ 59,862 4.08 %   $ 5,654,350   $ 49,693 3.49 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $991,000, $1.1 million and $1.3 million for the quarter ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (Unaudited)
                       
                       
          Nine Months ended September 30,
            2024
          2023  
            Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
      Loans (1,2) $ 5,350,465   $ 333,543 8.33 %   $ 5,048,452   $ 304,796 8.07 %
      Investment securities (3)   352,982     10,691 4.05 %     402,971     11,125 3.69 %
      Federal funds sold   20,472     854 5.57 %     20,111     774 5.14 %
      Other earning assets   942,520     38,448 5.45 %     965,355     36,633 5.07 %
        Total interest earning assets   6,666,439     383,536 7.68 %     6,436,889     353,328 7.34 %
      Deferred loan fees, net   (10,466 )         (10,142 )    
      Allowance for credit losses on loans   (76,775 )         (69,653 )    
    Noninterest earning assets:              
      Cash and due from banks   10,693           11,912      
      Bank furniture and fixtures   9,762           8,931      
      Right of use assets   22,462           21,780      
      Other assets   177,893           161,238      
        Total assets $ 6,800,008         $ 6,560,955      
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
      Deposits:              
        Interest bearing demand/ savings $ 2,240,038   $ 69,944 4.17 %   $ 2,097,613   $ 53,854 3.43 %
        TCD $250K or more   1,377,621     51,662 5.01 %     1,258,870     37,600 3.99 %
        Other time certificates   1,493,096     54,202 4.85 %     1,245,556     33,798 3.63 %
        Total interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
    Advance from Federal Home Loan Bank       0.00 %     101,099     3,819 5.05 %
    Subordinated debt, net   148,313     3,975 3.58 %     148,076     3,975 3.59 %
        Total interest bearing liabilities   5,259,068     179,783 4.57 %     4,851,214     133,046 3.67 %
    Noninterest bearing liabilities:              
      Demand deposits   719,800           937,184      
      Lease liability   19,401           20,482      
      Other liabilities   79,179           83,213      
        Total liabilities   6,077,448           5,892,093      
    Shareholders’ equity   722,560           668,862      
        Total liabilities and shareholders’ equity $ 6,800,008         $ 6,560,955      
    Net interest income   $ 203,753       $ 220,282  
    Net interest spread     3.12 %       3.67 %
    Net interest margin     4.08 %       4.58 %
                       
    Cost of Deposits:              
      Noninterest bearing demand deposits $ 719,800         $ 937,184      
      Interest bearing deposits   5,110,755     175,808 4.59 %     4,602,039     125,252 3.64 %
        Total Deposits $ 5,830,555   $ 175,808 4.03 %   $ 5,539,223   $ 125,252 3.02 %
                       
    (1) Includes non-accrual loans and loans held for sale              
    (2) Net loan fee income of $3.4 million and $3.2 million for the year ended September 30, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis            
    PREFERRED BANK  
    Loan and Credit Quality Information  
                     
    Allowance For Credit Losses History  
              Nine Months Ended Year ended  
              September 30, 2024   December 31, 2023  
              (Dollars in 000’s)  
    Allowance For Credit Losses          
    Balance at Beginning of Period   $ 78,355     $ 68,472    
      Charge-Offs          
        Commercial & Industrial     12,409       124    
        Mini-perm Real Estate              
        Total Charge-Offs     12,409       124    
                     
      Recoveries          
        Commercial & Industrial     5       7    
        Mini-perm Real Estate              
        Total Recoveries     5       7    
                     
      Net Charge-Offs     12,404       117    
      Provision for Credit Losses:     10,100       10,000    
    Balance at End of Period   $ 76,051     $ 78,355    
                     
    Average Loans Held for Investment   $ 5,347,918     $ 5,067,870    
    Loans Held for Investment at End of Period   $ 5,571,579     $ 5,273,498    
    Net Charge-Offs to Average Loans     0.31 %     0.00 %  
    Allowances for Credit Losses to Loans at End of Period     1.36 %     1.49 %  
                     

