NewzIntel.com

Category: Economy

  • MIL-OSI Russia: Financial News: Spring Session of Online Financial Literacy Lessons to Begin January 30

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    This year there will be more broadcasts in the Far East: the region has an increased number of lecturers ready to speak in real time, convenient for schoolchildren.

    The program will feature two new lessons that will tell you how not to become a victim of financial fraudsters, what drops do and why it is dangerous. Participants will learn to recognize suspicious calls and messages, protect their accounts from hacking and learn how to avoid financial losses and use bank cards safely.

    You can join the online lessons with your class or individually. There are 29 lessons on financial literacy and career guidance in the schedule. For the convenience of students, the classes will be held from 01:00 to 18:00 Moscow time.

    The spring session will last until April 18. You can choose a lesson and register for it on the project website.

    The Bank of Russia has been conducting online lessons on financial literacy since 2015. During the 2024/2025 academic year, about 29 thousand educational institutions joined them. Over the entire period, they have received almost 26 million views.

    Preview photo: Inside Creative House / Shutterstock / Fotodom

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

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

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23321

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow enterprises will take part in 30 foreign exhibitions with the support of the Mosprom Centre

    Source: Moscow Metro

    This year, Moscow’s export-focused companies will have enhanced opportunities to connect with international partners, with the MosProm center organizing 25 international business missions and facilitating participation in 5 major international trade shows. These initiatives, which include both in-person and virtual engagements, will provide Moscow producers with vital platforms for discussions with overseas collaborators. This was announced by Maksim Liksutov, Deputy Mayor of Moscow for Transport and Industry.

    Tastes of Moscow.

    As directed by Sergey Sobyanin, the city is prioritizing support for export-oriented enterprises in expanding their presence in global markets. Our main objective is to increase the volume of exports of Moscow-produced industrial goods and agricultural products to friendly nations. Moscow manufacturers will showcase their products at international exhibitions in China, Saudi Arabia, Uzbekistan, and Azerbaijan. They will also engage in direct negotiations with potential buyers and distributors from Mexico, the UAE, Iran, Kuwait, Jordan, Turkey, Thailand, Vietnam, India, Mongolia, and countries across Africa and the CIS, – stated Maksim Liksutov.

    MosProm was established in 2019 to increase the recognition and presence of Moscow-made products in overseas markets. One of the most effective programs offered by MosProm is its buyer program. This initiative allows companies to participate in specialized international trade shows and business missions, where they can conduct business-to-business (B2B) and business-to-government (B2G) negotiations with prospective clients for Moscow-produced goods. This offers local industrial companies the opportunity to expand their export reach and product offerings, establish new partnerships and client relationships, and attract valuable investment.

    Tastes of Moscow.

    MosProm specialists provide comprehensive support to Moscow-based manufacturers at every stage of their foreign trade activities. Thanks to MosProm’s assistance, Moscow’s non-resource, non-energy producers have successfully reoriented their export flows and found new partners in markets across Latin America, Africa, the Middle East, Southeast Asia, and the CIS, – emphasized Anatoly Garbuzov, Minister of the Moscow Government and Head of the city’s Department of Investment and Industrial Policy.

    Furthermore, Moscow exporters benefit greatly from national support programs. The International Cooperation and Export national project is a comprehensive suite of informational, financial, insurance, and logistical support measures. The project includes the My Export digital platform, which offers a range of support services for businesses. These services include free expert consultations, market analytics, assistance in marketing goods on international marketplaces, online training programs, and more.

    MIL OSI Russia News –

  • MIL-OSI USA: VA statement regarding grants, loans and other financial assistance programs

    Source: US Department of Veterans Affairs

    Skip to content

    WASHINGTON — In response to the Office of Management and Budget’s Jan. 27 memo (M-25-13) regarding temporarily pausing certain agency grant, loan and financial assistance programs, the Department of Veterans Affairs today announced it has conducted a comprehensive analysis of all its federal financial assistance programs and consulted with OMB.

    VA has determined that all 44 of its financial assistance programs will continue uninterrupted and that all VA programs and operations will continue uninterrupted.

    “This will have no impact on VA health care, benefits or beneficiaries,” said Acting VA Secretary Todd Hunter.

    Reporters and media outlets with questions or comments should contact the Office of Media Relations at vapublicaffairs@va.gov

    Veterans with questions about their health care and benefits (including GI Bill). Questions, updates and documents can be submitted online.

    Contact us online through Ask VA

    Veterans can also use our chatbot to get information about VA benefits and services. The chatbot won’t connect you with a person, but it can show you where to go on VA.gov to find answers to some common questions.

    Learn about our chatbot and ask a question

    Subscribe today to receive these news releases in your inbox.

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    MIL OSI USA News –

  • MIL-OSI: Wearable Devices Ltd. Announces Pricing of $2.5 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the pricing of its “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of up 2,500,000 ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants will have an exercise price of $1.00 per share, will be exercisable immediately and will expire five years from the issuance date.

    The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $1.00 per share and will expire five years following the closing of the Offering.

    The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected closing date of the Offering, the use of proceeds, and the satisfaction of customary closing conditions. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Bolivia

    Source: International Monetary Fund

    January 28, 2025

    Washington, DC: On March 22nd, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 for Bolivia. This also included a discussion of the findings of the Financial Sector Assessment Program (FSAP) exercise for Bolivia.[1]

    Bolivia’s growth momentum moderated in 2023, to 2.5 percent, from declining natural gas production, less public investment, and financial market turmoil. Price controls, food and fuel subsidies, export restrictions, and strong agricultural production held inflation below 2 percent at year-end. However, the combination of lower natural gas exports, high fuel imports, a large fiscal deficit―increasingly financed by the central bank―and an overvalued exchange rate contributed to a wider current account deficit (estimated at 5 percent of GDP for 2023) and near-depletion of international reserves. Public debt increased to nearly 84 percent of GDP by end-2023. Sovereign spreads rose sharply in early 2023 as the foreign exchange (FX) shortage became apparent and a mid-sized bank (Banco Fassil) failed. Consequently, banks were forced to restrict the withdrawal of FX deposits, heightening financial sector stability risks.

    Growth is anticipated to decelerate to 1.6 percent in 2024, holding at around 2.2-2.3 percent in the medium term under the continuation of the current policies. Inflation is forecast to reach 4.5 percent in 2024, stabilizing around 4 percent thereafter. The outlook is however predicated on significantly improved access to external financing, without which the risk of disorderly fiscal and/or exchange rate adjustment is elevated. External factors such as reduced demand, intensified global conflicts disrupting trade routes, commodity price volatility, or a renewed tightening of financial conditions could worsen fiscal and external imbalances, impede growth, and destabilize the domestic financial sector.

    Additionally, extreme weather events, like the 2023 droughts and recent floods, pose a risk to Bolivia’s agricultural sector and critical infrastructure. Domestically, a faster decline in hydrocarbon production, higher inflation due to FX scarcity, or confidence shocks could further impact growth, hurt real incomes and exacerbate financial stability risks. Social unrest stemming from inequality and security concerns remains a concern, as evidenced by the prolonged road blockages of early 2024. On the upside, Bolivia could potentially benefit from the global shift towards green energy due to its vast lithium resources, although developing the lithium sector and scaling up domestic production capacity will likely take time.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Bolivia’s socioeconomic progress over the past several years but expressed concerns about the difficult financial situation Bolivia currently finds itself in, with low reserves, uncertain fiscal financing, and pressures in parallel exchange markets. Directors stressed the urgency of a shift from current unsustainable policies to avoid a disorderly adjustment that would exert significant social and economic hardship.

    Directors called for continued constructive engagement on a sustainable policy mix that is likely to require both fiscal adjustment phased in over the next few years and an up front step devaluation to more quickly address the external imbalance and allow for a build up of reserves. They emphasized the importance of improving the social safety net to shield poorer households from inflation pressures following a realignment of the exchange rate. Directors also emphasized the importance of strengthening fiscal institutions to underpin the credibility of the planned adjustment and to improve central bank governance in support of a shift to a crawling peg and, eventually, to inflation targeting.

    Directors recommended a strengthening of the central banks’ capacity to conduct sterilization operations and to lift lending rate caps to improve the allocation of capital and enhance monetary policy transmission. They also underscored the need to improve crisis preparedness and contingency planning in line with FSAP recommendations to safeguard financial stability.

    Directors recommended a range of supply side reforms to unlock private investment, boost productivity and enhance competitiveness. These should include phasing out export ceilings and price controls and better prioritizing public investment projects. A stronger regulatory framework for hydrocarbon and lithium exploration could be instrumental in increasing investment in those sectors. Directors also called for enhancing AML/CFT framework and ensuring the timely publication of key macroeconomic data.

     

    Table 1. Bolivia: Selected Economic and Social Indicators, 2022–2026

    Population (millions, 2021)

    11.8

    Poverty rate (percent, 2021)

    36.3

    Population growth rate (percent, 2021)

    1.4

    Adult literacy rate (percent, 2021)

    94.8

    Life expectancy at birth (years, 2021)

    72

    GDP per capita (US$, 2021)

    3,437

    Total unemployment rate (2021)

    7.0

    IMF Quota (SDR, millions)

    240.1

    Est.

    2022

    2023

    2024

    2025

    2026

    Income and prices

    Real GDP

    3.6

    2.5

    1.6

    2.2

    2.2

    Nominal GDP

    8.9

    4.9

    6.2

    6.5

    6.2

    CPI inflation (period average)

    1.7

    2.6

    4.5

    4.2

    3.9

    CPI inflation (end of period)

    3.1

    2.1

    4.8

    4.0

    3.9

    Investment and savings 1/

    Total investment

    15.1

    15.9

    16.6

    16.3

    16.0

    Of which: Public sector

    5.7

    5.0

    6.0

    6.0

    6.0

    Gross national savings

    12.5

    8.6

    10.5

    10.3

    10.5

    Of which: Public sector

    -1.4

    -2.0

    -1.9

    -1.5

    -1.2

    Combined public sector

    Revenues and grants

    28.9

    28.3

    27.6

    27.4

    27.1

    Of which: Hydrocarbon related revenue

    6.0

    5.4

    4.3

    3.9

    3.5

    Expenditure

    36.0

    35.3

    35.5

    34.8

    34.3

    Current

    30.3

    30.3

    29.5

    28.8

    28.3

    Capital 2/

    5.7

    5.0

    6.0

    6.0

    6.0

    Net lending/borrowing (overall balance)

    -7.1

    -7.0

    -7.9

    -7.5

    -7.2

    Of which: Non-hydrocarbon balance

    -12.8

    -12.2

    -12.0

    -11.2

    -10.5

    Total gross NFPS debt 3/

    80.4

    83.6

    86.7

    88.9

    90.9

    External sector

    Current account 1/

    -0.4

    -5.0

    -5.7

    -5.8

    -5.6

    Exports of goods and services

    32.6

    28.5

    27.0

    26.9

    26.5

    Of which: Natural gas

    6.7

    3.8

    3.4

    3.0

    2.7

    Imports of goods and services

    32.9

    34.4

    33.6

    33.6

    32.7

    Capital account

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account (-= net inflow)

    -1.5

    -0.5

    -5.3

    -5.8

    -5.6

    Of which: Direct investment net

    -0.8

    -0.6

    -0.6

    -0.9

    -0.9

    Of which: Other investment, net

    -0.3

    -0.3

    -4.6

    -4.7

    -5.1

    Net errors and omissions

    -3.0

    0.0

    0.0

    0.0

    0.0

    Terms of trade index (percent change)

    -1.6

    1.2

    -0.6

    0.0

    0.2

    Central Bank gross foreign reserves 4/ 5/ 6/

    In millions of U.S. dollars

    3,796

    1,808

    1,653

    1,555

    1,556

    In months of imports of goods and services

    2.8

    1.3

    1.1

    1.0

    1.0

    In percent of GDP

    8.6

    3.9

    3.4

    3.0

    2.8

    In percent of ARA

    44.5

    20.8

    18.2

    16.2

    15.5

    Money and credit

    Credit to the private sector (percent change)

    6.3

    -0.4

    3.0

    4.3

    5.1

    Credit to the private sector (percent of GDP)

    74.2

    70.5

    68.4

    67.0

    66.3

    Broad money (percent of GDP)

    85.2

    82.8

    81.2

    80.0

    78.9

    Memorandum items:

    Nominal GDP (in billions of U.S. dollars)

    44.3

    46.5

    49.3

    52.5

    55.8

    Bolivianos/U.S. dollar (end-of-period) 7/

    6.9

    6.9

    …

    …

    …

    REER, period average (percent change) 8/

    -0.9

    -1.9

    …

    …

    …

    Oil prices (in U.S. dollars per barrel)

    96.4

    80.6

    77.7

    73.8

    70.9

    Energy-related subsidies to SOEs (percent of GDP) 9/

    4.4

    4.0

    3.5

    2.7

    2.4

    Sources: Bolivian authorities (MEFP, Ministry of Planning, BCB, INE, UDAPE); IMF; Fund staff calculations.
    1/ The discrepancy between the current account and the savings-investment balance reflects methodological differences. For the projection years, the discrepancy is assumed to remain constant in dollar value.
    2/ Includes nationalization costs and net lending.
    3/ Public debt includes SOE’s borrowing from the BCB (but not from other domestic institutions) and BCB loans to FINPRO and FNDR.
    4/ Excludes reserves from the Latin American Reserve Fund (FLAR) and Offshore Liquidity Requirements (RAL).
    5/ All foreign assets valued at market prices.
    6/ Includes a repurchase line of US$99.2 million maturing in 2025.
    7/ Official (buy) exchange rate.
    8/ The REER based on authorities’ methodology is different from that of the IMF (see 2018 and 2017 Staff Reports).
    9/ Includes the cost of subsidy borne by public enterprises and incentives for hydrocarbon exploration investments in the projection period.

    1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [1] The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs provide input for Article IV consultations and thus enhance Fund surveillance. FSAPs are mandatory for the 47 jurisdictions with systemically important financial sectors and otherwise conducted upon request from member countries. The key findings of an FSAP are summarized in a Financial System Stability Assessment (FSSA).

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.


    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

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

    MIL OSI Economics –

  • MIL-OSI New Zealand: Social Issues – IHC urges collective fix to address root causes of child poverty

    Source: IHC

    IHC is urging policymakers, educators and the community to come together to address the root causes of poverty and ensure that no child is left behind, including children with an intellectual disability.

    A new survey from KidsCan has found that thousands of children in New Zealand are beginning the school year without essential basics.

    IHC Director of Advocacy Tania Thomas says these findings are a call to action.

    “Children with intellectual disabilities are not just facing much higher financial hardship than most; they’re facing exclusion from opportunities to thrive and participate in society,” says Tania. “It’s unacceptable, and we must do better.”

    Forthcoming research from IHC, using data from Stats NZ’s integrated data infrastructure, sheds light on the disproportionate and rarely discussed impact of the child poverty crisis on intellectually disabled children. The findings, set to be published in February, reveal that these children are twice as likely as their peers to experience material hardship.

    Key findings include:

    Financial Strain: 42 percent of households with an intellectually disabled child cannot pay an unavoidable bill within a month without borrowing, compared to 18 percent of households in the general population.
    Food Insecurity: People with intellectual disability are three times more likely than other New Zealanders to miss out on meals with meat or a vegetarian equivalent at least every second day.
    Social Exclusion: Children with an intellectual disability experience significant barriers to social participation, such as their family being unable to afford school trips or events (13 percent vs. 2 percent in the general population) and not hosting friends to play and eat (26 percent vs. 9 percent in the general population).
    Hardship Increases with Age: Unlike the general population, people with an intellectual disability have increased levels of hardship as they age.

    Tania says this IHC research highlights the compounded disadvantages that families of intellectually disabled children face, particularly as they prepare for the school year.

    “Essential expenses such as uniforms, stationery and extracurricular activities strain already stretched budgets, leaving many children with an intellectual disability at a disadvantage from the outset.

    “Investing in targeted support for families with intellectually disabled children is not only an ethical imperative but also a societal one.”

    About IHC New Zealand

    IHC New Zealand advocates for the rights, inclusion and welfare of all people with intellectual disabilities and supports them to live satisfying lives in the community. IHC provides advocacy, volunteering, events, membership associations and fundraising. It is part of the IHC Group, which also includes IDEA Services, Choices NZ and Accessible Properties.

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Scottish rocket launch boost to get Britain back into space race

    Source: United Kingdom – Government Statements

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector.

    £20 million to launch the first UK made orbital rocket from Saxavord.

    • Landmark Scottish rocket launch set to boost UK’s launching power and make Britain a European space leader
    • £20 million government investment will help to fund the construction and launch of the first UK-manufactured and UK-launched orbital rocket
    • Orbex’s rocket Prime will encourage economic investment and support high-skilled jobs, as part of the Plan for Change

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector, following a £20 million government investment in UK launch company Orbex to build and launch a rocket from the shores of Scotland.

    Tech Secretary Peter Kyle announced the investment today (29th January) at Brussels’ European Space Conference, positioning Britain as a leading international partner and cooperator in Europe’s access to space. The investment will help to fund Orbex’s rocket Prime, the first UK-manufactured and UK-launched orbital rocket.

    Prime is set to take off from late 2025 at Scottish spaceport SaxaVord, one of two licensed vertical launch spaceports in Europe. It will catalyse the UK’s position as a leading small satellite manufacturer and global space leader, and support 140 highly paid jobs in the region as part of the government’s Plan for Change.

    The investment will contribute to this government’s mission to grow the economy, boosting the UK’s ability to regularly launch rockets into orbit from its shores and attracting launch investment into the UK.

    With European demand for satellites up to 2033 forecasted to be worth $50 billion, even 2% of this would bring around $1 billion in revenues for the UK economy alone.

    Developing Britain’s launch capabilities is already helping to bring new jobs and economic benefits to communities and organisations across the UK. So far, the Prime project has created more than 140 highly skilled jobs in Forres, with many more anticipated as the company continues to grow.

    The launch of Prime will also help to inspire a new generation of British space professionals. By showcasing the pivotal role of Britain in the space age, government is investing now to ensure a sector that is vibrant, innovative, and above all, successful in achieving our goal for the UK to become a leading European provider of small satellite launch.

    Technology Secretary Peter Kyle said:

    Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe.

    By investing £20 million in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK, as part of our Plan for Change.   

    Supporting Orbex’s launch will also turbocharge the country’s position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil.

    Designed to launch satellites into orbit, Prime will benefit from the UK’s latitude, with Scotland’s geographical positioning providing easy access to valuable polar orbits.

    The British-built Prime is also Europe-leading in its pioneering approach to sustainability.  It is poised to become the first in a new generation of ultra green launch systems, powered by renewable bio-propane fuel, which cuts carbon emissions significantly compared to other similarly sized rockets being developed elsewhere around the world.

    The rocket is also designed to be re-useable. Upon returning to Earth, what does not burn up harmlessly in the atmosphere will be recovered and components will be refurbished and reused in future projects.    

    Britain is already a key player in the satellite industry, with Glasgow building more satellites than any other city in Europe.

    Dr Paul Bate CEO UK Space Agency said:

    Space is a fast-growing global industry and there is a real opportunity for the UK to play a greater role now than ever before. This new government investment is not just about launching a rocket, but building a more prosperous future for all, powered by space technology.

    Orbex is a highly innovative company that can serve customers in the UK, Europe and beyond with its Prime launch vehicle, create hundreds of high skilled jobs in Scotland and inspire a new generation to reach for the stars. We will work closely with them as we countdown to launch, continue to develop our national space capabilities, and strengthen our international partnerships.

    Scotland Office Minister, Kirsty McNeill, said:

    It’s an exciting time for the Scottish space sector and this £20 million investment from the UK government in Orbex will help Scotland maintain our position as a leader as we look forward to the first satellite launch later this year.

    This important industry is playing a vital role in our Plan for Change, helping economic growth and employing thousands of people in good quality jobs, often in small towns and rural communities, across the country.

    Phillip Chambers, CEO of Orbex, said:

    This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising. We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry.

    This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: ‘Africa Can Lead Clean Energy Transition,’ Deputy Secretary-General Tells Region’s Energy Summit

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the opening of the African Heads of State Energy Summit, in Dar es Salaam, United Republic of Tanzania, today:

    It is a pleasure to join you here all today.  I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But, I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.  I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay.  These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.  But, we also look to the Rockefeller Foundation for a strong and meaningful partnership — one that brings key stakeholders together in this room.  Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet, our continent is rich in renewable energy resources and critical minerals.  Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures.  Africa is also home to a vibrant, young and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice and inclusivity can look like.

    Enhanced energy access, affordability and reliability is not only crucial for achieving our Sustainable Development Goal (SDG) 7, but also serves as a catalyst for broader development goals.  Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action — many of the 17 Goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education and commerce, bolstering industries like solar manufacturing, grid infrastructure and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium-sized enterprises — key drivers of economic growth — will have the tools to scale, innovate and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    The United Republic of Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14 per cent in 2011 to 46 per cent in 2022.  And what does that mean?  It has led to over 1 million new connections, driving the rural electrification rate to 72 per cent. 

    In November 2024, more than 60,000 social institutions were connected by REA [Rural Electrification Agency], benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations and rural businesses can thrive with reliable power.  The United Republic of Tanzania demonstrates how energy access is not just about electricity — it’s about opportunity, equity and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.  With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s Agenda 2063, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability and development challenges holistically.

    We must accelerate our collective efforts to fast-track solutions for SDG7, but also the Paris Agreement and propel Africa to become a clean energy powerhouse.  This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable and more coherent policy and regulatory frameworks.

    We are very pleased to see — thank you, Ajay — the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5°C world that we need, well before COP30 [thirtieth Conference of the Parties to the United Nations Framework Convention on Climate Change] in November.

    If done right, these climate plans should align with national energy strategies and development priorities — and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement.

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible and adequate finance. The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers, such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers.

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.  It spoke to strengthening the voice and the representation of developing countries.  It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need.  It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development.  But, it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism — our international cooperation — still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today.  Multilateralism does not seem like the best offer on the table — but it is.  It is a place that we come to.  It is a global town hall for our global village.  It is where we have visibility and where we can shine a light on the opportunities.  But, also, where we can give hope to the millions that look to us — to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.  Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank.  And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative.  It is not often that we have women in leadership positions.  Today, we are hosted by a great leader that is a woman. But, we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement and Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress.  Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    MIL OSI United Nations News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024, as compared to $8.4 million, or $1.96 per diluted share, for the corresponding prior year period. For the three months ended December 31, 2024, the Bancorp’s net income totaled $2.1 million, or $0.49 per diluted share, as compared to $606 thousand, or $0.14 per diluted share, for the three months ended September 30, 2024, and as compared to $1.5 million, or $0.35 per diluted share, for the three months ended December 31, 2023. Selected performance metrics are as follows for the periods presented:

    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024   2024   2024   2024   2023   2024   2023
    Return on equity   5.39%   1.60%   0.39%   24.97%   4.92%   8.06%   6.28%
    Return on assets   0.41%   0.12%   0.03%   1.77%   0.29%   0.58%   0.40%
    Tax adjusted net interest margin (Non-GAAP)   2.79%   2.66%   2.67%   2.57%   2.80%   2.68%   2.98%
    Noninterest income / average assets   0.72%   0.55%   0.50%   2.57%   0.53%   1.09%   0.52%
    Noninterest expense / average assets   2.75%   2.80%   2.79%   2.86%   2.60%   2.80%   2.65%
    Efficiency ratio   87.20%   97.32%   98.56%   59.41%   87.49%   81.78%   84.58%
         

    “The Bank ended the year with continued improvement in its overall positioning and increased momentum for 2025,” said Benjamin Bochnowski, chief executive officer. “We improved regulatory capital throughout the year through balance sheet management and earnings and had the benefit of one-time income including our sale leaseback transaction early in the year and a gain on a long-held tax credit investment this past quarter. Net interest margin improved throughout 2024 as expected, based on our earning asset position and reduced funding costs driven by recent Federal Reserve interest rate policy,” he continued. “The Bank charged off a small number of commercial business loans in the 4th quarter, and management will continue to actively manage credit quality,” he concluded.  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the three months ended December 31, 2024, was 2.65%, compared to 2.51% for the three months ended September 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the three months ended December 31, 2024, was 2.79%, compared to 2.66% for the three months ended September 30, 2024. The net interest margin for the twelve months ended December 31, 2024, was 2.54%, compared to 2.83% for the twelve months ended December 31, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2024, was 2.68%, compared to 2.98% for the twelve months ended December 31, 2023. The increased net interest margin for the three months ended December 31, 2024 compared to September 30, 2024 is primarily the result of increased yields on the Bank’s loan portfolio, combined with reduced deposit and borrowing costs as a result of the Federal Reserve’s continued reduction of federal funds rates during the quarter. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of December 31, 2024, deposits totaled $1.8 billion, an increase of $11.8 million or 0.7%, compared to September 30, 2024. As of December 31, 2024, non-interest-bearing deposits totaled $263.3 million, a decrease of $21.8 million or 7.7%, compared to September 30, 2024. Core deposits totaled $1.2 billion at both December 31, 2024, and September 30, 2024. Core deposits include checking, savings, and money market accounts and represented 68.2% of the Bancorp’s total deposits at December 31, 2024. As of December 31, 2024, balances for certificates of deposit totaled $560.3 million, compared to $562.2 million on September 30, 2024, a decrease of $2.0 million or 0.4%. The increase in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The decrease in non-interest-bearing deposits is primarily attributable to regular outflow of business-related checking deposits at year-end which tend to return in subsequent periods. In addition, as of December 31, 2024, borrowings and repurchase agreements totaled $105.0 million, a decrease of $22.9 million or 17.9%, compared to September 30, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of December 31, 2024, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of December 31, 2024, the Bancorp had available liquidity of $687 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $16.5 million to $333.6 million as of December 31, 2024, compared to $350.0 million as of September 30, 2024.  The decrease in securities available for sale was due to a combination of portfolio runoff and an increase of accumulated other comprehensive loss (“AOCL”). AOCL was $58.1 million as of December 31, 2024, compared to $48.2 million on September 30, 2024, a decline of $9.8 million, or 20.4%. The yield on the securities portfolio decreased to 2.34% for the three months ended December 31, 2024, down from 2.37% for the three months ended September 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both December 31, 2024, and September 30, 2024. During the three months ended December 31, 2024, the Bank originated $59.2 million in new commercial loans, compared to $70.4 million during the three months ended September 30, 2024, and $47.5 million during the three months ended December 31, 2023. The loan portfolio represents 79.3% of earning assets and is comprised of 63.0% commercial-related credits. At December 31, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $246.6 million or 16.3% of total loan balances and commercial real estate non-owner-occupied properties totaled $305.1 million or 20.2% of total loan balances. Of the $305.1 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $38.5 million or 2.5% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans totaled $1.1 million for both the twelve months ended December 31, 2024, and 2023. During the twelve months ended December 31, 2024, the Bank originated $36.8 million in new fixed rate mortgage loans for sale, compared to $38.0 million during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Bank originated $27.4 million in new 1-4 family loans retained in its portfolio, compared to $41.6 million during the twelve months ended December 31, 2023. Total 1-4 family originations for the quarter ended December 31, 2024, totaled $25.4 million, an increase of $5.3 million compared to $20.1 million for the quarter ended September 30, 2024. The retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Gain on Tax Credit Investment – During the three months ended December 31, 2024, the Bank successfully concluded a long term, non-controlling interest in a partnership established to facilitate tax credit investments. Upon the termination of the partnership, the Bank recognized a one-time gain of $1.2 million recognized through noninterest income. The proceeds from the dissolution of this tax credit investment will contribute to the Bank’s financial position, thereby supporting ongoing strategic initiatives and operational priorities.
    • Asset Quality – At December 31, 2024, non-performing loans totaled $13.7 million, compared to $13.8 million at September 30, 2024, a decrease of $68 thousand or 0.5%. The Bank’s ratio of non-performing loans to total loans was 0.91% at December 31, 2024, compared to 0.92% at September 30, 2024. The Bank’s ratio of non-performing assets to total assets was 0.74% at December 31, 2024, compared to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $16.9 million at December 31, 2024, or 1.12% of total loans receivable, compared to $18.5 million at September 30, 2024, or 1.23% of total loans receivable, a decrease of $1.6 million or 8.7% and is considered adequate by management. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.7 million at December 31, 2024, compared to $3.9 million at September 30, 2024, a decrease of $1.2 million or 30%.

