Economy – Page 1331 – NewzIntel.com

MIL-OSI: Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

Shreveport, Oct. 29, 2024 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended September 30, 2024, of $941,000 compared to net income of $1.2 million reported for the three months ended September 30, 2023. The Company’s basic and diluted earnings per share were $0.31 for the three months ended September 30, 2024, compared to basic and diluted earnings per share of $0.40 and $0.39, respectively, for the three months ended September 30, 2023.

The decrease in net income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $857,000, or 16.2%, and a decrease in non-interest income of $134,000, or 30.9%, partially offset by a decrease in non-interest expense of $177,000, or 4.2%, a decrease in provision for income taxes of $312,000, or 100.6%, a decrease in the provision of credit losses of $223,000. The decrease in net interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $524,000, or 18.8%, and a decrease in total interest income of $333,000, or 4.1%. The Company’s average interest rate spread was 2.23% for the three months ended September 30, 2024, compared to 2.68% for the three months ended September 30, 2023. The Company’s net interest margin was 2.98% for the three months ended September 30, 2024, compared to 3.37% for the three months ended September 30, 2023.

The following table sets forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

	For the Three Months Ended September 30,
	2024					2023
	Average Balance		Average Yield/Rate			Average Balance		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable	$	466,170		5.87	%	$	498,242		5.79	%
Investment securities		96,749		2.09			113,584		2.18
Interest-earning deposits		25,617		5.20			10,066		6.98
Total interest-earning assets	$	588,536		5.22	%	$	621,892		5.15	%

Interest-bearing liabilities:
Savings accounts	$	82,556		1.61	%	$	78,572		0.38	%
NOW accounts		72,787		1.10			55,900		0.48
Money market accounts		75,216		2.29			108,891		2.26
Certificates of deposit		204,019		4.30			194,785		3.73
Total interest-bearing deposits		434,578		2.92			438,148		2.47
Other bank borrowings		5,989		7.75			8,654		8.39
FHLB advances		—		—			1,138		5.23
Total interest-bearing liabilities	$	440,567		2.98	%	$	447,940		2.47	%

The $134,000 decrease in non-interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in loss on sale of real estate of $220,000, partially offset by an increase in gain on sale of loans of $58,000, an increase in other non-interest income of $26,000, and an increase in income on bank owned life insurance of $2,000.

The $177,000 decrease in non-interest expense for the three months ended September 30, 2024, compared to the same period in 2023, resulted from decreases in advertising expense of $86,000, compensation and benefits expense of $54,000, professional fees of $43,000, loan and collection expense of $32,000, data processing expense of $26,000, amortization of core deposit intangible expense of $20,000, and deposit insurance premium expense of $1,000, partially offset by increases in audit and examination fees of $30,000, other non-interest expense of $28,000, occupancy and equipment expense of $15,000, and franchise and bank shares tax expense of $12,000.

Total assets decreased $9.1 million, or 1.4%, from $637.5 million at June 30, 2024 to $628.4 million at September 30, 2024. The decrease in assets was comprised of decreases in net loans receivable of $16.9 million, or 3.6%, from $470.9 million at June 30, 2024 to $454.0 million at September 30, 2024, real estate owned of $296,000, or 70.8% from $418,000 at June 30, 2024 to $122,000 at September 30, 2024, premises and equipment of $238,000, or 1.3%, from $18.3 million at June 30, 2024 to $18.1 million at September 30, 2024, core deposit intangible of $74,000, or 6.2%, from $1.2 million at June 30, 2024 to $1.1 million at September 30, 2024, and accrued interest receivable of $14,000, or 0.8%, from $1.78 million at June 30, 2024 to $1.76 million at September 30, 2024, partially offset by increases in cash and cash equivalents of $6.1 million, or 17.4%, from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024, investment securities of $1.4 million, or 1.5%, from $96.0 million at June 30, 2024 to $97.4 million at September 30, 2024, loans-held-for-sale of $535,000, or 30.9%, from $1.7 million at June 30, 2024 to $2.3 million at September 30, 2024, other assets of $224,000, or 16.6%, from $1.3 million at June 30, 2024 to $1.6 million at September 30, 2024, deferred tax asset of $29,000, or 2.5%, from $1.18 million at June 30, 2024 to $1.21 million at September 30, 2024, and bank owned life insurance of $29,000, or 0.4%, from $6.81 million at June 30, 2024 to $6.84 million at September 30, 2024. The increase in investment securities was primarily due to $4.0 million in security purchases and a $1.3 million reduction in unrealized losses on available for sale securities, partially offset by $3.5 million in principal payments. The increase in cash and cash equivalents from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024 was mainly due to decreases in loans receivable.

Total liabilities decreased $10.6 million, or 1.8%, from $584.7 million at June 30, 2024 to $574.1 million at September 30, 2024. The decrease in liabilities was comprised of decreases in total deposits of $9.4 million, or 1.6%, from $574.0 million at June 30, 2024 to $564.6 million at September 30, 2024, and other borrowings of $1.5 million, or 21.4%, from $7.0 million at June 30, 2024 to $5.5 million at September 30, 2024, partially offset by increases in other accrued expenses and liabilities of $252,000, or 7.9%, from $3.2 million at June 30, 2024 to $3.4 million at September 30, 2024, and advances from borrowers for taxes and insurance of $123,000, or 23.6%, from $521,000 at June 30, 2024 to $644,000 at September 30, 2024,. The decrease in deposits resulted from decreases in certificates of deposit of $17.5 million, or 8.2%, from $214.9 million at June 30, 2024 to $197.3 million at September 30, 2024, and money market deposits of $5.9 million, or 6.9%, from $85.5 million at June 30, 2024 to $79.6 million at September 30, 2024, partially offset by increases in savings deposits of $9.2 million, or 12.0%, from $76.6 million at June 30, 2024 to $85.8 million at September 30, 2024, non-interest deposits of $3.0 million, or 2.3%, from $130.3 million at June 30, 2024 to $133.3 million at September 30, 2024, and NOW accounts of $1.9 million, or 2.8%, from $66.6 million at June 30, 2024 to $68.5 million at September 30, 2024. The Company had no balances in brokered deposits at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had $1.9 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $2.0 million on non-performing assets at June 30, 2024, consisting of two commercial non-real estate loans, five single-family residential loans, four home equity line-of-credit loans, and one single-family residence in other real estate owned at September 30, 2024, compared to five single-family residential loans, three commercial non-real estate loans, four home equity line-of-credit loans and three single-family residences in other real estate owned at June 30, 2024. At September 30, 2024 the Company had five commercial non-real-estate loans, one commercial real-estate loan, six single family residential loans, four home-equity line-of-credit loans, and one auto loan classified as substandard, compared to six single family residential loans, five commercial non-real-estate loans, four home equity line-of-credit loans and one auto loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at September 30, 2024 or June 30, 2024.

Shareholders’ equity increased $1.5 million, or 2.8%, from $52.8 million at June 30, 2024 to $54.3 million at September 30, 2024. The increase in shareholders’ equity was comprised of net income for the three month period of $941,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $94,000, proceeds from the issuance of common stock from the exercise of stock options of $19,000, and a decrease in the Company’s accumulated other comprehensive loss of $1.0 million, partially offset by dividends paid totaling $409,000, and stock repurchases of $182,000.

Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share and per share data)

	September 30, 2024			June 30, 2024
	(Unaudited)
ASSETS

Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $32,743 and $25,505 at September 30, 2024 and June 30, 2024, Respectively)	$	41,044		$	34,948
Securities Available-for-Sale (amortized cost September 30, 2024: $31,977; June 30, 2024: $30,348, Respectively)		29,934			27,037
Securities Held-to-Maturity (fair value September 30, 2024: $56,584; June 30, 2024: $54,450, Respectively)		65,800			67,302
Other Securities		1,633			1,614
Loans Held-for-Sale		2,268			1,733
Loans Receivable, Net of Allowance for Credit Losses (September 30, 2024: $4,703; June 30, 2024: $4,574, Respectively)		454,039			470,852
Accrued Interest Receivable		1,761			1,775
Premises and Equipment, Net		18,065			18,303
Bank Owned Life Insurance		6,839			6,810
Goodwill		2,990			2,990
Core Deposit Intangible		1,125			1,199
Deferred Tax Asset		1,210			1,181
Real Estate Owned		122			418
Other Assets		1,574			1,350

Total Assets	$	628,404		$	637,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Deposits:
Non-interest bearing	$	133,293		$	130,334
Interest-bearing		431,267			443,673
Total Deposits		564,560			574,007
Advances from Borrowers for Taxes and Insurance		644			521
Other Borrowings		5,500			7,000
Other Accrued Expenses and Liabilities		3,433			3,181

Total Liabilities		574,137			584,709

SHAREHOLDERS’ EQUITY

Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding		–			–
Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,129,668 and 3,144,168 Shares Issued and Outstanding at September 30, 2024 and June 30, 2024, Respectively		32			32
Additional Paid-in Capital		41,822			41,739
Unearned ESOP Stock		(379	)		(408	)
Retained Earnings		14,406			14,055
Accumulated Other Comprehensive Loss		(1,614	)		(2,615	)

Total Shareholders’ Equity		54,267			52,803

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	628,404		$	637,512

HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) (In thousands except share and per share data)

	Three Months Ended
	September 30,
	2024			2023
INTEREST INCOME
Loans, including fees	$	6,895		$	7,274
Investment securities		67			150
Mortgage-backed securities		443			473
Other interest-earning assets		336			177
Total interest income		7,741			8,074

INTEREST EXPENSE
Deposits		3,197			2,592
Federal Home Loan Bank borrowings		—			15
Other bank borrowings		117			183
Total interest expense		3,314			2,790
Net interest income		4,427			5,284

RECOVERY OF CREDIT LOSSES		(223	)		—
Net interest income after recovery of credit losses		4,650			5,284