    The MIL Network

  • MIL-OSI Africa: Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

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

    CAIRO, Egypt, October 21, 2024/APO Group/ —

    African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

    The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

    The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

    Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

    Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

    MIL OSI Africa

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal vide Directive No. CO.DOS.SED.No.S2574/12-07-005/2022-23 dated July 21, 2022 for a period of six months up to close of business on January 22, 2023 as modified from time to time, which were last extended up to close of business on October 22, 2024 vide Directive DOR.MON.D-33/12.29.046/2024-25 dated July 18, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on October 22, 2024.

    2. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directions for a further period of three months from the close of business on October 22, 2024 to the close of business on January 22, 2025, subject to review.

    3. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1344

    MIL OSI Economics

  • MIL-OSI China: Former vice president of China Development Bank sentenced to 12 years for bribery

    Source: China State Council Information Office 2

    Wang Yongsheng, former vice president of China Development Bank, has been sentenced to 12 years in prison for accepting bribes, according to a verdict handed down by a court in Jilin city, northeast China’s Jilin province, on Monday.
    Wang was also fined 2 million yuan (about $281,762), and his illegal gains will be confiscated and turned over to the state treasury, according to the verdict.
    An investigation into Wang’s case revealed that between 2010 and 2019, he took undue advantage of his positions to secure benefits for others in getting loans and financing, purchasing bonds and personnel arrangements, among others. In return, he illegally accepted money and valuables worth over 23.51 million yuan.
    The court also noted that Wang had been cooperative in the investigation and in returning the illegal gains. These factors were taken into consideration when determining the sentence.

    MIL OSI China News

  • MIL-OSI Europe: ASIA/INDONESIA – President Prabowo Subianto takes office as Head of State

    Source: Agenzia Fides – MIL OSI

    Jakarta (Agenzia Fides) – The new Indonesian Head of State, Prabowo Subianto, has officially taken office as the eighth President of the country, after the handover from outgoing President Joko Widodo.In his first speech as President, Prabowo promised to eradicate corruption and strive for the country’s self-sufficiency in food and energy. Gibran Rakabuming Raka, son of former President Joko Widodo, took over as Vice President. Prabowo, who continues to cultivate relations with the former President, could appoint Widodo to a leading role in the Presidential Advisory Council (“Wantimpres”), in order to consolidate support for the still popular Widodo and his supporters. Proabowo’s government consists of 48 ministries with a total of over 100 ministers and secretaries of state. Prabowo’s executive differs in some respects from that of Joko Widodo, as some ministries have been split or renamed: for example, the previous ministries of education and culture and environment and forests are now separate. In an effort to maintain continuity with the past, the reappointment of Sri Mulyani Indrawati as finance minister is notable. A former director general of the World Bank, Sri Mulyani was involved in reforming the tax system under two presidents before Prabowo. He is the man who will implement Prabowo’s major programs, such as the one that caused a stir during the election campaign: the announced distribution of free meals to some 83 million children in public schools and to pregnant women to combat growth problems. This plan has already been criticized by those who consider it too expensive, as it will burden the state budget with USD 28 billion. According to analysts, Prabowo otherwise shows a general intention to continue Joko Widodo’s policies, especially in the economic field. Given Prabowo’s background as a former general and defense minister, analysts predict that many posts will be given to members of the military and that his administration will seek to strengthen military capabilities and modernize defense equipment. According to the president’s presentation, investments in defense will be part of a broader effort to boost economic growth. In foreign policy, Indonesia is expected to assert its role as a founding member of ASEAN (Association of Southeast Asian Nations), and the president will seek to increase Indonesia’s influence on regional and international issues. The new president’s first official trip, meanwhile, will be to China, with the aim of strengthening trade ties and economic cooperation while seeking potential investors for the mega-project of the new Indonesian capital Nusantara, which is being built on the island of Borneo. The ambitious project was launched under his predecessor Widodo, and the new president will now have to push it forward, whereas so far the lack of foreign investment has severely slowed the project. (PA) (Agenzia Fides, 21/10/2024)
    Share:

    MIL OSI Europe News

  • MIL-OSI: Sophos to Acquire Secureworks to Accelerate Cybersecurity Services and Technology for Organizations Worldwide

    Source: GlobeNewswire (MIL-OSI)

    News Summary

    • Secureworks shareholders to receive $8.50 per share in cash
    • Sophos intends to integrate solutions from both companies into a broader and stronger security portfolio for all small, mid- and enterprise customers
    • By combining complementary AI-driven security platforms powered by automated prevention, detection and response, the two organizations can deliver advanced solutions for defeating modern, persistent adversaries even faster
    • The deal is expected to strengthen the security community by bringing together two industry leaders with shared mission-driven cultures

    OXFORD, United Kingdom and ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) — Sophos and Secureworks® (NASDAQ:SCWX), two global leaders of innovative security solutions for defeating cyberattacks, today announced a definitive agreement for Sophos to acquire Secureworks. The all-cash transaction is valued at approximately $859 million. Sophos is backed by Thoma Bravo, a leading software investment firm.

    Sophos’ experience and reputation as a leading provider of managed security services and end-to-end security products, combined with Secureworks’ security operations expertise transformed into the Taegis™ platform, is expected to further deliver complementary advanced MDR and XDR solutions for the benefit of their global customer bases. Together, they will help strengthen the resilience and security posture of global organizations of any size with a combination of security controls, AI, world-class threat intelligence, and two teams with decades of cybersecurity expertise.

    Sophos expects to integrate solutions from both companies into a broader and stronger security portfolio benefiting small, mid- and enterprise customers. This includes Sophos expanding its current portfolio with other new offerings like identity detection and response (ITDR), next-gen SIEM capabilities, operational technology (OT) security, and enhanced vulnerability risk prioritization. As two partner-centric organizations, the combination of Sophos and Secureworks will enable the combined company to expand its market presence to create greater value within the channel and strengthen the overall security community.

    “Secureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally,” said Joe Levy, CEO of Sophos. “Secureworks’ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all.”

    Cyber risk continues to escalate, driven by a rampant cybercriminal ecosystem and global geopolitical pressures. Combined, Sophos and Secureworks share a long history of having exceptional threat intelligence, security operations, incident response, and innovative security product capabilities that help organizations defeat these adversaries.

    “Our mission at Secureworks has always been to secure human progress. Sophos’ portfolio of leading endpoint, cloud, and network security solutions – in combination with our XDR-powered managed detection and response – is exactly what organizations are looking for to strengthen their security posture and collectively turn the tide against the adversary,” said Wendy Thomas, CEO, Secureworks. “As Joe and I both believe, this transaction will strengthen our go-to-market offering with Sophos’ global scale, expertise and reputation.”

    Transaction Details
    Under the terms of the agreement, Sophos intends to acquire Secureworks in an all-cash transaction valued at $859 million. Secureworks shareholders, including Dell Technologies (NYSE:DELL), will receive $8.50 per share in cash. This represents a 28% premium to the unaffected 90-day volume-weighted average price (VWAP). The transaction is expected to close in early 2025, subject to customary closing conditions. Additional information regarding this announcement can be found in the Form 8-K filed by Secureworks with the United States Securities and Exchange Commission (SEC) on Oct. 21, 2024.

