Business – Page 1769 – NewzIntel.com

MIL-OSI: Ingersoll Rand Declares Regular Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

DAVIDSON, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and life science and industrial solutions, declared today a regular quarterly cash dividend of $0.02 (two cents) per share of common stock payable on December 5, 2024 to stockholders of record on November 14, 2024.

About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit our Investor Relations website here.

Investors:
Matthew Fort
Matthew.Fort@irco.com

Media:
Sara Hassell
Sara.Hassell@irco.com

The MIL Network –

January 25, 2025

MIL-OSI: IBEX Limited to Announce First Quarter 2025 Financial Results on November 7th, 2024

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”) (Nasdaq: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it will report first quarter 2025 financial results after the market close on Thursday, November 7, 2024. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments, and business outlook at 4:30 p.m. ET.

What:		IBEX Limited Announces First Quarter 2025 Financial Results
When:		Thursday, November 7, 2024
Time:		4:30 p.m. ET
Live Call:		(800) 715-9871 [USA & Canada Toll-Free]; Conference ID: 5528023
Webcast:		https://investors.ibex.co/

About ibex
ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

Investor Contact
Michael Darwal
ibex
Michael.Darwal@ibex.co

Media Contact
Dan Burris
ibex
Daniel.Burris@ibex.co

The MIL Network –

January 25, 2025

MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

3rd Quarter 2024 Highlights:

Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share.
Net income was $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent, from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the prior year third quarter net income of $52.4 million.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent.
Net interest income was $180 million for the current quarter, an increase of $13.8 million, or 8 percent, from the prior quarter net interest income of $166 million and an increase of $13.2 million, or 8 percent, from the prior year third quarter net interest income of $167 million.
The loan portfolio of $17.181 billion increased $329 million, or 2 percent, during the current quarter and organically increased $57.6 million, or 1 percent annualized, during the current quarter.
Total core deposits of $20.711 billion, increased $613 million, or 3 percent, during the current quarter and organically increased $216 million, or 4 percent annualized, during the current quarter.
Non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, during the current quarter and organically increased $221 million, or 14 percent annualized, during the current quarter.
The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.
The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter total cost of funding of 1.80 percent.
Stockholders’ equity of $3.245 billion increased $108 million, or 3 percent, during the current quarter and increased $370 million, or 13 percent, over the prior year third quarter.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 158 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition and core system conversion of six Montana branch locations of Rocky Mountain Bank division (“RMB”) of HTLF Bank, a wholly owned subsidiary of Heartland Financial USA, Inc. with total assets of $403 million, total gross loans of $272 million and total deposits of $397 million.

Year-to-date 2024 Highlights:

Net income for the first nine months of 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the prior year first nine months net income of $169 million.
Interest income for the first nine months of 2024 was $843 million, an increase of $98.7 million, or 13 percent, over the $744 million of interest income for the first nine months of 2023.
The loan portfolio increased $983 million, or 6 percent, during the first nine months of 2024 and organically increased $261 million, or 2 percent, during the first nine months of 2024.
The $2.740 billion of FRB Bank Term Funding (“BTFP”) was paid off during the current year through a combination of Federal Home Loan Bank (“FHLB”) advances and cash.
Dividends declared in the first nine months of 2024 were $0.99 per share.
The Company completed the acquisition and core system conversion of Community Financial Group, Inc., the parent company of Wheatland Bank (collectively, “Wheatland”), a leading eastern Washington community bank headquartered in Spokane with total assets of $778 million.

Financial Summary

	At or for the Three Months ended									At or for the Nine months ended
(Dollars in thousands, except per share and market data)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Sep 30, 2024		Sep 30, 2023
Operating results
Net income	$	51,055		44,708		32,627		52,445		128,390		168,611
Basic earnings per share	$	0.45		0.39		0.29		0.47		1.14		1.52
Diluted earnings per share	$	0.45		0.39		0.29		0.47		1.13		1.52
Dividends declared per share	$	0.33		0.33		0.33		0.33		0.99		0.99
Market value per share
Closing	$	45.70		37.32		40.28		28.50		45.70		28.50
High	$	47.71		40.18		42.75		36.45		47.71		50.03
Low	$	35.57		34.35		34.74		26.84		34.35		26.77
Selected ratios and other data
Number of common stock shares outstanding		113,394,786		113,394,092		113,388,590		110,879,365		113,394,786		110,879,365
Average outstanding shares – basic		113,394,758		113,390,539		112,492,142		110,877,534		113,093,583		110,857,788
Average outstanding shares – diluted		113,473,107		113,405,491		112,554,402		110,886,959		113,137,861		110,882,718
Return on average assets (annualized)		0.73	%	0.66	%	0.47	%	0.75	%	0.62	%	0.83	%
Return on average equity (annualized)		6.34	%	5.77	%	4.25	%	7.12	%	5.47	%	7.72	%
Efficiency ratio		64.92	%	67.97	%	74.41	%	63.31	%	68.98	%	62.10	%
Loan to deposit ratio		83.16	%	84.03	%	82.04	%	79.25	%	83.16	%	79.25	%
Number of full time equivalent employees		3,434		3,399		3,438		3,314		3,434		3,314
Number of locations		232		231		232		221		232		221
Number of ATMs		279		286		285		274		279		274

KALISPELL, Mont., Oct. 24, 2024 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $51.1 million for the current quarter, an increase of $6.3 million, or 14 percent from the prior quarter net income of $44.7 million and a decrease of $1.4 million, or 3 percent, from the $52.4 million of net income for the prior year third quarter. Diluted earnings per share for the current quarter was $0.45 per share, an increase of 15 percent from the prior quarter diluted earnings per share of $0.39 per share and a decrease of 4 percent from the prior year third quarter diluted earnings per share of $0.47. The decrease in net income compared to the prior year third quarter was due to the increase in funding costs and the increased costs associated with the acquisitions of Wheatland and RMB over the prior year third quarter. “Our positive business trends through the third quarter. We were very pleased to see solid earnings, margin and deposit growth,” said Randy Chesler, President and Chief Executive Officer. “We finalized the acquisition of the Rocky Mountain Bank Montana branches from Heartland and welcome the employees to the Glacier team.”

Net income for the nine months ended September 30, 2024 was $128 million, a decrease of $40.2 million, or 24 percent, from the $169 million net income for the first nine months of the prior year. Diluted earnings per share for the first nine months of 2024 was $1.13 per share, a decrease of $0.39 per share from the prior year first nine months diluted earnings per share of $1.52. The decrease in net income for the first nine months of the current year compared to the prior year first nine months was primarily due to the significant increase in funding costs. In addition, the current year-to-date results included increased operating costs and a $9.7 million provision for credit losses associated with the acquisitions of Wheatland and RMB.

On July 19, 2024, the Company completed the acquisition of six RMB branches in Montana. The branches have been combined with Glacier Bank divisions operating in Montana, including First Bank of Montana, First Security Bank of Bozeman, First Security Bank of Missoula, Valley Bank, and Western Security Bank. On January 31, 2024, the Company completed the acquisition of Wheatland, headquartered in Spokane, Washington. Wheatland had 14 branches in eastern Washington and was combined with the North Cascades Bank division under the name Wheatland Bank, division of Glacier Bank. The Wheatland Bank division now operates with a combined 23 branches in Central and Eastern Washington and is a Top 5 community bank by deposit share in Eastern Washington. The Company’s results of operations and financial condition include the Wheatland and RMB acquisitions beginning on the acquisition date of each. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	Wheatland		RMB
(Dollars in thousands)	January 31, 2024		July 19, 2024		Total
Total assets	$	777,659	$	403,052	$	1,180,711
Cash and cash equivalents		12,926		76,781		89,707
Debt securities		187,183		—		187,183
Loans receivable		450,403		271,569		721,972
Non-interest bearing deposits		277,651		93,534		371,185
Interest bearing deposits		339,304		303,156		642,460
Borrowings		58,500		4,305		62,805
Core deposit intangible		16,936		9,794		26,730
Goodwill		38,369		29,794		68,163

Asset Summary

										$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Cash and cash equivalents	$	987,833		800,779		1,354,342		1,672,094		187,054		(366,509	)	(684,261	)
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738		(62,963	)	(349,141	)	(305,160	)
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805		(51,705	)	(153,713	)	(205,107	)
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543		(114,668	)	(502,854	)	(510,267	)
Loans receivable
Residential real estate		1,837,697		1,771,528		1,704,544		1,653,777		66,169		133,153		183,920
Commercial real estate		10,833,841		10,713,964		10,303,306		10,292,446		119,877		530,535		541,395
Other commercial		3,177,051		3,066,028		2,901,863		2,916,785		111,023		275,188		260,266
Home equity		931,440		905,884		888,013		869,963		25,556		43,427		61,477
Other consumer		401,158		394,587		400,356		402,075		6,571		802		(917	)
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046		329,196		983,105		1,046,141
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)	(4,215	)	(12,413	)	(12,899	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775		324,981		970,692		1,033,242
Other assets		2,456,643		2,453,581		2,094,832		2,153,149		3,062		361,811		303,494
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561		400,429		463,140		142,208

Total debt securities of $7.785 billion at September 30, 2024 decreased $115 million, or 1 percent, during the current quarter and decreased $510 million, or 6 percent, from the prior year third quarter. Debt securities represented 28 percent of total assets at September 30, 2024 compared to 30 percent at December 31, 2023 and 30 percent at September 30, 2023.

The loan portfolio of $17.181 billion at September 30, 2024 increased $329 million, or 2 percent, during the current quarter. Excluding the RMB acquisition, the loan portfolio organically increased $57.6 million, or 1 percent annualized, during the current quarter. Excluding the RMB and Wheatland acquisitions, the loan portfolio organically increased $261 million, or 2 percent, during the first nine months of 2024 and increased $324 million, or 2 percent, from the prior year third quarter.

Credit Quality Summary

	At or for the Nine Months ended			At or for the Six Months ended		At or for the Year ended		At or for the Nine Months ended
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Allowance for credit losses
Balance at beginning of period	$	192,757		192,757		182,283		182,283
Acquisitions		3		3		—		—
Provision for credit losses		21,138		14,157		20,790		16,609
Charge-offs		(12,406	)	(8,430	)	(15,095	)	(10,284	)
Recoveries		3,678		2,468		4,779		3,663
Balance at end of period	$	205,170		200,955		192,757		192,271
Provision for credit losses
Loan portfolio	$	21,138		14,157		20,790		16,609
Unfunded loan commitments		(1,366	)	(2,390	)	(5,995	)	(4,827	)
Total provision for credit losses	$	19,772		11,767		14,795		11,782
Other real estate owned	$	432		432		1,032		—
Other foreclosed assets		201		198		471		48
Accruing loans 90 days or more past due		11,551		4,692		3,312		3,855
Non-accrual loans		15,937		12,686		20,816		38,380
Total non-performing assets	$	28,121		18,008		25,631		42,283
Non-performing assets as a percentage of subsidiary assets		0.10	%	0.06	%	0.09	%	0.15	%
Allowance for credit losses as a percentage of non-performing loans		730	%	1,116	%	799	%	455	%
Allowance for credit losses as a percentage of total loans		1.19	%	1.19	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.05	%	0.04	%	0.06	%	0.04	%
Accruing loans 30-89 days past due	$	56,213		49,678		49,967		15,253
U.S. government guarantees included in non-performing assets	$	1,802		1,228		1,503		1,057

Non-performing assets as a percentage of subsidiary assets at September 30, 2024 was 0.10 percent compared to 0.06 percent in the prior quarter and 0.15 percent in the prior year third quarter. Non-performing assets of $28.1 million at September 30, 2024 increased $10.1 million, or 56 percent, over the prior quarter and decreased $14.2 million, or 33 percent, over the prior year third quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at September 30, 2024 were 0.33 percent compared to 0.29 percent for the prior quarter end and 0.09 percent for the prior year third quarter. Early stage delinquencies of $56.2 million at September 30, 2024 increased $6.5 million from the prior quarter and increased $41.0 million from prior year third quarter.

The current quarter credit loss expense of $8.0 million included $2.8 million of provision for credit losses on loans and $799 thousand of provision for credit losses on unfunded commitments from the acquisition of RMB. Excluding the acquisition of RMB, the current quarter credit loss expense was $4.4 million, including $4.2 million of credit loss expense from loans and $225 thousand of credit loss expense from unfunded loan commitments.

For the first nine months of the current year, the provision for credit losses of $19.8 million included $8.1 million of provision for credit losses on loans and $1.6 million of provision for credit losses on unfunded loan commitments from the acquisitions of Wheatland and RMB.

The allowance for credit losses on loans (“ACL”) as a percentage of total loans outstanding at September 30, 2024 was 1.19 percent and remained unchanged from the prior year end and the prior year third quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Third quarter 2024	$	6,981	$	2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254		2,473	1.19	%	0.16	%	0.12	%
First quarter 2023		6,260		1,939	1.20	%	0.16	%	0.12	%
Fourth quarter 2022		6,060		1,968	1.20	%	0.14	%	0.12	%

Net charge-offs for the current quarter were $2.8 million compared to $2.9 million in the prior quarter and $2.2 million for the prior year third quarter. Net charge-offs of $2.8 million included $1.9 million in deposit overdraft net charge-offs and $815 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on regulatory classification is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

						$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Deposits
Non-interest bearing deposits	$	6,407,728	6,093,430	6,022,980	6,465,353	314,298		384,748		(57,625	)
NOW and DDA accounts		5,363,476	5,219,838	5,321,257	5,253,367	143,638		42,219		110,109
Savings accounts		2,801,077	2,862,034	2,833,887	2,872,362	(60,957	)	(32,810	)	(71,285	)
Money market deposit accounts		2,854,540	2,858,850	2,831,624	2,994,631	(4,310	)	22,916		(140,091	)
Certificate accounts		3,284,609	3,064,613	2,915,393	2,742,017	219,996		369,216		542,592
Core deposits, total		20,711,430	20,098,765	19,925,141	20,327,730	612,665		786,289		383,700
Wholesale deposits		3,334	2,994	4,026	67,434	340		(692	)	(64,100	)
Deposits, total		20,714,764	20,101,759	19,929,167	20,395,164	613,005		785,597		319,600
Repurchase agreements		1,831,501	1,629,504	1,486,850	1,499,696	201,997		344,651		331,805
Deposits and repurchase agreements, total		22,546,265	21,731,263	21,416,017	21,894,860	815,002		1,130,248		651,405
Federal Home Loan Bank advances		1,800,000	2,350,000	—	—	(550,000	)	1,800,000		1,800,000
FRB Bank Term Funding		—	—	2,740,000	2,740,000	—		(2,740,000	)	(2,740,000	)
Other borrowed funds		84,168	88,149	81,695	73,752	(3,981	)	2,473		10,416
Subordinated debentures		133,065	133,024	132,943	132,903	41		122		162
Other liabilities		397,221	365,459	351,693	347,452	31,762		45,528		49,769
Total liabilities	$	24,960,719	24,667,895	24,722,348	25,188,967	292,824		238,371		(228,248	)

Total core deposits of $20.711 billion at September 30, 2024 increased $613 million, or 3 percent, from the prior quarter and increased $786 million, or 4 percent, from the prior year end. Total core deposits organically increased $217 million, or 4 percent annualized, during the current quarter and decreased $227 million, or 1 percent, from the prior year end.

Total non-interest bearing deposits of $6.408 billion, increased $314 million, or 5 percent, from the prior quarter and increased $385 million, or 6 percent, from the prior year end. Non-interest bearing deposits organically increased $221 million, or 14 percent annualized, during the current quarter and increased $13.6 million, or 23 basis points, from the prior year end. Non-interest bearing deposits represented 31 percent of total deposits at June 30, 2024, compared to 30 percent at December 31, 2023 and 32 percent at September 30, 2023.

FHLB borrowings of $1.800 billion decreased $550 million, or 23 percent, during the current quarter. Upon maturity in the first quarter of 2024, the Company paid off its $2.740 billion BTFP borrowings with a combination of $2.140 billion in FHLB borrowings and cash.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Common equity	$	3,507,356		3,492,096		3,394,394		3,374,961		15,260		112,962		132,395
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)	92,345		111,807		238,061
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594		107,605		224,769		370,456
Goodwill and intangibles, net		(1,106,336	)	(1,066,790	)	(1,017,263	)	(1,019,690	)	(39,546	)	(89,073	)	(86,646	)
Tangible stockholders’ equity	$	2,138,714		2,070,655		2,003,018		1,854,904		68,059		135,696		283,810

Stockholders’ equity to total assets		11.50	%	11.28	%	10.89	%	10.24	%
Tangible stockholders’ equity to total tangible assets		7.89	%	7.74	%	7.49	%	6.86	%
Book value per common share	$	28.62		27.67		27.24		25.93		0.95	1.38	2.69
Tangible book value per common share	$	18.86		18.26		18.06		16.73		0.60	0.80	2.13

Tangible stockholders’ equity of $2.139 billion at September 30, 2024 increased $68.1 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities which was partially offset by the increase in goodwill and core deposit intangibles associated with the acquisition of RMB. Tangible stockholders’ equity at September 30, 2024 increased $136 million, or 7 percent, compared to the prior year end and was primarily due to $92.4 million of Company common stock issued for the acquisition of Wheatland and the decrease in the unrealized loss on the available-for-sale securities. The increase was partially offset by the increase in goodwill and core deposits associated with the acquisitions of Wheatland and RMB. Tangible book value per common share of $18.86 at the current quarter end increased $0.80 per share, or 4 percent, from the prior year end and increased $2.13 per share, or 13 percent, from the prior year third quarter.

Cash Dividends
On September 24, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable October 17, 2024 to shareholders of record on October 8, 2024. The dividend was the Company’s 158th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended September 30, 2024 Compared to June 30, 2024, March 31, 2024 and September 30, 2023

Income Summary
	Three Months ended									$ Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Mar 31, 2024		Sep 30, 2023		Jun 30, 2024	Mar 31, 2024		Sep 30, 2023
Net interest income
Interest income	$	289,578		273,834		279,402		264,906		15,744	10,176		24,672
Interest expense		109,347		107,356		112,922		97,852		1,991	(3,575	)	11,495
Total net interest income		180,231		166,478		166,480		167,054		13,753	13,751		13,177
Non-interest income
Service charges and other fees		20,587		19,422		18,563		19,304		1,165	2,024		1,283
Miscellaneous loan fees and charges		4,970		4,821		4,362		4,322		149	608		648
Gain on sale of loans		4,898		4,669		3,362		4,046		229	1,536		852
Gain (loss) on sale of securities		26		(12	)	16		(65	)	38	10		91
Other income		4,223		3,304		3,686		2,633		919	537		1,590
Total non-interest income		34,704		32,204		29,989		30,240		2,500	4,715		4,464
Total income	$	214,935		198,682		196,469		197,294		16,253	18,466		17,641
Net interest margin (tax-equivalent)		2.83	%	2.68	%	2.59	%	2.58	%

Net Interest Income
The current quarter interest income of $290 million increased $15.7 million, or 6 percent, over the prior quarter and increased $24.7 million, or 9 percent, over the prior year third quarter, with both increases being primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.69 percent in the current quarter increased 11 basis points from the prior quarter loan yield of 5.58 percent and increased 42 basis points from the prior year third quarter loan yield of 5.27 percent.

The current quarter interest expense of $109 million increased $2.0 million, or 2 percent, over the prior quarter and was primarily attributable to the increase in average deposit balances. The current quarter interest expense increased $11.5 million, or 12 percent, over the prior year third quarter and was primarily the result of an increase in rates on deposits and borrowings. Core deposit cost (including non-interest bearing deposits) was 1.37 percent for the current quarter compared to 1.36 percent in the prior quarter and 1.03 percent for the prior year third quarter. The total cost of funding (including non-interest bearing deposits) of 1.79 percent in the current quarter decreased 1 basis point from the prior quarter. The current quarter cost of funds increased 21 basis points from the prior year third quarter which was primarily the result of the increased deposit rates.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 2.83 percent, an increase of 15 basis points from the prior quarter net interest margin of 2.68 percent and was primarily driven by an increase in loan yields. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 25 basis points from the prior year third quarter net interest margin of 2.58 percent and was primarily driven by an increase in loan yields which more than offset the total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 4 basis points from discount accretion, the core net interest margin was 2.79 percent in the current quarter compared to 2.63 percent in the prior quarter and 2.55 in the prior year third quarter. “The growth in the loan portfolio at higher yields was funded primarily by the remix of lower yield cash flow from the securities portfolio,” said Ron Copher, Chief Financial Officer. “In addition, the growth in non-interest bearing deposits and the reduction in wholesale funding contributed to the improvement in the current quarter net interest margin.”

Non-interest Income
Non-interest income for the current quarter totaled $34.7 million, which was an increase of $2.5 million, or 8 percent, over the prior quarter and an increase of $4.5 million, or 15 percent, over the prior year third quarter. Service charges and other fees of $20.6 million for the current quarter increased $1.2 million, or 6 percent, compared to the prior quarter and increased $1.3 million, or 7 percent, compared to the prior year third quarter. Gain on the sale of residential loans of $4.9 million for the current quarter increased $229 thousand, or 5 percent, compared to the prior quarter and increased $852 thousand, or 21 percent, from the prior year third quarter. Other income of $4.2 million increased $919 thousand, or 28 percent, over the prior quarter and increased $1.6 million, or 60 percent, over the prior year third quarter, with both increases being driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Three Months ended					$ Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Mar 31, 2024	Sep 30, 2023	Jun 30, 2024		Mar 31, 2024		Sep 30, 2023
Compensation and employee benefits	$	85,083	84,434	85,789	77,387	649		(706	)	7,696
Occupancy and equipment		11,989	11,594	11,883	10,553	395		106		1,436
Advertising and promotions		4,062	4,362	3,983	4,052	(300	)	79		10
Data processing		9,196	9,387	9,159	8,730	(191	)	37		466
Other real estate owned and foreclosed assets		13	149	25	15	(136	)	(12	)	(2	)
Regulatory assessments and insurance		5,150	5,393	7,761	6,060	(243	)	(2,611	)	(910	)
Intangibles amortization		3,367	3,017	2,760	2,428	350		607		939
Other expenses		25,848	22,616	30,483	20,351	3,232		(4,635	)	5,497
Total non-interest expense	$	144,708	140,952	151,843	129,576	3,756		(7,135	)	15,132

Total non-interest expense of $145 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $15.1 million, or 12 percent, over the prior year third quarter. Compensation and employee benefits increased $7.7 million, or 10 percent, from the prior year third quarter and was driven by annual salary increases, increased performance-related compensation and increases from the acquisitions of Wheatland and RMB.

Other expenses of $25.8 million increased $3.2 million, or 14 percent, from the prior quarter, which was attributable to several miscellaneous category increases including an increase of $1.2 million in outside consulting services. In addition, the current quarter other expenses included $586 thousand of gains from the sale of former branch facilities and disposal of fixed assets compared to $1.5 million in the prior quarter. Other expenses increased $5.5 million, or 27 percent, from the prior year third quarter as a result of several miscellaneous category increases including an increase of $2.7 million in outside consulting services and an increase of $1.6 million in acquisition-related expenses. Acquisition-related expense was $1.9 million in the current quarter compared to $1.8 million in the prior quarter and $279 thousand in the prior year third quarter.

