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  • MIL-Evening Report: LNP wins Queensland election, likely with a clear majority

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    With 45% of enrolled voters counted in today’s Queensland state election, The Poll Bludger’s results have the Liberal National Party (LNP) winning 38 of the 93 seats, Labor 26, Katter’s Australian Party (KAP) three and independents one.

    Including undecided seats where one party is ahead, it’s 49 LNP, 39 Labor, three KAP, one Green and one independent. A majority is achieved with 47 seats, so the LNP are on track for a majority.

    The statewide two-party estimate is a 53.1–46.9 win to the LNP, a 6.3% swing to the LNP since the 2020 election. Current primary votes are 40.9% LNP (up 5.7%), 33.4% Labor (down 6.6%), 10.3% Greens (up 0.7%), 7.8% One Nation (up 1.0%) and 2.3% KAP (down 0.3%).

    As pre-poll and postal votes have come in, the swing to the LNP has increased as these votes have had stronger swings to the LNP than election day votes. There are many more pre-poll and postals still to be counted, so it’s more likely that the LNP will exceed its current projections than fall below them.

    I believe the Resolve poll that gave the LNP a 53–47 lead will be the most accurate. While Labor recovered from landslide defeat margins in polls taken about the middle of this year, it wasn’t enough. The uComms poll that gave the LNP just a 51–49 lead two days before the election was poor.

    The Greens lost South Brisbane to Labor, after the LNP recommended preferences to Labor on their how-to-vote material after recommending preferences to the Greens in 2020. Analyst Kevin Bonham said this is the first time the Greens have lost a single-member seat that they won at the previous general election.

    The key reasons for Labor’s defeat were an “it’s time” factor, as Labor has governed since winning the January 2015 election, the federal Labor government tending to hurt state Labor parties, and Queensland easily being the most pro-Coalition state at the 2022 federal election.

    At that election, Queensland was the only state where the Coalition won the two-party vote (by 54.1–45.9). The second best state for the Coalition was New South Wales, where Labor won the two-party vote by 51.4–48.6.

    Labor’s defeat in Queensland will give some assistance to federal Labor. An unpopular and old Queensland Labor government would have hindered federal Labor’s prospects in Queensland at the federal election that is due by May 2025.

    Late polls

    The Newspoll and uComms poll were both released after Wednesday’s preview article on the Queensland election.

    A Newspoll, conducted October 18–24 from a sample of 1,151, had given the LNP a 52.5–57.5 lead, a 2.5-point gain for Labor since a mid-September Newspoll. Primary votes were 42% LNP (steady), 33% Labor (up three), 11% Greens (down one), 8% One Nation (steady) and 6% for all Others (down two).

    Labor premier Steven Miles gained seven points for a -3 net approval, with 48% dissatisfied and 45% satisfied. LNP leader David Crisafulli’s net approval plunged 15 points to -3. Miles led Crisafulli by 45–42 as better premier, a reversal from a 46–39 Crisafulli lead in September.

    A uComms poll that was conducted Thursday from a sample of 3,651 using robopolling, gave the LNP a 51–49 lead. Bonham had primary votes from this poll, which was not commissioned by anyone. The primary votes were 39.3% LNP, 33.6% Labor, 12.9% Greens, 7.8% One Nation, 2.9% KAP and 3.5% others.

    Federal Essential poll: Labor slumps and Dutton’s ratings jump

    A national Essential poll, conducted October 16–20 from a sample of 1,140, gave the Coalition a 48–46 lead including undecided (49–47 to Labor in early October). Primary votes were 35% Coalition (up one), 28% Labor (down four), 12% Greens (steady), 7% One Nation (down one), 2% UAP (up one), 9% for all Others (steady) and 6% undecided (up one).

    Anthony Albanese’s net approval improved one point from September to -4, with 48% disapproving and 44% approving. He has improved six points since August. Peter Dutton’s net approval jumped six points to +6, his best in any poll this term.

    King Charles had a 50–26 approval rating. By 45–39, voters supported Australia becoming a republic (42–35 in January). On Australia’s colonial history, 26% thought it something we should be proud of, 12% something we should be ashamed of and 62% said it had both positive and negative elements.

    On the National Anti-Corruption Commission, 46% thought it is largely operating as intended but could be improved, 14% wanted it abolished and 10% said it’s successful.

    Freshwater poll: Coalition holds narrow lead

    A national Freshwater poll for The Financial Review, conducted October 18–20 from a sample of 1,034, gave the Coalition a 51–49 lead, a one-point gain for Labor since the September Freshwater poll. Primary votes were 41% Coalition (down one), 30% Labor (steady), 13% Greens (steady) and 16% for all Others.

    Albanese’s net approval was up one point to -14, with 49% unfavourable and 35% favourable. Dutton’s net approval improved two points to -2. Albanese was just ahead as preferred PM by 44–43 (45–41 in September).

    Asked about Albanese buying a $4.3 million house, 52% said it had no impact on their view of him, 36% said it had worsened their view and 4% improved their view.

    Cost of living remained the top issue with 72% saying it was important. The Coalition retained a 14-point lead over Labor on this issue and a 16-point lead on managing the economy.

    Morgan poll: Labor jumps ahead

    A national Morgan poll, conducted October 14–20 from a sample of 1,687, gave Labor a 52–48 lead, a two-point gain for Labor since the October 7–13 Morgan poll.

    Primary votes were 36.5% Coalition (down one), 32% Labor (up two), 13.5% Greens (down 0.5), 5.5% One Nation (down 0.5), 9% independents (steady) and 3.5% others (steady).

    The headline figure uses respondent preferences. By 2022 election preference flows, Labor led by 53–47, a two-point gain for Labor.

    Adrian Beaumont does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. LNP wins Queensland election, likely with a clear majority – https://theconversation.com/lnp-wins-queensland-election-likely-with-a-clear-majority-241918

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Video: Press conference with HE Milojko Spajić, Prime Minister of Montenegro

    Source: European Commission (video statements)

    Press conference with HE Milojko Spajić, Prime Minister of Montenegro

    Watch on the Audiovisual Portal of the European Commission:
    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=LHMjWR9DiCc

    MIL OSI Video –

  • MIL-OSI United Nations: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

    Source: United Nations secretary general

    Download the video:  https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

    Excellencies, friends,

    I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

    The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.  

    However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

    This year floods swept through the lives of around five million people.

    Across the regions we see crises of hunger, crises of hope, and crises of displacement.

    The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

    The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

    But we need more support.

    Our humanitarian response plans are around forty percent funded.

    I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

    And I urge action to move beyond aid, and tackle the root causes of crises:

    Addressing poverty and inequality, particularly among women and girls;

    Adapting to climate change;

    Promoting peace and democracy;

    And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

    The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change. 

    Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI Africa: Secretary-General’s video message to the Donor Conference to Support Internally Displaced People and Refugees in Sahel and Lake Chad Region

    Source: United Nations – English

    strong>Download the video:  https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+8+Oct+24/3271915_MSG+SG+SAHEL+AND+LAKE+CHAD+08+OCT+24.mp4

    Excellencies, friends,

    I thank the Kingdom of Saudi Arabia and the Organization of Islamic Cooperation for convening this vital event.

    The Sahel and Lake Chad Basin regions have immense potential: rich in cultures, with vibrant youth populations, and endless possibilities for renewable energy – all valuable building blocks for sustainable development.  

    However, the area also faces profound challenges: from violence and terrorism, to the climate crisis.

    This year floods swept through the lives of around five million people.

    Across the regions we see crises of hunger, crises of hope, and crises of displacement.

    The Sahel is home to over seven and a half million people driven from their homes, including two million refugees. Over thirty million require humanitarian assistance.

    The United Nations is on the ground, supporting governments and communities to provide food, healthcare, education, and shelter.

    But we need more support.

    Our humanitarian response plans are around forty percent funded.

    I sincerely thank all those that have contributed for their generosity. This will save lives and livelihoods. But I also ask countries to dig deeper to help fund our response plans in full.

    And I urge action to move beyond aid, and tackle the root causes of crises:

    Addressing poverty and inequality, particularly among women and girls;

    Adapting to climate change;

    Promoting peace and democracy;

    And urging parties to end hostilities, protect civilians and ensure full humanitarian access.

    The United Nations is eager to work with communities, countries, humanitarian partners, Multilateral Development Banks, and international funds, to deliver change. 

    Together, let’s renew our resolve to help forge a path to a more secure, prosperous, and dignified future for the people of Sahel and Lake Chad.

    Thank you.
     

    MIL OSI Africa –

  • MIL-OSI Canada: Minister Hussen announces support for financial stability in developing countries at the 2024 Annual Meetings of the International Monetary Fund and the World Bank Group

    Source: Government of Canada News

    News release

    October 26, 2024 – Washington, D.C. – Global Affairs Canada

    Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

    Yesterday, the Honourable Ahmed Hussen, Minister of International Development concluded his participation at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington. While there, he announced a $20 million contribution to the Toronto Centre over five years.

    Canada’s investment will expand the reach of the Toronto Centre’s tailored training to financial regulators in developing countries, including for women. Women continue to be less likely than men to have access to financial institutions, or even have their own bank account. Gender inclusive training can help break the cycle of gender-based poverty – changing lives and increasing women’s participation in the economy. The project focuses on Sub-Saharan Africa, the Indo-Pacific region and special assistance to Ukraine.

    Minister Hussen also engaged with global partners, World Bank management and other key stakeholders, committed to working with Canada to improve accessing to finance for those who need it most, especially women, a priority under Canada’s Feminist International Assistance Policy. The World Bank Group is an important partner in funding development projects that help increase financial stability, making it easier for people to access financial services, and providing support in times of crisis.

    Quotes

    “Canada is proud to continue our partnership with the Toronto Centre. This Canadian powerhouse has a long track record of strengthening financial systems through their training and expertise. What this means is that more women and girls will get access to stable financial resources, unlocking the door to reaching their full potential. Together, Canada and the Toronto Centre will continue to build a more inclusive financial sector around the world.”

    – Ahmed Hussen, Minister of International Development

    “We are deeply grateful to Global Affairs Canada for their continued support since our inception in 1998. This timely funding renewal strengthens our ability to build capacity in emerging markets and developing economies in line with the sustainable development goals to spur financial resilience and inclusion, mobilize domestic resources, and alleviate poverty. Our foundational institution-building work strengthens financial regulatory environments, fostering sustainable growth and building global confidence.” 

    – Babak Abbaszadeh, President and CEO, Toronto Centre

    Quick facts

    • Canada is a founding member of the World Bank Group and the International Monetary Fund and is represented at their Boards by Canada’s Minister of Finance.

    • The WBG is Canada’s largest development partner institution. Since 1945, we have worked together in every major area of development and in boosting shared prosperity through inclusive, sustainable economic growth and development.

    • The Annual Meetings for the International Monetary Fund and the World Bank is an opportunity for the global community to come together and advance a range of issues related to poverty reduction and international economic development, while advancing the Sustainable Development Goals.

    • In June 2024, Prime Minister Justin Trudeau announced that Canada would purchase $274 million (US$200 million) in hybrid capital from the World Bank’s International Bank for Reconstruction and Development (IBRD). This innovative financing mechanism provides additional capacity for the Bank to provide loans to developing countries, with a leverage factor of 6.5 times. This means up to $1.8 billion in additional lending is available to help developing countries meet the SDGs – from improving education and health to reducing food insecurity and carbon footprints.

    • Canada is a founding member of the Toronto Centre and together, they have built a partnership that dates back to 1998.

    • The Toronto Centre has hosted regular side events within the IMF and World Bank Annual and Spring meetings.

    • Since inception in 1998, Toronto Centre has enhanced the capacity of more than 28,000 financial supervisors from 190 countries and territories to build more stable, resilient, and inclusive financial systems.

    Associated links

    Contacts

    Olivia Batten
    Press Secretary
    Office of the Minister of International Development
    Olivia.Batten@international.gc.ca

    Media Relations Office
    Global Affairs Canada
    media@international.gc.ca
    Follow us on X (Twitter): @CanadaDev
    Like us on Facebook: Canada’s international development – Global Affairs Canada
    Follow us on Instagram: @canadadev

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

    *****

     

    SS

    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI: Embassy Bank voted the 2024 Morning Call Readers’ Choice “Best Bank” and Grows Market Share in Lehigh & Northampton Counties Combined with Year over Year Deposit Growth

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — Embassy Bancorp, Inc. (OTCQX: EMYB) – Embassy Bank for the Lehigh Valley is thrilled and deeply honored to announce that the bank has been named this year’s 2024 Morning Call Readers’ Choice for “BEST BANK” in the Lehigh Valley. This recognition reinforces Embassy’s commitment, first made nearly 23 years ago, to exceed customer expectations while setting the standard in community banking. The Bank offers innovative banking solutions, attentive personal service and expert professional guidance, enabling customers to achieve their full financial potential. 

    Since its inception in November 2001, the Bethlehem-based Bank has consistently achieved annual deposit growth in the two-county region of Pennsylvania.

    The Federal Deposit Insurance Corporation’s Summary of Deposits (SOD) indicates that Embassy has once again gained deposit market share, growing to 8.86% in Lehigh & Northampton Counties combined as of June 30, 2024. This is up from 8.53% of the two counties as of a year prior on June 30, 2023, and represents the 4th overall deposit market share spot in the SOD.

    The Lehigh Valley boasts a thriving economy and was recently ranked first among mid-sized U.S. markets for development projects and a top 15% manufacturing market in the U.S. based on GDP, according to the Lehigh Valley Economic Development Corporation.

    “Our area provides a tremendous level of opportunity for Embassy’s entrepreneurial-minded bankers,” said David M. Lobach, Chairman, CEO and President, Embassy Bank. “While we compete with our nation’s largest banks, the need for community bankers who understand our market cannot be understated. Our team lives and works in the neighborhoods of those we serve, and that goes a very long way in earning the confidence of our customers and ultimately, our continued organic growth.”

    The FDIC’s SOD provides deposit totals for each of the more than 76,000 domestic offices operated by more than 4,500 FDIC-insured commercial and savings banks, savings associations, and U.S. branches of foreign banks. This report also indicated that Embassy remains the #1 Lehigh Valley-based bank in the combined counties for market share.

    Embassy Bank for the Lehigh Valley operates 10 locations throughout Lehigh and Northampton counties of Pennsylvania, complemented by a full-service suite of 24/7 digital banking products. Embassy Bancorp, Inc. is the parent company of Embassy Bank for the Lehigh Valley. Embassy Bancorp, Inc. common stock is publicly traded, and prices are quoted on the OTCQX under the symbol EMYB.

    To learn more about Embassy Bank’s services, visit http://www.embassybank.com.

    Safe Harbor for Forward-Looking Statements
    This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

    Contact: David M. Lobach, Jr. (610)882-8800

    The MIL Network –

  • MIL-OSI: Bitget brings GRASS (GRASS) to Pre-Market For Advance Trading Orders

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of GRASS (GRASS) for pre-market trading, allowing users to place advance trading orders before the token becomes available for spot trading. The pre-market phase is open, traders can engage in GRASS/USDT trading through Bitget’s platform, enabling from an opportunity to participate in early trades ahead of the wider market release.

    GRASS is a decentralized data layer built for artificial intelligence, enabling users to share their internet bandwidth and collect verifiable network data through a distributed system. Node operators leverage unused internet capacity to gather raw data for AI training, turning excess bandwidth into a valuable resource. The total supply of GRASS is set at 1 billion tokens.

    Bitget’s Pre-market platform has emerged as a key tool for traders seeking early access to different tokens, offering a competitive edge by enabling transactions before official market listings. This feature supports peer-to-peer trades, providing participants the ability to negotiate prices and secure liquidity in advance. Buyers can lock in rates, while sellers benefit from the flexibility of completing deliveries without needing to hold coins upfront.

    Bitget continues to expand its presence across both spot and derivatives markets, maintaining its position as one of the top 10 centralized exchanges. Since its launch in April 2024, the pre-market platform has offered users early access to high-profile projects, including EigenLayer (EIGEN), Zerolend (ZERO), and ZkSync (ZKSYNC). With more than 800 coins and 900 trading pairs available, Bitget is committed to enhancing its platform offerings and providing users with early opportunities to engage in the most in variety projects in the crypto space.

    Bitget’s introduction of GRASS through its pre-market mechanism shows the platform’s strategy to provide users early access to emerging blockchain projects. This early engagement can benefit both the token’s market exposure and user participation, making it an integral part of Bitget’s expanding crypto ecosystem.

    For more information on GRASS tokens, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

    For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. 

    Contact

    Public Relations
    Simran
    Bitget
    media@bitget.com

    The MIL Network –

  • MIL-OSI: Provident Financial Holdings To Host Earnings Release Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RIVERSIDE, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”) (Nasdaq GS: PROV), the holding company for Provident Savings Bank, F.S.B., today announced that it will distribute a news release announcing earnings for the first quarter of fiscal 2025 prior to the market open on Monday, October 28, 2024. Additionally, the Company will host a conference call for institutional investors and bank analysts on Tuesday, October 29, 2024 at 9:00 a.m. (Pacific) to discuss financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 3610756. An audio replay of the conference call will be available through Tuesday, November 5, 2024 by dialing 1-800-770-2030 and referencing Conference ID number 3610756.

    Contacts:    Donavon P. Ternes
    President and
    Chief Executive Officer
    (951) 686-6060    		                 TamHao B. Nguyen
    Senior Vice President and
    Chief Financial Officer
    (951) 686-6060
             

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 21.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    21 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 21.10.2024

    Espoo, Finland – On 21 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,317,830 4.34
    CEUX 269,017 4.32
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,586,847 4.33

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 21 October 2024 was EUR 6,875,967. After the disclosed transactions, Nokia Corporation holds 178,234,633 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: FinTech360’s Unified Communication Hub Redefines Forex Broker Efficiency

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Oct. 21, 2024 (GLOBE NEWSWIRE) — With over a decade of expertise in the forex industry, FinTech360.com continues to set new benchmarks in B2B fintech solutions. Known for its innovation, FinTech360 has launched its cutting-edge Communication Hub, a revolutionary platform that transforms communication for forex brokers by providing a streamlined, centralized solution. This cloud-based CRM system improves interaction efficiency across various channels, including email, live chat, SMS, and messaging apps like WhatsApp and Telegram, making it an essential tool for brokers seeking to enhance their operational performance.

    FinTech360.com is positioning itself as the ultimate work management platform for the forex market, integrating essential tools for collaboration, communication, and productivity—all while ensuring the highest level of security and regulatory compliance.

    A Secure and Trusted Partner for Forex Brokers

    FinTech360’s Communication Hub offers forex brokers seamless control over multiple communication channels, from messaging apps to push notifications, all managed within a centralized dashboard. The platform enables easy tracking of client data, inquiries, and interactions, allowing brokers to provide better customer service in one secure location.

    “The launch of the Communication Hub aligns with the digital transformation in the forex industry. FinTech360 is at the forefront of this shift, helping businesses consolidate their operations for smoother, more secure communications,” said Aaron Bitter, CEO of FinTech360. “As we continue to innovate, we’re proud to serve as a trusted partner to forex brokers worldwide.”

    Security remains at the core of FinTech360’s offering. The Communication Hub safeguards client privacy by implementing an encrypted “click-to-email” feature, ensuring brokers can interact with customers without risking data breaches.

    Key Features of the Communication Hub for Forex Brokers

    • Multichannel Communication: Manage emails, live chats, WhatsApp, Telegram, SMS, and push notifications from a single user interface.
    • Unified Dashboard: All communication is streamlined in one place, helping brokers optimize customer interactions.
    • Advanced Security: Protects customer contact information through encryption and secure communication triggers.
    • Cost-Efficient Operations: By consolidating all communication efforts, the hub improves efficiency and reduces costs.
    • Centralized CRM: Brokers can manage client communication from one central platform, improving back-office operations.

    Expanding FinTech360’s CRM Capabilities

    Beyond communication, FinTech360 offers an omnichannel CRM solution, giving forex brokers comprehensive control over all back-office operations. From KYC and AML compliance to handling payments through its payment gateway, FinTech360 allows brokers to accept payments globally via its network of over 250 providers.