    Kirkland & Ellis LLP is acting as legal counsel to Sophos and Goldman Sachs & Co. LLC., Barclays, BofA Securities, HSBC Securities (USA) Inc. and UBS Investment Bank are acting as financial advisors and providing debt financing for the transaction. Piper Sandler & Company and Morgan Stanley & Co. LLC are acting as financial advisors to Secureworks and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About Sophos
    Sophos is a global leader and innovator of advanced security solutions for defeating cyberattacks, including Managed Detection and Response (MDR) and incident response services and a broad portfolio of endpoint, network, email, and cloud security technologies. As one of the largest pure-play cybersecurity providers, Sophos defends more than 600,000 organizations and more than 100 million users worldwide from active adversaries, ransomware, phishing, malware, and more. Sophos’ services and products connect through the Sophos Central management console and are powered by Sophos X-Ops, the company’s cross-domain threat intelligence unit. Sophos X-Ops intelligence optimizes the entire Sophos Adaptive Cybersecurity Ecosystem, which includes a centralized data lake that leverages a rich set of open APIs available to customers, partners, developers, and other cybersecurity and information technology vendors. Sophos provides cybersecurity-as-a-service to organizations needing fully managed security solutions. Customers can also manage their cybersecurity directly with Sophos’ security operations platform or use a hybrid approach by supplementing their in-house teams with Sophos’ services, including threat hunting and remediation. Sophos sells through reseller partners and managed service providers (MSPs) worldwide. Sophos is headquartered in Oxford, U.K. More information is available at http://www.sophos.com.

    About Secureworks
    Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.

    Connect with Secureworks via LinkedIn and Facebook or Read the Secureworks Blog

    Cautionary Statement Regarding Forward-Looking Statements

    This communication includes certain disclosures which contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to those statements related to the merger of the wholly-owned subsidiary of Sophos, Inc., a Massachusetts corporation (“Parent”) with and into SecureWorks Corp. (the “Company”), with the Company continuing as the surviving corporation and becoming a wholly-owned subsidiary of Parent (the “Merger”), including financial estimates and statements as to the expected timing, completion and effects of the Merger, including the delisting from NASDAQ and deregistration under the Exchange Act the timing of the foregoing. In most cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “potential,” “outlook,” “should,” and “would,” or similar words or expressions that refer to future events or outcomes. These forward-looking statements, including statements regarding the Merger, are based largely on information currently available to our management and our management’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although we believe our expectations are based on reasonable estimates and assumptions, they are not guarantees of performance. There is no assurance that our expectations will occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements.

    Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the completion of the Merger on the anticipated terms and timing, including obtaining regulatory approvals, and the satisfaction of other conditions to the completion of the Merger; (ii) potential litigation relating to the Merger that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the Merger (including the ability of certain customers to terminate or amend contracts upon a change of control) will harm the Company’s business, including current plans and operations, including during the pendency of the Merger; (iv) the ability of the Company to retain and hire key personnel, including those with extensive information security expertise; (v) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; (vii) legislative, regulatory and economic developments; (viii) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect the Company’s financial performance; (ix) certain restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (x) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or the COVID-19 pandemic and other public health issues, as well as management’s response to any of the aforementioned factors; (xi) the impact of inflation, rising interest rates, and global conflicts, including disruptions in European economies as a result of the Ukrainian/Russian conflict and the ongoing conflicts in the Middle East, the relationship between China and Taiwan and ongoing trade disputes between the United States and China; (xii) the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiii) the ability to obtain the necessary financing arrangements set forth in the commitment letter received in connection with the Merger; (xiv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger, including in circumstances requiring the Company to pay a termination fee; (xv) the risk that the Company’s stock price may decline significantly if the Merger is not consummated; (xvi) there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (xvii) those risks and uncertainties set forth under the headings “Cautionary Note Regarding Forward Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at http://www.sec.gov; and (xviii) those risks that will be described in the information statement that will be filed with the SEC and available from the sources indicated below.

    These risks, as well as other risks associated with the Merger, will be more fully discussed in the information statement that will be filed with the SEC in connection with the Merger. There can be no assurance that the Merger will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company does not undertake to update, and expressly disclaims any obligation to update, any of its forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.