Federal and State Income Tax Expense
Tax expense during the third quarter of 2024 was $11.2 million, an increase of $1.7 million, or 18 percent, compared to the prior quarter and a decrease of $567 thousand, or 5 percent, from the prior year third quarter. The effective tax rate in the current quarter was 17.9 percent compared to 17.5 percent in the prior quarter and 18.3 percent in the prior year third quarter.

Efficiency Ratio
The efficiency ratio was 64.92 percent in the current quarter compared to 67.97 percent in the prior quarter and 63.31 percent in the prior year third quarter. The decrease from the prior quarter was principally driven by the increase in net interest income that more than offset the increase in non-interest expense.

Operating Results for Nine Months Ended September 30, 2024 Compared to September 30, 2023

Income Summary
	Nine months ended
(Dollars in thousands)	Sep 30, 2024			Sep 30, 2023			$ Change			% Change
Net interest income
Interest income	$	842,814		$	744,159		$	98,655		13	%
Interest expense		329,625			218,933			110,692		51	%
Total net interest income		513,189			525,226			(12,037	)	(2	)%
Non-interest income
Service charges and other fees		58,572			56,042			2,530		5	%
Miscellaneous loan fees and charges		14,153			12,451			1,702		14	%
Gain on sale of loans		12,929			9,974			2,955		30	%
Gain (loss) on sale of securities		30			(202	)		232		(115	)%
Other income		11,213			8,949			2,264		25	%
Total non-interest income		96,897			87,214			9,683		11	%
Total Income	$	610,086		$	612,440		$	(2,354	)	—	%
Net interest margin (tax-equivalent)		2.70	%		2.79	%

Net Interest Income
Net-interest income of $513 million for the first nine months of 2024 decreased $12.0 million, or 2 percent, over 2023 and was primarily driven by increased interest expense which outpaced the increase in interest income. Interest income of $843 million for 2024 increased $98.7 million, or 13 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.58 percent during the first nine months of 2024, an increase of 44 basis points from the prior year first nine months loan yield of 5.14 percent.

Interest expense of $330 million for the first nine months of 2024 increased $111 million, or 51 percent, over the same period in the prior year and was primarily the result of higher interest rates on deposits. Core deposit cost (including non-interest bearing deposits) was 1.36 percent for the first nine months of 2024 compared to 0.62 percent for the same period in the prior year. The total funding cost (including non-interest bearing deposits) for the first nine months of 2024 was 1.81 percent, which was an increase of 59 basis points over the first nine months of the prior year funding cost of 1.22 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first nine months of 2024 was 2.70 percent, a 9 basis points decrease from the net interest margin of 2.79 percent for the first nine months of the prior year. Excluding the 4 basis points from discount accretion and the 1 basis point from non-accrual interest, the core net interest margin was 2.65 percent in the first nine months of the current year compared to 2.77 percent in the prior year first nine months.

Non-interest Income
Non-interest income of $96.9 million for the first nine months of 2024 increased $9.7 million, or 11 percent, over the same period last year. Gain on sale of residential loans of $12.9 million for the first nine months of 2024 increased by $3.0 million, or 30 percent, over the first nine months of the prior year. Other income of $11.2 million for the first nine months of 2024 increased $2.3 million, or 25 percent, over the same period last year and was primarily driven by a $1.2 million gain on the sale of repossessed property during the current quarter.

Non-interest Expense Summary

	Nine months ended
(Dollars in thousands)	Sep 30, 2024		Sep 30, 2023		$ Change		% Change
Compensation and employee benefits	$	255,306	$	237,628	$	17,678	7	%
Occupancy and equipment		35,466		33,045		2,421	7	%
Advertising and promotions		12,407		12,020		387	3	%
Data processing		27,742		25,241		2,501	10	%
Other real estate owned and foreclosed assets		187		41		146	356	%
Regulatory assessments and insurance		18,304		16,277		2,027	12	%
Core deposit intangibles amortization		9,144		7,304		1,840	25	%
Other expenses		78,947		63,606		15,341	24	%
Total non-interest expense	$	437,503	$	395,162	$	42,341	11	%

Total non-interest expense of $438 million for the first nine months of 2024 increased $42.3 million, or 11 percent, over the same period in the prior year. Compensation and employee benefits expense of $255 million in the first nine months of 2024 increased $17.7 million, or 7 percent, over the same period in the prior year and was driven by annual salary increases and the acquisitions of Wheatland and RMB. Data processing expenses of $27.7 million for the first nine months of 2024 increased $2.5 million, or 10 percent, from the same period in the prior year. Regulatory assessments and insurance expense of $18.3 million for the first nine months of 2024 increased $2.0 million, or 12 percent, over the same period in the prior year which was principally due to the accrual adjustment for the FDIC special assessment. Other expenses of $78.9 million for the first nine months of 2024 increased $15.3 million, or 24 percent, from the first nine months of the prior year and was primarily driven by an increase of $8.6 million of acquisition-related expenses, which was partially offset by gains of $3.1 million from the sale of former branch facilities and disposal of fixed assets.

Provision for Credit Losses
The provision for credit loss expense was $19.8 million for the first nine months of 2024, an increase of $8.0 million, or 68 percent, over the same period in the prior year and was primarily attributable to $9.7 million from the acquisitions of Wheatland and RMB. Net charge-offs for the first nine months of 2024 were $8.7 million compared to $6.6 million in the first nine months of 2023.

Federal and State Income Tax Expense
Tax expense of $24.4 million for the first nine months of 2024 decreased $12.5 million, or 34 percent, over the prior year. The effective tax rate for the first nine months of 2024 was 16.0 percent compared to 17.9 percent for the same period in the prior year. The decrease in tax expense and the resulting effective tax rate was the result of a combination of increased federal tax credits and a decrease in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 68.98 percent for the first nine months of 2024 compared to 62.10 percent for the same period of 2023. The increase from the prior year was primarily attributable to the increase in interest expense in the current year that outpaced the increase in interest income and increased non-interest expense.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, and geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate any future acquisitions;
costs or difficulties related to the completion and integration of pending or future acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technological which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, October 25, 2024. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI32ee03ea65c34bd794e0027768d383d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/9bh88vfv.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Assets
Cash on hand and in banks	$	342,105		271,107		246,525		264,067
Interest bearing cash deposits		645,728		529,672		1,107,817		1,408,027
Cash and cash equivalents		987,833		800,779		1,354,342		1,672,094
Debt securities, available-for-sale		4,436,578		4,499,541		4,785,719		4,741,738
Debt securities, held-to-maturity		3,348,698		3,400,403		3,502,411		3,553,805
Total debt securities		7,785,276		7,899,944		8,288,130		8,295,543
Loans held for sale, at fair value		46,126		39,745		15,691		29,027
Loans receivable		17,181,187		16,851,991		16,198,082		16,135,046
Allowance for credit losses		(205,170	)	(200,955	)	(192,757	)	(192,271	)
Loans receivable, net		16,976,017		16,651,036		16,005,325		15,942,775
Premises and equipment, net		466,977		451,515		421,791		415,343
Other real estate owned and foreclosed assets		633		630		1,503		48
Accrued interest receivable		114,121		102,279		94,526		104,476
Deferred tax asset		125,432		155,834		159,070		203,745
Intangibles, net		52,780		43,028		31,870		34,297
Goodwill		1,053,556		1,023,762		985,393		985,393
Non-marketable equity securities		98,285		121,810		12,755		11,330
Bank-owned life insurance		188,971		187,793		171,101		170,175
Other assets		309,762		327,185		201,132		199,315
Total assets	$	28,205,769		27,805,340		27,742,629		28,063,561
Liabilities
Non-interest bearing deposits	$	6,407,728		6,093,430		6,022,980		6,465,353
Interest bearing deposits		14,307,036		14,008,329		13,906,187		13,929,811
Securities sold under agreements to repurchase		1,831,501		1,629,504		1,486,850		1,499,696
FHLB advances		1,800,000		2,350,000		—		—
FRB Bank Term Funding		—		—		2,740,000		2,740,000
Other borrowed funds		84,168		88,149		81,695		73,752
Subordinated debentures		133,065		133,024		132,943		132,903
Accrued interest payable		35,382		31,000		125,907		91,874
Other liabilities		361,839		334,459		225,786		255,578
Total liabilities		24,960,719		24,667,895		24,722,348		25,188,967
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,134		1,134		1,109		1,109
Paid-in capital		2,447,200		2,445,479		2,350,104		2,348,305
Retained earnings – substantially restricted		1,059,022		1,045,483		1,043,181		1,025,547
Accumulated other comprehensive loss		(262,306	)	(354,651	)	(374,113	)	(500,367	)
Total stockholders’ equity		3,245,050		3,137,445		3,020,281		2,874,594
Total liabilities and stockholders’ equity	$	28,205,769		27,805,340		27,742,629		28,063,561

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended							Nine months ended
(Dollars in thousands, except per share data)	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024	Sep 30, 2023		Sep 30, 2024	Sep 30, 2023
Interest Income
Investment securities	$	46,371	42,165		56,218	53,397		144,754	144,697
Residential real estate loans		23,118	21,754		20,764	18,594		65,636	51,508
Commercial loans		196,901	188,326		181,472	173,437		566,699	493,706
Consumer and other loans		23,188	21,589		20,948	19,478		65,725	54,248
Total interest income		289,578	273,834		279,402	264,906		842,814	744,159
Interest Expense
Deposits		70,607	67,852		67,196	54,697		205,655	98,942
Securities sold under agreements to repurchase		14,737	13,566		12,598	10,972		40,901	24,185
Federal Home Loan Bank advances		22,344	24,179		4,249	—		50,772	26,910
FRB Bank Term Funding		—	—		27,097	30,229		27,097	63,160
Other borrowed funds		252	353		344	489		949	1,428
Subordinated debentures		1,407	1,406		1,438	1,465		4,251	4,308
Total interest expense		109,347	107,356		112,922	97,852		329,625	218,933
Net Interest Income		180,231	166,478		166,480	167,054		513,189	525,226
Provision for credit losses		8,005	3,518		8,249	3,539		19,772	11,782
Net interest income after provision for credit losses		172,226	162,960		158,231	163,515		493,417	513,444
Non-Interest Income
Service charges and other fees		20,587	19,422		18,563	19,304		58,572	56,042
Miscellaneous loan fees and charges		4,970	4,821		4,362	4,322		14,153	12,451
Gain on sale of loans		4,898	4,669		3,362	4,046		12,929	9,974
Gain (loss) on sale of securities		26	(12	)	16	(65	)	30	(202	)
Other income		4,223	3,304		3,686	2,633		11,213	8,949
Total non-interest income		34,704	32,204		29,989	30,240		96,897	87,214
Non-Interest Expense
Compensation and employee benefits		85,083	84,434		85,789	77,387		255,306	237,628
Occupancy and equipment		11,989	11,594		11,883	10,553		35,466	33,045
Advertising and promotions		4,062	4,362		3,983	4,052		12,407	12,020
Data processing		9,196	9,387		9,159	8,730		27,742	25,241
Other real estate owned and foreclosed assets		13	149		25	15		187	41
Regulatory assessments and insurance		5,150	5,393		7,761	6,060		18,304	16,277
Intangibles amortization		3,367	3,017		2,760	2,428		9,144	7,304
Other expenses		25,848	22,616		30,483	20,351		78,947	63,606
Total non-interest expense		144,708	140,952		151,843	129,576		437,503	395,162
Income Before Income Taxes		62,222	54,212		36,377	64,179		152,811	205,496
Federal and state income tax expense		11,167	9,504		3,750	11,734		24,421	36,885
Net Income	$	51,055	44,708		32,627	52,445		128,390	168,611

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	September 30, 2024						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,796,787	$	21,754	4.84	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,740,455		189,939	5.56	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,290,587		21,589	6.73	%
Total loans ²		17,131,512		244,862	5.69	%		16,827,829		233,282	5.58	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,707,269		15,111	3.54	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		7,042,885		29,461	1.67	%
Total earning assets		25,866,122		293,573	4.52	%		25,577,983		277,854	4.37	%
Goodwill and intangibles		1,092,632						1,068,250
Non-earning assets		836,878						754,491
Total assets	$	27,795,632					$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,026,709	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,221,883		15,728	1.21	%
Savings accounts		2,829,203		5,699	0.80	%		2,914,538		6,014	0.83	%
Money market deposit accounts		2,887,173		15,048	2.07	%		2,904,438		14,467	2.00	%
Certificate accounts		3,211,842		33,597	4.16	%		3,037,638		31,593	4.18	%
Total core deposits		20,479,843		70,565	1.37	%		20,105,206		67,802	1.36	%
Wholesale deposits ⁶		3,122		42	5.47	%		3,726		50	5.50	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,597,887		13,566	3.41	%
FHLB advances		1,828,533		22,344	4.78	%		2,007,747		24,179	4.76	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		224,778		1,759	3.15	%
Total funding liabilities		24,254,523		109,347	1.79	%		23,939,344		107,356	1.80	%
Other liabilities		336,906						344,105
Total liabilities		24,591,429						24,283,449
Stockholders’ Equity
Stockholders’ equity		3,204,203						3,117,275
Total liabilities and stockholders’ equity	$	27,795,632					$	27,400,724
Net interest income (tax-equivalent)			$	184,226					$	170,498
Net interest spread (tax-equivalent)					2.73	%					2.57	%
Net interest margin (tax-equivalent)					2.83	%					2.68	%

______________________________

¹	Includes tax effect of $1.7 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and June 30, 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $2.2 million on tax-exempt debt securities income for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁴	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $357.0 million and $0.14 billion for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁵	Includes tax effect of $203 thousand and $211 thousand on federal income tax credits for the three months ended September 30, 2024 and June 30, 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,850,066	$	23,118	5.00	%	$	1,649,947	$	18,594	4.51	%
Commercial loans ¹		13,957,304		198,556	5.66	%		13,120,479		174,822	5.29	%
Consumer and other loans		1,324,142		23,188	6.97	%		1,263,775		19,478	6.11	%
Total loans ²		17,131,512		244,862	5.69	%		16,034,201		212,894	5.27	%
Tax-exempt debt securities ³		1,660,643		14,710	3.54	%		1,732,227		14,486	3.34	%
Taxable debt securities ^{4, 5}		7,073,967		34,001	1.92	%		8,485,157		41,052	1.94	%
Total earning assets		25,866,122		293,573	4.52	%		26,251,585		268,432	4.06	%
Goodwill and intangibles		1,092,632						1,020,868
Non-earning assets		836,878						528,145
Total assets	$	27,795,632					$	27,800,598
Liabilities
Non-interest bearing deposits	$	6,237,166	$	—	—	%	$	6,461,350	$	—	—	%
NOW and DDA accounts		5,314,459		16,221	1.21	%		5,231,741		12,906	0.98	%
Savings accounts		2,829,203		5,699	0.80	%		2,840,620		3,492	0.49	%
Money market deposit accounts		2,887,173		15,048	2.07	%		3,039,177		12,646	1.65	%
Certificate accounts		3,211,842		33,597	4.16	%		2,462,266		23,151	3.73	%
Total core deposits		20,479,843		70,565	1.37	%		20,035,154		52,195	1.03	%
Wholesale deposits ⁶		3,122		42	5.47	%		188,523		2,502	5.27	%
Repurchase agreements		1,723,553		14,738	3.40	%		1,401,765		10,972	3.11	%
FHLB advances		1,828,533		22,344	4.78	%		—		—	—	%
FRB Bank Term Funding		—		—	—	%		2,740,000		30,229	4.38	%
Subordinated debentures and other borrowed funds		219,472		1,658	3.01	%		208,336		1,954	3.72	%
Total funding liabilities		24,254,523		109,347	1.79	%		24,573,778		97,852	1.58	%
Other liabilities		336,906						302,564
Total liabilities		24,591,429						24,876,342
Stockholders’ Equity
Stockholders’ equity		3,204,203						2,924,256
Total liabilities and stockholders’ equity	$	27,795,632					$	27,800,598
Net interest income (tax-equivalent)			$	184,226					$	170,580
Net interest spread (tax-equivalent)					2.73	%					2.48	%
Net interest margin (tax-equivalent)					2.83	%					2.58	%

______________________________

¹	Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Nine Months ended
	September 30, 2024						September 30, 2023
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,798,202	$	65,636	4.87	%	$	1,570,911	$	51,508	4.37	%
Commercial loans ¹		13,737,866		571,540	5.56	%		12,910,691		498,152	5.16	%
Consumer and other loans		1,299,463		65,725	6.76	%		1,236,158		54,248	5.87	%
Total loans ²		16,835,531		702,901	5.58	%		15,717,760		603,908	5.14	%
Tax-exempt debt securities ³		1,695,965		44,978	3.54	%		1,745,764		44,978	3.44	%
Taxable debt securities ^{4, 5}		7,429,971		106,939	1.92	%		8,240,041		107,338	1.74	%
Total earning assets		25,961,467		854,818	4.40	%		25,703,565		756,224	3.93	%
Goodwill and intangibles		1,071,024						1,023,274
Non-earning assets		734,681						510,332
Total assets	$	27,767,172					$	27,237,171
Liabilities
Non-interest bearing deposits	$	6,077,392	$	—	—	%	$	6,770,242	$	—	—	%
NOW and DDA accounts		5,270,842		47,866	1.21	%		5,140,668		22,606	0.59	%
Savings accounts		2,881,273		17,368	0.81	%		2,930,420		5,070	0.23	%
Money market deposit accounts		2,913,206		43,907	2.01	%		3,253,138		28,654	1.18	%
Certificate accounts		3,083,866		96,365	4.17	%		1,638,163		34,613	2.82	%
Total core deposits		20,226,579		205,506	1.36	%		19,732,631		90,943	0.62	%
Wholesale deposits ⁶		3,603		149	5.49	%		213,465		7,999	5.01	%
Repurchase agreements		1,612,021		40,901	3.39	%		1,238,139		24,185	2.61	%
FHLB advances		1,397,258		50,772	4.77	%		738,004		26,910	4.81	%
FRB Bank Term Funding		824,672		27,097	4.39	%		1,929,322		63,160	4.38	%
Subordinated debentures and other borrowed funds		220,835		5,200	3.15	%		208,891		5,737	3.67	%
Total funding liabilities		24,284,968		329,625	1.81	%		24,060,452		218,934	1.22	%
Other liabilities		345,822						256,022
Total liabilities		24,630,790						24,316,474
Stockholders’ Equity
Stockholders’ equity		3,136,382						2,920,697
Total liabilities and stockholders’ equity	$	27,767,172					$	27,237,171
Net interest income (tax-equivalent)			$	525,193					$	537,290
Net interest spread (tax-equivalent)					2.59	%					2.71	%
Net interest margin (tax-equivalent)					2.70	%					2.79	%

______________________________

¹	Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
⁴	Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
⁵	Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type												% Change from
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	235,915		$	233,978		$	290,572		$	306,106		1	%	(19)	%	(23)	%
Pre-sold and spec construction		203,610			198,219			236,596			287,048		3	%	(14)	%	(29)	%
Total residential construction		439,525			432,197			527,168			593,154		2	%	(17)	%	(26)	%
Land development		205,704			209,794			232,966			234,995		(2)	%	(12)	%	(12)	%
Consumer land or lots		189,705			190,781			187,545			184,685		(1)	%	1	%	3	%
Unimproved land		109,237			108,763			87,739			87,089		—	%	25	%	25	%
Developed lots for operative builders		67,140			57,140			56,142			62,485		18	%	20	%	7	%
Commercial lots		98,644			99,036			87,185			84,194		—	%	13	%	17	%
Other construction		689,638			810,536			900,547			982,384		(15)	%	(23)	%	(30)	%
Total land, lot, and other construction		1,360,068			1,476,050			1,552,124			1,635,832		(8)	%	(12)	%	(17)	%
Owner occupied		3,121,900			3,087,814			3,035,768			2,976,821		1	%	3	%	5	%
Non-owner occupied		4,001,430			3,941,786			3,742,916			3,765,266		2	%	7	%	6	%
Total commercial real estate		7,123,330			7,029,600			6,778,684			6,742,087		1	%	5	%	6	%
Commercial and industrial		1,387,538			1,400,896			1,363,479			1,363,198		(1)	%	2	%	2	%
Agriculture		1,047,320			962,384			772,458			785,208		9	%	36	%	33	%
1st lien		2,462,885			2,353,912			2,127,989			2,054,497		5	%	16	%	20	%
Junior lien		77,029			56,049			47,230			47,490		37	%	63	%	62	%
Total 1-4 family		2,539,914			2,409,961			2,175,219			2,101,987		5	%	17	%	21	%
Multifamily residential		921,138			1,027,962			796,538			714,822		(10)	%	16	%	29	%
Home equity lines of credit		1,004,300			974,000			979,891			950,204		3	%	2	%	6	%
Other consumer		221,517			220,755			229,154			233,980		—	%	(3)	%	(5)	%
Total consumer		1,225,817			1,194,755			1,209,045			1,184,184		3	%	1	%	4	%
States and political subdivisions		993,871			777,426			834,947			833,618		28	%	19	%	19	%
Other		188,792			180,505			204,111			209,983		5	%	(8)	%	(10)	%
Total loans receivable, including loans held for sale		17,227,313			16,891,736			16,213,773			16,164,073		2	%	6	%	7	%
Less loans held for sale ¹		(46,126	)		(39,745	)		(15,691	)		(29,027	)	16	%	194	%	59	%
Total loans receivable	$	17,181,187		$	16,851,991		$	16,198,082		$	16,135,046		2	%	6	%	6	%

______________________________

¹	Loans held for sale are primarily 1st lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024	Dec 31, 2023	Sep 30, 2023	Sep 30, 2024	Sep 30, 2024	Sep 30, 2024
Custom and owner occupied construction	$	202	206	214	219	202	—	—
Pre-sold and spec construction		3,705	2,908	763	763	2,942	763	—
Total residential construction		3,907	3,114	977	982	3,144	763	—
Land development		583	—	35	80	22	561	—
Consumer land or lots		458	429	96	314	241	217	—
Unimproved land		—	—	—	36	—	—	—
Developed lots for operative builders		531	608	608	608	—	531	—
Commercial lots		47	47	47	188	—	47	—
Other construction		—	25	—	12,884	—	—	—
Total land, lot and other construction		1,619	1,109	786	14,110	263	1,356	—
Owner occupied		1,903	1,992	1,838	1,445	662	809	432
Non-owner occupied		1,335	257	11,016	15,105	1,335	—	—
Total commercial real estate		3,238	2,249	12,854	16,550	1,997	809	432
Commercial and Industrial		2,455	2,044	1,971	1,367	1,408	1,047	—
Agriculture		6,040	2,442	2,558	2,450	2,164	3,876	—
1st lien		6,065	2,923	2,664	2,766	3,724	2,341	—
Junior lien		279	492	180	363	279	—	—
Total 1-4 family		6,344	3,415	2,844	3,129	4,003	2,341	—
Multifamily residential		392	385	395	—	392	—	—
Home equity lines of credit		2,867	2,145	2,043	1,612	1,903	964	—
Other consumer		1,111	1,089	1,187	942	663	247	201
Total consumer		3,978	3,234	3,230	2,554	2,566	1,211	201
Other		148	16	16	1,141	—	148	—
Total	$	28,121	18,008	25,631	42,283	15,937	11,551	633