    FinTech360’s Verification Center also plays a crucial role in assisting brokers with regulatory compliance, enabling seamless adherence to KYC, AML, and forex market regulations such as CySEC, ASIC, and the FSCA.

    FinTech360 CRM Features for Forex Brokers:

    • Website CMS and Client Area: Create a custom website reflecting your brand, enhancing the user experience.
    • Verification Center: Keep up with KYC and AML regulations while monitoring and optimizing sales calls.
    • Sales-Focused CRM: Simplify your workflow with automated lead splitting and detailed sales tracking, improving client management.
    • Communication Hub: Use multiple channels to engage with clients and track interactions in real-time.
    • Affiliate Manager: Optimize your affiliate marketing efforts through real-time traffic monitoring and management tools.
    • Full Suite Cashier: Process payments with over 300 integrated PSPs and APMs, supported by advanced risk management features.
    • Web Trading Platform and Apps: Deliver seamless trading experiences with FinTech360’s web and mobile apps, integrated with MT4/MT5 for top-tier security.
    • Business Intelligence (BI) Reports: Track every aspect of your business, from traffic to customer interactions, ensuring data-driven decisions.

    For more information about FinTech360 and its latest cross-device trading solutions, visit FinTech360.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Mississauga, Region of Peel, Enwave and Lakeview Village break ground on ambitious district energy project, setting the stage for one of the most sustainable new waterfront communities in Canada

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, Oct. 21, 2024 (GLOBE NEWSWIRE) — Today, the City of Mississauga, Lakeview Community Partners Limited (LCPL), Enwave Lakeview Corporation and the Region of Peel celebrated the groundbreaking of a new district energy system at Lakeview Village. Once fully operational, the Lakeview Village district energy system is positioned to be the first of its kind in Ontario and the largest in Canada.

    Unlike traditional heating and cooling systems, which are large contributors to greenhouse gas (GHG) emissions, district energy systems use a network of pipes to heat and cool an entire community from a centralized location. These systems allow for a combination of generation assets that work seamlessly together to improve efficiency, consume less energy, and reduce GHG emissions. They are also more reliable and resilient than traditional systems.

    To bring this new system to life, the City of Mississauga and Enwave have signed agreements allowing Enwave to build the necessary pipes and infrastructure on city land and construct a new building to operate the system. These agreements mark a major milestone in the Lakeview Village project and follow several years of collaboration.

    Left-right: Stephen Dasko (Ward 1 Councillor), Charles Sousa (MP Mississauga-Lakeshore), Brian Sutherland (Lakeview Community Partners), Gord Buck (Founder of ARGO), Carolyn Parrish (Mississauga Mayor), Carlyle Coutinho (CEO, Enwave Energy Corporation), Ehren Cory (CEO, Canada Infrastructure Bank), Alvin Tedjo (Ward 2 Councillor), Rudy Cuzzetto (MPP Mississauga-Lakeshore), and Silvio De Gasperis (Founder, President and CEO of TACC Group).

    Giving treated wastewater a second life

    The Region of Peel and Enwave are working to further decrease GHG emissions from the district energy system through a proposed plan to leverage treated wastewater, or effluent, from the nearby G.E. Booth Water Resource Recovery Facility as the main source of low carbon energy for the system. Using effluent to heat and cool Lakeview Village draws on an innovative energy source that would otherwise remain untapped.

    Once this transition happens, Lakeview Village’s residential units, offices and commercial spaces are expected to emit significantly fewer GHGs.

    The district energy system at Lakeview Village, alongside plans to leverage effluent, is instrumental in bringing the City of Mississauga’s Climate Change Action Plan and the Region of Peel’s Climate Change Master Plan to life.

    Building a new centre for operations and education

    The City of Mississauga and LCPL are also moving forward on the Site Development Plan and Building Permit applications to construct a new building that will house:

    • The district energy operations centre, which will be operated by Enwave.
    • A sewage pumping station, which will be operated by the Region of Peel.
    • An educational space to provide learning opportunities for Mississauga residents, visitors and the business community.

    Work is already underway, with the first crane installed onsite to support servicing and construction works for the new centre.

    Sustainable waterfront community

    Lakeview Village is a 177-acre site on Mississauga’s waterfront that was formerly the Lakeview Power Generating Station. Designed to be a mixed-use community, this sustainable and interconnected neighbourhood will feature 16,000 new homes, parks, trails, transit, recreational opportunities, event spaces, and commercial areas for work and shopping.

    Earlier this month, construction kicked off on the community’s first residential building with occupancy expected in early 2029.

    For more information about planning the Lakeview Village development, visit the City of Mississauga’s Lakeview Village webpage. To learn more about the community, visit mylakeviewvillage.com.

    Quotes:

    “Today’s announcement highlights our dedication to building mixed-use communities that are sustainable, and include a variety of housing options, jobs, parks and community spaces. Lakeview Village’s focus on innovative, low carbon solutions make it more than just a development project – it sets a new standard for sustainability. I’m proud to work with our partners on this transformative project that will shape the future of Mississauga for years to come.” Mayor Carolyn Parrish

    “This groundbreaking marks an exciting chapter in the evolution of Lakeview Village. Our vision has always been to make this community the most sustainable, innovative new development in the country, and this is a major step. The Enwave system within Lakeview Village is a leading example of how the joint priorities of sustainability and housing development can co-exist, supporting a better future for Ontario.” – Brian Sutherland, President, Lakeview Community Partners Limited

    “The groundbreaking of the district energy system at Lakeview Village is an exciting step toward the future of sustainable communities in Canada and beyond. This development is a complex undertaking, which will be the largest of its kind in North America with the integration of effluent, and would not be possible without the determination and collaboration demonstrated by all partners. Together, we are implementing big ideas and critical thinking to achieve the ambitious goals set for this project, and Enwave is proud to make this district energy system a reality.” Carlyle Coutinho, CEO of Enwave Energy Corporation

    “Today’s announcement signals Peel Region’s commitment to working with the City of Mississauga, Lakeview Community Partners Limited (LCPL), and Enwave Lakeview Corporation to leverage treated wastewater from the G.E. Booth Water Resource Recovery Facility as an innovative fuel source for the district energy system at Lakeview Village. Peel Region is a strong advocate for sustainability and committed to researching and implementing state-of-the-art treatment processes and technology at our facilities. We are always working to be a collaborative community partner, and providing this future fuel source for our neighbours at Lakeview Village demonstrates our environmental leadership.” – Chair Nando Iannicca, Peel Region 

    High-res images of the DE piping system and rendering of the centre can be found HERE.

    Media Contacts:

    City of Mississauga Media Relations
    media@mississauga.ca
    905-615-3200, ext. 5232
    TTY: 905-896-5151

    Amie Miles, Manager, Strategic Client Communications
    Amie.miles@peelregion.ca
    416-209-4317

    Enwave Energy Corporation
    Katie Good
    GoodPR
    416-540-2195
    katie@goodpr.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dc240327-bd37-414e-9670-213ee03188b2

    The MIL Network –

  • MIL-OSI: Trustco Reports Third Quarter 2024 Net Income of $12.9 Million; Skillful Application of Strong Fundamentals Produce Solid Results

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Average Loan portfolio continues to grow:
      • On average, total loans were up $127.0 million or 2.6% for the third quarter 2024 compared to the third quarter 2023
    • Continued solid financial results:
      • Key metrics for third quarter 2024:
        • Net income of $12.9 million versus $12.6 million for the second quarter 2024
        • Net interest income of $38.7 million, up from $37.8 million compared to the second quarter of 2024
        • Return on average equity (ROAE) of 7.74% versus 7.76% for the second quarter 2024
    • Capital continues to grow:
      • Consolidated equity to assets increased 6.2% to 10.95% as of September 30, 2024 from 10.31% as of September 30, 2023
      • Book value per share as of September 30, 2024 was $35.19, up from $34.46 compared to June 30, 2024

    GLENVILLE, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) —

    TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced third quarter 2024 net income of $12.9 million or $0.68 diluted earnings per share, compared to net income of $14.7 million or $0.77 diluted earnings per share for the third quarter 2023; and net income of $37.6 million or $1.97 diluted earnings per share for the nine months ended September 30, 2024, compared to net income of $48.9 million or $2.57 diluted earnings per share for the nine months ended September 30, 2023. Average loans increased $127.0 million or 2.6% for the third quarter 2024 over the same period in 2023.   TrustCo was able to increase the balances of home equity lines of credit (HECLs) outstanding through an aggressive campaign to encourage existing customers to utilize their HECLs in place of the higher rates on other products.  The objective was to meet customer needs and encourage increased utilization through existing HECLs.

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Hard, consistent work on the fundamentals of banking once again have served the Trustco Bank team well and enabled us to post strong results under challenging circumstances. Our bankers posted one modest success after another – which accumulated into solid performance. We continued to hold the line on demand accounts and capitalized on strong customer relationships which enabled us to direct the flow into competitively-priced CDs, rather than to non-bank investment products. Not having to purchase expensive deposits or pay excessive rates, helped keep interest expense down, contributing to increased net interest income. We have continued to sell home equity products at favorable rates where origination of purchase mortgages lagged due to lack of sales volume. We booked these new loans at higher interest rates, also boosting net interest margin. Once again, loans reached a new all-time high. All of these efforts by our team resulted in net income of $12.9 million for the quarter.”

    Details

    Average loans were up $127.0 million or 2.6% in the third quarter 2024 over the same period in 2023. Average residential loans and home equity lines of credit, our primary lending focus, were up $50.4 million, or 1.2%, and $60.0 million, or 18.7%, respectively, in the third quarter 2024 over the same period in 2023. Average commercial loans also increased $18.1 million, or 6.9%, in the third quarter 2024 over the same period in 2023. Average deposits were up $15.3 million, or 0.3% for the third quarter 2024 over the same period in 2023. We believe the increase in time deposits compared to the prior year continues to reflect the desire of customers to have additional funds in the safety and security offered by TrustCo’s long history of conservative banking, while earning a competitive interest rate. As we move forward, the objective is to encourage customers to retain these additional funds in the expanded product offerings of Trustco Bank (the “Bank”) through aggressive marketing and product differentiation.

    Net interest income was $38.7 million for the third quarter 2024, an increase of $883 thousand, or 2.3%, compared to the prior quarter, driven by loan growth at higher interest rates and lower cost of deposits, partially offset by lower investment earnings and a decrease in interest on federal funds sold and other short-term investments. The net interest margin for the third quarter 2024 was 2.61%, up 8 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.11%, up 5 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.94% in the third quarter 2024 from 1.97% in the second quarter 2024. The Bank has seen success in retaining deposits while lowering the rates on time deposits, and still being competitive in the markets it serves. The Federal Reserve’s decision regarding whether to cut or hold rates in upcoming meetings will have an effect on the Bank’s ability to continue to manage deposit costs. Further reductions should help margin expansion in future quarters. Non-interest expense decreased $259 thousand over the prior quarter as a result of the Bank’s ongoing efforts to control expenses.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses of $500 thousand in the third quarter of 2024, which is the result of a provision for credit losses on loans of $400 thousand, and provision for credit losses on unfunded commitments of $100 thousand. The ratio of allowance for credit losses on loans to total loans was 0.99% and 0.95% as of September 30, 2024 and 2023, respectively. The allowance for credit losses on loans was $50.0 million at September 30, 2024, compared to $47.2 million at September 30, 2023. Nonperforming loans (NPLs) were $19.4 million at September 30, 2024, compared to $17.9 million at September 30, 2023. NPLs were 0.38% and 0.36% of total loans at September 30, 2024 and 2023, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 256.9% at September 30, 2024, compared to 264.2% at September 30, 2023. Nonperforming assets (NPAs) were $21.9 million at September 30, 2024, compared to $19.1 million at September 30, 2023.  

    At September 30, 2024, our equity to asset ratio was 10.95%, compared to 10.31% at September 30, 2023. Book value per share at September 30, 2024 was $35.19, up 7.3% compared to $32.80 a year earlier.

    A conference call to discuss third quarter 2024 results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.   The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at September 30, 2024.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the effects of the economic environment on our financial results, our ability to retain customers and the amount of customers’ business, including deposit balances, with us, the impact of the Federal Reserve’s actions regarding interest rates, and the growth of loans and deposits throughout our branch network. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our environmental, social and governance practices; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

     
    TRUSTCO BANK CORP NY
    GLENVILLE, NY
             
    FINANCIAL HIGHLIGHTS
             
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended        
        9/30/2024   6/30/2024   9/30/2023        
    Summary of operations                    
    Net interest income   $ 38,671     $ 37,788     $ 42,221              
    Provision for credit losses     500       500       100          
    Net gains on equity securities     23       1,360       –          
    Noninterest income, excluding net gains on equity securities     4,908       4,291       4,574          
    Noninterest expense     26,200       26,459       27,460          
    Net income     12,875       12,551       14,680          
                         
    Per share                    
    Net income per share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.77          
    – Diluted     0.68       0.66       0.77          
    Cash dividends     0.36       0.36       0.36          
    Book value at period end     35.19       34.46       32.80              
    Market price at period end     33.07       28.77       27.29          
                         
    At period end                    
    Full time equivalent employees     735       753       764          
    Full service banking offices     138       138       143          
                         
    Performance ratios                    
    Return on average assets     0.84   %   0.82   %   0.96   %      
    Return on average equity     7.74       7.76       9.32          
    Efficiency ratio (1)     59.65       62.84       58.33          
    Net interest spread     2.17       2.09       2.55          
    Net interest margin     2.61       2.53       2.85          
    Dividend payout ratio     53.16       54.57       46.65              
                             
    Capital ratios at period end                        
    Consolidated equity to assets     10.95   %   10.73   %   10.31   %          
    Consolidated tangible equity to tangible assets (2)     10.94   %   10.72   %   10.30   %      
                         
    Asset quality analysis at period end                    
    Nonperforming loans to total loans     0.38   %   0.38   %   0.36   %      
    Nonperforming assets to total assets     0.36       0.35       0.31          
    Allowance for credit losses on loans to total loans     0.99       0.99       0.95          
    Coverage ratio (3)   2.6x   2.6x   2.6x        
                         
                         
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
    (2) Non-GAAP measure; calculated as total shareholders’ equity less $553 of intangible assets divided by total assets less $553 of intangible assets. See Non-GAAP Financial Measures Reconciliation.
    (3) Calculated as allowance for credit losses on loans divided by total nonperforming loans.
                         
                         
    FINANCIAL HIGHLIGHTS, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Summary of operations                    
    Net interest income $   113,037       133,238              
    Provision (Credit) for credit losses     1,600       (100 )            
    Net gains on equity securities     1,383       –              
    Noninterest income, excluding net gains on equity securities     14,042       13,841              
    Noninterest expense     77,562       82,466              
    Net income     37,552       48,798              
                         
    Per share                    
    Net income per share:                    
    – Basic $   1.97       2.57              
    – Diluted     1.97       2.57              
    Cash dividends     1.08       1.08              
    Book value at period end     35.19       32.80              
    Market price at period end     33.07       27.29              
                         
    Performance ratios                    
    Return on average assets     0.82   %   1.08              
    Return on average equity     7.68       10.57                  
    Efficiency ratio (1)     60.80       55.70                  
    Net interest spread     2.08       2.78                  
    Net interest margin     2.52       3.01            
    Dividend payout ratio     54.70       42.11                  
                             
    (1) Non-GAAP measure; calculated as noninterest expense (excluding ORE expense) divided by taxable equivalent net interest income plus noninterest income (excluding net gains on equity securities).
    See Non-GAAP Financial Measures Reconciliation.
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME
                         
    (dollars in thousands, except per share data)
    (Unaudited)
        Three months ended
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    Interest and dividend income:                    
    Interest and fees on loans   $ 52,112     $ 50,660     $ 49,804     $ 49,201     $ 47,921  
    Interest and dividends on securities available for sale:                    
    U. S. government sponsored enterprises     718       909       906       750       672  
    State and political subdivisions     –       1       –       1       –  
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     1,397       1,451       1,494       1,533       1,485  
    Corporate bonds     361       362       476       477       473  
    Small Business Administration – guaranteed                    
    participation securities     90       94       100       102       107  
    Other securities     2       2       3       3       2  
    Total interest and dividends on securities available for sale     2,568       2,819       2,979       2,866       2,739  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations – residential     62       65       68       70       73  
    Total interest on held to maturity securities     62       65       68       70       73  
                         
    Federal Home Loan Bank stock     153       147       152       149       131  
                         
    Interest on federal funds sold and other short-term investments     6,174       6,894       6,750       6,354       6,688  
    Total interest income     61,069       60,585       59,753       58,640       57,552  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     311       288       240       165       102  
    Savings     770       675       712       707       639  
    Money market deposit accounts     2,154       2,228       2,342       2,500       2,384  
    Time deposits     18,969       19,400       19,677       16,460       11,962  
    Interest on short-term borrowings     194       206       204       201       244  
    Total interest expense     22,398       22,797       23,175       20,033       15,331  
                         
    Net interest income     38,671       37,788       36,578       38,607       42,221  
                         
    Less: Provision for credit losses     500       500       600       1,350       100  
    Net interest income after provision for credit losses     38,171       37,288       35,978       37,257       42,121  
                         
    Noninterest income:                    
    Trustco Financial Services income     2,044       1,609       1,816       1,612       1,627  
    Fees for services to customers     2,482       2,399       2,745       2,563       2,590  
    Net gains on equity securities     23       1,360       –       –       –  
    Other     382       283       282       299       357  
    Total noninterest income     4,931       5,651       4,843       4,474       4,574  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     12,134       12,520       11,427       12,444       12,393  
    Net occupancy expense     4,271       4,375       4,611       4,209       4,358  
    Equipment expense     1,757       1,990       1,738       1,852       1,923  
    Professional services     1,863       1,570       1,460       1,561       1,717  
    Outsourced services     2,551       2,755       2,501       2,532       2,720  
    Advertising expense     339       466       408       384       586  
    FDIC and other insurance     1,112       797       1,094       1,085       1,078  
    Other real estate expense (income), net     204       16       74       (12 )     163  
    Other     1,969       1,970       1,590       4,776       2,522  
    Total noninterest expenses     26,200       26,459       24,903       28,831       27,460  
                         
    Income before taxes     16,902       16,480       15,918       12,900       19,235  
    Income taxes     4,027       3,929       3,792       3,052       4,555  
                         
    Net income   $ 12,875     $ 12,551     $ 12,126     $ 9,848     $ 14,680  
                         
    Net income per common share:                    
    – Basic   $ 0.68     $ 0.66     $ 0.64     $ 0.52     $ 0.77  
                         
    – Diluted     0.68       0.66       0.64       0.52       0.77  
                         
    Average basic shares (in thousands)     19,010       19,022       19,024       19,024       19,024  
    Average diluted shares (in thousands)     19,036       19,033       19,032       19,026       19,024  
                         
                         
                         
    CONSOLIDATED STATEMENTS OF INCOME, Continued
               
    (dollars in thousands, except per share data)
    (Unaudited)
        Nine Months Ended            
        09/30/24   09/30/23            
    Interest and dividend income:                        
    Interest and fees on loans $   152,576       138,255                  
    Interest and dividends on securities available for sale:                        
    U. S. government sponsored enterprises     2,533       2,055                  
    State and political subdivisions     1       1                  
    Mortgage-backed securities and collateralized mortgage                        
    obligations – residential     4,342       4,613                  
    Corporate bonds     1,199       1,510                  
    Small Business Administration – guaranteed                        
    participation securities     284       335                  
    Other securities     7       7                  
    Total interest and dividends on securities available for sale     8,366       8,521                  
                         
    Interest on held to maturity securities:                    
    Mortgage-backed securities-residential     195       226                  
    Total interest on held to maturity securities     195       226                  
                         
    Federal Home Loan Bank stock     452       351                  
                         
    Interest on federal funds sold and other short-term investments     19,818       20,213                  
    Total interest income     181,407       167,566                  
                         