    Important Additional Information and Where to Find It

    This communication is being made in connection with the pending Merger. The Company plans to file an information statement on Schedule 14C for its stockholders with respect to the Merger. The information statement will be mailed to stockholders of the Company. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. STOCKHOLDERS ARE URGED TO READ THE INFORMATION STATEMENT AND ANY OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. Stockholders will be able to obtain, free of charge, copies of such documents filed by the Company when filed with the SEC in connection with the Merger at the SEC’s website (http://www.sec.gov). In addition, the Company’s stockholders will be able to obtain, free of charge, copies of such documents filed by the Company at the Company’s website (investors.secureworks.com) or by e-mailing the Company’s Investor Relations department at investorrelations@secureworks.com. Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request by mail to SecureWorks Corp., Investor Relations, One Concourse Parkway NE, Suite 500, Atlanta, Georgia 30328.

    Press Contacts
    Susie Evershed
    press@secureworks.com

    Kelly Kane
    Kelly.Kane@sophos.com

    The MIL Network

  • MIL-OSI Africa: International Monetary Fund (IMF) Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with São Tomé and Príncipe

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

    WASHINGTON D.C., United States of America, October 21, 2024/APO Group/ —

    • IMF staff and the São Toméan authorities have reached staff-level agreement on economic policies and reforms to be supported by a new 40-month arrangement under the Extended Credit Facility (ECF), updating the agreement reached last year. This renewed staff-level agreement is subject to IMF Management approval and IMF Executive Board consideration, contingent on the implementation of the agreed prior actions and the timely confirmation of the necessary financing assurances from the country’s development partners.
    • The authorities’ ambitious reform program aims at restoring macroeconomic stability while laying the foundations for faster and more inclusive growth. This includes a sizable and front-loaded fiscal adjustment while protecting the vulnerable. The program includes decisive near-term reforms in the electricity sector and medium-term structural reforms to facilitate the green energy transition and unleash the country’s growth potential.

    An International Monetary Fund (IMF) team led by Mr. Slavi Slavov, Mission Chief for São Tomé and Príncipe, visited São Tomé during May 23 – June 5, 2024, and held virtual discussions in the recent months, to discuss with the São Toméan authorities IMF support for their policies and reform plans.

    At the end of the mission, Mr. Slavov issued the following statement:

    “The São Toméan authorities and the IMF team have reached a renewed staff-level agreement to support the authorities’ economic adjustment and reform policies with a new 40-month program supported by an arrangement under the Extended Credit Facility (ECF). The agreement is subject to approval by IMF’s Management and Executive Board in the period ahead, and is contingent on the implementation of prior actions by the authorities and the timely confirmation of the necessary financing assurances from the country’s development partners to cover the external financing gap.

    “São Tomé and Príncipe faced a very challenging 2023 and continues to struggle with high fuel import needs and depleted international reserves. Over the past few years, the country has been hit by multiple shocks, whose impact on the economy continues to reverberate. This includes the massive external shock in early 2023 when a major fuel exporter stopped supplying fuel on credit, opening a large external financing gap.

    “These factors, along with energy shortages, contributed to a slowdown of real GDP growth to 0.2 percent in 2022 and 0.4 percent in 2023. Inflation accelerated to 19.2 percent in April 2024 before declining to 12 percent in August, year-on-year. International reserves fell sharply.

    “The authorities’ program aims to restore macroeconomic stability, improve the living conditions of the population, foster the economic recovery, and promote sustainable and inclusive growth. The necessarily ambitious and front-loaded fiscal adjustment is crucial to lowering the high public debt and rebalancing the economy under a pegged exchange rate, but is designed with care to protect the vulnerable.

    “The authorities have already implemented significant reforms. They launched the Value-Added Tax in June 2023 and implemented a large fiscal adjustment in 2023. Fuel prices were adjusted, and explicit fuel subsidies have been eliminated in the aggregate. The central bank (Banco Central de São Tomé e Príncipe or BCSTP) ended monetary financing of the budget and implemented tightening measures.  