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Sep 30, 2024		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2024		Dec 31, 2023		Sep 30, 2023
Custom and owner occupied construction	$	13	$	1,323	$	2,549	$	—	(99)	%	(99)	%	n/m
Pre-sold and spec construction		1,250		816		1,219		599	53	%	3	%	109	%
Total residential construction		1,263		2,139		3,768		599	(41)	%	(66)	%	111	%
Land development		157		—		163		44	n/m		(4)	%	257	%
Consumer land or lots		747		411		624		528	82	%	20	%	41	%
Unimproved land		39		158		—		87	(75)	%	n/m		(55)	%
Commercial lots		—		—		2,159		1,245	n/m		(100)	%	(100)	%
Other construction		—		21		—		—	(100)	%	n/m		n/m
Total land, lot and other construction		943		590		2,946		1,904	60	%	(68)	%	(50)	%
Owner occupied		5,641		4,326		2,222		652	30	%	154	%	765	%
Non-owner occupied		13,785		8,119		14,471		213	70	%	(5)	%	6,372	%
Total commercial real estate		19,426		12,445		16,693		865	56	%	16	%	2,146	%
Commercial and industrial		3,125		17,591		12,905		2,946	(82)	%	(76)	%	6	%
Agriculture		16,932		5,288		594		604	220	%	2,751	%	2,703	%
1st lien		6,275		2,637		3,768		1,006	138	%	67	%	524	%
Junior lien		13		17		1		355	(24)	%	1,200	%	(96)	%
Total 1-4 family		6,288		2,654		3,769		1,361	137	%	67	%	362	%
Home equity lines of credit		4,567		5,432		4,518		3,638	(16)	%	1	%	26	%
Other consumer		2,227		2,192		3,264		1,821	2	%	(32)	%	22	%
Total consumer		6,794		7,624		7,782		5,459	(11)	%	(13)	%	24	%
Other		1,442		1,347		1,510		1,515	7	%	(5)	%	(5)	%
Total	$	56,213	$	49,678	$	49,967	$	15,253	13	%	13	%	269	%

______________________________

n/m – not measurable

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Sep 30, 2024			Jun 30, 2024		Dec 31, 2023		Sep 30, 2023		Sep 30, 2024	Sep 30, 2024
Pre-sold and spec construction	$	(4	)	(4	)	(15	)	(12	)	—	4
Land development		(21	)	(1	)	(135	)	(134	)	—	21
Consumer land or lots		(21	)	(22	)	(19	)	(14	)	—	21
Unimproved land		5		5		—		—		5	—
Commercial lots		319		319		—		—		319	—
Other construction		—		—		889		—		—	—
Total land, lot and other construction		282		301		735		(148	)	324	42
Owner occupied		(73	)	(73	)	(59	)	(104	)	—	73
Non-owner occupied		(3	)	(2	)	799		500		—	3
Total commercial real estate		(76	)	(75	)	740		396		—	76
Commercial and industrial		1,272		644		364		(11	)	1,839	567
Agriculture		65		68		—		—		68	3
1st lien		(34	)	(22	)	66		98		—	34
Junior lien		(60	)	(55	)	24		32		10	70
Total 1-4 family		(94	)	(77	)	90		130		10	104
Multifamily residential		—		—		(136	)	—		—	—
Home equity lines of credit		(31	)	1		(6	)	20		35	66
Other consumer		753		493		1,097		816		1,056	303
Total consumer		722		494		1,091		836		1,091	369
Other		6,561		4,611		7,447		5,430		9,074	2,513
Total	$	8,728		5,962		10,316		6,621		12,406	3,678

Visit our website at www.glacierbancorp.com

CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706

The MIL Network –

January 25, 2025

MIL-OSI: Red River Bancshares, Inc. Announces Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ALEXANDRIA, La., Oct. 24, 2024 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (Nasdaq: RRBI) (the “Company”) announced today that on October 24, 2024, its board of directors declared a quarterly cash dividend in an amount equal to $0.09 per share of common stock. The cash dividend is payable on December 19, 2024, to shareholders of record as of the close of business on December 9, 2024.

About Red River Bancshares, Inc.
The Company is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

Contact:
Julia E. Callis
Senior Vice President, General Counsel & Corporate Secretary
318-561-4042
julia.callis@redriverbank.net

The MIL Network –

January 25, 2025

MIL-OSI: Advent Convertible and Income Fund (NYSE: AVK) Announces Final Results of Rights Offering

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Advent Convertible and Income Fund (NYSE: AVK) (the “Fund”) today announced the final results of its transferable rights offering (the “Offer”). The Offer expired on October 17, 2024 (the “Expiration Date”). The Rights no longer trade on the New York Stock Exchange (“NYSE”).

The final subscription price per share was $11.28, which was equal to 90% of the net asset value per Common Share as of the Expiration Date. The Offer resulted in the issuance of 9,540,946 Common Shares. The gross proceeds of the Offer were approximately $108 million.

The Common Shares subscribed for were issued after completion of the allocation of the over-subscription Common Shares and receipt of all shareholder payments. The Common Shares subscribed for were issued on or about October 23, 2024. The Subscription Agent for the Offer will return to subscribing rights holders the full amount of any excess payments.

***

This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus supplement and accompanying prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The Fund’s prospectus supplement and accompanying prospectus contain this and additional information about the Fund.

Additional Information About the Fund

The Fund is a diversified, closed-end management investment company with an investment objective of providing total return through a combination of capital appreciation and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of convertible securities and non-convertible income producing securities. The Fund’s shares are traded on the New York Stock Exchange under the symbol “AVK.”

About Advent Capital Management, LLC

Advent is an SEC-registered investment adviser headquartered in New York, NY. Advent’s investment discipline emphasizes capital structure research, encompassing equity fundamentals as well as credit research, with a focus on cash flow and asset values while seeking to maximize total return.

About Guggenheim Investments

Guggenheim Investments includes Guggenheim Funds Distributors, LLC (the servicing agent for the Fund). Advent Capital Management, LLC serves as Adviser for the Fund and is not affiliated with Guggenheim.

Contact:

William T. Korver

cefs@guggenheiminvestments.com

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

The MIL Network –

January 25, 2025

MIL-OSI: H&R Block to Release Fiscal 2025 First Quarter Results on November 7, 2024

Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., Oct. 24, 2024 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) will report fiscal 2025 first quarter results on Thursday, November 7, 2024, after the New York Stock Exchange market close. At that time, a copy of the press release and presentation will be available on the company’s investor relations website at https://investors.hrblock.com/.

A conference call for analysts, institutional investors, and shareholders will be held at 4:30 p.m. Eastern time on Thursday, November 7, 2024. During the conference call the company will discuss fiscal 2025 first quarter results, outlook, and give a general business update. To join live, participants must register at https://register.vevent.com/register/BI46d8067507a543a1803367b08bae03f8. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/qdeqpgfd and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

For Further Information

The MIL Network –

January 25, 2025

MIL-OSI: Archrock Increases Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced that its Board of Directors has declared an increased quarterly dividend of $0.175 per share of common stock, or $0.70 per share on an annualized basis. The third quarter 2024 dividend will be paid on November 13, 2024 to all stockholders of record on November 6, 2024.

The third quarter 2024 dividend per share amount represents an increase of 6 percent over the Archrock second quarter 2024 dividend level and an increase of 13 percent over the Archrock third quarter 2023 dividend level.

“We are implementing the second increase in Archrock’s quarterly cash dividend for 2024 and fourth increase in the last two years reflecting our confidence in enduring demand growth for natural gas and our transformed platform, which are delivering excellent and consistent results. In addition, the recent acquisition of TOPS was immediately accretive to our cash available for dividend,” said Brad Childers, Archrock’s President and Chief Executive Officer.

“We remain committed to investing in high-return investments required to support our customers and increasing cash returns to shareholders, while maintaining prudent dividend and leverage coverage ratios. We look forward to updating you on our results and integration progress on our third quarter 2024 earnings call in November,” concluded Childers.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA^TM, visit www.archrock.com.

Forward-Looking Statements

This press release contains forward-looking statements, which include statements about Archrock’s future financial performance and dividends. These statements are not guarantees of future performance or actions. Forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Archrock expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in Archrock’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Archrock’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024 and as set forth from time to time in Archrock’s filings with the Securities and Exchange Commission. These filings are available online at www.sec.gov and www.archrock.com.

For information, contact:

Megan Repine
Vice President, Investor Relations
(281) 836-8360
investor.relations@archrock.com

The MIL Network –

January 25, 2025

MIL-OSI Economics: Inside an AI-native ad agency

Source: Microsoft

Headline: Inside an AI-native ad agency

To grasp the future of business, look to AI-native organizations: from processes to products, these companies are infusing every facet of their operations with AI. In a previous newsletter, I wrote about common ways that AI natives work differently. Today I’m zooming in on one company I find particularly compelling: Supernatural AI, a 30-employee creative agency that’s inventing a more efficient, strategic way of doing business.

Founded in 2021, Supernatural bills itself as “a place where people and machines work together to make advertising better.” It uses AI to weave data into all its offerings, from consumer research and brand strategy to creative ideation, and clients have included US Bank, Kayak, and Zipcar. Like many AI natives we talked to, Supernatural leverages AI to play both offense (unlocking new business opportunities and delivering value to clients) and defense (reducing costs).

Deploy AI to uncover new business value
Traditionally, only major brands—like national fast-food chains—have been able to localize their advertising to specific cities. It’s time-consuming and expensive to create so many iterations on the creative, let alone to ensure that every variation is grounded in local knowledge and data.

Supernatural is using AI to bring this capability to brands of all sizes. Employees can use AI to help generate hyperlocal social media ads in minutes rather than days, even when working with modest budgets. Humans then touch up what AI produces.

“Humans and AI need each other,” Supernatural co-founder Mike Barrett told us. “AI doesn’t always have good judgment, but that’s okay—I have good judgment. AI has the ability to endlessly version assets. People don’t.”

That combination—human creativity and judgment paired with AI’s ability to brainstorm, iterate, and ground ideas in relevant data at great speed—is a powerful advantage. In advertising, “you have massive upward pressure on costs, and competition means you have downward pressure on pricing,” Barrett says. “The only way to resolve the margin squeeze is productivity. And we knew that the way to solve productivity was AI. We would use AI to claw back margin.”

Focus on what sets you apart
AI helps Supernatural with margins, but clients benefit too because the agency can deliver strategically driven results faster. Supernatural uses a data-and-AI platform—employees call it “The Superconductor”—built on more than two decades of research on advertising effectiveness, along with data about target audiences and competitors.

The platform keeps track of those many considerations, saving human energy and creating competitive advantage by leveraging data more effectively. Supernatural uses it to test messaging on AI avatars of customers instead of human focus groups, saving time and money.

With those capabilities, Supernatural is speeding up its process to create a competitive advantage over bigger, more established agencies. One client, US Bank, hired the agency to do a national campaign—choosing Supernatural over a longstanding partner that has decades of history and thousands of employees. The campaign went from brief to creative rollout in under four months, a process that previously would have taken nine.

Build a more fluid organization
Supernatural’s approach aligns with what my team and I have found in our research about AI-native organizations generally. For instance, AI natives tend to have more fluid org charts. At Supernatural, creative work is shared by people across roles, not just those with creative titles. The agency has hired people from many walks of life, including a former journalist, an investment banker, and a financial services marketer. Since AI scales data-informed advertising expertise across the staff, the company can hire for special perspectives, not just standard skills.

Getting the right staffing mix has required trial and error. At first, Supernatural envisioned hiring mostly experienced leaders to “manage” AI, but that didn’t always work. Barrett says it’s not only about experience: you have to find “tinkerers” who like to experiment with technology.

AI can be a sensitive subject in creative circles. Barrett tells creatives, “AI is no more coming for your job than circular saws came for the jobs of carpenters. The idea that you’re going to turn on some power tools, leave them in a room by themselves, and come back to fully finished furniture? It’s ludicrous.” Instead, he asks people to think of AI as “a power tool for creative people.”

Supernatural’s founders have deep experience in advertising, and they understand the industry’s challenges and how AI can solve them. We often talk about how AI can level the playing field for employees with less experience or skill, but we shouldn’t forget that it also empowers people who are already at the top of their game to reach new heights.

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: 10.23.2024 Sen. Cruz Honored for Major South Texas Victory, Awarded Key to the City of Laredo

US Senate News:

Source: United States Senator for Texas Ted Cruz
Laredo, TEXAS – U.S. Sen. Ted Cruz (R-Texas), Ranking Member of the Senate Commerce, Science, and Transportation Committee, was honored today by the city of Laredo and awarded the Key to the City for his leadership in streamlining the presidential permitting process and securing presidential permits to build and expand four major international bridges in South Texas, including two in Laredo.
Upon receiving the Key to the City, Sen. Cruz said, “I am honored and humbled to receive the Key to the City—an incredible distinction from an amazing place in Texas. I have to say I love South Texas, I love the city of Laredo, it is an incredible hub of commerce and port to the entire world. My passion, my number one priority is jobs, jobs, jobs, and that means fighting for the people of Laredo, fighting for the people of South Texas, to have more jobs, and better jobs, and higher wages.
“I will say, over the past several years, I’ve been proud to work very closely with Mayor Treviño, and very closely with my friend Congressman Henry Cuellar, and County and business leaders, fighting for jobs here in Laredo and throughout South Texas. We worked together on expediting the permitting of four bridges here in South Texas: two in Laredo, one in Eagle Pass, and one in Brownsville. All four of those bridges were delayed by bureaucratic roadblocks coming from the Biden-Harris White House. A delegation from the city of Laredo asked me to help, asked me to lead the effort to get this done. I told them I’d be proud to do so, and we were able to draft legislation, bipartisan legislation, and pass it through the Senate with bipartisan support. I worked hand in hand with Congressman Cuellar, we passed it through the House with bipartisan support. It was signed into law in December of last year, and just a few months ago those permits were granted.”
BACKGROUND
Last year, Sen. Cruz authored and secured into law a provision in the National Defense Authorization Act (NDAA) for Fiscal Year 2024 to streamline the presidential permitting process for new and expanded bridges across the Rio Grande in Webb, Cameron, and Maverick Counties. The language required the State Department to submit for approval and the White House to approve or deny the permits for these projects in 60 days respectively. Sen. Cruz was joined by Sen. John Cornyn (R-Texas), and Reps. Henry Cuellar (D-Texas), Vicente Gonzalez (D-Texas), Monica de la Cruz (R-Texas), Joaquin Castro (D-Texas), and Tony Gonzales (R-Texas) in working to secure this provision.

MIL OSI USA News –

January 25, 2025

MIL-OSI: STOCKHOLDER INVESTIGATION: The M&A Class Action Firm Investigates the Merger of Sterling Bancorp, Inc.– SBT

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Sterling Bancorp, Inc. (Nasdaq: SBT), relating to a proposed merger with EverBank Financial Corp. Under the terms of the agreement, EverBank will acquire all outstanding shares of Sterling Bancorp in an all-cash transaction.

Click here for more information https://monteverdelaw.com/case/sterling-bancorp-inc/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

The MIL Network –

January 25, 2025

MIL-OSI: VAALCO Announces Timing of Third Quarter 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 24, 2024 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its third quarter 2024 earnings release and conference call.

The Company will issue its third quarter 2024 earnings release on Monday, November 11, 2024 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Tuesday morning, November 12, 2024 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.)

Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Third Quarter 2024 Conference Call.” This call will also be webcast on Vaalco’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea and Canada.

For Further Information

Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	VAALCO@buchanan.uk.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

January 25, 2025

MIL-OSI: Midland States Bancorp, Inc. Announces 2024 Third Quarter Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Highlights:

Net income available to common shareholders of $16.2 million, or $0.74 per diluted share
Adjusted pre-tax, pre-provision earnings of $27.5 million
Tangible book value per share increased to $24.90, compared to $23.36 at June 30, 2024
Common equity tier 1 capital ratio improved to 9.00%, compared to 8.64% at June 30, 2024
Net interest margin of 3.10%, compared to 3.12% in prior quarter
Efficiency ratio of 62.8%, compared to 65.2% in prior quarter

EFFINGHAM, Ill., Oct. 24, 2024 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $16.2 million, or $0.74 per diluted share, for the third quarter of 2024, compared to $4.5 million, or $0.20 per diluted share, for the second quarter of 2024. This also compares to net income available to common shareholders of $9.2 million, or $0.41 per diluted share, for the third quarter of 2023.

Provision expense was $5.0 million in the third quarter of 2024 compared to $16.8 million and $5.2 million in the second quarter of 2024 and the third quarter of 2023, respectively. The elevated provision expense in the second quarter of 2024 was primarily due to credit deterioration and servicing issues involving one of our fintech partners, LendingPoint, subsequent to their system conversion in late 2023.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We executed well in the third quarter and delivered a higher level of profitability while making continued progress on our balance sheet management strategies, which resulted in further increases in all of our capital ratios, an increase in our tangible book value per share, and an increase in our level of liquidity with a reduction in our loan-to-deposit ratio. We continue to utilize the payoffs resulting from the intentional reduction of our equipment finance and consumer portfolios to fund high quality loans generated in our community bank and the purchase of investment securities. We are also seeing good results from the investments we have made in the business, such as increasing our presence and business development efforts in the St. Louis market, where our loan balances increased at an annualized rate of 12% during the third quarter, and growth in our Wealth Management revenues due to an increase in assets under administration, partially driven by the new wealth advisors we have added in recent quarters.

Improving our credit quality is a priority and we are taking proactive steps to resolve problem loans in order to reduce our level of non-performing and classified loans going forward. We continue to closely monitor the health of our borrowers and be conservative in downgrading loans where we see the potential for weakness. We also recently added a new Chief Credit Officer whose background and experience is consistent with our increased focus on in-market relationship lending in our community bank, which will continue to result in a higher quality, lower risk loan portfolio.

“While we will remain conservative in new loan production while economic conditions remain uncertain, we are well positioned to benefit from lower interest rates and we expect positive trends in our net interest margin and revenue generated from our Wealth Management business. While maintaining disciplined expense control, we are continuing to make investments in talent and technology that will further enhance our ability to increase our market share, add attractive new client relationships in our community bank, and generate profitable growth. With the stronger balance sheet we are building, including a Total Capital Ratio of approximately 14%, we believe we are well positioned to support the continued growth of our franchise as economic conditions improve in the future and create additional value for our shareholders in the process,” said Mr. Ludwig.

Balance Sheet Highlights

Total assets were $7.75 billion at September 30, 2024, compared to $7.76 billion at June 30, 2024, and $7.97 billion at September 30, 2023. At September 30, 2024, portfolio loans were $5.75 billion, compared to $5.85 billion at June 30, 2024, and $6.28 billion at September 30, 2023.

Loans

During the third quarter of 2024, outstanding loans declined by $103.2 million, or 1.8%, from June 30, 2024, as the Company continued to shrink its equipment financing and consumer loan portfolios, and focus on commercial loan opportunities in our community banking regions.

Equipment finance loan and lease balances decreased $30.0 million during the third quarter of 2024 as the Company continued to reduce its concentration of this product within the overall loan portfolio. Consumer loans decreased $82.8 million due to loan payoffs and a cessation in loans originated through GreenSky. Our Greensky-originated loan balances decreased $63.0 million during the third quarter to $475.3 million at September 30, 2024. In addition, as previously disclosed, during the fourth quarter of 2023, the Company ceased originating loans through LendingPoint. As of September 30, 2024, the Company had $96.5 million in loans that were originated through and serviced by LendingPoint. Equipment financing and consumer loans comprised 15.0% and 11.5%, respectively, of the loan portfolio at September 30, 2024, compared to 15.2% and 12.7%, respectively, at June 30, 2024.

Increases in commercial FHA warehouse lines and commercial real estate loans of $50.2 million and $89.0 million, respectively, were offset by decreases in all other loan categories.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Loan Portfolio
Commercial loans	$	863,922	$	939,458	$	913,564	$	951,387	$	943,761
Equipment finance loans		442,552		461,409		494,068		531,143		578,931
Equipment finance leases		417,531		428,659		455,879		473,350		485,460
Commercial FHA warehouse lines		50,198		—		8,035		—		48,547
Total commercial loans and leases		1,774,203		1,829,526		1,871,546		1,955,880		2,056,699
Commercial real estate		2,510,472		2,421,505		2,397,113		2,406,845		2,412,164
Construction and land development		422,253		476,528		474,128		452,593		416,801
Residential real estate		378,657		378,393		378,583		380,583		375,211
Consumer		663,234		746,042		837,092		935,178		1,020,008
Total loans	$	5,748,819	$	5,851,994	$	5,958,462	$	6,131,079	$	6,280,883

Loan Quality

Overall, credit quality metrics remained consistent this quarter compared to the second quarter of 2024, albeit, nonperforming loans were still at elevated levels. Non-performing loans increased $2.4 million to $114.6 million at September 30, 2024, compared to $112.1 million as of June 30, 2024. Substandard loans increased $32.0 million to $167.5 million at September 30, 2024, as compared to June 30, 2024, primarily due to two multi-family projects that were downgraded this past quarter.

	As of and for the Three Months Ended
(in thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Asset Quality
Loans 30-89 days past due	$	55,329		$	54,045		$	58,854		$	82,778		$	46,608
Nonperforming loans		114,556			112,124			104,979			56,351			55,981
Nonperforming assets		126,771			123,774			116,721			67,701			58,677
Substandard loans		167,549			135,555			149,049			184,224			143,793
Net charge-offs		11,379			2,874			4,445			5,117			3,449
Loans 30-89 days past due to total loans		0.96	%		0.92	%		0.99	%		1.35	%		0.74	%
Nonperforming loans to total loans		1.99	%		1.92	%		1.76	%		0.92	%		0.89	%
Nonperforming assets to total assets		1.64	%		1.60	%		1.49	%		0.86	%		0.74	%
Allowance for credit losses to total loans		1.49	%		1.58	%		1.31	%		1.12	%		1.06	%
Allowance for credit losses to nonperforming loans		74.90	%		82.22	%		74.35	%		121.56	%		119.09	%
Net charge-offs to average loans		0.78	%		0.20	%		0.30	%		0.33	%		0.22	%

The allowance for credit losses on loans totaled $85.8 million at September 30, 2024, compared to $92.2 million at June 30, 2024, and $66.7 million at September 30, 2023. The allowance as a percentage of total loans was 1.49% at September 30, 2024, compared to 1.58% at June 30, 2024, and 1.06% at September 30, 2023.

Notably, the Company recognized provision expense of $14.0 million in the second quarter of 2024 related to the loans originated and serviced by LendingPoint, increasing the allowance to $14.6 million on this portfolio. Credit deterioration and servicing issues following their system conversion have resulted in increased losses within this portfolio. In the third quarter of 2024, loans totaling $6.2 million were charged off. At September 30, 2024, the Company had an allowance of $8.3 million on the $96.5 million of loans serviced by LendingPoint.