    Interest expense:                    
    Interest on deposits:                    
    Interest-bearing checking     839       217                  
    Savings     2,157       1,824                  
    Money market deposit accounts     6,724       4,954                  
    Time deposits     58,046       26,525                  
    Interest on short-term borrowings     604       808                  
    Total interest expense     68,370       34,328                  
                         
    Net interest income     113,037       133,238                  
                         
    Less: Provision (Credit) for credit losses     1,600       (100 )                
    Net interest income after provision (credit) for credit losses     111,437       133,338                  
                         
    Noninterest income:                    
    Trustco Financial Services income     5,469       4,813                  
    Fees for services to customers     7,626       8,085                  
    Net gains on equity securities     1,383       –                  
    Other     947       943                  
    Total noninterest income     15,425       13,841                  
                         
    Noninterest expenses:                    
    Salaries and employee benefits     36,081       38,798                  
    Net occupancy expense     13,257       13,218                  
    Equipment expense     5,485       5,758                  
    Professional services     4,893       4,684                  
    Outsourced services     7,807       7,507                  
    Advertising expense     1,213       1,494                  
    FDIC and other insurance     3,003       3,215                  
    Other real estate expense, net     294       536                  
    Other     5,529       7,256                  
    Total noninterest expenses     77,562       82,466                  
                         
    Income before taxes     49,300       64,713                  
    Income taxes     11,748       15,915                  
                         
    Net income $   37,552       48,798                      
                             
    Net income per common share:                    
    – Basic $   1.97       2.57              
                         
    – Diluted     1.97       2.57              
                         
    Average basic shares (in thousands)     19,019       19,024              
    Average diluted shares (in thousands)     19,034       19,024              
                         
                         
                         
                         
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
        9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
    ASSETS:                    
                         
    Cash and due from banks   $ 49,659     $ 42,193     $ 44,868     $ 49,274     $ 45,940  
    Federal funds sold and other short term investments     473,306       493,920       564,815       528,730       461,321  
    Total cash and cash equivalents     522,965       536,113       609,683       578,004       507,261  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises     90,588       106,796       128,854       118,668       121,474  
    States and political subdivisions     26       26       26       26       34  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential     222,841       218,311       227,078       237,677       233,719  
    Small Business Administration – guaranteed                    
    participation securities     15,171       15,592       16,260       17,186       17,316  
    Corporate bonds     54,327       53,764       53,341       78,052       76,935  
    Other securities     701       688       682       680       657  
    Total securities available for sale     383,654       395,177       426,241       452,289       450,135  
                         
    Held to maturity securities:                    
    Mortgage-backed securities and collateralized mortgage                    
    obligations-residential     5,636       5,921       6,206       6,458       6,724  
    Total held to maturity securities     5,636       5,921       6,206       6,458       6,724  
                         
    Federal Reserve Bank and Federal Home Loan Bank stock     6,507       6,507       6,203       6,203       6,203  
                       
    Loans:                  
    Commercial     280,261       282,441       279,092       273,515       268,642  
    Residential mortgage loans     4,382,674       4,370,640       4,354,369       4,365,063       4,343,006  
    Home equity line of credit     393,418       370,063       355,879       347,415       332,028  
    Installment loans     14,503       15,168       16,166       16,886       16,605  
    Loans, net of deferred net costs     5,070,856       5,038,312       5,005,506       5,002,879       4,960,281  
                       
    Less: Allowance for credit losses on loans     49,950       49,772       49,220       48,578       47,226  
    Net loans     5,020,906       4,988,540       4,956,286       4,954,301       4,913,055  
                         
    Bank premises and equipment, net     33,324       33,466       33,423       34,007       32,135  
    Operating lease right-of-use assets     37,958       38,376       39,647       40,542       41,475  
    Other assets     98,730       102,544       101,881       96,387       97,310  
                       
    Total assets   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand   $ 753,878     $ 745,227     $ 742,997     $ 754,532     $ 773,293  
    Interest-bearing checking     988,527       1,029,606       1,020,136       1,015,213       1,033,898  
    Savings accounts     1,092,038       1,144,427       1,155,517       1,179,241       1,235,658  
    Money market deposit accounts     477,113       517,445       532,611       565,767       610,012  
    Time deposits     1,952,635       1,840,262       1,903,908       1,836,024       1,581,504  
    Total deposits     5,264,191       5,276,967       5,355,169       5,350,777       5,234,365  
                       
    Short-term borrowings     91,450       89,720       94,374       88,990       103,110  
    Operating lease liabilities     41,469       42,026       43,438       44,471       45,418  
    Accrued expenses and other liabilities     43,549       42,763       37,399       38,668       47,479  
                       
    Total liabilities     5,440,659       5,451,476       5,530,380       5,522,906       5,430,372  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock     20,058       20,058       20,058       20,058       20,058  
    Surplus     257,644       257,490       257,335       257,181       257,078  
    Undivided profits     442,079       436,048       430,346       425,069       422,082  
    Accumulated other comprehensive loss, net of tax     (6,600 )     (14,268 )     (14,763 )     (13,237 )     (31,506 )
    Treasury stock at cost     (44,160 )     (44,160 )     (43,786 )     (43,786 )     (43,786 )
                       
    Total shareholders’ equity     669,021       655,168       649,190       645,285       623,926  
                         
    Total liabilities and shareholders’ equity   $ 6,109,680     $ 6,106,644     $ 6,179,570     $ 6,168,191     $ 6,054,298  
                         
    Outstanding shares (in thousands)     19,010       19,010       19,024       19,024       19,024  
                         
     
    NONPERFORMING ASSETS
                 
    (dollars in thousands)
    (Unaudited)
        9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
    Nonperforming Assets            
                 
    New York and other states*            
    Loans in nonaccrual status:            
    Commercial   $ 466   $ 741   $ 532   $ 536   $ 540  
    Real estate mortgage – 1 to 4 family     15,320     14,992     14,359     14,375     14,633  
    Installment     163     131     149     151     93  
    Total non-accrual loans     15,949     15,864     15,040     15,062     15,266  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     15,949     15,864     15,040     15,065     15,271  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 18,452   $ 18,198   $ 17,374   $ 15,259   $ 16,456  
                 
    Florida            
    Loans in nonaccrual status:            
    Commercial   $ 314   $ 314   $ 314   $ 314   $ 314  
    Real estate mortgage – 1 to 4 family     3,176     2,985     2,921     2,272     2,228  
    Installment     5     22     –     15     65  
    Total non-accrual loans     3,495     3,321     3,235     2,601     2,607  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     –     –  
    Total nonperforming loans     3,495     3,321     3,235     2,601     2,607  
    Other real estate owned     –     –     –     –     –  
    Total nonperforming assets   $ 3,495   $ 3,321   $ 3,235   $ 2,601   $ 2,607  
                 
    Total            
    Loans in nonaccrual status:            
    Commercial   $ 780   $ 1,055   $ 846   $ 850   $ 854  
    Real estate mortgage – 1 to 4 family     18,496     17,977     17,280     16,647     16,861  
    Installment     168     153     149     166     158  
    Total non-accrual loans     19,444     19,185     18,275     17,663     17,873  
    Other nonperforming real estate mortgages – 1 to 4 family     –     –     –     3     5  
    Total nonperforming loans     19,444     19,185     18,275     17,666     17,878  
    Other real estate owned     2,503     2,334     2,334     194     1,185  
    Total nonperforming assets   $ 21,947   $ 21,519   $ 20,609   $ 17,860   $ 19,063  
                 
                 
    Quarterly Net (Recoveries) Chargeoffs            
                 
    New York and other states*            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (74 )   (78 )   219     (26 )
    Installment     11     (2 )   36     23     14  
    Total net (recoveries) chargeoffs   $ 180   $ (76 ) $ (42 ) $ 242   $ (12 )
                 
    Florida            
    Commercial   $ –   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     –     17     –     –     –  
    Installment     42     7     –     6     –  
    Total net (recoveries) chargeoffs   $ 42   $ 24   $ –   $ 6   $ –  
                 
    Total            
    Commercial   $ 65   $ –   $ –   $ –   $ –  
    Real estate mortgage – 1 to 4 family     104     (57 )   (78 )   219     (26 )
    Installment     53     5     36     29     14  
    Total net (recoveries) chargeoffs   $ 222   $ (52 ) $ (42 ) $ 248   $ (12 )
                 
                 
    Asset Quality Ratios            
                 
    Total nonperforming loans (1)   $ 19,444   $ 19,185   $ 18,275   $ 17,666   $ 17,878  
    Total nonperforming assets (1)     21,947     21,519     20,609     17,860     19,063  
    Total net (recoveries) chargeoffs (2)     222     (52 )   (42 )   248     (12 )
                 
    Allowance for credit losses on loans (1)     49,950     49,772     49,220     48,578     47,226  
                 
    Nonperforming loans to total loans     0.38 %   0.38 %   0.37 %   0.35 %   0.36 %
    Nonperforming assets to total assets     0.36 %   0.35 %   0.33 %   0.29 %   0.31 %
    Allowance for credit losses on loans to total loans     0.99 %   0.99 %   0.98 %   0.97 %   0.95 %
    Coverage ratio (1)     256.9 %   259.4 %   269.3 %   275.0 %   264.2 %
    Annualized net (recoveries) chargeoffs to average loans (2)     0.02 %   0.00 %   0.00 %   0.02 %   0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2)   56.3x N/A N/A 49.0x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
                 
     
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                        
    (Unaudited)   Three months ended     Three months ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises   $ 95,073     $ 718 3.02 %   $ 119,406     $ 672 2.25 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     241,792       1,397 2.29       269,535       1,485 2.19  
    State and political subdivisions     26       – 6.75       34       – 6.74  
    Corporate bonds     55,041       361 2.63       80,331       473 2.36  
    Small Business Administration – guaranteed                        
    participation securities     16,663       90 2.15       19,801       107 2.15  
    Other     701       2 1.14       686       2 1.17  
                             
    Total securities available for sale     409,296       2,568 2.51       489,793       2,739 2.24  
                             
    Federal funds sold and other short-term Investments     465,922       6,174 5.27       494,597       6,688 5.37  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     5,779       62 4.29       6,877       73 4.22  
                             
    Total held to maturity securities     5,779       62 4.29       6,877       73 4.22  
                             
    Federal Home Loan Bank stock     6,507       153 9.41       6,203       131 8.45  
                             
    Commercial loans     279,199       3,807 5.45       261,061       3,398 5.21  
    Residential mortgage loans     4,375,641       41,811 3.82       4,325,219       39,321 3.64  
    Home equity lines of credit     380,422       6,245 6.53       320,446       4,946 6.12  
    Installment loans     14,443       249 6.87       15,959       256 6.37  
                             
    Loans, net of unearned income     5,049,705       52,112 4.12       4,922,685       47,921 3.89  
                             
    Total interest earning assets     5,937,209     $ 61,069 4.11       5,920,155     $ 57,552 3.88  
                             
    Allowance for credit losses on loans     (49,973 )             (47,077 )        
    Cash & non-interest earning assets     187,166               172,523          
                             
                             
    Total assets   $ 6,074,402             $ 6,045,601          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts   $ 1,000,333     $ 311 0.12 %   $ 1,050,313     $ 102 0.04 %
    Money market accounts     499,408       2,154 1.72       625,031       2,384 1.51  
    Savings     1,122,673       770 0.27       1,282,641       639 0.20  
    Time deposits     1,880,021       18,969 4.01       1,494,402       11,962 3.18  
                             
    Total interest bearing deposits     4,502,435       22,204 1.96       4,452,387       15,087 1.34  
    Short-term borrowings     87,677       194 0.88       110,018       244 0.88  
                             
    Total interest bearing liabilities     4,590,112     $ 22,398 1.94       4,562,405     $ 15,331 1.33  
                             
    Demand deposits     742,164               776,885          
    Other liabilities     80,502               81,411          
    Shareholders’ equity     661,624               624,900          
                             
    Total liabilities and shareholders’ equity   $ 6,074,402             $ 6,045,601          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)       $ 38,671           $ 42,221    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.17 %         2.55 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.61 %         2.85 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income       $ 38,671           $ 42,221    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             
                             
                             
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                             
    (dollars in thousands)                        
    (Unaudited)   Nine Months Ended     Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average   Interest Average     Average   Interest Average  
        Balance     Rate     Balance     Rate  
    Assets                        
                             
    Securities available for sale:                        
    U. S. government sponsored enterprises $   111,570       2,533 3.03 % $   120,243       2,055 2.28 %
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     250,343       4,342 2.31       278,252       4,613 2.21  
    State and political subdivisions     26       1 6.80       34       1 6.74  
    Corporate bonds     61,221       1,199 2.61       83,732       1,510 2.41  
    Small Business Administration – guaranteed                        
    participation securities     17,438       284 2.17       20,876       335 2.14  
    Other     697       7 1.34       686       7 1.02  
                             
    Total securities available for sale     441,295       8,366 2.53       503,823       8,521 1.69  
                             
    Federal funds sold and other short-term Investments     489,934       19,818 5.40       540,570       20,213 5.00  
                             
    Held to maturity securities:                        
    Mortgage backed securities and collateralized mortgage                        
    obligations – residential     6,053       195 4.29       7,205       226 4.18  
                             
    Total held to maturity securities     6,053       195 4.29       7,205       226 4.18  
                             
    Federal Home Loan Bank stock     6,350       452 9.49       5,957       351 5.89  
                             
    Commercial loans     278,981       11,232 5.37       249,738       9,716 5.19  
    Residential mortgage loans     4,364,821       123,046 3.76       4,269,494       114,227 3.57  
    Home equity lines of credit     365,932       17,522 6.40       305,075       13,598 5.96  
    Installment loans     15,319       776 6.76       15,015       714 6.35  
                             
    Loans, net of unearned income     5,025,053       152,576 4.05       4,839,322       138,255 3.81  
                             
    Total interest earning assets     5,968,685       181,407 4.05       5,896,877       167,566 3.79  
                             
    Allowance for credit losses on loans     (49,419 )             (46,812 )        
    Cash & non-interest earning assets     187,963               173,521          
                             
                             
    Total assets $   6,107,229           $   6,023,586          
                             
                             
    Liabilities and shareholders’ equity                        
                             
    Deposits:                        
    Interest bearing checking accounts $   999,839       839 0.11 % $   1,088,859       217 0.03 %
    Money market accounts     522,636       6,724 1.72       613,119       4,954 1.08  
    Savings     1,142,313       2,157 0.25       1,363,052       1,824 0.18  
    Time deposits     1,881,027       58,046 4.12       1,343,762       26,525 2.64  
                             
    Total interest bearing deposits     4,545,815       67,766 1.99       4,408,792       33,520 1.02  
    Short-term borrowings     91,551       604 0.88       121,911       808 0.89  
                             
    Total interest bearing liabilities     4,637,366       68,370 1.97       4,530,703       34,328 1.01  
                             
    Demand deposits     734,604               793,890          
    Other liabilities     82,233               81,771          
    Shareholders’ equity     653,026               617,224          
                             
    Total liabilities and shareholders’ equity $   6,107,229           $   6,023,588          
                             
    Net interest income, GAAP and non-GAAP tax equivalent (1)         113,037             133,238    
                             
    Net interest spread, GAAP and non-GAAP tax equivalent (1)         2.08 %         2.78 %
                             
                             
    Net interest margin (net interest income to                        
    total interest earning assets), GAAP and non-GAAP tax equivalent (1)       2.52 %         3.01 %
                             
    Tax equivalent adjustment (1)         –             –    
                             
                             
    Net interest income         113,037             133,238    
                             
    (1) Tax equivalent adjustment to a measure results in a non-GAAP financial measure. See Non-GAAP Financial Measures Reconciliation.
                             

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Net interest income is commonly presented on a taxable equivalent basis. That is, to the extent that some component of the institution’s net interest income will be exempt from taxation (e.g., was received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added back to the net interest income total. Management considers this adjustment helpful to investors in comparing one financial institution’s net interest income (pre- tax) to that of another institution, as each will have a different proportion of tax-exempt items in their portfolios. Moreover, net interest income is itself a component of another financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest earning assets. Additionally, management and many financial institutions also present net interest spread, which is the average yield on interest earning assets minus the average rate paid on interest bearing liabilities. For purposes of these measures as well, taxable equivalent net interest income is generally used by financial institutions, again to provide investors with a better basis of comparison from institution to institution. We calculate taxable equivalent net interest margin by dividing net interest income, adjusted to include the benefit of non-taxable interest income, by average interest earning assets. We calculate taxable equivalent net interest spread as the difference between average yield on interest earning assets, adjusted to include the benefit of non-taxable interest income, and the average rate paid on interest bearing liabilities.

    The efficiency ratio is a non-GAAP measure of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income (fully taxable equivalent) and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below. We have not presented a reconciliation of taxable equivalent net interest income, taxable equivalent net interest margin or taxable equivalent net interest spread to the most directly comparable GAAP measure, as there was no difference between the taxable equivalent measure and comparable GAAP measure for any period presented in this release.

     
    NON-GAAP FINANCIAL MEASURES RECONCILIATION
                   
    (dollars in thousands)              
    (Unaudited)              
        9/30/2024 6/30/2024 9/30/2023      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 669,021   $ 655,168   $ 623,926        
    Less: Intangible assets     553     553     553        
    Tangible equity (Non-GAAP)   $ 668,468   $ 654,615   $ 623,373        
                   
    Shares outstanding     19,010     19,010     19,024        
    Tangible book value per share     35.16     34.44     32.77        
    Book value per share     35.19     34.46     32.80        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,109,680   $ 6,106,644   $ 6,054,298        
    Less: Intangible assets     553     553     553        
    Tangible assets (Non-GAAP)   $ 6,109,127   $ 6,106,091   $ 6,053,745        
                   
    Tangible Equity to Tangible Assets (Non-GAAP)     10.94 %   10.72 %   10.30 %      
    Equity to Assets (GAAP)     10.95 %   10.73 %   10.31 %      
                   
        Three months ended   Nine Months Ended
    Efficiency Ratio   9/30/2024 6/30/2024 9/30/2023   9/30/2024 9/30/2023
                   
    Net interest income (GAAP)   $ 38,671   $ 37,788   $ 42,221     $ 113,037   $ 133,238  
    Taxable equivalent adjustment     –     –     –       –     –  
    Net interest income (fully taxable equivalent) (Non-GAAP)     38,671     37,788     42,221       113,037     133,238  
    Non-interest income (GAAP)     4,931     5,651     4,574       15,425     13,841  
    Less: Net gains on equity securities     23     1,360     –       1,383     –  
    Revenue used for efficiency ratio (Non-GAAP)   $ 43,579   $ 42,079   $ 46,795     $ 127,079   $ 147,079  
                   
    Total noninterest expense (GAAP)   $ 26,200   $ 26,459   $ 27,460     $ 77,562   $ 82,466  
    Less: Other real estate expense, net     204     16     163       294     536  
    Expense used for efficiency ratio (Non-GAAP)   $ 25,996   $ 26,443   $ 27,297     $ 77,268   $ 81,930  
                   
    Efficiency Ratio     59.65 %   62.84 %   58.33 %     60.80 %   55.70 %
                   
       
    Subsidiary: Trustco Bank
       
    Contact: Robert Leonard
    Executive Vice President
    (518) 381-3693

    The MIL Network –

  • MIL-OSI: Powell Max Limited Announces Change of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Oct. 21, 2024 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the resignation of Mr. Chun Ho Lam   (“Mr. Lam”) as the Chief Financial Officer of the Company due to personal reasons.  The Company thanks Mr. Lam for his contributions during his tenure of office.

    The Company has appointed Ms. Kam Lai Kwok (“Ms. Kwok”) as the new Chief Financial Officer. 

    Ms. Kwok is an associate of the Hong Kong Institute of Certified Public Accountants (formerly known as the Hong Kong Society of Accountants) since January 1997 and has over 30 years of experience in public accounting and financial management. She also has extensive managerial experience in financial communications and financial printing industry for over 20 years. Prior to her joining of the Company, Ms. Kwok served as an executive director of a Hong Kong listed company  principally engaged in financial communications and financial printing services and as a financial controller of its operating subsidiary for over 8 years.