NON-INTEREST INCOME
Gain on sale of loans		96			38
Loss on sale of real estate		(254	)		(34	)
Income on bank owned life insurance		28			26
Service charges on deposit accounts		391			391
Other income		39			13

Total non-interest income		300			434

NON-INTEREST EXPENSE
Compensation and benefits		2,302			2,356
Occupancy and equipment		564			549
Data processing		219			245
Audit and examination fees		132			102
Franchise and bank shares tax		168			156
Advertising		57			143
Professional fees		117			160
Loan and collection		28			60
Amortization core deposit intangible		74			94
Deposit insurance premium		90			91
Other expenses		260			232
Total non-interest expense		4,011			4,188

Income before income taxes		939			1,530
PROVISION FOR INCOME TAX EXPENSE		(2	)		310

NET INCOME	$	941		$	1,220

EARNINGS PER SHARE
Basic	$	0.31		$	0.40
Diluted	$	0.31		$	0.39

	Three Months Ended September 30,
	2024			2023

Selected Operating Ratios⁽¹⁾:
Average interest rate spread		2.23	%		2.68	%
Net interest margin		2.98	%		3.37	%
Return on average assets		0.59	%		0.73	%
Return on average equity		7.23	%		9.46	%

Asset Quality Ratios⁽²⁾:
Non-performing assets as a percent of total assets		0.31	%		0.28	%
Allowance for credit losses as a percent of non-performing loans		258.46	%		403.96	%
Allowance for credit losses as a percent of total loans receivable		1.03	%		1.00	%

Per Share Data:
Shares outstanding at period end		3,129,668			3,133,351
Weighted average shares outstanding:
Basic		3,058,286			3,028,597
Diluted		3,071,716			3,107,834

(1) Ratios for the three-month period are annualized.
(2) Asset quality ratios are end of period ratios.

The MIL Network –

January 25, 2025

MIL-OSI: Bitdeer Announces Third Quarter 2024 Earnings Conference Call for November 18, 2024

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced that it has scheduled its third quarter 2024 earnings conference call and webcast for Monday, November 18, 2024 at 8:00 AM EST. During the call, Bitdeer management will discuss the unaudited financial and operational results for the quarter ended September 30, 2024, followed by a question and answer session.

Bitdeer will release the third quarter results before the call at approximately 7:00 AM EST on November 18, 2024. A copy of the earnings release will be available on the Company’s Investor Relations website at https://ir.bitdeer.com.

Conference Call Information:

Date: November 18, 2024
Time: 8:00 AM EST / 8:00 PM SGT
Participant Call Links:
- Live Webcast: Link
- Participant Call Registration: Link

Participants wishing to join the conference call by phone should register using the Participant Call Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN. To ensure a timely start, the Company encourages all callers to connect about 5 minutes before the scheduled time.

A live and archived webcast of the conference call will be available on the Investors section of Bitdeer’s website at https://ir.bitdeer.com.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
bitdeerIR@orangegroupadvisors.com

Public Relations
Wachsman
Bee Shin
bitdeer@wachsman.com

The MIL Network –

January 25, 2025

MIL-OSI Submissions: Tech and Efficiency – “AI will replace hard skills” says recruitment CEO, emphasis on soft skills needed

Source: Robert Walters

In a recent study, recruitment specialists Robert Walters have unveiled the increasing significance of soft skills in today’s workplace. The research, which surveyed over 2,000 white collar professionals, found that 96% believe that soft skills are either equal to or more important than hard skills. Furthermore, an overwhelming 92% of employers admitted to rejecting candidates due to insufficient soft skills.

The Rise of AI: A Game-Changer for Hard Skills

Robert Walters CEO for Australia and New Zealand, Shay Peters, attributes this paradigm shift to the rapid emergence of AI. Peters stated, “The growth of AI has been remarkable in recent years, and I predict that it will eventually replace almost all hard skills in white collar industries. This means that soft skills will take centre stage in talent acquisition, as the human touch becomes the distinguishing factor.”

The Crucial Role of Soft Skills

According to 90% of recruiters, a lack of soft skills often underpins failures in the workplace. Consequently, hiring managers are increasingly willing to pay a premium for candidates who possess exceptional soft skills.

Peters further highlighted the growing emphasis on soft skills in client conversations, stating, “Clients are now placing greater importance on qualities such as effective communication, negotiation, and problem-solving. These attributes will set candidates apart from their peers as we continue to see AI replace hard skills. Additionally, clients are expressing the need for candidates to not only utilise AI but also collaborate with it effectively.”

Gen Z: Leveraging the AI Advantage

Peters also noted that Gen Z individuals have a distinct advantage, given their innate ability to adapt seamlessly to technology and incorporate it into their work practices. The ability to work harmoniously with AI is becoming an increasingly sought-after skill.

Understanding Soft Skills

Soft skills encompass personal attributes and interpersonal abilities that enable individuals to interact effectively with others. Unlike technical skills, which are specific and measurable, soft skills are broader and encompass traits such as communication, teamwork, and problem-solving. These skills are indispensable for fostering a positive work environment and facilitating professional growth.

According to new research released by Indeed which asked employers what the most important skills for the future of work are, communication came out as most important skill in the future, with 55% of employers citing this. This is followed by teamwork and collaboration (52%), adaptability (48%), problem solving (48%) and tech savviness (40%).

Investing in Soft Skills Development

CEO Shay Peters stressed the urgency for employees and candidates to prioritise the development of their soft skills. Peters remarked, “In today’s highly competitive job market, where countless highly skilled individuals are vying for positions, your soft skills will be the ultimate differentiator. As AI inevitably replaces hard skills in white-collar industries, your soft skills will be all you have left. Investing time in improving these skills will ensure you stand out when the time comes.”

AI can never replace human interaction and face to face communication which is why this is becoming a priority for employers. This balance between AI’s capabilities and human strengths is shaping the future of work, making soft skills a key differentiator in career success.

About Robert Walters  

Robert Walters is one of the world’s leading specialist professional recruitment consultancies with a global presence spanning 31 countries. The New Zealand business recruits across the fields of accounting & finance, property, general management, human resources, information technology, legal, risk management, compliance & audit, sales, marketing & communications, secretarial & business support and supply chain & procurement. 

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI Submissions: Africa – Shelter Afrique Development Bank (ShafDB) and BRVM sign MOU to Mobilize Capital for Affordable Housing Projects in Africa

Source: Media Fast

Washington, DC, October 29, 2024 – Shelter Afrique Development Bank (ShafDB), the pan-African housing and urban development multilateral bank and the Bourse Régionale des Valeurs Mobilières (BRVM), the regional stock exchange serving the West African Economic and Monetary Union (WAEMU) region, have signed a Memorandum of Understanding (MOU) to mobilize capital for affordable housing projects across Africa.

The MOU establishes a framework for collaboration between the two organizations to address Africa’s growing housing deficit, currently estimated at over 53 million units. The partnership will focus on mobilizing financial resources through innovative instruments such as Green, Sustainability-linked, and Social (GSSS) bonds, as well as Real Estate Investment Trusts (REITs).

Dr. Edoh Kossi Amenounve, CEO of BRVM, and Thierno-Habib Hann, CEO of Shelter Afrique, signed the MOU at a ceremony held in Washington DC on the sidelines of the IMF-World Bank Group Annual Meetings last week.

The collaboration represents a critical step towards enhancing the capacity of African markets to finance sustainable housing development, particularly in the eight WAEMU countries, namely Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

Key Areas of Collaboration

ShafDB and BRVM will work together to design and implement an issuance plan for debt securities on the BRVM regional financial market.

The parties will explore sustainability-linked Bonds by promoting the use of green, gender, Islamic, and diaspora bonds to support housing finance within the WAEMU region and mobilize capital and encourage capital investment in the community housing sector via Real Estate Investment Funds (REITs).

Both parties will also exchange knowledge, provide technical assistance, and collaborate on joint research and publications to promote their common objectives.

Speaking at the signing ceremony, Thierno-Habib Hann emphasized the significance of the partnership in addressing Africa’s housing crisis.

“This partnership with BRVM is a significant milestone for Shelter Afrique Development Bank. With Africa’s housing deficit now exceeding 53 million units, we need to scale our efforts rapidly. This MOU offers us the opportunity to mobilize the capital necessary to finance affordable and sustainable housing projects across the continent,” Hann said.

Commenting on the partnership’s potential impact, Dr. Edoh Kossi Amenounve said, “BRVM is proud to partner with Shelter Afrique Development Bank (ShafDB) to boost investment flows into Africa’s housing market. This collaboration is aligned with our mission to promote capital markets and support sustainable development within the WAEMU region.”

Note:

About Shelter Afrique Development Bank:

Shelter Afrique Development Bank (ShafDB) is the Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable green housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re).

The institution is involved in financing housing and related infrastructure across the value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private partnerships (PPP) Group, and the Fund Management Group (FMG).

About BRVM

The Bourse Régionale des Valeurs Mobilières (BRVM) is the regional stock exchange serving the WAEMU zone. It facilitates access to capital markets for companies and governments across eight West African countries, promoting investment, economic growth, and regional integration. BRVM is committed to enhancing financial inclusion and sustainable development through innovative market solutions.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI USA: Congressman Robert Garcia Urges Social Security Administration to Protect Beneficiaries in Guaranteed Income Initiatives

Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

Washington, D.C. – Today, Congressman Robert Garcia (CA-42) sent a letter to the head of the Social Security Administration (SSA) urging a rule change to ensure that individuals who benefit from guaranteed income programs can still access full Social Security Insurance (SSI) benefits. This change would allow SSI beneficiaries to take part in state and local guaranteed income programs and cash assistance initiatives that help low-income households, without putting their benefits at risk. To read the full letter, click here.