Deposits

Total deposits were $6.26 billion at September 30, 2024, compared with $6.12 billion at June 30, 2024. Noninterest-bearing deposits decreased $57.9 million to $1.05 billion at September 30, 2024, while interest-bearing deposits increased $196.7 million to $5.21 billion at September 30, 2024. Brokered time deposits increased $138.0 million to $269.4 million, and represented 4.31% of total deposits at September 30, 2024.

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(in thousands)	2024		2024		2024		2023		2023
Deposit Portfolio
Noninterest-bearing demand	$	1,050,617	$	1,108,521	$	1,212,382	$	1,145,395	$	1,154,515
Interest-bearing:
Checking		2,389,970		2,343,533		2,394,163		2,511,840		2,572,224
Money market		1,187,139		1,143,668		1,128,463		1,135,629		1,090,962
Savings		510,260		538,462		555,552		559,267		582,359
Time		849,413		852,415		845,190		862,865		885,858
Brokered time		269,437		131,424		188,234		94,533		119,084
Total deposits	$	6,256,836	$	6,118,023	$	6,323,984	$	6,309,529	$	6,405,002

Results of Operations Highlights

Net Interest Income and Margin

During the third quarter of 2024, net interest income and net interest margin, on a tax-equivalent basis, were $55.2 million and 3.10%, respectively, compared to $55.2 million and 3.12%, respectively, in the second quarter of 2024. Net interest income and net interest margin, on a tax-equivalent basis, were $58.8 million and 3.20%, respectively, in the third quarter of 2023.

Average interest-earning assets for the third quarter of 2024 were $7.07 billion, compared to $7.13 billion for the second quarter of 2024. The yield on interest-earning assets increased 7 basis points to 5.91% compared to the second quarter of 2024. Interest-earning assets averaged $7.28 billion for the third quarter of 2023.

Average loans were $5.78 billion for the third quarter of 2024, compared to $5.92 billion for the second quarter of 2024 and $6.30 billion for the third quarter of 2023. The yield on loans was 6.15% for the third quarter of 2024, up from 6.03% for the second quarter of 2024 and 5.93% for the third quarter of 2023.

Investment securities averaged $1.16 billion for the third quarter of 2024, and yielded 4.71%, compared to an average balance and yield of $1.10 billion and 4.69%, respectively, for the second quarter of 2024. The Company purchased additional higher-yielding investments resulting in the increased average balance and yield. Investment securities averaged $863.0 million for the third quarter of 2023.

Average interest-bearing liabilities for the third quarter of 2024 were $5.76 billion, compared to $5.78 billion for the second quarter of 2024. The cost of funds increased 9 basis points to 3.45% compared to the second quarter of 2024. Interest-bearing liabilities averaged $5.92 billion for the third quarter of 2023.

Average interest-bearing deposits were $5.13 billion for the third quarter of 2024, compared to $5.10 billion for the second quarter of 2024, and $5.35 billion for the third quarter of 2023. Cost of interest-bearing deposits was 3.25% in the third quarter of 2024, which represented a 14 basis point increase from the second quarter of 2024, due to increased competition.

	For the Three Months Ended
(dollars in thousands)	September 30, 2024						June 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	75,255	$	1,031	5.45	%	$	65,250	$	875	5.40	%	$	78,391	$	1,036	5.24	%
Investment securities⁽¹⁾		1,162,751		13,752	4.71			1,098,452		12,805	4.69			862,998		7,822	3.60
Loans⁽¹⁾⁽²⁾		5,783,408		89,344	6.15			5,915,523		88,738	6.03			6,297,568		94,118	5.93
Loans held for sale		7,505		124	6.57			4,910		84	6.84			6,078		104	6.80
Nonmarketable equity securities		41,137		788	7.62			44,216		963	8.76			39,347		710	7.16
Total interest-earning assets		7,070,056		105,039	5.91			7,128,351		103,465	5.84			7,284,382		103,790	5.65
Noninterest-earning assets		653,279						669,370						622,969
Total assets	$	7,723,335					$	7,797,721					$	7,907,351

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,132,640	$	41,970	3.25	%	$	5,101,365	$	39,476	3.11	%	$	5,354,356	$	37,769	2.80	%
Short-term borrowings		53,577		602	4.47			30,449		308	4.07			20,127		14	0.28
FHLB advances & other borrowings		428,739		4,743	4.40			500,758		5,836	4.69			402,500		4,557	4.49
Subordinated debt		89,120		1,228	5.48			93,090		1,265	5.47			93,441		1,280	5.43
Trust preferred debentures		50,990		1,341	10.46			50,921		1,358	10.73			50,379		1,369	10.78
Total interest-bearing liabilities		5,755,066		49,884	3.45			5,776,583		48,243	3.36			5,920,803		44,989	3.01
Noninterest-bearing deposits		1,075,712						1,132,451						1,116,988
Other noninterest-bearing liabilities		97,235						104,841						97,935
Shareholders’ equity		795,322						783,846						771,625
Total liabilities and shareholder’s equity	$	7,723,335					$	7,797,721					$	7,907,351

Net Interest Margin			$	55,155	3.10	%			$	55,222	3.12	%			$	58,801	3.20	%

Cost of Deposits					2.69	%					2.55	%					2.32	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for each of the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

For the nine months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to $166.5 million, with a tax-equivalent net interest margin of 3.13%, compared to net interest income, on a tax-equivalent basis, of $178.6 million, and a tax-equivalent net interest margin of 3.27% for the nine months ended September 30, 2023.

The yield on earning assets increased 34 basis points to 5.84% for the nine months ended September 30, 2024 compared to the prior year. However, the cost of interest-bearing liabilities increased at a faster rate during this period, increasing 57 basis points to 3.34% for the nine months ended September 30, 2024.

	For the Nine Months Ended
(dollars in thousands)	September 30, 2024						September 30, 2023
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	69,960	$	2,857	5.45	%	$	76,939	$	2,868	4.98	%
Investment securities⁽¹⁾		1,083,597		37,265	4.59			844,946		21,103	3.33
Loans⁽¹⁾⁽²⁾		5,903,216		267,570	6.05			6,324,578		274,005	5.79
Loans held for sale		5,281		263	6.65			3,900		179	6.14
Nonmarketable equity securities		40,429		2,438	8.06			44,034		2,104	6.39
Total interest-earning assets		7,102,483		310,393	5.84			7,294,397		300,259	5.50
Noninterest-earning assets		663,967						615,383
Total assets	$	7,766,450					$	7,909,780

Interest-Bearing Liabilities
Interest-bearing deposits	$	5,142,979	$	120,660	3.13	%	$	5,223,852	$	97,791	2.50	%
Short-term borrowings		49,750		1,746	4.69			26,865		53	0.26
FHLB advances & other borrowings		414,259		13,615	4.39			471,084		15,959	4.53
Subordinated debt		91,921		3,773	5.48			96,820		3,985	5.49
Trust preferred debentures		50,873		4,088	10.73			50,216		3,887	10.35
Total interest-bearing liabilities		5,749,782		143,882	3.34			5,868,837		121,675	2.77
Noninterest-bearing deposits		1,119,764						1,184,410
Other noninterest-bearing liabilities		107,192						84,650
Shareholders’ equity		789,712						771,883
Total liabilities and shareholders’ equity	$	7,766,450					$	7,909,780

Net Interest Margin			$	166,511	3.13	%			$	178,584	3.27	%

Cost of Deposits					2.57	%					2.04	%

(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.6 million for each of the nine months ended September 30, 2024 and 2023, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Noninterest Income

Noninterest income was $19.3 million for the third quarter of 2024, compared to $17.7 million for the second quarter of 2024. Noninterest income for the second quarter of 2024 included a $0.2 million gain on the repurchase of subordinated debt, offset by $0.2 million of net losses on the sale of investment securities. The third quarter of 2023 included $5.0 million of losses on the sale of investment securities. Excluding these transactions, noninterest income for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $19.3 million, $17.6 million, and $16.5 million, respectively.

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands)		2024			2024			2023			2024			2023
Noninterest income
Wealth management revenue	$	7,104		$	6,801		$	6,288		$	21,037		$	18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income	$	19,339		$	17,656		$	11,545		$	58,182		$	46,077

Wealth management revenue totaled $7.1 million in the third quarter of 2024, an increase of $0.3 million, or 4.5%, as compared to the second quarter of 2024, due to increases in assets under administration and estate fees. Assets under administration increased to $4.27 billion at September 30, 2024 from $4.00 billion at June 30, 2024, primarily due to improved sales activity. Assets under administration totaled $3.50 billion at September 30, 2023.

Income on company-owned life insurance income totaled $2.0 million, $1.9 million and $0.9 million for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023, respectively. The Company surrendered certain low-yielding life insurance policies and purchased additional policies in the third quarter of 2023, resulting in the increase in revenue.

Other income totaled $2.7 million in the third quarter of 2024 compared to $1.8 million in the second quarter of 2024. Income from the sale of SBA loans in the third quarter of 2024 of $0.2 million and losses from the disposition of repossessed leased assets in the second quarter of 2024 of $0.6 million resulted in the quarter over quarter increase in other income.

Noninterest Expense

Noninterest expense was $46.7 million in the third quarter of 2024, compared to $47.5 million in the second quarter of 2024 and $42.0 million in the third quarter of 2023. Noninterest expense for the second quarter of 2024 included $4.1 million of aggregate expenses related to OREO impairment and property taxes, and accruals related to various legal proceedings. Excluding these items, noninterest expense for the third quarter of 2024, the second quarter of 2024, and the third quarter of 2023 was $46.7 million, $43.4 million, and $42.0 million, respectively. Costs related to increased staffing levels, upgrades to our ATM fleet, and loan collection and OREO expenses drove the increase in noninterest expense in the third quarter of 2024 compared to the prior quarter.

The efficiency ratio improved to 62.76% for the quarter ended September 30, 2024, compared to 65.16% for the quarter ended June 30, 2024. The efficiency ratio for the third quarter of 2023 was 55.82%.

	For the Three Months Ended						For the Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
(in thousands)	2024		2024		2023		2024		2023
Noninterest expense
Salaries and employee benefits	$	24,382	$	22,872	$	22,307	$	71,356	$	69,407
Occupancy and equipment		4,393		3,964		3,730		12,499		12,052
Data processing		6,955		7,205		6,468		20,882		19,323
Professional services		1,744		2,243		1,554		6,242		4,977
Amortization of intangible assets		951		1,016		1,129		3,056		3,628
FDIC insurance		1,402		1,219		1,107		3,895		3,632
Other expense		6,906		8,960		5,743		21,149		16,395
Total noninterest expense	$	46,733	$	47,479	$	42,038	$	139,079	$	129,414

Income Tax Expense

Income tax expense was $4.1 million for the third quarter of 2024, compared to $1.7 million for the second quarter of 2024 and $11.5 million for the third quarter of 2023. The resulting effective tax rates were 18.1%, 19.9% and 50.3%, respectively. Tax expense for the third quarter of 2023 included a $1.4 million return to provision adjustment and $4.5 million associated with the surrender of company-owned life insurance policies, as previously discussed.

Capital

At September 30, 2024, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

	As of September 30, 2024
	Midland States Bank	Midland States Bancorp, Inc.	Minimum Regulatory Requirements⁽²⁾
Total capital to risk-weighted assets	13.34%	13.98%	10.50%
Tier 1 capital to risk-weighted assets	12.09%	11.65%	8.50%
Common equity Tier 1 capital to risk-weighted assets	12.09%	9.00%	7.00%
Tier 1 leverage ratio	10.47%	10.10%	4.00%
Tangible common equity to tangible assets⁽¹⁾	N/A	7.03%	N/A

(1) A non-GAAP financial measure. Refer to page 16 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of 2.5%, as applicable.

The impact of rising interest rates on the Company’s investment portfolio and cash flow hedges resulted in an accumulated other comprehensive loss of $60.6 million at September 30, 2024, which reduced tangible book value by $2.84 per share.

Stock Repurchase Program

As previously disclosed, on December 5, 2023, the Company’s board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $25.0 million of common stock through December 31, 2024. During the third quarter of 2024, the Company repurchased 23,113 shares of its common stock at a weighted average price of $22.54 under its stock repurchase program.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2024, the Company had total assets of approximately $7.75 billion, and its Wealth Management Group had assets under administration of approximately $4.27 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

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 “Adjusted Earnings,” “Adjusted Earnings Available to Common Shareholders,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Adjusted Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision Return on Average Assets,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share,” “Tangible Book Value Per Share excluding Accumulated Other Comprehensive Income,” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes “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, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. 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. 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 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.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of and for the Three Months Ended									As of and for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands, except per share data)		2024			2024			2023			2024			2023
Earnings Summary
Net interest income	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Weighted average common shares outstanding – diluted		21,678,242			21,734,849			21,977,196			21,732,093			22,223,986
Return on average assets		0.95	%		0.35	%		0.57	%		0.67	%		0.93	%
Return on average shareholders’ equity		9.24	%		3.46	%		5.86	%		6.62	%		9.48	%
Return on average tangible common equity⁽¹⁾		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%
Net interest margin		3.10	%		3.12	%		3.20	%		3.13	%		3.27	%
Efficiency ratio⁽¹⁾		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Adjusted Earnings Performance Summary⁽¹⁾
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%
Adjusted pre-tax, pre-provision earnings	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

Market Data
Book value per share at period end	$	33.08		$	31.59		$	29.96
Tangible book value per share at period end⁽¹⁾	$	24.90		$	23.36		$	21.67
Tangible book value per share excluding accumulated other comprehensive income at period end⁽¹⁾	$	27.74		$	27.22		$	26.35
Market price at period end	$	22.38		$	22.65		$	20.54
Common shares outstanding at period end		21,393,905			21,377,215			21,594,546

Capital
Total capital to risk-weighted assets		13.98	%		13.83	%		12.76	%
Tier 1 capital to risk-weighted assets		11.65	%		11.23	%		10.53	%
Common equity tier 1capital to risk-weighted assets		9.00	%		8.64	%		8.07	%
Tier 1 leverage ratio		10.10	%		9.84	%		9.59	%
Tangible common equity to tangible assets⁽¹⁾		7.03	%		6.59	%		6.01	%

Wealth Management
Trust assets under administration	$	4,268,539		$	3,996,175		$	3,501,225

(1) Non-GAAP financial measures. Refer to pages 14 – 16 for a reconciliation to the comparable GAAP financial measures.

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
(in thousands)		2024			2024			2024			2023			2023
Assets
Cash and cash equivalents	$	121,873		$	124,646		$	167,316		$	135,061		$	132,132
Investment securities		1,216,795			1,099,654			1,044,900			920,396			839,344
Loans		5,748,819			5,851,994			5,958,462			6,131,079			6,280,883
Allowance for credit losses on loans		(85,804	)		(92,183	)		(78,057	)		(68,502	)		(66,669	)
Total loans, net		5,663,015			5,759,811			5,880,405			6,062,577			6,214,214
Loans held for sale		8,001			5,555			5,043			3,811			6,089
Premises and equipment, net		84,672			83,040			81,831			82,814			82,741
Other real estate owned		8,646			8,304			8,920			9,112			480
Loan servicing rights, at lower of cost or fair value		18,400			18,902			19,577			20,253			20,933
Goodwill		161,904			161,904			161,904			161,904			161,904
Other intangible assets, net		13,052			14,003			15,019			16,108			17,238
Company-owned life insurance		209,193			207,211			205,286			203,485			201,750
Other assets		245,932			274,244			241,608			251,347			292,460
Total assets	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,050,617		$	1,108,521		$	1,212,382		$	1,145,395		$	1,154,515
Interest-bearing deposits		5,206,219			5,009,502			5,111,602			5,164,134			5,250,487
Total deposits		6,256,836			6,118,023			6,323,984			6,309,529			6,405,002
Short-term borrowings		13,849			7,208			214,446			34,865			17,998
FHLB advances and other borrowings		425,000			600,000			255,000			476,000			538,000
Subordinated debt		82,744			91,656			93,617			93,546			93,475
Trust preferred debentures		51,058			50,921			50,790			50,616			50,457
Other liabilities		103,737			103,694			102,966			110,459			106,743
Total liabilities		6,933,224			6,971,502			7,040,803			7,075,015			7,211,675
Total shareholders’ equity		818,259			785,772			791,006			791,853			757,610
Total liabilities and shareholders’ equity	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(in thousands, except per share data)		2024			2024			2023			2024			2023
Net interest income:
Interest income	$	104,834		$	103,295		$	103,585		$	309,804		$	299,615
Interest expense		49,884			48,243			44,989			143,882			121,675
Net interest income		54,950			55,052			58,596			165,922			177,940
Provision for credit losses on loans		5,000			17,000			5,168			36,000			14,182
Provision for credit losses on unfunded commitments		—			(200	)		—			(200	)		—
Total provision for credit losses		5,000			16,800			5,168			35,800			14,182
Net interest income after provision for credit losses		49,950			38,252			53,428			130,122			163,758
Noninterest income:
Wealth management revenue		7,104			6,801			6,288			21,037			18,968
Service charges on deposit accounts		3,411			3,121			3,149			9,648			8,744
Interchange revenue		3,506			3,563			3,609			10,427			10,717
Residential mortgage banking revenue		697			557			507			1,781			1,452
Income on company-owned life insurance		1,982			1,925			918			5,708			2,685
Loss on sales of investment securities, net		(44	)		(152	)		(4,961	)		(196	)		(6,478	)
Other income		2,683			1,841			2,035			9,777			9,989
Total noninterest income		19,339			17,656			11,545			58,182			46,077
Noninterest expense:
Salaries and employee benefits		24,382			22,872			22,307			71,356			69,407
Occupancy and equipment		4,393			3,964			3,730			12,499			12,052
Data processing		6,955			7,205			6,468			20,882			19,323
Professional services		1,744			2,243			1,554			6,242			4,977
Amortization of intangible assets		951			1,016			1,129			3,056			3,628
FDIC insurance		1,402			1,219			1,107			3,895			3,632
Other expense		6,906			8,960			5,743			21,149			16,395
Total noninterest expense		46,733			47,479			42,038			139,079			129,414
Income before income taxes		22,556			8,429			22,935			49,225			80,421
Income taxes		4,080			1,679			11,533			10,114			25,672
Net income		18,476			6,750			11,402			39,111			54,749
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Basic earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14
Diluted earnings per common share	$	0.74		$	0.20		$	0.41		$	1.47		$	2.14

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Income before income taxes – GAAP	$	22,556		$	8,429		$	22,935		$	49,225		$	80,421
Adjustments to noninterest income:
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Total adjustments to noninterest income		(33	)		(15	)		4,961			(48	)		5,802
Adjusted earnings pre tax – non-GAAP		22,523			8,414			27,896			49,177			86,223
Adjusted earnings tax		4,071			1,675			8,389			10,101			22,755
Adjusted earnings – non-GAAP		18,452			6,739			19,507			39,076			63,468
Preferred stock dividends		2,229			2,228			2,229			6,685			6,685
Adjusted earnings available to common shareholders	$	16,223		$	4,511		$	17,278		$	32,391		$	56,783
Adjusted diluted earnings per common share	$	0.74		$	0.20		$	0.78		$	1.47		$	2.53
Adjusted return on average assets		0.95	%		0.35	%		0.98	%		0.67	%		1.07	%
Adjusted return on average shareholders’ equity		9.23	%		3.46	%		10.03	%		6.61	%		10.99	%
Adjusted return on average tangible common equity		12.67	%		3.65	%		14.24	%		8.61	%		15.80	%



Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Adjusted earnings pre tax – non-GAAP	$	22,523		$	8,414		$	27,896		$	49,177		$	86,223
Provision for credit losses		5,000			16,800			5,168			35,800			14,182
Adjusted pre-tax, pre-provision earnings – non-GAAP	$	27,523		$	25,214		$	33,064		$	84,977		$	100,405
Adjusted pre-tax, pre-provision return on average assets		1.42	%		1.30	%		1.66	%		1.46	%		1.70	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Efficiency Ratio Reconciliation

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Noninterest expense – GAAP	$	46,733		$	47,479		$	42,038		$	139,079		$	129,414

Net interest income – GAAP	$	54,950		$	55,052		$	58,596		$	165,922		$	177,940
Effect of tax-exempt income		205			170			205			589			644
Adjusted net interest income		55,155			55,222			58,801			166,511			178,584

Noninterest income – GAAP		19,339			17,656			11,545			58,182			46,077
Loss on sales of investment securities, net		44			152			4,961			196			6,478
(Gain) on repurchase of subordinated debt		(77	)		(167	)		—			(244	)		(676	)
Adjusted noninterest income		19,306			17,641			16,506			58,134			51,879

Adjusted total revenue	$	74,461		$	72,863		$	75,307		$	224,645		$	230,463

Efficiency ratio		62.76	%		65.16	%		55.82	%		61.91	%		56.15	%

Return on Average Tangible Common Equity (ROATCE)

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
(dollars in thousands)		2024			2024			2023			2024			2023
Net income available to common shareholders	$	16,247		$	4,522		$	9,173		$	32,426		$	48,064

Average total shareholders’ equity—GAAP	$	795,322		$	783,846		$	771,625		$	789,712		$	771,883
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,506	)		(14,483	)		(17,782	)		(14,501	)		(18,959	)
Average tangible common equity	$	509,364		$	496,911		$	481,391		$	502,759		$	480,472
ROATCE		12.69	%		3.66	%		7.56	%		8.62	%		13.37	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
(dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	818,259		$	785,772		$	791,006		$	791,853		$	757,610
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible common equity		532,755			499,317			503,535			503,293			467,920

Less: Accumulated other comprehensive loss (AOCI)		(60,640	)		(82,581	)		(81,419	)		(76,753	)		(101,181	)
Tangible common equity excluding AOCI	$	593,395		$	581,898		$	584,954		$	580,046		$	569,101

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,751,483		$	7,757,274		$	7,831,809		$	7,866,868		$	7,969,285
Adjustments:
Goodwill		(161,904	)		(161,904	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(13,052	)		(14,003	)		(15,019	)		(16,108	)		(17,238	)
Tangible assets	$	7,576,527		$	7,581,367		$	7,654,886		$	7,688,856		$	7,790,143

Common Shares Outstanding		21,393,905			21,377,215			21,485,231			21,551,402			21,594,546

Tangible Common Equity to Tangible Assets		7.03	%		6.59	%		6.58	%		6.55	%		6.01	%
Tangible Book Value Per Share	$	24.90		$	23.36		$	23.44		$	23.35		$	21.67
Tangible Book Value Per Share, excluding AOCI	$	27.74		$	27.22		$	27.23		$	26.91		$	26.35

The MIL Network –

January 25, 2025

MIL-OSI: Seacoast Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Strong Growth in Loans and Deposits

Annualized 20% Increase in Tangible Book Value Per Share

Well-Positioned Balance Sheet with Strong Capital and Liquidity

STUART, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the third quarter of 2024 of $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the second quarter of 2024 and $31.4 million, or $0.37 per diluted share in the third quarter of 2023.

Pre-tax pre-provision earnings¹ were $46.1 million in the third quarter of 2024, an increase of 3% compared to the second quarter of 2024 and an increase of 6% compared to the third quarter of 2023. Adjusted pre-tax pre-provision earnings¹ were $46.4 million in the third quarter of 2024, an increase of 4% compared to the second quarter of 2024 and a decrease of 2% compared to the third quarter of 2023.