      For the quarter ended December 31, 2024, the Bank recorded a net negative provision for credit loss expense totaling $579 thousand based on a decline in individually assessed loans balances, historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The fourth quarter’s provision expense consisted of a $597 thousand provision for credit losses on loans, and a $1.2 million reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to reduced unused commitment balances and other factors. For the quarter ended December 31, 2024, net charge-offs, totaled $2.2 million. Most of these charge-offs involved a small number of commercial or multifamily-related loans which were previously monitored and had specific allocations toward individual impairment or contributed to higher expected loss rates within the Bank’s prior ACL balance. For the quarter ended September 30, 2024, the Bank recorded no provision expense and recoveries, net of charge-offs, totaled $186 thousand. The ACL as a percentage of non-performing loans, or coverage ratio, was 123.1% at December 31, 2024 compared to 134.1% at September 30, 2024.

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, as compared to 2.80% for the quarter ended September 30, 2024. Decreases in non-interest expenses quarter over quarter were primarily attributable to reduced compensation and benefit expenses, and lower occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 0.3% for the twelve months ended December 31, 2024, compared to December 31, 2023.
    • Capital Adequacy – As of December 31, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.46%, an improvement of 0.08% compared to 8.38% at September 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.48 at December 31, 2024, down from $31.28 as of September 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.17% at December 31, 2024, down from 6.51% as of September 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.94 as of December 31, 2024, from $42.47 as of September 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.   

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Return on equity     5.39 %     1.60 %     0.39 %     24.97 %     4.92 %     8.06 %     6.28 %
    Return on assets     0.41 %     0.12 %     0.03 %     1.77 %     0.29 %     0.58 %     0.40 %
    Yield on loans     5.27 %     5.22 %     5.11 %     5.02 %     5.09 %     5.15 %     4.92 %
    Yield on security investments     2.34 %     2.37 %     2.43 %     2.37 %     2.57 %     2.38 %     2.43 %
    Total yield on earning assets     4.74 %     4.70 %     4.64 %     4.52 %     4.64 %     4.67 %     4.45 %
    Cost of interest-bearing deposits     2.41 %     2.47 %     2.37 %     2.36 %     2.22 %     2.40 %     1.74 %
    Cost of repurchase agreements     3.65 %     4.04 %     3.86 %     3.88 %     3.78 %     3.85 %     3.64 %
    Cost of borrowed funds     4.31 %     4.56 %     4.95 %     4.62 %     4.41 %     4.62 %     4.55 %
    Total cost of interest-bearing liabilities     2.53 %     2.63 %     2.55 %     2.53 %     2.38 %     2.56 %     1.96 %
    Tax adjusted net interest margin (Non-GAAP)     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Noninterest income / average assets     0.72 %     0.55 %     0.50 %     2.57 %     0.53 %     1.09 %     0.52 %
    Noninterest expense / average assets     2.75 %     2.80 %     2.79 %     2.86 %     2.60 %     2.80 %     2.65 %
    Net noninterest margin / average assets     -2.03 %     -2.24 %     -2.29 %     -0.29 %     -2.08 %     -1.71 %     -2.14 %
    Efficiency ratio     87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
    Effective tax rate     21.30 %     -51.88 %     -6.72 %     9.48 %     -30.85 %     9.85 %     -4.16 %
                                 
    Non-performing assets to total assets     0.74 %     0.73 %     0.61 %     0.64 %     0.61 %     0.74 %     0.61 %
    Non-performing loans to total loans     0.91 %     0.92 %     0.75 %     0.78 %     0.76 %     0.91 %     0.76 %
    Allowance for credit losses to non-performing loans   123.10 %     134.12 %     161.17 %     159.12 %     163.90 %     123.10 %     163.90 %
    Allowance for credit losses to loans receivable     1.12 %     1.23 %     1.22 %     1.25 %     1.24 %     1.12 %     1.24 %
    Foreclosed real estate to total assets     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                 
    Basic earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 2.85     $ 1.96  
    Diluted earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 2.84     $ 1.96  
    Stockholders’ equity / total assets     7.35 %     7.69 %     7.16 %     7.32 %     6.99 %     7.35 %     6.99 %
    Book value per share   $ 35.10     $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 35.10     $ 34.28  
    Closing stock price   $ 28.11     $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 28.11     $ 25.24  
    Price to earnings per share ratio     14.25       56.21       182.60       2.82       17.77       9.87       12.87  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.48     $ 1.05  
                                 
    Bank Level Capital                            
    Common equity tier 1 capital to risk-weighted assets   11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Tier 1 capital to risk-weighted assets     11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Total capital to risk-weighted assets     12.26 %     12.14 %     11.95 %     11.92 %     11.36 %     12.26 %     11.36 %
    Tier 1 capital to adjusted average assets     8.46 %     8.38 %     8.32 %     8.24 %     7.78 %     8.46 %     7.78 %
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Net interest margin – tax equivalent     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Tangible book value per diluted share   $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
    Tangible book value per diluted share adjusted for AOCL   $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
    Tangible common equity to total assets     6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
    Tangible common equity to total assets adjusted for AOCL     8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average
    Balance    		   Interest   Rate (%)   Average
    Balance    		   Interest   Rate (%)
    ASSETS                      
    Interest bearing deposits in other financial institutions $ 50,271     $ 650   5.17   $ 54,084     $ 665   4.92
    Federal funds sold   891       9   4.04     682       9   5.28
    Securities available-for-sale   343,411       2,011   2.34     342,451       2,031   2.37
    Loans receivable   1,504,233       19,802   5.27     1,506,967       19,660   5.22
    Federal Home Loan Bank stock   6,547       123   7.51     6,547       107   6.54
    Total interest earning assets   1,905,353     $ 22,595   4.74     1,910,731     $ 22,472   4.70
    Cash and non-interest bearing deposits in other financial institutions   27,360               22,478          
    Allowance for credit losses   (18,110 )             (18,482 )        
    Other noninterest bearing assets   154,707               155,997          
    Total assets $ 2,069,310             $ 2,070,724          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,465,198     $ 8,811   2.41   $ 1,451,414     $ 8,946   2.47
    Repurchase agreements   43,372       396   3.65     43,074       435   4.04
    Borrowed funds   72,536       781   4.31     95,224       1,085   4.56
    Total interest bearing liabilities   1,581,106     $ 9,988   2.53     1,589,712     $ 10,466   2.63
    Non-interest bearing deposits   289,467               287,507          
    Other noninterest bearing liabilities   42,944               41,696          
    Total liabilities   1,913,517               1,918,915          
    Total stockholders’ equity   155,793               151,809          
    Total liabilities and stockholders’ equity $ 2,069,310             $ 2,070,724          
                           
    Net interest income     $ 12,607           $ 12,006    
    Return on average assets   0.41 %             0.12 %        
    Return on average equity   5.39 %             1.60 %        
    Net interest margin (average earning assets)   2.65 %               2.51 %        
    Net interest margin (average earning assets) – tax equivalent   2.79 %             2.66 %        
    Net interest spread   2.21 %             2.07 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.21 x           1.20 x        
                           
                           
    Year-to-Date                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)
    ASSETS     `                
    Interest bearing deposits in other financial institutions $ 51,202     $ 2,967   5.79   $ 61,107     $ 2,317   5.06
    Federal funds sold   912       38   4.17     919       29   4.21
    Securities available-for-sale   347,048       8,250   2.38     348,269       6,239   2.39
    Loans receivable   1,504,206       77,515   5.15     1,504,197       57,713   5.12
    Federal Home Loan Bank stock   6,547       408   6.23     6,547       285   5.80
    Total interest earning assets   1,909,915     $ 89,178   4.67     1,921,039     $ 66,583   4.62
    Cash and non-interest bearing deposits in other financial institutions   28,730               19,598          
    Allowance for credit losses   (18,529 )             (18,670 )        
    Other noninterest bearing assets   155,251               155,433          
    Total assets $ 2,075,367             $ 2,077,400          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,462,039     $ 35,161   2.40   $ 1,464,682     $ 26,350   2.40
    Repurchase agreements   41,506       1,600   3.85     40,879       1,204   3.93
    Borrowed funds   85,927       3,970   4.62     90,423       3,189   4.70
    Total interest bearing liabilities   1,589,472     $ 40,731   2.56     1,595,984     $ 30,743   2.57
    Non-interest bearing deposits   293,508               291,161          
    Other noninterest bearing liabilities   41,893               41,540          
    Total liabilities   1,924,873               1,928,685          
    Total stockholders’ equity   150,494               148,715          
    Total liabilities and stockholders’ equity $ 2,075,367             $ 2,077,400          
                           
    Net interest income     $ 48,447           $ 35,840    
    Return on average assets   0.58 %             0.64 %        
    Return on average equity   8.06 %             4.50 %        
    Net interest margin (average earning assets)   2.54 %               2.49 %        
    Net interest margin (average earning assets) – tax equivalent   2.68 %             2.63 %        
    Net interest spread   2.11 %             2.05 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.20 x           1.20 x        
                           
    Finward Bancorp
    Quarterly Financial Report
                           
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
          December 31,   September 30,   June 30,   March 31,   December 31,
            2024       2024       2024       2024       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 17,883     $ 23,071     $ 19,061     $ 16,418     $ 17,942  
    Interest bearing deposits in other financial institutions     52,047       48,025       63,439       54,755       67,647  
    Federal funds sold     654       553       707       607       419  
                           
    Total cash and cash equivalents     70,584       71,649       83,207       71,780       86,008  
                           
    Securities available-for-sale     333,554       350,027       339,585       346,233       371,374  
    Loans held-for-sale     1,253       2,567       1,185       667       340  
    Loans receivable, net of deferred fees and costs     1,508,976       1,508,242       1,506,398       1,508,251       1,512,595  
    Less: allowance for credit losses     (16,911 )     (18,516 )     (18,330 )     (18,805 )     (18,768 )
    Net loans receivable     1,492,065       1,489,726       1,488,068       1,489,446       1,493,827  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,721       7,442       7,695       7,583       8,045  
    Premises and equipment     47,259       47,912       48,696       47,795       38,436  
    Foreclosed real estate     –       –       –       71       71  
    Cash value of bank owned life insurance     33,514       33,312       33,107       32,895       32,702  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     1,860       2,203       2,555       2,911       3,272  
    Other assets     43,947       40,882       44,027       43,459       45,262  
                           
    Total assets   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                           
    Deposits:                    
    Non-interest bearing   $ 263,324     $ 285,157     $ 286,784     $ 296,959     $ 295,594  
    Interest bearing     1,497,242       1,463,653       1,469,970       1,450,519       1,517,827  
    Total     1,760,566       1,748,810       1,756,754       1,747,478       1,813,421  
    Repurchase agreements     40,116       43,038       42,973       41,137       38,124  
    Borrowed funds     65,000       85,000       85,000       90,000       80,000  
    Accrued expenses and other liabilities     43,603       38,259       43,709       41,586       29,389  
                           
    Total liabilities     1,909,285       1,915,107       1,928,436       1,920,201       1,960,934  
                           
    Commitments and contingencies                    
                           
    Stockholders’ Equity:                    
                           
                         
    Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding      –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2024 – 4,313,698 December 31, 2023 – 4,298,773     –       –       –       –       –  
                           
                           
    Additional paid-in capital     70,034       69,916       69,778       69,727       69,555  
    Accumulated other comprehensive loss     (58,084 )     (48,241 )     (58,939 )     (56,313 )     (51,613 )
    Retained earnings     139,464       137,880       137,792       138,167       129,403  
                           
    Total stockholders’ equity     151,414       159,555       148,631       151,581       147,345  
                           
    Total liabilities and stockholders’ equity   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Twelve months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,     December 31,   December 31,
          2024       2024       2024       2024       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,802     $ 19,660     $ 19,174     $ 18,879     $ 19,281       $ 77,515     $ 74,762  
    Securities & short-term investments     2,793       2,812       2,953       3,105       2,975         11,663       11,021  
    Total interest income     22,595       22,472       22,127       21,984       22,256         89,178       85,783  
    Interest expense:                              
    Deposits     8,812       8,946       8,610       8,794       8,180         35,162       25,438  
    Borrowings     1,176       1,520       1,463       1,410       1,361         5,569       5,790  
    Total interest expense     9,988       10,466       10,073       10,204       9,541         40,731       31,228  
    Net interest income     12,607       12,006       12,054       11,780       12,715         48,447       54,555  
    Provision/(benefit) for credit losses     (579 )     –       76       –       779         (503 )     2,025  
    Net interest income after provision for credit losses     13,186       12,006       11,978       11,780       11,936         48,950       52,530  
    Noninterest income:                              
    Fees and service charges     1,439       1,463       1,257       1,153       1,507         5,312       6,024  
    Wealth management operations     728       731       763       633       672         2,855       2,484  
    Gain on tax credit investment     1,236       –       –       –       –         1,236       –  
    Gain on sale of loans held-for-sale, net     328       338       320       152       352         1,138       1,081  
    Increase in cash value of bank owned life insurance   202       205       212       193       193         812       766  
    Gain (Loss) on real estate     (212 )     –       15       11,858       –         11,661       –  
    Loss on sale of securities, net     –       –       –       (531 )     –         (531 )     (48 )
    Other     11       130       6       17       11         164       439  
    Total noninterest income     3,732       2,867       2,573       13,475       2,735         22,647       10,746  
    Noninterest expense:                              
    Compensation and benefits     6,628       6,963       7,037       7,109       6,290         27,737       27,655  
    Occupancy and equipment     2,045       2,181       2,116       1,908       1,484         8,250       6,382  
    Data processing     1,202       1,165       1,135       1,170       1,269         4,672       4,734  
    Federal deposit insurance premiums     457       435       397       501       492         1,790       2,003  
    Marketing     220       209       212       158       191         799       840  
    Professional and Outside Services     1,341       1,251       1,257       1,557       1,420         5,406       4,279  
    Technology     509       602       507       625       374         2,243       1,654  
    Other     1,845       1,668       1,756       1,976       1,997         7,245       7,684  
    Total noninterest expense     14,247       14,474       14,417       15,004       13,517         58,142       55,231  
    Income before income taxes     2,671       399       134       10,251       1,154         13,455       8,045  
    Income tax expenses (benefit)     569       (207 )     (9 )     972       (356 )       1,325       (335 )
    Net income   $ 2,102     $ 606     $ 143     $ 9,279     $ 1,510       $ 12,130     $ 8,380  
                                   
    Earnings per common share:                              
    Basic   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36       $ 2.85     $ 1.96  
    Diluted   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35       $ 2.84     $ 1.96  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    (Dollars in thousands)   December 31,   September 30, June 30,   March 31,   December 31,
                2024       2024       2024     2024       2023  
    Nonaccruing loans   $ 13,738     $ 13,806     $ 11,079   $ 11,603     $ 9,608  
    Accruing loans delinquent more than 90 days     –       –       294     215       1,843  
    Securities in non-accrual     1,419       1,440       1,371     1,442       1,357  
    Foreclosed real estate     –       –       –     71       71  
      Total nonperforming assets   $ 15,157     $ 15,246     $ 12,744   $ 13,331     $ 12,879  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 284     $ 1,821     $ 1,327   $ 1,455     $ 906  
      ACL general allowances for loan portfolio     16,627       16,695       17,003     17,351       17,862  
        Total ACL   $ 16,911     $ 18,516     $ 18,330   $ 18,806     $ 18,768  
                               
    Bank Level Capital                   Minimum Required To Be
    (Dollars in thousands)           Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    December 31, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $179,625   11.32%   $71,415   4.50%   $103,154   6.50%
    Tier 1 capital to risk-weighted assets   $179,625   11.32%   $95,219   6.00%   $126,959   8.00%
    Total capital to risk-weighted assets   $194,500   12.26%   $126,959   8.00%   $158,699   10.00%
    Tier 1 capital to adjusted average assets   $179,625   8.46%   $84,854   4.00%   $106,068   5.00%
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures             
                               
    (Dollars in thousands) Quarter Ended,   Twelve months ended,
    (unaudited) December 31, 2024   September 30, 2024 June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Calculation of tangible common equity
    Total stockholder’s equity $ 151,414     $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 151,414     $ 147,345  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (1,860 )     (2,203 )     (2,555 )     (2,911 )     (3,272 )     (1,860 )     (3,272 )
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Accumulated other comprehensive loss   58,084       48,241       58,939       56,313       51,613       58,084       51,613  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
                               
    Calculation of tangible book value per share
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Diluted average common shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
                               
    Calculation of tangible common equity to total assets
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets   6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                               
    Calculation of tax adjusted net interest margin
    Net interest income $ 12,607     $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 48,447     $ 54,555  
    Tax adjusted interest on securities and loans   674       678       677       699       722       2,728       2,956  
    Adjusted net interest income $ 13,281       12,684       12,731       12,749     $ 13,437     $ 51,175     $ 57,511  
    Total average earning assets   1,905,353       1,910,731       1,906,998       1,945,501       1,920,127       1,909,915       1,927,455  
    Tax adjusted net interest margin   2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
                               
    Efficiency ratio
    Total non-interest expense $ 14,247     $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 58,142     $ 55,232  
    Total revenue   16,339       14,873       14,627       25,255       15,450       71,094       65,301  
    Efficiency ratio   87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
                               
    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI United Nations: Endorsing Resolution, General Assembly Calls Upon All Stakeholders to Implement 2024–2034 Programme of Action for Landlocked Developing Countries

    Source: United Nations General Assembly and Security Council

    Text on UN Cooperation with Community-Portuguese-Speaking Countries Also Adopted

    The General Assembly today adopted a resolution containing the “Programme of Action for Landlocked Developing Countries for the Decade 2024–2034” — which focuses on diversifying economies, promoting trade, supporting jobs and enhancing climate resilience over the next 10 years in that group of nations — calling upon all stakeholders to commit to implementing it.

    In that action programme — listed in the annex of document A/79/L.21 — the Assembly recommitted to expediting action on the Sustainable Development Goals, calling for increased investment, including through international cooperation, and taking necessary measures to harmonize skills development and training programmes at the national and regional levels.

    The Programme of Action, which was originally adopted 24 December 2024 (see Press Release GA/12671), also lays out Member States’ commitments to substantially increasing investment from all sources in research and development, and in building accessible, reliable and affordable digital infrastructure.  The Assembly committed to doubling the contribution of manufacturing value added to the gross domestic product (GDP) of the landlocked developing countries by 2034.  Further, 193-member body urged development partners to support landlocked developing countries in strengthening strategic coherence between trade and investment policies, and industrial policy objectives.

    “The 570 million people living in the landlocked developing countries deserve nothing less,” said Assembly President Philémon Yang (Cameroon).  “For too long, they have faced unique challenges to trade, connectivity and development,” he added.  Recent shocks, such as the COVID-19 pandemic, rising prices worldwide, geopolitical tensions and the deepening impact of climate change, have only intensified their vulnerabilities.

    “The combined gross domestic product of landlocked developing countries in 2023 came in at 8 per cent below pre-pandemic projections,” he went on to say, commending these countries for their “resilience and ability to quickly reverse negative trends”.  The Assembly, “the great drum that gives voice to all peoples and nation”, will monitor implementation of the programme of action, he pledged.

    Rabab Fatima, Secretary-General of the third United Nations Conference on Landlocked Developing Countries, said the group of countries face profound challenges.  To address their issues, the new Programme of Action proposes regional agricultural hubs, which can help transform the sector and spearhead efforts toward sustainable development.

    “Internet usage is far below the global average,” she added, emphasizing the need to bridge the gender gap in the area.  On trade, she said that landlocked developing countries face 40 per cent higher trade costs than coastal States.  Climate finance remains grossly insufficient for landlocked developing countries, she added, noting that the Programme of Action underscores the need to urge development partners to honour their official development assistance (ODA) commitments.

    “This instrument must be a catalyst to eliminate structural barriers,” said Diego Pary Rodríguez (Bolivia), Chair of the Group of Landlocked Developing Countries.  Many of these countries have taken many measures to diversify their economies, but the Programme of Action has the potential to build new alliances that can provide them with the economic, political and technological tools to overcome barriers.

    He pointed out that the lack of development of regional transport corridors continues to undermine their participation in global trade. “Trade remains a critical means for the landlocked developing countries to achieve economic growth,” he said.  “We also ask for your support in capacity-building initiatives that will allow landlocked developing countries to comply with global trade standards,” he added, stressing the importance of fostering international cooperation in the transfer of clean technology to strengthen responses to climate change. 

    Cooperation between United Nations and Community of Portuguese-Speaking Countries

    By adopting a text titled “Cooperation between the United Nations and the Community of Portuguese-speaking Countries” (document A/79/L.43), the Assembly also stressed the importance of strengthening the cooperation between the Community and United Nations specialized agencies and other entities and programmes.

    By other terms of that resolution, the Assembly stressed the importance of partnership and cooperation between the UN and other relevant organizations, including the Community, to improve coordination and cooperation in peacebuilding and sustaining peace.

    Appointment of Member of Advisory Committee on Administrative and Budgetary Questions 

    On other matters, the Assembly appointed Alexandra Arias (Dominican Republic) as a member of the Advisory Committee on Administrative and Budgetary Questions (ACABQ) for a term of office beginning on 31 January and expiring on 31 December.  She replaces Olivio Fermín, also of the Dominican Republic, who resigned effective 31 January.

    Application of Article 19 of UN Charter 

    The Assembly also noted that Antigua and Barbuda has made the payments necessary to reduce its arrears in assessed contributions to the United Nations below the amount specified in Article 19 of the Charter.

    MIL OSI United Nations News –

  • MIL-OSI USA: Washington joins multistate suit over federal financial assistance freeze

    Source: Washington State News

    OLYMPIA — Washington state today joined 21 other states suing the Trump administration over its illegal freeze of all federal financial assistance, which directly threatens the health and safety of Washingtonians reliant on a variety of federally funded programs by potentially withholding billions in funds from the state.

    The direction issued Monday by the federal Office of Management and Budget to pause financial assistance programs could impact childcare and special education grants, highway planning and construction dollars, energy cost assistance rebates, substance abuse treatment, and nursing care for veterans, among other programs.

    The White House says the pause is to ensure the funds are “advancing Administration priorities.”

    “The White House justifies this damaging move with culture war alarmism, but in reality they’re robbing governments and service providers of funds that keep people safe and serve urgent needs in all of our communities,” Attorney General Nick Brown said. “People’s jobs are at stake. Services for veterans are at risk. Health care and education would be taken from children. Programs that support crime victims could vanish. These examples are the tip of the iceberg.”

    If funding is cut off for these programs, even temporarily, it would interfere with critical state programs, drastically worsen Washington’s budget shortfall, and make it nearly impossible for state agencies and the Legislature to intelligently prioritize budgeting needs.

    “Presidents have significant powers and elections have consequences,” Gov. Bob Ferguson said. “However, President Trump’s refusal or inability to advance his priorities in a lawful and constitutional manner is creating needless and cruel chaos. We’re confident that the courts will, once again, determine that he is exceeding his authority.”

    The administration’s memo does not explain any legal authority for this action, because they have none. The lawsuit, filed in the U.S. District Court for Rhode Island, lays out the various ways the Trump administration is breaking federal law by freezing a broad swath of financial assistance programs beyond the scope of its authority while also usurping the role of Congress.

    The complaint seeks to enjoin the Trump administration from enforcing or implementing the memo and requests a judicial declaration that the memo is unlawful.

    Read the filing here.

    This lawsuit is led by the attorneys general of New York, California, Illinois, Massachusetts, New Jersey and Rhode Island. Joining the lawsuit are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Hawaii, Maine, Maryland, Michigan, Minnesota, Nevada, New Mexico, North Carolina, Oregon, Vermont, Wisconsin, and the District of Columbia. 