    About Powell Max Limited

    Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

    Forward-Looking Statements

    This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    For investor and media inquiries, please contact:

    Company Info:

    Powell Max Limited

    Investor Relations

    ir@janfp.com 

    (852) 2158 2888

    The MIL Network –

  • MIL-OSI: Rule 8 Announcement to Stockholders

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — StoneX Group Inc. (“StoneX”) wishes to direct the attention of its stockholders to certain disclosure requirements which may be applicable to them in connection with the announcement by CAB Payments Holdings plc (“CAB Payments”) on October 10, 2024 that it had received an unsolicited non-binding proposal from StoneX relating to a possible offer for the entire issued and to be issued share capital of CAB Payments. As a result of that announcement, on that date CAB Payments entered an offer period in accordance with the rules of the UK City Code on Takeovers and Mergers (the “Code”), which is published by the UK Takeover Panel.

    There can be no certainty that an offer will be made, nor as to the terms on which an offer might be made.

    The relevant disclosure requirements are set out in Rule 8 of the Code. In particular, Rule 8.3 of the Code requires that any person who is interested (directly and indirectly) in 1% or more of any class of relevant security of any party to the offer period must make (a) an Opening Position Disclosure and (b) a Dealing Disclosure if they deal in any relevant security of any party to the offer during an offer period.

    StoneX common shares, which are listed on The NASDAQ Stock Market LLC and trade on the NASDAQ Global Select Market, are relevant securities for the purposes of this offer period.

    Further information about the Takeover Panel’s disclosure regime is available at: http://www.thetakeoverpanel.org.uk/disclosure. If you have any questions on these disclosure requirements, the Takeover Panel’s Market Surveillance Unit will be happy to answer them and should be contacted on +44 (0)20 7638 0129.

    Enquiries:

    Perella Weinberg UK Limited (Financial Adviser)        

    Tel: +44 (0) 20 7268 2800
    Matthew Smith
    Timm Schipporeit
    Edyta Lipka
    Adnan Choudhury

    Notice relating to StoneX’s advisers:

    Perella Weinberg UK Limited (“PWP“), which is authorized and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for StoneX in connection with the matters set out in this announcement and for no one else and will not be responsible to anyone other than StoneX for providing the protections afforded to its clients or for providing advice in relation to the matters set out in this announcement. Neither PWP nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of PWP in connection with this announcement, any statement contained herein or otherwise.

    Important notices

    This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction.

    Dealing disclosure requirements of the Code

    Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

    Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

    If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

    Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

    Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

    SNEX-G

    The MIL Network –

  • MIL-OSI: Tactile Medical to Release Third Quarter of Fiscal Year 2024 Financial Results on November 4, 2024

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that third quarter of fiscal year 2024 financial results will be released after the market closes on Monday, November 4, 2024.

    Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on November 4, 2024, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13748661. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

    For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13748661. The webcast will be archived at investors.tactilemedical.com.

    About Tactile Systems Technology, Inc. (DBA Tactile Medical)

    Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

    Investor Inquiries:
    Sam Bentzinger
    Gilmartin Group
    investorrelations@tactilemedical.com

    The MIL Network –

  • MIL-OSI: RBB Bancorp Reports Third Quarter 2024 Earnings and Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 21, 2024 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company,” announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net income totaled $7.0 million, or $ 0.39 diluted earnings per share
    • Return on average assets of 0.72%, compared to 0.76% for the quarter ended June 30, 2024
    • Net interest margin of 2.68% compared to 2.67% for the quarter ended June 30, 2024
    • Repurchased 508,275 shares of common stock for $11.0 million during the quarter ended September 30, 2024, and completed the authorized program
    • Book value and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024

    The Company reported net income of $7.0 million, or $ 0.39 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $7.2 million, or $ 0.39 diluted earnings per share, for the quarter ended June 30, 2024. 

    “Loans increased at a 6% annualized rate in the third quarter as our work to expand lending and deposit relationships began to deliver results,” said David Morris, Chief Executive Officer of RBB Bancorp. “Net interest margin increased slightly, and we are optimistic that it will continue to expand from here.  We continue to work through our non-performing loans and believe we will be able to resolve the majority of them by mid-2025.”

    “The team has done an excellent job building on the Bank’s reputation as one of the premier Asian-centric financial institutions,” said Christina Kao, Chair of the Board of Directors. “Returning the Bank to growth has been a priority for the Board of Directors as we believe it will enhance long-term shareholder value.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $24.5 million for the third quarter of 2024, compared to $24.0 million for the second quarter of 2024. The $580,000 increase was due to an increase in interest income of $1.5 million offset by an increase in interest expense of $959,000. The increase in interest income was due mostly to higher interest income on loans held for investment (“HFI”) of $2.0 million, partially offset by lower interest income on investment securities of $504,000. The increase in loan interest income was mostly due to higher average loans HFI of $54.4 million combined with a 9 basis point increase in the HFI loan yield. The decrease in investment income was attributed to lower average balances and a lower portfolio yield as proceeds from maturing short-term commercial paper were invested into loans and interest-earning cash. The increase in interest expense was due to higher average interest-bearing deposits of $42.3 million in the third quarter of 2024.

    Net interest margin (“NIM”) was 2.68% for the third quarter of 2024, an increase of 1 basis point from 2.67% for the second quarter of 2024. The increase was due to a 5 basis point increase in the yield on average interest-earning assets, partially offset by a 3 basis point increase in the overall cost of funds. The yield on average interest-earning assets increased to 5.94% for the third quarter of 2024 from 5.89% for the second quarter of 2024 due mainly to a 9 basis point increase in the yield on average loans HFI to 6.13% for the third quarter of 2024. The increase in the loan yield was largely attributed to nonaccrual loan activity in the current and prior quarter, including both the recapture of interest income for fully paid off nonaccrual loans and reversals of interest income for loans migrating to nonaccrual status. Such activity increased the third quarter loan yield by 1 basis point and decreased the second quarter loan yield by 7 basis points. Average loans represented 84% of average interest-earning assets in the third quarter of 2024, unchanged from the second quarter of 2024.

    The overall cost of funds increased to 3.57% in the third quarter of 2024 from 3.54% in the second quarter of 2024 due to a higher average cost of interest-bearing deposits in the third quarter of 2024 as compared to the second quarter of 2024. The overall funding mix remained relatively unchanged from the second quarter of 2024 as the ratio of average noninterest-bearing deposits to average total funding sources remained relatively unchanged at 16% for the third and second quarters of 2024. The all-in spot rate for total deposits was 3.53% at September 30, 2024.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $3.3 million for the third quarter of 2024 compared to $557,000 for the second quarter of 2024. The third quarter provision took into consideration factors including changes in the loan portfolio mix, higher specific reserves, the outlook for economic conditions and market interest rates, and credit quality metrics, including higher nonperforming, special mention and substandard loans at the end of the third quarter of 2024 as compared to the end of the second quarter of 2024.

    Noninterest Income

    Noninterest income for the third quarter of 2024 was $5.7 million, an increase of $2.3 million from $3.5 million for the second quarter of 2024. This increase was mostly due to a $2.8 million recovery of a fully charged off loan, which had been acquired in a bank acquisition (included in other income), partially offset by lower net gain on other real estate owned (“OREO”) of $292,000. 

    Noninterest Expense

    Noninterest expense for the third quarter of 2024 was $17.4 million, an increase of $297,000 from $17.1 million for the second quarter of 2024. This increase was due to higher salaries and employee benefits expense of $475,000 due in part to higher loan production and higher other expenses of $304,000 due to higher loan related expense. These increases were partially offset by lower insurance and regulatory assessments of $323,000 and lower legal and professional expenses of $302,000, the latter being due to reimbursed legal costs from nonaccrual loan payoffs. The annualized noninterest expenses to average assets ratio was 1.78% for the third quarter of 2024, down from 1.79% for the second quarter of 2024. The efficiency ratio was 57.51% for the third quarter of 2024, down from 62.38% for the second quarter of 2024 due mostly to higher noninterest income.

    Income Taxes

    The effective tax rate was 26.9% for the third quarter of 2024 and 25.9% for the second quarter of 2024. The effective tax rate for 2024 is estimated to range between 26.0% and 28.0%.

    Balance Sheet

    At September 30, 2024, total assets were $4.0 billion, a $122.3 million increase compared to June 30, 2024, and a $78.9 million decrease compared to September 30, 2023.

    Loan and Securities Portfolio

    Loans HFI totaled $3.1 billion as of September 30, 2024, an increase of $44.2 million compared to June 30, 2024 and a $29.1 million decrease compared to September 30, 2023. The increase from June 30, 2024 was primarily due to a $62.5 million increase in commercial real estate (“CRE”) loans, a $5.6 million increase in single-family residential (“SFR”) mortgages and a $2.2 million increase in commercial and industrial (“C&I”) loans, partially offset by a $22.3 million decrease in construction and land development (“C&D”) loans and a $2.2 million decrease in Small Business Administration (“SBA”) loans. The loan to deposit ratio was 98.6% at September 30, 2024, compared to 99.4% at June 30, 2024 and 97.6% at September 30, 2023. 

    As of September 30, 2024, available-for-sale securities totaled $305.7 million, a decrease of $19.9 million from June 30, 2024. As of September 30, 2024, net unrealized losses totaled $23.2 million, a $6.9 million decrease due to decreases in market interest rates, when compared to net unrealized losses as of June 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of September 30, 2024, a $68.6 million increase compared to June 30, 2024 and a $61.9 million decrease compared to September 30, 2023. The increase during the third quarter of 2024 was due to an increase in interest-bearing deposits, while noninterest-bearing deposits remained relatively stable at $543.6 million as of September 30, 2024 compared to $543.0 million as of June 30, 2024. The increase in interest-bearing deposits included an increase in time deposits of $49.6 million and an increase in non-maturity deposits of $18.3 million. The increase in time deposits included a $26.6 million increase in wholesale deposits (brokered deposits, collateralized State of California certificates of deposit and deposits acquired through internet listing services). Wholesale deposits totaled $147.3 million at September 30, 2024, and $120.7 million at June 30, 2024. Noninterest-bearing deposits represented 17.6% of total deposits at September 30, 2024 compared to 18.0% at June 30, 2024.

    Credit Quality

    Nonperforming assets totaled $60.7 million, or 1.52% of total assets, at September 30, 2024, compared to $54.6 million, or 1.41% of total assets, at June 30, 2024. The $6.1 million increase in nonperforming assets was mostly due to two loans that migrated to nonaccrual totaling $13.3 million and consisted of a C&D loan and a CRE loan, offset by $6.1 million in payoffs with no losses and $1.2 million in partial charge-offs of nonaccrual loans.

    Special mention loans totaled $77.5 million, or 2.51% of total loans, at September 30, 2024, compared to $19.5 million, or 0.64% of total loans, at June 30, 2024. The $58.0 million increase was primarily due to one $43.6 million C&D loan for a completed hotel construction project, CRE loans totaling $25.2 million and C&I loans totaling $1.2 million. The increase was partially offset by one $11.7 million C&D loan, which migrated from special mention to substandard during the third quarter of 2024. All special mention loans, including the $11.7 million C&D loan which migrated to substandard rating, are all paying current.

    Substandard loans totaled $79.8 million, or 2.58% of total loans, at September 30, 2024, compared to $63.1 million, or 2.07% of total loans, at June 30, 2024. The $16.8 million increase was primarily due to downgrades of two C&D loans totaling $21.7 million and one $3.3 million CRE loan, offset by loan payoffs of $6.7 million and charge-offs of $1.2 million. Of the substandard loans at September 30, 2024, there are  $19.2 million which are paying current.

    30-89 day delinquent loans, excluding nonperforming loans, decreased $645,000 to $10.6 million as of September 30, 2024, compared to $11.3 million as of June 30, 2024. The decrease in past due loans was mostly due to 12 loans totaling $4.7 million that returned to current status and other decreases totaling $784,000, partially offset by new delinquent loans totaling $4.9 million, of which $4.1 million were 30 days past due.

    As of September 30, 2024, the allowance for credit losses totaled $44.5 million and was comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $42.4 million comprised of an allowance for loan losses of $41.7 million and a reserve for unfunded commitments of $624,000 at June 30, 2024. The $2.1 million increase in the allowance for credit losses for the third quarter of 2024 was due to a $3.3 million provision for credit losses, including higher specific reserves of $2.5 million, offset by net charge-offs of $1.2 million. The increase in specific reserves and charge-offs in the third quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans, including estimated selling costs. Charge-offs in the third quarter of 2024 were related to one C&D loan and one CRE loan, which were written-down to their estimated fair value. The allowance for loan losses as a percentage of loans HFI was 1.41% at September 30, 2024, compared to 1.37% at June 30, 2024. The allowance for loan losses as a percentage of nonperforming loans was 72% at September 30, 2024, a decrease from 76% at June 30, 2024. The decrease in the allowance for loan losses as a percentage of nonperforming loans was due in part to an increase in individually evaluated loans, which required no allowance for loan losses.

        For the Three Months Ended
    September 30, 2024    		     For the Nine Months Ended
    September 30, 2024    		  
    (dollars in thousands)   Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses  
    Beginning balance   $ 41,741     $ 624     $ 42,365     $ 41,903     $ 640     $ 42,543  
    Provision for credit losses     3,145       155       3,300       3,718       139       3,857  
    Less loans charged-off     (1,210 )     —       (1,210 )     (1,991 )     —       (1,991 )
    Recoveries on loans charged-off     9       —       9       55       —       55  
    Ending balance   $ 43,685     $ 779     $ 44,464     $ 43,685     $ 779     $ 44,464  


    Shareholders’ Equity

    At September 30, 2024, total shareholders’ equity was $509.7 million, a $1.6 million decrease compared to June 30, 2024, and a $7.2 million increase compared to September 30, 2023. The decrease in shareholders’ equity for the third quarter of 2024 was due to common stock repurchases of $11.0 million and common stock cash dividends paid of $2.9 million, offset by net income of $7.0 million, lower net unrealized loss on available-for-sale securities of $4.8 million and equity compensation activity of $528,000. Book value per share and tangible book value per share(1) increased to $28.81 and $24.64 at September 30, 2024, up from $28.12 and $24.06 at June 30, 2024.

    On February 29, 2024, the Board of Directors authorized the repurchase of up to 1,000,000 shares of common stock. The repurchase program permitted shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rules 10b5-1 and 10b-8. The Company repurchased 508,275 shares at a weighted average share price of $21.53 during the third quarter of 2024 and completed the authorized program.

    Dividend Announcement

    The Board of Directors has declared a common stock cash dividend of $0.16 per common share, payable on November 12, 2024 to shareholders of record on October 31, 2024.

      Contact:
    Lynn Hopkins, Chief Financial Officer
      (213) 716-8066
      lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.


    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of September 30, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, October 22, 2024, to discuss the Company’s third quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 392446, conference ID RBBQ324. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51366, approximately one hour after the conclusion of the call and will remain available through November 5, 2024.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at http://www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants;  fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)

    		  
        September 30,     June 30,     March 31,     December 31,     September 30,  
        2024     2024     2024     2023     2023  
    Assets                                        
    Cash and due from banks   $ 26,388     $ 23,313     $ 21,887     $ 22,671     $ 23,809  
    Interest-earning deposits with financial institutions     323,002       229,456       247,356       408,702       306,982  
    Cash and Cash Equivalents     349,390       252,769       269,243       431,373       330,791  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     305,666       325,582       335,194       318,961       354,378  
    Investment securities held to maturity     5,195       5,200       5,204       5,209       5,214  
    Mortgage loans held for sale     812       3,146       3,903       1,911       62  
    Loans held for investment     3,091,896       3,047,712       3,027,361       3,031,861       3,120,952  
    Allowance for loan losses     (43,685 )     (41,741 )     (41,688 )     (41,903 )     (42,430 )
    Net loans held for investment     3,048,211       3,005,971       2,985,673       2,989,958       3,078,522  
    Premises and equipment, net     24,839       25,049       25,363       25,684       26,134  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     59,889       59,486       59,101       58,719       58,346  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     7,256       7,545       7,794       8,110       8,439  
    Core deposit intangibles     2,194       2,394       2,594       2,795       3,010  
    Right-of-use assets     29,283       30,530       31,231       29,803       29,949  
    Accrued interest and other assets     70,644       63,416       65,608       66,404       87,411  
    Total assets   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 543,623     $ 542,971     $ 539,517     $ 539,621     $ 572,393  
    Savings, NOW and money market accounts     666,089       647,770       642,840       632,729       608,020  
    Time deposits, $250,000 and under     1,052,462       1,014,189       1,083,898       1,190,821       1,237,831  
    Time deposits, greater than $250,000     830,010       818,675       762,074       811,589       735,828  
    Total deposits     3,092,184       3,023,605       3,028,329       3,174,760       3,154,072  
    FHLB advances     200,000       150,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,433       119,338       119,243       119,147       174,019  
    Subordinated debentures     15,102       15,047       14,993       14,938       14,884  
    Lease liabilities – operating leases     30,880       32,087       32,690       31,191       31,265  
    Accrued interest and other liabilities     23,150       16,818       18,765       24,729       42,603  
    Total liabilities     3,480,749       3,356,895       3,364,020       3,514,765       3,566,843  
    Shareholders’ equity:                                        
    Common Stock     259,280       266,160       271,645       271,925       277,462  
    Additional paid-in capital     3,520       3,456       3,348       3,623       3,579  
    Retained Earnings     262,946       262,518       259,903       255,152       247,159  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (16,090 )     (20,915 )     (20,982 )     (19,512 )     (25,761 )
    Total shareholders’ equity     509,728       511,291       513,986       511,260       502,511  
    Total liabilities and shareholders’ equity   $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025     $ 4,069,354  
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 

    		  
        For the Three Months Ended     For the Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
    Interest and dividend income:                                        
    Interest and fees on loans   $ 47,326     $ 45,320     $ 47,617     $ 138,193     $ 148,369  
    Interest on interest-earning deposits     3,388       3,353       3,193       11,781       6,096  
    Interest on investment securities     3,127       3,631       4,211       10,369       10,321  
    Dividend income on FHLB stock     326       327       290       984       814  
    Interest on federal funds sold and other     258       255       252       779       716  
    Total interest and dividend income     54,425       52,886       55,563       162,106       166,316  
    Interest expense:                                        
    Interest on savings deposits, NOW and money market accounts     5,193       4,953       3,106       14,624       8,180  
    Interest on time deposits     22,553       21,850       21,849       67,725       54,424  
    Interest on long-term debt and subordinated debentures     1,681       1,679       2,579       5,039       7,668  
    Interest on other borrowed funds     453       439       440       1,331       2,428  
    Total interest expense     29,880       28,921       27,974       88,719       72,700  
    Net interest income before provision for credit losses     24,545       23,965       27,589       73,387       93,616  
    Provision for credit losses     3,300       557       1,399       3,857       3,793  
    Net interest income after provision for credit losses     21,245       23,408       26,190       69,530       89,823  
    Noninterest income:                                        
    Service charges and fees     1,071       1,064       1,057       3,127       3,200  
    Gain on sale of loans     447       451       212       1,210       258  
    Loan servicing fees, net of amortization     605       579       623       1,773       1,959  
    Increase in cash surrender value of life insurance     402       385       356       1,169       1,036  
    Gain on OREO     —       292       190       1,016       190  
    Other income     3,221       717       332       4,311       982  
    Total noninterest income     5,746       3,488       2,770       12,606       7,625  
    Noninterest expense:                                        
    Salaries and employee benefits     10,008       9,533       9,744       29,468       28,935  
    Occupancy and equipment expenses     2,518       2,439       2,414       7,400       7,242  
    Data processing     1,472       1,466       1,315       4,358       3,969  
    Legal and professional     958       1,260       1,022       3,098       6,907  
    Office expenses     348       352       437       1,056       1,163  
    Marketing and business promotion     252       189       340       613       892  
    Insurance and regulatory assessments     658       981       730       2,621       2,043  
    Core deposit premium     200       201       236       602       708  
    Other expenses     1,007       703       638       2,298       2,445  
    Total noninterest expense     17,421       17,124       16,876       51,514       54,304  
    Income before income taxes     9,570       9,772       12,084       30,622       43,144  
    Income tax expense     2,571       2,527       3,611       8,342       12,752  
    Net income   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
                                             