For the third quarter of 2024, return on average tangible assets was 0.99% and return on average tangible shareholders’ equity was 10.31%, compared to 1.00% and 10.75%, respectively, in the prior quarter, and 1.04% and 11.90%, respectively, in the prior year quarter.

Charles M. Shaffer, Chairman and CEO of Seacoast, stated, “I would like to thank all of the Seacoast associates for their unwavering dedication during the challenging impact of back-to-back significant hurricanes. Your commitment to our customers and the well-being of our communities is commendable. I am very proud to serve alongside such an amazing and dedicated group of bankers. Furthermore, our hearts and sympathy go out to all those in our communities who lost loved ones and experienced catastrophic outcomes as a result of the storms.”

Shaffer added, “Turning to third quarter results, this marks the turn in organic growth we had anticipated, with nearly 7% annualized loan growth and 7% annualized customer deposit growth, clearly showcasing the results of our previous investments in banking teams across the state. Additionally, this quarter demonstrated continued growth in net interest income, noninterest income and, when removing accretion on acquired loans, expansion in the net interest margin. Our competitive transformation is taking shape as we build Seacoast into Florida’s leading regional bank. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods.”

Shaffer concluded, “We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8%² as of September 30, 2024. The ratio of tangible common equity to tangible assets has increased to a strong 9.64%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we continue to work towards stronger earnings in the coming periods.”

Update on Hurricane Recovery

In late September and early October 2024, communities across our corporate footprint were impacted by Hurricanes Helene and Milton. We maintained uninterrupted digital and telephone access for our customers and, having experienced minimal impacts to our branch properties, we fully reopened to serve our communities shortly after each storm passed. Recovery efforts in many areas continue and the full impacts on people and businesses in the most hard-hit regions are not fully known. We do not expect a significant impact from Hurricane Helene, but an additional provision for credit losses may be warranted in the fourth quarter of 2024 for Hurricane Milton, in a range between approximately $5 million and $10 million.

Financial Results

Income Statement

Net income in the third quarter of 2024 was $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the prior quarter and $31.4 million, or $0.37 per diluted share in the prior year quarter. For the nine months ended September 30, 2024, net income was $86.9 million, or $1.02 per diluted share, compared to $74.5 million, or $0.89 per diluted share, for the nine months ended September 30, 2023. Adjusted net income¹ for the third quarter of 2024 was $30.5 million, or $0.36 per diluted share, compared to $30.3 million, or $0.36 per diluted share, for the prior quarter, and $34.2 million, or $0.40 per diluted share, for the prior year quarter. For the nine months ended September 30, 2024, adjusted net income¹ was $91.9 million, or $1.08 per diluted share, compared to $101.9 million, or $1.21 per diluted share, for the nine months ended September 30, 2023.
Net revenues were $130.3 million in the third quarter of 2024, an increase of $3.7 million, or 3%, compared to the prior quarter, and a decrease of $6.8 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, net revenues were $382.5 million, a decrease of $56.7 million, or 13%, compared to the nine months ended September 30, 2023. Adjusted net revenues¹ were $130.5 million in the third quarter of 2024, an increase of $3.6 million, or 3%, compared to the prior quarter, and a decrease of $7.2 million, or 5%, compared to the prior year quarter. For the nine months ended September 30, 2024, adjusted net revenues¹ were $382.9 million, a decrease of $55.2 million, or 13%, compared to the nine months ended September 30, 2023.
Pre-tax pre-provision earnings¹ were $46.1 million in the third quarter of 2024, an increase of $1.5 million, or 3%, compared to the second quarter of 2024 and an increase of $2.7 million, or 6%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, pre-tax pre-provision earnings¹ were $126.3 million, a decrease of $5.5 million, or 4%, compared to the nine months ended September 30, 2023. Adjusted pre-tax pre-provision earnings¹ were $46.4 million in the third quarter of 2024, an increase of $1.9 million, or 4%, compared to the second quarter of 2024 and a decrease of $1.0 million, or 2%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, adjusted pre-tax pre-provision earnings¹ were $133.4 million, a decrease of $35.5 million, or 21%, compared to the nine months ended September 30, 2023.
Net interest income totaled $106.7 million in the third quarter of 2024, an increase of $2.2 million, or 2%, compared to the prior quarter, and a decrease of $12.6 million, or 11%, compared to the prior year quarter. For the nine months ended September 30, 2024, net interest income was $316.2 million, a decrease of $61.3 million, or 16%, compared to the nine months ended September 30, 2023. In the loan portfolio, higher interest income from new loan production was partially offset by lower accretion of purchase discount on acquired loans. Included in loan interest income was accretion on acquired loans of $9.2 million in the third quarter of 2024, $10.2 million in the second quarter of 2024, and $14.8 million in the third quarter of 2023. For the nine months ended September 30, 2024, accretion on acquired loans totaled $30.0 million, compared to $45.4 million for the nine months ended September 30, 2023. Recent purchases in the securities portfolio contributed to higher securities yields. Higher interest expense on deposits reflects the impact of higher rates, with cuts to the federal funds rate late in the quarter not yet fully impacting the third quarter 2024 results.
Net interest margin decreased one basis point to 3.17% in the third quarter of 2024 compared to 3.18% in the second quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin increased three basis points to 2.90% in the third quarter of 2024 compared to 2.87% in the second quarter of 2024. Loan yields were 5.94%, an increase of one basis point from the prior quarter. Securities yields increased six basis points to 3.75%, compared to 3.69% in the prior quarter. The cost of deposits increased three basis points from 2.31% in the prior quarter, to 2.34% in the third quarter of 2024. We expect the cost of deposits to decline in the fourth quarter of 2024.
Noninterest income totaled $23.7 million in the third quarter of 2024, an increase of $1.5 million, or 7%, compared to the prior quarter, and an increase of $5.9 million, or 33%, compared to the prior year quarter. For the nine months ended September 30, 2024, noninterest income totaled $66.4 million, an increase of $4.5 million, or 7%, compared to the nine months ended September 30, 2023. Results in the third quarter of 2024 included:
- Service charges on deposits totaled $5.4 million, an increase of $0.1 million, or 1%, from the prior quarter and an increase of $0.8 million, or 16%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
- Wealth management income totaled $3.8 million, an increase of $0.1 million, or 2%, from the prior quarter and an increase of $0.7 million, or 22%, from the prior year quarter. The wealth management division continues to grow and add new relationships, with assets under management increasing 26% year over year to $2.0 billion at September 30, 2024.
- Insurance agency income totaled $1.4 million, an increase of 3% from the prior quarter and an increase of 18% from the prior year quarter, reflecting continued growth and expansion of services.
- SBA gains totaled $0.4 million, a decrease of $0.3 million, or 44%, from the prior quarter and a decrease of $0.2 million, or 36%, from the prior year quarter, due to lower saleable originations.
- Other income totaled $7.5 million, an increase of $1.5 million, or 26%, from the prior quarter and an increase of $3.2 million, or 74% from the prior year quarter. Increases in the third quarter of 2024 include gains on SBIC investments and higher swap-related fees.
The provision for credit losses was $6.3 million in the third quarter of 2024, compared to $4.9 million in the second quarter of 2024 and $2.7 million in the third quarter of 2023.
Noninterest expense was $84.8 million in the third quarter of 2024, an increase of $2.3 million, or 3%, compared to the prior quarter, and a decrease of $9.1 million, or 10%, compared to the prior year quarter. Noninterest expense for the nine months ended September 30, 2024, totaled $257.7 million, a decrease of $51.5 million, or 17%, compared to the nine months ended September 30, 2023. With significant cost-saving initiatives now complete, Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the third quarter of 2024 included:
- Salaries and wages totaled $40.7 million, an increase of $1.8 million, or 5%, compared to the prior quarter and a decrease $5.7 million, or 12%, from the prior year quarter. The third quarter of 2024 reflects continued additions to the banking team as the Company focuses on organic growth.
- Outsourced data processing costs totaled $8.0 million, a decrease of $0.2 million, or 3%, compared to the prior quarter and a decrease of $0.7 million, or 8%, from the prior year quarter, reflecting the benefit of lower negotiated rates with key service providers.
- Marketing expenses totaled $2.7 million, a decrease of $0.5 million, or 16%, compared to the prior quarter and an increase of $0.9 million, or 45%, from the prior year quarter, primarily associated with the timing of various campaigns. We will continue to invest in marketing and branding supporting customer growth.
- Legal and professional fees totaled $2.7 million, an increase of $0.7 million, or 37%, compared to the prior quarter and an increase of $29 thousand, or 1%, from the prior year quarter. Professional services engaged in connection with contract negotiations contributed to the increase in the third quarter of 2024.
Seacoast recorded $8.6 million of income tax expense in the third quarter of 2024, compared to $8.9 million in the second quarter of 2024, and $9.1 million in the third quarter of 2023. Tax benefits related to stock-based compensation totaled $0.1 million in the third quarter of 2024, compared to tax expense of $0.2 million in the second quarter of 2024 and a nominal tax benefit in the third quarter of 2023.
The efficiency ratio was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 62.60% in the prior year quarter. The adjusted efficiency ratio¹ was 59.84% in the third quarter of 2024, compared to 60.21% in the second quarter of 2024 and 60.19% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.

Balance Sheet

At September 30, 2024, the Company had total assets of $15.2 billion and total shareholders’ equity of $2.2 billion. Book value per share was $25.68 as of September 30, 2024, compared to $24.98 as of June 30, 2024, and $24.06 as of September 30, 2023. Tangible book value per share increased 20% annualized from the prior quarter to $16.20 as of September 30, 2024, compared to $15.41 as of June 30, 2024, and $14.26 as of September 30, 2023.
Debt securities totaled $2.8 billion as of September 30, 2024, an increase of $180.8 million compared to June 30, 2024. Debt securities include approximately $2.2 billion in securities classified as available for sale and recorded at fair value.
- During the third quarter of 2024, net unrealized losses associated with available for sale securities declined by $59.6 million due to changes in the interest rate environment. This contributed $0.53 to the increase in tangible book value per share during the quarter. The unrealized loss on available for sale securities is fully reflected in the value presented on the balance sheet.
- The portfolio also includes $646.1 million in securities classified as held to maturity with a fair value of $538.5 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
- In October, we took advantage of favorable market conditions and repositioned a portion of the available for sale securities portfolio. We sold securities with an average book yield of 2.8%, resulting in a pre-tax loss of approximately $8.0 million impacting fourth quarter results. The proceeds, approximately $113 million, were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years.
Loans increased $166.8 million, or 6.6% annualized, totaling $10.2 billion as of September 30, 2024. Loan originations increased 22% to $657.9 million in the third quarter of 2024, compared to $538.0 million in the second quarter of 2024. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.
Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $831.1 million as of September 30, 2024, compared to $834.4 million at June 30, 2024 and $353.0 million at September 30, 2023.
- Commercial pipelines were $744.5 million as of September 30, 2024, compared to $743.8 million at June 30, 2024, and $259.4 million at September 30, 2023.
- SBA pipelines were $28.9 million as of September 30, 2024, compared to $29.3 million at June 30, 2024, and $41.4 million at September 30, 2023.
- Residential saleable pipelines were $11.2 million as of September 30, 2024, compared to $12.1 million at June 30, 2024, and $6.8 million at September 30, 2023. Retained residential pipelines were $21.9 million as of September 30, 2024, compared to $24.7 million at June 30, 2024, and $20.9 million at September 30, 2023.
- Consumer pipelines were $24.4 million as of September 30, 2024, compared to $24.5 million at both June 30, 2024 and September 30, 2023.
Total deposits were $12.2 billion as of September 30, 2024, an increase of $127.5 million, or 4.2% annualized, when compared to June 30, 2024. Excluding brokered balances, total deposits increased $195.9 million, or 6.6% annualized, in the third quarter of 2024.
- Commercial deposits increased $133.0 million, or 2%, compared to the prior quarter. Of note, commercial noninterest bearing deposits increased $67.2 million, or 3%, from the prior quarter, the result of onboarding new clients.
- Total noninterest bearing deposits increased $45.5 million, or 5.3% annualized, from the prior quarter.
- At September 30, 2024, customer transaction account balances represented 49% of total deposits.
- The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
- Average deposits per banking center were $159 million at September 30, 2024, compared to $157 million at June 30, 2024.
- Uninsured deposits represented only 36% of overall deposit accounts as of September 30, 2024. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent 145% of uninsured deposits, and 167% of uninsured and uncollateralized deposits.
- Consumer deposits represent 43% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 57% of overall deposit funding with an average business customer balance of $117 thousand.
Federal Home Loan Bank advances totaled $245.0 million at September 30, 2024 with a weighted average interest rate of 4.19%.

Asset Quality

Nonperforming loans were $80.9 million at September 30, 2024, compared to $59.9 million at June 30, 2024, and $41.5 million at September 30, 2023. New nonperforming loans in the third quarter of 2024 have collateral values well in excess of balances outstanding, and therefore, no loss is expected. Nonperforming loans to total loans outstanding were 0.79% at September 30, 2024, 0.60% at June 30, 2024, and 0.41% at September 30, 2023.
Accruing past due loans were $50.7 million, or 0.50% of total loans, at September 30, 2024, compared to $39.6 million, or 0.39% of total loans, at June 30, 2024, and $35.5 million, or 0.33% of total loans, at September 30, 2023. A limited number of larger-balance residential mortgage loans, which returned to current status in October, comprise the majority of the increase from the prior quarter.
Nonperforming assets to total assets were 0.58% at September 30, 2024, compared to 0.45% at June 30, 2024, and 0.33% at September 30, 2023.
The ratio of allowance for credit losses to total loans was 1.38% at September 30, 2024, 1.41% at June 30, 2024, and 1.49% at September 30, 2023.
Net charge-offs were $7.4 million in the third quarter of 2024, compared to $9.9 million in the second quarter of 2024 and $12.7 million in the third quarter of 2023. Charge-offs during the quarter primarily reflect specifically identified reserves previously established in the allowance for credit losses.
Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company’s lending strategy. Exposure across industries and collateral types is broadly distributed. Seacoast’s average loan size is $360 thousand, and the average commercial loan size is $789 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
Construction and land development and commercial real estate loans remain well below regulatory guidance at 36% and 241% of total bank-level risk-based capital², respectively, compared to 36% and 235%, respectively, at June 30, 2024. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 227%, respectively, of total consolidated risk-based capital².

Capital and Liquidity

The Company continues to operate with a fortress balance sheet with a Tier 1 capital ratio at September 30, 2024 of 14.8%² compared to 14.8% at June 30, 2024, and 14.0% at September 30, 2023. The Total capital ratio was 16.2%², the Common Equity Tier 1 capital ratio was 14.1%², and the Tier 1 leverage ratio was 11.2%² at September 30, 2024. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
Cash and cash equivalents at September 30, 2024 totaled $637.1 million.
The Company’s loan to deposit ratio was 83.4% at September 30, 2024, which should provide liquidity and flexibility moving forward.
Tangible common equity to tangible assets was 9.64% at September 30, 2024, compared to 9.30% at June 30, 2024, and 8.68% at September 30, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.11% at September 30, 2024.
At September 30, 2024, in addition to $637.1 million in cash, the Company had $5.6 billion in available borrowing capacity, including $4.1 billion in available collateralized lines of credit, $1.2 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion. These liquidity sources as of September 30, 2024, represented 167% of uninsured and uncollateralized deposits.

¹_{Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP.}²_Estimated.

FINANCIAL HIGHLIGHTS
(Amounts in thousands except per share data)	(Unaudited)
	Quarterly Trends

	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23
Selected balance sheet data:
Gross loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186
Total deposits		12,243,585			12,116,118			12,015,840			11,776,935			12,107,834
Total assets		15,168,371			14,952,613			14,830,015			14,580,249			14,823,007

Performance measures:
Net income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414
Net interest margin		3.17	%		3.18	%		3.24	%		3.36	%		3.57	%
Pre-tax pre-provision earnings¹	$	46,086		$	44,555		$	35,674		$	42,006		$	43,383
Average diluted shares outstanding		85,069			84,816			85,270			85,336			85,666
Diluted earnings per share (EPS)		0.36			0.36			0.31			0.35			0.37
Return on (annualized):
Average assets (ROA)		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%
Average tangible assets (ROTA)²		0.99			1.00			0.89			0.99			1.04
Average tangible common equity (ROTCE)²		10.31			10.75			9.55			11.22			11.90
Tangible common equity to tangible assets²		9.64			9.30			9.25			9.31			8.68
Tangible book value per share²	$	16.20		$	15.41		$	15.26		$	15.08		$	14.26
Efficiency ratio		59.84	%		60.21	%		66.78	%		60.32	%		62.60	%

Adjusted operating measures¹:
Adjusted net income⁴	$	30,511		$	30,277		$	31,132		$	31,363		$	34,170
Adjusted pre-tax pre-provision earnings⁴		46,390			44,490			42,513			45,016			47,349
Adjusted diluted EPS⁴		0.36			0.36			0.37			0.37			0.40
Adjusted ROTA²		0.98	%		1.00	%		1.04	%		1.04	%		1.12	%
Adjusted ROTCE²		10.27			10.76			11.15			11.80			12.79
Adjusted efficiency ratio		59.84			60.21			61.13			60.32			60.19
Net adjusted noninterest expense as a percent of average tangible assets²		2.19	%		2.19	%		2.23	%		2.25	%		2.34	%

Other data:
Market capitalization³	$	2,277,003		$	2,016,472		$	2,156,529		$	2,415,158		$	1,869,891
Full-time equivalent employees		1,493			1,449			1,445			1,541			1,570
Number of ATMs		96			95			95			96			97
Full-service banking offices		77			77			77			77			77
¹Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
²The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets.
³Common shares outstanding multiplied by closing bid price on last day of each period.
⁴As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

OTHER INFORMATION

Conference Call Information

Seacoast will host a conference call October 25, 2024, at 10:00 a.m. (Eastern Time) to discuss the third quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 6787376). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $15.2 billion in assets and $12.2 billion in deposits as of September 30, 2024. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. For more information about Seacoast, visit www.SeacoastBanking.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements to reported earnings that may be realized from cost controls, tax law changes, new initiatives and for integration of banks that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast’s objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation; the risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at www.sec.gov.

FINANCIAL HIGHLIGHTS							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
							Quarterly Trends									Nine Months Ended
(Amounts in thousands, except ratios and per share data)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23			3Q’24			3Q’23
Summary of Earnings
Net income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414		$	86,901		$	74,490
Adjusted net income^1,6		30,511			30,277			31,132			31,363			34,170			91,920			101,878
Net interest income²		106,975			104,657			105,298			111,035			119,505			316,930			378,009
Net interest margin^2,3		3.17	%		3.18	%		3.24	%		3.36	%		3.57	%		3.19	%		3.91	%
Pre-tax pre-provision earnings¹		46,086			44,555			35,674			42,006			43,383			126,315			131,807
Adjusted pre-tax pre-provision earnings^1,6		46,390			44,490			42,513			45,016			47,349			133,393			168,905

Performance Ratios
Return on average assets-GAAP basis³		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%		0.78	%		0.68	%
Return on average tangible assets-GAAP basis^3,4		0.99			1.00			0.89			0.99			1.04			0.96			0.88
Adjusted return on average tangible assets^1,3,4		0.98			1.00			1.04			1.04			1.12			1.01			1.15
Pre-tax pre-provision return on average tangible assets^1,3,4,6		1.46			1.45			1.22			1.39			1.43			1.38			1.49
Adjusted pre-tax pre-provision return on average tangible assets^1,3,4		1.47			1.45			1.42			1.48			1.55			1.44			1.85
Net adjusted noninterest expense to average tangible assets^1,3,4		2.19			2.19			2.23			2.25			2.34			2.20			2.40
Return on average shareholders’ equity-GAAP basis³		5.62			5.74			4.94			5.69			6.01			5.44			4.94
Return on average tangible common equity-GAAP basis^3,4		10.31			10.75			9.55			11.22			11.90			10.21			10.09
Adjusted return on average tangible common equity^1,3,4		10.27			10.76			11.15			11.80			12.79			10.72			13.14
Efficiency ratio⁵		59.84			60.21			66.78			60.32			62.60			62.24			65.19
Adjusted efficiency ratio¹		59.84			60.21			61.13			60.32			60.19			60.39			56.47
Noninterest income to total revenue (excluding securities gains/losses)		18.05			17.55			16.17			15.14			13.22			17.27			14.16
Tangible common equity to tangible assets⁴		9.64			9.30			9.25			9.31			8.68			9.64			8.68
Average loan-to-deposit ratio		83.79			83.11			84.50			83.38			82.63			83.80			82.86
End of period loan-to-deposit ratio		83.44			82.90			83.12			85.48			82.71			83.44			82.71

Per Share Data
Net income diluted-GAAP basis	$	0.36		$	0.36		$	0.31		$	0.35		$	0.37		$	1.02		$	0.89
Net income basic-GAAP basis		0.36			0.36			0.31			0.35			0.37			1.03			0.89
Adjusted earnings^1,6		0.36			0.36			0.37			0.37			0.40			1.08			1.21

Book value per share common		25.68			24.98			24.93			24.84			24.06			25.68			24.06
Tangible book value per share		16.20			15.41			15.26			15.08			14.26			16.20			14.26
Cash dividends declared		0.18			0.18			0.18			0.18			0.18			0.54			0.53
¹Non-GAAP measure – see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. ²Calculated on a fully taxable equivalent basis using amortized cost. ³These ratios are stated on an annualized basis and are not necessarily indicative of future periods. ⁴The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets. ⁵Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). ⁶As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME						(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	Quarterly Trends														Nine Months Ended
(Amounts in thousands, except per share data)	3Q’24		2Q’24			1Q’24			4Q’23			3Q’23			3Q’24		3Q’23

Interest on securities:
Taxable	$	25,963	$	24,155		$	22,393		$	21,383		$	21,401		$	72,511	$	61,543
Nontaxable		34		33			34			55			97			101		299
Interest and fees on loans		150,980		147,292			147,095			147,801			149,871			445,367		433,304
Interest on interest bearing deposits and other investments		7,138		8,328			6,184			7,616			8,477			21,650		16,974
Total Interest Income		184,115		179,808			175,706			176,855			179,846			539,629		512,120

Interest on deposits		51,963		51,319			47,534			44,923			38,396			150,816		81,612
Interest on time certificates		19,002		17,928			17,121			15,764			16,461			54,051		36,490
Interest on borrowed money		6,485		6,137			5,973			5,349			5,683			18,595		16,597
Total Interest Expense		77,450		75,384			70,628			66,036			60,540			223,462		134,699

Net Interest Income		106,665		104,424			105,078			110,819			119,306			316,167		377,421
Provision for credit losses		6,273		4,918			1,368			3,990			2,694			12,559		33,528
Net Interest Income After Provision for Credit Losses		100,392		99,506			103,710			106,829			116,612			303,608		343,893