An excerpt of the letter can be found below:

“Dear Administrator O’Malley,

I am writing to urge the Social Security Administration (SSA) to address a critical issue affecting the interaction between direct cash programs and supplemental security income (SSI) benefits as part of its upcoming Overpayment Recovery rule, scheduled for April 2025. Specifically, SSA should take this opportunity to implement regulatory changes that will better protect SSI recipients who benefit from cash programs. These regulatory changes are urgently needed to clarify the definition of “Assistance Based on Need” (ABON) and ensure that state and local Temporary Assistance for Needy Families (TANF) programs are recognized appropriately in this context.

Over the past five years, there has been a significant rise in direct cash programs aimed at improving the economic stability of low-income households, including guaranteed income initiatives, state and local tax credits, and TANF-funded cash transfer programs. During my mayoral tenure, I helped launch a transformational universal basic income pilot that provided critical financial support to low-income families.

The program, funded by the American Rescue Plan Act (ARPA), has since benefitted hundreds of households, offering $500 monthly to families in the city’s lowest-income neighborhoods. Building on this experience, I recently introduced the Guaranteed Income for Foster Youth Act alongside Congresswoman Ilhan Omar and Mayors for a Guaranteed Income (MGI) co-chair Michael Tubbs, which would provide $1,000 monthly to young adults exiting foster care.

These programs are designed to complement—not undermine—the existing social safety net. However, many SSI beneficiaries cannot participate in these programs without jeopardizing their benefits. SSA has yet to provide clear and comprehensive guidance on how to treat these cash transfers under SSI income determinations.”

###

MIL OSI USA News –

January 25, 2025

MIL-OSI Security: Mansfield Tax Preparer Sentenced to More Than 15 Years After Touting False Credentials

Source: Office of United States Attorneys

A would-be lawyer who falsely inflated dozens of client tax returns was sentenced Tuesday to more than 15 years in federal prison for tax fraud, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.

John Anthony Castro, 40, owner of the virtual tax preparation business Castro & Company, was indicted in January. Following a five-day bench trial before Senior U.S. District Judge Terry R Means, he was convicted on all 33 counts of assisting in the preparation of a fraudulent return and was immediately taken into custody. Judge Means sentenced him Thursday to 188 months in prison and ordered him to pay $277,243 in restitution.

“Far from an ‘international tax expert,’ this defendant was an international fraudster, plain and simple,” said U.S. Attorney Leigha Simonton. “Not only did he defraud the U.S. government, he bullied and berated clients who dared question his methods. Today’s sentencing should send a message to tax preparers nationwide: Lie on clients’ returns at your own peril.”

“Mr. Castro prepared and filed completely fraudulent and fabricated tax returns for one reason: greed,” stated Special Agent in Charge Jenifer L. Piovesan, IRS Criminal Investigation, Newark Field Office. “Today’s sentence highlights IRS-CI’s diligence in rooting out dishonest tax return preparers whose only motive is to cheat the system and make themselves richer in the process.”

According to evidence presented in court, Mr. Castro – who had graduated law school but repeatedly failed the bar exam – held himself out as an “international tax expert” and “federal practitioner.” (He also falsely claimed to be a graduate of West Point.)

He was successful at marketing to clients around the world, claiming to be an expert on certain tax issues related to Australian ex-pats, among other things. Between 2017 and 2019, he filed more than 1,900 tax returns on behalf of individuals from all over the world.

As part of his pitch, Mr. Castro promised his clients a significantly higher refund than they would receive from other preparers, claiming he knew how to identify and claim deductions that others did not. He added there was no risk, as he would simply split the additional refund amount with them to account for his fee. He would not share the tax return with clients before filing, but would instead simply inform them of the amount of the anticipated refund.

On many occasions, he filed tax returns on behalf of clients without their permission or knowledge. In other instances, he claimed deductions that had no basis in fact. For example, for one client, who made approximately $103,000 in income, Mr. Castro claimed over $90,000 in deductions related to unreimbursed employee expenses.

Mr. Castro claimed deductions based on extreme and unsupported legal theories, including deductions such as (1) those for any expense related to preventing an illness qualified as an “impairment related work expense,” (2) those for expenses related to commuting to and from work, (3) the full value of one’s mortgage and utilities as long as the taxpayer had some type of Schedule C business to claim, (4) those related to dry-cleaning for work clothes, and (5) the full value of one’s cell phone bill even when their employer provided them with a work phone. For example, with respect to one client, Mr. Castro deducted over $26,000 in expenses that he claimed related to a nascent cupcake business that had generated only $250 in revenue.

According to trial testimony, in February 2018, an undercover IRS – CI agent contacted Mr. Castro for assistance. The agent asked to meet with Mr. Castro in person, but Mr. Castro’s office told him that in-person meetings required a $5,000 retainer. They spoke via email instead.

On February 13, 2018, the undercover agent submitted a W2 and a Form 1098-T showing wages of $142,217. About two weeks later, one of Mr. Castro’s employees called the agent to discuss deductions, noting that Mr. Castro would make any decisions regarding what items would be included on the tax filing.

The agent denied having any unreimbursed employee expenses, charitable contributions, or other items that could lead to deductions.

On March 12, 2018, Mr. Castro sent the undercover agent his tax analysis. He said that if the agent used another preparer, he would receive a refund of $373, but that if he used Mr. Castro, he would receive a refund of $6,007. Mr. Castro would take half, netting him $3,008. The analysis said the return would include $29,339 in deductions but did not specify which deductions would be used.

Two days later, Mr. Castro filed the agent’s return, which claimed $29,339 in fraudulent deductions, including $2,400 in employee expenses, and 28,600 in other expenses that the undercover agent had never discussed with Mr. Castro or his employees.

According to evidence presented at trial, Mr. Castro engaged in a similar pattern with his other clients. When the victim-taxpayers learned what Mr. Castro had done, many of them demanded copies of their tax returns. Mr. Castro refused to engage in conversation and even delayed providing returns for months at a time. Mr. Castro often acted in a highly vindictive manner when questioned or challenged by clients or others, often berating individuals in emails, threatening legal actions, or by filing amended tax returns, without clients’ permission or knowledge, that removed all deductions, causing the taxpayer-victim to then owe the IRS tens of thousands of dollars.

During the trial, Mr. Castro took the stand in his own defense, and upon cross-examination, admitted that his positions were extreme, outlandish, and not supported by the law. He also admitted to a bevy of prior falsifications and vindictive actions.

Many of the victim-taxpayers have since been audited and/or filed amended returns, causing them significant financial hardship.

IRS Criminal Investigation conducted the investigation. Assistant U.S. Attorneys P.J. Meitl and Nancy Larson are prosecuting the case.

MIL Security OSI –

January 25, 2025

MIL-OSI: Northeast Bank Reports First Quarter Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Maine, Oct. 29, 2024 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $17.1 million, or $2.11 per diluted common share, for the quarter ended September 30, 2024, compared to net income of $15.2 million, or $2.01 per diluted common share, for the quarter ended September 30, 2023.

The Board of Directors declared a cash dividend of $0.01 per share, payable on November 26, 2024, to shareholders of record as of November 12, 2024.

“With $859.8 million of loan generation from our National Lending Division, we had our second largest quarterly loan volume in the Bank’s history, consisting of $732.9 million of purchases and $126.9 million of originations,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division portfolio grew by $742.2 million, or 27.6%, over June 30, 2024. Our small balance SBA 7(a) program with Newity LLC as our loan service provider has gained real traction. For the quarter, we originated $82.4 million, compared to $40.2 million for the quarter ended June 30, 2024 and $9.7 million for the quarter ended September 30, 2023. During the current quarter we sold $63.1 million of the guaranteed portion of our SBA loans, compared with $26.8 million for the quarter ended June 30, 2024 and $5.3 million for the quarter ended September 30, 2023. We are reporting earnings of $2.11 per diluted common share, a return on average equity of 17.5%, and a return on average assets of 2.1%.”

As of September 30, 2024, total assets were $3.94 billion, an increase of $807.7 million, or 25.8%, from total assets of $3.13 billion as of June 30, 2024.

1. The following table highlights the changes in the loan portfolio, including loans held for sale, for the three months ended September 30, 2024:

	Loan Portfolio Changes
	September 30, 2024 Balance		June 30, 2024 Balance		Change ($)			Change (%)
	(Dollars in thousands)
National Lending Purchased	$	2,420,883	$	1,708,551	$	712,332		41.69	%
National Lending Originated		1,011,374		981,497		29,877		3.04	%
SBA National		66,919		48,405		18,514		38.25	%
Community Banking		21,426		22,704		(1,278	)	(5.63	%)
Total	$	3,520,602	$	2,761,157	$	759,445		27.50	%

Loans generated by the Bank’s National Lending Division for the quarter ended September 30, 2024 totaled $859.8 million, which consisted of $732.9 million of purchased loans at an average price of 90.7% of unpaid principal balance, and $126.9 million of originated loans.

An overview of the Bank’s National Lending Division portfolio follows:

	National Lending Portfolio
	Three Months Ended September 30,
	2024									2023
	Purchased			Originated			Total			Purchased			Originated			Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	807,733		$	126,893		$	934,626		$	63,695		$	68,042		$	131,737
Initial net investment basis (1)		732,893			126,893			859,786			52,346			68,042			120,388

Loan returns during the period:
Yield		8.83	%		9.31	%		9.00	%		8.99	%		10.03	%		9.40	%
Total Return on Purchased Loans (2)		8.84	%		N/A			8.84	%		9.04	%		N/A			9.04	%

Total loans as of period end:
Unpaid principal balance	$	2,644,390		$	1,011,374		$	3,655,764		$	1,693,627		$	958,232		$	2,651,859
Net investment basis		2,420,883			1,011,374			3,432,257			1,516,379			958,232			2,474,611

^{(1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).}
^{(2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”}

2. Deposits increased by $785.5 million, or 33.6%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $785.4 million, or 60.1%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $712.6 million, and Community Banking Division time deposits, which increased by $52.9 million compared to June 30, 2024.

3. Federal Home Loan Bank (“FHLB”) advances decreased by $6.1 million, or 1.8%, from June 30, 2024. The decrease was attributable to net paydowns on amortizing advances.