    Net income per share                                        
    Basic   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Diluted   $ 0.39     $ 0.39     $ 0.45     $ 1.22     $ 1.60  
    Cash Dividends declared per common share   $ 0.16     $ 0.16     $ 0.16     $ 0.48     $ 0.48  
    Weighted-average common shares outstanding                                        
    Basic     17,812,791       18,375,970       18,995,303       18,261,702       18,991,579  
    Diluted     17,885,359       18,406,897       18,997,304       18,313,086       19,013,838  
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
     & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                                        
    Cash and cash equivalents(1)   $ 260,205     $ 3,646       5.57 %   $ 255,973     $ 3,608       5.67 %   $ 270,484     $ 3,445       5.05 %
    FHLB Stock     15,000       326       8.65 %     15,000       327       8.77 %     15,000       290       7.67 %
    Securities                                                                        
    Available for sale(2)     298,948       3,105       4.13 %     318,240       3,608       4.56 %     369,459       4,187       4.50 %
    Held to maturity(2)     5,198       46       3.52 %     5,203       46       3.56 %     5,385       48       3.54 %
    Mortgage loans held for sale     1,165       23       7.85 %     3,032       57       7.56 %     739       13       6.98 %
    Loans held for investment:(3)                                                                        
    Real estate     2,888,528       43,495       5.99 %     2,828,339       41,590       5.91 %     2,968,246       43,583       5.83 %
    Commercial     179,885       3,808       8.42 %     185,679       3,673       7.96 %     187,140       4,021       8.52 %
    Total loans held for investment     3,068,413       47,303       6.13 %     3,014,018       45,263       6.04 %     3,155,386       47,604       5.99 %
    Total interest-earning assets     3,648,929     $ 54,449       5.94 %     3,611,466     $ 52,909       5.89 %     3,816,453     $ 55,587       5.78 %
    Total noninterest-earning assets     242,059                       240,016                       250,083                  
    Total average assets   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     55,757       277       1.98 %   $ 56,081     $ 276       1.98 %   $ 55,325     $ 201       1.44 %
    Money Market     439,936       4,093       3.70 %     431,559       3,877       3.61 %     403,300       2,656       2.61 %
    Saving deposits     164,515       823       1.99 %     164,913       800       1.95 %     123,709       249       0.80 %
    Time deposits, $250,000 and under     1,037,365       12,312       4.72 %     1,049,666       12,360       4.74 %     1,285,320       14,090       4.35 %
    Time deposits, greater than $250,000     819,207       10,241       4.97 %     772,255       9,490       4.94 %     717,026       7,759       4.29 %
    Total interest-bearing deposits     2,516,780       27,746       4.39 %     2,474,474       26,803       4.36 %     2,584,680       24,955       3.83 %
    FHLB advances     150,543       453       1.20 %     150,000       439       1.18 %     150,000       440       1.16 %
    Long-term debt     119,370       1,295       4.32 %     119,275       1,296       4.37 %     173,923       2,194       5.00 %
    Subordinated debentures     15,066       386       10.19 %     15,011       383       10.26 %     14,848       385       10.29 %
    Total interest-bearing liabilities     2,801,759       29,880       4.24 %     2,758,760       28,921       4.22 %     2,923,451       27,974       3.80 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     528,081                       529,450                       571,371                  
    Other noninterest-bearing liabilities     52,428                       51,087                       67,282                  
    Total noninterest-bearing liabilities     580,509                       580,537                       638,653                  
    Shareholders’ equity     508,720                       512,185                       504,432                  
    Total liabilities and shareholders’ equity   $ 3,890,988                     $ 3,851,482                     $ 4,066,536                  
    Net interest income / interest rate spreads           $ 24,569       1.70 %           $ 23,988       1.67 %           $ 27,613       1.98 %
    Net interest margin                     2.68 %                     2.67 %                     2.87 %
                                                                             
    Total cost of deposits   $ 3,044,861     $ 27,746       3.63 %   $ 3,003,924     $ 26,803       3.59 %   $ 3,156,051     $ 24,955       3.14 %
    Total cost of funds   $ 3,329,840     $ 29,880       3.57 %   $ 3,288,210     $ 28,921       3.54 %   $ 3,494,822     $ 27,974       3.18 %

    _________________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)    		  
        For the Nine Months Ended  
        September 30, 2024     September 30, 2023  
    (tax-equivalent basis, dollars in thousands)   Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		     Average
    Balance    		     Interest
    & Fees    		     Yield /
    Rate    		  
    Interest-earning assets                                                
    Cash and cash equivalents(1)   $ 293,597     $ 12,560       5.71 %   $ 177,393     $ 6,812       5.13 %
    FHLB Stock     15,000       984       8.76 %     15,000       814       7.26 %
    Securities                                                
    Available for sale(2)     312,352       10,302       4.41 %     332,007       10,245       4.13 %
    Held to maturity(2)     5,203       140       3.59 %     5,610       151       3.60 %
    Mortgage loans held for sale     1,802       105       7.78 %     295       16       7.25 %
    Loans held for investment:(3)                                                
    Real estate     2,851,625       126,852       5.94 %     3,041,393       134,791       5.93 %
    Commercial     181,716       11,236       8.26 %     214,618       13,562       8.45 %
    Total loans held for investment     3,033,341       138,088       6.08 %     3,256,011       148,353       6.09 %
    Total interest-earning assets     3,661,295     $ 162,179       5.92 %     3,786,316     $ 166,391       5.88 %
    Total noninterest-earning assets     242,802                       244,822                  
    Total average assets   $ 3,904,097                     $ 4,031,138                  
                                                     
    Interest-bearing liabilities                                                
    NOW   $ 56,924       851       2.00 %   $ 59,476     $ 511       1.15 %
    Money Market     427,884       11,496       3.59 %     431,299       7,315       2.27 %
    Saving deposits     162,207       2,277       1.88 %     118,550       354       0.40 %
    Time deposits, $250,000 and under     1,087,501       38,476       4.73 %     1,141,290       33,905       3.97 %
    Time deposits, greater than $250,000     792,310       29,249       4.93 %     729,699       20,519       3.76 %
    Total interest-bearing deposits     2,526,826       82,349       4.35 %     2,480,314       62,604       3.37 %
    FHLB advances     150,182       1,331       1.18 %     179,707       2,428       1.81 %
    Long-term debt     119,276       3,886       4.35 %     173,780       6,584       5.07 %
    Subordinated debentures     15,012       1,153       10.26 %     14,794       1,084       9.80 %
    Total interest-bearing liabilities     2,811,296       88,719       4.22 %     2,848,595       72,700       3.41 %
    Noninterest-bearing liabilities                                                
    Noninterest-bearing deposits     528,624                       624,781                  
    Other noninterest-bearing liabilities     52,955                       58,786                  
    Total noninterest-bearing liabilities     581,579                       683,567                  
    Shareholders’ equity     511,222                       498,976                  
    Total liabilities and shareholders’ equity   $ 3,904,097                     $ 4,031,138                  
    Net interest income / interest rate spreads           $ 73,460       1.70 %           $ 93,691       2.47 %
    Net interest margin                     2.68 %                     3.31 %
                                                     
    Total cost of deposits   $ 3,055,450     $ 82,349       3.60 %   $ 3,105,095     $ 62,604       2.70 %
    Total cost of funds   $ 3,339,920     $ 88,719       3.55 %   $ 3,473,376     $ 72,700       2.80 %

    _______________
    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    		  
      At or for the Three Months Ended     At or for the Nine Months
    Ended September 30,    		  
      September 30,   June 30,     September 30,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.81     $ 28.12     $ 26.45     $ 28.81     $ 26.45  
    Tangible book value(1) $ 24.64     $ 24.06     $ 22.53     $ 24.64     $ 22.53  
    Performance ratios                                  
    Return on average assets, annualized   0.72 %     0.76 %     0.83 %     0.76 %     1.01 %
    Return on average shareholders’ equity, annualized   5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity, annualized(1)   6.40 %     6.65 %     7.82 %     6.81 %     9.58 %
    Noninterest income to average assets, annualized   0.59 %     0.36 %     0.27 %     0.43 %     0.25 %
    Noninterest expense to average assets, annualized   1.78 %     1.79 %     1.65 %     1.76 %     1.80 %
    Yield on average earning assets   5.94 %     5.89 %     5.78 %     5.92 %     5.88 %
    Yield on average loans   6.13 %     6.04 %     5.99 %     6.08 %     6.09 %
    Cost of average total deposits(2)   3.63 %     3.59 %     3.14 %     3.60 %     2.70 %
    Cost of average interest-bearing deposits   4.39 %     4.36 %     3.83 %     4.35 %     3.37 %
    Cost of average interest-bearing liabilities   4.24 %     4.22 %     3.80 %     4.22 %     3.41 %
    Net interest spread   1.70 %     1.67 %     1.98 %     1.70 %     2.47 %
    Net interest margin   2.68 %     2.67 %     2.87 %     2.68 %     3.31 %
    Efficiency ratio(3)   57.51 %     62.38 %     55.59 %     59.90 %     53.64 %
    Common stock dividend payout ratio   41.03 %     41.03 %     35.56 %     39.34 %     30.00 %

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)    		  
        At or for the quarter ended  
        September 30,     June 30,     September 30,  
        2024     2024     2023  
    Credit Quality Data:                        
    Special mention loans   $ 77,501     $ 19,520     $ 31,212  
    Special mention loans to total loans     2.51 %     0.64 %     1.00 %
    Substandard loans   $ 79,831     $ 63,076     $ 71,401  
    Substandard loans to total loans     2.58 %     2.07 %     2.29 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 10,625     $ 11,270     $ 19,662  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.34 %     0.37 %     0.63 %
    Nonperforming loans   $ 60,662     $ 54,589     $ 40,146  
    OREO     —       —       284  
    Nonperforming assets   $ 60,662     $ 54,589     $ 40,430  
    Nonperforming loans to total loans     1.96 %     1.79 %     1.29 %
    Nonperforming assets to total assets     1.52 %     1.41 %     0.99 %
                             
    Allowance for loan losses   $ 43,685     $ 41,741     $ 42,430  
    Allowance for loan losses to total loans     1.41 %     1.37 %     1.36 %
    Allowance for loan losses to nonperforming loans     72.01 %     76.46 %     105.69 %
    Net charge-offs   $ 1,201     $ 551     $ 2,206  
    Net charge-offs to average loans     0.16 %     0.07 %     0.28 %
                             
    Capital ratios(1)                        
    Tangible common equity to tangible assets(2)     11.13 %     11.53 %     10.71 %
    Tier 1 leverage ratio     12.19 %     12.48 %     11.68 %
    Tier 1 common capital to risk-weighted assets     18.16 %     18.89 %     17.65 %
    Tier 1 capital to risk-weighted assets     18.74 %     19.50 %     18.22 %
    Total capital to risk-weighted assets     24.79 %     25.67 %     26.24 %

    ______________
    (1) September 30, 2024 capital ratios are preliminary.
    (2) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)

    		  
    Loan Portfolio Detail   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Loans:                                          
    Commercial and industrial   $ 128,861   4.2 %   $ 126,649       4.2 %   $ 127,655       4.1 %
    SBA     48,089   1.6 %     50,323       1.7 %     50,420       1.6 %
    Construction and land development     180,196   5.8 %     202,459       6.6 %     259,778       8.3 %
    Commercial real estate (1)     1,252,682   40.5 %     1,190,207       39.1 %     1,164,210       37.3 %
    Single-family residential mortgages     1,473,396   47.7 %     1,467,802       48.2 %     1,505,307       48.2 %
    Other loans     8,672   0.2 %     10,272       0.2 %     13,582       0.5 %
    Total loans (2)   $ 3,091,896   100.0 %   $ 3,047,712       100.0 %   $ 3,120,952       100.0 %
    Allowance for loan losses     (43,685 )       (41,741 )             (42,430 )        
    Total loans, net   $ 3,048,211       $ 3,005,971             $ 3,078,522          

    _______________
    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $467, $645, and $383 as of September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Deposits   As of September 30, 2024   As of June 30, 2024     As of September 30, 2023  
    (dollars in thousands)   $   %   $       %   $       %
    Deposits:                                          
    Noninterest-bearing demand   $ 543,623   17.6 %   $ 542,971       18.0 %   $ 572,393       18.1 %
    Savings, NOW and money market accounts     666,089   21.5 %     647,770       21.4 %     608,020       19.3 %
    Time deposits, $250,000 and under     926,877   30.0 %     921,712       30.5 %     848,868       26.9 %
    Time deposits, greater than $250,000     808,304   26.1 %     790,478       26.1 %     687,365       21.8 %
    Wholesale deposits(1)     147,291   4.8 %     120,674       4.0 %     437,426       13.9 %
    Total deposits   $ 3,092,184   100.0 %   $ 3,023,605       100.0 %   $ 3,154,072       100.0 %

    ___________________
    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, June 30, 2024, and September 30, 2023.

                           
    (dollars in thousands, except share and per share data)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		  
    Tangible common equity:                        
    Total shareholders’ equity   $ 509,728     $ 511,291     $ 502,511  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible common equity   $ 436,036     $ 437,399     $ 428,003  
    Tangible assets:                        
    Total assets-GAAP   $ 3,990,477     $ 3,868,186     $ 4,069,354  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (2,194 )     (2,394 )     (3,010 )
    Tangible assets   $ 3,916,785     $ 3,794,294     $ 3,994,846  
    Common shares outstanding     17,693,416       18,182,154       18,995,303  
    Common equity to assets ratio     12.77 %     13.22 %     12.35 %
    Tangible common equity to tangible assets ratio     11.13 %     11.53 %     10.71 %
    Book value per share   $ 28.81     $ 28.12     $ 26.45  
    Tangible book value per share   $ 24.64     $ 24.06     $ 22.53  


    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights), and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended     Nine Months Ended September 30,  
    (dollars in thousands)   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     2024     2023  
    Net income available to common shareholders   $ 6,999     $ 7,245     $ 8,473     $ 22,280     $ 30,392  
    Average shareholders’ equity     508,720       512,185       504,432       511,222       498,976  
    Adjustments:                                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (2,326 )     (2,525 )     (3,165 )     (2,525 )     (3,398 )
    Adjusted average tangible common equity   $ 434,896     $ 438,162     $ 429,769     $ 437,199     $ 424,080  
    Return on average common equity     5.47 %     5.69 %     6.66 %     5.82 %     8.14 %
    Return on average tangible common equity     6.40 %     6.65 %     7.82 %     6.81 %     9.58 %

    The MIL Network –

  • MIL-OSI: CNB Financial Corporation Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CLEARFIELD, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) — CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024.

    Executive Summary

    • Net income available to common shareholders (“earnings”) was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024, compared to earnings of $11.9 million, or $0.56 per diluted share, for the three months ended June 30, 2024. The quarterly increase was a result of increases in both net interest income and non-interest income, partially offset by an increase in non-interest expense, as discussed in more detail below. The increase in third quarter 2024 earnings and diluted earnings per share when compared to the quarter ended September 30, 2023 earnings of $12.7 million, or $0.60 per diluted share, was primarily due to the increase in non-interest income, partially offset by an increase in non-interest expense.
    • Earnings were $36.3 million, or $1.72 per diluted share, for the nine months ended September 30, 2024, compared to earnings of $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023. The decrease in earnings and diluted earnings per share comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023 was primarily due to the rise in deposit costs year over year.
    • At September 30, 2024, loans totaled $4.5 billion, excluding the balances of syndicated loans. This adjusted total of $4.5 billion in loans represented an increase of $96.7 million, or 2.18% (8.69% annualized), compared to the same adjusted total loans measured as of June 30, 2024, and an increase of $153.4 million, or 3.51%, compared to the same adjusted total loans measured as of September 30, 2023. The increase in loans for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 was primarily driven by qualitative commercial and industrial growth in the Erie and Columbus markets and continued growth in new commercial customer relationships in the Corporation’s recent expansion market of Roanoke, coupled with growth in CNB’s Private Banking division with notable activity in the Roanoke market. The year over year growth in loans as of September 30, 2024 compared to loans as of September 30, 2023 resulted primarily from growth in the Corporation’s continued expansion into the newer markets of Cleveland and Roanoke, combined with growth in the Columbus and Erie markets and CNB Bank’s Private Banking division.
      • At September 30, 2024, the Corporation’s balance sheet reflected an increase in syndicated lending balances of $15.5 million compared to June 30, 2024. The increase in syndicated lending balances was the result of the Corporation managing the level of its syndicated portfolio by ensuring its historical discipline of seeking high credit quality loans with favorable yields. Year over year, the Corporation’s balance sheet reported a decrease in syndicated lending balances of $53.6 million compared to September 30, 2023, resulting from scheduled paydowns or early payoffs of certain syndicated loans. The syndicated loan portfolio totaled $69.5 million, or 1.51% of total loans, at September 30, 2024, compared to $53.9 million, or 1.20% of total loans, at June 30, 2024 and $123.1 million, or 2.74% of total loans, at September 30, 2023. As noted above, the Corporation is closely managing the level of its syndicated loan portfolio while it focuses more resources on organic loan growth from its in-market customer relationships.
    • At September 30, 2024, total deposits were $5.2 billion, reflecting an increase of $106.1 million, or 2.08% (8.26% annualized), from the previous quarter ended June 30, 2024, and an increase of $214.2 million, or 4.28%, compared to total deposits measured as of September 30, 2023. The increase in deposit balances compared to June 30, 2024 was primarily attributable to an increase in noninterest-bearing business deposits and retail saving deposits. Additional deposit and liquidity profile details were as follows:
      • During the quarter ended September 30, 2024, the Corporation repositioned $135.0 million of brokered deposits from savings to certificates of deposits. Additionally, $50.0 million of maturing brokered certificates of deposit were replaced with a similar offering. The repositioning and replacement totaling $185.0 million during the quarter and reduced the weighted average annual percentage yield (“APY”) from 5.70% to a locked-in APY of 4.37%, for maturity periods ranging from 12-14 months. This adjustment is expected to result in an estimated annual interest expense savings of $2.5 million for the Corporation. The mix of brokered deposits of 3.55% of total deposits at September 30, 2024, remained stable with the mix of 3.58% of total deposits at June 30, 2024.
      • At September 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 28.50% of total CNB Bank deposits. However, when excluding $103.1 million of affiliate company deposits and $462.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $950.6 million, or approximately 17.87% of total CNB Bank deposits as of September 30, 2024.
        • The level of adjusted uninsured deposits at September 30, 2024 was relatively unchanged with the prior quarter end’s level. At June 30, 2024, the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 29.00% of total CNB Bank deposits; however, when excluding $101.4 million of affiliate company deposits and $460.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $949.8 million, or approximately 18.22% of total CNB Bank deposits as of June 30, 2024.
      • At September 30, 2024, the average deposit balance per account for CNB Bank was approximately $33 thousand, which generally remained consistent with the average deposit balance per account from recent quarters. CNB Bank had increases in the volume of business deposits, as well as retail customer household deposits, including those added after the 2023 launches of (i) CNB Bank’s “At Ease” account, a service for U.S. service member and veteran families, and (ii) CNB’s women-focused banking division, Impressia Bank.
      • At September 30, 2024, the Corporation had $282.0 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.5 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total on-hand and contingent liquidity sources for the Corporation as of September 30, 2024 to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances discussed above.
    • At September 30, 2024, June 30, 2024 and September 30, 2023, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.
    • At September 30, 2024, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled approximately $62.5 million, or 10.30% of total shareholders’ equity, compared to $84.1 million, or 14.33% of total shareholders’ equity, at June 30, 2024. The change in unrealized losses was primarily due to changes in the yield curve in the third quarter of 2024 compared to the second quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of both September 30, 2024 and June 30, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation maintained $102.0 million of liquid funds at its holding company, which more than covers the $62.5 million in unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.
    • Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023. The increase in nonperforming assets for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily due to one commercial relationship (consisting of various loan types) totaling $7.9 million with a specific reserve balance of $2.2 million. Management does not believe there is risk of significant additional loss exposures beyond the specific reserves related to this loan relationship. The increase in non-performing assets at September 30, 2024 compared to September 30, 2023 was due to the loan relationship discussed above, as well as certain commercial and industrial relationships as previously disclosed in the fourth quarter of 2023 and second quarter of 2024, and a commercial real estate relationship as previously disclosed in the third quarter of 2023. For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
    • Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $19.7 million for the three months ended September 30, 2024, compared to $18.6 million and $18.2 million for the three months ended June 30, 2024 and September 30, 2023, respectively.1 The third quarter 2024 PPNR, when compared to the second quarter of 2024, reflected improvements in net interest income and non-interest income, partially offset by higher non-interest expense. The increase in PPNR for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily attributable to the increase in non-interest income. PPNR was $55.0 million for the nine months ended September 30, 2024 compared to $59.4 million for the nine months ended September 30, 2023.1 The decrease in PPNR for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributable to the significant year-over-year increase in deposit costs, coupled with increases in certain personnel costs (primarily from new offices and personnel added in expansion markets), as well as additional technology expenses for recently completed full implementation of business development and customer relationship management applications.