Noninterest income:
Service charges on deposit accounts		5,412		5,342			4,960			4,828			4,648			15,714		13,450
Interchange income		1,911		1,940			1,888			2,433			1,684			5,739		11,444
Wealth management income		3,843		3,766			3,540			3,261			3,138			11,149		9,519
Mortgage banking fees		485		582			381			378			410			1,448		1,412
Insurance agency income		1,399		1,355			1,291			1,066			1,183			4,045		3,444
SBA gains		391		694			739			921			613			1,824		1,184
BOLI income		2,578		2,596			2,264			2,220			2,197			7,438		6,181
Other		7,473		5,953			5,205			4,668			4,307			18,631		15,636
		23,492		22,228			20,268			19,775			18,180			65,988		62,270
Securities gains (losses), net		187		(44	)		229			(2,437	)		(387	)		372		(456	)
Total Noninterest Income		23,679		22,184			20,497			17,338			17,793			66,360		61,814

Noninterest expense:
Salaries and wages		40,697		38,937			40,304			38,435			46,431			119,938		139,202
Employee benefits		6,955		6,861			7,889			6,678			7,206			21,705		23,240
Outsourced data processing costs		8,003		8,210			12,118			8,609			8,714			28,331		43,489
Occupancy		7,096		7,180			8,037			7,512			7,758			22,313		24,360
Furniture and equipment		2,060		1,956			2,011			2,028			2,052			6,027		6,664
Marketing		2,729		3,266			2,655			2,995			1,876			8,650		6,161
Legal and professional fees		2,708		1,982			2,151			3,294			2,679			6,841		14,220
FDIC assessments		1,882		2,131			2,158			2,813			2,258			6,171		5,817
Amortization of intangibles		6,002		6,003			6,292			6,888			7,457			18,297		21,838
Other real estate owned expense and net loss (gain) on sale		491		(109	)		(26	)		573			274			356		412
Provision for credit losses on unfunded commitments		250		251			250			—			—			751		1,239
Other		5,945		5,869			6,532			6,542			7,210			18,346		22,613
Total Noninterest Expense		84,818		82,537			90,371			86,367			93,915			257,726		309,255

Income Before Income Taxes		39,253		39,153			33,836			37,800			40,490			112,242		96,452
Provision for income taxes		8,602		8,909			7,830			8,257			9,076			25,341		21,962
Net Income	$	30,651	$	30,244		$	26,006		$	29,543		$	31,414		$	86,901	$	74,490

Share Data
Net income per share of common stock
Diluted	$	0.36	$	0.36		$	0.31		$	0.35		$	0.37		$	1.02	$	0.89
Basic		0.36		0.36			0.31			0.35			0.37			1.03		0.89
Cash dividends declared		0.18		0.18			0.18			0.18			0.18			0.54		0.53

Average common shares outstanding
Diluted		85,069		84,816			85,270			85,336			85,666			84,915		83,993
Basic		84,434		84,341			84,908			84,817			85,142			84,319		83,457

CONDENSED CONSOLIDATED BALANCE SHEETS							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
	September 30,			June 30,			March 31,			December 31,			September 30,
(Amounts in thousands)	2024			2024			2024			2023			2023
Assets
Cash and due from banks	$	182,743		$	168,738		$	137,850		$	167,511		$	182,036
Interest bearing deposits with other banks		454,315			580,787			544,874			279,671			513,946
Total cash and cash equivalents		637,058			749,525			682,724			447,182			695,982

Time deposits with other banks		5,207			7,856			7,856			5,857			4,357

Debt Securities:
Securities available for sale (at fair value)		2,160,055			1,967,204			1,949,463			1,836,020			1,841,845
Securities held to maturity (at amortized cost)		646,050			658,055			669,896			680,313			691,404
Total debt securities		2,806,105			2,625,259			2,619,359			2,516,333			2,533,249

Loans held for sale		11,039			5,975			9,475			4,391			2,979

Loans		10,205,281			10,038,508			9,978,052			10,062,940			10,011,186
Less: Allowance for credit losses		(140,469	)		(141,641	)		(146,669	)		(148,931	)		(149,661	)
Loans, net of allowance for credit losses		10,064,812			9,896,867			9,831,383			9,914,009			9,861,525

Bank premises and equipment, net		108,776			109,945			110,787			113,304			115,749
Other real estate owned		6,421			6,877			7,315			7,560			7,216
Goodwill		732,417			732,417			732,417			732,417			731,970
Other intangible assets, net		77,431			83,445			89,377			95,645			102,397
Bank owned life insurance		306,379			303,816			301,229			298,974			296,763
Net deferred tax assets		94,820			108,852			111,539			113,232			131,602
Other assets		317,906			321,779			326,554			331,345			339,218
Total Assets	$	15,168,371		$	14,952,613		$	14,830,015		$	14,580,249		$	14,823,007

Liabilities
Deposits
Noninterest demand	$	3,443,455		$	3,397,918		$	3,555,401		$	3,544,981		$	3,868,132
Interest-bearing demand		2,487,448			2,821,092			2,711,041			2,790,210			2,800,152
Savings		524,474			566,052			608,088			651,454			721,558
Money market		4,034,371			3,707,761			3,531,029			3,314,288			3,143,897
Time deposits		1,753,837			1,623,295			1,610,281			1,476,002			1,574,095
Total Deposits		12,243,585			12,116,118			12,015,840			11,776,935			12,107,834

Securities sold under agreements to repurchase		210,176			262,103			326,732			374,573			276,450
Federal Home Loan Bank borrowings		245,000			180,000			110,000			50,000			110,000
Long-term debt, net		106,800			106,634			106,468			106,302			106,136
Other liabilities		168,960			157,377			153,225			164,353			174,193
Total Liabilities		12,974,521			12,822,232			12,712,265			12,472,163			12,774,613

Shareholders’ Equity
Common stock		8,614			8,530			8,494			8,486			8,515
Additional paid in capital		1,821,050			1,815,800			1,811,941			1,808,883			1,813,068
Retained earnings		508,036			492,805			478,017			467,305			453,117
Less: Treasury stock		(18,680	)		(18,744	)		(16,746	)		(16,710	)		(14,035	)
		2,319,020			2,298,391			2,281,706			2,267,964			2,260,665
Accumulated other comprehensive loss, net		(125,170	)		(168,010	)		(163,956	)		(159,878	)		(212,271	)
Total Shareholders’ Equity		2,193,850			2,130,381			2,117,750			2,108,086			2,048,394
Total Liabilities & Shareholders’ Equity	$	15,168,371		$	14,952,613		$	14,830,015		$	14,580,249		$	14,823,007

Common shares outstanding		85,441			85,299			84,935			84,861			85,150

CONSOLIDATED QUARTERLY FINANCIAL DATA				(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

(Amounts in thousands)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23
Credit Analysis
Net charge-offs	$	7,445		$	9,946		$	3,630		$	4,720		$	12,748
Net charge-offs to average loans		0.29	%		0.40	%		0.15	%		0.19	%		0.50	%

Allowance for credit losses	$	140,469		$	141,641		$	146,669		$	148,931		$	149,661

Non-acquired loans at end of period	$	7,178,186		$	6,834,059		$	6,613,763		$	6,571,454		$	6,343,121
Acquired loans at end of period		3,027,095			3,204,449			3,364,289			3,491,486			3,668,065
Total Loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186

Total allowance for credit losses to total loans at end of period		1.38	%		1.41	%		1.47	%		1.48	%		1.49	%
Purchase discount on acquired loans at end of period		4.48			4.51			4.63			4.75			4.86

End of Period
Nonperforming loans	$	80,857		$	59,927		$	77,205		$	65,104		$	41,508
Other real estate owned		933			1,173			309			221			221
Properties previously used in bank operations included in other real estate owned		5,488			5,704			7,006			7,339			6,995
Total Nonperforming Assets	$	87,278		$	66,804		$	84,520		$	72,664		$	48,724

Nonperforming Loans to Loans at End of Period		0.79	%		0.60	%		0.77	%		0.65	%		0.41	%

Nonperforming Assets to Total Assets at End of Period		0.58			0.45			0.57			0.50			0.33

	September 30,			June 30,			March 31,			December 31,			September 30,
Loans	2024			2024			2024			2023			2023
Construction and land development	$	595,753		$	593,534		$	623,246		$	767,622		$	793,736
Commercial real estate – owner occupied		1,676,814			1,656,391			1,656,131			1,670,281			1,675,881
Commercial real estate – non-owner occupied		3,573,076			3,423,266			3,368,339			3,319,890			3,285,974
Residential real estate		2,564,903			2,555,320			2,521,399			2,445,692			2,418,903
Commercial and financial		1,575,228			1,582,290			1,566,198			1,607,888			1,588,152
Consumer		219,507			227,707			242,739			251,567			248,540
Total Loans	$	10,205,281		$	10,038,508		$	9,978,052		$	10,062,940		$	10,011,186

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES ¹								(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	3Q’24							2Q’24							3Q’23
	Average					Yield/		Average					Yield/		Average					Yield/
(Amounts in thousands)	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,756,502		$	25,963	3.75	%	$	2,629,716		$	24,155	3.69	%	$	2,575,002		$	21,401	3.32	%
Nontaxable		5,701			42	2.93			5,423			40	2.97			15,280			119	3.11
Total Securities		2,762,203			26,005	3.75			2,635,139			24,195	3.69			2,590,282			21,520	3.32

Federal funds sold		433,423			5,906	5.42			510,401			6,967	5.49			547,576			7,415	5.37
Interest bearing deposits with other banks and other investments		102,700			1,232	4.77			98,942			1,361	5.53			90,039			1,062	4.68

Total Loans, net²		10,128,822			151,282	5.94			10,005,122			147,518	5.93			10,043,611			150,048	5.93

Total Earning Assets		13,427,148			184,425	5.46			13,249,604			180,041	5.47			13,271,508			180,045	5.38

Allowance for credit losses		(141,974	)						(146,380	)						(158,440	)
Cash and due from banks		167,103							168,439							168,931
Bank premises and equipment, net		109,699							110,709							116,704
Intangible assets		812,761							818,914							839,787
Bank owned life insurance		304,703							302,165							295,272
Other assets including deferred tax assets		317,406							336,256							372,241

Total Assets	$	14,996,846						$	14,839,707						$	14,906,003

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,489,674		$	12,905	2.06	%	$	2,670,569		$	14,946	2.25	%	$	2,804,243		$	15,013	2.12	%
Savings		546,473			601	0.44			584,490			560	0.39			770,503			465	0.24
Money market		3,942,357			38,457	3.88			3,665,858			35,813	3.93			2,972,495			22,918	3.06
Time deposits		1,716,720			19,002	4.40			1,631,290			17,928	4.42			1,619,572			16,461	4.03
Securities sold under agreements to repurchase		241,083			2,044	3.37			293,603			2,683	3.68			327,711			2,876	3.48
Federal Home Loan Bank borrowings		237,935			2,549	4.26			149,234			1,592	4.29			111,087			888	3.17
Long-term debt, net		106,706			1,892	7.05			106,532			1,862	7.03			106,036			1,919	7.18

Total Interest-Bearing Liabilities		9,280,948			77,450	3.32			9,101,576			75,384	3.33			8,711,647			60,540	2.76

Noninterest demand		3,393,110							3,485,603							3,987,761
Other liabilities		154,344							134,900							133,846
Total Liabilities		12,828,402							12,722,079							12,833,254

Shareholders’ equity		2,168,444							2,117,628							2,072,747

Total Liabilities & Equity	$	14,996,846						$	14,839,707						$	14,906,003

Cost of deposits						2.34	%						2.31	%						1.79	%
Interest expense as a % of earning assets						2.29	%						2.29	%						1.81	%
Net interest income as a % of earning assets				$	106,975	3.17	%				$	104,657	3.18	%				$	119,505	3.57	%


¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES ¹								(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES


	Nine Months Ended September 30, 2024							Nine Months Ended September 30, 2023
	Average					Yield/		Average					Yield/
(Amounts in thousands)	Balance			Interest		Rate		Balance			Interest		Rate

Assets
Earning assets:
Securities:
Taxable	$	2,655,422		$	72,511	3.65	%	$	2,649,127		$	61,543	3.10	%
Nontaxable		5,677			123	2.89			15,721			370	3.14
Total Securities		2,661,099			72,634	3.65			2,664,848			61,913	3.10

Federal funds sold		438,089			17,929	5.47			336,022			12,444	4.95
Interest bearing deposits with other banks and other investments		102,415			3,721	4.85			90,511			4,530	6.69

Total Loans, net²		10,056,466			446,108	5.93			9,840,484			433,821	5.89

Total Earning Assets		13,258,069			540,392	5.44			12,931,865			512,708	5.30

Allowance for credit losses		(145,579	)						(151,613	)
Cash and due from banks		167,424							185,426
Bank premises and equipment, net		110,929							116,840
Intangible assets		819,046							811,483
Bank owned life insurance		302,220							287,756
Other assets including deferred tax assets		330,898							402,175

Total Assets	$	14,843,007						$	14,583,932

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,626,026		$	43,117	2.19	%	$	2,642,180		$	25,780	1.30	%
Savings		586,285			1,701	0.39			909,184			1,292	0.19
Money market		3,673,493			105,998	3.85			2,831,747			54,540	2.58
Time deposits		1,646,285			54,051	4.39			1,288,736			36,490	3.79
Securities sold under agreements to repurchase		289,181			7,806	3.61			249,242			5,333	2.86
Federal Home Loan Bank borrowings		163,468			5,101	4.17			214,415			5,936	3.70
Long-term debt, net		106,538			5,688	7.13			103,469			5,328	6.88

Total Interest-Bearing Liabilities		9,091,276			223,462	3.28			8,238,973			134,699	2.19

Noninterest demand		3,468,790							4,204,389
Other liabilities		148,000							126,487
Total Liabilities		12,708,066							12,569,849

Shareholders’ equity		2,134,941							2,014,083

Total Liabilities & Equity	$	14,843,007						$	14,583,932

Cost of deposits						2.28	%						1.33	%
Interest expense as a % of earning assets						2.25	%						1.39	%
Net interest income as a % of earning assets				$	316,930	3.19	%				$	378,009	3.91	%


¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

CONSOLIDATED QUARTERLY FINANCIAL DATA					(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
(Amounts in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Customer Relationship Funding
Noninterest demand
Commercial	$	2,731,564	$	2,664,353	$	2,808,151	$	2,752,644	$	3,089,488
Retail		509,527		532,623		553,697		561,569		570,727
Public funds		139,072		142,846		145,747		173,893		134,649
Other		63,292		58,096		47,806		56,875		73,268
Total Noninterest Demand		3,443,455		3,397,918		3,555,401		3,544,981		3,868,132

Interest-bearing demand
Commercial		1,426,920		1,533,725		1,561,905		1,576,491		1,618,755
Retail		874,043		892,032		930,178		956,900		994,224
Brokered		—		198,337		—		—		—
Public funds		186,485		196,998		218,958		256,819		187,173
Total Interest-Bearing Demand		2,487,448		2,821,092		2,711,041		2,790,210		2,800,152

Total transaction accounts
Commercial		4,158,484		4,198,078		4,370,056		4,329,135		4,708,243
Retail		1,383,570		1,424,655		1,483,875		1,518,469		1,564,951
Brokered		—		198,337		—		—		—
Public funds		325,557		339,844		364,705		430,712		321,822
Other		63,292		58,096		47,806		56,875		73,268
Total Transaction Accounts		5,930,903		6,219,010		6,266,442		6,335,191		6,668,284

Savings
Commercial		44,151		53,523		52,665		58,562		79,731
Retail		480,323		512,529		555,423		592,892		641,827
Total Savings		524,474		566,052		608,088		651,454		721,558

Money market
Commercial		1,953,851		1,771,927		1,709,636		1,655,820		1,625,455
Retail		1,887,975		1,733,505		1,621,618		1,469,142		1,362,390
Public funds		192,545		202,329		199,775		189,326		156,052
Total Money Market		4,034,371		3,707,761		3,531,029		3,314,288		3,143,897

Brokered time certificates		256,536		126,668		142,717		122,347		307,963
Time deposits		1,497,301		1,496,627		1,467,564		1,353,655		1,266,132
		1,753,837		1,623,295		1,610,281		1,476,002		1,574,095
Total Deposits	$	12,243,585	$	12,116,118	$	12,015,840	$	11,776,935	$	12,107,834

Securities sold under agreements to repurchase		210,176		262,103		326,732		374,573		276,450

Total customer funding ¹	$	12,197,225	$	12,053,216	$	12,199,855	$	12,029,161	$	12,076,321

¹Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

GAAP TO NON-GAAP RECONCILIATION							(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
							Quarterly Trends									Nine Months Ended
(Amounts in thousands, except per share data)	3Q’24			2Q’24			1Q’24			4Q’23			3Q’23			3Q’24			3Q’23
Net Income	$	30,651		$	30,244		$	26,006		$	29,543		$	31,414		$	86,901		$	74,490

Total noninterest income		23,679			22,184			20,497			17,338			17,793			66,360			61,814
Securities (gains) losses, net		(187	)		44			(229	)		2,437			387			(372	)		456
BOLI benefits on death (included in other income)		—			—			—			—			—			—			(2,117	)
Total Adjustments to Noninterest Income		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Total Adjusted Noninterest Income		23,492			22,228			20,268			19,775			18,180			65,988			60,153

Total noninterest expense		84,818			82,537			90,371			86,367			93,915			257,726			309,255
Merger-related charges		—			—			—			—			—			—			(33,180	)
Branch reductions and other expense initiatives		—			—			(7,094	)		—			(3,305	)		(7,094	)		(5,167	)
Adjustments to Noninterest Expense		—			—			(7,094	)		—			(3,305	)		(7,094	)		(38,347	)
Adjusted Noninterest Expense²		84,818			82,537			83,277			86,367			90,610			250,632			270,908

Income Taxes		8,602			8,909			7,830			8,257			9,076			25,341			21,962
Tax effect of adjustments		(47	)		11			1,739			617			936			1,703			9,298
Adjusted Income Taxes		8,555			8,920			9,569			8,874			10,012			27,044			31,260
Adjusted Net Income²	$	30,511		$	30,277		$	31,132		$	31,363		$	34,170		$	91,920		$	101,878

Earnings per diluted share, as reported	$	0.36		$	0.36		$	0.31		$	0.35		$	0.37		$	1.02		$	0.89
Adjusted Earnings per Diluted Share		0.36			0.36			0.37			0.37			0.40			1.08			1.21
Average diluted shares outstanding		85,069			84,816			85,270			85,336			85,666			84,915			83,993

Adjusted Noninterest Expense	$	84,818		$	82,537		$	83,277		$	86,367		$	90,610		$	250,632		$	270,908
Provision for credit losses on unfunded commitments		(250	)		(251	)		(250	)		—			—			(751	)		(1,239	)
Other real estate owned expense and net gain (loss) on sale		(491	)		109			26			(573	)		(274	)		(356	)		(412	)
Amortization of intangibles		(6,002	)		(6,003	)		(6,292	)		(6,888	)		(7,457	)		(18,297	)		(21,838	)
Net Adjusted Noninterest Expense	$	78,075		$	76,392		$	76,761		$	78,906		$	82,879		$	231,228		$	247,419
Average tangible assets		14,184,085			14,020,793			13,865,245			13,906,005			14,066,216			14,023,961			13,772,449
Net Adjusted Noninterest Expense to Average Tangible Assets		2.19	%		2.19	%		2.23	%		2.25	%		2.34	%		2.20	%		2.40	%

Net Revenue	$	130,344		$	126,608		$	125,575		$	128,157		$	137,099		$	382,527		$	439,235
Total Adjustments to Net Revenue		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Impact of FTE adjustment		310			233			220			216			199			763			588
Adjusted Net Revenue on a fully taxable equivalent basis	$	130,467		$	126,885		$	125,566		$	130,810		$	137,685		$	382,918		$	438,162
Adjusted Efficiency Ratio		59.84	%		60.21	%		61.13	%		60.32	%		60.19	%		60.39	%		56.47	%

Net Interest Income	$	106,665		$	104,424		$	105,078		$	110,819		$	119,306		$	316,167		$	377,421
Impact of FTE adjustment		310			233			220			216			199			763			588
Net Interest Income including FTE adjustment	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Total noninterest income		23,679			22,184			20,497			17,338			17,793			66,360			61,814
Total noninterest expense less provision for credit losses on unfunded commitments		84,568			82,286			90,121			86,367			93,915			256,975			308,016
Pre-Tax Pre-Provision Earnings	$	46,086		$	44,555		$	35,674		$	42,006		$	43,383		$	126,315		$	131,807
Total Adjustments to Noninterest Income		(187	)		44			(229	)		2,437			387			(372	)		(1,661	)
Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale		491			(109	)		7,068			573			3,579			7,450			38,759
Adjusted Pre-Tax Pre-Provision Earnings²	$	46,390		$	44,490		$	42,513		$	45,016		$	47,349		$	133,393		$	168,905

Average Assets	$	14,996,846		$	14,839,707		$	14,690,776		$	14,738,034		$	14,906,003		$	14,843,007		$	14,583,932
Less average goodwill and intangible assets		(812,761	)		(818,914	)		(825,531	)		(832,029	)		(839,787	)		(819,046	)		(811,483	)
Average Tangible Assets	$	14,184,085		$	14,020,793		$	13,865,245		$	13,906,005		$	14,066,216		$	14,023,961		$	13,772,449
Return on Average Assets (ROA)		0.81	%		0.82	%		0.71	%		0.80	%		0.84	%		0.78	%		0.68	%
Impact of removing average intangible assets and related amortization		0.18			0.18			0.18			0.19			0.20			0.18			0.20
Return on Average Tangible Assets (ROTA)		0.99			1.00			0.89			0.99			1.04			0.96			0.88
Impact of other adjustments for Adjusted Net Income		(0.01	)		—			0.15			0.05			0.08			0.05			0.27
Adjusted Return on Average Tangible Assets		0.98			1.00			1.04			1.04			1.12			1.01			1.15

Pre-Tax Pre-Provision return on Average Tangible Assets		1.46			1.45			1.22			1.39			1.43			1.38			1.49
Impact of adjustments on Pre-Tax Pre-Provision earnings		0.01			—			0.20			0.09			0.12			0.06			0.36
Adjusted Pre-Tax Pre-Provision Return on Tangible Assets²		1.47	%		1.45	%		1.42	%		1.48	%		1.55	%		1.44	%		1.85	%

Average Shareholders’ Equity	$	2,168,444		$	2,117,628		$	2,118,381		$	2,058,912		$	2,072,747		$	2,134,941		$	2,014,083
Less average goodwill and intangible assets		(812,761	)		(818,914	)		(825,531	)		(832,029	)		(839,787	)		(819,046	)		(811,483	)
Average Tangible Equity	$	1,355,683		$	1,298,714		$	1,292,850		$	1,226,883		$	1,232,960		$	1,315,895		$	1,202,600

Return on Average Shareholders’ Equity		5.62	%		5.74	%		4.94	%		5.69	%		6.01	%		5.44	%		4.94	%
Impact of removing average intangible assets and related amortization		4.69			5.01			4.61			5.53			5.89			4.77			5.15
Return on Average Tangible Common Equity (ROTCE)		10.31			10.75			9.55			11.22			11.90			10.21			10.09
Impact of other adjustments for Adjusted Net Income		(0.04	)		0.01			1.60			0.58			0.89			0.51			3.05
Adjusted Return on Average Tangible Common Equity		10.27	%		10.76	%		11.15	%		11.80	%		12.79	%		10.72	%		13.14	%