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Cruz Introduce Legislation to Protect American Fishermen from Cartels

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined Senator Ted Cruz (R-TX) in reintroducing legislation to target illegally caught red snapper and tuna imports. The senators introduced similar legislation last Congress.
    The Illegal Red Snapper and Tuna Enforcement Act would require the National Institute of Standards and Technology (NIST) and the National Oceanic and Atmospheric Administration (NOAA) to develop a standard methodology for identifying the country of origin of red snapper or tuna imported into the United States. Snapper poaching continues to be an issue across the Gulf of America, as Mexican fishermen illegally catch red snapper, smuggle it into their country, and then confuse American consumers by selling our fish back to us. 
    “Alabama lands 34 percent of all recreationally caught Red Snapper in the Gulf,” said Senator Tuberville. “Unfortunately, our domestic Red Snapper industry is being undermined by Mexican fishermen who are illegally catching American snapper in the Gulf, smuggling them into Mexico, and then reselling the same fish back to American consumers. In addition to taking business away from Alabama’s fishermen, many of the profits from these illegal fishing operations are funding the cartels. I’m proud to join Senator Cruz in introducing the Illegal Red Snapper and Tuna Enforcement Act to stop illegal Red Snapper from flooding our markets and bankrupting our great fishermen.”
    U.S. Senators Tuberville and Cruz were joined by U.S. Senators Katie Britt (R-AL) and Brian Schatz (D-HI).
    Full text of the legislation can be found here.
    BACKGROUND:
    Mexican fishermen cross the maritime border between Texas and Mexico on small boats called “lanchas” to illegally catch red snapper in U.S. waters and return to Mexico. The fish are sold in Mexico or mixed in with legally-caught red snapper then exported back into the United States across land borders. Red snapper is one of the most well-managed and profitable fish in the Gulf of Mexico, but illegal fishing by Mexican lanchas puts law-abiding U.S. fishermen and seafood producers at a competitive disadvantage. Illegal, Unreported, and Unregulated (IUU) fishing activities violate both national and international fishing regulations.
    Cartels engaged in drug smuggling and human trafficking also engage in the profitable illegal fishing of red snapper. The same fishing boats and fishermen who catch red snapper also smuggle drugs and humans for the cartels, and these profits support the organization.
    Technology exists to chemically test and find the geographic origin of many foods, but not for red snapper or tuna. The Illegal Red Snapper and Tuna Enforcement Act would develop a field test kit the Coast Guard could use to accurately ascertain whether fish were caught in Mexico or U.S. waters, thus allowing federal and state law enforcement officers to identify the origin of the fish and confiscate illegally caught red snapper or tuna before it is imported back into the U.S.
    With the help of machine learning, NIST scientists are currently able to chemically determine the geographic origin of foods, including strawberries, apples, cherries, ginseng, ginkgo, beef, honey, and rice. Using those same methodologies, these scientists believe it would be possible to determine the geographic origin of red snapper. This would allow law enforcement to have a better understanding of the networks that support illegal fishing. It would also reduce the financial incentives for the crime, since the fish could no longer be sold back into the United States. If successful, this method could be expanded to identify other IUU fish.
    MORE:
    Tuberville Takes Aim At Cartels Engaged in Illegal Red Snapper Fishing
    Tuberville Voices Concerns About New Federal Red Snapper Limits
    Tuberville, Colleagues Advocate for Management Flexibility to Preserve Red Snapper Season
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Department of Defense Statement Clarifying Defense Contracting

    Source: United States Department of Defense

    “The Department is currently reviewing the OMB Memorandum, “Temporary Pause of Agency Grant, Loan, and Other Financial Assistance,” dated January 27, 2025. As directed by the memorandum, the Department will expeditiously analyze its financial assistance programs to identify programs, projects, and activities that may be implicated by any of the President’s executive orders. In the interim, and as directed by OMB, the Department will temporarily pause activities related to the obligation or disbursement of financial assistance, to the extent permissible under applicable law. The scope of the OMB M-25-13 memo on financial assistance instruments does not include contracts. Contrary to certain media accounts, the Department of Defense has not paused contract awards. The Department continues to award new contracts to fulfill validated mission needs. While we are not aware of any specific contracts or other activities affected, it is possible that activities may be paused if they are determined to fall within the bounds of the guidance. We look forward to providing more details regarding this matter as they develop and become available.”

    MIL OSI USA News –

  • MIL-OSI USA: Jamaican Citizen Sentenced to Prison in Connection with Lottery Scheme

    Source: US State Government of Utah

    A federal judge in Charlotte, North Carolina, sentenced a Jamaican citizen yesterday to prison for operating a Jamaica-based fraudulent lottery scheme.

    Antony Linton Stewart, 40, pleaded guilty on Aug. 3, 2023, to one count of conspiracy to commit mail and wire fraud, in the Western District of North Carolina.  On Jan. 27, U.S. District Court Judge Robert J. Conrad sentenced Stewart to 84 months in prison. Stewart was also ordered to pay $1,104,041.74 in restitution.

    According to court documents, and as part of his plea, Stewart acknowledged that from approximately 2010 through at least August 2016, he led a fraudulent lottery fraud scheme in which he and his co-conspirators targeted victims in the United States. Stewart admitted that he contacted elderly Americans by phone and falsely told them that they had won money and other prizes in a sweepstakes or lottery.  Stewart told victims that they needed to send money to pay fees and taxes on their winnings.  He repeatedly contacted victims for as long as they could be persuaded to send additional money. No lottery existed and no victim ever received any winnings.

    “Overseas lottery schemes are unfortunately a common means by which foreign criminals seek to target U.S. citizens, particularly elder Americans,” said Acting Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Such schemes are unacceptable, and the Department will hold accountable those who participate in them.”

    “Stealing money from elderly individuals is a despicable crime,” said U.S. Attorney Dena J. King for the Western District of North Carolina. “Today’s sentence sends a clear message that fraudsters who target and exploit older adults for financial gain will be brought to justice.”

    This prosecution is part of the Justice Department’s effort to work with federal and foreign law enforcement to combat fraudulent lottery schemes in Jamaica that prey on U.S. citizens.

    The U.S. Postal Inspection Service investigated the case. The Justice Department’s Office of International Affairs worked with law enforcement partners in Jamaica to secure the arrest and extradition of Stewart. The U.S. Marshals Service also provided significant assistance.

    Trial Attorney Ryan E. Norman of the Justice Department’s Consumer Protection Branch prosecuted the case, with the assistance of Assistant U.S. Attorney Daniel Ryan for the Western District of North Carolina.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is staffed seven days a week from 6:00 a.m. to 11:00 p.m. eastern time. English, Spanish, and other languages are available.

    For more information about the Consumer Protection Branch, visit its website at www.justice.gov/civil/consumer-protection-branch. For more information about the U.S. Attorney’s Office for the Western District of North Carolina, visit their website at www.justice.gov/usao-wdnc. Information about the Justice Department’s Elder Fraud Initiative is available at www.justice.gov/elderjustice.

    MIL OSI USA News –

  • MIL-OSI Security: Jamaican Citizen Sentenced to Prison in Connection with Lottery Scheme

    Source: United States Attorneys General 1

    A federal judge in Charlotte, North Carolina, sentenced a Jamaican citizen yesterday to prison for operating a Jamaica-based fraudulent lottery scheme.

    Antony Linton Stewart, 40, pleaded guilty on Aug. 3, 2023, to one count of conspiracy to commit mail and wire fraud, in the Western District of North Carolina.  On Jan. 27, U.S. District Court Judge Robert J. Conrad sentenced Stewart to 84 months in prison. Stewart was also ordered to pay $1,104,041.74 in restitution.

    According to court documents, and as part of his plea, Stewart acknowledged that from approximately 2010 through at least August 2016, he led a fraudulent lottery fraud scheme in which he and his co-conspirators targeted victims in the United States. Stewart admitted that he contacted elderly Americans by phone and falsely told them that they had won money and other prizes in a sweepstakes or lottery.  Stewart told victims that they needed to send money to pay fees and taxes on their winnings.  He repeatedly contacted victims for as long as they could be persuaded to send additional money. No lottery existed and no victim ever received any winnings.

    “Overseas lottery schemes are unfortunately a common means by which foreign criminals seek to target U.S. citizens, particularly elder Americans,” said Acting Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “Such schemes are unacceptable, and the Department will hold accountable those who participate in them.”

    “Stealing money from elderly individuals is a despicable crime,” said U.S. Attorney Dena J. King for the Western District of North Carolina. “Today’s sentence sends a clear message that fraudsters who target and exploit older adults for financial gain will be brought to justice.”

    This prosecution is part of the Justice Department’s effort to work with federal and foreign law enforcement to combat fraudulent lottery schemes in Jamaica that prey on U.S. citizens.

    The U.S. Postal Inspection Service investigated the case. The Justice Department’s Office of International Affairs worked with law enforcement partners in Jamaica to secure the arrest and extradition of Stewart. The U.S. Marshals Service also provided significant assistance.

    Trial Attorney Ryan E. Norman of the Justice Department’s Consumer Protection Branch prosecuted the case, with the assistance of Assistant U.S. Attorney Daniel Ryan for the Western District of North Carolina.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is staffed seven days a week from 6:00 a.m. to 11:00 p.m. eastern time. English, Spanish, and other languages are available.

    For more information about the Consumer Protection Branch, visit its website at www.justice.gov/civil/consumer-protection-branch. For more information about the U.S. Attorney’s Office for the Western District of North Carolina, visit their website at www.justice.gov/usao-wdnc. Information about the Justice Department’s Elder Fraud Initiative is available at www.justice.gov/elderjustice.

    MIL Security OSI –

  • MIL-OSI: First Central Savings Bank Reports Fourth Quarter 2024 net income of $2.0 million ($0.19 EPS), Significant Non-Interest Income Growth Quarter over Quarter, and Special Cash Dividend of $0.15 per share

    Source: GlobeNewswire (MIL-OSI)

    Performance Highlights

    • Net Income: Net income for the quarter ended December 31, 2024, was $2.0 million or $0.19 per share, compared to $919 thousand or $0.09 per share, recorded in the prior linked quarter and $1.3 million or $0.12 per share, in the comparable 2023 quarter.
    • Cash Net Income: Cash net income for the quarter ended December 31, 2024, was $2.2 million or $0.21 per share, compared to $1.9 million or $0.18 per share, recorded in the prior quarter and $1.5 million or $0.14 per share, in the comparable 2023 quarter
    • Significant Non-Interest Income Growth: Due to an increase in loan sale volume and loan sale premiums received for the quarter ended December 31, 2024, non-interest income increased by $1.0 million or 53.4% from the prior linked quarter and were up $1.5 million or 106.6% from the prior year quarter.
    • Net Interest Income: The Bank recorded net interest income of $6.9 million for the quarter ended December 31, 2024, compared to $6.8 million in the prior linked quarter and $6.8 million in the comparable 2023 quarter.
    • Net Interest Margin: The Bank’s net interest margin increased during the quarter ended December 31, 2024, to 2.88% from 2.80% in the quarter ended September 30, 2024.
    • Financial Performance Metrics: Return on average assets and average stockholders’ equity were 0.82% and 9.08%, respectively, for the quarter ended December 31, 2024, compared to 0.37% and 4.22% on linked quarter basis.
    • Regulatory Capital: The Bank’s Tier 1 capital ratio was 9.36% and the Total Risk based capital ratio was 14.67% at December 31, 2024, each above the regulatory minimum for a well-capitalized institution.
    • Special Cash Dividend: The Bank declared a special cash dividend of $0.15 per share to the Bank’s shareholders.
    • Strong and Stable Liquidity: The Uninsured deposits base remains stable at 18.15% of total deposits. The Bank has significant available funding capacity to provide 236.2% coverage of our uninsured deposits.

    GLEN COVE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported continued performance achievements for the quarter ended December 31, 2024.

    Cash and GAAP Basis Earnings

    The Bank’s cash earnings were $2.2 million, or $0.21 per share, for the quarter ended December 31, 2024, which represents an increase of $325 thousand, or 17.2%, on a linked quarter basis and an increase of $766 thousand, or 52.8%, from the prior year quarter ended December 31, 2023.

    On a GAAP basis, net income for the quarter ended December 31, 2024, was $2.0 million, or $0.19 per share, compared with net income of $919 thousand, or $0.09, from the prior linked quarter basis and net income of $1.3 million, or $0.12 per share, for the quarter ended December 31, 2023.

    Joseph Pistilli, Chairman of the Board noted, “In the fourth quarter of 2024, First Central continued to build shareholder value by generating strong earnings, primarily due to gains on non-conforming residential loan sales. In addition, we increased our book value from $7.88 per share at December 31, 2023, to $8.20 at December 31, 2024. Due to strong earnings and capital, I am pleased to report that in December 2024 we have once again declared a special cash dividend of $0.15 per share to our shareholders, up from $0.10 per share in the prior year period. We are cautiously optimistic about the credit quality of our loan portfolio, as it relates to the commercial loan sector, specifically to office space and multi-family lending, however, our exposure to this type of lending is limited. I am extremely proud of the management team and the Board of Directors that we have assembled at the Bank and the expertise they have in managing net interest income and asset quality during the current market conditions.”

    Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “During the quarter ended December 31, 2024, additional overnight rate cuts from the Federal Reserve enabled the Bank to expand its net interest income and margin. The cost of funds declined by 21 basis points during the fourth quarter of 2024 and we expect additional decreases in our deposit costs going forward. The pace of future deposit cost reductions will be dependent upon additional rate cuts from the Federal Reserve as well as competitor deposit pricing and their increased liquidity needs. We expect overall profitability to improve in the calendar year 2025 due to net interest margin expansion, growth in our loan portfolio, and increased loan sale income, however, we are very aware of potential credit quality deterioration, particularly in commercial and industrial loans that are present within our industry. Management will continue to effectively manage non-interest expenses to improve profitability and provide for any potential credit quality issues.”

    Balance Sheet

    Total assets as of December 31, 2024, were $964.9 million compared to $963.5 million as of December 31, 2023. The slight increase in total assets was primarily driven by the Bank’s loan originations offset by non-conforming loan sales of $213.6 million during 2024. Total assets for the quarter ended December 31, 2024, decreased by $23.0 million to $964.9 million as the Bank continued to originate commercial and non-conforming loans while continuing to actively sell a portion of the non-conforming loans to the secondary market. The bank sold a quarterly record of $84.4 million of non-conforming loans during the quarter. As of December 31, 2024, the Bank has been able to generate a non-conforming loan pipeline of $145.3 million with a weighted average interest rate of 7.02%.

    Total deposits were $829.0 million as of December 31, 2024, an increase of $12.7 million, or 1.6%. from December 31, 2023. The Bank has been successful in growing non-interest-bearing deposits from our retail branches and through non-conforming loan originations. Year over year non-interest-bearing deposits increased by $23.6 million or 22.5% to $128.8 million as of December 31, 2024, representing 15.5% of the total deposit base. With the growth of the deposit base, total borrowings as of December 31, 2024, decreased by $15.0 million or 33.3% to $30.0 million when compared to December 31, 2023.

    The Bank’s overall average cost of funds was 3.51% for the quarter ended December 31, 2024, a decrease of 21 basis points from 3.72% from the prior linked quarter. Three Overnight rate cuts by the Federal Reserve totaling 100 bps contributed to the reduction in the cost of funds. Management continues to be pro-active in securing lower rate certificates of deposit in the current interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of further interest rate reductions in 2025. Management believes this strategy will better protect and enhance future earnings as interest rates continue to decline, and our deposits reprice downward in the future.

    Loan Portfolio and Asset Quality

    For the twelve-month period ended December 31, 2024, the Bank’s loan portfolio grew by $17.7 million, or 2.1%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $274.2 million. At December 31, 2024, the entire non-conforming loan portfolio amounted to $464.6 million, with an average loan balance of $553 thousand and a weighted average loan-to-value ratio of 62.8%.

    As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. The Bank expects that it will continue to originate, in the near term, for its own portfolio and, in the long term, for others, which will result in a continued increase in interest income while also realizing gains on sales of loans. For the twelve months ended December 31, 2024, the Bank earned $6.4 million in premiums on loans sold, net of FASB 91 fees and costs.

    The Bank’s asset quality ratios remained strong. At December 31, 2024, the loan portfolio had non-performing loans of $11.6 million or 1.39% of total loans and 1.21% of total assets. The total allowance for credit losses at December 31, 2024, was $8.8 million, or 1.05% of total loans held for investment.

    About First Central Savings Bank

    With assets of $964.9 million at December 31, 2024, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate office in Glen Cove, New York with an additional six branches throughout Queens New York, one branch in Nassau County, New York, and one branch in Suffolk County, New York.

    First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

      First Central Savings Bank              
      Statements of Condition – (unaudited)              
      (dollars in thousands)              
          12/31/2024   9/30/2024   12/31/2023  
                     
      Assets              
      Cash and cash equivalents   $ 49,156     $ 40,701     $ 50,955    
      Certificates of deposit     2,000       2,000       2,000    
      Investments available-for-sale     29,802       31,679       43,057    
      Investments held-to-maturity     1,000       1,000       1,000    
                                 
      Loans held-for-sale     14,892       83,613       8,126    
      Loans receivable     838,183       799,076       827,278    
      Less: allowance for credit losses     (8,787 )     (8,895 )     (8,347 )  
      Loans, net     829,396       790,181       818,931    
                                 
      Other assets     38,684       38,745       39,466    
                             Total assets   $ 964,930     $ 987,919     $ 963,535    
                                 
                                 
      Liabilities and stockholders’ equity                          
      Deposits   $ 829,003     $ 851,646     $ 816,285    
      FHLB advances and other borrowings     30,000       30,000       45,000    
      Other liabilities     18,568       18,421       18,318    
                             Total liabilities     877,571       900,067       879,603    
                                 
                                 
      Total stockholders’ equity     87,359       87,852       83,932    
      Total liabilities and stockholders’ equity   $ 964,930     $ 987,919     $ 963,535    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
                  12 Months   12 Months  
          Quarter Ended
    		   Quarter Ended
    		   Ended   Ended  
          12/31/2024   12/31/2023   12/31/2024   12/31/2023  
                         
      Total Interest income   $ 14,599     $ 13,767     $ 58,610     $ 53,465    
      Total interest expense     7,673       6,991       31,605       23,466    
                              Net interest income     6,926       6,776       27,005       29,999    
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Net interest income after provision (recovery) for credit losses     6,925       6,787       25,747       29,460    
                                         
      Net gain on loans sold     2,649       1,023       6,449       3,738    
      Net gains on sale of securities     –       109       142       109    
      Other non-interest income     247       270       1,034       1,253    
         Total non-interest income     2,896       1,402       7,625       5,100    
                                         
      Compensation and benefits     4,355       3,882       15,361       14,108    
      Occupancy and equipment     912       894       3,672       3,811    
      Data processing     454       416       1,798       1,658    
      Federal insurance premium     161       139       666       672    
      Professional fees     291       301       1,348       1,711    
      Other     1,116       986       3,867       3,618    
               Total non-interest expense     7,289       6,618       26,712       25,578    
                                         
               Income before income taxes     2,532       1,571       6,660       8,982    
      Income tax expense     524       318       1,349       1,847    
                             Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Add back non-cash items                                  
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Depreciation expense     261       258       1,031       1,027    
      Tax on add back of non-cash items     (54 )     (50 )     (464 )     (322 )  
                             Cash net income   $ 2,216     $ 1,450     $ 7,136     $ 8,379    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended
    		   Quarter Ended
    		   Quarter Ended
    		   Quarter Ended
    		  
          12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
      Total Interest income   $ 14,599     $ 14,972     $ 14,854     $ 14,185    
      Total interest expense     7,673       8,210       8,064       7,658    
                               Net interest income     6,926       6,762       6,790       6,527    
      Provision for credit losses     1       950       117       190    
          Net interest income after provision for credit losses     6,925       5,812       6,673       6,337    
                                         
      Net gain on loans sold     2,649       1,536       843       1,421    
      Net gains on sale of securities     –       142       –       –    
      Other non-interest income     247       210       337       240    
               Total non-interest income     2,896       1,888       1,180       1,661    
                                         
      Compensation and benefits     4,355       3,663       3,596       3,747    
      Occupancy and equipment     912       936       918       906    
      Data processing     454       448       452       444    
      Federal insurance premium     161       174       166       165    
      Professional fees     291       360       368       329    
      Other     1,116       975       907       869    
               Total non-interest expense     7,289       6,556       6,407       6,460    
                                         
               Income before income taxes     2,532       1,144       1,446       1,538    
      Income tax expense     524       225       290       310    
                             Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Add back non-cash items                                  
      Provision for credit losses     1       950       117       190    
      Depreciation expense     261       260       257       253    
      Tax on add back of non-cash items     (54 )     (238 )     (75 )     (89 )  
                             Cash net income   $ 2,216     $ 1,891     $ 1,455     $ 1,582    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
     
      First Central Savings Bank                  
      Selected Financial Data – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended  
          12/31/2024   9/30/2024   6/30/2024   12/31/2023  
                                         
      Asset quality:                                  
      Allowance for credit losses   $ 8,787     $ 8,895     $ 8,721     $ 8,347    
      Allowance for credit losses to total loans (1)     1.05 %     1.11 %     1.04 %     1.01 %  
                                         
      Non-performing loans   $ 11,649     $ 4,850     $ 4,907     $ 4,385    
      Net (recovery) charge-off dollars     (41 )     776       (66 )     (129 )  
      Non-performing loans/total loans (1)     1.39 %     0.61 %     0.58 %     0.53 %  
      Non-performing loans/total assets     1.21 %     0.49 %     0.50 %     0.46 %  
      Allowance for credit losses/non-performing loans     75.43 %     183.40 %     177.73 %     190.35 %  
                                         
      Capital: (dollars in thousands)                                  
      Tier 1 capital   $ 91,913     $ 91,502     $ 90,583     $ 88,236    
      Tier 1 leverage ratio     9.36 %     9.26 %     9.16 %     9.23 %  
      Common equity tier 1 capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Tier 1 risk based capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Total risk based capital ratio     14.67 %     14.45 %     14.60 %     14.44 %  
                                         
      Equity data                                  
      Common shares outstanding     10,648,345       10,648,345       10,648,345       10,648,345    
      Stockholders’ equity   $ 87,359     $ 87,852     $ 86,122     $ 83,932    
      Book value per common share     8.20       8.25       8.09       7.88    
      Tangible common equity     87,359       87,852       86,122       83,932    
      Tangible book value per common share     8.20       8.25       8.09       7.88    
     
      (1) Calculation excludes loans held-for-sale
     
      First Central Savings Bank                    
      Selected Financial Data – (unaudited)                    
      (dollars in thousands)                    
          Quarter Ended
    		   Quarter Ended
    		     Quarter Ended
    		   Quarter Ended
    		  
          12/31/2024   9/30/2024     6/30/2024   12/31/2023  
                           
      Other: (in thousands)                    
      Average interest-earning assets   $ 956,169     $ 961,624       $ 961,503     $ 928,162    
      Average interest-bearing liabilities     736,731       759,152         765,606       740,574    
      Average deposits and borrowings     868,871       877,100         879,082       846,091    
                                           
      Profitability:                                    
      Return on average assets     0.82 %     0.37 % (3)     0.47 %     0.52 %  
      Return on average equity     9.08 %     4.22 % (3)     5.48 %     6.07 %  
      Yield on average interest earning assets     6.07 %     6.19 %       6.21 %     5.88 %  
      Cost of average interest bearing liabilities     4.14 %     4.30 %       4.24 %     3.75 %  
      Cost of funds     3.51 %     3.72 %       3.69 %     3.28 %  
      Net interest rate spread (1)     1.93 %     1.89 %       1.98 %     2.14 %  
      Net interest margin (2)     2.88 %     2.80 %       2.84 %     2.90 %  
      Non-interest expense to average assets     2.91 %     2.65 %       2.62 %     2.78 %  
      Efficiency ratio     72.69 %     77.05 %       80.40 %     82.46 %  
     
      (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the
          average cost of average interest-bearing liabilities
      (2) Net interest margin represents net interest income divided by average interest earning assets
      (3) ROA and ROE excluding a $776 thousand charge-off of a C&I loan as of September 30, 2024 would have been 0.61% and 6.95%
     

    Investor and Press Contact:
    Joseph Pistilli Chairman of the Board
    Ray Ciccone, E.V.P. & Chief Financial Officer
    Paul Hagan, President & Chief Operating Officer
    516-399-6071

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Sponsors Artists in Residence Program Through the Leonardo

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union announced its sponsorship of the Leonardo’s Artists in Residence program, running through October 2025. This partnership underscores Mountain America’s commitment to supporting local and multicultural initiatives that enrich the community.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    The Artists in Residence program, in collaboration with Artes de Mexico en Utah, features a new Latino artist each month and includes a fixed exhibit on the second floor of the Leonardo. These Utah-based Latino artists will be present throughout the week, allowing attendees to interact with them.

    “Sponsoring the Artists in Residence program with the Leonardo aligns with our commitment to advocate for underserved communities,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “We value the work the Leonardo is doing and see this as the beginning of a partnership that will help us build more relationships within the community and open new doors for collaboration.”

    The Leonardo, a nonprofit community-powered museum established in 2011, is dedicated to breaking down barriers and creating a better future through self-discovery, collaboration and connection. The museum’s mission is to blend science, technology, and art in ways that inspire creativity and innovation among people of all ages and backgrounds.

    “Our partnership with Mountain America exemplifies the power of collaboration in fostering creativity and community engagement,” stated Alexandra Hesse, executive director of the Leonardo. “Together, we are proud to support our Artists in Residence program throughout 2025, creating opportunities for innovation, inspiration, and cultural enrichment that resonate deeply with our shared commitment to making a difference.”

    This initiative brings art back to the community, encouraging visitors to engage with local artists, ask questions and view several finished pieces on display. The program aims to promote diverse artistic expression and facilitate cross-cultural community revitalization, with a special focus on sharing the history, ideas and lived experiences of the Latino population with a broader audience.

    To learn more about Mountain America, visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Reeves: I am going further and faster to kick start the economy

    Source: United Kingdom – Executive Government & Departments

    Chancellor unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035.

    • Rachel Reeves will today vow to go ‘further and faster’ to deliver the government’s Plan for Change to kick start economic growth and put more pounds in people’s pockets.
    • Chancellor to unveil plans to unleash the potential of the Oxford-Cambridge Growth Corridor that will add up to £78 billion to the UK economy according to industry experts, catalysing growth of UK science and technology.
    • Comes after Chancellor last week announced National Wealth Fund and Office for Investment will take new approaches to spur regional growth across the UK.

    Chancellor Rachel Reeves will today vow to go “further and faster” to kick start the economy, as she unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035 according to industry experts.

    In a speech in Oxfordshire, the Chancellor will tell regional and business leaders that economic growth is the number one mission of this government and its Plan for Change. She will declare that Britain’s economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world like artificial intelligence and life sciences.”

    She will back the redevelopment of Old Trafford and will review the Green Book – the government’s guidance on appraisal – in order to support decisions on public investment across the country, including outside London and the Southeast.

    The speech comes after the Chancellor last week announced a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

    Reeves will say “low growth is not our destiny, but that economic growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.”

    The Chancellor is expected to say: 

    Britain is a country of huge potential. A country of strong communities, with local businesses at their heart.

    We are the forefront of some of the most exciting developments in the world like artificial intelligence and life sciences. We have great companies based here delivering jobs and investment in Britain.

    And we have fundamental strengths – in our history, our language, and our legal system – to compete in a global economy.

    But for too long, that potential has been held back. For too long, we have accepted low expectations, accepted stagnation and accepted the risk of decline. We can do so much better.

    Low growth is not our destiny. But growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.

    That’s what our Plan for Change is about. That is what drives me as Chancellor. And it is what I’m determined to deliver.

    In her speech the Chancellor will announce:

    • The Environment Agency has lifted its objections to a new development around Cambridge that could unlock 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This was only possible as a result of the government working closely with councils and regulators to find creative solutions to unlock growth and address environmental pressures.

    • That the government has agreed for water companies to unlock £7.9bn investment for the next 5 years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, such as the new Fens Reservoir serving Cambridge and the Abingdon Reservoir near Oxford.

    • Confirming funding towards better transport links in the region including funding for East-West Rail, with new services between Oxford and Milton Keynes this year and upgrading the A428 to reduce journey times between Milton Keynes and Cambridge.

    • Prioritisation of a new Cambridge Cancer Research Hospital as part of the New Hospitals Programme bringing together Cambridge University, Addenbrookes Hospital and Cancer Research UK.

    • Support for the development of new and expanded communities in the Oxford-Cambridge Growth Corridor and a new East Coast Mainline station in Tempsford, to expand the region’s economy.
    • That she welcomes Cambridge University’s proposal for a new large scale innovation hub in the city centre. As the world’s leading science and tech cluster by intensity, Cambridge will play a crucial part in the government’s modern Industrial Strategy.
    • A new Growth Commission for Oxford, inspired by the Cambridge model, to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area.
    • Appointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor Champion to provide senior leadership to ensure the Government’s ambitions are delivered. 