    1 This release contains references to certain financial measures that are not defined under U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.

    Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, commented on the Corporation’s positive quarterly results, stating, “CNB’s performance for the third quarter of 2024 was much in alignment with themes in a time of year when so many sports are active. We continue to have a strong defense with our traditionally sound loan and investment underwriting, disciplined loan and deposit pricing, and solid risk management practices. This was complemented by a solid offensive push as we translated pipeline activity and qualified business leads into sound loan growth, and an expansion of the number of relationships and accounts in our deposit base, all leading to notable increases in revenues. Further, thanks to effective “special team” efforts by our Finance team, we closely monitored market conditions and took advantage of an opportunity to realize substantial interest expense savings by repositioning a large portion of wholesale funding sources.

    The Corporation’s team across our entire footprint continues to be focused on controlling staffing levels and overhead cost management, while expanding the use of the Corporation’s previous investments in key sales and customer experience technologies. Our playbook for implementing our overall strategy remains the same – to maintain a team of motivated and engaged employees delivering products and services to achieve mutually beneficial and sustainable success for our clients and investors.”

    Other Balance Sheet Highlights

    • Book value per common share was $26.13 at September 30, 2024, reflecting an increase from $25.19 at June 30, 2024 and $23.52 at September 30, 2023. Tangible book value per common share, a non-GAAP measure, was $24.03 as of September 30, 2024, reflecting an increase of $0.94, or 16.20% (annualized) from $23.09 as of June 30, 2024 and a year-over-year increase of $2.63, or 12.29%, from $21.40 as of September 30, 2023.1 The increases in book value per common share and tangible book value per common share compared to June 30, 2024 were primarily due to a $9.1 million increase in retained earnings and a $10.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past three months. The increases in book value per common share and tangible book value per common share compared to September 30, 2023 were primarily due to (i) a $34.4 million increase in retained earnings over the twelve months ended September 30, 2024, (ii) the Corporation’s repurchase of 23,988 common shares at a weighted average price of $18.38 in the second quarter of 2024, and (iii) a $21.2 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.

    Loan Portfolio Profile

    • As part of our lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and if any concentration risk issues could lead to additional credit loss exposure. In the current post-pandemic and relatively inflationary economic environment, the Corporation has continued to evaluate its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality ratings for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At September 30, 2024, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
    • Commercial office loans:
      • There were 114 outstanding loans, totaling $117.0 million, or 2.55%, of the Corporation loans outstanding;
      • There were no nonaccrual commercial office loans at September 30, 2024;
      • There was one past due commercial office loan that totaled $214 thousand, or 0.18% of total commercial office loans outstanding at September 30, 2024; and
      • The average outstanding balance per commercial office loan was $1.0 million.
    • Commercial hospitality loans:
      • There were 173 outstanding loans, totaling $320.6 million, or 6.98%, of total Corporation loans outstanding;
      • There were no nonaccrual commercial hospitality loans at September 30, 2024;
      • There were no past due commercial hospitality loans at September 30, 2024; and
      • The average outstanding balance per commercial hospitality loan was $1.9 million.
    • Commercial multifamily loans:
      • There were 225 outstanding loans, totaling $349.1 million, or 7.60%, of total Corporation loans outstanding;
      • There was one nonaccrual commercial multifamily loan that totaled $268 thousand, or 0.08% of total multifamily loans outstanding. The one customer relationship did not have a related specific loss reserve at September 30, 2024
      • There were two past due commercial office loans that totaled $760 thousand, or 0.22% of total commercial multifamily loans outstanding at September 30, 2024; and
      • The average outstanding balance per commercial multifamily loan was $1.6 million.

    The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate credit (“HVCRE”).

    Performance Ratios

    • Annualized return on average equity was 9.28% for the three months ended September 30, 2024, compared to 8.94% and 9.80% for the three months ended June 30, 2024 and September 30, 2023, respectively. Annualized return on average equity was 9.01% for the nine months ended September 30, 2024 compared to 10.74% for the nine months ended September 30, 2023.
    • Annualized return on average tangible common equity, a non-GAAP measure, was 10.33% for the three months ended September 30, 2024, compared to 9.93% and 11.07% for the three months ended June 30, 2024 and September 30, 2023, respectively.1 Annualized return on average tangible common equity, a non-GAAP measure, was 10.01% for the nine months ended September 30, 2024 compared to 12.23% for the nine months ended September 30, 2023.1
    • The Corporation’s efficiency ratio was 66.34% for the three months ended September 30, 2024, compared to 65.94% and 67.00% for the three months ended June 30, 2024 and September 30, 2023, respectively. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 65.58% for the three months ended September 30, 2024, compared to 65.20% and 66.26% for the three months ended June 30, 2024 and September 30, 2023, respectively.1 The increase for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was primarily the result of an increase in incentive compensation related accruals which are based on various components of the Corporation’s financial performance for the year.
    • The Corporation’s efficiency ratio was 67.10% for the nine months ended September 30, 2024, compared to 64.26% for the nine months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 66.34% for the nine months ended September 30, 2024, compared to 63.60% the nine months ended September 30, 2023.1

    Revenue

    • Total revenue (net interest income plus non-interest income) was $58.5 million for the three months ended September 30, 2024, compared to $54.6 million and $55.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively.
      • Net interest income was $47.5 million for the three months ended September 30, 2024, compared to $45.7 million and $47.2 million, for the three months ended June 30, 2024 and September 30, 2023, respectively. When comparing the third quarter of 2024 to the second quarter of 2024, the difference in net interest income of $1.8 million, or 3.87% (15.39% annualized), reflected the increase in total loans outstanding quarter over quarter, partially offset by targeted interest-bearing deposit rate increases to ensure both deposit relationship retention and new deposit growth in the Corporation’s markets.
      • Net interest margin was 3.43%, 3.36% and 3.55% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.42%, 3.34% and 3.53% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.1 
        • The yield on earning assets of 5.98% for the three months ended September 30, 2024 increased 9 basis points from June 30, 2024 and increased 35 basis points from September 30, 2023. The increases in yield compared to June 30, 2024 and September 30, 2023 were attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
        • The cost of interest-bearing liabilities of 3.21% for the three months ended September 30, 2024 increased 4 basis points from June 30, 2024 and 55 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022.
    • Total revenue was $167.2 million for the nine months ended September 30, 2024 compared to $166.3 million for the nine months ended September 30, 2023.
      • Net interest income was $138.4 million for the nine months ended September 30, 2024 compared to $142.1 million for the nine months ended September 30, 2023. When comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, the decrease in net interest income of $3.7 million, or 2.61% (3.49% annualized), was due to loan growth and the benefits of the impact of higher interest rates resulting in greater income on variable-rate loans, coupled with a higher average balance of interest-bearing deposits with the Federal Reserve, being more than offset by an increase in the Corporation’s interest expense as a result of targeted interest-bearing deposit rate increases to ensure both deposit growth and retention.
      • Net interest margin was 3.40% and 3.66% for the nine months ended September 30, 2024 and 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.38% and 3.64% for the nine months ended September 30, 2024 and 2023, respectively.1 
        • The yield on earning assets of 5.89% for the nine months ended September 30, 2024 increased 41 basis points from September 30, 2023. The increase in yield compared to September 30, 2023 was attributable to the net benefit of higher interest rates on both variable-rate loans and new loan production.
        • The cost of interest-bearing liabilities of 3.14% for the nine months ended September 30, 2024 increased 80 basis points from September 30, 2023 primarily as a result of the Corporation’s targeted interest-bearing deposit rate increases for deposit retention and growth initiatives given the competitive environment resulting from the numerous Federal Reserve rate hikes since the first quarter of 2022. The Federal Reserve rate decrease announced in mid-September 2024, being only effective for a short period of time in the quarter, had no significant impact on the Corporation’s third quarter results.
    • Total non-interest income was $11.0 million for the three months ended September 30, 2024 compared to $8.9 million and $7.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. During the three months ended September 30, 2024, notable changes compared to the three months ended June 30, 2024 included increases in net realized and unrealized gains on equity securities and higher pass-through income from small business investment companies (“SBICs”). The increase in third quarter 2024 noninterest income compared to the three months ended September 30, 2023 was primarily due to higher pass-through income from SBICs and net realized and unrealized gains on equity securities.
    • Total non-interest income was $28.8 million for the nine months ended September 30, 2024 compared to $24.2 million for the nine months ended September 30, 2023. This increase was primarily due to higher pass-through income from SBICs coupled with an increase in net realized and unrealized gains on equity securities.

    Non-Interest Expense

    • For the three months ended September 30, 2024 total non-interest expense was $38.8 million, compared to $36.0 million and $36.9 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The increase of $2.8 million, or 7.77%, from the three months ended June 30, 2024 was primarily a result of an increase in salaries and benefits, card processing and interchange expenses, and other non-interest expenses. The increase in salaries and benefits resulted primarily from an increase in incentive compensation accruals, which are based on various components of the Corporation’s financial performance for the year, coupled with the timing of profit-sharing accruals. The increase in card processing and interchange expenses related primarily to corporate cardholder rewards program accrual, while the increase in other non-interest expenses was primarily driven by the timing of expenditures and business generation related expenses. The increase in non-interest expense compared to the three months ended September 30, 2023 was primarily attributable to higher salaries and benefits driven by costs for personnel added for new offices in expansion markets, an increase in personnel costs related to annual merit increases, increases in health insurance costs, and contractual renewal increases in the Corporation’s investments in technology applications.
    • For the nine months ended September 30, 2024 total non-interest expense was $112.2 million, compared to $106.9 million for the nine months ended September 30, 2023. The increase of $5.3 million, or 4.96%, from the nine months ended September 30, 2023 was primarily a result of an increase in salaries and benefits and technology expenses, partially offset by a decrease in card processing and interchange expenses. The increase in salaries and benefits was driven by an increase in personnel costs related to annual merit increases and growth in the Corporation’s staff and new offices in its expansion markets, while the increase in technology was primarily due to year-over-year investments in technology applications aimed at enhancing both customer online banking capabilities, customer call center communications, and in-branch technology delivery channels. The decrease in card processing and interchange expenses related to the changes made by the Corporation to its cardholder rewards program.

    Income Taxes

    • Income tax expense for the three months ended September 30, 2024 was $3.3 million, representing a 19.31% effective tax rate, compared to $3.0 million, representing an 19.03% effective tax rate, for the three months ended June 30, 2024 and $3.4 million, representing a 19.86% effective tax rate, for the three months ended September 30, 2023. Income tax expense for the nine months ended September 30, 2024 was $9.2 million, representing an 18.92% effective tax rate compared to $10.6 million, representing a 19.47% effective tax rate, for the nine months ended September 30, 2023.

    Asset Quality

    • Total nonperforming assets were approximately $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $36.5 million, or 0.62% of total assets, as of June 30, 2024, and $29.3 million, or 0.51% of total assets, as of September 30, 2023, as discussed above.
    • The allowance for credit losses measured as a percentage of total loans was 1.02% as of September 30, 2024 compared to 1.02% as of both June 30, 2024 and September 30, 2023. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 117.03% as of September 30, 2024, compared to 130.88% and 169.34% as of June 30, 2024 and September 30, 2023, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed above.
    • The provision for credit losses was $2.4 million for the three months ended September 30, 2024, compared to $2.6 million and $1.1 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The $1.3 million increase in the provision expense for the third quarter of 2024 compared to the third quarter of 2023 was primarily a result of higher loan portfolio growth and increased net loan charge-offs in the third quarter of 2024 compared to the third quarter of 2023.
    • For the three months ended September 30, 2024, net loan charge-offs were $1.2 million, or 0.11% (annualized) of average total loans and loans held for sale, compared to $2.8 million, or 0.25% (annualized) of average total loans and loans held for sale, during the three months ended June 30, 2024, and $732 thousand, or 0.06% (annualized) of average total loans and loans held for sale, during the three months ended September 30, 2023.
    • For the nine months ended September 30, 2024, net loan charge-offs were $5.4 million, or 0.16% (annualized) of average total loans and loans held for sale, compared to $2.2 million, or 0.07% (annualized) of average total loans and loans held for sale, during the nine months ended September 30, 2023, with most of the larger year-to-date charge-offs being as previously disclosed occurring in the first and second quarter of 2024.

    Capital

    • As of September 30, 2024, the Corporation’s total shareholders’ equity was $606.4 million, representing an increase of $19.7 million, or 3.35% (13.33% annualized), from June 30, 2024 and an increase of $57.2 million, or 10.41%, from September 30, 2023 primarily due to an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months. The additions to shareholders equity from retained earnings were partially offset by the Corporation’s repurchase of its common stock, as discussed above.
    • Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of September 30, 2024, consistent with prior periods.
    • As of September 30, 2024, the Corporation’s ratio of common shareholders’ equity to total assets was 9.12% compared to 8.99% at June 30, 2024 and 8.57% at September 30, 2023. As of September 30, 2024, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.45% compared to 8.30% at June 30, 2024 and 7.86% at September 30, 2023. The increases compared to June 30, 2024 and September 30, 2023 were primarily the result of an increase in retained earnings coupled with a decrease in accumulated other comprehensive loss, as discussed above.1

    About CNB Financial Corporation

    CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.0 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, two loan production offices, one drive-up office, one mobile office, and 54 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at http://www.CNBBank.bank.

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (viii) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (ix) changes in the quality or composition of our loan and investment portfolios; (x) adequacy of loan loss reserves; (xi) increased competition; (xii) loss of certain key officers; (xiii) deposit attrition; (xiv) rapidly changing technology; (xv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvi) changes in the cost of funds, demand for loan products or demand for financial services; and (xvii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.

    The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Income Statement                  
    Interest and fees on loans $ 75,725     $ 72,142     $ 70,980     $ 219,380     $ 200,206  
    Interest and dividends on securities and cash and cash equivalents   7,510       8,510       4,536       22,412       14,279  
    Interest expense   (35,749 )     (34,935 )     (28,280 )     (103,367 )     (72,353 )
    Net interest income   47,486       45,717       47,236       138,425       142,135  
    Provision for credit losses   2,381       2,591       1,056       6,292       4,751  
    Net interest income after provision for credit losses   45,105       43,126       46,180       132,133       137,384  
    Non-interest income                  
    Wealth and asset management fees   2,060       2,007       1,833       5,869       5,567  
    Service charges on deposit accounts   1,790       1,794       1,861       5,278       5,569  
    Other service charges and fees   796       712       567       2,203       2,283  
    Net realized gains (losses) on available-for-sale securities   (9 )     —       —       (9 )     52  
    Net realized and unrealized gains (losses) on equity securities   656       (80 )     (400 )     767       (930 )
    Mortgage banking   197       187       172       580       516  
    Bank owned life insurance   775       784       754       2,326       2,211  
    Card processing and interchange income   2,241       2,187       2,098       6,444       6,219  
    Other non-interest income   2,467       1,274       978       5,335       2,711  
    Total non-interest income   10,973       8,865       7,863       28,793       24,198  
    Non-interest expenses                  
    Salaries and benefits   19,572       17,676       17,758       56,035       51,862  
    Net occupancy expense of premises   3,701       3,580       3,596       10,921       10,790  
    Technology expense   5,417       5,573       5,232       16,062       14,677  
    Advertising expense   623       553       840       1,861       2,085  
    State and local taxes   1,256       1,237       1,028       3,636       3,108  
    Legal, professional, and examination fees   940       1,119       1,320       3,231       3,167  
    FDIC insurance premiums   846       1,018       1,027       2,854       2,901  
    Card processing and interchange expenses   1,193       878       1,207       3,250       4,269  
    Other non-interest expense   5,236       4,355       4,906       14,347       14,033  
    Total non-interest expenses   38,784       35,989       36,914       112,197       106,892  
    Income before income taxes   17,294       16,002       17,129       48,729       54,690  
    Income tax expense   3,340       3,045       3,402       9,218       10,647  
    Net income   13,954       12,957       13,727       39,511       44,043  
    Preferred stock dividends   1,076       1,075       1,076       3,226       3,226  
    Net income available to common shareholders $ 12,878     $ 11,882     $ 12,651     $ 36,285     $ 40,817  
                       
    Ending shares outstanding   20,994,730       20,998,117       20,895,634       20,994,730       20,895,634  
    Average diluted common shares outstanding   20,911,862       20,893,396       20,899,744       20,895,538       20,979,032  
    Diluted earnings per common share $ 0.61     $ 0.56     $ 0.60     $ 1.72     $ 1.94  
    Cash dividends per common share $ 0.180     $ 0.175     $ 0.175     $ 0.530     $ 0.525  
    Dividend payout ratio   30 %     31 %     29 %     31 %     27 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Average Balances                  
    Total loans and loans held for sale $ 4,536,702     $ 4,441,633     $ 4,485,017     $ 4,469,321     $ 4,373,648  
    Investment securities   722,577       734,087       749,352       729,273       771,457  
    Total earning assets   5,503,832       5,465,645       5,273,758       5,440,145       5,194,485  
    Total assets   5,907,115       5,854,978       5,647,491       5,831,002       5,561,649  
    Noninterest-bearing deposits   795,771       761,270       792,193       764,770       805,513  
    Interest-bearing deposits   4,319,606       4,321,678       4,109,360       4,290,247       3,976,820  
    Shareholders’ equity   597,984       583,221       555,464       586,017       548,034  
    Tangible common shareholders’ equity (non-GAAP) (1)   496,091       481,309       453,493       484,105       446,048  
                       
    Average Yields (annualized)                  
    Total loans and loans held for sale   6.66 %     6.55 %     6.30 %     6.57 %     6.14 %
    Investment securities   2.19 %     2.14 %     1.96 %     2.11 %     1.96 %
    Total earning assets   5.98 %     5.89 %     5.63 %     5.89 %     5.48 %
    Interest-bearing deposits   3.19 %     3.15 %     2.62 %     3.11 %     2.27 %
    Interest-bearing liabilities   3.21 %     3.17 %     2.66 %     3.14 %     2.34 %
                       
    Performance Ratios (annualized)                  
    Return on average assets   0.94 %     0.89 %     0.96 %     0.91 %     1.06 %
    Return on average equity   9.28 %     8.94 %     9.80 %     9.01 %     10.74 %
    Return on average tangible common equity (non-GAAP) (1)   10.33 %     9.93 %     11.07 %     10.01 %     12.23 %
    Net interest margin, fully tax equivalent basis (non-GAAP) (1)   3.42 %     3.34 %     3.53 %     3.38 %     3.64 %
    Efficiency Ratio, fully tax equivalent basis (non-GAAP) (1)   65.58 %     65.20 %     66.26 %     66.34 %     63.60 %
                       