4. Shareholders’ equity increased by $15.9 million, or 4.2%, from June 30, 2024, primarily due to net income of $17.1 million and stock-based compensation of $1.8 million, partially offset by the cancelation of restricted stock to cover tax obligations on restricted stock vests, which had a $3.2 million impact on shareholders’ equity.

Net income increased by $1.9 million to $17.1 million for the quarter ended September 30, 2024, compared to net income of $15.2 million for the quarter ended September 30, 2023.

1. Net interest and dividend income before provision for credit losses increased by $1.9 million to $39.0 million for the quarter ended September 30, 2024, compared to $37.1 million for the quarter ended September 30, 2023. The increase was primarily due to the following:

An increase in interest income earned on loans of $6.2 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios and higher rates earned on the SBA portfolio;
An increase in interest income earned on short-term investments of $821 thousand, due to higher average balances and higher rates earned; and
A decrease in FHLB borrowings interest expense of $2.1 million, primarily due to lower average balances; partially offset by,
An increase in deposit interest expense of $7.3 million, primarily due to higher average balances as well as higher rates in interest-bearing deposits.

The following table summarizes interest income and related yields recognized on the loan portfolios:

	Interest Income and Yield on Loans
	Three Months Ended September 30,
	2024						2023
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	22,409	$	370	6.55	%	$	27,149	$	438	6.42	%
SBA National		59,745		2,419	16.06	%		26,257		786	11.91	%
National Lending:
Originated		997,397		23,408	9.31	%		960,629		24,219	10.03	%
Purchased		1,758,801		39,141	8.83	%		1,489,394		33,671	8.99	%
Total National Lending		2,756,198		62,549	9.00	%		2,450,023		57,890	9.40	%
Total	$	2,838,352	$	65,338	9.13	%	$	2,503,429		59,114	9.39	%

^{(1) Includes loans held for sale.}

The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended September 30, 2023, transactional income decreased by $776 thousand for the quarter ended September 30, 2024, and regularly scheduled interest and accretion increased by $6.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended September 30, 2024 was 8.8%, a decrease from 9.0% for the quarter ended September 30, 2023. The following table details the total return on purchased loans:

	Total Return on Purchased Loans
	Three Months Ended September 30,
	2024				2023
	Income		Return (1)		Income		Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	37,160	8.38	%	$	31,030	8.29	%
Transactional income:
Release of allowance for credit losses on purchased loans		64	0.01	%		180	0.05	%
Accelerated accretion and loan fees		1,981	0.45	%		2,641	0.70	%
Total transactional income		2,045	0.46	%		2,821	0.75	%
Total	$	39,205	8.84	%	$	33,851	9.04	%

^{(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.}

2. Provision for credit losses increased by $232 thousand to $422 thousand for the quarter ended September 30, 2024, compared to $190 thousand in the quarter ended September 30, 2023. The increase was primarily related to the increase in originated loans during the quarter ended September 30, 2024.

3. Noninterest income increased by $3.3 million for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to an increase in gain on sale of SBA loans of $3.1 million, due to the sale of $63.1 million in SBA loans during the quarter ended September 30, 2024 as compared to the sale of $5.3 million during the quarter ended September 30, 2023.

4. Noninterest expense increased by $2.3 million for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023, primarily due to the following:

An increase in salaries and employee benefits expense of $1.5 million, primarily due to increases in regular and stock compensation expense; and
An increase in loan expense of $643 thousand primarily related to increased expenses in connection with the origination of SBA 7(a) loans.

5. Income tax expense increased by $754 thousand to $7.9 million, or an effective tax rate of 31.6%, for the quarter ended September 30, 2024, compared to $7.2 million, or an effective tax rate of 32.0%, for the quarter ended September 30, 2023. The decrease in effective tax rate is primarily due a $243 thousand increase in tax benefit on the vest of restricted stock and exercise of stock options during the quarter ended September 30, 2024 as compared to the quarter ended September 30, 2023.

As of September 30, 2024, nonperforming assets totaled $37.2 million, or 0.94% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024. The increase is primarily related to four National Lending loans placed on non-accrual, which are individually evaluated in the allowance for credit losses and are well-collateralized.

As of September 30, 2024, past due loans totaled $31.3 million, or 0.89% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

As of September 30, 2024, the Bank’s Tier 1 leverage capital ratio was 12.1%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 12.7% at September 30, 2024, compared to 14.8% at June 30, 2024. The Total risk-based capital ratio decreased primarily due to the increase in risk-weighted assets from significant loan growth during the quarter ended September 30, 2024.

Investor Call Information
Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer of Northeast Bank, will host a conference call to discuss first quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, October 30^th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP 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 determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Forward-Looking Statements
Statements in this press release that are not historical facts are 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (the “FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; changes in interest rates and real estate values; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

NBN-F


NORTHEAST BANK
BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
	September 30, 2024		June 30, 2024

Assets
Cash and due from banks	$	768	$	2,711
Short-term investments		316,519		239,447
Total cash and cash equivalents		317,287		242,158


Available-for-sale debt securities, at fair value		36,836		48,978
Equity securities, at fair value		7,269		7,013
Total investment securities		44,105		55,991

SBA loans held for sale		17,639		14,506

Loans:
Commercial real estate		2,715,536		2,028,280
Commercial and industrial		681,118		618,846
Residential real estate		106,075		99,234
Consumer		234		291
Total loans		3,502,963		2,746,651
Less: Allowance for credit losses		43,640		26,709
Loans, net		3,459,323		2,719,942


Premises and equipment, net		26,452		27,144
Federal Home Loan Bank stock, at cost		15,499		15,751
Loan servicing rights, net		926		984
Bank-owned life insurance		18,954		18,830
Accrued interest receivable		17,294		15,163
Other assets		22,419		21,734
Total assets	$	3,939,898	$	3,132,203

Liabilities and Shareholders’ Equity
Deposits:
Demand	$	149,669	$	146,727
Savings and interest checking		752,806		732,029
Money market		130,878		154,504
Time		2,091,561		1,306,203
Total deposits		3,124,914		2,339,463

Federal Home Loan Bank and other advances		339,073		345,190
Lease liability		19,870		20,252
Other liabilities		63,484		50,664
Total liabilities		3,547,341		2,755,569

Commitments and contingencies		–		–


Shareholders’ equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares
issued and outstanding at September 30 and June 30, 2024		–		–
Voting common stock, $1.00 par value, 25,000,000 shares authorized;
8,212,026 and 8,127,690 shares issued and outstanding at
September 30 and June 30, 2024, respectively		8,212		8,128
Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;
No shares issued and outstanding at September 30 and June 30, 2024		–		–
Additional paid-in capital		63,318		64,762
Retained earnings		320,955		303,927
Accumulated other comprehensive income (loss)		72		(183	)
Total shareholders’ equity		392,557		376,634
Total liabilities and shareholders’ equity	$	3,939,898	$	3,132,203


NORTHEAST BANK
STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended September 30,
	2024		2023
Interest and dividend income:
Interest and fees on loans	$	65,338	$	59,114
Interest on available-for-sale securities		595		483
Other interest and dividend income		3,921		3,100
Total interest and dividend income		69,854		62,697

Interest expense:
Deposits		26,590		19,257
Federal Home Loan Bank and other advances		4,030		6,145
Obligation under capital lease agreements		234		171
Total interest expense		30,854		25,573
Net interest and dividend income before provision for credit losses		39,000		37,124
Provision for credit losses		422		190
Net interest and dividend income after provision for credit losses		38,578		36,934

Noninterest income:
Fees for other services to customers		443		407
Gain on sales of SBA loans		3,331		251
Net unrealized gain (loss) on equity securities		189		(157	)
Loss on real estate owned, other repossessed collateral and premises and equipment, net		–		–
Bank-owned life insurance income		124		115
Correspondent fee income		30		92
Other noninterest income		2		71
Total noninterest income		4,119		779

Noninterest expense:
Salaries and employee benefits		11,183		9,721
Occupancy and equipment expense		1,078		1,105
Professional fees		753		781
Data processing fees		1,487		1,100
Marketing expense		136		261
Loan acquisition and collection expense		1,293		650
FDIC insurance expense		331		357
Other noninterest expense		1,424		1,414
Total noninterest expense		17,685		15,389
Income before income tax expense		25,012		22,324
Income tax expense		7,906		7,152
Net income	$	17,106	$	15,172


Weighted-average shares outstanding:
Basic		7,886,148		7,479,837
Diluted		8,108,688		7,554,314

Earnings per common share:
Basic	$	2.17	$	2.03
Diluted		2.11		2.01

Cash dividends declared per common share	$	0.01	$	0.01


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Three Months Ended September 30,
	2024						2023
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	55,413	$	595	4.26	%	$	60,173	$	483	3.19	%
Loans (1) (2) (3)		2,838,352		65,338	9.13	%		2,503,429		59,114	9.39	%
Federal Home Loan Bank stock		16,465		330	7.95	%		22,357		413	7.35	%
Short-term investments (4)		245,542		3,591	5.80	%		201,803		2,687	5.30	%
Total interest-earning assets		3,155,772		69,854	8.78	%		2,787,762		62,697	8.95	%
Cash and due from banks		2,112						2,492
Other non-interest earning assets		94,071						56,263
Total assets	$	3,251,955					$	2,846,517

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	563,730	$	6,380	4.49	%	$	487,445	$	5,145	4.20	%
Money market accounts		148,687		1,267	3.38	%		258,296		2,133	3.29	%
Savings accounts		178,581		1,557	3.46	%		90,997		560	2.45	%
Time deposits		1,389,832		17,386	4.96	%		977,220		11,419	4.65	%
Total interest-bearing deposits		2,280,830		26,590	4.63	%		1,813,958		19,257	4.22	%
Federal Home Loan Bank advances		362,594		4,030	4.41	%		510,514		6,145	4.79	%
Lease liability		20,018		234	4.64	%		21,776		171	3.12	%
Total interest-bearing liabilities		2,663,442		30,854	4.60	%		2,346,248		25,573	4.34	%