    The Chancellor is expected to say:

    Oxford and Cambridge offer huge economic potential for our nation’s growth prospects.

    Just 66 miles apart these cities are home to two of the best universities in the world two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI.

    It has the potential to be Europe’s Silicon Valley. The home of British innovation.

    To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours.

    There is no way to commute directly from towns like Bedford and Milton Keynes to Cambridge by rail. And there is a lack of affordable housing across the region.

    Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region.

    Designed to take advantage of the region’s unique strengths and potential, the announcements are further evidence of the government’s modern Industrial Strategy in action as it seeks to create the right conditions to increase investment in our leading growth sectors like life sciences, artificial intelligence and advanced manufacturing.

    She will add:

    Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.

    The speech comes after the Chancellor last week announced a package of investment reforms to spur regional growth across the UK. Rachel Reeves set out a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. Putting local knowledge and leadership at the forefront, there will be tailored strategies for each region to ensure investment matches local needs and drives sustainable growth. Putting the government’s Plan for Change into action, the Chancellor set out that the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal. Measures included the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

    Science Minister, Lord Patrick Vallance said: 

    The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction.

    This government’s Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.

    Together we will build the infrastructure and partnerships needed to join up this region’s academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.

    Transport Secretary, Heidi Alexander said:

    Well connected communities are a cornerstone for growth. East West Rail will not only provide better links and lasting benefits to Oxford and Cambridge, but to all the surrounding areas.

    I’m also delighted to announce a brand new station at Tempsford, which will be game changing for the region – allowing a new community and businesses to grow, unlocking faster and smoother access to opportunities, and delivering on the Government’s Plan for Change.

    More details

    • Yesterday, Moderna completed the build for their new vaccine production and R&D site in Harwell, Oxfordshire. They have committed to invest over £1 billion in R&D in the UK, strengthening our position as a global leader in biopharmaceutical innovation.
    • £78 billion added to the UK economy. Source: Public First research for the Oxford-Cambridge Supercluster Board (2025).
    • Dr Andy Williams, Chair of the Oxford-Cambridge Supercluster Board said: 

    The announcements today are extremely positive for the region and for the country. As Chair of the OxCam Supercluster Board, which comprises 45 members across business, academia, and investors, we know that the region has the potential to deliver truly remarkable growth in the coming decade and beyond, as evidenced by the research published this week. Achieving £78 billion in cumulative economic value by 2035 requires us to work dynamically and pro-actively across government, the private sector, educational institutions, and the investment community, to fully harness OxCam’s strengths and address its weaknesses. With the experience and knowledge of Sir Patrick Vallance leading this effort, we are excited by the opportunity to co-design a policy prospectus that will allow the OxCam Growth Corridor to realise its potential as a global centre for science and innovation.

    • Dipesh J. Shah OBE, Chair of the Oxford to Cambridge Partnership said: 

    I welcome the Chancellor’s drive to accelerate growth in the Oxford to Cambridge corridor and her support for strategic investments in enabling infrastructure. The region houses internationally acclaimed clusters of innovation in each of the growth sectors for the nation. Already one of the world’s great science powerhouses, the region’s full potential will rely on connecting its incredible ecosystems of businesses, places and communities. Investments announced today will spur more and will help local leaders to deliver on their ambitious plans for their communities.

    • Professor Alistair Fitt, Chair of Arc Universities Group and Vice-Chancellor Oxford Brookes University said:

    This region hosts a great diversity and scale of universities. Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world class knowledge transfer and commercialisation. Our universities, working in close partnership, in alliance with others – particular the private sector – are organised into the Arc Universities Group.  We stand ready for the challenge. We welcome the oversight and experience that the leadership of Sir Patrick Vallance brings to the region, and we look forward to helping deliver the Chancellor’s aspirations for growth.

    • Darius Hughes, UK General Manager for Moderna said:

    We are proud to call Oxfordshire our home with the recent completion of construction of the Moderna Innovation and Technology Centre in Harwell. Today’s announcement demonstrates the government’s commitment to growth and innovation, and we look forward to delivering British-made vaccines to the UK public, advancing cutting-edge research, and strengthening partnerships in this globally significant region.

    • Steve Bates, CEO of the UK Bioindustry Association said:

    The UK is a global leader in biotech innovation and attracts the most venture capital in Europe. New figures we’ve published this week show that biotech is a vibrant growth sector of the UK economy with an exceptional ability to attract global investment. Delivering the infrastructure needed to support the growth at pace – especially in the Oxford Cambridge growth corridor- is key to the success of our sector.

    • The government is continuing to work with local partners to deliver sustainable growth in Cambridge, with the additional homes and infrastructure the city needs. Peter Freeman and the Cambridge Growth Company are building the evidence base for an infrastructure-first growth strategy to realise the full potential of Cambridge and improve lives for residents.
    • The Chancellor today announced that delivery of a new East Coast Mainline station in Tempsford will be accelerated by 3-5 years. The station will link services directly to London, with services in under an hour. It will eventually also be an interchange with the East West Rail station.  
    • The A428 (Black Cat to Caxton Gibbet) scheme will improve journeys between Milton Keynes, Bedford and Cambridge. The scheme will see a new 10-mile dual carriageway delivered, as well as three grade separated junctions, three tier at Black Cat roundabout (A1/A421) and two tier at Cambridge Road (B1428) and Caxton Gibbet (A428/A1198) junctions, respectively. Main construction began in December 2023 and the road is expected to open in 2027.
    • The Environment Agency have lifted their opposition to new development around Cambridge (Waterbeach and the Beehive centre). This unlocks the delivery of 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This demonstrates how the government, councils, and regulators are working together to find solutions that unlock growth and address environmental pressures.
    • The government has agreed water companies’ water resources management plans, including Cambridge Water’s, unlocking a now-confirmed £7.9bn investment in water resources in the next 5 years to provide a foundation for growth and improving our water infrastructure. These plans include nine new reservoirs, including the new Fens Reservoir serving Cambridge to South East Strategic Reservoir Option (Abingdon Reservoir) near Oxford.
    • The Chancellor will announce a new Growth Commission for Oxford, similar to the Cambridge Growth Company to bring together key stakeholders across the city and review how best to tackle the barriers that are constraining development of new housing and infrastructure to accelerate growth in the city.
    • AI Growth Zones, as recommended in the AI Action Plan launched by the PM earlier this month, are designated areas designed to fast-track the development of AI-focused data centres and supporting infrastructure. By concentrating government support on planning and energy, AIGZs aim to attract significant private investment, accelerate the build-out of critical AI infrastructure, and drive local economic regeneration. The first AI Growth Zone will be in Culham, Oxfordshire and the Chancellor today announced a ‘call for expressions of interest’ from regional and local authorities and industry, to inform the next stage of the AI Growth Zones programme. This will help us understand early opportunities and inform the next stage of the programme in what the government regards as a key growth sector in its modern Industrial Strategy.

    • On Monday 20th January the Health Secretary announced the Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme. This scheme will improve cancer survival rates by centralising Cambridge University Hospital cancer services under one roof and will further improve the proposition for the life sciences sector in the region, with AstraZeneca and CRUK researchers co-located at the facility, integrating the clinical and research models of cancer services. In doing so it will help create three new research institutes to be integrated with NHS clinical care helping to provide 10 new clinical trials per year and foster increased collaboration between top scientists and clinicians.

    • The Chancellor will welcome Cambridge University’s plans for a new largescale innovation hub in the heart of the city. The Global Innovation Index (GII) 2024 has ranked Cambridge as the world’s leading science and technological cluster by intensity for the third consecutive year.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Australian produce in high demand for Lunar New Year Celebrations in China

    Source: Minister for Trade

    The Lunar New Year marks exciting new opportunities for Australian food and agriculture exporters to China, with $20 billion worth of trade impediments now removed.

    China’s consumers can celebrate the Year of the Snake by dining on a smorgasbord of Aussie cuisine, including delicious lobsters, the world’s best wines, and high-quality beef steaks.

    The Albanese Labor Government has worked calmly and consistently to restore dialogue to Australia’s relationship with China and secure the removal of $20 billion of trade impediments.

    Following the removal of the final trade impediments in December 2024, dining tables in China will now feature Australian live rock lobsters, a welcome outcome for Chinese consumers and Australian businesses alike.

    Over 900 tonnes of live rock lobsters has already been exported to China since the removal of impediments. This has supported the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.

    Australian fresh cherries are also highly prized as a gift to celebrate the Lunar New Year, and demand is expected to grow this financial year, after strong growth last year. Australia exported $14 million or 582 tonnes of cherries in 2023-24, an increase of 129 per cent in value and 137 per cent in volume. 

    Exports to China of Australian agricultural products previously affected by trade impediments have rebounded in 2024 year-on-year (January to October):

    • barley increased 221 per cent in value;
    • wine increased over 5,000 per cent in value; and
    • timber logs (specifically, wood in the rough) increased over 8,000 per cent in value.

    China remains Australia’s largest market for agricultural exports, worth $17.1 billion and accounting for around a quarter of total agricultural exports in 2023-24.

    Quotes attributable to Foreign Minister Penny Wong:

    “The Albanese Labor Government’s calm and consistent approach to our relationship with China is delivering for Australians and for our national interest.

    “It’s the result of hard work and a responsible Government that doesn’t play reckless political games with Australia’s most important relationships. 

    “Labor will continue to support Australian businesses to sell their products to the world, including through our efforts to diversify our trade.”

    Quotes attributable to Trade and Tourism Minister Don Farrell:  

    “Sustained engagement and advocacy by the Albanese Labor Government has resulted in the removal of around $20 billion of Chinese trade impediments, benefiting Australian farmers, exporters and our regions.

    “But we will not rest on our laurels – we are committed to creating even more export opportunities for Australian farmers and producers.

    “Every product we export means more national income and more well-paying Australian jobs.”

    Quotes attributable to Agriculture, Fisheries and Forestry Minister Julie Collins:

    “Australia has an outstanding reputation as a supplier of high-quality agricultural products in China.  

    “Our Government is focused on strengthening our trade relationships and expanding opportunities for Australia’s farmers and producers.

    “In 2023-24, we recorded 88 market access achievements which opened, improved, maintained, or restored access for Australian businesses, including unlocking 10 new markets.

    “Australia exports over 70 per cent of our agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been – thanks to the Albanese Labor Government.”

    MIL OSI News –

  • MIL-OSI USA: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    Source: US Federal Emergency Management Agency

    Headline: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    ROSWELL, New Mexico — It has been just over three months since former President Joe Biden declared a major disaster for the state of New Mexico following the Oct. 19-20 Severe Storm and Flooding in Chaves County. To date, more than $24.6 million in federal assistance has been approved for New Mexican families affected by the disaster.FEMA and the U.S. Small Business Administration (SBA) have approved grants and loans for more than 3,000 recovering homeowners, renters and businesses in Chaves County. This assistance helps pay for eligible losses and disaster-related damage repair and replacement of homes and personal property, temporary housing, cleaning and sanitizing, moving and storage, childcare, medical and dental expenses and other needs of New Mexicans affected by the storm and flooding.“FEMA collaborates closely with all our federal, state and local stakeholders to help New Mexicans affected by the disaster as they recover. We must remember that this is a long-term effort, but one that will be critical in building a more resilient and stronger Roswell,” said José Gil Montañez, Federal Coordinating Officer for New Mexico.As of Jan. 27, FEMA Individual Assistance totaled more than $17.8 million in grants to eligible homeowners and renters, including:More than $8.88 million in housing grants to help pay for home repair, home replacement and rental assistance for temporary housing.  More than $8.94 million in grants to help pay for personal property replacement and other serious disaster-related needs, such as moving and storage fees, transportation, childcare, and medical and dental expenses. FEMA Voluntary Agency Liaisons (VALs)The VALs mission is to establish, foster and maintain relationships among government, voluntary, faith-based and community partners. Through these relationships, the VALs support the delivery of inclusive and equitable services and empower and strengthen capabilities of communities to address disaster caused unmet needs. In addition, VALs coordinate with local partners to assist with the collection and distribution of in-kind and monetary donations to aid in the Chaves County recovery process. By coordinating appeals through local Voluntary Organizations Active in Disasters (VOADs), the VALs have identified nearly $146,000 in additional FEMA Individual Assistance for Chaves County recovery. State and local VOADs have also distributed more than $461,000 in financial assistance to Chaves County survivors to support immediate needs and recovery efforts.Public Assistance  FEMA’s Public Assistance (PA) program for the October flooding reimburses the state, counties, local governments, tribes, and certain private nonprofits (including houses of worship) for eligible costs of disaster-related debris removal and emergency protective measures. PA in Chaves County is available, on a cost -sharing basis: FEMA pays 75%, the state 25%. FEMA has received eight applications for project funding under the PA program. Of those, seven projects are now under review. Small Business AdministrationThe U.S. Small Business Administration (SBA) has approved more than $6.8 million in long-term, low-interest disaster loans to homeowners, renters, businesses and non-profit organizations. Of that amount, more than $6 million was approved for homeowners and renters with over $2.9 million distributed. Approving more than $476,000 to Chaves – County business, SBA has distributed over $300,000 to assist in their recovery.Applicants may apply at https://lending.sba.gov. Business owners also may apply in-person by visiting SBA Business Recovery Center at the Eastern New Mexico University Roswell Arts and Sciences Center. The deadline to apply to SBA for property damage was Jan, 2, 2025. The deadline to apply for economic injury is Aug. 1, 2025.For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6  
    alexa.brown
    Tue, 01/28/2025 – 20:43

    MIL OSI USA News –

  • MIL-OSI Security: Woman Sentenced for Fraud Scheme Involving Claims for Unnecessary Respiratory Tests Submitted with COVID-19 Tests

    Source: United States Attorneys General

    A California woman was sentenced today to nine years in prison for her role in fraudulently submitting claims to governmental and private insurance programs during the COVID‑19 pandemic for expensive respiratory pathogen panel (RPP) tests that were medically unnecessary and never ordered by health care providers.

    According to court documents, Lourdes Navarro, 66, of Glendale, and Imran Shams owned and controlled Matias Clinical Laboratory, doing business as Health Care Providers Laboratory (HCPL). Navarro and Shams conspired to obtain nasal swab specimens that enabled HCPL to test for COVID-19, as well as to obtain testing orders from physicians and other medical professionals. The specimens were collected from, among others, residents and staff at nursing homes, assisted living facilities, rehabilitation facilities, and similar types of facilities, and from students and staff at primary and secondary schools, for the purported purpose of conducting screening tests to identify and isolate individuals infected with COVID-19. However, Navarro and Shams caused HCPL to perform RPP tests on most of the specimens, even though only COVID-19 testing had been ordered and there was no medical justification for conducting RPP tests on asymptomatic individuals who needed only COVID-19 screening tests. Through HCPL, Navarro and Shams billed approximately $369 million for the RPP tests to Medicare, the Health Resources and Services Administration COVID-19 Uninsured Program, and a private health insurance company, and were reimbursed approximately $46.7 million for fraudulent claims.

    Navarro was also ordered to forfeit $11,662,939 in funds that the government had previously seized from three bank accounts. The total amount seized and forfeited from Navarro and Shams is $14,518,485. Navarro also was ordered to pay $46,735,400 in restitution.

    Navarro pleaded guilty on Oct. 5, 2023, to conspiracy to commit health care fraud and wire fraud. Shams pleaded guilty on Jan. 24, 2023, in the Central District of California to conspiracy to commit health care fraud and concealment of his exclusion from Medicare and was sentenced to 10 years in prison on Jan. 30, 2024. In addition, on May 29, 2024, Shams was sentenced to five years in prison in connection with his 2017 plea in the Eastern District of New York to conspiracy to commit money laundering, conspiracy to pay and receive kickbacks, and defrauding the United States by obstructing the lawful functions of the IRS, of which three years were ordered to run consecutive to the Central District of California sentence.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Rochelle Wong of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG investigated the case.

    Trial Attorneys Gary A. Winters and Raymond E. Beckering III of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Maxwell Coll for the Central District of California handled the financial penalties.

    The Justice Department’s COVID-19 Fraud Enforcement Task Force marshals the resources of the department in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The task force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, visit www.justice.gov/coronavirus.

    MIL Security OSI –

  • MIL-Evening Report: Trump 2.0 chaos and destruction — what it means Down Under

    What will happen to Australia — and New Zealand — once the superpower that has been followed into endless battles, the United States, finally unravels?

    COMMENTARY: By Michelle Pini, managing editor of Independent Australia

    With President Donald Trump now into his second week in the White House, horrific fires have continued to rage across Los Angeles and the details of Elon Musk’s allegedly dodgy Twitter takeover began to emerge, the world sits anxiously by.

    The consequences of a second Trump term will reverberate globally, not only among Western nations. But given the deeply entrenched Americanisation of much of the Western world, this is about how it will navigate the after-shocks once the United States finally unravels — for unravel it surely will.

    Leading with chaos
     Now that the world’s biggest superpower and war machine has a deranged criminal at the helm — for a second time — none of us know the lengths to which Trump (and his puppet masters) will go as his fingers brush dangerously close to the nuclear codes. Will he be more emboldened?

    The signs are certainly there.

    President Donald Trump 2.0 . . . will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division? Image: ABC News screenshot IA

    So far, Trump — who had already led the insurrection of a democratically elected government — has threatened to exit the nuclear arms pact with Russia, talked up a trade war with China and declared “all hell will break out” in the Middle East if Hamas hadn’t returned the Israeli hostages.

    Will his cruelty towards migrants and refugees escalate, matched only by his fuelling of racial division?

    This, too, appears to be already happening.

    Trump’s rants leading up to his inauguration last week had been a steady stream of crazed declarations, each one more unhinged than the last.

    He wants to buy Greenland. He wishes to overturn birthright citizenship in order to deport even more migrant children, such as  “pet-eating Haitians” and “insane Hannibal Lecters” because America has been “invaded”.

    It will be interesting to see whether his planned evictions of Mexicans will include the firefighters Mexico sent to Los Angeles’ aid.

    At the same time, Trump wants to turn Canada into the 51st state, because, he said,

    “It would make a great state. And the people of Canada like it.”

    Will sexual predator Trump’s level of misogyny sink to even lower depths post Roe v Wade?

    Probably.

    Denial of catastrophic climate consequences
    And will Trump be in even further denial over the catastrophic consequences of climate change than during his last term? Even as Los Angeles grapples with a still climbing death toll of 25 lives lost, 12,000 homes, businesses and other structures destroyed and 16,425 hectares (about the size of Washington DC) wiped out so far in the latest climactic disaster?

    The fires are, of course, symptomatic of the many years of criminal negligence on global warming. But since Trump instead accused California officials of “prioritising environmental policies over public safety” while his buddy and head of government “efficiency”, Musk blamed black firefighters for the fires, it would appear so.

    Will the madman, for surely he is one, also gift even greater protections to oligarchs like Musk?

    Trump has already appointed billionaire buddies Musk and Vivek Ramaswamy to:

     “…pave the way for my Administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure Federal agencies”.

    So, this too is already happening.

    All of these actions will combine to create a scenario of destruction that will see the implosion of the US as we know it, though the details are yet to emerge.

    The flawed AUKUS pact sinking quickly . . . Australian Prime Minister Anthony Albanese with outgoing President Joe Biden, will Australia have the mettle to be bigger than Trump. Image: Independent Australia

    What happens Down Under?
    US allies — like Australia — have already been thoroughly indoctrinated by American pop culture in order to complement the many army bases they house and the defence agreements they have signed.

    Though Trump hasn’t shown any interest in making it a 52nd state, Australia has been tucked up in bed with the United States since the Cold War. Our foreign policy has hinged on this alliance, which also significantly affects Australia’s trade and economy, not to mention our entire cultural identity, mired as it is in US-style fast food dependence and reality TV. Would you like Vegemite McShaker Fries with that?

    So what will happen to Australia once the superpower we have followed into endless battles finally breaks down?

    As Dr Martin Hirst wrote in November:

    ‘Trump has promised chaos and chaos is what he’ll deliver.’

    His rise to power will embolden the rabid Far-Right in the US but will this be mirrored here? And will Australia follow the US example and this year elect our very own (admittedly scaled down) version of Trump, personified by none other than the Trump-loving Peter Dutton?

    If any of his wild announcements are to be believed, between building walls and evicting even US nationals he doesn’t like, while simultaneously making Canadians US citizens, Trump will be extremely busy.

    There will be little time even to consider Australia, let alone come to our rescue should we ever need the might of the US war machine — no matter whether it is an Albanese or sycophantic Dutton leadership.

    It is a given, however, that we would be required to honour all defence agreements should our ally demand it.

    It would be great if, as psychologists urge us to do when children act up, our leaders could simply ignore and refuse to engage with him, but it remains to be seen whether Australia will have the mettle to be bigger than Trump.

    Republished from the Independent Australia with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: A Vision for Missouri’s Future: Strengthening Integrity and Service

    Source: US State of Missouri

     

     

    Opinion Editorial Available for Immediate Distribution: January 28, 2025

               

    A Vision for Missouri’s Future: Strengthening Integrity and Service

    By Missouri Secretary of State Denny Hoskins, CPA

    It is with great humility and excitement that I step into the role of Missouri’s 41st secretary of state. My journey from the legislature to this office has given me a deep appreciation for the responsibilities entrusted to us by the people of Missouri. I had the honor of speaking before the Missouri Press Association in our state capitol this week. Now, with just over a week on the job, I want to share some reflections and goals as we embark on this journey together.

    One of my core commitments is upholding election integrity. Missourians deserve elections that are secure, transparent, and reflective of their will. To this end, we are auditing voter rolls to ensure they are accurate and free of outdated entries. I have also appointed a new Director of Election Integrity, Nick La Strada, whose expertise will be instrumental in achieving this goal. As we explore policies such as proof of citizenship for voter registration, our focus remains clear: protecting the integrity of our elections while ensuring compliance with the law.

    Another area of focus is securities regulation. Missouri is one of the few states where the secretary of state appoints a Securities Commissioner, and I am proud to have selected Representative Michael O’Donnell, whose financial and markets expertise and leadership will serve Missourians well. Our approach will balance protecting investors, especially seniors, with fostering transparency in financial markets. For example, while we believe individuals should have the freedom to invest in funds that align with their values, clear disclosures are vital to inform investors of the risks and goals associated with their investments, if maximizing shareholder return is not the funds main objective.

    The State Library and Archives are also critical pillars of this office. They serve as custodians of Missouri’s history and enablers of lifelong learning. We will continue to support these essential services while ensuring they remain accessible to all Missourians.

    Lastly, I am committed to engagement and transparency. Former Secretary Jay Ashcroft set a precedent of visiting every county annually and I plan on continuing this tradition. Connecting directly with citizens ensures we understand their needs and concerns. Furthermore, as we improve our digital presence and launch new initiatives like podcasts, we aim to better communicate the great work happening in our state.

    Missouri is a state rich in history, opportunity, and community. As your secretary of state, I am honored to lead an office that touches so many aspects of daily life from supporting businesses to preserving our heritage. Together, we will build a stronger, more transparent, and more prosperous Missouri.

    Thank you for your trust. I look forward to serving you.

    For media inquiries or additional information, please contact:
    Rachael Dunn, Director of Communications
    [email protected]
    JoDonn Chaney, Deputy Director of Communications
    [email protected]


    About Denny Hoskins
    Denny Hoskins, CPA, was elected to the office of Missouri Secretary of State in November 2024. Prior to his election, Hoskins served as a member of the Missouri Senate, where he worked on a variety of initiatives to support Missouri’s economy, improve transparency, and ensure the protection of citizens’ rights. He has a strong background in business and public service and is committed to building a more efficient and accountable government in Missouri.

    Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.

    MIL OSI USA News –

  • MIL-OSI USA: U.S. News & World Report Ranks UConn’s Graduate Business Programs Among the Best Online

    Source: US State of Connecticut

    Three UConn School of Business programs are ranked among the 2025 Best Online (Non-MBA) Programs by U.S. News & World Report.

    The Financial Technology (FinTech), Human Resources Management (MSHRM), and Master of Science in Accounting (MSA) ranked as No. 12 in the nation. The recognition is particularly gratifying because the first two programs are newcomers to the rankings, having just become eligible for assessment. The MSA program is a long-established program.

    “We are proud to be ranked 12th by U.S. News & World Report in the Best Online Non-MBA Graduate Programs category. This prestigious recognition highlights our commitment to academic excellence and student success and our strategic investment in online education,’’ said professor Jose M. Cruz, Associate Dean for Graduate Programs at the School of Business.

    “By leveraging state-of-the-art technology, innovative course design, and the expertise of our world-class faculty, we have created an engaging, flexible, and high-impact learning environment,’’ Cruz said. “This achievement reaffirms our dedication to empowering professionals to thrive in an ever-evolving global landscape.”

    This year’s U.S. News ranking evaluated more than 1,600 online bachelor’s and master’s degree programs using metrics specific to online learning, including student engagement and program quality. This survey included only non-MBA programs.

    Promotions, Camaraderie, Excellence Highlight Programs

    The 36-credit master’s degree in FinTech offers a mix of analytics, technology and business courses to equip students to lead in fields such as finance, banking, insurance, medicine, regulations and real estate.

    “The UConn MS FinTech program has, since its inception, sought to be a global program in terms of its reach, experiential opportunities and reputation,’’ said professor John Wilson, the program’s academic director. “The rapid development and deployment of a world class online offering for this degree puts UConn as one of the only FinTech programs to offer students choice in their learning modality.’’

    Human Resources Management, a 33-credit master’s degree program, delivers the knowledge and skills to lead an HR department through strategic planning and employee relationship management.

    In the program’s most recent exit survey, 71% of graduating respondents reported receiving a promotion or new position while in the program.

    “The cohort-based format of the MSHRM program means that students complete their coursework as a group. This enables students to develop strong relationships with one another,’’ said professor Travis Grosser, who has led the department. “These relationships form a foundation for peer learning and support. Indeed, many close and lasting friendships have been formed in the MSHRM program. We promote relationship-building by offering informal events outside of the classroom.’’

    Meanwhile, the 30-credit MSA program provides the additional accounting credit hours to complete the educational requirements to earn a CPA license. The program focuses on issues relevant to today’s accounting professionals and is accredited by the Association to Advance Collegiate Schools of Business (AACSB) and led by full-time faculty and other industry experts. The program celebrated its 25th anniversary last year.

    “The MSA Program at UConn has maintained a long tradition of high achievement because of the consistently high quality of the faculty, staff, and students who work diligently towards excellence,’’ said professor Joshua Racca, director of the MSA program.

    MIL OSI USA News –

  • MIL-OSI: Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s thirteenth securitization since 2015 and first issuance in 2025.