    “The authorities will make further efforts to strengthen tax and customs administration and to rationalize budgetary expenditures. These efforts will create the fiscal space for implementing growth-enhancing development programs that will help put public debt on a downward trajectory. In addition, the authorities will strengthen social safety nets and reinforce the existing targeted cash-transfer program for vulnerable households. Given the country’s high public debt, ensuring that new financing takes the form of highly concessional loans or ideally grants will be vital to ensure sustainability and also meet vital spending needs.

    “Moreover, the program will urgently implement near-term reforms to address the crisis in the electricity sector. This would alleviate pressures on public debt and foreign exchange reserves. To prevent implicit fuel subsidies and contain fiscal risks, the authorities will apply the fuel price adjustment mechanism in a truly automatic way on a monthly basis. The government will strengthen transparency and address governance weaknesses to reduce vulnerabilities to corruption. Finally, the authorities will strengthen the BCSTP, ensuring its autonomy and appropriate governance arrangements.

    “Over the medium term, structural reforms will unleash the country’s growth potential. These include the reform strategy for the energy sector with a focus on shifting towards renewable sources, encouraging domestic food production, fostering the tourism sector, adapting to climate change, and empowering women.

    “During the visit and subsequent virtual discussions, the mission met with President Carlos Vila Nova; Prime Minister Patrice Émery Trovoada; Minister of Planning and Finance Ginésio Valentim Afonso da Mata; Minister of Economy Disney Leite Ramos; Governor of the Central Bank Américo D’Oliveira dos Ramos; President of the Court of Auditors Ricardino Costa Alegre; other government officials; representatives of the private sector including banks; and development partners. The mission expresses its deep appreciation to the authorities for their cooperation and constructive policy dialogue.”

    MIL OSI Africa

  • MIL-OSI Russia: Financial News: Expensive Consultations and Conditional Discounts: A Review of Unscrupulous Practices in Auto Loans

    Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    Banks and car dealerships often impose additional paid services on the client, and at inflated prices. At the same time, contracts are drawn up in such a way that it is impossible to refuse the services and return the money. This violates the rights and interests of consumers.

    For example, clients are offered expensive insurance consulting services, although such consultations are usually free, or a discount on a car, but only if it is purchased on credit or additional paid services are purchased. In addition, there are cases where borrowers are deliberately poorly informed about the terms of the transaction. As a result, clients incur additional costs by purchasing unnecessary goods or services and cannot be fully protected by current regulations.

    The Bank of Russia recommended that creditors refrain from using the funds specified inreview of practices. Explanations have also been prepared for consumers on how to avoid falling for the tricks of unscrupulous creditors or sellers and where to go if they become their victims.

    Preview photo: Take Photo / Shutterstock / Fotodom

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21104

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: One for all: regulator’s proposals for using a universal QR code for payment

    Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The Bank of Russia has sent proposals to the Russian Ministry of Finance to change legislation concerning the use of QR codes when paying for purchases and services. According to them, banks will have to use only a universal QR code based on the solution of the National Payment Card System (NSPK).

    The universal QR code of the NSPK will allow accepting all types of payments, including payment solutions of banks (pay services), SBP, and in the future — the digital ruble. It will also provide support for bank loyalty programs and cashbacks. The implementation of this solution will minimize the costs of banks and trading companies for connecting various payment instruments.

    Such a step will also promote the development of competition in this area and will provide all banks, both large and small, with equal conditions for connecting to the NSPK infrastructure and interacting with it.

    The document assumes that all IT systems of banks and technical devices (trading terminals and others) that are associated with accepting payments must support payment using the universal NSPK QR code.