Loan interest income¹	$	151,282		$	147,518		$	147,308		$	148,004		$	150,048		$	446,108		$	433,821
Accretion on acquired loans		(9,182	)		(10,178	)		(10,595	)		(11,324	)		(14,843	)		(29,955	)		(45,365	)
Loan interest income excluding accretion on acquired loans	$	142,100		$	137,340		$	136,713		$	136,680		$	135,205		$	416,153		$	388,456

Yield on loans¹		5.94			5.93			5.90			5.85			5.93			5.93			5.89
Impact of accretion on acquired loans		(0.36	)		(0.41	)		(0.42	)		(0.45	)		(0.59	)		(0.40	)		(0.61	)
Yield on loans excluding accretion on acquired loans		5.58	%		5.52	%		5.48	%		5.40	%		5.34	%		5.53	%		5.89	%

Net Interest Income¹	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Accretion on acquired loans		(9,182	)		(10,178	)		(10,595	)		(11,324	)		(14,843	)		(29,955	)		(45,365	)
Net interest income excluding accretion on acquired loans	$	97,793		$	94,479		$	94,703		$	99,711		$	104,662		$	286,975		$	332,644

Net Interest Margin		3.17			3.18			3.24			3.36			3.57			3.19			3.91
Impact of accretion on acquired loans		(0.27	)		(0.30	)		(0.33	)		(0.34	)		(0.44	)		(0.30	)		(0.47	)
Net interest margin excluding accretion on acquired loans		2.90	%		2.87	%		2.91	%		3.02	%		3.13	%		2.89	%		3.44	%

Security interest income¹	$	26,005		$	24,195		$	22,434		$	21,451		$	21,520		$	72,634		$	61,913
Tax equivalent adjustment on securities		(8	)		(7	)		(7	)		(13	)		(22	)		(22	)		(71	)
Security interest income excluding tax equivalent adjustment	$	25,997		$	24,188		$	22,427		$	21,438		$	21,498		$	72,612		$	61,842

Loan interest income¹	$	151,282		$	147,518		$	147,308		$	148,004		$	150,048		$	446,108		$	433,821
Tax equivalent adjustment on loans		(302	)		(226	)		(213	)		(203	)		(177	)		(741	)		(517	)
Loan interest income excluding tax equivalent adjustment	$	150,980		$	147,292		$	147,095		$	147,801		$	149,871		$	445,367		$	433,304

Net Interest Income¹	$	106,975		$	104,657		$	105,298		$	111,035		$	119,505		$	316,930		$	378,009
Tax equivalent adjustment on securities		(8	)		(7	)		(7	)		(13	)		(22	)		(22	)		(71	)
Tax equivalent adjustment on loans		(302	)		(226	)		(213	)		(203	)		(177	)		(741	)		(517	)
Net interest income excluding tax equivalent adjustment	$	106,665		$	104,424		$	105,078		$	110,819		$	119,306		$	316,167		$	377,421

¹On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
²As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

The MIL Network –

January 25, 2025

MIL-OSI USA: Cassidy, Cotton, Colleagues to DOJ and FTC: Systemic, Weaponized Leaks Violate Ethics Rules

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Tom Cotton (R-AR), Mitch McConnell (R-KY), Thom Tillis (R-NC), and Pete Ricketts (R-NE) demanded an investigation into systemic media leaks in a letter to Department of Justice (DOJ) Inspector General Michael Horowitz and Federal Trade Commissioner (FTC) Inspector General Andrew Katsaros. These leaks, all to the same media outlet, resulted in negative headlines about the Biden-Harris administration’s antitrust targets and potentially violated ethics rules.
“These leaks result in negative headlines about the administration’s targets while the targeted companies have no way to respond, as they haven’t yet seen the potential lawsuits. Both DOJ and FTC have ethics rules that prohibit leaking civil cases before the cases are filed,” wrote the senators.
Read the full letter here or below:
Dear Inspectors General Horowitz and Katsaros,
We write asking you to investigate whether the Department of Justice and the Federal Trade Commission have violated their own ethics rules by systematically leaking potential antitrust cases to a specific media outlet.
Since 2023, Bloomberg News has broken the news in at least twelve instances that DOJ or FTC was “preparing” or “poised” to take legal action before a lawsuit was filed. Indeed, the same journalist reported on eleven of these cases. This pattern strongly suggests that certain officials at DOJ and FTC are intentionally publicizing legal action days or weeks before filing.
These leaks result in negative headlines about the administration’s targets while the targeted companies have no way to respond, as they haven’t yet seen the potential lawsuits. Both DOJ and FTC have ethics rules that prohibit leaking civil cases before the cases are filed.
Bloomberg News reporting DOJ and FTC antitrust actions before the filing of a lawsuit

January 23, 2023: DOJ Poised to Sue Google Over Digital Ad Market Dominance
February 23, 2023: DOJ Preps Antitrust Suit to Block Adobe’s $20 Billion Figma Deal
May 15, 2023: Amgen’s $28 Billion Horizon Deal Faces Unexpected FTC Hurdle
June 29, 2023: Lina Khan Is Coming for Amazon, Armed With an FTC Antitrust Suit
October 16, 2023: Real Estate Brokers Pocketing Up to 6% in Fees Draw Antitrust Scrutiny
February 20, 2024: FTC, States to Sue Over Kroger-Albertsons Deal Next Week
March 20, 2024: Justice Department to Sue Apple for Antitrust Violations
April 10, 2024: Nippon Steel Bid to Buy US Steel Gets Extended Antitrust Review
April 17, 2024: Tapestry’s $8.5 Billion Capri Deal Faces Planned FTC Lawsuit
May 22, 2024: US Justice Department to Seek Breakup of Live Nation-Ticketmaster
July 10, 2024: FTC Preparing Suit Against Drug Middlemen Over Insulin Rebates
September 23, 2024: Visa Faces Justice Department Antitrust Case on Debit Cards

These leaks aren’t just unethical, but they harm these companies’ employees, shareholders, and others. If the companies have engaged in wrongdoing, by all means the government should try them in a court of law. But the Biden-Harris administration shouldn’t try them in the liberal media. These leaks appear to be simply one more instance of this administration weaponizing the administrative state against politically disfavored opponents and critics, much like DOJ investigating parents at school-board meetings or the FTC targeting Elon Musk and Twitter for insufficient censorship of conservatives.
We urge you to investigate promptly these systematic, unethical, and potentially illegal leaks.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: ICYMI: Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) penned an op-ed in The Advocate highlighting a new report showing flood mitigation investments reduce storm damage and the billions of dollars he’s secured for Louisiana from his Infrastructure Investment and Jobs Act (IIJA) to do so.
“The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country,” wrote Dr. Cassidy.
“In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act is a game-changer,” continued Dr. Cassidy.
This op-ed comes on the heels of a critical report Cassidy released this morning detailing the current state of the National Flood Insurance Program (NFIP) and the issues that led to skyrocketing premiums for millions of homeowners.
“As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next,” concluded Dr. Cassidy.
Read the full op-ed here or below.
Investing in Flood Prevention Infrastructure Works. Here’s What We Are Doing.
By: Senator Bill Cassidy
October 24, 2024
As hurricanes Milton, Helene, and Francine floods homes and communities across the East Coast, Americans are focused on two questions: How do we help those affected to recover and how do we prevent this from happening again?
The best way to recover from a storm is never to flood at all. A recent Congressional Budget Office (CBO) report confirmed this, finding that for every dollar spent on federal flood mitigation projects, communities see a return of $2 to $3 in reduced damages. This reality resonates deeply for many families in Louisiana and across the country.
In my time in Congress, I have been a vocal advocate for federal investment in flood mitigation, working to secure billions of dollars for projects that protect communities and reduce the economic burden of disasters. The funding secured through the Infrastructure Investment and Jobs Act (IIJA) is a game-changer. The findings of this CBO report show us this is the right strategy.
The IIJA allocated over $5.5 billion for disaster mitigation, coastal restoration, and flood risk reduction efforts. In Louisiana alone, it has already delivered hundreds of millions in coastal resiliency grants alone.
Last month, I announced Louisiana will receive a fresh $206 million from the Federal Emergency Management Agency’s (FEMA) Flood Mitigation Assistance program. This funding will go toward projects across Louisiana, from Gretna’s green infrastructure network — set to receive $51.8 million — to elevation projects in St. John the Baptist Parish and Livingston Parish totaling $27.1 and $11.8 million, respectively.
In 2023, Louisiana secured over $207 million from FEMA in Building Resilient Infrastructures and Communities grants. These funds have gone toward a variety of projects, from $19 million for hardening and hurricane-proofing Jefferson Parish’s power grid to $4.5 million for residential mitigation programs in Lafayette Parish. The result: stronger resilience for Louisianans as we confront future storms.
Three years in, we have made historic investments in flood infrastructure, providing resources to communities across Louisiana and the country to build stronger, more resilient systems. These efforts not only safeguard communities to prevent catastrophic flooding, they reduce the need for costly recovery efforts and alleviate the pressure on the National Flood Insurance Program (NFIP), which has struggled to stay solvent.
I have repeatedly highlighted the urgent need to reauthorize — and more importantly, reform — the NFIP in a series of speeches on the Senate floor. Skyrocketing flood insurance premiums due to Risk Rating 2.0 are leaving families in Louisiana and other flood-prone areas behind. Flood insurance costs impose an unsustainable financial strain placed on both homeowners and the program itself.
At my request, the U.S. Senate Banking Committee held a hearing on NFIP reform in January, featuring testimony from locals speaking to the program’s challenges. The principles can be stated simply: Make the program affordable to the homeowner, accountable to the taxpayer and sustainable for the future.
This isn’t just a Louisiana issue, as the devastation of Hurricane Helene has demonstrated. Flooding is a national problem. Forty-four states have had over $50 million in total NFIP claims since 1978. Thirteen states have had more than $1 billion in NFIP claims during that same timeframe. So, I’m confident we can build the big coalition needed to enact this vital legislation.
As the new CBO report shows, investment in flood mitigation pays off — again and again. The IIJA provided billions of dollars to reduce the risk of flooding, and much of this money is heading to Louisiana. It’s a good start, but NFIP reform must come next.
Background
In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
Cassidy traveled St. Bernard Parish last year to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
Over the last several months, Cassidy has delivered a series of speeches on the Senate floor calling for action on NFIP. Most recently, he demanded that Congress reauthorize and reform the program just before its authorization expired at the end of the fiscal year on September 30th.

MIL OSI USA News –

January 25, 2025

MIL-OSI United Kingdom: Secretary of State for Northern Ireland speech at the British-Irish Chamber of Commerce

Source: United Kingdom – Executive Government & Departments

Speech by Rt Hon Hilary Benn MP, Secretary of State for Northern Ireland.

Location:: Dublin, Republic of Ireland
Delivered on:: 24 October 2024 (Speaker’s notes, may differ from delivered version)

Good afternoon. It’s a great pleasure to be with you all today.

Go raibh míle maith agaibh.

I would like to extend my thanks to John McGrane and Paul Lynam for your very kind invitation and sharing my congratulations to Marie Doyle on her recent appointment as President of this wonderful organisation.

Now, many people in Britain might assume that the British-Irish Chamber of Commerce has a long and distinguished history. It is certainly distinguished but it’s not very long, having been founded only in 2011. But it feels to me and I’m sure to you much older, such is the strength of the ties that bind our two countries together.

Two countries that share so much… in terms of history, culture, ideas, politics and friendships.

And it is a story that runs like a thread through these islands and through the lives of so many of our families, including my own: on my side, it was an Ulster Scot from Fermanagh who took that journey that millions made across the Atlantic to Ohio from where my mother came and, on my wife’s side, Irish Catholics from Mayo and Kilkenny and Cork, her grandfather was born in Monkstown.

And talking of families, you may be aware that I come from a family best known for politics. What you may be less aware of is that two of my great grandfathers were Victorian entrepreneurs.

One – Peter Eadie – designed and made ring travellers for the textile industry working out of the upstairs of a terraced house in Galashiels, in Scotland.

The other – John Benn – was very good at drawing and decided to found a furniture trade magazine which, with great prescience – given the posts that his son, grandson and great grandson – that’s me – all went on to hold, he decided to call it “ The Cabinet Maker.“ You couldn’t make it up.

Both of those grandfathers entered politics as elected councillors as they put their business minds, industriousness and civic virtues at the service of the public.

So, if I may say so, it is in that spirit of innovation and constructive endeavour that I address you today.

Now the history of these islands has not always been benign. Over the centuries there have been terrible wrongs, great violence, revolution, bitterness but in recent years – reconciliation and progress in ways that would have seemed impossible in the past.

It was a great pleasure last night to see the play Agreement at the Gate Theatre, which so powerfully depicts the events leading up to that miraculous Good Friday in 1998. That agreement eventually resulted in something – I must be frank – I never thought I would see in my lifetime. I grew up watching reporting of the Troubles on the television, reading about it in the papers, and to witness a unionist and a nationalist sitting side by side in government together – that truly was the impossible made possible. And today Northern Ireland is a very different place.

Why?

Because of the courageous political leadership shown in the play last night and many others showed.

We must never lose sight of how far we have come across these shared islands since then. I want to say very clearly and directly: The Government’s commitment to the Good Friday Agreement – in letter and in spirit – is absolute. And that our support for the European Convention on Human Rights, which underpins the Agreement, and to the rule of law is unwavering.

My priority as Secretary of State for Northern Ireland – above all else – is to support political stability and economic growth.

And critical to that stability and critical to that growth in Northern Ireland is a healthy and constructive relationship between the Irish and UK governments.

And from day one, this new Government has been absolutely determined to seize the opportunity to restore trust, friendship and collaboration between our two countries. And as Paul just set out, the Prime Minister and the Taoiseach have made their joint commitment to this reset, which will be underpinned by annual summits, in addition to the existing Strand 3 institutions.

You’ve heard about the visits the British ministers have made and colleagues from here over to Westminster, and all of those are practical expressions of that commitment to a new and better relationship.

And talking of new relationships, the restoration of the Executive and Assembly in February was a hugely important moment for Northern Ireland – after too many years in which devolved government was not functioning. And it is vital that we now do all we can to ensure that this stability endures.

Stable and devolved government and political representation at Stormont matters above all for the people of Northern Ireland – they need a government and an Assembly that work for them.

But it also matters enormously for businesses right across Ireland, the United Kingdom and beyond. What do businesses and potential investors say they want? Stability. Political stability.

I am really impressed by the partnership that Michelle O’Neill and Emma Little-Pengelly have forged and the Executive now has a Programme for Government and a Fiscal Sustainability Plan.

And Northern Ireland has a great opportunity to make the most of its unique access to both the British and the European markets to help the economy to grow and to create jobs.

And that is what you do as the British Irish Chamber in promoting trade, prosperity and progress across these islands.

Now we are still having to manage the consequences of the UK’s decision to leave the European Union, in a way that does not unnecessarily inhibit trade and commerce across the Irish Sea. That is why this Government is absolutely committed to fully implementing the Windsor Framework, pragmatically and in good faith.

It is not without its challenges – I think that is probably the understatement of the year – but it is necessary. And there is a much bigger prize in sight.

The Government is committed to improving the UK’s trading relationship with the EU, including through the negotiation of a sanitary and phyto-sanitary agreement which would have the potential to dramatically smooth the movement of food, animals and plants across the Irish Sea.

One of the joys of my job is that everywhere I go in Northern Ireland I see talent, ingenuity and enterprise.

I see world class businesses operating in the life sciences, high-tech engineering, making composite aircraft wings and building the buses of the future – electric and hydrogen – services and film and television, education.

I am really struck that all these firms have seen something in Northern Ireland and its people.

And my message to investors is simply this.

Come, look, see, believe, invest in Northern Ireland.

Just look at the opportunities for the UK and Irish Governments to work collaboratively on areas and projects to help improve growth in Northern Ireland, in the Republic of Ireland including in its border regions.

Areas which are summed up by the four pillars which will form the basis of the annual leaders’ summits.

We need this collaboration not only because it is in our mutual economic interest, but because in these very uncertain times, we face shared challenges which our shared values and our shared commitment to democracy and the rule of law, will help us to face up to.

What do we need to do?

We need to ensure stability in an unstable world.

We need to build economic growth.

We need to make sure we have the infrastructure to enable that growth and attract that investment.

We have got to invest in skills.

We’ve got to make the transition to net zero – what a fantastic opportunity for businesses if you just think about changing the way we heat our homes. There are a lot of heat pumps that will have to be built and installed, and we together on these islands should be making them.

Building new energy infrastructure which will be required to power those heat pumps and the electric buses, cooperating on energy resilience – not least given the huge potential across these islands for more wind power – and the investment in Northern Ireland from GB Energy, the UK’s new publicly owned, clean energy company, which in turn will support the Shared Electricity Market.

At the same time, we only have to look around us to see the risks from conflict, climate change and the loss of biodiversity. Biodiversity is not a like-to-have, it is the very stuff on which human existence is based.

If you pause for a moment and look around you, every single thing we see is a gift from what is on the surface of the earth and beneath it. The genius of the human mind is that we have taken those gifts and look at what we have built. Look at what we have created, look at what we have fashioned.

And given the increasingly uncertain geopolitics of the world, it also makes sense for the UK and Ireland to collaborate on confronting the threats we face, whether in relation to cyber security, terrorism, organised crime or the threat from Russia and other states.

And in doing all of this, the sense I get from the vast majority of people is they would like us to move forward and to try and build a better future that we can jointly embrace.

So let us be bold, let us get on with it and let us take inspiration from those who 26 years ago truly made the impossible possible.

Finally, why do the relationships that I have spoken about matter so much?

They are clearly important economically, but they are also about something else – it’s about building alliances so we can deal with the risks and take advantage of the opportunities.

All of these are powerful reasons why we should work together closely.

Ireland and the United Kingdom.

Two proud nations with everything to gain from a close partnership, for as the great W B Yeats reminded us:

“There are no strangers here. Only friends you haven’t yet met.”

Thank you.

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Canada: Manitoba Government Continues to Combat Retail Theft Over Holiday Season

Source: Government of Canada regional news

October 24, 2024

Manitoba Government Continues to Combat Retail Theft Over Holiday Season

The Manitoba government is continuing to support the efforts of the Winnipeg Police Service (WPS) in combating retail theft throughout the holiday season, Justice Minister Matt Wiebe announced today.

“We’re grateful to the Winnipeg Police Service and their members who have made such a positive impact throughout the summer and fall for businesses and community members,” said Wiebe. “Over the summer, people in the Exchange District, Osborne Village, the West End and other parts of the city have said they feel safer. We look forward to maintaining that momentum throughout the holiday season.”

In addition to building on the success of the retail theft and violent crime overtime initiative, 12 new provincially funded Winnipeg police officers begin patrols next month to provide a visible presence and engage with the community in specified areas. The minister noted the use of overtime for focused enforcement and crime prevention will continue.

“Over the last number of months, WPS members have renewed their connection with the community through engagements and interactions that help foster trust and confidence,” said acting chief Arthur Stannard, Winnipeg Police Service. “The Winnipeg Police Service appreciates the support of the Manitoba government and the funding that has helped make this possible. I would also extend further thanks to the citizens, business owners, and our police officers for their efforts and commitments to enhance the safety of our communities.”

The enhanced police response to retail crime and violence is another important component of efforts to ensure safety in core areas of Winnipeg, the minister noted. Related initiatives include nearly $1.5 million from the Manitoba government, mayor’s office and the Downtown Winnipeg BIZ for the Downtown Community Safety Partnership and development of a voluntary safe sobering centre at N’Dinawemak – Our Relatives’ Place at 190 Disraeli Fwy.

“The impact of the retail theft initiative has been phenomenal, as provincial funding has allowed Winnipeg Police Service to more effectively respond to the safety and security issues retail stores have been facing for too long,” said John Graham, director of government relations (prairie region), Retail Council of Canada. “We are grateful that this support will continue and help support retailers as they head into the very busy and important holiday shopping season.”

Over the summer and fall, the Manitoba government has provided $1.9 million to support an increased police presence in areas identified by the WPS.

– 30 –

MIL OSI Canada News –

January 25, 2025

MIL-OSI New Zealand: Awards – New Zealand Muslim Women hit the world stage as finalists in global awards

Source: Islamic Women’s Council New Zealand (ICWNZ)

25 October 2024 – A small New Zealand charity dedicated to uplifting the lives of Muslim women across the nation has been named as a finalist in an international Shorty Awards alongside major global brands and their marketing teams. The Shorty Impact Awards honour the best and most impactful digital and social media campaigns, projects, and initiatives that address pressing global issues.

In June this year, the Islamic Women’s Council New Zealand (ICWNZ) launched the CHILL campaign to empower New Zealand Muslim women, challenge hate and gendered stereotypes, and pass the mic to local women to tell their own stories.

CHILL stands for Challenge Islamophobic Language and Loathing, and the campaign featured eight Muslim women’s personal stories told through their voices as they go about their lives – working, teaching, creating and sharing moments of joy in their communities. All videos end with the participant saying, “Just CHILL, New Zealand, we’ve got this!”– indicating the country, as a whole, can get in front of the challenges facing Muslim women.

The campaign has been selected as a finalist in the Shorty Impact Awards, an international competition celebrating social impact campaigns. Other finalists include major brands like Amazon, Doritos, L’Oreal and Searchlight Pictures, international marketing agencies and large international NGOs.

“The entire campaign was conceived in-house,” says IWCNZ National Coordinator Aliya Danzeisen adding, “We wanted to create awareness about our community and to encourage New Zealanders to challenge Islamophobic language and stereotypes about Muslim women by empowering women themselves to share their joys, triumphs and challenges in their own words. The response was far more positive than we could have ever expected.”

The campaign was produced by local production company Eyes and Ears and had a shoestring advertising budget exclusively targeting a New Zealand audience. CHILL content reached over 300,000 New Zealanders, with videos going viral locally for a small country, as well as reaching global audiences.

All awards finalists are eligible for an Audience Honor award, so IWCNZ is asking their community and all New Zealanders to get behind the CHILL campaign and vote for it as their people’s choice in both categories. Voting is open to anyone internationally.

“Watching the CHILL campaign grow from an idea into something that has touched people’s hearts has been amazing. It started as a dream, and now it’s creating real change, both in our community and internationally. Seeing this impact has been a powerful reminder of what we can achieve when we come together. For me, we’re winners already.” says ICWNZ Project Manager Shabina Shamsudeen.

Further information and campaign background:

In recent years, social media has been an increasingly hostile space for Muslims. This is no different in New Zealand, where in 2019, a terror attack killed 51 Muslims in their places of worship, forcing New Zealanders to grapple with the impacts of Islamophobia and anti-immigrant hate.

Muslim women in New Zealand face a challenging combination of Islamaphobia and gendered abuse, including increasing online hatred, physical assault and harassment, particularly for women who wear hijab.