Non-interest-bearing liabilities:
Demand deposits and escrow accounts		175,161						169,338
Other liabilities		26,175						25,065
Total liabilities		2,864,778						2,540,651
Shareholders’ equity		387,177						305,866
Total liabilities and shareholders’ equity	$	3,251,955					$	2,846,517

Net interest income			$	39,000					$	37,124

Interest rate spread					4.18	%					4.61	%
Net interest margin (5)					4.90	%					5.30	%

Cost of funds (6)					4.31	%					4.04	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net interest income	$	39,000		$	37,935		$	36,512		$	37,000		$	37,124
Provision for credit losses		422			547			596			436			190
Noninterest income		4,119			2,092			1,542			1,466			779
Noninterest expense		17,685			17,079			16,429			15,669			15,389
Net income		17,106			15,140			13,865			14,054			15,172

Weighted-average common shares outstanding:
Basic		7,886,148			7,765,868			7,509,320			7,505,109			7,479,837
Diluted		8,108,688			7,910,692			7,595,124			7,590,913			7,554,315
Earnings per common share:
Basic	$	2.17		$	1.95		$	1.85		$	1.87		$	2.03
Diluted		2.11			1.91			1.83			1.85			2.01

Dividends declared per common share	$	0.01		$	0.01		$	0.01		$	0.01		$	0.01

Return on average assets		2.09	%		1.99	%		1.87	%		1.93	%		2.12	%
Return on average equity		17.53	%		16.56	%		16.45	%		17.35	%		19.73	%
Net interest rate spread (1)		4.18	%		4.41	%		4.27	%		4.49	%		4.61	%
Net interest margin (2)		4.90	%		5.13	%		5.01	%		5.20	%		5.30	%
Efficiency ratio (non-GAAP) (3)		41.01	%		42.67	%		43.17	%		40.73	%		40.60	%
Noninterest expense to average total assets		2.16	%		2.24	%		2.21	%		2.15	%		2.15	%
Average interest-earning assets to average interest-bearing liabilities		118.48	%		118.78	%		119.28	%		118.52	%		118.82	%

	As of:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming loans:
Originated portfolio:
Residential real estate	$	3,976		$	2,502		$	2,573		$	2,582		$	289
Commercial real estate		4,682			1,407			2,075			2,075			1,973
Commercial and industrial		6,684			6,520			6,928			6,950			584
Consumer		–			–			–			–			–
Total originated portfolio		15,342			10,429			11,576			11,607			2,846
Total purchased portfolio		21,830			17,832			16,370			19,165			14,603
Total nonperforming loans		37,172			28,261			27,946			30,772			17,449
Real estate owned and other repossessed collateral, net		–			–			–			–			–
Total nonperforming assets	$	37,172		$	28,261		$	27,946		$	30,772		$	17,449

Past due loans to total loans		0.89	%		0.95	%		1.13	%		1.22	%		1.01	%
Nonperforming loans to total loans		1.06	%		1.02	%		1.05	%		1.18	%		0.69	%
Nonperforming assets to total assets		0.94	%		0.90	%		0.93	%		1.04	%		0.61	%
Allowance for credit losses to total loans		1.25	%		0.97	%		0.98	%		1.06	%		1.00	%
Allowance for credit losses to nonperforming loans		117.40	%		94.51	%		92.83	%		89.67	%		145.01	%
Net charge-offs (recoveries)	$	1,604		$	1,347		$	2,225		$	995		$	1,536
Commercial real estate loans to total capital (4)		604.38	%		482.13	%		509.08	%		544.34	%		546.91	%
Net loans to deposits		110.70	%		116.88	%		118.15	%		121.31	%		127.24	%
Purchased loans to total loans		69.11	%		61.88	%		60.99	%		63.07	%		59.98	%
Equity to total assets		9.96	%		12.02	%		11.73	%		11.03	%		10.83	%
Common equity tier 1 capital ratio		11.45	%		13.84	%		13.24	%		12.63	%		12.45	%
Total risk-based capital ratio		12.70	%		14.82	%		14.22	%		13.71	%		13.46	%
Tier 1 leverage capital ratio		12.06	%		12.30	%		11.79	%		11.28	%		10.95	%

Total shareholders’ equity	$	392,557		$	376,634		$	351,913		$	327,540		$	311,569
Less: Preferred stock		–			–			–			–			–
Common shareholders’ equity		392,557			376,634			351,913			327,540			311,569
Less: Intangible assets (5)		–			–			–			–			–
Tangible common shareholders’ equity (non-GAAP)	$	392,557		$	376,634		$	351,913		$	327,540		$	311,569

Common shares outstanding		8,212,026			8,127,690			7,977,690			7,804,052			7,796,691
Book value per common share	$	47.80		$	46.34		$	44.11		$	41.97		$	39.96
Tangible book value per share (non-GAAP) (6)		47.80			46.34			44.11			41.97			39.96

(1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
(4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
(5) Includes the loan servicing rights asset.
(6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.

For More Information:
Richard Cohen, Chief Financial Officer
Northeast Bank, 27 Pearl Street, Portland, Maine 04101
207.786.3245 ext. 3249
www.northeastbank.com

The MIL Network –

January 25, 2025

MIL-OSI: Provident Financial Services, Inc. Reports Third Quarter Earnings and Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ISELIN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $46.4 million, or $0.36 per basic and diluted share for the three months ended September 30, 2024, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024 and net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023.

The Company’s earnings for the three and nine months ended September 30, 2024 reflected 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 the trailing quarter due to the initial CECL provisions recorded on acquired loans. The results of operations for the three and nine months ended September 30, 2024 also included other transaction costs related to the merger with Lakeland, totaling $15.6 million and $36.7 million, respectively, compared with transaction costs totaling $2.3 million and $5.3 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 nine months ended September 30, 2024.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “We achieved solid performance this quarter, and we are optimistic that our results will continue to improve as we further realize the synergies of the merger. Provident generated strong earnings and core metrics, aided by robust performance in our fee-based businesses. We continue to expand our operations prudently and believe we are well-positioned for even greater success as market conditions improve.”

Regarding the Company’s merger with Lakeland, Mr. Labozzetta added, “We are proud to announce that, with the conversion of our core system in early September, our merger is complete and we are a unified organization. Our cultures are combining well and we are already experiencing the benefits of cost savings and enhanced revenue opportunities. We are grateful to the many team members whose hard work allowed for a smooth conversion and the retention of almost all legacy Lakeland customers.”

Performance Highlights for the Third Quarter of 2024

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter primarily due to the full quarter impact of net assets acquired from Lakeland, including the accretion of purchase accounting adjustments and four basis points of core margin expansion.
The net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter, while the weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points to 3.19%, compared to the trailing quarter. The increases in the yields and costs on interest-earning assets and interest-bearing liabilities were primarily due to a full quarter of accretion of purchase accounting adjustments related to the Lakeland merger, which contributed approximately 53 basis points to the net interest margin in the current quarter.
Non-interest income increased $4.6 million to $26.9 million for the three months ended September 30, 2024, from $22.3 million for the trailing quarter, while non-interest expense increased $20.6 million to $136.0 million for the three months ended September 30, 2024, compared to $115.4 million for the trailing quarter. The increases in both non-interest income and non-interest expense were reflective of a full quarter of combined operations with Lakeland.
Wealth management and insurance agency income increased 9.0% and 12.6%, respectively, versus the same period in 2023. The increase in wealth management income was primarily due to an increase in the average market value of assets under management during the period, while the increase in insurance agency income was largely due to an increase in business activity.
Adjusting 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 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024, compared to 0.06%, 0.53% and 2.01% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are 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 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024, compared to 1.47%, 13.26% and 19.21% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 14 of the earnings release.
As of September 30, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion, with a weighted average interest rate of 7.18%, compared to $1.67 billion, with a weighted average interest rate of 7.53%, as of June 30, 2024.
The Company recorded a $9.6 million provision for credit losses on loans for the quarter ended September 30, 2024, compared to a $66.1 million provision for the trailing quarter. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. The allowance for credit losses as a percentage of loans increased to 1.02% as of September 30, 2024, from 1.00% as of June 30, 2024.
As of September 30, 2024, CRE loans related to office properties totaled $921.1 million, compared to $953.5 million as of June 30, 2024. CRE loans secured by office properties constitutes only 4.9% of total loans and have an average loan size of $1.9 million, with just seven relationships greater than $10.0 million. There were four loans totaling $9.2 million on non-accrual as of September 30, 2024, however we do not expect to incur losses on any of these loans.
As of September 30, 2024, multi-family CRE loans secured by New York City properties totaled $226.6 million, compared to $227.7 million as of June 30, 2024. This portfolio constitutes only 1.2% of total loans and has an average loan size of $2.6 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.
Non-performing loans to total loans as of September 30, 2024 increased to 0.47%, compared to 0.36% as of June 30, 2024, while non-performing assets to total assets as of September 30, 2024 increased to 0.41%, compared to 0.33% as of June 30, 2024. The increase in non-performing loans, compared to the prior quarter was primarily attributable to one commercial real estate credit secured by an industrial property which has a loan-to-value ratio of approximately 39%. We anticipate a near-term resolution of this credit with no expected loss. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans. Of this total, $6.4 million was attributable to one previously identified commercial relationship that had a $4.4 million specific reserve as of June 30, 2024. This credit is expected to be fully resolved in the fourth quarter of 2024.

Declaration of Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on November 29, 2024 to stockholders of record as of the close of business on November 15, 2024.

Results of Operations

Three months ended September 30, 2024 compared to the three months ended June 30, 2024

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024. The Company’s earnings for the prior quarter were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. The results of operations for the three months ended September 30, 2024 included transaction costs related to the merger with Lakeland totaling $15.6 million, compared with transaction costs totaling $18.9 million in the trailing quarter. Additionally, the Company realized a $2.8 million loss in the trailing quarter related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland.