    Net Loan Charge-Offs                  
    CNB Bank net loan charge-offs $ 837     $ 2,348     $ 381     $ 4,063     $ 955  
    Holiday Financial net loan charge-offs   383       456       351       1,305       1,252  
    Total Corporation net loan charge-offs $ 1,220     $ 2,804     $ 732     $ 5,368     $ 2,207  
    Annualized net loan charge-offs / average total loans and loans held for sale   0.11 %     0.25 %     0.06 %     0.16 %     0.07 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Ending Balance Sheet          
    Cash and due from banks $ 75,214     $ 56,031     $ 61,529  
    Interest-bearing deposits with Federal Reserve   281,972       271,943       117,632  
    Interest-bearing deposits with other financial institutions   3,723       3,171       3,424  
    Total cash and cash equivalents   360,909       331,145       182,585  
    Debt securities available-for-sale, at fair value   378,965       359,900       335,122  
    Debt securities held-to-maturity, at amortized cost   328,152       354,569       391,301  
    Equity securities   10,389       9,654       8,948  
    Loans held for sale   768       642       464  
    Loans receivable          
    Syndicated loans   69,470       53,938       123,090  
    Loans   4,522,438       4,425,754       4,369,084  
    Total loans receivable   4,591,908       4,479,692       4,492,174  
    Less: allowance for credit losses   (46,644 )     (45,532 )     (45,832 )
    Net loans receivable   4,545,264       4,434,160       4,446,342  
    Goodwill and other intangibles   43,874       43,874       43,874  
    Core deposit intangible   223       241       299  
    Other assets   346,300       352,386       322,973  
    Total Assets $ 6,014,844     $ 5,886,571     $ 5,731,908  
               
    Noninterest-bearing demand deposits $ 841,292     $ 762,918     $ 782,996  
    Interest-bearing demand deposits   681,056       693,074       781,309  
    Savings   3,040,769       3,140,505       2,883,736  
    Certificates of deposit   653,832       514,348       554,740  
    Total deposits   5,216,949       5,110,845       5,002,781  
    Subordinated debentures   20,620       20,620       20,620  
    Subordinated notes, net of issuance costs   84,495       84,419       84,191  
    Other liabilities   86,417       83,987       75,104  
    Total liabilities   5,408,481       5,299,871       5,182,696  
    Common stock   —       —       —  
    Preferred stock   57,785       57,785       57,785  
    Additional paid in capital   219,304       218,756       220,100  
    Retained earnings   371,086       361,987       336,690  
    Treasury stock   (4,516 )     (4,438 )     (6,862 )
    Accumulated other comprehensive loss   (37,296 )     (47,390 )     (58,501 )
    Total shareholders’ equity   606,363       586,700       549,212  
    Total liabilities and shareholders’ equity $ 6,014,844     $ 5,886,571     $ 5,731,908  
               
    Book value per common share $ 26.13     $ 25.19     $ 23.52  
    Tangible book value per common share (non-GAAP) (1) $ 24.03     $ 23.09     $ 21.40  

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Capital Ratios          
    Tangible common equity / tangible assets (non-GAAP) (1)   8.45 %     8.30 %     7.86 %
    Tier 1 leverage ratio (2)   10.59 %     10.56 %     10.50 %
    Common equity tier 1 ratio (2)   11.64 %     11.71 %     11.21 %
    Tier 1 risk-based ratio (2)   13.30 %     13.41 %     12.92 %
    Total risk-based ratio (2)   16.06 %     16.20 %     15.68 %
               
    Asset Quality Detail          
    Nonaccrual loans $ 39,855     $ 34,788     $ 27,065  
    Loans 90+ days past due and accruing   666       112       231  
    Total nonperforming loans   40,521       34,900       27,296  
    Other real estate owned   1,514       1,641       2,039  
    Total nonperforming assets $ 42,035     $ 36,541     $ 29,335  
               
    Asset Quality Ratios          
    Nonperforming assets / Total loans + OREO   0.92 %     0.82 %     0.65 %
    Nonperforming assets / Total assets   0.70 %     0.62 %     0.51 %
    Ratio of allowance for credit losses on loans to nonaccrual loans   117.03 %     130.88 %     169.34 %
    Allowance for credit losses / Total loans   1.02 %     1.02 %     1.02 %
               
               
    Consolidated Financial Data Notes:          
    (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
    (2) Capital ratios as of September 30, 2024 are estimated pending final regulatory filings.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Three Months Ended,
      September 30, 2024   June 30, 2024   September 30, 2023
      Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.
    ASSETS:                                  
    Securities:                                  
    Taxable (1) (4) $ 690,098     2.14 %   $ 3,980   $ 702,036     2.09 %   $ 3,941   $ 711,299     1.89 %   $ 3,674
    Tax-exempt (1) (2) (4)   25,368     2.57       178     25,088     2.59       178     29,455     2.55       204
    Equity securities (1) (2)   7,111     5.71       102     6,963     5.72       99     8,598     5.58       121
    Total securities (4)   722,577     2.19       4,260     734,087     2.14       4,218     749,352     1.96       3,999
    Loans receivable:                                  
    Commercial (2) (3)   1,457,192     7.02       25,708     1,416,476     6.85       24,133     1,516,942     6.72       25,693
    Mortgage and loans held for sale (2) (3)   2,947,787     6.25       46,278     2,897,473     6.15       44,331     2,834,576     5.83       41,618
    Consumer (3)   131,723     11.93       3,950     127,684     12.17       3,863     133,499     11.51       3,874
    Total loans receivable (3)   4,536,702     6.66       75,936     4,441,633     6.55       72,327     4,485,017     6.30       71,185
    Interest-bearing deposits with the Federal Reserve and other financial institutions   244,553     5.33       3,279     289,925     5.99       4,321     39,389     5.78       574
    Total earning assets   5,503,832     5.98     $ 83,475     5,465,645     5.89     $ 80,866     5,273,758     5.63     $ 75,758
    Noninterest-bearing assets:                                  
    Cash and due from banks   58,472               53,710               55,502          
    Premises and equipment   118,404               112,386               109,854          
    Other assets   272,377               268,930               254,106          
    Allowance for credit losses   (45,970 )             (45,693 )             (45,729 )        
    Total non interest-bearing assets   403,283               389,333               373,733          
    TOTAL ASSETS $ 5,907,115             $ 5,854,978             $ 5,647,491          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                                  
    Demand—interest-bearing $ 682,690     0.86 %   $ 1,477   $ 713,431     0.76 %   $ 1,342   $ 813,264     0.52 %   $ 1,061
    Savings   3,076,351     3.55       27,461     3,097,598     3.57       27,464     2,788,499     3.13       22,004
    Time   560,565     4.03       5,684     510,649     3.93       4,988     507,597     3.16       4,048
    Total interest-bearing deposits   4,319,606     3.19       34,622     4,321,678     3.15       33,794     4,109,360     2.62       27,113
    Short-term borrowings   —     0.00       —     —     0.00       —     6,101     5.66       87
    Finance lease liabilities   236     5.06       3     259     4.66       3     328     4.84       4
    Subordinated notes and debentures   105,077     4.26       1,124     105,001     4.36       1,138     104,773     4.07       1,076
    Total interest-bearing liabilities   4,424,919     3.21     $ 35,749     4,426,938     3.17     $ 34,935     4,220,562     2.66     $ 28,280
    Demand—noninterest-bearing   795,771               761,270               792,193          
    Other liabilities   88,441               83,549               79,272          
    Total Liabilities   5,309,131               5,271,757               5,092,027          
    Shareholders’ equity   597,984               583,221               555,464          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,907,115             $ 5,854,978             $ 5,647,491          
    Interest income/Earning assets     5.98 %   $ 83,475       5.89 %   $ 80,866       5.63 %   $ 75,758
    Interest expense/Interest-bearing liabilities     3.21       35,749       3.17       34,935       2.66       28,280
    Net interest spread     2.77 %   $ 47,726       2.72 %   $ 45,931       2.97 %   $ 47,478
    Interest income/Earning assets     5.98 %     83,475       5.89 %     80,866       5.63 %     75,758
    Interest expense/Earning assets     2.56       35,749       2.55       34,935       2.10       28,280
    Net interest margin (fully tax-equivalent)     3.42 %   $ 47,726       3.34 %   $ 45,931       3.53 %   $ 47,478
     
    _____________________________________________
    (1)     Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $240 thousand, $214 thousand and $242 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 was $(51.1) million, $(59.2) million and $(61.1) million, respectively.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

      Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
      Nine Months Ended,
      September 30, 2024   September 30, 2023
      Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.    		   Average
    Balance    		   Annual
    Rate    		   Interest
    Inc./Exp.
    ASSETS:                      
    Securities:                      
    Taxable (1) (4) $ 696,259     2.06 %   $ 11,572   $ 729,787     1.89 %   $ 11,140
    Tax-exempt (1) (2) (4)   26,063     2.58       547     31,025     2.60       646
    Equity securities (1) (2)   6,951     5.69       296     10,645     4.97       396
    Total securities (4)   729,273     2.11       12,415     771,457     1.96       12,182
    Loans receivable:                      
    Commercial (2) (3)   1,434,545     6.92       74,360     1,512,575     6.49       73,423
    Mortgage and loans held for sale (2) (3)   2,905,301     6.16       134,012     2,733,423     5.70       116,439
    Consumer (3)   129,475     11.96       11,591     127,650     11.50       10,978
    Total loans receivable (3)   4,469,321     6.57       219,963     4,373,648     6.14       200,840
    Interest-bearing deposits with the Federal Reserve and other financial institutions   241,551     5.58       10,085     49,380     6.01       2,221
    Total earning assets   5,440,145     5.89     $ 242,463     5,194,485     5.48     $ 215,243
    Noninterest-bearing assets:                      
    Cash and due from banks   55,243               54,494          
    Premises and equipment   113,629               107,016          
    Other assets   267,797               250,210          
    Allowance for credit losses   (45,812 )             (44,556 )        
    Total non interest-bearing assets   390,857               367,164          
    TOTAL ASSETS $ 5,831,002             $ 5,561,649          
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                      
    Demand—interest-bearing $ 711,911     0.75 %   $ 4,014   $ 878,955     0.54 %   $ 3,545
    Savings   3,046,518     3.53       80,536     2,581,604     2.75       53,070
    Time   531,818     3.87       15,414     516,261     2.79       10,775
    Total interest-bearing deposits   4,290,247     3.11       99,964     3,976,820     2.27       67,390
    Short-term borrowings   —     0.00       —     47,094     5.07       1,787
    Finance lease liabilities   259     4.64       9     350     4.58       12
    Subordinated notes and debentures   105,001     4.32       3,394     104,698     4.04       3,164
    Total interest-bearing liabilities   4,395,507     3.14     $ 103,367     4,128,962     2.34     $ 72,353
    Demand—noninterest-bearing   764,770               805,513          
    Other liabilities   84,708               79,140          
    Total Liabilities   5,244,985               5,013,615          
    Shareholders’ equity   586,017               548,034          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,831,002             $ 5,561,649          
    Interest income/Earning assets     5.89 %   $ 242,463       5.48 %   $ 215,243
    Interest expense/Interest-bearing liabilities     3.14       103,367       2.34       72,353
    Net interest spread     2.75 %   $ 139,096       3.14 %   $ 142,890
    Interest income/Earning assets     5.89 %     242,463       5.48 %     215,243
    Interest expense/Earning assets     2.51       103,367       1.84       72,353
    Net interest margin (fully tax-equivalent)     3.38 %   $ 139,096       3.64 %   $ 142,890
     
    _____________________________________________
    (1)     Includes unamortized discounts and premiums.
    (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the nine months ended September 30, 2024 and 2023, was $671 thousand and $755 thousand, respectively.
    (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees.
    (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the nine months ended September 30, 2024 and 2023 was $(55.1) million and $(58.6) million, respectively.

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Calculation of tangible book value per common share and tangible common
    equity / tangible assets (non-GAAP):    		          
    Shareholders’ equity $ 606,363     $ 586,700     $ 549,212  
    Less: preferred equity   57,785       57,785       57,785  
    Common shareholders’ equity   548,578       528,915       491,427  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   223       241       299  
    Tangible common equity (non-GAAP) $ 504,481     $ 484,800     $ 447,254  
               
    Total assets $ 6,014,844     $ 5,886,571     $ 5,731,908  
    Less: goodwill and other intangibles   43,874       43,874       43,874  
    Less: core deposit intangible   223       241       299  
    Tangible assets (non-GAAP) $ 5,970,747     $ 5,842,456     $ 5,687,735  
               
    Ending shares outstanding   20,994,730       20,998,117       20,895,634  
               
    Book value per common share (GAAP) $ 26.13     $ 25.19     $ 23.52  
    Tangible book value per common share (non-GAAP) $ 24.03     $ 23.09     $ 21.40  
               
    Common shareholders’ equity / Total assets (GAAP)   9.12 %     8.99 %     8.57 %
    Tangible common equity / Tangible assets (non-GAAP)   8.45 %     8.30 %     7.86 %
               

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of net interest margin:                  
    Interest income $ 83,235     $ 80,652     $ 75,516     $ 241,792     $ 214,488  
    Interest expense   35,749       34,935       28,280       103,367       72,353  
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
                       
    Average total earning assets $ 5,503,832     $ 5,465,645     $ 5,273,758     $ 5,440,145     $ 5,194,485  
                       
    Net interest margin (GAAP) (annualized)   3.43 %     3.36 %     3.55 %     3.40 %     3.66 %
                       
    Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):                  
    Interest income $ 83,235     $ 80,652     $ 75,516     $ 241,792     $ 214,488  
    Tax equivalent adjustment (non-GAAP)   240       214       242       671       755  
    Adjusted interest income (fully tax equivalent basis) (non-GAAP)   83,475       80,866       75,758       242,463       215,243  
    Interest expense   35,749       34,935       28,280       103,367       72,353  
    Net interest income (fully tax equivalent basis) (non-GAAP) $ 47,726     $ 45,931     $ 47,478     $ 139,096     $ 142,890  
                       
    Average total earning assets $ 5,503,832     $ 5,465,645     $ 5,273,758     $ 5,440,145     $ 5,194,485  
    Less: average mark to market adjustment on investments (non-GAAP)   (51,075 )     (59,225 )     (61,103 )     (55,134 )     (58,577 )
    Adjusted average total earning assets, net of mark to market (non-GAAP) $ 5,554,907     $ 5,524,870     $ 5,334,861     $ 5,495,279     $ 5,253,062  
                       
    Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)   3.42 %     3.34 %     3.53 %     3.38 %     3.64 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of PPNR (non-GAAP): (1)                  
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
    Add: Non-interest income   10,973       8,865       7,863       28,793       24,198  
    Less: Non-interest expense   38,784       35,989       36,914       112,197       106,892  
    PPNR (non-GAAP) $ 19,675     $ 18,593     $ 18,185     $ 55,021     $ 59,441  
                       
    (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.
      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of efficiency ratio:                  
    Non-interest expense $ 38,784     $ 35,989     $ 36,914     $ 112,197     $ 106,892  
                       
    Non-interest income $ 10,973     $ 8,865     $ 7,863     $ 28,793     $ 24,198  
    Net interest income   47,486       45,717       47,236       138,425       142,135  
    Total revenue $ 58,459     $ 54,582     $ 55,099     $ 167,218     $ 166,333  
    Efficiency ratio   66.34 %     65.94 %     67.00 %     67.10 %     64.26 %
                       
    Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):                  
    Non-interest expense $ 38,784     $ 35,989     $ 36,914     $ 112,197     $ 106,892  
    Less: core deposit intangible amortization   18       19       20       57       65  
    Adjusted non-interest expense (non-GAAP) $ 38,766     $ 35,970     $ 36,894     $ 112,140     $ 106,827  
                       
    Non-interest income $ 10,973     $ 8,865     $ 7,863     $ 28,793     $ 24,198  
                       
    Net interest income $ 47,486     $ 45,717     $ 47,236     $ 138,425     $ 142,135  
    Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)   1,473       1,318       1,376       4,127       4,043  
    Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)   2,123       1,902       1,955       5,957       5,668  
    Adjusted net interest income (fully tax equivalent basis) (non-GAAP)   48,136       46,301       47,815       140,255       143,760  
    Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 59,109     $ 55,166     $ 55,678     $ 169,048     $ 167,958  
                       
    Efficiency ratio (fully tax equivalent basis) (non-GAAP)   65.58 %     65.20 %     66.26 %     66.34 %     63.60 %

    CNB FINANCIAL CORPORATION
    CONSOLIDATED FINANCIAL DATA
    Unaudited
    (dollars in thousands, except per share data)

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Calculation of return on average tangible common equity (non-GAAP):                  
    Net income $ 13,954     $ 12,957     $ 13,727     $ 39,511     $ 44,043  
    Less: preferred stock dividends   1,076       1,075       1,076       3,226       3,226  
    Net income available to common shareholders $ 12,878     $ 11,882     $ 12,651     $ 36,285     $ 40,817  
                       
    Average shareholders’ equity $ 597,984     $ 583,221     $ 555,464     $ 586,017     $ 548,034  
    Less: average goodwill & intangibles   44,108       44,127       44,186       44,127       44,201  
    Less: average preferred equity   57,785       57,785       57,785       57,785       57,785  
    Tangible common shareholders’ equity (non-GAAP) $ 496,091     $ 481,309     $ 453,493     $ 484,105     $ 446,048  
                       
    Return on average equity (GAAP) (annualized)   9.28 %     8.94 %     9.80 %     9.01 %     10.74 %
    Return on average common equity (GAAP) (annualized)   9.48 %     9.10 %     10.09 %     9.18 %     11.13 %
    Return on average tangible common equity (non-GAAP) (annualized)   10.33 %     9.93 %     11.07 %     10.01 %     12.23 %

    The MIL Network –

  • MIL-OSI: iRhythm Technologies Receives FDA 510(k) Clearance for Design Updates Previously Made to Its Zio® AT Device

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 21, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, announced today that the U.S. Food and Drug Administration (FDA) has granted clearance for its 510(k) submission related to prior design changes made to the Zio AT device via letter to file. Zio AT remains commercially available on the market to ship to customers in the United States.

    “This clearance is related to modifications and certain enhancements to our Zio AT device previously made via letter to file and has been a priority for our teams to demonstrate iRhythm’s commitment to quality, compliance and performance,” said Quentin Blackford, iRhythm President and Chief Executive Officer. “We are pleased to have received this first 510(k) clearance in line with the sequence of how we submitted the first of two 510(k)s at the beginning of this year, and we look forward to hearing about our second 510(k) in the near future. Both 510(k) submissions are related to our ongoing remediation efforts with the FDA, and we remain committed to patient safety, physician trust in Zio AT’s clinical performance, service quality, and regulatory compliance.”

    About the Zio AT System

    The Zio AT device is a prescription-only outpatient cardiac telemetry device, commonly referred to as a mobile cardiac telemetry device, which is used for the provision of our mobile cardiac telemetry (MCT) services. The Zio AT system consists of: the Zio AT patch, an ECG monitor that continuously records ECG data for up to 14 days; the wireless gateway that provides connectivity between the Zio AT patch and the Zio ECG Utilization Software (ZEUS) to transmit data during the wear period; and ZEUS, iRhythm’s deep-learning algorithm that analyzes cardiac events transmitted by the Zio AT device and gateway. The Zio AT services provide event transmission reports during wear and a comprehensive end-of-wear report1-4 with preliminary findings to the treating medical professional for final clinical decisions. The Zio AT services are provided by iRhythm’s independent diagnostic testing facilities located in San Francisco, California, Deerfield, Illinois and Houston, Texas.

    Zio Services’ Clinically Proven Performance

    The value of the Zio service has been demonstrated in over 100 original scientific research manuscripts5. Zio AT’s patient-centered design enables high patient compliance and analyzable time with minimal noise or artifact6-8, and real-world data shows an impressive 98% patient compliance9, in part thanks to Zio AT’s zero required patient manipulations. Furthermore, physicians agree with the Zio service’s comprehensive end-of-wear report 99% of the time10-11.

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm, including its portfolio of Zio products and services, please visit irhythmtech.com.

    Zio AT Indications For Use

    The Zio AT device is intended to capture and transmit symptomatic and asymptomatic cardiac events and record continuous electrocardiogram (ECG) data for long-term monitoring. It is indicated for use on patients 18 years or older who may be asymptomatic or who may suffer from transient symptoms such as palpitations, shortness of breath, dizziness, light-headedness, pre-syncope, syncope, fatigue, or anxiety. It is not intended for use on critical care patients.