Through CHILL, the Islamic Women’s Council of New Zealand (IWCNZ) sought to challenge that by leveraging the positive power of social media to connect and amplify their stories.

CHILL also sought to empower non-Muslim New Zealanders with material to challenge stereotypes when they encounter gendered Islamophobia in their wider communities. The team decided that through showcasing the diverse lives of Muslim women throughout New Zealand, CHILL would focus on the joy, strength, community belonging and leadership of New Zealand Muslim women, inspiring more people to counter hate.

Alongside a small local production company Eyes and Ears, director Calvin Sang, and photographer Ankita Singh, the creative team behind CHILL also reflects and celebrates New Zealand’s diversity.

The campaign was not without its challenges, including securing funding. After a highly competitive grant process, IWCNZ was awarded a small amount of funding from the New Zealand Government to make CHILL a reality. However, the campaign budget remained tight, and the IWCNZ team relied on their creativity, connections, and skills to ensure this campaign’s impact and production value punched above its weight.

The team also worked to ensure a high duty of care to their participants. As Aliya outlines:

“Our campaign delivery involved dedicated monitoring of social media, with clear processes in place to support our participants if they encountered any abuse through their involvement with the campaign,”

CHILL launched in June 2024 with a community celebration featuring participants and their families. Over the next ten weeks, content rolled out across Facebook, Instagram, LinkedIn, TikTok, and Twitter.

The campaign highlights the unique journeys, challenges and successes of Muslim women in New Zealand through eight personal stories:

Anjuman – an assistant principal who works at a special needs school.
Heba – a yoga and wellness instructor who provides free classes to her community.
Samadiana – a gymnast, coach and a nursing student.
Naeema – an artist who runs creative workshops and works in cancer prevention.
Hend – A public servant with a PhD in Politics and International Relations, working to make organisations more inclusive.
Nesra – a primary school teacher and former refugee who is now a teacher at the school she once attended, and proudly encourages all to embrace their multiple identities.
Rizwangul – a former asylum seeker, a Fulbright scholar with two Master’s Degrees. and now a community worker who helps refugees and migrants settle and thrive in New Zealand.
Ugeshni – an operations engineer, outdoor enthusiast and YouTuber working on living more holistically.

Given that CHILL confronts and provides a counterbalance to online hostility, the IWCNZ team was prepared to encounter some bad-faith engagements. Instead, they were thrilled to receive an outpouring of enthusiastic support from New Zealand and around the world.

The campaign had a shoestring advertising budget, exclusively targeting a New Zealand audience. CHILL content reached over 300,000 New Zealanders, with videos going viral locally for a small country, as well as reaching global audiences.

Some examples of the reach of the campaign include: on Instagram, the campaign teaser was viewed over 57,000 times. Nesra’s story was especially popular, reaching 55,000 views. On Facebook, Hend’s story gained nearly 14,000 impressions.

Within New Zealand, the campaign has been highlighted by a range of group, the Human Rights Commission, Race Relations Day, nationwide media like Radio New Zealand, government ministries like the Department of Prime Minister and Cabinet and high-profile organisations like Sport New Zealand.

Globally, CHILL has also been picked up and share.

Most importantly, the campaign has been energising and powerful for the participants themselves.

“By taking part in this campaign, I’ve felt a profound sense of purpose—helping inspire others while building awareness of the strength, diversity, and beauty within our community.” – Naeema

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Wellington – Poll shows 3 in 4 Wellington residents oppose council spending on cycleways

Source: Business Central

As Wellington City Council reviews its Long-Term Plan, a new Wellington Chamber of Commerce-Curia poll shows a significant majority of Wellington City residents believe the council is spending too much on cycleways.

The poll shows three quarters of residents believe Wellington City Council is spending “too much” on its cycleway program.

Voters of the five largest political parties believe the council is overspending on cycleways, including 51% of Green Party voters.

Overall, 76% of Wellington residents believe the council is spending too much on the bicycle network.

17% believe the spending is “about right”; 3% say it’s “too little”; 4% say they’re “unsure”.

The poll of 1099 Wellington city residents was conducted between September 15 and September 25, with a representative sample of the population in terms of gender, age and ward.

Respondents were asked the following question:

Wellington City Council has spent $52 million dollars on cycleways in the past three years, an average of $642 per household. It is planning to spend another $56 million on cycleways over the next three years. Do you believe this level of spending is – too much, too little or about right?

Wellington City Council’s Long-Term Plan (LTP) includes $115m of capital expenditure on the cycle network in the next 10 years, as set out on Page 100 of the 2024-34 Long-term Plan Volume 2.

It comes as Wellington City Council revisits the spending in its LTP. The city’s 10-year budget will now have to be amended after the council reversed its decision to sell its shares in Wellington Airport.

Wellington Chamber of Commerce CEO Simon Arcus says it’s time to review all of council’s spending, including the bike network plan.

“This is the first definitive survey of Wellington residents on cycleways. It is fairer and far more compelling than the conclusions from public consultation for the Long-Term Plan and the cycle network surveys, which never consulted the public on cost,” says Mr Arcus.

“Put simply, the council needs to stop talking how much it will be spending and start thinking about how much it has to spend, with revenue as the starting point. Council must be working on a plan to reduce rates for Wellington resident and businesses,” he said.

“There can be no non-negotiables in the process of re-drafting the LTP. All options need to be on the table, and that includes the transport network.

“Let us be clear that we do support cycleways, as part of an integrated transport network – one where investment is equitable and based on the needs of every resident. Right now that isn’t the case,” said Mr Arcus.

“This poll shows three quarters of Wellington residents believe the council is over-spending on the cycle network.

“The collapse of the LTP process is a profound signal the current ideas have failed and new principles for expenditure need to be considered.

“Let’s think more strategically about alternatives to the cycle spend and look closely at the success of Te Kāinga Te Pu, part of Wellington City Council’s Te Kāinga Affordable Rental Programme. This has been an excellent initiative, converting vacant office space to affordable residential living. People can live in the heart of the city with improved quality of life and sustainable outcomes without the need to build extensive cycleways.

“There is a lot more work to do to make sure the LTP sets Wellington up for a prosperous future. We think the council has to look at this through the right framework and will contribute more on that soon,” said Mr Arcus.

It also follows the decision of Local Government Minister Simeon Brown to appoint a Crown Observer to oversee the council’s management of the LTP.

“We welcome this decision by Minister Brown to bring order and accountability to the council table.

“Wellington faces many tough decisions that are crucial to its future. Rewriting the city’s Long-Term Plan months after its passing is a significant and unusual step. It’s important that everything is on the table when projects have to be cut.

“Wellington’s rate rises are among the highest in the country, and that isn’t sustainable in the short or long term.

“This is a vital opportunity to revisit the council’s budget and ensure it’s focused on the things that matter, not pet projects and nice-to-haves.

“A Crown Observer will assist in that process. We encourage the council to heed the Observer’s advice, listen to ratepayers and the business community for the many decisions that are still to come.”

Note:

Business Central is the home of the Wellington Chamber of Commerce and part of the BusinessNZ network, alongside EMA, Business Canterbury and Business South.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Agriculture Recovery Resource Day to Take Place in Grayson County, Va., on Oct. 29

Source: US Federal Emergency Management Agency

Headline: Agriculture Recovery Resource Day to Take Place in Grayson County, Va., on Oct. 29

Agriculture Recovery Resource Day to Take Place in Grayson County, Va., on Oct. 29

BRISTOL, Va.— Helene caused over $159 million in agricultural damage and farm losses in southwest Virginia, according to a recent assessment by the Virginia Cooperative Extension. Commonwealth, federal and local agencies will be coming together in day-long events dedicated to agricultural recovery to share information and resources with impacted producers. The commonwealth of Virginia, USDA and FEMA are jointly organizing an Agricultural Recovery Resource Day on Tuesday, Oct. 29, from 9 a.m. to 7 p.m. in Grayson County. The event will take place at the Mountain View Baptist Church at 112 Mountain View Road in Independence, Va. At least two additional, day-long events are also being planned for the week of Nov. 3 in Wythe and Washington counties. Southwest Virginia farmers and agricultural producers whose operations were affected by Helene can attend any event and can arrive any time from 9 a.m. to 7 p.m. For the latest information, please visit the event website: fema.gov/event/hurricane-helene-virginia-agricultural-recovery-resource-day“Multiple organizations, including federal, commonwealth, and local agencies have come together to help agricultural community recover from Tropical Storm Helene. The first Agriculture Recovery Resource Day will be an opportunity for farmers, private forest owners, and agribusiness owners to receive information and speak directly to representatives from over 15 agencies,” said FEMA Federal Coordinating Officer Timothy Pheil. “We understand the critical role agribusinesses play in Virginia’s economy, and through the Agriculture Recovery Resource Days, we’re working to provide farmers with direct access to the tools and resources they need to bounce back stronger than ever.”“Recovery is a long process. The commonwealth is working to coordinate resources for the agricultural community that was impacted by Tropical Storm Helene,”, said VDEM State Coordinating Officer Shawn Talmadge. “We welcome any farmers to the first Agriculture Recovery Resource Day in Grayson County”.The following agencies will be present on Agriculture Recovery Resource Day to answer questions about grants, loans and other resources available for the agricultural community: Federal agencies: Federal Emergency Management Agency (FEMA) U.S. Small Business Administration (SBA) USDA Farm Service Agency (USDA FSA) USDA National Resources Conservation Agency (USDA NRCS) USDA Rural Development (USDA RD) Commonwealth agencies:Virginia Department of Emergency Management Virginia Department of Agriculture and Consumer ServicesVirginia Department of ForestryVirginia Department of Conservation and RecreationVirginia Department of Environmental QualityVirginia Cooperative ExtensionVirginia Department of HealthVirginia Tobacco Region Revitalization CommissionVirginia Small Business Financing AuthorityLocal agencies and organizations: Soil and Water Conservation DistrictsAgriSafeVirginia Farm Bureau Virginia Cattlemen’s Association Farm Credit of the Virginias First Bank & TrustMount Rogers Health DistrictGrayson CountyFarming is an economic driver in southwest Virginia and recovery for agribusiness is essential for long-term, sustainable recovery after Helene. The federal government and commonwealth are here to support recovery for the whole community. For additional disaster recovery resources, visit vaemergency.gov, the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA. ###FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.To apply for FEMA assistance, please call the FEMA Helpline at 1-800-621-3362, visit https://www.disasterassistance.gov/, or download and apply on the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages). Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status.
erika.osullivan
Thu, 10/24/2024 – 20:31

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: China-Based Chemical Manufacturing Companies and Employees Indicted for Alleged Fentanyl Manufacturing and Distribution

Source: US State of California

Today, the Justice Department announced the unsealing of indictments against eight China-based chemical companies and eight employees charging federal crimes, including attempted distribution of synthetic opioids and precursor chemicals used in the production of fentanyl, and money laundering. The indictments were filed under seal in the Middle District of Florida over the past year.

“Today, the Justice Department announced charges against eight China-based companies and eight individuals we allege are responsible for trafficking precursor chemicals that cartels use to manufacture lethal fentanyl,” said Attorney General Merrick B. Garland. “The global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies based in China. In order to break this critical link in the fentanyl supply chain, the Justice Department has aggressively investigated and prosecuted these companies. We will continue to target every organization and individual that fuels the deadly drug trade.”

As described in the unsealed indictments, the defendants openly advertised their ability to thwart border officials and deliver the synthetic opioids or the chemicals used to make fentanyl to the Middle District of Florida and elsewhere in the United States. The defendants deliberately engaged in evasive activities, such as mislabeling the contents of shipments to ensure the illicit chemicals and controlled substances went undetected. As a result, these companies were able to sell a stable supply of precursor chemicals to clients in Mexico and the United States for years. One of the companies even represented that every month it sends “more than 20 kilograms to the United States, Africa, Canada, and other countries.”

“Today’s indictments against eight China-based chemical companies and eight Chinese nationals are further evidence of DEA’s unwavering commitment to disrupt every aspect of the global fentanyl supply chain,” said Administrator Anne Milgram of the Drug Enforcement Administration (DEA). “For the third time in over a year, DEA investigations have resulted in charges against chemical companies and individuals in China who we allege are supplying chemicals to the cartels to make deadly fentanyl. While they may go to great lengths to try to evade our detection, DEA will use every tool and authority we have to save American lives.”

The indictments target the evolving tactics of drug traffickers, who often adapt to tightening restrictions on the production and sale of fentanyl. For example, when China banned the production of fentanyl in 2019, China-based companies began producing and selling fentanyl precursors, the ingredients needed to manufacture the drug. These China-based companies distribute fentanyl precursors throughout the world, including to the United States and to Mexico, where drug cartels such as the Sinaloa Cartel and Cartel Jalisco Nueva Generación combine the chemicals into fentanyl and other synthetic opioids that they then distribute throughout the United States and the rest of the world.

“These indictments are part of our continuing commitment to the protection of our country from the deadly scourge of fentanyl,” said U.S. Attorney Roger B. Handberg for the Middle District of Florida. “Along with our partners at the Drug Enforcement Administration, we will be relentless in our pursuit of China-based chemical companies and their employees who are knowingly manufacturing and exporting fentanyl precursors that cause thousands of deaths every year in the United States.”

The Justice Department acknowledges the efforts of the People’s Republic of China, Ministry of Public Security. The following indicted companies are now out of operation: Jiangsu Jiyi Chemical, Tianjin Furuntongda Tech Co. Ltd, Wuhan Jinshang Import & Export Trading Co. Ltd., Hubei Shanglin Trading Co., and Wuhan Mingyue Information Technology.

In addition, the People’s Republic of China has recently scheduled three key chemicals, which in turn provides additional tools for the People’s Republic of China to regulate the chemicals’ production and distribution. DEA Administrator Milgram said, “I would also like to recognize the work done by the People’s Republic of China’s Ministry of Public Security in taking action to schedule protonitazene, piperidone, and 1-BOC-4-AP, which were not scheduled at the time of these investigations, but have now been scheduled.”

The DEA investigated the cases.

Assistant U.S. Attorneys David Chee, David Pardo, Lauren Stoia, and Adam McCall and Special Assistant U.S. Attorney Ashley Haynes for the Middle District of Florida are prosecuting the cases.

These cases are part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

Case Summaries

In January, Guangzhou Tengyue Chemical Co. Ltd., based in Guangzhou, Guangdong Province, China, was charged with attempted importation of protonitazene, along with Chinese national Xiaojun Huang, who allegedly maintained a Bitcoin wallet for the remittance of payments for illicit synthetic opioids on the company’s behalf.

In January, Hubei Shanglin Trading Co., based in Wuhan, Hubei Province, China, was charged with attempted international money laundering, along with Chinese national Zhihan Wang, who was the alleged registered owner of a Bitcoin wallet associated with the company utilized to complete the sale of fentanyl precursors.

In November 2023, Jiangsu Jiyi Chemical, based in Beijing, Hebei Province, China, was charged with attempted importation of protonitazene, along with Ji Zhaohui, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

In January, Tianjin Furuntongda Tech Co. Ltd, based in Tianjin, Hebei Province, China, was charged with attempted importation of fentanyl precursors, along with Wenxing Gao, a Chinese national, who was the alleged registered agent of Tianjin Furuntongda and the owner of a cryptocurrency wallet associated with the company.

In November 2023, Wuhan Jinshang Import & Export Trading Co. Ltd., based in Wuhan, Hubei Province, China, was charged with attempted importation of protonitazene, attempted importation of a fentanyl precursor, and attempted international money laundering, along with Wenying Nie, a Chinese national, who was the alleged holder of a Bitcoin wallet associated with the company.

In January, Wuhan Mingyue Information Technology, based in Wuhan, Hubei Province, China, was charged with attempted importation of fentanyl precursors and attempted international money laundering, along with Chinese national Huanhuan Song, who was the alleged recipient of funds via Western Union on the company’s behalf and the alleged holder of a cryptocurrency wallet associated with the company.

In June, Henan Oumeng Trade Co. Ltd., based in Zhengzhou, Henan Province, China, was charged with attempted importation of protonitazene and attempted international money laundering, along with Yinxia Zhao, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

In June, Shanghai Senria New Materials Co. Ltd., doing business as Shanghai Senria Biotechnology Co. Ltd., based in the Fengxian District of Shanghai, China, was charged with attempted importation of protonitazene and attempted international money laundering, along with Zhenbo Han, a Chinese national, who was the alleged holder of the Bitcoin wallet associated with the company.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Defense Contractor Sentenced to 15 Months in Prison for Fraud, Money Laundering, and Unlawful Export of Technical Data

Source: US State of California

Yuksel Senbol, 36, of Orlando, Florida, was sentenced today to 15 months in prison for conspiracy to defraud the United States, conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, money laundering, conspiracy to violate the Export Control Reform Act, violating the Export Control Reform Act, and violating the Arms Export Control Act. As part of her sentence, the court also entered an order of forfeiture in the amount of $275,430.90, the proceeds of Senbol’s fraud and money laundering scheme. Senbol entered pleaded guilty on May 7.

According to facts taken from public filings, beginning in approximately April 2019, Senbol operated a front company in the Middle District of Florida called Mason Engineering Parts LLC. She used this front company to assist her co-conspirators, Mehmet Ozcan and Onur Simsek, to fraudulently procure contracts to supply critical military components to the Department of Defense. These components were intended for use in the Navy Nimitz and Ford Class Aircraft Carriers, Navy Submarines, Marine Corps Armored Vehicles, and Army M-60 Series Tank and Abrahams Battle Tanks, among other weapons systems.

To fraudulently procure the government contracts, Senbol and her co-conspirators falsely represented to the U.S. government and U.S. military contractors that Mason Engineering Parts LLC was a vetted and qualified manufacturer of military components, when in fact, the parts were being manufactured by Ozcan and Simsek in Turkey. As Senbol knew, Simsek’s involvement had to be concealed from the U.S. government because he had been debarred from contracting with the U.S. government after being convicted of a virtually identical scheme in the Southern District of Florida.

In order to enable Ozcan and Simsek to manufacture the components in Turkey, Senbol assisted them in obtaining sensitive, export-controlled drawings of critical U.S. military technology. Using software that allowed Ozcan to remotely control her computer — and thus evade security restrictions that limited access to these sensitive military drawings to computers within the United States — Senbol knowingly facilitated the illegal export of these drawings. She did so despite having executed numerous agreements promising to safeguard the drawings from unlawful access or export, and in spite of the clear warnings on the face of each drawing that it could not be exported without obtaining a license.

Once Ozcan and Simsek manufactured the components in Turkey, they shipped them to Senbol, who repackaged them — making sure to remove any reference to their Turkish origin. The conspirators then lied about the origin of the parts to the U.S. government and a U.S. government contractor to receive payment for the parts. Senbol then laundered hundreds of thousands of dollars in criminal proceeds back to Turkey through international wire transfers.

This scheme continued until uncovered and disrupted by federal investigators. Parts supplied by Senbol were tested by the U.S. military and were determined not to conform with product specifications. Many of the components supplied to the U.S. military by Senbol were “critical application items,” meaning that failure of these components would have potentially rendered the end system inoperable.

Alleged co-conspirators Mehmet Ozcan and Onur Simsek are fugitives.

The General Services Administration, Office of Inspector General; Defense Criminal Investigative Service; Department of Commerce, Bureau of Industry and Security; Air Force Office of Special Investigations; FBI; Homeland Security Investigations; and Department of State, Directorate of Defense Trade Controls are investigating the case.

Assistant U.S. Attorneys Daniel J. Marcet and Lindsey Schmidt for the Middle District of Florida and Trial Attorney Stephen Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: U.S. Reaches Settlement for Over $100M in Civil Lawsuit Against Owner and Operator of the Vessel That Destroyed the Francis Scott Key Bridge

Source: US State of California

Settlement Will Cover Federal Costs Incurred to Restore Access to the Port of Baltimore

The Justice Department announced today that Grace Ocean Private Limited and Synergy Marine Private Limited, the Singaporean corporations that owned and operated the Motor Vessel DALI, have agreed to pay $101,980,000 to resolve a civil claim brought by the United States for costs borne in responding to the catastrophic collapse of the Francis Scott Key Bridge.

The settlement resolves the United States’ claims for civil damages for $103,078,056 under the Rivers and Harbors Act, Oil Pollution Act, and general maritime law. The settlement monies will go to the U.S. Treasury and to the budgets of several federal agencies directly affected by the allision or involved in the response.

“Nearly seven months after one of the worst transportation disasters in recent memory, which claimed six lives and caused untold damage, we have reached an important milestone with today’s settlement,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “Thanks to the hard work of the Justice Department attorneys since day one of this disaster, we were able to secure this early settlement of our claim, just over one month into litigation. This resolution ensures that the costs of the federal government’s cleanup efforts in the Fort McHenry Channel are borne by Grace Ocean and Synergy and not the American taxpayer.”

“This is a tremendous outcome that fully compensates the United States for the costs it incurred in responding to this disaster and holds the owner and operator of the DALI accountable,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The prompt resolution of this matter also avoids the expense associated with litigating this complex case for potentially years.”

In the early morning hours of March 26, the Motor Vessel DALI left the Port of Baltimore bound for Sri Lanka. While navigating through the Fort McHenry Channel, the vessel lost power, regained power, and then lost power again before striking the bridge. The bridge collapsed and plunged into the water below, tragically killing six people. In addition to this heartbreaking loss of life, the wreck of the DALI and the remains of the bridge were left to obstruct the navigable channel, bringing all shipping into and out of the Port of Baltimore to a standstill. The loss of the bridge also severed a critical highway in the transportation infrastructure and blocked a key artery for local commuters.

The United States led the response efforts of dozens of federal, state, and local agencies to remove about 50,000 tons of steel, concrete, and asphalt from the channel and from the DALI itself. While removal operations were underway, the United States set up temporary channels to start relieving the bottleneck at the port and mitigate some of the economic devastation caused by the DALI. The Fort McHenry Channel was cleared by June 10, and the Port of Baltimore was once again open for commercial navigation.

On Sept. 18, the Justice Department filed a civil lawsuit in the U.S. District Court for the District of Maryland, seeking over $100 million in damages from Grace Ocean and Synergy. The Department’s claim was part of a legal action that the vessel companies filed shortly after the tragedy, in which they seek exoneration or limitation of their liability to approximately $43.7 million. Today’s settlement is in addition to $97,294 recently paid by Grace Ocean to the Coast Guard National Pollution Fund Center for costs incurred to abate the threat of oil pollution arising from the incident.

The settlement does not include any damages for the reconstruction of the Francis Scott Key Bridge. The State of Maryland built, owned, maintained, and operated the bridge, and attorneys on the state’s behalf filed their own claim for those damages. Pursuant to the governing regulation, funds recovered by the State of Maryland for reconstruction of the bridge will be used to reduce the project costs paid for in the first instance by federal tax dollars.

The resolution of the civil matter was handled by attorneys from the Civil Division’s Aviation, Space & Admiralty Litigation Section and the U.S. Attorney’s Office for the District of Maryland, Baltimore Division.

MIL OSI USA News –

January 25, 2025

MIL-OSI Security: U.S. Reaches Settlement for Over $100M in Civil Lawsuit Against Owner and Operator of the Vessel That Destroyed the Francis Scott Key Bridge

Source: United States Attorneys General