    “Sunrun’s first securitization transaction of 2025, the second largest in the industry’s history, demonstrates our continued strong execution in the capital markets. Our ability to consistently access deep pools of competitively priced capital to fuel growth is supported by the quality of our assets and our proven track record as an originator and servicer,” said Danny Abajian, Sunrun’s Chief Financial Officer.

    The transaction was structured with three separate classes of A rated notes (the “Class A-1”, “Class A-2A”, and Class “A-2B” respectively and together the “Class A”) and a single class of BB rated notes (the “Class B”), which were retained. The $102.0 million Class A-1 notes and the $276.5 million Class A-2A notes were both marketed in a public asset backed securitization whereas the $250.0 million Class A-2B notes were privately placed. The Class A-1 and Class A-2A notes were oversubscribed and carry coupons of 5.99% and 6.41%, respectively. The Class A-1 notes priced at a spread of 170 bps and a 6.035% yield. The Class A-2A notes priced at a spread of 200 bps and a 6.465% yield. The Class A-1 and Class A-2A have a weighted average spread of 192 bps which represents an improvement of 42 bps from Sunrun’s 2024-3 asset backed securitization in September 2024. The initial balance of the Class A notes represents a 65.3% advance rate on the Securitization Share of ADSAB (present value using a 6% discount rate). The expected weighted average life is 4.58 years for the Class A-1 notes and 7.12 years for the Class A-2A notes. Both classes of notes have an Anticipated Repayment Date of April 30, 2032, and a final maturity date of April 30, 2060.

    Similar to prior transactions, Sunrun anticipates raising additional subordinated subsidiary-level non-recourse financing secured, in part, by the distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by Sunrun.

    The notes are backed by a diversified portfolio of 39,458 systems distributed across 20 states, Washington D.C. and Puerto Rico and 83 utility service territories. The weighted average customer FICO score is 738. The transaction is expected to close by February 5, 2025.

    ATLAS SP Partners (“ATLAS SP”) was the sole structuring agent and served as joint bookrunner along with BofA Securities, Morgan Stanley, MUFG and TD Securities. First Citizens Capital Securities and ING served as co-managers for the securitization.

    “ATLAS SP was pleased to work with Sunrun again as the sole structuring agent on this securitization transaction,” said Spencer Hunsberger, Head of Energy Origination at ATLAS SP. “Through our deep partnership with Sunrun, we have demonstrated ATLAS’ unique capabilities to structure, place and commit to large transactions in an accelerated and efficient process for the capital markets. We look forward to continuing to support Sunrun as the solar industry continues to become more mainstream for securitized products.”

    This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About Sunrun

    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

    About ATLAS SP Partners

    ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We’re proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.

    Investor & Analyst Contact:
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Media Contact:
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    ATLAS Contact:
    (212) 355-4449
    atlas-sp@joelefrank.com

    The MIL Network –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $1.92 Million Warrant Inducement for its Client PMGC Holdings Inc. (NASDAQ: ELAB)

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Jan. 28, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the completion of the previously announced warrant inducement with existing institutional investors for its client PMGC Holdings Inc. (formerly Elevai Labs Inc.) (the “Company” or “PMGC”) (Nasdaq: ELAB), a diversified holding company, for the exercise of certain outstanding Series A warrants that the Company issued on September 24, 2024.

    Pursuant to the warrant inducement agreement, the investors have agreed to exercise the outstanding warrants to purchase an aggregate of 969,386 shares of the Company’s common stock at an amended exercise price of $2.00. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.

    The Company also agreed to issue to the investors unregistered new warrants to purchase an aggregate of 969,386 shares of the Company’s common stock with an exercise price of $2.75 per share (the “New Warrants”). The New Warrants are exercisable upon shareholder approval and will expire five years from the date of shareholder approval.

    The Company has agreed to file a registration statement within thirty (30) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

    Univest Securities, LLC is acting as the exclusive financial advisor for the transaction.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:
    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI: First Busey Corporation Announces 2024 Fourth Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    CHAMPAIGN, Ill., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE)

    Net Income of $28.1 million
    Diluted EPS of $0.49

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Adjusted net income1 of $30.7 million, or $0.53 per diluted common share
    • Adjusted noninterest income1 of $35.4 million, or 30.3% of total revenue
    • Record high quarterly and annual revenue of $17.0 million and $65.0 million, respectively, for the Wealth Management segment
    • Tangible book value per common share1 of $17.88 at December 31, 2024, compared to $16.62 at December 31, 2023, a year-over-year increase of 7.6%
    • Tangible common equity1 increased to 8.76% of tangible assets at December 31, 2024, compared to 7.75% at December 31, 2023
    • Received stockholder approvals for the CrossFirst Bankshares, Inc. merger in December 2024, followed by remaining requisite regulatory approvals in January 2025

    For additional information, please refer to the 4Q24 Earnings Investor Presentation.

    MESSAGE FROM OUR CHAIRMAN & CEO

    Fourth Quarter Financial Results

    Net income for First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”) was $28.1 million for the fourth quarter of 2024, or $0.49 per diluted common share, compared to $32.0 million, or $0.55 per diluted common share, for the third quarter of 2024, and $25.7 million, or $0.46 per diluted common share, for the fourth quarter of 2023. Adjusted net income1, which excludes the impact of acquisition and restructuring expenses, was $30.7 million, or $0.53 per diluted common share, for the fourth quarter of 2024, compared to $33.5 million, or $0.58 per diluted common share, for the third quarter of 2024 and $29.1 million or $0.52 per diluted common share for the fourth quarter of 2023. Annualized return on average assets and annualized return on average tangible common equity1 were 0.93% and 10.86%, respectively, for the fourth quarter of 2024. Annualized adjusted return on average assets1 and annualized adjusted return on average tangible common equity1 were 1.01% and 11.87%, respectively, for the fourth quarter of 2024.

    Taking into account our fourth quarter results, full year 2024 net income and adjusted net income1 were $113.7 million, or $1.98 per diluted common share, and $119.8 million, or $2.08 per diluted common share, respectively. Return on average assets and adjusted return on average assets1 were 0.94% and 0.99%, respectively. Return on average tangible common equity1 and adjusted return on average tangible common equity1 were 11.65% and 12.28%, respectively.

    Full year 2024 net income and adjusted net income1 include $6.1 million of net securities losses and $7.7 million in gains on the sale of mortgage servicing rights. Net income and adjusted net income1 for 2024 were further impacted by a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. Excluding the tax-effected impact of these items, further adjusted net income1 would have been $120.0 million, equating to adjusted diluted earnings per common share1 of $2.09.

    Pre-provision net revenue1 was $38.8 million for the fourth quarter of 2024, compared to $41.7 million for the third quarter of 2024 and $32.9 million for the fourth quarter of 2023. Pre-provision net revenue to average assets1 was 1.28% for the fourth quarter of 2024, compared to 1.38% for the third quarter of 2024, and 1.06% for the fourth quarter of 2023. Adjusted pre-provision net revenue1 was $42.0 million for the fourth quarter of 2024, compared to $44.1 million for the third quarter of 2024 and $40.2 million for the fourth quarter of 2023. Adjusted pre-provision net revenue to average assets1 was 1.38% for the fourth quarter of 2024, compared to 1.46% for the third quarter of 2024 and 1.30% for the fourth quarter of 2023.

    Taking into account our fourth quarter results, full year 2024 pre-provision net revenue1 and adjusted pre-provision net revenue1 were $168.0 million and $167.3 million, respectively. Pre-provision net revenue to average assets1 and adjusted pre-provision net revenue to average assets1 were each 1.39%.

    Our fee-based businesses continue to add revenue diversification. Total noninterest income was $35.2 million for the fourth quarter of 2024, compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Fourth quarter results included $0.2 million in net securities losses. Adjusted noninterest income1 was $35.4 million, or 30.3% of operating revenue1, during the fourth quarter of 2024, compared to $35.0 million, or 29.8% of operating revenue1, for the third quarter of 2024 and $30.5 million, or 28.3% of operating revenue1, for the fourth quarter of 2023. Wealth management fees and wealth management referral income included in other noninterest income contributed $17.0 million and payment technology solutions contributed $5.1 million to our consolidated noninterest income for the fourth quarter of 2024, representing 62.3% of adjusted noninterest income1 on a combined basis.

    For the full year 2024, total noninterest income was $139.7 million. Wealth management fees and wealth management referral income included in other noninterest income contributed $65.0 million and payment technology solutions contributed $22.0 million to our consolidated noninterest income for 2024, representing 63.0% of adjusted noninterest income1 on a combined basis.

    Busey views certain non-operating items, including acquisition-related expenses and restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for acquisition and restructuring expenses1 were $3.6 million in the fourth quarter of 2024. Busey believes that its non-GAAP measures (which are identified with the endnote labeled as 1) facilitate the assessment of its financial results and peer comparability. For more information and a reconciliation of these non-GAAP measures in tabular form, see “Non-GAAP Financial Information.“

    We remain focused on prudently managing our expense base and operating efficiency in the current operating environment. Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million in the fourth quarter of 2023. Adjusted core expense1, which excludes the amortization of intangible assets and new markets tax credits, acquisition and restructuring expenses, and the provision for unfunded commitments, was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The year-over-year comparable period growth in adjusted core expense can be attributed primarily to the acquisition of Merchants and Manufacturers Bank Corporation (“M&M”) and general inflationary pressures on compensation and benefits and to a lesser extent certain other expense categories.

    Quarterly pre-tax expense synergies resulting from our acquisition of M&M are anticipated to be $1.6 million to $1.7 million per quarter when fully realized. Quarterly run-rate savings are projected to be achieved by the first quarter of 2025. During the fourth quarter of 2024, we achieved approximately 86% of the full quarterly savings.

    Planned Partnership with CrossFirst

    On August 26, 2024, Busey and CrossFirst Bankshares, Inc. (“CrossFirst”) entered into an agreement and plan of merger (the “merger agreement”) pursuant to which CrossFirst will merge with and into Busey (the “merger”) and CrossFirst’s wholly-owned subsidiary, CrossFirst Bank, will merge with and into Busey Bank. This partnership will create a premier commercial bank in the Midwest, Southwest, and Florida, with 77 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas—and approximately $20 billion in combined assets, $17 billion in total deposits, $14 billion in total loans, and $14 billion in wealth assets under care.

    Under the terms of the merger agreement, CrossFirst stockholders will have the right to receive for each share of CrossFirst common stock 0.6675 of a share of Busey’s common stock. Upon completion of the transaction, Busey’s stockholders will own approximately 63.5% of the combined company and CrossFirst’s stockholders will own approximately 36.5% of the combined company, on a fully-diluted basis. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.

    On December 20, 2024, Busey and CrossFirst stockholders voted to approve the merger. On January 16, 2025, Busey received regulatory approval from the Board of Governors of the Federal Reserve System for the merger. Busey and CrossFirst intend to close the merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions. The transaction has also been approved by the Illinois Department of Financial and Professional Regulation and the Kansas Office of the State Bank Commissioner. The combined holding company will continue to operate under the First Busey Corporation name and the combined bank will operate under the Busey Bank name. It is anticipated that CrossFirst Bank will merge with and into Busey Bank in mid-2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank. In connection with this merger, Busey incurred one-time pretax acquisition-related expenses of $2.4 million during the fourth quarter of 2024 and $3.9 million for the full year.

    For further details on the merger, see Busey’s Current Report on Form 8‑K announcing the merger, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 27, 2024.

    Busey’s Conservative Banking Strategy

    Busey’s financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.

    The quality of our core deposit franchise is a critical value driver of our institution. Our granular deposit base continues to position us well, with core deposits1 representing 96.5% of our deposits as of December 31, 2024. Our retail deposit base was comprised of more than 251,000 accounts with an average balance of $22 thousand and an average tenure of 16.9 years as of December 31, 2024. Our commercial deposit base was comprised of more than 32,000 accounts with an average balance of $98 thousand and an average tenure of 12.8 years as of December 31, 2024. We estimate that 30% of our deposits were uninsured and uncollateralized2 as of December 31, 2024, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    Asset quality remains strong by both Busey’s historical and current industry trends. Non-performing assets increased to $23.3 million during the fourth quarter of 2024, representing 0.19% of total assets. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Busey’s results for the fourth quarter of 2024 include a $1.3 million provision expense for credit losses and a $0.5 million provision release for unfunded commitments. The allowance for credit losses was $83.4 million as of December 31, 2024, representing 1.08% of total portfolio loans outstanding, and providing coverage of 3.59 times our non-performing loan balance. Including the charge-off for the Commercial Real Estate loan mentioned above, Busey’s net charge-offs totaled $2.9 million for the fourth quarter of 2024. As of December 31, 2024, our commercial real estate loan portfolio of investor-owned office properties within Central Business District3 areas was minimal at $2.0 million. Our credit performance continues to reflect our highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with our company.

    The strength of our balance sheet is also reflected in our capital foundation. In the fourth quarter of 2024, our Common Equity Tier 1 ratio4 was 14.10% and our Total Capital to Risk Weighted Assets ratio4 was 18.53%. Our regulatory capital ratios continue to provide a buffer of more than $610 million above levels required to be designated well-capitalized. Our Tangible Common Equity ratio1 was 8.76% during the fourth quarter of 2024, compared to 8.96% for the third quarter of 2024 and 7.75% for the fourth quarter of 2023. Busey’s tangible book value per common share1 was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. During the fourth quarter of 2024, we paid a common share dividend of $0.24.

    Community Banking

    In the last two months of 2024, Busey offered a new, short-term Express Microloan product, created to help small businesses thrive. With a competitive 4.99% fixed interest rate, flexible terms and loans of up to $10,000, existing Busey customers with business checking accounts were invited to apply—allowing them to manage expenses, refinance debt, invest in new opportunities, and enhance operations. Busey originated more than 100 Express Microloans in 60-days, meeting the needs of our small business customers.

    As we reflect back on 2024 and look ahead to 2025, we feel confident that we are well positioned to produce quality growth and profitability. The pending CrossFirst transaction fits with our acquisition strategy and we are excited to welcome our CrossFirst colleagues into the Busey family. We are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal stockholders.

        Van A. Dukeman
      Chairman and Chief Executive Officer
      First Busey Corporation
    SELECTED FINANCIAL HIGHLIGHTS (unaudited)
    (dollars in thousands, except per share amounts)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    EARNINGS & PER SHARE AMOUNTS                  
    Net income $ 28,105     $ 32,004     $ 25,749     $ 113,691     $ 122,565  
    Diluted earnings per common share   0.49       0.55       0.46       1.98       2.18  
    Cash dividends paid per share   0.24       0.24       0.24       0.96       0.96  
    Pre-provision net revenue1, 2   38,828       41,744       32,909       167,996       158,502  
    Operating revenue2   116,995       117,688       107,888       460,671       444,034  
                       
    Net income by operating segment:                  
    Banking   30,856       33,221       25,164       117,266       123,853  
    FirsTech   (723 )     (61 )     325       (670 )     830  
    Wealth Management   5,853       5,618       4,233       22,030       18,804  
                       
    AVERAGE BALANCES                  
    Cash and cash equivalents $ 776,572     $ 502,127     $ 608,647     $ 555,281     $ 330,952  
    Investment securities   2,597,309       2,666,269       2,995,223       2,726,488       3,188,815  
    Loans held for sale   6,306       11,539       1,679       8,012       1,885  
    Portfolio loans   7,738,772       7,869,798       7,736,010       7,804,629       7,759,472  
    Interest-earning assets   11,048,350       10,942,745       11,235,326       10,999,424       11,181,010  
    Total assets   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
                       
    Noninterest-bearing deposits   2,724,344       2,706,858       2,827,696       2,738,892       3,018,563  
    Interest-bearing deposits   7,325,662       7,296,921       7,545,234       7,301,124       7,052,370  
    Total deposits   10,050,006       10,003,779       10,372,930       10,040,016       10,070,933  
                       
    Federal funds purchased and securities sold under agreements to repurchase   135,728       132,688       182,735       147,786       200,894  
    Interest-bearing liabilities   7,763,729       7,731,459       8,054,663       7,763,084       7,825,459  
    Total liabilities   10,689,054       10,643,325       11,106,074       10,709,447       11,048,707  
    Stockholders’ equity – common   1,396,939       1,364,377       1,202,417       1,342,424       1,197,511  
    Tangible common equity2   1,029,539       994,657       846,948       975,823       838,164  
                       
    PERFORMANCE RATIOS                  
    Pre-provision net revenue to average assets1, 2, 3   1.28 %     1.38 %     1.06 %     1.39 %     1.29 %
    Return on average assets3   0.93 %     1.06 %     0.83 %     0.94 %     1.00 %
    Return on average common equity3   8.00 %     9.33 %     8.50 %     8.47 %     10.23 %
    Return on average tangible common equity2, 3   10.86 %     12.80 %     12.06 %     11.65 %     14.62 %
    Net interest margin2, 4   2.95 %     3.02 %     2.75 %     2.95 %     2.89 %
    Efficiency ratio2   64.45 %     62.15 %     66.89 %     61.76 %     61.65 %
    Adjusted noninterest income to operating revenue2   30.27 %     29.77 %     28.31 %     29.97 %     27.79 %
                       
    NON-GAAP FINANCIAL INFORMATION                  
    Adjusted pre-provision net revenue1, 2 $ 41,958     $ 44,104     $ 40,223     $ 167,317     $ 172,290  
    Adjusted net income2   30,725       33,533       29,123       119,805       126,012  
    Adjusted diluted earnings per share2   0.53       0.58       0.52       2.08       2.24  
    Adjusted pre-provision net revenue to average assets2, 3   1.38 %     1.46 %     1.30 %     1.39 %     1.41 %
    Adjusted return on average assets2, 3   1.01 %     1.11 %     0.94 %     0.99 %     1.03 %
    Adjusted return on average tangible common equity2, 3   11.87 %     13.41 %     13.64 %     12.28 %     15.03 %
    Adjusted net interest margin2, 4   2.92 %     2.97 %     2.74 %     2.92 %     2.87 %
    Adjusted efficiency ratio2   61.40 %     60.50 %     62.98 %     61.03 %     60.68 %

    ___________________________________________

    1. Net interest income plus noninterest income, excluding securities gains and losses, less noninterest expense.
    2. See “Non-GAAP Financial Information” for reconciliation.
    3. For quarterly periods, measures are annualized.
    4. On a tax-equivalent basis, assuming a federal income tax rate of 21%.
    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
    (dollars in thousands, except per share amounts)
               
      As of
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    ASSETS          
    Cash and cash equivalents $ 697,659     $ 553,709     $ 719,581  
    Debt securities available for sale   1,810,221       1,818,117       2,087,571  
    Debt securities held to maturity   826,630       838,883       872,628  
    Equity securities   15,862       10,315       9,812  
    Loans held for sale   3,657       11,523       2,379  
               
    Commercial loans   5,552,288       5,631,281       5,635,048  
    Retail real estate and retail other loans   2,144,799       2,177,816       2,015,986  
    Portfolio loans   7,697,087       7,809,097       7,651,034  
               
    Allowance for credit losses   (83,404 )     (84,981 )     (91,740 )
    Restricted bank stock   49,930       6,000       6,000  
    Premises and equipment, net   118,820       120,279       122,594  
    Right of use assets   10,608       11,100       11,027  
    Goodwill and other intangible assets, net   365,975       368,249       353,864  
    Other assets   533,677       524,548       538,665  
    Total assets $ 12,046,722     $ 11,986,839     $ 12,283,415  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing deposits $ 2,719,907     $ 2,683,543     $ 2,834,655  
    Interest-bearing checking, savings, and money market deposits   5,771,948       5,739,773       5,637,227  
    Time deposits   1,490,635       1,519,925       1,819,274  
    Total deposits   9,982,490       9,943,241       10,291,156  
               
    Securities sold under agreements to repurchase   155,610       128,429       187,396  
    Short-term borrowings   —       —       12,000  
    Long-term debt   227,723       227,482       240,882  
    Junior subordinated debt owed to unconsolidated trusts   74,815       74,754       71,993  
    Lease liabilities   11,040       11,470       11,308  
    Other liabilities   211,775       198,579       196,699  
    Total liabilities   10,663,453       10,583,955       11,011,434  
               
    Stockholders’ equity          
    Retained earnings   294,054       279,868       237,197  
    Accumulated other comprehensive income (loss)   (207,039 )     (170,913 )     (218,803 )
    Other stockholders’ equity1   1,296,254       1,293,929       1,253,587  
    Total stockholders’ equity   1,383,269       1,402,884       1,271,981  
    Total liabilities & stockholders’ equity $ 12,046,722     $ 11,986,839     $ 12,283,415  
               
    SHARE AND PER SHARE AMOUNTS          
    Book value per common share $ 24.31     $ 24.67     $ 23.02  
    Tangible book value per common share2 $ 17.88     $ 18.19     $ 16.62  
    Ending number of common shares outstanding   56,895,981       56,872,241       55,244,119  

    ___________________________________________

    1. Net balance of common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    2. See “Non-GAAP Financial Information” for reconciliation.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share amounts)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    INTEREST INCOME                  
    Interest and fees on loans $ 106,120     $ 111,336     $ 101,425   $ 426,422     $ 385,848  
    Interest and dividends on investment securities   16,788       18,072       20,634     73,970       82,994  
    Dividend income on bank stock   557       106       212     848       1,170  
    Other interest income   7,851       5,092       6,641     22,441       10,531  
    Total interest income $ 131,316     $ 134,606     $ 128,912   $ 523,681     $ 480,543  
                       
    INTEREST EXPENSE                  
    Deposits $ 44,152     $ 46,634     $ 45,409   $ 178,463     $ 123,985  
    Federal funds purchased and securities sold under agreements to repurchase   915       981       1,431     4,308       5,203  
    Short-term borrowings   25       26       248     701       12,775  
    Long-term debt   3,183       3,181       3,475     12,950       14,106  
    Junior subordinated debt owed to unconsolidated trusts   1,463       1,137       1,004     4,648       3,853  
    Total interest expense $ 49,738     $ 51,959     $ 51,567   $ 201,070     $ 159,922  
                       
    Net interest income $ 81,578     $ 82,647     $ 77,345   $ 322,611     $ 320,621  
    Provision for credit losses   1,273       2       455     8,590       2,399  
    Net interest income after provision for credit losses $ 80,305     $ 82,645     $ 76,890   $ 314,021     $ 318,222  
                       
    NONINTEREST INCOME                  
    Wealth management fees $ 16,786     $ 15,378     $ 13,715   $ 63,630     $ 57,309  
    Fees for customer services   7,911       8,168       7,484     30,933       29,044  
    Payment technology solutions   5,094       5,265       5,420     21,983       21,192  
    Mortgage revenue   496       355       218     2,075       1,089  
    Income on bank owned life insurance   1,080       1,189       1,019     5,130       4,701  
    Realized net gains (losses) on the sale of mortgage servicing rights   —       (18 )     —     7,724       —  
    Net securities gains (losses)   (196 )     822       761     (6,102 )     (2,199 )
    Other noninterest income   4,050       4,686       2,687     14,309       10,078  
    Total noninterest income $ 35,221     $ 35,845     $ 31,304   $ 139,682     $ 121,214  
                       
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 45,458     $ 44,593     $ 42,730   $ 175,619     $ 162,597  
    Data processing expense   6,564       6,910       6,236     27,124       23,708  
    Net occupancy expense of premises   4,794       4,633       4,318     18,737       18,214  
    Furniture and equipment expense   1,650       1,647       1,694     6,805       6,759  
    Professional fees   4,938       3,118       2,574     12,804       7,147  
    Amortization of intangible assets   2,471       2,548       2,479     10,057       10,432  
    Interchange expense   1,305       1,352       1,355     6,001       6,864  
    FDIC insurance   1,330       1,413       1,167     5,603       5,650  
    Other noninterest expense   9,657       9,712       12,426     37,649       44,161  
    Total noninterest expense $ 78,167     $ 75,926     $ 74,979   $ 300,399     $ 285,532  
                       
    Income before income taxes $ 37,359     $ 42,564     $ 33,215   $ 153,304     $ 153,904  
    Income taxes   9,254       10,560       7,466     39,613       31,339  
    Net income $ 28,105     $ 32,004     $ 25,749   $ 113,691     $ 122,565  
                       
    SHARE AND PER SHARE AMOUNTS                  
    Basic earnings per common share $ 0.49     $ 0.56     $ 0.46   $ 2.01     $ 2.21  
    Diluted earnings per common share $ 0.49     $ 0.55     $ 0.46   $ 1.98     $ 2.18  
    Weighted average number of common shares outstanding, basic   57,061,542       57,033,359       55,403,662     56,610,032       55,432,322  
    Weighted average number of common shares outstanding, diluted   57,934,812       57,967,848       56,333,033     57,543,001       56,256,148  
                                         

    BALANCE SHEET STRENGTH

    Our balance sheet remains a source of strength. Total assets were $12.05 billion as of December 31, 2024, compared to $11.99 billion as of September 30, 2024, and $12.28 billion as of December 31, 2023.

    We remain steadfast in our conservative approach to underwriting and disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters, and this approach has impacted loan growth as predicted. Portfolio loans totaled $7.70 billion at December 31, 2024, compared to $7.81 billion at September 30, 2024, and $7.65 billion at December 31, 2023.

    Average portfolio loans were $7.74 billion for both the fourth quarter of 2024 and the fourth quarter of 2023, compared to $7.87 billion for the third quarter of 2024. Average interest-earning assets were $11.05 billion for the fourth quarter of 2024, compared to $10.94 billion for the third quarter of 2024, and $11.24 billion for the fourth quarter of 2023.

    Total deposits were $9.98 billion at December 31, 2024, compared to $9.94 billion at September 30, 2024, and $10.29 billion at December 31, 2023. Average deposits were $10.05 billion for the fourth quarter of 2024, compared to $10.00 billion for the third quarter of 2024 and $10.37 billion for the fourth quarter of 2023. Deposit fluctuations over the last several quarters were driven by a number of elements, including (1) seasonal factors, including ordinary course public fund flows and fluctuations in the normal course of business operations of certain core commercial customers, (2) the macroeconomic environment, including prevailing interest rates and inflationary pressures, (3) depositors moving some funds to accounts at competitors offering above-market rates, and (4) deposits moving within the Busey ecosystem between deposit accounts and our wealth management group. Core deposits1 accounted for 96.5% of total deposits as of December 31, 2024. Cost of deposits was 1.75% in the fourth quarter of 2024, which represents a decrease of 10 basis points from the third quarter of 2024. Excluding time deposits, Busey’s cost of deposits was 1.38% in the fourth quarter of 2024, a decrease of 12 basis points from the third quarter of 2024. Busey Bank continues to offer savings account specials to customers with larger account balances, with the intention of migrating maturing CDs to these managed rate products. Spot rates on total deposit costs, including noninterest bearing deposits, decreased by 13 basis points from 1.80% at September 30, 2024, to 1.67% at December 31, 2024. Spot rates on interest bearing deposits decreased by 17 basis points from 2.46% at September 30, 2024, to 2.29% at December 31, 2024.