Net Interest Income and Net Interest Margin

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter. Net interest income for the three months ended September 30, 2024 was favorably impacted by a full quarter of combined operations with Lakeland and accretion of purchase accounting adjustments, compared to a 45 days impact in the prior quarter.

The Company’s net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current net interest margin reflects a full quarter of the acquisition of Lakeland’s interest-bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points from the trailing quarter, to 3.19%. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 increased 12 basis points to 2.96%, compared to 2.84% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared to 2.27% for the trailing quarter. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.83% for the quarter ended June 30, 2024. All yields and costs reflect a full quarter of combined operations with Lakeland.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with a provision for credit losses on loans of $66.1 million for the quarter ended June 30, 2024. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration, while the provision for credit losses on loans in the prior quarter was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

For the three months ended September 30, 2024, non-interest income totaled $26.9 million, an increase of $4.6 million, compared to the trailing quarter. Net gain on securities transactions increased $3.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to a $2.8 million loss realized on the sale from the Provident investment portfolio of subordinated debt issued by Lakeland in the prior quarter. Fee income increased $1.1 million to $9.8 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to increases in deposit and debit card related fee income. The increases in fee income are primarily attributable to the addition of the Lakeland customer base. BOLI income increased $1.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to an increase in benefit claims recognized. Partially offsetting these increases in non-interest income, insurance agency income decreased $857,000 to $3.6 million for the three months ended September 30, 2024, compared to the trailing quarter, due to a seasonal decrease in business activity in the current quarter, while wealth management income decreased $149,000 to $7.6 million for the three months ended September 30, 2024, compared to the trailing quarter, mainly due to a seasonal decrease in tax preparation fees, partially offset by an increase in the average market value of assets under management during the period.

Non-interest expense totaled $136.0 million for the three months ended September 30, 2024, an increase of $20.6 million, compared to $115.4 million for the trailing quarter. Compensation and benefits expense increased $8.6 million to $63.5 million for the three months ended September 30, 2024, compared to $54.9 million for the trailing quarter. The increase in compensation and benefits expense was primarily attributable to a full quarter of combined operations with Lakeland, compared to 45 days in the prior quarter. Amortization of intangibles increased $5.7 million to $12.2 million for the three months ended September 30, 2024, compared to $6.5 million for the trailing quarter, largely due to a full quarter of core deposit intangible amortization related to Lakeland. Other operating expenses increased $4.5 million to $15.8 million for the three months ended September 30, 2024, compared to $11.3 million for the trailing quarter, primarily due to increases in professional service expenses. Data processing expense increased $2.0 million to $10.5 million for the three months ended September 30, 2024, compared to $8.4 million for the trailing quarter, primarily due a full quarter of combined operations with Lakeland, while net occupancy expense increased $1.6 million to $12.8 million for the three months ended September 30, 2024, compared to $11.1 million for the trailing quarter, primarily due to increases in maintenance and depreciation expenses from the addition of Lakeland. Additionally, FDIC insurance increased $1.1 million to $4.2 million for the three months ended September 30, 2024, primarily resulting from the impact of the Lakeland merger. Partially offsetting these increases, merger-related expenses decreased $3.3 million to $15.6 million for the three months ended September 30, 2024, compared to the trailing quarter.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ declined to 1.98% for the quarter ended September 30, 2024, compared to 2.02% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ improved to 57.20% for the three months ended September 30, 2024, compared to 57.86% for the trailing quarter.

Income Tax Expense/Benefit

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million, compared to an income tax benefit of $9.8 million for the trailing quarter. The increase in tax expense for the three months ended September 30, 2024 compared with the trailing quarter was largely due to an increase in taxable income in the current quarter as a result of the Lakeland merger and a $5.3 million tax benefit realized in the trailing quarter 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 September 30, 2024 compared to the three months ended September 30, 2023

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. The Company’s earnings for the quarter ended September 30, 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 $15.6 million and $2.3 million for the three months ended September 30, 2024 and 2023, respectively.

Net Interest Income and Net Interest Margin

Net interest income increased $87.5 million to $183.7 million for the three months ended September 30, 2024, from $96.2 million for same period in 2023. Net interest income for the three months ended September 30, 2024 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 both deposits and borrowings.

The Company’s net interest margin increased 35 basis points to 3.31% for the quarter ended September 30, 2024, from 2.96% for the same period last year. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current quarter net interest margin reflects the acquisition of Lakeland’s interest bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 95 basis points to 5.84%, compared to 4.89% for the quarter ended September 30, 2023. The weighted average cost of interest-bearing liabilities increased 69 basis points for the quarter ended September 30, 2024 to 3.19%, compared to 2.50% for the third quarter of 2023. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 was 2.96%, compared to 2.22% for the same period last year. Average non-interest-bearing demand deposits increased $1.51 billion to $3.74 billion for the quarter ended September 30, 2024, compared to $2.23 billion for the quarter ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared with 1.74% for the quarter ended September 30, 2023. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.74% for the same period last year.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with an $11.0 million provision for credit losses on loans for the quarter ended September 30, 2023. The provision for credit losses on loans in the current quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

Non-interest income totaled $26.9 million for the quarter ended September 30, 2024, an increase of $7.5 million, compared to the same period in 2023. Fee income increased $3.7 million to $9.8 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and loan related fee income, resulting from the Lakeland merger. BOLI income increased $2.5 million to $4.3 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI. Wealth management fees increased $628,000 to $7.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, mainly due to an increase in the average market value of assets under management during the period, while insurance agency income increased $407,000 to $3.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, largely due to an increase in business activity. Additionally, other income increased $339,000 to $1.5 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to increases in gains on the sale of SBA and mortgage loans.

For the three months ended September 30, 2024, non-interest expense totaled $136.0 million, an increase of $70.4 million, compared to the three months ended September 30, 2023. Compensation and benefits expense increased $27.8 million to $63.5 million for the three months ended September 30, 2024, compared to $35.7 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 expenses increased $13.3 million to $15.6 million for the three months ended September 30, 2024, compared to the same period in 2023. Amortization of intangibles increased $11.5 million to $12.2 million for the three months ended September 30, 2024, compared to $720,000 for the same period in 2023, largely due to core deposit intangible amortization related to Lakeland in the current quarter. Data processing expenses increased $5.2 million to $10.5 million for three months ended September 30, 2024, compared to $5.3 million for the same period in 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland. Net occupancy expense increased $4.7 million to $12.8 million for three months ended September 30, 2024, compared to $8.1 million for the same period in 2023, primarily due to an increase in depreciation and maintenance expenses due to the addition of Lakeland. Other operating expenses increased $5.0 million to $15.8 million for the three months ended September 30, 2024, compared to $10.7 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $2.6 million to $4.2 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ was 1.98% for the quarter ended September 30, 2024, compared to 1.80% 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)⁽⁶⁾ was 57.20% for the three months ended September 30, 2024 compared to 54.81% for the same respective period in 2023.

Income Tax Expense

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million with an effective tax rate of 28.9%, compared with an income tax expense of $8.8 million with an effective tax rate of 23.7% for the three months ended September 30, 2023. The increase in tax expense for the three months ended September 30, 2024, compared with the same period last year was largely due to an increase in taxable income in the quarter, as a result of the Lakeland merger and the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee in the prior quarter.

Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023

For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to net income of $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023. The Company’s earnings for the nine months ended September 30, 2024 were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. Transaction costs related to our merger with Lakeland totaled $36.7 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the Company realized a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland, during the nine months ended September 30, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $115.2 million to $418.9 million for the nine months ended September 30, 2024, from $303.7 million for same period in 2023. Net interest income for the nine months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by the unfavorable repricing of both deposits and borrowings.

For the nine months ended September 30, 2024, our net interest margin decreased one basis point to 3.18%, compared to 3.19% for the nine months ended September 30, 2023. The weighted average yield on interest earning assets increased 85 basis points to 5.61% for the nine months ended September 30, 2024, compared to 4.76% for the nine months ended September 30, 2023, while the weighted average cost of interest-bearing liabilities increased 99 basis points to 3.06% for the nine months ended September 30, 2024, compared to 2.07% for the same period last year. The average cost of interest-bearing deposits increased 102 basis points to 2.84% for the nine months ended September 30, 2024, compared to 1.82% for the same period last year. Average non-interest-bearing demand deposits increased $514.3 million to $2.90 billion for the nine months ended September 30, 2024, compared with $2.38 billion for the nine months ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.27% for the nine months ended September 30, 2024, compared with 1.40% for the nine months ended September 30, 2023. The average cost of borrowings for the nine months ended September 30, 2024 was 3.73%, compared to 3.29% for the same period last year.

Provision for Credit Losses on Loans

For the nine months ended September 30, 2024, the Company recorded a $75.9 million provision for credit losses on loans, compared with a provision for credit losses on loans of $27.4 million for the nine months ended September 30, 2023. The increased provision for credit losses on loans for the nine months ended September 30, 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 an improved economic forecast for the current nine-month period within our CECL model, compared to the same period last year. For the nine months ended September 30, 2024, net charge-offs totaled $9.1 million or an annualized eight basis points of average loans.

Non-Interest Income and Expense

For the nine months ended September 30, 2024, non-interest income totaled $69.9 million, an increase of $9.1 million compared to the same period in 2023. Fee income increased $6.1 million to $24.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in deposit fee income, debit and credit card related fee income and loan related fee income resulting from the Lakeland merger. BOLI income increased $4.6 million to $9.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.1 million to $22.9 million for the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $1.7 million to $12.9 million for the nine months ended September 30, 2024, compared to $11.2 million for the same period in 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 nine months ended September 30, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Other income decreased $2.4 million to $3.2 million for the nine months ended September 30, 2024, compared to $5.7 million for the same period in 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.