    Preview photo: Mr Aesthetics / Shutterstock / Fotodom

    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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21084

    MIL OSI Russia News

  • MIL-OSI: Information on shares, voting rights and authorized capital

    Source: GlobeNewswire (MIL-OSI)

    After acquiring its own shares on 21 October 2024, Šiaulių Bankas AB (hereinafter – the Bank) pursuant to Article 19(2) of the Law on Securities of the Republic of Lithuania provides information on the total number of voting rights granted by the shares issued by it and the amount of the authorized capital, the number of shares and their nominal value:

    Type of shares Ordinary registered shares
    ISIN code LT0000102253
    Bank’s LEI code 549300TK038P6EV4YU51
    Nominal value of 1 share, EUR 0.29
    Number of shares, units 662 996 646
    Authorised capital, EUR 192 269 027,34
    Number of votes granted by all issued shares, units 662 996 646
    Number of votes calculating the quorum of the General Meeting of Shareholders 655 746 646

    Additional information:
    Tomas Varenbergas

    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network

  • MIL-OSI: Bottomline Leads the Datos Matrix: US Cash Management Technology Providers Report for the 6th Consecutive Time

    Source: GlobeNewswire (MIL-OSI)

    PORTSMOUTH, N.H., Oct. 21, 2024 (GLOBE NEWSWIRE) — Datos Insights announced Bottomline as a ‘market-leading’ US-based cash management provider in its new 2024 Datos Matrix: US Cash Management Technology Providers report. This is Bottomline’s 6th consecutive ‘market-leader’ recognition by the Datos Matrix (formerly the Aite Matrix), a trusted evaluation of best-in-class cash management technology providers. Bottomline achieved the highest overall position in the quadrant, highlighted by its leadership ranking across the majority of evaluation categories. This recognition underscores its core strengths in strategic consulting, best-in-class implementations, product innovation, seamless customer migrations, and outstanding post-production support.

    “Bottomline scores very high in both the quality of its management team and its commitment to innovation. Its robust and scalable product features meet the needs of businesses of all sizes. Just as noteworthy, Bottomline’s diverse client base and very high retention rates reflect the stability and lasting value it provides. Clients consistently praise the company for its ability to deliver on promises and recognize it as a trusted partner,” said Christine Barry, Strategic Initiatives Leader, Research, Datos Insights.

    The 2024 Datos Matrix: US Cash Management Technology Providers report measures the performance of a competitive set of cash management providers in the U.S. As the report states, “This research evaluates key market dynamics, as well as the technology vendor landscape, to differentiate the market leaders from the contenders and emerging/niche options” and examines specific areas, including payment and data capabilities, ease of integration with fintechs and ERPs, and platform extensibility/configurability.

    “Our banking customers understand that we act as a partner and not just a vendor. Through the power of Bottomline’s extensive suite of digital banking, cash management, payments hubs and connectivity services, and B2B payments network, we uniquely empower banks to create new revenue streams and secure primary customer relationships,” said Kevin Pettet, Chief Revenue Officer, Banking, Bottomline.

    “It’s an honor to be recognized as the leading provider in Commercial Digital Banking,” Pettet said, adding that Bottomline works as a strategic partner throughout the entire customer journey — from strategic consulting to proactive product innovation, to best-in-class implementations, customer migration, and strong post-launch support. “It all comes together seamlessly to spur digital transformation for Bottomline banking customers,” he said.

    Additional Resources:

    • For more information about Bottomline, visit us by clicking here.
    • For a complementary report download, click here.

    About Bottomline

    Bottomline helps businesses transform the way they pay and get paid. A global leader in business payments and cash management, Bottomline’s secure, comprehensive solutions modernize payments for businesses and financial institutions globally. With over 35 years of experience, moving more than $10 trillion in payments annually, Bottomline is committed to driving impactful results for customers by reimagining business payments and delivering solutions that add to the bottom line. Bottomline is a portfolio company of Thoma Bravo, one of the largest software private equity firms in the world, with more than $160 billion in assets under management. For more information visit http://www.bottomline.com.

    Bottomline and the Bottomline logo are trademarks or registered trademarks of Bottomline Technologies, Inc.

    About Datos Insights

    Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc65c1ad-adda-45cb-966b-a8aec9d00587

    The MIL Network