    There were no short term borrowings as of December 31 or September 30, 2024, compared to $12.0 million at December 31, 2023. We had no borrowings from the Federal Home Loan Bank (“FHLB”) at the end of the fourth quarter of 2024, the third quarter of 2024, or the fourth quarter of 2023. We have sufficient on- and off-balance sheet liquidity5 to manage deposit fluctuations and the liquidity needs of our customers. As of December 31, 2024, our available sources of on- and off-balance sheet liquidity totaled $6.19 billion. We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the fourth quarter of 2024 had a weighted average term of 7.6 months at a rate of 3.58%, 128 basis points below our average marginal wholesale equivalent-term funding cost during the quarter. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $132.5 million in the fourth quarter of 2024. Cash flows from our securities portfolio are expected to be approximately $353.8 million for 2025, with a current book yield of 1.87%, and approximately $288.3 million for 2026, with a current book yield of 2.03%.

    ASSET QUALITY

    Credit quality continues to be strong. Loans 30-89 days past due totaled $8.1 million as of December 31, 2024, compared to $10.1 million as of September 30, 2024, and $5.8 million as of December 31, 2023. Non-performing loans were $23.2 million as of December 31, 2024, compared to $8.2 million as of September 30, 2024, and $7.8 million as of December 31, 2023. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.30% as of December 31, 2024, compared to 0.11% as of September 30, 2024, and 0.10% as of December 31, 2023. Non-performing assets were 0.19% of total assets for the fourth quarter of 2024, compared to 0.07% for the third quarter of 2024 and 0.06% for the fourth quarter of 2023. Our total classified assets were $85.3 million at December 31, 2024, compared to $89.0 million at September 30, 2024, and $72.3 million at December 31, 2023. Our ratio of classified assets to estimated bank Tier 1 capital4 and reserves remains low by historical standards, at 5.6% as of December 31, 2024, compared to 5.9% as of September 30, 2024, and 5.0% as of December 31, 2023.

    Net charge-offs were $2.9 million for the fourth quarter of 2024, compared to $0.2 million for the third quarter of 2024, and $0.4 million for the fourth quarter of 2023. The fourth quarter charge-off relates to the Commercial Real Estate loan mentioned above. The allowance as a percentage of portfolio loans was 1.08% as of December 31, 2024, compared to 1.09% as of September 30, 2024, and 1.20% as of December 31, 2023. The ratio was impacted in 2024 by the acquisition of M&M’s Life Equity Loan® portfolio, as Busey did not record an allowance for credit loss for these loans due to no expected credit loss at default, as permitted under the practical expedient provided within the Accounting Standards Codification 326-20-35-6. The allowance coverage for non-performing loans was 3.59 times as of December 31, 2024, compared to 10.34 times as of September 30, 2024, and 11.74 times as of December 31, 2023.

    Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

    ASSET QUALITY (unaudited)
    (dollars in thousands)
               
      As of
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total assets $ 12,046,722     $ 11,986,839     $ 12,283,415  
    Portfolio loans   7,697,087       7,809,097       7,651,034  
    Loans 30 – 89 days past due   8,124       10,141       5,779  
    Non-performing loans:          
    Non-accrual loans   22,088       8,192       7,441  
    Loans 90+ days past due and still accruing   1,149       25       375  
    Non-performing loans $ 23,237     $ 8,217     $ 7,816  
    Non-performing loans, segregated by geography:          
    Illinois / Indiana $ 19,558     $ 3,981     $ 3,715  
    Missouri   3,016       3,530       3,836  
    Florida   663       706       265  
    Other non-performing assets   63       64       125  
    Non-performing assets $ 23,300     $ 8,281     $ 7,941  
               
    Allowance for credit losses $ 83,404     $ 84,981     $ 91,740  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.30 %     0.11 %     0.10 %
    Non-performing assets to total assets   0.19 %     0.07 %     0.06 %
    Non-performing assets to portfolio loans and other non-performing assets   0.30 %     0.11 %     0.10 %
    Allowance for credit losses to portfolio loans   1.08 %     1.09 %     1.20 %
    Coverage ratio of the allowance for credit losses to non-performing loans   3.59 x     10.34 x     11.74 x
    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
    (dollars in thousands)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net charge-offs (recoveries) $ 2,850   $ 247   $ 425   $ 18,169   $ 2,267
    Provision expense (release)   1,273     2     455     8,590     2,399
                                 

    NET INTEREST MARGIN AND NET INTEREST INCOME

    Net interest margin1 was 2.95% for the fourth quarter of 2024, compared to 3.02% for the third quarter of 2024 and 2.75% for the fourth quarter of 2023. Excluding purchase accounting accretion, adjusted net interest margin1 was 2.92% for the fourth quarter of 2024, compared to 2.97% in the third quarter of 2024 and 2.74% in the fourth quarter of 2023. Net interest income was $81.6 million in the fourth quarter of 2024, compared to $82.6 million in the third quarter of 2024 and $77.3 million in the fourth quarter of 2023.

    After raising federal funds rates by a total of 525 basis points between March 2022 and July 2023, the Federal Open Market Committee (“FOMC”) lowered rates by 100 basis points beginning in September 2024. In anticipation of the FOMC pivot to an easing cycle, we limited our exposure to term funding structures and intentionally priced savings specials to encourage maturing CD balances to migrate to managed rate non-maturity products. Beginning in September we began lowering rates on special priced deposit accounts and other managed rate products to benefit from the FOMC rate cuts. In addition, approximately 7% of our deposit portfolio is indexed and immediately repriced with the rate cuts by the FOMC. CD balances comprise only 15% of the total deposit funding base. If rates move lower in 2025, we have the ability to reprice CD balances due to the short duration term structure of the portfolio. Approximately 58% of Busey’s non-maturity deposits are at rack rates with a weighted average rate of 0.01%. We continue to offer CD specials with shorter term structures as well as offering attractive premium savings rates to encourage rotation of maturing CD deposits into nimble pricing products. Components of the 7 basis point decrease in net interest margin1 during the fourth quarter of 2024 include:

    • Reduced non-maturity deposit funding costs contributed +9 basis points
    • Increased cash and securities portfolio yield contributed +6 basis points
    • Reduced time deposit funding costs contributed +1 basis point
    • Decreased loan portfolio and held for sale loan yields contributed -20 basis points
    • Decreased purchase accounting contributed -2 basis points
    • Increased borrowing expense -1 basis point

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.0% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet restructuring strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the fourth quarter of 2024. Our cumulative interest-bearing non-maturity tightening cycle deposit beta peaked at 41% during the third quarter of 2024. Our total deposit beta for the completed tightening cycle was 34%. Since the onset of the current easing cycle, we have reduced our interest-bearing non-maturity deposit cost of funds by 18 basis points, which represents a 26% easing cycle beta. Deposit betas were calculated based on an average federal funds rate of 4.82% during the fourth quarter of 2024. The average federal funds rate has decreased by 68 basis points since the end of the tightening cycle that concluded in the third quarter of 2024.

    NONINTEREST INCOME

    Noninterest income was $35.2 million for the fourth quarter of 2024, as compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Excluding the impact of net securities gains and losses and immaterial follow-on adjustments from the previously announced mortgage servicing rights sale, adjusted noninterest income1 was $35.4 million, or 30.3% of operating revenue1, during the fourth quarter of 2024, $35.0 million, or 29.8% of operating revenue, for the third quarter of 2024, and $30.5 million, or 28.3% of operating revenue, for the fourth quarter of 2023.

    Consolidated wealth management fees were $16.8 million for the fourth quarter of 2024, compared to $15.4 million for the third quarter of 2024 and $13.7 million for the fourth quarter of 2023. On a segment basis, Wealth Management generated $17.0 million in revenue during the fourth quarter of 2024, a 22.7% increase over revenue of $13.8 million for the fourth quarter of 2023. Fourth quarter of 2024 results marked a new record high reported quarterly revenue for the Wealth Management operating segment. The Wealth Management operating segment generated net income of $5.9 million in the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $4.2 million in the fourth quarter of 2023. Busey’s Wealth Management division ended the fourth quarter of 2024 with $13.83 billion in assets under care, compared to $13.69 billion at the end of the third quarter of 2024 and $12.14 billion at the end of the fourth quarter of 2023. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark6 over the last three and five years.

    Payment technology solutions revenue was $5.1 million for the fourth quarter of 2024, compared to $5.3 million for the third quarter of 2024 and $5.4 million for the fourth quarter of 2023. Excluding intracompany eliminations, the FirsTech operating segment generated revenue of $5.4 million during the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $5.8 million in the fourth quarter of 2023.

    Wealth management fees, wealth management referral income included in other noninterest income, and payment technology solutions represented 62.3% of adjusted noninterest income1 for the fourth quarter of 2024.

    Fees for customer services were $7.9 million for the fourth quarter of 2024, compared to $8.2 million in the third quarter of 2024 and $7.5 million in the fourth quarter of 2023.

    Other noninterest income was $4.1 million in the fourth quarter of 2024, compared to $4.7 million in the third quarter of 2024 and $2.7 million in the fourth quarter of 2023. The third quarter of 2024 benefited from $0.8 million in revenue associated with certain wealth management activities that was reported as other noninterest income; in comparison, other noninterest income from wealth management activities was $0.2 million for the fourth quarter of 2024 and $0.1 million for the fourth quarter of 2023. Compared to the prior quarter, we also saw decreases in venture capital income and swap origination fee income, which were mostly offset by increases in commercial loan sales gains. When compared with the fourth quarter of 2023, increases in other noninterest income were primarily attributable to increases in commercial loan sales gains and venture capital income, as well as the addition of Life Equity Loan® servicing income beginning in the second quarter of 2024.

    OPERATING EFFICIENCY

    Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million for the fourth quarter of 2023. The efficiency ratio1 was 64.5% for the fourth quarter of 2024, compared to 62.1% for the third quarter of 2024, and 66.9% for the fourth quarter of 2023. Adjusted core expense1 was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The adjusted core efficiency ratio1 was 61.8% for the fourth quarter of 2024, compared to 60.2% for the third quarter of 2024, and 60.1% for the fourth quarter of 2023. We expect to continue to prudently manage our expenses and to realize the full extent of M&M acquisition synergies in 2025.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses were $45.5 million in the fourth quarter of 2024, compared to $44.6 million in the third quarter of 2024 and $42.7 million in the fourth quarter of 2023. Busey recorded $0.2 million of non-operating salaries, wages, and employee benefit expenses in the fourth quarter of 2024, compared to $0.1 million in the third quarter of 2024 and $3.8 million in the fourth quarter of 2023. Our associate-base consisted of 1,509 full-time equivalents as of December 31, 2024, compared to 1,510 as of September 30, 2024, and 1,479 as of December 31, 2023. The increase in our associate-base in 2024 was largely due to the M&M acquisition.
    • Data processing expense was $6.6 million in the fourth quarter of 2024, compared to $6.9 million in the third quarter of 2024 and $6.2 million in the fourth quarter of 2023. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees were $4.9 million in the fourth quarter of 2024, compared to $3.1 million in the third quarter of 2024 and $2.6 million in the fourth quarter of 2023. Busey recorded $3.0 million of non-operating professional fees in the fourth quarter of 2024, as compared to $1.4 million in the third quarter of 2024 and $0.4 million in the fourth quarter of 2023. Fourth quarter of 2024 non-operating professional fees consisted of $1.9 million related to merger activities and $1.1 million in restructuring activities related to corporate strategy advisement.
    • Other noninterest expense was $9.7 million for both the third and fourth quarters of 2024, compared to $12.4 million in the fourth quarter of 2023. Busey recorded $0.3 million of non-operating costs in other noninterest expense in the fourth quarter of 2024, compared to $0.4 million in the third quarter of 2024 and $0.1 million in the fourth quarter of 2023. In connection with Busey’s adoption of ASU 2023-02 on January 1, 2024, Busey began recording amortization of New Markets Tax Credits as income tax expense instead of other operating expense, which resulted in a decrease to other operating expenses of $2.3 million compared to the fourth quarter of 2023. Other items contributing to the fluctuations in other noninterest expense included the provision for unfunded commitments, mortgage servicing rights valuation expenses, fixed asset impairment, marketing, business development, and expenses related to recruiting and onboarding.

    Busey’s effective tax rate for the fourth quarter of 2024 was 24.8%, which was lower than the combined federal and state statutory rate of approximately 28.0% due to the impact of tax exempt interest income, such as municipal bond interest, bank owned life insurance income, and investments in various federal and state tax credits. Busey’s effective tax rate for the full year 2024 was 25.8%. In the second quarter of 2024, Busey recorded a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. These newly enacted regulations are expected to lower our tax obligation in future periods. Excluding the impact of the one-time deferred tax valuation adjustment, our effective tax rate for the full year 2024 would have been 24.9%.

    Effective tax rates were higher in 2024, compared to 2023, due to the adoption of ASU 2023-02 in January 2024. Upon adoption of ASU 2023-02 Busey elected to use the proportional amortization method of accounting for equity investments made primarily for the purpose of receiving income tax credits. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense as opposed to being presented on a gross basis on the income statement as a component of noninterest expense and income tax expense.

    CAPITAL STRENGTH

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. On January 31, 2025, Busey will pay a cash dividend of $0.25 per common share to stockholders of record as of January 24, 2025, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

    As of December 31, 2024, Busey continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. Busey’s Common Equity Tier 1 ratio is estimated4 to be 14.10% at December 31, 2024, compared to 13.78% at September 30, 2024, and 13.09% at December 31, 2023. Our Total Capital to Risk Weighted Assets ratio is estimated4 to be 18.53% at December 31, 2024, compared to 18.19% at September 30, 2024, and 17.44% at December 31, 2023.

    Busey’s tangible common equity1 was $1.02 billion at December 31, 2024, compared to $1.04 billion at September 30, 2024, and $925.0 million at December 31, 2023. Tangible common equity1 represented 8.76% of tangible assets at December 31, 2024, compared to 8.96% at September 30, 2024, and 7.75% at December 31, 2023. Busey’s tangible book value per common share1 was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. The ratios of tangible common equity to tangible assets1 and tangible book value per common share have been impacted by the fair value adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of stockholder’s equity.

    FOURTH QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to the Q4 2024 Earnings Investor Presentation furnished via Form 8-K on January 28, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was an $12.05 billion financial holding company headquartered in Champaign, Illinois.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the first time, Busey was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    For more information about us, visit busey.com.

    Category: Financial
    Source: First Busey Corporation

    Contacts:

    Jeffrey D. Jones, Chief Financial Officer
    217-365-4130

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring noninterest items and provide additional perspective on Busey’s performance over time.

    Below is a reconciliation to what management believes to be the most directly comparable GAAP financial measures—specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, and adjusted pre-provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, average tangible common equity, return on average tangible common equity, adjusted return on average tangible common equity; net income and net security gains and losses in the case of further adjusted net income and further adjusted diluted earnings per share; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income, total noninterest income, and total noninterest expense in the case of adjusted noninterest income, adjusted noninterest expense, noninterest expense excluding non-operating adjustments, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; net interest income, total noninterest income, net securities gains and losses, and net gains and losses on the sale of mortgage servicing rights in the case of operating revenue and adjusted noninterest income to operating revenue; total assets and goodwill and other intangible assets in the case of tangible assets; total stockholders’ equity in the case of tangible book value per common share; total assets and total stockholders’ equity in the case of tangible common equity and tangible common equity to tangible assets; and total deposits in the case of core deposits and core deposits to total deposits.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
     
    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP)   $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Total noninterest income (GAAP)     35,221       35,845       31,304       139,682       121,214  
    Net security (gains) losses (GAAP)     196       (822 )     (761 )     6,102       2,199  
    Total noninterest expense (GAAP)     (78,167 )     (75,926 )     (74,979 )     (300,399 )     (285,532 )
    Pre-provision net revenue (Non-GAAP) [a]   38,828       41,744       32,909       167,996       158,502  
    Acquisition and restructuring expenses     3,585       1,935       4,237       8,140       4,328  
    Provision for unfunded commitments     (455 )     407       818       (1,095 )     461  
    Amortization of New Markets Tax Credits     —       —       2,259       —       8,999  
    Realized (gain) loss on the sale of mortgage service rights     —       18       —       (7,724 )     —  
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 41,958     $ 44,104     $ 40,223     $ 167,317     $ 172,290  
                         
    Average total assets (GAAP) [c]   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)1 [a÷c]   1.28 %     1.38 %     1.06 %     1.39 %     1.29 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)1 [b÷c]   1.38 %     1.46 %     1.30 %     1.39 %     1.41 %

    ___________________________________________

    1. For quarterly periods, measures are annualized.
     
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Years Ended
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (GAAP) [a] $ 28,105     $ 32,004     $ 25,749     $ 113,691     $ 122,565  
    Acquisition expenses:                    
    Salaries, wages, and employee benefits     247       73       —       1,457       —  
    Data processing     14       90       —       548       —  
    Professional fees, occupancy, furniture and fixtures, and other     2,208       1,772       266       4,896       357  
    Restructuring expenses:                    
    Salaries, wages, and employee benefits     —       —       3,760       123       3,760  
    Professional fees, occupancy, furniture and fixtures, and other     1,116       —       211       1,116       211  
    Acquisition and restructuring expenses     3,585       1,935       4,237       8,140       4,328  
    Related tax benefit1     (965 )     (406 )     (863 )     (2,026 )     (881 )
    Adjusted net income (Non-GAAP) [b] $ 30,725     $ 33,533     $ 29,123     $ 119,805     $ 126,012  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [c]   57,934,812       57,967,848       56,333,033       57,543,001       56,256,148  
    Diluted earnings per common share (GAAP) [a÷c] $ 0.49     $ 0.55     $ 0.46     $ 1.98     $ 2.18  
    Adjusted diluted earnings per common share (Non-GAAP) [b÷c] $ 0.53     $ 0.58     $ 0.52     $ 2.08     $ 2.24  
                         
    Average total assets (GAAP) [d]   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
    Return on average assets (GAAP)2 [a÷d]   0.93 %     1.06 %     0.83 %     0.94 %     1.00 %
    Adjusted return on average assets (Non-GAAP)2 [b÷d]   1.01 %     1.11 %     0.94 %     0.99 %     1.03 %
                         
    Average common equity (GAAP)   $ 1,396,939     $ 1,364,377     $ 1,202,417     $ 1,342,424     $ 1,197,511  
    Average goodwill and other intangible assets, net     (367,400 )     (369,720 )     (355,469 )     (366,601 )     (359,347 )
    Average tangible common equity (Non-GAAP) [e] $ 1,029,539     $ 994,657     $ 846,948     $ 975,823     $ 838,164  
                         
    Return on average tangible common equity (Non-GAAP)2 [a÷e]   10.86 %     12.80 %     12.06 %     11.65 %     14.62 %
    Adjusted return on average tangible common equity (Non-GAAP)2 [b÷e]   11.87 %     13.41 %     13.64 %     12.28 %     15.03 %

    ___________________________________________

    1. Year-to-date tax benefits were calculated by multiplying year-to-date acquisition and restructuring expenses by tax rates of 24.9% and 20.4% for the years ended December 31, 2024 and 2023, respectively. Quarterly tax benefits were calculated as the year-to-date tax benefit amounts less the sum of amounts applied to previous quarters during the year, equating to tax rates of 26.9%, 21.0%, and 20.4% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    2. For quarterly periods, measures are annualized.
    Further Adjusted Net Income and Related Measures
                         
        Three Months Ended   Years Ended
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Adjusted net income (Non-GAAP)1   $ 30,725     $ 33,533     $ 29,123     $ 119,805     $ 126,012  
    Further non-GAAP adjustments:                    
    Net securities (gains) losses     196       (822 )     (761 )     6,102       2,199  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       18       —       (7,724 )     —  
    Tax effect for further non-GAAP adjustments2     (49 )     199       171       419       (448 )
    Tax effected further non-GAAP adjustments3     147       (605 )     (590 )     (1,203 )     1,751  
    Further adjusted net income (Non-GAAP)3 [a] $ 30,872     $ 32,928     $ 28,533     $ 118,602     $ 127,763  
    One-time deferred tax valuation adjustment4     —       —       —       1,446       —  
    Further adjusted net income, excluding one-time deferred tax valuation adjustment (Non-GAAP)3 [b] $ 30,872     $ 32,928     $ 28,533     $ 120,048     $ 127,763  
                         
    Weighted average number of common shares outstanding, diluted [c]   57,934,812       57,967,848       56,333,033       57,543,001       56,256,148  
                         
    Further adjusted diluted earnings per common share (Non-GAAP)3 [a÷c] $ 0.53     $ 0.57     $ 0.51     $ 2.06     $ 2.27  
    Further adjusted diluted earnings per common share, excluding one-time deferred tax valuation adjustment (Non-GAAP)3 [b÷c] $ 0.53     $ 0.57     $ 0.51     $ 2.09     $ 2.27  

    ___________________________________________

    1. Adjusted net income is a non-GAAP measure. See the previous table for a reconciliation to the nearest GAAP measure.
    2. Tax effects for further non-GAAP adjustments were calculated by multiplying further non-GAAP adjustments by the effective income tax rate for each period. Effective income tax rates that were used to calculate the tax effect were 24.8%, 24.8%, and 22.5% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and were 25.8% and 20.4% for the years ended December 31, 2024 and 2023, respectively.
    3. Tax-effected measure.
    4. An estimated one-time deferred tax valuation adjustment of $1.4 million resulted from a change to our Illinois apportionment rate due to recently enacted regulations.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP)   $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Tax-equivalent adjustment1     446       396       501       1,693       2,173  
    Tax-equivalent net interest income (Non-GAAP) [a]   82,024       83,043       77,846       324,304       322,794  
    Purchase accounting accretion related to business combinations     (812 )     (1,338 )     (384 )     (3,166 )     (1,477 )
    Adjusted net interest income (Non-GAAP) [b] $ 81,212     $ 81,705     $ 77,462     $ 321,138     $ 321,317  
                         
    Average interest-earning assets (GAAP) [c]   11,048,350       10,942,745       11,235,326       10,999,424       11,181,010  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   2.95 %     3.02 %     2.75 %     2.95 %     2.89 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   2.92 %     2.97 %     2.74 %     2.92 %     2.87 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. For quarterly periods, measures are annualized.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Adjusted Core Expense, and Efficiency Ratios
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP) [a] $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Tax-equivalent adjustment1     446       396       501       1,693       2,173  
    Tax-equivalent net interest income (Non-GAAP) [b]   82,024       83,043       77,846       324,304       322,794  
                         
    Total noninterest income (GAAP)     35,221       35,845       31,304       139,682       121,214  
    Net security (gains) losses (GAAP)     196       (822 )     (761 )     6,102       2,199  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   35,417       35,023       30,543       145,784       123,413  
    Realized net (gains) losses on the sale of mortgage servicing rights (GAAP)     —       18       —       (7,724 )     —  
    Adjusted noninterest income (Non-GAAP) [d] $ 35,417     $ 35,041     $ 30,543     $ 138,060     $ 123,413  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 117,441     $ 118,066     $ 108,389     $ 470,088     $ 446,207  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   117,441       118,084       108,389       462,364       446,207  
    Operating revenue (Non-GAAP) [g = a+d]   116,995       117,688       107,888       460,671       444,034  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   30.27 %     29.77 %     28.31 %     29.97 %     27.79 %
                         
    Total noninterest expense (GAAP)   $ 78,167     $ 75,926     $ 74,979     $ 300,399     $ 285,532  
    Amortization of intangible assets (GAAP) [h]   (2,471 )     (2,548 )     (2,479 )     (10,057 )     (10,432 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP) [i]   75,696       73,378       72,500       290,342       275,100  
    Non-operating adjustments:                    
    Salaries, wages, and employee benefits     (247 )     (73 )     (3,760 )     (1,580 )     (3,760 )
    Data processing     (14 )     (90 )     —       (548 )     —  
    Professional fees, occupancy, furniture and fixtures, and other     (3,324 )     (1,772 )     (477 )     (6,012 )     (568 )
    Adjusted noninterest expense (Non-GAAP) [j]   72,111       71,443       68,263       282,202       270,772  
    Provision for unfunded commitments     455       (407 )     (818 )     1,095       (461 )
    Amortization of New Markets Tax Credits     —       —       (2,259 )     —       (8,999 )
    Adjusted core expense (Non-GAAP) [k] $ 72,566     $ 71,036     $ 65,186     $ 283,297     $ 261,312  
                         
    Noninterest expense, excluding non-operating adjustments (Non-GAAP) [j-h] $ 74,582     $ 73,991     $ 70,742     $ 292,259     $ 281,204  
                         
    Efficiency ratio (Non-GAAP) [i÷e]   64.45 %     62.15 %     66.89 %     61.76 %     61.65 %
    Adjusted efficiency ratio (Non-GAAP) [j÷f]   61.40 %     60.50 %     62.98 %     61.03 %     60.68 %
    Adjusted core efficiency ratio (Non-GAAP) [k÷f]   61.79 %     60.16 %     60.14 %     61.27 %     58.56 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    Tangible Book Value and Tangible Book Value Per Common Share
                 
        As of
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP)   $ 1,383,269     $ 1,402,884     $ 1,271,981  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tangible book value (Non-GAAP) [a] $ 1,017,294     $ 1,034,635     $ 918,117  
                 
    Ending number of common shares outstanding (GAAP) [b]   56,895,981       56,872,241       55,244,119  
                 
    Tangible book value per common share (Non-GAAP) [a÷b] $ 17.88     $ 18.19     $ 16.62  
    Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets
                 
        As of
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total assets (GAAP)   $ 12,046,722     $ 11,986,839     $ 12,283,415  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tax effect of other intangible assets1     6,379       7,178       6,888  
    Tangible assets (Non-GAAP)2 [a] $ 11,687,126     $ 11,625,768     $ 11,936,439  
                 
    Total stockholders’ equity (GAAP)   $ 1,383,269     $ 1,402,884     $ 1,271,981  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tax effect of other intangible assets1     6,379       7,178       6,888  
    Tangible common equity (Non-GAAP)2 [b] $ 1,023,673     $ 1,041,813     $ 925,005  
                 
    Tangible common equity to tangible assets (Non-GAAP)2 [b÷a]   8.76 %     8.96 %     7.75 %

    ___________________________________________

    1. Net of estimated deferred tax liability, calculated using an estimated tax rate of 26.73% as of December 31, 2024, and 28% as of September 30, 2024, and December 31, 2023.
    2. Tax-effected measure.
    Core Deposits and Related Ratios
                 
        As of
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Portfolio loans (GAAP) [a] $ 7,697,087     $ 7,809,097     $ 7,651,034  
                 
    Total deposits (GAAP) [b] $ 9,982,490     $ 9,943,241     $ 10,291,156  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (13,090 )     (13,089 )     (6,001 )
    Time deposits of $250,000 or more     (334,503 )     (338,808 )     (386,286 )
    Core deposits (Non-GAAP) [c] $ 9,634,897     $ 9,591,344     $ 9,898,869  
                 
    RATIOS            
    Core deposits to total deposits (Non-GAAP) [c÷b]   96.52 %     96.46 %     96.19 %
    Portfolio loans to core deposits (Non-GAAP) [a÷c]   79.89 %     81.42 %     77.29 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) risks related to the proposed transaction with CrossFirst, including (i) the possibility that the proposed transaction will not close when expected or at all because conditions to the closing are not satisfied on a timely basis or at all; (ii) the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Busey and CrossFirst do business; (iii) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (iv) diversion of management’s attention from ongoing business operations and opportunities; (v) the possibility that Busey may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all, and to successfully integrate CrossFirst’s operations with those of Busey or that such integration may be more difficult, time consuming or costly than expected; (vi) revenues following the proposed transaction may be lower than expected; and (vii) stockholder litigation that could prevent or delay the closing of the proposed transaction or otherwise negatively impact our business and operations; (2) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (3) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations, and tax regulations; (4) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (5) changes in state and federal laws, regulations, and governmental policies concerning Busey’s general business (including changes in response to the failures of other banks or as a result changes in policies implemented by the new presidential administration); (6) changes in accounting policies and practices; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates; (11) changes in consumer spending; (12) unexpected outcomes of existing or new litigation, investigations, or inquiries involving Busey (including with respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio; (14) concentrations within Busey’s loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related incidents; and (19) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    2 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand FDIC insurance limit, less intercompany accounts and collateralized accounts (including preferred deposits).
    3 Central Business District areas within Busey’s footprint include downtown St. Louis, downtown Indianapolis, and downtown Chicago.
    4 Capital amounts and ratios for the fourth quarter of 2024 are not yet finalized and are subject to change.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

    The MIL Network –

  • MIL-OSI: Stifel Raises Quarterly Common Stock Cash Dividend by 10% and Declares Preferred Stock Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.46 per share, payable March 17, 2025, to shareholders of record at the close of business on March 3, 2025.