    Contraindications

    • Do not use the Zio AT device for patients with symptomatic episodes where variations in cardiac performance could result in immediate danger to the patient or when real-time or in-patient monitoring should be prescribed.
    • Do not use the Zio AT device for patients with known history of life-threatening arrhythmias.
    • Do not use the Zio AT device in combination with external cardiac defibrillators or high frequency surgical equipment near strong magnetic fields or devices such as MRI.
    • Do not use the Zio AT device on patients with a neuro-stimulator, as it may disrupt the quality of ECG data.
    • Do not use the Zio AT device on patients who do not have the competency to wear the device for the prescribed monitoring period.

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    1. Zio AT Clinical Reference Manual. iRhythm Technologies, 2022.
    2. Continuous, uninterrupted refers to the recording of ECG data. Zio AT Gateway transmissions may be impacted by a variety of factors. See Product Labeling for more information.
    3. Zio AT is contraindicated for critical care patients.
    4. Do not use Zio AT for patients with symptomatic episodes where variations in cardiac performance could result in immediate danger to the patient or when real-time or in-patient monitoring should be prescribed. Refer to the Zio AT labeling and Clinical Reference Manual for full contraindications.
    5. Data on file. iRhythm Technologies, 2023.
    6. Data on file. iRhythm Technologies, 2022-2023.
    7. Zio XT Clinical Reference Manual. iRhythm Technologies, 2019.
    8. Zio monitor Instructions for Use. iRhythm Technologies, 2023.
    9. Zio AT Clinical Reference Manual. iRhythm Technologies, 2022.
    10. Data on file. iRhythm Technologies, 2021-2022.
    11. Based on a review of all online Zio XT, Zio monitor, and Zio AT end-of-wear reports. Data on file. iRhythm Technologies, 2023.

    The MIL Network –

  • MIL-OSI: Jamf to Report Third Quarter 2024 Financial Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, announced today it will report third quarter 2024 financial results for the period ended September 30, 2024, following the close of the market on Thursday, November 7, 2024. On that day, management will host a conference call and webcast at 3:30 p.m. CT (4:30 p.m. ET) to discuss the company’s business and financial results.

    Jamf Third Quarter 2024 Earnings Conference Call

    When: Thursday, November 7, 2024

    Time: 3:30 p.m. CT (4:30 p.m. ET)

    Live Webcast: The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com.

    Those parties interested in participating via telephone may register on Jamf’s Investor Relations website or by clicking here.

    Replay: A replay of the call will be available on the Investor Relations website beginning on November 7, 2024, at approximately 6:00 p.m. CT (7:00 p.m. ET).

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit: http://www.jamf.com.

    Investor Contact:
    Jennifer Gaumond
    ir@jamf.com

    Media Contact:
    media@jamf.com

    The MIL Network –

  • MIL-OSI: EVe Mobility Acquisition Corp Announces Continued Listing on NYSE American Following Compliance Extension

    Source: GlobeNewswire (MIL-OSI)

    SANTA MONICA, CA, Oct. 21, 2024 (GLOBE NEWSWIRE) — EVe Mobility Acquisition Corp (NYSE American: EVE), a Cayman Islands exempted company (“EVe” or the “Company”), announced today that on October 16, 2024, the Company received a written late extension request acceptance letter from the NYSE American LLC (“NYSE American” or the “NYSE Regulation”), because it is not in compliance with the continued listing standards of the NYSE American. Specifically, the Company has not met the requirements set forth in Sections 134 and 1101 of the NYSE American Company Guide due to its delayed filings of the Form 10-K for the year ended December 31, 2023, and its Form 10-Qs for the periods ended March 31, 2024, and June 30, 2024 (the “Delayed Filings”).

    In accordance with Section 1007 of the Company Guide, the Company submitted an extension request after being unable to cure the filing deficiencies within the initial six-month period of the 12-month cure period. NYSE Regulation has reviewed and accepted the Company’s request, granting an extended plan period through December 14, 2024, to complete the Delayed Filings, as well as any additional filings delayed thereafter.

    During this plan period, NYSE Regulation will periodically review the Company’s compliance with the milestones outlined in its submission. If the Company does not make progress toward becoming current in its SEC filings during the plan period or does not complete its business combination by December 14, 2024, NYSE Regulation staff may initiate delisting proceedings. The Company may appeal any such delisting determination.

    In compliance with Sections 402 and 1009(e) of the NYSE American Company Guide, the Company is issuing this press release to inform its shareholders that its listing is being continued under an extension, with a targeted completion date of December 14, 2024.

    About EVe

    EVe Mobility Acquisition Corp is a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

    Forward Looking-Statements

    Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside EVe’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: the ability of the Company to file timely file its required annual and quarterly reports with the SEC; the ability of the Company to regain compliance with NYSE American continued listing standards and maintain the listing of the Company’s securities on a national securities exchange. EVe undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:

    info@evemobility.com

    The MIL Network –

  • MIL-OSI: Rich Steinmeier Named Chief Executive Officer of LPL Financial; Elected to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced that the Board of Directors has confirmed Rich Steinmeier as Chief Executive Officer. Steinmeier, who had been interim CEO since October 1, was also elected a member of the Board.  

    In addition, the Board named Matt Audette as President and Chief Financial Officer, expanding his previous role as Chief Financial Officer and Head of Business Operations. The appointments are effective immediately.  

    “LPL is fortunate to benefit from an exceptionally strong team with leaders who have a clear vision for the continued success of the business,” said Jim Putnam, chair of the LPL Financial Board of Directors.  

    “Rich’s appointment to CEO, which reflects the Board’s succession plan, is a testament to the valuable contributions he has made during his tenure with LPL and the trusted relationships he has established with clients and employees,” added Putnam, noting that LPL’s organic growth rate has more than doubled since Rich joined the company in 2018 to lead its growth initiatives. “With Rich as CEO and Matt in his expanded role as President, the Board is confident that LPL’s trajectory of high performance and its steadfast commitment to serving clients will continue to build stakeholder value.” 

    “The success of LPL is shaped by the clear-eyed view from our talented team that all Americans deserve access to sound financial advice. It is an incredible honor to lead the company that delivers on this purpose,” said Steinmeier. “I’m fortunate to collaborate with Matt and our leadership team to elevate our service to clients, provide rewarding careers for our people, and to build on our momentum as one of the fastest growing companies in wealth management.” 

    “We’re operating from a position of strength with a leadership team that is sharply focused on supporting our clients’ success through innovative solutions,” said Audette. “I look forward to continuing my partnership with Rich as we expand on our leading position in the advisor-centered marketplace and enhance value for all the stakeholders we serve.” 

    About Rich Steinmeier  

    Steinmeier, 50, was appointed LPL Financial’s interim CEO on October 1, 2024. He previously served as Managing Director, Chief Growth Officer and, prior to that, as Divisional President, Business Strategy and Growth. As Chief Growth Officer, he led teams responsible for shaping corporate and business line strategy, recruiting new financial advisors and institutions, leading the field management of LPL employee advisors, creating and deploying capital solutions to LPL clients, and leading the marketing and communications functions. 

    Before joining LPL in 2018, Steinmeier held senior leadership roles at UBS Financial and Merrill Lynch as well as working as a consultant for McKinsey & Company. Steinmeier earned a B.S. in economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Stanford University. 

    About Matt Audette 

    Audette, 50, joined LPL Financial as Chief Financial Officer in 2015 and assumed responsibility for the firm’s business operations in 2023. Audette is responsible for the firm’s financial, risk, compliance and client operations functions. In addition, he oversees the teams responsible for delivering increased operational speed and transparency, along with continued strong risk management, to advisors and institutions. Over Audette’s tenure, he has contributed to the firm’s continued growth and profitability by leading corporate acquisitions, debt transactions, the client deposit portfolio, expense management, and capital allocation. 

    Prior to joining LPL, Audette served as Executive Vice President and Chief Financial Officer of E*TRADE Financial Corporation. Audette earned a Bachelor of Science in accounting from Virginia Tech. 

    About LPL Financial  

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that the firm should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients. 

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. 

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website. 

    Media Contact 
    Jen Roche 
    jen.roche@lplfinancial.com 

    The MIL Network –

  • MIL-OSI: SHAREHOLDER INVESTIGATION: The M&A Class Action Firm Investigates the Merger of Zoura, Inc. – ZUO

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 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 Zuora Inc. (NYSE: ZUO), relating to its proposed merger with Silver Lake Group, L.C.C. Under the terms of the agreement, all ZUO shares will be automatically converted into the right to receive $10.00 in cash per share.

    Click here for more information https://monteverdelaw.com/case/zuora-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:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. 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 (http://www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Personal AI to Bring Enterprise-Grade AI to the NPU on PCs powered by Snapdragon X Series Processors

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) —

    Highlights:

    • Personal AI announces the integration of Personal AI’s Small Language Models (SLMs) into PCs powered by Snapdragon X Series processors.
    • This collaboration aims to enhance on-device AI, prioritizing accuracy, privacy, and security for critical enterprise users.

    Personal AI announced a collaboration to bring AI directly to edge devices through Snapdragon® X Series platforms. This collaboration marks a step towards ubiquitous AI, combining Personal AI’s expertise in private SLMs with Qualcomm Technologies’ chipsets.

    Showcased during Snapdragon Summit, Personal AI’s SLMs were demonstrated on HP EliteBook Ultra Next-Gen AI PCs powered by Snapdragon X Series processors. Running on the Snapdragon NPU delivers enhanced privacy, security, and real-time AI processing capabilities to a wide range of devices, with a focus on enterprise-grade laptops.

    “Our collaboration with Personal AI is a leap forward in on-device AI capabilities,” stated Rami Husseini, Director, Product Management at Qualcomm Technologies, Inc. “By utilizing Personal AI’s technology on devices that contain our Snapdragon X Series platforms, we’re enabling a new era of security-rich, privacy-focused, and powerful AI experiences directly on Windows PCs. Showcasing our commitment to driving innovation in AI and empowering users with cutting-edge technology that is designed to respect their privacy.”

    Suman Kanuganti, CEO and Co-founder of Personal AI, added, “Working with Qualcomm and HP allows us to bring our vision of highly efficient and scalable AI Personas to millions of users worldwide. By leveraging the NPU capabilities of Snapdragon, we’re able to run our models directly on-device, ensuring that sensitive data never leaves the user’s hardware. This collaboration underscores our mission to provide AI that enhances productivity, communication, and collaboration, while maintaining the highest standards of data protection and privacy.”

    Loretta Li-Sevilla, Global Head of Future of Work at HP, commented, “At HP, we’re committed to delivering technology that empowers businesses to work smarter and more securely. HP next-generation AI PCs featuring Snapdragon X Series processors enables new compute capabilities. Personal AI Personas can now run offline for highly private inference use, offering our customers unparalleled AI performance and the all-day battery life they need to stay productive in today’s fast-paced business environment.”

    The integration of Personal AI’s technology into PCs powered by Snapdragon X Series Processors is already generating excitement among early adopters, who report significant improvements in productivity, accuracy, and data security.

    The Chief Strategy Officer of a Personal AI customer shared his experience: “As a global group of iconic brands, solutions like Personal AI have the potential to completely transform how we operate. In today’s fast-paced environment, we deal with vast amounts of data from every corner of the globe—market trends, consumer behaviors, competitive movements, pricing fluctuations. Traditional methods of analyzing this information simply can’t keep up with the speed at which we need to act. We can easily load our available public and enterprise information into the Personal AI engine, where we can interact with it like talking to a smart analyst about our meeting conclusions, action items, and capital markets reactions to recent industry movements. I see this as the beginning of adopting AI in a much easier way in our industry.”

    About Personal AI
    Personal AI develops a horizontal AI training and collaboration platform, focused on private, Small Language Models (SLMs) that multiply the capabilities of enterprise teams. Their technology enables organizations to build networks of AI Personas, each representing key roles within companies. These AI Personas are exclusively trained on proprietary data, ensuring unparalleled accuracy, transparency, and privacy. For more information, please visit https://personal.ai

    Contact: jonathan.bikoff@personal.ai

    Snapdragon is a product of Qualcomm Technologies Inc., and/or its subsidiaries. 
    Snapdragon is a trademark or registered trademark of Qualcomm Incorporated. 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8527bfdc-0a4e-4a14-bfff-673f2a76cb6c

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Announces Semi-Annual Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), announced today that its Board of Directors has declared a semi-annual cash dividend of $0.08 per common share. The dividend will be paid on or about November 18, 2024 to shareholders of record as of the close of business on November 4, 2024.  

    This is the first cash dividend for the Company since the completion of the Bank’s conversion from the mutual holding company form of organization to the stock holding company form of organization.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2024, the Company had total assets of $195.1 million, total deposits of $153.4 million and total stockholders’ equity of $31.7 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: the Bank’s ability to complete its previously announced proposed conversion to a national banking association charter; the ability to successfully integrate acquired entities and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; and our ability to attract and retain key employees. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT:    Robert W. Barlow
    President and Chief Executive Officer
    (315) 287-2600
         

    The MIL Network –

  • MIL-OSI: Marex Group plc Announces Launch of a Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Marex Group plc (Nasdaq: MRX) (“Marex”), the diversified global financial services platform, today announces the launch of a public offering of its ordinary shares (the “Offering”) by certain selling shareholders (the “Selling Shareholders”). The Selling Shareholders are offering a total of 7,000,000 ordinary shares. In connection with the Offering, the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,050,000 ordinary shares.

    Marex is not selling any ordinary shares in the Offering and will not receive any proceeds from the sale of shares by the Selling Shareholders.

    Barclays, Goldman Sachs & Co. LLC, Jefferies, and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint lead book-running managers and as representatives of the underwriters for the proposed Offering.

    The proposed Offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed Offering may be obtained from:

    • Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com;
    • Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com;
    • Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or
    • Keefe, Bruyette & Woods Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing USCapitalMarkets@kbw.com.

    A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

    The MIL Network –

  • MIL-OSI: Bannix Acquisition Corp. Announces Monthly Extension to Complete its Initial Business Combination

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., Oct. 21, 2024 (GLOBE NEWSWIRE) — Bannix Acquisition Corp. (“Bannix”) announced today that its board of directors (the “Board”) has decided to extend the date by which Bannix must consummate an initial business combination (the “Deadline Date”) from October 14, 2024 for an additional month, to November 14, 2024.

    As previously disclosed, at an annual meeting of its stockholders held on September 6, 2024, Bannix’ stockholders voted in favor of a proposal to amend Bannix’s Amended and Restated Certificate of Incorporation (as amended, the “Amended Charter”) to provide Bannix with the right to extend the Deadline Date up to six times for an additional one month each time (the “Extension”) until March 14, 2025.

    Also as previously announced, if an Extension is implemented, the sponsor of Bannix, Instant Fame LLC (the “Sponsor”), or its designees will deposit into the trust account, as a loan, the lesser of (x) $25,000 and (y) $0.05 for each share that is not redeemed in connection with the special meeting.

    On October 15, 2024, the Board, at the request of the Sponsor, decided to implement the twentieth Extension and to extend the Deadline Date for an additional month to November 14, 2024.

    About Bannix Acquisition Corp.

    Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    Forward-Looking Statements

    This press release and oral statements made from time to time by representatives of the Company may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contact :
    Bannix Acquisition Corp
    Douglas Davis, CEO
    (302) 305-479
    doug.davis@bannixacquisition.com

    The MIL Network –

  • MIL-OSI: TAG Oil Announces $10 Million Overnight Marketed Public Offering of Units to Strategically Advance Unconventional and Conventional Opportunities in Egypt

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISSEMINATION IN THE UNITED STATES

    VANCOUVER, British Columbia, Oct. 21, 2024 (GLOBE NEWSWIRE) — TAG Oil Ltd. (TSXV:TAO, OTCQX:TAOIF, and FSE:TOP) (“TAG Oil” or the “Company”) is pleased to announce that it has filed a preliminary short form prospectus (“Preliminary Prospectus”) with the securities commissions in all provinces of Canada, except Québec, in connection with an overnight marketed public offering (the “Offering”) of units of the Company (the “Units”) at a price of $0.21 per Unit for aggregate gross proceeds of C$10,000,000.

    Certain members of management and directors of the Company intend to participate alongside investors in the Offering.

    The Offering is being led by Research Capital Corporation, as lead underwriter and sole-bookrunner, on behalf of a syndicate of underwriters (collectively, the “Underwriters”).

    Each Unit will consist of one common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price equal to $0.30 per Warrant Share at any time up to 24 months following the closing of the Offering.

    The Company intends to use the net proceeds of the Offering to advance appraisal and development activities in the Western Desert, Egypt, at both the Badr Oil Field and strategic new 512,000-acre concession and for working capital and general corporate purposes. Activities to be advanced with the proceeds include executing re-entry work on multiple existing wells to recomplete and/or drill a sidetrack into existing conventional oil reservoirs, the drilling of new vertical delineation wells in the unconventional Abu Roash “F” (ARF) resource play targeting high intensity natural fractured areas, and the planning of the next horizontal well with multi-stage frac.

    In addition, the Company plans to also complete a third-party resource report on the new strategic 512,000-acre concession that is in the process of being acquired and conduct a potential strategic joint venture partnership process.

    The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time, from time to time, for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, and/or the components thereof, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes.

    The Offering is expected to be priced in context of the market, with the final price of the Units and final exercise price of the Warrants to be determined at the time of pricing.

    The Offering is expected to close on or about the week of November 11, 2024, or such other date as the Company and the Underwriters may agree. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the securities regulatory authorities and the TSX Venture Exchange.

    The Units are being offered in each of the provinces of Canada (except Québec) and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis. The Preliminary Prospectus is available on SEDAR+ at http://www.sedarplus.ca and may be obtained from Research Capital Corporation at ecm@researchcapital.com. The Preliminary Prospectus contains important information about the Company and the Offering. Prospective investors should read the Preliminary Prospectus and other documents the Company has filed before making an investment decision.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    About TAG Oil Ltd.

    TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

    For further information:

    Toby Pierce, Chief Executive Officer
    Phone: 1 604 609 3355

    Email: info@tagoil.com
    Website: http://www.tagoil.com/
    LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
    X: https://twitter.com/tagoilltd

    Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements

    This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the timing in respect thereof, the use of proceeds of the Offering, timely receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the proposed completion of a third party resource report.

    Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be identified by words such as “expects”, “plans”, “anticipates”, “intends”, “estimates”, “forecasts”, “schedules”, “prepares”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. All statements that describe the Company’s plans relating to operations and potential strategic opportunities are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company’s management, and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. TAG Oil disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding TAG Oil’s business contained in TAG Oil’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on TAG Oil and the risks and challenges of its business, investors should review TAG Oil’s filings that are available at http://www.sedarplus.ca.

    TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

    Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company’s future success in exploiting and increasing its current reserve base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company’s future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas.

    The MIL Network –

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Quarterly Dividend for Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 21, 2024 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, and its board of directors declared a cash dividend of $14.375 per share of the 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), equivalent to $0.359375 per depositary share, each representing a 1/40th interest in a share of the Series B Preferred Stock. The depositary shares are traded on the NASDAQ under the symbol “TCBIO.” The Series B Preferred Stock dividend is payable on December 16, 2024, to holders of record at the close of business on December 2, 2024.

    ABOUT TEXAS CAPITAL BANCSHARES, INC.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit http://www.texascapital.com.

    The MIL Network –

  • MIL-OSI: Parker to Announce Fiscal 2025 First Quarter Earnings on October 31; Conference Call and Webcast Scheduled for 11 a.m. Eastern

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Oct. 21, 2024 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it will release its fiscal 2025 first quarter earnings before the market opens on Thursday, October 31, 2024, followed by a conference call at 11:00 a.m., Eastern time. During the call, the company will discuss fiscal 2025 first quarter results and respond to questions from institutional investors and security analysts. The conference call will be webcast simultaneously on Parker’s investor website at investors.parker.com with an accompanying slide presentation. The webcast will be archived on the site and available for replay later that day.

    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at http://www.parker.com or @parkerhannifin.

    ###

    The MIL Network –