Non-interest expense totaled $323.2 million for the nine months ended September 30, 2024, an increase of $123.7 million, compared to $199.5 million for the nine months ended September 30, 2023. Compensation and benefits expense increased $48.7 million to $158.4 million for the nine months ended September 30, 2024, compared to $109.7 million for the nine months ended September 30, 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Merger-related expenses increased $31.3 million to $36.7 million for the nine months ended September 30, 2024, compared to $5.3 million for the nine months ended September 30, 2023. Amortization of intangibles increased $17.2 million to $19.4 million for the nine months ended September 30, 2024, compared to $2.2 million for the nine months ended September 30, 2023, largely due to core deposit intangible amortization related to Lakeland. Data processing expense increased $9.2 million to $25.7 million for the nine months ended September 30, 2024, compared to $16.5 million for the nine months ended September 30, 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland, while net occupancy expense increased $8.0 million to $32.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $5.6 million to $37.4 million for the three months ended September 30, 2024, compared to $31.8 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $3.9 million to $9.6 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

Income Tax Expense
For the nine months ended September 30, 2024, the Company’s income tax expense was $19.9 million with an effective tax rate of 22.9%, compared with $34.9 million with an effective tax rate of 25.7% for the nine months ended September 30, 2023. The decrease in tax expense for the nine months ended September 30, 2024 compared with the same period last year was largely due to a $5.8 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 as of September 30, 2024 were $89.9 million, or 0.47% of total loans, compared to $67.9 million, or 0.36% of total loans as of June 30, 2024 and $49.6 million, or 0.46% of total loans as of December 31, 2023. The $22.1 million increase in non-performing loans as of September 30, 2024, compared to the trailing quarter, consisted of a $10.4 million increase in non-performing commercial mortgage loans, an $8.9 million increase in non-performing commercial loans, a $1.5 million increase in non-performing construction loans, a $764,000 increase in non-performing residential mortgage loans, a $302,000 increase in non-performing multi-family loans and a $289,000 increase in non-performing consumer loans. As of September 30, 2024, impaired loans totaled $74.0 million with related specific reserves of $7.2 million, compared with impaired loans totaling $54.6 million with related specific reserves of $7.7 million as of June 30, 2024. As of December 31, 2023, impaired loans totaled $42.8 million with related specific reserves of $2.4 million.

As of September 30, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.02% of total loans, compared to 1.00% and 0.99% as of June 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $84.0 million to $191.2 million as of September 30, 2024, from $107.2 million as of December 31, 2023. The increase in the allowance for credit losses on loans as of September 30, 2024 compared to December 31, 2023 was due to a $75.9 million provision for credit losses, 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 $9.1 million.

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

	September 30, 2024				June 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	2	$	430		3	$	1,707		1	$	825
Multi-family mortgage loans	—		—		—		—		1		3,815
Construction loans	—		—		—		—		—		—
Residential mortgage loans	23		5,020		9		1,714		13		3,429
Total mortgage loans	25		5,450		12		3,421		15		8,069
Commercial loans	14		1,952		20		3,444		6		998
Consumer loans	53		4,073		38		2,891		31		875
Total 30 to 59 days past due	92	$	11,475		70	$	9,756		52	$	9,942

60 to 89 days past due:
Commercial mortgage loans	1	$	641		3	$	1,231		—	$	—
Multi-family mortgage loans	—		—		—		—		1		1,635
Construction loans	—		—		—		—		—		—
Residential mortgage loans	11		1,991		10		2,193		8		1,208
Total mortgage loans	12		2,632		13		3,424		9		2,843
Commercial loans	9		1,240		6		1,146		3		198
Consumer loans	10		606		9		648		5		275
Total 60 to 89 days past due	31		4,478		28		5,218		17		3,316
Total accruing past due loans	123	$	15,953		98	$	14,974		69	$	13,258

Non-accrual:
Commercial mortgage loans	17	$	13,969		10	$	3,588		7	$	5,151
Multi-family mortgage loans	6		7,578		5		7,276		1		744
Construction loans	2		13,151		1		11,698		1		771
Residential mortgage loans	24		5,211		20		4,447		7		853
Total mortgage loans	49		39,909		36		27,009		16		7,519
Commercial loans	69		48,592		58		39,715		26		41,487
Consumer loans	32		1,433		24		1,144		10		633
Total non-accrual loans	150	$	89,934		118	$	67,868		52	$	49,639

Non-performing loans to total loans			0.47	%			0.36	%			0.46	%
Allowance for loan losses to total non-performing loans			217.09	%			277.50	%			215.96	%
Allowance for loan losses to total loans			1.02	%			1.00	%			0.99	%

As of September 30, 2024 and December 31, 2023, the Company held foreclosed assets of $9.8 million and $11.7 million, respectively. During the nine months ended September 30, 2024, there were three properties sold with an aggregate carrying value of $532,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets as of September 30, 2024 consisted primarily of commercial real estate. Total non-performing assets as of September 30, 2024 increased $36.6 million to $97.9 million, or 0.41% of total assets, from $61.3 million, or 0.43% of total assets as of December 31, 2023.

Balance Sheet Summary

Total assets as of September 30, 2024 were $24.04 billion, a $9.83 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 $18.79 billion as of September 30, 2024 and $10.87 billion as of December 31, 2023. The loan portfolio consisted of the following:

	September 30, 2024			June 30, 2024			December 31, 2023
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,342,456		$	7,337,742		$	4,512,411
Multi-family		3,226,918			3,189,808			1,812,500
Construction		873,509			970,244			653,246
Residential		2,032,671			2,024,027			1,164,956
Total mortgage loans		13,475,554			13,521,821			8,143,113
Commercial loans		4,710,601			4,617,232			2,440,621
Consumer loans		623,709			626,016			299,164
Total gross loans		18,809,864			18,765,069			10,882,898
Premiums on purchased loans		1,362			1,410			1,474
Net deferred fees and unearned discounts		(16,617	)		(7,149	)		(12,456	)
Total loans	$	18,794,609		$	18,759,330		$	10,871,916

As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments. Compared to the prior quarter, during the three months ended September 30, 2024, the loan portfolio had net increases of $93.4 million of commercial loans, $37.1 million of multi-family loans, $8.6 million of residential mortgage loans, and $4.7 million of commercial mortgage loans, partially offset by net decreases of $96.7 million of construction loans and $2.3 million of consumer loans. Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio as of September 30, 2024, compared to 86.5% as of December 31, 2023.

For the nine months ended September 30, 2024, loan funding, including advances on lines of credit, totaled $2.78 billion, compared with $2.53 billion for the same period in 2023.

As of September 30, 2024, the Company’s unfunded loan commitments totaled $2.97 billion, including commitments of $1.84 billion in commercial loans, $231.0 million in construction loans and $225.7 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2023 and September 30, 2023 were $2.09 billion and $2.18 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion as of September 30, 2024, compared to $1.09 billion and $1.70 billion as of December 31, 2023 and September 30, 2023, respectively.

Total investment securities were $3.17 billion as of September 30, 2024, a $1.04 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

Total deposits increased $8.08 billion during the nine months ended September 30, 2024, to $18.38 billion, due primarily to the addition of Lakeland. Total savings and demand deposit accounts increased $6.02 billion to $15.22 billion as of September 30, 2024, while total time deposits increased $2.06 billion to $3.16 billion as of September 30, 2024. The increase in savings and demand deposits was largely attributable to a $2.92 billion increase in interest bearing demand deposits, a $1.58 billion increase in non-interest bearing demand deposits, a $1.03 billion increase in money market deposits and a $495.5 million increase in savings deposits. The increase in time deposits consisted of a $2.01 billion increase in retail time deposits and a $46.5 million increase in brokered time deposits.

Borrowed funds increased $244.5 million during the nine months ended September 30, 2024, to $2.21 billion. The increase in deposits and borrowings was largely due to the addition of Lakeland. Borrowed funds represented 9.2% of total assets as of September 30, 2024, a decrease from 13.9% as of December 31, 2023.

Stockholders’ equity increased $930.5 million during the nine months ended September 30, 2024, to $2.62 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and an improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three and nine months ended September 30, 2024, common stock repurchases totaled 1,969 shares at an average cost of $16.36 per share and 88,821 shares at an average cost of $14.87 per share, respectively, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of September 30, 2024, approximately 1.0 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(1) as of September 30, 2024 were $20.09 and $13.66, respectively, compared with $22.38 and $16.32, respectively, as of 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. Provident 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, October 30, 2024 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 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 Current Reports on Form 8-K, 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 any turmoil or negative news 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, any failure to realize the anticipated benefits of the merger 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 return on average assets, average equity and average tangible equity, annualized adjusted pre-tax pre-provision return on average assets, average equity and 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 Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Statement of Income
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Non-interest income		26,855			22,275			19,320			69,937			60,861
Non-interest expense		136,002			115,394			65,625			323,224			199,485
Income (loss) before income tax expense		65,255			(21,318	)		37,390			86,906			136,011
Net income (loss)		46,405			(11,485	)		28,547			67,001			101,086
Diluted earnings per share	$	0.36		$	(0.11	)	$	0.38		$	0.65		$	1.35
Interest rate spread		2.65	%		2.58	%		2.39	%		2.55	%		2.69	%
Net interest margin		3.31	%		3.21	%		2.96	%		3.18	%		3.19	%

Profitability
Annualized return on average assets		0.76	%	(0.24		)%		0.81	%		0.47	%		0.98	%
Annualized adjusted return on average assets ⁽¹⁾		0.95	%	0.06		%		0.86	%		0.66	%		1.02	%
Annualized return on average equity		6.94	%	(2.17		)%		6.84	%		4.14	%		8.22	%
Annualized adjusted return on average equity ⁽¹⁾		8.62	%	0.53		%		7.30	%		5.83	%		8.59	%
Annualized return on average tangible equity ⁽⁴⁾		12.06	%	(3.15		)%		9.47	%		7.13	%		11.40	%
Annualized adjusted return on average tangible equity ⁽¹⁾		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%
Annualized adjusted non-interest expense to average assets ⁽⁴⁾		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%
Efficiency ratio ⁽⁶⁾		57.20	%		57.86	%		54.81	%		58.27	%		53.26	%