    The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from December 16, 2024, up to, but excluding, March 17, 2025. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on March 17, 2025 to shareholders of record on March 3, 2025.

    The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Stifel Investor Relations Contact
    Joel Jeffrey, Senior Vice President
    (212) 271-3610 direct
    investorrelations@stifel.com                                

    The MIL Network –

  • MIL-OSI: CrossFirst Bankshares, Inc. Reports Record Fourth Quarter and Record Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., Jan. 28, 2025 (GLOBE NEWSWIRE) — CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported operating results for the fourth quarter and full-year ended December 31, 2024.

    The fourth quarter and full-year earnings release can be viewed here: https://investors.crossfirstbankshares.com/financials/quarterly-reports

    Investor Contact
    Mike Daley | CrossFirst Bankshares, Inc.
    913.754.9707 | mike.daley@crossfirstbank.com

    About CrossFirst Bankshares, Inc.

    CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank, a full-service financial institution that offers products and services to businesses, professionals, individuals, and families. CrossFirst Bank, headquartered in Leawood, Kansas, has locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.

    The MIL Network –

  • MIL-OSI: Provident Financial Services, Inc. Announces Fourth Quarter and Full Year Earnings, Declaration of Quarterly Cash Dividend and Annual Meeting Date

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $48.5 million, or $0.37 per basic and diluted share for the three months ended December 31, 2024, compared to $46.4 million, or $0.36 per basic and diluted share, for the three months ended September 30, 2024 and $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. For the year ended December 31, 2024, net income totaled $115.5 million, or $1.05 per basic and diluted share, compared to $128.4 million, or $1.72 per basic and $1.71 per diluted share, for the year ended December 31, 2023.

    The Company’s earnings for the three months and year ended December 31, 2024 reflect the impact of the May 16, 2024 merger with Lakeland Bancorp, Inc. (“Lakeland”), which added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, net of purchase accounting adjustments. The merger with Lakeland significantly impacted provisions for credit losses in 2024 due to the initial Current Expected Credit Loss (“CECL”) provisions recorded on acquired loans in the second quarter. Transaction costs related to our merger with Lakeland totaled $20.2 million and $56.9 million, for the three months and year ended December 31, 2024, respectively, compared with transaction costs of $2.5 million and $7.8 million for the respective 2023 periods. Additionally, the Company realized a $2.8 million loss related to the sale of subordinated debt issued by Lakeland from the Provident investment portfolio, during the second quarter of 2024.

    Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident had an eventful 2024 marked by solid financial performance and defined by the completion of our merger with Lakeland. We have maintained excellent asset quality, grown our deposits, and benefited from our expanding fee-based businesses. With core systems conversion and integration now completed, we look forward to further improving our performance across all business lines in 2025.”

    Performance Highlights for the Fourth Quarter of 2024

    • Adjusted for transaction costs related to the merger with Lakeland, net of tax, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity(1) were 1.05%, 9.53% and 15.39% for the quarter ended December 31, 2024, compared to 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
    • The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity(2) were 1.53%, 13.91% and 20.31% for the quarter ended December 31, 2024, compared to 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 13 of the earnings release.
    • Net interest margin decreased three basis points to 3.28% for the quarter ended December 31, 2024, from 3.31% for the trailing quarter, mainly due to a reduction in net accretion of purchase accounting adjustments related to the Lakeland merger. However, the core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased four basis points from the trailing quarter to 2.85%. The average yield on total loans decreased 22 basis points to 5.99% for the quarter ended December 31, 2024, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased 11 basis points to 2.25% for the quarter ended December 31, 2024.
    • Wealth management and insurance agency income increased 12% and 19%, respectively, versus the same period in 2023.
    • Asset quality improved in the quarter, as non-performing loans to total loans as of December 31, 2024 decreased to 0.39% from 0.47% as of September 30, 2024, while non-performing assets to total assets as of December 31, 2024 decreased to 0.34% from 0.41% as of September 30, 2024.
    • The Company recorded a $7.8 million provision for credit losses on loans for the quarter ended December 31, 2024, compared to a $9.6 million provision for the trailing quarter. The decrease in the provision for credit losses on loans for the quarter was primarily attributable to the reclassification of $151.3 million to the held for sale portfolio, partially offset by modest deterioration in the economic forecast within our CECL model.
    • Total deposits increased $247.6 million to $18.62 billion as of December 31, 2024 compared to September 30, 2024.
    • In December of 2024, $151.3 million of the Bank’s commercial loan portfolio was reclassified from loans held for investment into the held for sale portfolio as a result of a decision to exit the non-relationship equipment lease financing business.
    • As of December 31, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.79 billion, with a weighted average interest rate of 6.91%.
    • At December 31, 2024, CRE loans related to office properties totaled $884.1 million, compared to $921.1 million at September 30, 2024. CRE loans secured by office properties constitutes 4.6% of total loans and have an average loan size of $1.9 million, with seven relationships greater than $10.0 million. There were four loans totaling $9.1 million on non-accrual as of December 31, 2024.
    • As of December 31, 2024, multi-family CRE loans secured by New York City properties totaled $244.5 million, compared to $226.6 million as of September 30, 2024. This portfolio constitutes only 1.3% of total loans and has an average loan size of $2.8 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.

    Declaration of Quarterly Dividend

    The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on February 28, 2025, to stockholders of record as of the close of business on February 14, 2025.

    Annual Meeting Date Set

    The Annual Meeting of Stockholders will be held on April 24, 2025 at 10:00 a.m. Eastern Time as a virtual meeting. February 28, 2025 has been established as the record date for the determination of stockholders entitled to vote at the Annual Meeting.

    Results of Operations

    Three months ended December 31, 2024 compared to the three months ended September 30, 2024

    For the three months ended December 31, 2024, net income was $48.5 million, or $0.37 per basic and diluted share, compared to net income of $46.4 million, or $0.36 per basic and diluted share, for the three months ended September 30, 2024.

    Net Interest Income and Net Interest Margin

    Net interest income decreased $2.0 million to $181.7 million for the three months ended December 31, 2024, from $183.7 million for the trailing quarter. The decrease in net interest income was primarily due to a decrease in net accretion of purchase accounting adjustments in the loan portfolio related to the Lakeland merger.

    The Company’s net interest margin decreased three basis points to 3.28% for the quarter ended December 31, 2024, from 3.31% for the trailing quarter. The average yield on interest-earning assets for the quarter ended December 31, 2024 decreased 18 basis points to 5.66%, compared to the trailing quarter. The average cost of interest-bearing liabilities for the quarter ended December 31, 2024 decreased 16 basis points to 3.03%, compared to the trailing quarter. The average cost of interest-bearing deposits for the quarter ended December 31, 2024 decreased 15 basis points to 2.81%, compared to 2.96% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.25% for the quarter ended December 31, 2024, compared to 2.36% for the trailing quarter. The average cost of borrowed funds for the quarter ended December 31, 2024 was 3.64%, compared to 3.73% for the quarter ended September 30, 2024. The net accretion of purchase accounting adjustments contributed 43 basis points to the net interest margin for the quarter ended December 31, 2024, compared with 50 basis points in the trailing quarter. The reduction in purchase accounting accretion was largely due to the prepayment of certain loans that resulted in accelerated amortization of acquisition premiums and a decrease in accelerated accretion related to prepayments of loans with acquisition discounts.

    Provision for Credit Losses on Loans

    For the quarter ended December 31, 2024, the Company recorded a $7.8 million provision for credit losses related to loans, compared with a provision for credit losses on loans of $9.6 million for the quarter ended September 30, 2024. The decrease in the provision for credit losses on loans for the quarter was primarily attributable to the reclassification of $151.3 million of commercial loans to the held for sale portfolio, partially offset by modest deterioration in the economic forecast within our CECL model for the current quarter as compared to the prior quarter. For the three months ended December 31, 2024, net charge-offs totaled $5.5 million, or an annualized 12 basis points of average loans, compared to net charge-offs of $6.8 million, or an annualized 14 basis points of average loans for the trailing quarter.

    Non-Interest Income and Expense

    For the three months ended December 31, 2024, non-interest income totaled $24.2 million, a decrease of $2.7 million, compared to the trailing quarter. Bank owned life insurance (“BOLI”) income decreased $2.0 million compared to the trailing quarter, to $2.3 million for the three months ended December 31, 2024, primarily due to a reduction in benefit claims. Insurance agency income decreased $342,000 to $3.3 million for the three months ended December 31, 2024, compared to $3.6 million for the trailing quarter, largely due to a seasonal decrease in business activity. Additionally, other income decreased $181,000 to $1.3 million for the three months ended December 31, 2024, compared to the trailing quarter, while fees and commissions decreased $129,000 to $9.7 million for the three months ended December 31, 2024, compared to the trailing quarter.

    Non-interest expense totaled $134.3 million for the three months ended December 31, 2024, a decrease of $1.7 million, compared to $136.0 million for the trailing quarter. Compensation and benefits expense decreased $3.5 million to $59.9 million for the three months ended December 31, 2024, compared to $63.5 million for the trailing quarter mainly due to decreases in salary expense and payroll tax expense. Amortization of intangibles decreased $2.7 million to $9.5 million for the three months ended December 31, 2024 primarily due to a current quarter adjustment to the rate of core deposit intangible amortization related to Lakeland, as a result of lower projected attrition on core deposits. FDIC insurance decreased $769,000 to $3.4 million for the three months ended December 31, 2024, compared to $4.2 million for the trailing quarter, primarily due to a decreases in the assessment rate and average assets. Additionally, data processing expense decreased $600,000 to $9.9 million for the three months ended December 31, 2024, compared to the trailing quarter, largely due to a decrease in core system expenses. Partially offsetting these decreases, merger-related expenses increased $4.6 million to $20.2 million for the three months ended December 31, 2024, compared to the trailing quarter, while other operating expenses increased $1.6 million to $17.4 million for the three months ended December 31, 2024, compared to the trailing quarter largely due to a $1.4 million charge for contingent litigation reserves.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(4) was 1.90% for the quarter ended December 31, 2024, compared to 1.98% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(5) was 55.43% for the three months ended December 31, 2024, compared to 57.20% for the trailing quarter.

    Income Tax Expense

    For the three months ended December 31, 2024, the Company’s income tax expense was $14.2 million with an effective tax rate of 22.6%, compared with income tax expense of $18.9 million with an effective tax rate of 28.9% for the trailing quarter. The decrease in tax expense and the effective tax rate for the three months ended December 31, 2024, compared with the trailing quarter was largely due to a $4.2 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

    Three months ended December 31, 2024 compared to the three months ended December 31, 2023

    For the three months ended December 31, 2024, net income was $48.5 million, or $0.37 per basic and diluted share, compared to net income of $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. The Company’s earnings for the quarter ended December 31, 2024 reflected the impact of the May 16, 2024 merger with Lakeland. The results of operations included transaction costs related to the merger with Lakeland totaling $20.2 million and $2.5 million for the three months ended December 31, 2024 and 2023, respectively.

    Net Interest Income and Net Interest Margin

    Net interest income increased $85.9 million to $181.7 million for the three months ended December 31, 2024, from $95.8 million for same period in 2023. Net interest income for the quarter ended December 31, 2024 compared to the same period in 2023 was favorably impacted by the net assets acquired from Lakeland, combined with favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by unfavorable repricing of deposits.

    The Company’s net interest margin increased 36 basis points to 3.28% for the quarter ended December 31, 2024, from 2.92% for the same period last year. The average yield on interest-earning assets for the quarter ended December 31, 2024 increased 62 basis points to 5.66%, compared to 5.04% for the quarter ended December 31, 2023. The average cost of interest-bearing liabilities increased 32 basis points for the quarter ended December 31, 2024 to 3.03%, compared to 2.71% for the fourth quarter of 2023. The average cost of interest-bearing deposits for the quarter ended December 31, 2024 was 2.81%, compared to 2.47% for the same period last year. The average cost of total deposits, including non-interest-bearing deposits, was 2.25% for the quarter ended December 31, 2024, compared with 1.95% for the quarter ended December 31, 2023. The average cost of borrowed funds for the quarter ended December 31, 2024 was 3.64%, compared to 3.71% for the same period last year.

    Provision for Credit Losses on Loans

    For the quarter ended December 31, 2024, the Company recorded a $7.8 million provision for credit losses related to loans, compared with a $500,000 provision for credit losses on loans for the quarter ended December 31, 2023. The increase in the provision for credit losses on loans was largely a function of the period-over-period deterioration in the economic forecast and an increase in loans from the Lakeland acquisition.

    Non-Interest Income and Expense

    Non-interest income totaled $24.2 million for the quarter ended December 31, 2024, an increase of $5.2 million, compared to the same period in 2023. Fee income increased $3.6 million to $9.7 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily resulting from the Lakeland merger. Wealth management income increased $812,000 to $7.7 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily due to an increase in the average market value of assets under management, while BOLI income increased $617,000 to $2.3 million for the three months ended December 31, 2024, compared to the same period in 2023 largely due to an increase in income related to the addition of Lakeland’s BOLI. Insurance agency income increased $530,000 to $3.3 million, for the three months ended December 31, 2024, compared to the same period in 2023, largely due to strong retention revenue and new business activity. Partially offsetting these increases to non-interest income, other income decreased $330,000 to $1.3 million for the three months ended December 31, 2024, compared to the quarter ended December 31, 2023, primarily due to a decrease in net gains on the sale of SBA loans.

    Non-interest expense totaled $134.3 million for the three months ended December 31, 2024, an increase of $58.5 million, compared to $75.9 million for the three months ended December 31, 2023. Compensation and benefits expense increased $21.2 million to $59.9 million for three months ended December 31, 2024, compared to $38.8 million for the same period in 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Additionally, merger-related expense increased $17.7 million to $20.2 million for the three months ended December 31, 2024, compared to the same period in 2023. Amortization of intangibles increased $8.8 million to $9.5 million for the three months ended December 31, 2024, compared to $721,000 for the same period in 2023, largely due to core deposit intangible amortization related to the addition of Lakeland. Net occupancy expenses increased $4.8 million to $12.6 million for the three months ended December 31, 2024, compared to the same period in 2023, primarily due to an increase in depreciation and maintenance expenses related to the addition of Lakeland. Data processing expense increased $3.4 million to $9.9 million for the three months ended December 31, 2024, compared to the same period in 2023, largely due to additional software and hardware expenses related to the addition of Lakeland, while other operating expenses increased $1.7 million to $17.4 million for the three months ended December 31, 2024, compared to the same period in 2023, largely due to an increase in professional service expenses.

    The Company’s annualized adjusted non-interest expense as a percentage of average assets(4) was 1.90% for the quarter ended December 31, 2024, compared to 1.98% for the same period in 2023. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(5) was 55.43% for the three months ended December 31, 2024 compared to 61.32% for the same respective period in 2023.

    Income Tax Expense

    For the three months ended December 31, 2024, the Company’s income tax expense was $14.2 million with an effective tax rate of 22.6%, compared with $12.5 million with an effective tax rate of 31.3% for the three months ended December 31, 2023. The increase in tax expense for the three months ended December 31, 2024, compared with the three months ended December 31, 2023, was primarily due to an increase in taxable income, which was partially offset by a $4.2 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024. The decrease in the effective tax rate for the three months ended December 31, 2024, compared with the three months ended December 31, 2023 was primarily due to the aforementioned $4.2 million tax benefit related to the revaluation of deferred tax assets.

    Year ended December 31, 2024 compared to the year ended December 31, 2023

    For the year ended December 31, 2024, net income totaled $115.5 million, or $1.05 per basic and diluted share, compared to net income of $128.4 million, or $1.71 per basic and diluted share, for the year ended December 31, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income increased $201.2 million to $600.6 million for the year ended December 31, 2024, from $399.5 million for 2023. Net interest income for the year ended December 31, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans and higher market rates on new loan originations, partially offset by the unfavorable repricing of both deposits and borrowings.

    For the year ended December 31, 2024, the net interest margin increased 10 basis points to 3.26%, compared to 3.16% for 2023. The weighted average yield on interest earning assets increased 81 basis points to 5.68% for the year ended December 31, 2024, compared to 4.87% for 2023, while the weighted average cost of interest-bearing liabilities increased 81 basis points to 3.05% for the year ended December 31, 2024, compared to 2.24% last year. The average cost of interest-bearing deposits increased 84 basis points to 2.83% for the year ended December 31, 2024, compared to 1.99% in the prior year. Average non-interest-bearing demand deposits increased $792.0 million to $3.12 billion for the year ended December 31, 2024, compared with $2.33 billion for 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.26% for the year ended December 31, 2024, compared with 1.54% for 2023. The average cost of borrowings for the year ended December 31, 2024 was 3.71%, compared to 3.41% in the prior year.

    Provision for Credit Losses on Loans

    For the year ended December 31, 2024, the Company recorded an $83.6 million provision for credit losses related to loans, compared with a provision for credit losses of $28.2 million for 2023. The increased provision for credit losses on loans for the year ended December 31, 2024 was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, partially offset by some economic forecast improvement over the current twelve-month period within our CECL model, compared to last year.

    Non-Interest Income and Expense

    For the year ended December 31, 2024, non-interest income totaled $94.1 million, an increase of $14.3 million, compared to 2023. Fee income increased $9.7 million to $34.1 million for the year ended December 31, 2024, compared to 2023, primarily due to the addition of Lakeland. BOLI income increased $5.2 million to $11.7 million for the year ended December 31, 2024, compared to 2023, primarily due to an increase in benefit claims, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.9 million to $30.5 million for the year ended December 31, 2024, compared to 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $2.3 million to $16.2 million for the year ended December 31, 2024, compared to $13.9 million for 2023, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, net gains on securities transactions decreased $3.0 million for the year ended December 31, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Additionally, other income decreased $2.8 million to $4.5 million for the year ended December 31, 2024, compared to $7.3 million for 2023, primarily due to a $2.0 million gain from the sale of a foreclosed commercial property recorded in the prior year, combined with a decrease in gains on sales of SBA loans in the current year.

    Non-interest expense totaled $457.5 million for the year ended December 31, 2024, an increase of $182.2 million, compared to $275.3 million for 2023. Compensation and benefits expense increased $69.8 million to $218.3 million for the year ended December 31, 2024, compared to $148.5 million for 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Merger-related expenses increased $49.0 million to $56.9 million for the year ended December 31, 2024, compared to $7.8 million for 2023. Amortization of intangibles increased $26.0 million to $28.9 million for the year ended December 31, 2024, compared to $3.0 million for 2023, largely due to core deposit intangible amortization related to the addition of Lakeland. Net occupancy expense increased $12.7 million to $45.0 million for the year ended December 31, 2024, compared to 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland, while data processing expense increased $12.6 million to $35.6 million for the year ended December 31, 2024, compared to $23.0 million for 2023, primarily due to additional software and hardware expenses related to the addition of Lakeland. Other operating expenses increased $7.3 million to $54.7 million for the year ended December 31, 2024, compared to $47.4 million for 2023, primarily due to increases in consulting and other professional service expenses, while FDIC insurance increased $4.4 million to $13.0 million for the year ended December 31, 2024, primarily due to the addition of Lakeland.

    Income Tax Expense

    For the year ended December 31, 2024, the Company’s income tax expense was $34.1 million with an effective tax rate of 22.8%, compared with $47.4 million with an effective tax rate of 27.0% for 2023. The decrease in tax expense for the year ended December 31, 2024, compared with last year was largely due to a $10.0 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024, combined with a decrease in taxable income as a result of the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger.

    Asset Quality

    The Company’s total non-performing loans at December 31, 2024 were $72.1 million, or 0.39% of total loans, compared to $89.9 million or 0.47% of total loans at September 30, 2024 and $49.6 million, or 0.46% of total loans at December 31, 2023. The $17.9 million decrease in non-performing loans at December 31, 2024, compared to the trailing quarter, consisted of a $24.3 million decrease in non-performing commercial loans and a $676,000 decrease in non-performing residential loans, partially offset by a $6.9 million increase in non-performing commercial mortgage loans and a $223,000 increase in non-performing consumer loans. As of December 31, 2024, impaired loans totaled $55.4 million with related specific reserves of $7.5 million, compared with impaired loans totaling $74.0 million with related specific reserves of $7.2 million as of September 30, 2024. As of December 31, 2023, impaired loans totaled $42.3 million with related specific reserves of $2.9 million.

    At December 31, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.04% of total loans, compared to 1.02% and 0.99% at September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $88.0 million to $193.4 million at December 31, 2024, from $107.2 million at December 31, 2023. The increase in the allowance for credit losses on loans at December 31, 2024 compared to December 31, 2023 was due to an $83.6 million provision for credit losses on loans, which included an initial CECL provision of $60.1 million on loans acquired from Lakeland, and a $17.2 million allowance recorded through goodwill related to Purchased Credit Deteriorated loans acquired from Lakeland, partially offset by net charge-offs of $14.6 million.

    The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.

        December 31, 2024   September 30, 2024   December 31, 2023  
        Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans    		   Number
    of
    Loans    		   Principal
    Balance
    of Loans    		  
        (Dollars in thousands)
    Accruing past due loans:                          
    30 to 59 days past due:                          
    Commercial mortgage loans   7   $ 8,538     2   $ 430     1   $ 825    
    Multi-family mortgage loans   —     —     —     —     1     3,815    
    Construction loans   —     —     —     —     —     —    
    Residential mortgage loans   22     6,388     23     5,020     13     3,429    
    Total mortgage loans   29     14,926     25     5,450     15     8,069    
    Commercial loans   23     4,248     14     1,952     6     998    
    Consumer loans   47     3,152     53     4,073     31     875    
    Total 30 to 59 days past due   99   $ 22,326     92   $ 11,475     52   $ 9,942    
                               
    60 to 89 days past due:                          
    Commercial mortgage loans   4   $ 3,954     1   $ 641     —   $ —    
    Multi-family mortgage loans   —     —     —     —     1     1,635    
    Construction loans   —     —     —     —     —     —    
    Residential mortgage loans   17     5,049     11     1,991     8     1,208    
    Total mortgage loans   21     9,003     12     2,632     9     2,843    
    Commercial loans   9     2,377     9     1,240     3     198    
    Consumer loans   15     856     10     606     5     275    
    Total 60 to 89 days past due   45     12,236     31     4,478     17     3,316    
    Total accruing past due loans   144   $ 34,562     123   $ 15,953     69   $ 13,258    
                               
    Non-accrual:                          
    Commercial mortgage loans   17   $ 20,883     17   $ 13,969     7   $ 5,151    
    Multi-family mortgage loans   6     7,498     6     7,578     1     744    
    Construction loans   2     13,246     2     13,151     1     771    
    Residential mortgage loans   23     4,535     24     5,211     7     853    
    Total mortgage loans   48     46,162     49     39,909     16     7,519    
    Commercial loans   65     24,243     69     48,592     26     41,487    
    Consumer loans   23     1,656     32     1,433     10     633    
    Total non-accrual loans   136   $ 72,061     150   $ 89,934     52   $ 49,639    
                               
    Non-performing loans to total loans         0.39 %         0.47 %         0.46 %  
    Allowance for loan losses to total non-performing loans         268.43 %         217.09 %         215.96 %  
    Allowance for loan losses to total loans         1.04 %         1.02 %         0.99 %  
     

    At December 31, 2024 and December 31, 2023, the Company held foreclosed assets of $9.5 million and $11.7 million, respectively. During the year ended December 31, 2024, there were four properties sold with an aggregate carrying value of $861,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets at December 31, 2024 consisted primarily of commercial real estate. Total non-performing assets at December 31, 2024 increased $20.2 million to $81.5 million, or 0.34% of total assets, from $61.3 million, or 0.43% of total assets at December 31, 2023.

    Balance Sheet Summary

    Total assets at December 31, 2024 were $24.05 billion, a $13.78 billion increase from December 31, 2023. The increase in total assets was primarily due to the addition of Lakeland.

    The Company’s loans held for investment portfolio totaled $18.66 billion at December 31, 2024 and $10.87 billion at December 31, 2023. The loan portfolio consists of the following:

      December 31, 2024   September 30, 2024   December 31, 2023  
      (Dollars in thousands)
    Mortgage loans:            
    Commercial $ 7,228,078     $ 7,342,456     $ 4,512,411    
    Multi-family   3,382,933       3,226,918       1,812,500    
    Construction   823,503       873,509       653,246    
    Residential   2,014,844       2,032,671       1,164,956    
      Total mortgage loans   13,449,358       13,475,554       8,143,113    
    Commercial loans   4,604,367       4,710,601       2,440,621    
    Consumer loans   613,819       623,709       299,164    
      Total gross loans   18,667,544       18,809,864       10,882,898    
    Premiums on purchased loans   1,338       1,362       1,474    
    Net deferred fees and unearned discounts   (9,512 )     (16,617 )     (12,456 )  
      Total loans $ 18,659,370     $ 18,794,609     $ 10,871,916    
     

    As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments. For the year ended December 31, 2024, the Company experienced net increases of $1.57 billion in multi-family loans, $2.16 billion in commercial loans and $2.72 billion in commercial mortgage loans, partially offset by net decreases of $170.3 million in construction loans and net decreases in residential mortgage and consumer loans of $849.9 million and $314.7 million, respectively. Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio at December 31, 2024, compared to 86.5% at December 31, 2023.

    For the year ended December 31, 2024, loan funding, including advances on lines of credit, totaled $4.73 billion, compared with $3.34 billion for the same period in 2023.

    At December 31, 2024, the Company’s unfunded loan commitments totaled $2.73 billion, including commitments of $1.62 billion in commercial loans, $608.1 million in construction loans and $85.1 million in commercial mortgage loans. Unfunded loan commitments at September 30, 2024 and December 31, 2023 totaled $2.97 billion and $2.09 billion, respectively.

    The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.79 billion at December 31, 2024, compared to $1.98 billion at September 30, 2024 and $1.70 billion at December 31, 2023.

    Total investment securities were $3.21 billion at December 31, 2024, a $2.26 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

    Total deposits increased $10.56 billion during the year ended December 31, 2024, to $18.62 billion. Total savings and demand deposit accounts increased $6.26 billion to $15.46 billion at December 31, 2024, while total time deposits increased $2.07 billion to $3.17 billion at December 31, 2024. The increase in savings and demand deposits was largely attributable to a $3.13 billion increase in interest-bearing demand deposits, a $1.59 billion increase in non-interest-bearing demand deposits, a $1.04 billion increase in money market deposits and a $504.0 million increase in savings deposits. The increase in time deposits consisted of a $1.98 billion increase in retail time deposits and a $91.1 million increase in brokered time deposits.

    Borrowed funds increased $1.34 billion during the year ended December 31, 2024, to $2.02 billion. The increase in borrowings was largely due to the addition of Lakeland. Borrowed funds represented 8.4% of total assets at December 31, 2024, an decrease from 13.9% at December 31, 2023.

    Stockholders’ equity increased $1.60 billion during the year ended December 31, 2024, to $2.60 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and a slight improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the year ended December 31, 2024, common stock repurchases totaled 89,569 shares at an average cost of $14.90 per share, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. At December 31, 2024, approximately 3.1 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(6) at December 31, 2024 were $19.93 and $13.66, respectively, compared with $22.38 and $16.32, respectively, at December 31, 2023.

    About the Company

    Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

    Post Earnings Conference Call

    Representatives of the Company will hold a conference call for investors on Wednesday, January 29, 2025 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter and year ended December 31, 2024. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

    Forward Looking Statements

    Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of the recent turmoil in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, the ability to complete, or any delays in completing, the pending merger between the Company and Lakeland; any failure to realize the anticipated benefits of the transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events; potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government.

    The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

    Footnotes

    (1) Annualized adjusted pre-tax, pre-provision return on average assets, annualized return on average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.

    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands, except share data) (Unaudited)
     
      At or for the
    Three months ended    		   At or for the
    Year ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Statement of Income                  
    Net interest income $ 181,737     $ 183,701     $ 95,788     $ 600,614     $ 399,454  
    Provision for credit losses   8,880       9,299       (863 )     87,564       28,168  
    Non-interest income   24,175       26,855       18,968       94,113       79,829  
    Non-interest expense   134,323       136,002       75,851       457,548       275,336  
    Income before income tax expense   62,709       65,255       39,768       149,615       175,779  
    Net income   48,524       46,405       27,312       115,525       128,398  
    Diluted earnings per share $ 0.37     $ 0.36     $ 0.36     $ 1.05     $ 1.71  
    Interest rate spread   2.63 %     2.65 %     2.33 %     2.63 %     2.63 %
    Net interest margin   3.28 %     3.31 %     2.92 %     3.26 %     3.16 %
                       
    Profitability                  
    Annualized return on average assets   0.81 %     0.76 %     0.77 %     0.57 %     0.92 %
    Annualized adjusted return on average assets (1)   1.05 %     0.95 %     0.83 %     0.78 %     0.97 %
    Annualized return on average equity   7.36 %     6.94 %     6.60 %     5.07 %     7.81 %
    Annualized adjusted return on average equity (1)   9.53 %     8.62 %     7.10 %     6.95 %     8.22 %
    Annualized return on average tangible equity (3)   12.21 %     12.06 %     9.32 %     8.58 %     11.01 %
    Annualized adjusted return on average tangible equity (1)   15.39 %     14.53 %     9.99 %     11.29 %     11.54 %
    Annualized adjusted non-interest expense to average assets (4)   1.90 %     1.98 %     1.98 %     1.97 %     1.90 %
    Efficiency ratio (4)   55.43 %     57.20 %     61.32 %     57.67 %     55.19 %
                       
    Asset Quality                  
    Non-accrual loans     $ 89,934         $ 72,061     $ 49,639  
    90+ and still accruing       —           —       —  
    Non-performing loans       88,061           72,061       49,639  
    Foreclosed assets       9,801           9,473       11,651  
    Non-performing assets       97,862           81,534       61,290  
    Non-performing loans to total loans       0.47 %         0.39 %     0.46 %
    Non-performing assets to total assets       0.41 %         0.34 %     0.43 %
    Allowance for loan losses     $ 191,175         $ 193,432     $ 107,200  
    Allowance for loan losses to total non-performing loans       217.09 %         268.43 %     215.96 %
    Allowance for loan losses to total loans       1.02 %         1.04 %     0.99 %
    Net loan charge-offs $ 5,493       6,756     $ 4,010     $ 14,560     $ 8,129  
    Annualized net loan charge offs to average total loans   0.12 %     0.14 %     0.16 %     0.09 %     0.08 %
                       
    Average Balance Sheet Data                  
    Assets $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Loans, net   18,487,443       18,531,939       10,660,201       15,600,431       10,367,620  
    Earning assets   21,760,458       21,809,226       12,823,541       18,403,149       12,637,224  
    Savings and demand deposits   15,581,608       15,394,715       9,210,315       13,103,803       9,358,290  
    Borrowings   1,711,806       2,125,149       1,873,822       1,983,674       1,636,572  
    Interest-bearing liabilities   17,093,382       17,304,569       10,020,726       14,596,325       9,671,794  
    Stockholders’ equity   2,624,019       2,660,470       1,642,854       2,279,525       1,644,529  
    Average yield on interest-earning assets   5.66 %     5.84 %     5.04 %     5.68 %     4.87 %
    Average cost of interest-bearing liabilities   3.03 %     3.19 %     2.71 %     3.05 %     2.24 %
     

    Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
    (Dollars in Thousands, except share data)

    The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.

    (1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
        2024   2024   2023   2024   2023
    Net Income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Less: income tax expense     (5,819 )     (4,306 )     (465 )     (14,010 )     (1,480 )
    Annualized adjusted net income   $ 62,889     $ 57,666     $ 29,324     $ 158,382     $ 134,744  
    Less: Amortization of Intangibles (net of tax)   $ 6,649     $ 8,551     $ 504     $ 20,226     $ 2,064  
    Annualized adjusted net income for annualized adjusted return on average tangible equity   $ 69,538     $ 66,216     $ 29,828     $ 178,607     $ 136,808  
                         
    Annualized Adjusted Return on Average Assets     1.05 %     0.95 %     0.83 %     0.78 %     0.97 %
    Annualized Adjusted Return on Average Equity     9.53 %     8.62 %     7.10 %     6.95 %     8.22 %
    Annualized Adjusted Return on Average Tangible Equity     15.39 %     14.53 %     9.99 %     11.29 %     11.54 %
                         
    (2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Net income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Adjustments to net income:                    
    Provision charge (benefit) for credit losses     8,880       9,299       (863 )     87,564       28,168  
    Net loss on Lakeland bond sale     —       —       —       2,839       —  
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Contingent litigation reserves     —       —       3,000       —       3,000  
    Income tax expense     14,185       18,850       12,456       34,090       47,381  
    Adjusted PTPP income   $ 91,773     $ 90,121     $ 44,382     $ 296,885     $ 214,773  
                         
    Annualized Adjusted PTPP income   $ 365,097     $ 358,525     $ 176,081     $ 296,885     $ 214,773  
    Average assets   $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Average equity   $ 2,624,019     $ 2,660,470     $ 1,642,854     $ 2,279,525     $ 1,644,529  
    Average tangible equity   $ 1,797,994     $ 1,813,327     $ 1,184,444     $ 1,581,339     $ 1,185,026  
                         
    Annualized Adjusted PTPP return on average assets     1.53 %     1.48 %     1.25 %     1.46 %     1.54 %
    Annualized PTPP return on average equity     13.91 %     13.48 %     10.72 %     13.02 %     13.06 %
    Annualized PTPP return on average tangible equity     20.31 %     19.77 %     14.87 %     18.77 %     18.12 %
                         
    (3) Annualized Return on Average Tangible Equity  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Total average stockholders’ equity   $ 2,624,019     $ 2,660,470     $ 1,642,854     $ 2,279,525     $ 1,644,529  
    Less: total average intangible assets     826,025       847,143       458,410       698,186       459,503  
    Total average tangible stockholders’ equity   $ 1,797,994     $ 1,813,327     $ 1,184,444     $ 1,581,339     $ 1,185,026  
                         
    Net income   $ 48,524     $ 46,405     $ 27,312     $ 115,525     $ 128,398  
    Less: Amortization of Intangibles, net of tax     6,649       8,551       504       20,226       2,064  
    Total net income (loss)   $ 55,173     $ 54,956     $ 27,816     $ 135,751     $ 130,462  
                         
    Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)     12.21 %     12.06 %     9.32 %     8.58 %     11.01 %
                         
    (4) Annualized Adjusted Non-Interest Expense to Average Assets  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Reported non-interest expense   $ 134,323     $ 136,002     $ 75,851     $ 457,548     $ 275,336  
    Adjustments to non-interest expense:                    
    Merger-related transaction costs     20,184       15,567       2,477       56,867       7,826  
    Contingent litigation reserves     —       —       3,000       —       3,000  
    Adjusted non-interest expense   $ 114,139     $ 120,435     $ 70,374     $ 400,681     $ 264,510  
                         
    Annualized adjusted non-interest expense   $ 454,075     $ 479,122     $ 279,201     $ 400,681     $ 264,510  
    Average assets   $ 23,908,514     $ 24,248,038     $ 14,114,626     $ 20,382,148     $ 13,915,467  
    Annualized adjusted non-interest expense/average assets     1.90 %     1.98 %     1.98 %     1.97 %     1.90 %
                         
    (5) Efficiency Ratio Calculation  
        Three Months Ended   Year Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Net interest income   $ 181,737     $ 183,701     $ 95,788     $ 600,614     $ 399,454  
    Non-interest income     24,175       26,855       18,968       94,113       79,829  
    Adjustments to non-interest income:                    
    Net loss (gain) on securities transactions     14       (2 )     7       2,986       (30 )
    Adjusted non-interest income     24,189       26,853       18,975       97,099       79,799  
    Total income   $ 205,912     $ 210,554     $ 114,756     $ 694,727     $ 479,283  
                         
    Adjusted non-interest expense   $ 114,139     $ 120,435     $ 70,374     $ 400,681     $ 264,510  
                         
    Efficiency ratio (adjusted non-interest expense/income)     55.43 %     57.20 %     61.32 %     57.67 %     55.19 %
                         
    (6) Book and Tangible Book Value per Share  
                    December 31,   December 31,
                      2024       2023  
    Total stockholders’ equity               $ 2,601,207     $ 1,690,596  
    Less: total intangible assets                 819,230       457,942  
    Total tangible stockholders’ equity               $ 1,781,977     $ 1,232,654  
                         
    Shares outstanding                 130,489,493       75,537,186  
                         
    Book value per share (total stockholders’ equity/shares outstanding)               $ 19.93     $ 22.38  
    Tangible book value per share (total tangible stockholders’ equity/shares outstanding)               $ 13.66     $ 16.32  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Financial Condition
    December 31, 2024 (Unaudited) and December 31, 2023
    (Dollars in Thousands)
           
    Assets December 31, 2024   December 31, 2023
    Cash and due from banks $ 166,914     $ 180,241  
    Short-term investments   25       14  
    Total cash and cash equivalents   166,939       180,255  
    Available for sale debt securities, at fair value   2,768,915       1,690,112  
    Held to maturity debt securities, (net of $14,000 allowance as of December 31, 2024 (unaudited) and $31,000 allowance as of December 31, 2023)   327,623       363,080  
    Equity securities, at fair value   19,762       1,270  
    Federal Home Loan Bank stock   112,115       79,217  
    Loans held for sale   162,453       1,785  
    Loans held for investment   18,659,370       10,871,916  
    Less allowance for credit losses   193,432       107,200  
    Net loans   18,628,391       10,766,501  
    Foreclosed assets, net   9,473       11,651  
    Banking premises and equipment, net   119,622       70,998  
    Accrued interest receivable   91,160       58,966  
    Intangible assets   819,230       457,942  
    Bank-owned life insurance   405,893       243,050  
    Other assets   582,702       287,768  
    Total assets $ 24,051,825     $ 14,210,810  
           
    Liabilities and Stockholders’ Equity      
    Deposits:      
    Demand deposits $ 13,775,991     $ 8,020,889  
    Savings deposits   1,679,667       1,175,683  
    Certificates of deposit of $250,000 or more   789,342       218,549  
    Other time deposits   2,378,813       877,393  
    Total deposits   18,623,813       10,292,514  
    Mortgage escrow deposits   42,247       36,838  
    Borrowed funds   2,020,435       1,970,033  
    Subordinated debentures   401,608       10,695  
    Other liabilities   362,515       210,134  
    Total liabilities   21,450,618       12,520,214  
           
    Stockholders’ equity:      
    Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued   —       —  
    Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,489,493 shares outstanding as of December 31, 2024 and 75,537,186 outstanding as of December 31, 2023.   1,376       832  
    Additional paid-in capital   1,834,495       989,058  
    Retained earnings   989,111       974,542  
    Accumulated other comprehensive loss   (135,355 )     (141,115 )
    Treasury stock   (88,420 )     (127,825 )
    Unallocated common stock held by the Employee Stock Ownership Plan   —       (4,896 )
    Common Stock acquired by the Directors’ Deferred Fee Plan   —       (2,694 )
    Deferred Compensation – Directors’ Deferred Fee Plan   —       2,694  
    Total stockholders’ equity   2,601,207       1,690,596  
    Total liabilities and stockholders’ equity $ 24,051,825     $ 14,210,810  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Consolidated Statements of Income
    Three months ended December 31, 2024, September 30, 2024 (Unaudited) and December 31, 2023,
    and year ended December 31, 2024 (Unaudited) and 2023
    (Dollars in Thousands, except per share data)
                       
      Three Months Ended   Year Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024     2023       2024       2023  
    Interest and dividend income:                  
    Real estate secured loans $ 194,236     $ 197,857   $ 109,112     $ 655,868     $ 408,942  
    Commercial loans   75,978       81,183     34,939       251,793       128,854  
    Consumer loans   10,815       12,947     5,020       36,635       18,439  
    Available for sale debt securities, equity securities and Federal Home Loan Bank stock   27,197       25,974     12,042       85,895       46,790  
    Held to maturity debt securities   2,125       2,136     2,303       8,885       9,362  
    Deposits, federal funds sold and other short-term investments   1,596       2,425     755       7,062       3,433  
    Total interest income   311,947       322,522     164,171       1,046,138       615,820  
                       
    Interest expense:                  
    Deposits   105,922       110,009     50,579       349,523       159,459  
    Borrowed funds   15,652       19,923     17,527       73,523       55,856  
    Subordinated debt   8,636       8,889     277       22,478       1,051  
    Total interest expense   130,210       138,821     68,383       445,524       216,366  
    Net interest income   181,737       183,701     95,788       600,614       399,454  
    Provision charge (benefit) for credit losses   8,880       9,299     (863 )     87,564       28,168  
    Net interest income after provision for credit losses   172,857       174,402     96,651       513,050       371,286  
                       
    Non-interest income:                  
    Fees   9,687       9,816     6,102       34,114       24,396  
    Wealth management income   7,655       7,620     6,843       30,533       27,669  
    Insurance agency income   3,289       3,631     2,759       16,201       13,934  
    Bank-owned life insurance   2,261       4,308     1,644       11,709       6,482  
    Net (loss) gain on securities transactions   (14 )     2     (7 )     (2,986 )     30  
    Other income   1,297       1,478     1,627       4,542       7,318  
    Total non-interest income   24,175       26,855     18,968       94,113       79,829  
                       
    Non-interest expense:                  
    Compensation and employee benefits   59,937       63,468     38,773       218,341       148,497  
    Net occupancy expense   12,562       12,790     7,797       45,014       32,271  
    Data processing expense   9,881       10,481     6,457       35,579       22,993  
    FDIC Insurance   3,411       4,180     2,890       12,964       8,578  
    Amortization of intangibles   9,511       12,231     721       28,931       2,952  
    Advertising and promotion expense   1,485       1,524     1,100       5,146       4,822  
    Merger-related expenses   20,184       15,567     2,477       56,867       7,826  
    Other operating expenses   17,352       15,761     15,636       54,706       47,397  
    Total non-interest expense   134,323       136,002     75,851       457,548       275,336  
    Income before income tax expense   62,709       65,255     39,768       149,615       175,779  
    Income tax expense   14,185       18,850     12,456       34,090       47,381  
    Net income $ 48,524     $ 46,405   $ 27,312     $ 115,525     $ 128,398  
                       
    Basic earnings per share $ 0.37     $ 0.36   $ 0.36     $ 1.05     $ 1.72  
    Average basic shares outstanding   130,067,244       129,941,845     74,995,705       109,668,911       74,844,489  
                       
    Diluted earnings per share $ 0.37     $ 0.36   $ 0.36     $ 1.05     $ 1.71  
    Average diluted shares outstanding   130,163,872       130,004,870     75,041,545       109,712,732       74,873,256  
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Quarterly Average Balances
    (Dollars in Thousands) (Unaudited)
     
      December 31, 2024   September 30, 2024   December 31, 2023
      Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost    		   Average Balance   Interest   Average
    Yield/Cost
    Interest-Earning Assets:                                  
    Deposits $ 117,998   $ 1,596   5.38 %   $ 179,313   $ 2,425   5.38 %   $ 54,998   $ 745   5.37 %
    Federal funds sold and other short-term investments   —     —   — %     —     —   — %     838     10   4.39 %
    Available for sale debt securities   2,720,065     25,063   3.69 %     2,644,262     24,884   3.72 %     1,647,906     9,858   2.39 %
    Held to maturity debt securities, net (1)   328,147     2,125   2.59 %     342,217     2,136   2.50 %     364,433     2,303   2.53 %
    Equity securities, at fair value   19,920     —   — %     19,654     —   — %     1,016     —   — %
    Federal Home Loan Bank stock   86,885     2,134   9.82 %     91,841     1,090   4.75 %     94,149     2,184   9.28 %
    Net loans: (2)                                  
    Total mortgage loans   13,287,942     194,236   5.75 %     13,363,265     197,857   5.83 %     8,028,300     109,112   5.34 %
    Total commercial loans   4,587,048     75,978   6.54 %     4,546,088     81,183   7.05 %     2,329,430     34,939   5.90 %
    Total consumer loans   612,453     10,815   7.02 %     622,586     12,947   8.27 %     302,471     5,020   6.58 %
    Total net loans   18,487,443     281,029   5.99 %     18,531,939     291,987   6.21 %     10,660,201     149,071   5.50 %
    Total interest-earning assets $ 21,760,458   $ 311,947   5.66 %   $ 21,809,226   $ 322,522   5.84 %   $ 12,823,541   $ 164,171   5.04 %
                                       
    Non-Interest Earning Assets:                                  
    Cash and due from banks   159,151             341,505             111,610        
    Other assets   1,988,905             2,097,307             1,179,475        
    Total assets $ 23,908,514           $ 24,248,038           $ 14,114,626        
                                       
    Interest-Bearing Liabilities:                                  
    Demand deposits $ 10,115,827   $ 71,265   2.80 %   $ 9,942,053   $ 74,864   3.00 %   $ 5,856,916   $ 39,648   2.69 %
    Savings deposits   1,677,725     968   0.23 %     1,711,502     1006   0.23 %     1,183,857     602   0.20 %
    Time deposits   3,187,172     33,689   4.21 %     3,112,598     34,139   4.36 %     1,095,468     10,329   3.74 %
    Total Deposits   14,980,724     105,922   2.81 %     14,766,153     110,009   2.96 %     8,136,241     50,579   2.47 %
    Borrowed funds   1,711,806     15,652   3.64 %     2,125,149     19,923   3.73 %     1,873,822     17,527   3.71 %
    Subordinated debentures   400,852     8,636   8.57 %     413,267     8,889   8.56 %     10,663     277   10.27 %
    Total interest-bearing liabilities   17,093,382     130,210   3.03 %     17,304,569     138,821   3.19 %     10,020,726     68,383   2.71 %
                                       
    Non-Interest Bearing Liabilities:                                  
    Non-interest bearing deposits   3,788,056             3,741,160             2,169,542        
    Other non-interest bearing liabilities   403,057             541,839             281,504        
    Total non-interest bearing liabilities   4,191,113             4,282,999             2,451,046        
    Total liabilities   21,284,495             21,587,568             12,471,772        
    Stockholders’ equity   2,624,019             2,660,470             1,642,854        
    Total liabilities and stockholders’ equity $ 23,908,514           $ 24,248,038           $ 14,114,626        
                                       
    Net interest income     $ 181,737           $ 183,701           $ 95,788    
    Net interest rate spread         2.63 %           2.65 %           2.33 %
    Net interest-earning assets $ 4,667,076           $ 4,504,657           $ 2,802,815        
    Net interest margin (3)         3.28 %           3.31 %           2.92 %
    Ratio of interest-earning assets to total interest-bearing liabilities 1.27x           1.26x           1.28x        
     
       
    (1 ) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2 ) Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
    (3 ) Annualized net interest income divided by average interest-earning assets.
         
    The following table summarizes the quarterly net interest margin for the previous five quarters.      
           
      12/31/24   9/30/24   6/30/24   3/31/24   12/31/23
      4th Qtr.   3rd Qtr.   2nd Qtr.   1st Qtr.   4th Qtr.
    Interest-Earning Assets:                  
    Securities 3.78 %   3.69 %   3.40 %   2.87 %   2.79 %
    Net loans 5.99 %   6.21 %   6.05 %   5.51 %   5.50 %
    Total interest-earning assets 5.66 %   5.84 %   5.67 %   5.06 %   5.04 %
                       
    Interest-Bearing Liabilities:                  
    Total deposits 2.81 %   2.96 %   2.84 %   2.60 %   2.47 %
    Total borrowings 3.64 %   3.73 %   3.83 %   3.60 %   3.71 %
    Total interest-bearing liabilities 3.03 %   3.19 %   3.09 %   2.80 %   2.71 %
                       
    Interest rate spread 2.63 %   2.65 %   2.58 %   2.26 %   2.33 %
    Net interest margin 3.28 %   3.31 %   3.21 %   2.87 %   2.92 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities 1.27x   1.26x   1.25x   1.28x   1.28x
     
    PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
    Net Interest Margin Analysis
    Average Year to Date Balances
    (Dollars in Thousands) (Unaudited)
                           
      December 31, 2024   December 31, 2023
      Average       Average   Average       Average
      Balance   Interest   Yield/Cost   Balance   Interest   Yield/Cost
    Interest-Earning Assets:                      
    Deposits $ 36,932   $ 7,062   5.23 %   $ 65,991   $ 3,421   5.18 %
    Federal funds sold and other short-term investments   —     —   — %     255     12   4.55 %
    Available for sale debt securities   2,323,158     77,617   3.32 %     1,745,105     40,678   2.33 %
    Held to maturity debt securities, net (1)   344,903     8,885   2.58 %     375,436     9,362   2.49 %
    Equity securities, at fair value   12,367     —   — %     1,020     —   — %
    Federal Home Loan Bank stock   85,358     8,278   9.70 %     81,797     6,112   7.47 %
    Net loans: (2)                      
    Total mortgage loans   11,333,540     655,868   5.79 %     7,813,764     408,942   5.23 %
    Total commercial loans   3,768,388     251,793   6.68 %     2,251,175     128,854   5.72 %
    Total consumer loans   498,503     36,635   7.35 %     302,681     18,439   6.09 %
    Total net loans   15,600,431     944,296   6.05 %     10,367,620     556,235   5.37 %
    Total interest-earning assets $ 18,403,149   $ 1,046,138   5.68 %   $ 12,637,224   $ 615,820   4.87 %
                           
    Non-Interest Earning Assets:                      
    Cash and due from banks   233,829             119,232        
    Other assets   1,745,170             1,159,011        
    Total assets $ 20,382,148           $ 13,915,467        
                           
    Interest-Bearing Liabilities:                      
    Demand deposits $ 8,480,380   $ 245,874   2.90 %   $ 5,747,671   $ 125,471   2.18 %
    Savings deposits   1,502,852     3,443   0.23 %     1,282,062     2,184   0.17 %
    Time deposits   2,367,144     100,206   4.23 %     994,901     31,804   3.20 %
    Total deposits   12,350,376     349,523   2.83 %     8,024,634     159,459   1.99 %
    Borrowed funds   1,983,674     73,523   3.71 %     1,636,572     55,856   3.41 %
    Subordinated debentures   262,275     22,478   8.57 %     10,588     1,051   9.92 %
    Total interest-bearing liabilities $ 14,596,325   $ 445,524   3.05 %   $ 9,671,794   $ 216,366   2.24 %
                           
    Non-Interest Bearing Liabilities:                      
    Non-interest bearing deposits   3,120,571             2,328,557        
    Other non-interest bearing liabilities   385,727             270,587        
    Total non-interest bearing liabilities   3,506,298             2,599,144        
    Total liabilities   18,102,623             12,270,938        
    Stockholders’ equity   2,279,525             1,644,529        
    Total liabilities and stockholders’ equity $ 20,382,148           $ 13,915,467        
                           
    Net interest income     $ 600,614           $ 399,454    
    Net interest rate spread         2.63 %           2.63 %
    Net interest-earning assets $ 3,806,824           $ 2,965,430        
    Net interest margin (3)         3.26 %           3.16 %
    Ratio of interest-earning assets to total interest-bearing liabilities 1.26x           1.31x        
                           
                           
    (1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
    (2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
    (3) Annualized net interest income divided by average interest-earning assets.
     
    The following table summarizes the year-to-date net interest margin for the previous three years.
                 
      Year Ended  
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2022    		  
    Interest-Earning Assets:            
    Securities 3.43 %   2.62 %   1.86 %  
    Net loans 6.05 %   5.37 %   4.26 %  
    Total interest-earning assets 5.68 %   4.87 %   3.76 %  
                 
    Interest-Bearing Liabilities:            
    Total deposits 2.83 %   1.99 %   0.47 %  
    Total borrowings 3.71 %   3.41 %   1.23 %  
    Total interest-bearing liabilities 3.05 %   2.24 %   0.54 %  
                 
    Interest rate spread 2.63 %   2.63 %   3.22 %  
    Net interest margin 3.26 %   3.16 %   3.37 %  
                 
    Ratio of interest-earning assets to interest-bearing liabilities 1.26x   1.31x   1.38x  
                 

    The MIL Network –