Asset Quality
Non-accrual loans				$	67,868					$	89,934		$	39,529
90+ and still accruing					—						—			—
Non-performing loans					67,868						88,061			39,529
Foreclosed assets					11,119						9,801			16,487
Non-performing assets					78,987						97,862			56,016
Non-performing loans to total loans					0.36	%					0.47	%		0.37	%
Non-performing assets to total assets					0.33	%					0.41	%		0.40	%
Allowance for loan losses				$	188,331					$	191,175		$	107,563
Allowance for loan losses to total non-performing loans					277.50	%					217.09	%		272.11	%
Allowance for loan losses to total loans					1.00	%					1.02	%		1.01	%
Net loan charge-offs	$	6,756		$	1,340		$	5,510		$	9,067		$	7,266
Annualized net loan charge-offs to average total loans		0.14	%		0.04	%		0.21	%		0.08	%		0.09	%

Average Balance Sheet Data
Assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Loans, net		18,531,939			14,649,413			10,470,843			14,631,071			10,269,022
Earning assets		21,809,226			17,385,819			12,735,938			17,305,446			12,574,437
Core deposits		15,394,715			12,257,244			9,212,202			12,271,839			9,408,156
Borrowings		2,125,149			2,158,193			1,780,655			2,074,958			1,556,619
Interest-bearing liabilities		17,304,569			13,856,039			9,826,064			13,757,895			9,554,204
Stockholders’ equity		2,660,470			2,127,469			1,654,920			2,163,856			1,645,093
Average yield on interest-earning assets		5.84	%		5.67	%		4.89	%		5.61	%		4.76	%
Average cost of interest-bearing liabilities		3.19	%		3.09	%		2.50	%		3.06	%		2.07	%

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									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net Income	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Less: income tax expense		(4,306	)		(4,625	)		(486	)		(9,274	)		(1,015	)
Annualized adjusted net income	$	57,666		$	2,805		$	30,350		$	94,411		$	105,420
Less: Amortization of Intangibles (net of tax)	$	8,551		$	4,532		$	503		$	13,577		$	1,560
Annualized adjusted net income for annualized adjusted return on average tangible equity	$	66,217		$	7,337		$	30,853		$	107,988		$	106,980

Annualized Adjusted Return on Average Assets		0.95	%		0.06	%		0.86	%		0.66	%		1.02	%
Annualized Adjusted Return on Average Equity		8.62	%		0.53	%		7.30	%		5.83	%		8.59	%
Annualized Adjusted Return on Average Tangible Equity		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%

(2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Adjustments to net income (loss):
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Net loss on Lakeland bond sale		—			2,839			—			—			—
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Income tax expense (benefit)		18,850			(9,833	)		8,843			19,905			34,925
PTPP income	$	90,121		$	70,141		$	52,220		$	202,274		$	170,391

Annualized PTPP income	$	358,525		$	282,106		$	207,177		$	270,191		$	227,812
Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Average equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Average tangible equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Annualized PTPP return on average assets		1.48	%		1.47	%		1.48	%		1.41	%		1.65	%
Annualized PTPP return on average equity		13.48	%		13.26	%		12.52	%		12.49	%		13.85	%
Annualized PTPP return on average tangible equity		19.77	%		19.21	%		17.33	%		17.91	%		19.22	%

(3) Book and Tangible Book Value per Share
							September 30,			June 30,			December 31,
								2024			2024			2023
Total stockholders’ equity							$	2,621,058		$	2,555,646		$	1,690,596
Less: total intangible assets								839,223			851,507			457,942
Total tangible stockholders’ equity							$	1,781,835		$	1,704,139		$	1,232,654

Shares outstanding								130,448,599			130,380,393			75,537,186

Book value per share (total stockholders’ equity/shares outstanding)							$	20.09		$	19.60		$	22.38
Tangible book value per share (total tangible stockholders’ equity/shares outstanding)							$	13.66		$	13.07		$	16.32

(4) Annualized Return on Average Tangible Equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Total average stockholders’ equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Less: total average intangible assets		847,143			658,839			459,133			655,262			459,871
Total average tangible stockholders’ equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Less: Amortization of Intangibles, net of tax		8,551			4,532			503			13,577			1,560
Total net income (loss)	$	54,956		$	(6,953	)	$	29,050		$	80,578		$	102,646

Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)		12.06	%	(1.90) %				9.64	%		7.13	%		11.58	%

(5) Annualized Adjusted Non-Interest Expense to Average Assets
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Reported non-interest expense	$	136,002		$	115,394		$	65,625		$	323,224		$	199,485
Adjustments to non-interest expense:
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Annualized adjusted non-interest expense	$	479,122		$	388,036		$	251,279		$	382,751		$	259,559

Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351

Annualized adjusted non-interest expense/average assets		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%

(6) Efficiency Ratio Calculation
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Reported non-interest income		26,855			22,275			19,320			69,937			60,861
Adjustments to non-interest income:
Net (gain) loss on securities transactions		(2	)		2,973			13			2,972			(37	)
Adjusted non-interest income		26,853			25,248			19,333			72,909			60,824
Total income	$	210,554		$	166,754		$	115,569		$	491,786		$	364,490

Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Efficiency ratio (adjusted non-interest expense/income)		57.20	%		57.86	%		54.80	%		58.27	%		53.26	%

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2024 (Unaudited) and December 31, 2023
(Dollars in Thousands)

Assets	September 30, 2024			December 31, 2023
Cash and due from banks	$	244,064		$	180,241
Short-term investments		25			14
Total cash and cash equivalents		244,089			180,255
Available for sale debt securities, at fair value		2,725,110			1,690,112
Held to maturity debt securities, net of allowance (fair value of $322,427 as of September 30, 2024 (unaudited) and $352,601 as of December 31, 2023)		332,021			363,080
Equity securities, at fair value		20,044			1,270
Federal Home Loan Bank stock		96,219			79,217
Loans held for sale		5,757			1,785
Loans held for investment		18,794,609			10,871,916
Less allowance for credit losses		191,175			107,200
Net loans		18,609,191			10,766,501
Foreclosed assets, net		9,801			11,651
Banking premises and equipment, net		124,955			70,998
Accrued interest receivable		89,866			58,966
Intangible assets		839,223			457,942
Bank-owned life insurance		403,648			243,050
Other assets		548,348			287,768
Total assets	$	24,042,515		$	14,210,810

Liabilities and Stockholders’ Equity
Deposits:
Demand deposits	$	13,548,480		$	8,020,889
Savings deposits		1,671,209			1,175,683
Certificates of deposit of $250,000 or more		800,005			218,549
Other time deposits		2,356,491			877,393
Total deposits		18,376,185			10,292,514
Mortgage escrow deposits		48,007			36,838
Borrowed funds		2,214,512			1,970,033
Subordinated debentures		414,184			10,695
Other liabilities		368,569			210,134
Total liabilities		21,421,457			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 130,448,599 shares outstanding as of September 30, 2024 and 75,537,186 outstanding as of December 31, 2023.		1,376			832
Additional paid-in capital		1,871,343			989,058
Retained earnings		972,997			974,542
Accumulated other comprehensive loss		(93,049	)		(141,115	)
Treasury stock		(129,148	)		(127,825	)
Unallocated common stock held by the Employee Stock Ownership Plan		(2,461	)		(4,896	)
Common Stock acquired by the Directors’ Deferred Fee Plan		(2,247	)		(2,694	)
Deferred Compensation – Directors’ Deferred Fee Plan		2,247			2,694
Total stockholders’ equity		2,621,058			1,690,596
Total liabilities and stockholders’ equity	$	24,042,515		$	14,210,810

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended September 30, 2024, June 30, 2024 and September 30, 2023, and nine months ended September 30, 2024 and 2023 (Unaudited)
(Dollars in Thousands, except per share data)

	Three Months Ended							Nine Months Ended
	September 30,		June 30,			September 30,		September 30,			September 30,
		2024		2024			2023		2024			2023
Interest and dividend income:
Real estate secured loans	$	197,857	$	156,318		$	104,540	$	461,632		$	299,830
Commercial loans		81,183		58,532			33,806		175,815			93,915
Consumer loans		12,947		8,351			4,746		25,820			13,419
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		25,974		20,394			11,886		58,698			34,748
Held to maturity debt securities		2,136		2,357			2,334		6,761			7,059
Deposits, federal funds sold and other short-term investments		2,425		1,859			885		5,466			2,678
Total interest income		322,522		247,811			158,197		734,192			451,649

Interest expense:
Deposits		110,009		81,058			44,923		243,602			108,880
Borrowed funds		19,923		20,566			16,765		57,871			38,329
Subordinated debt		8,889		4,681			273		13,842			774
Total interest expense		138,821		106,305			61,961		315,315			147,983
Net interest income		183,701		141,506			96,236		418,877			303,666
Provision charge for credit losses		9,299		69,705			12,541		78,684			29,031
Net interest income after provision for credit losses		174,402		71,801			83,695		340,193			274,635

Non-interest income:
Fees		9,816		8,699			6,132		24,426			18,294
Wealth management income		7,620		7,769			6,992		22,878			20,826
Insurance agency income		3,631		4,488			3,224		12,912			11,175
Bank-owned life insurance		4,308		3,323			1,820		9,448			4,838
Net gain (loss) on securities transactions		2		(2,973	)		13		(2,972	)		37
Other income		1,478		969			1,139		3,245			5,691
Total non-interest income		26,855		22,275			19,320		69,937			60,861

Non-interest expense:
Compensation and employee benefits		63,468		54,888			35,702		158,404			109,724
Net occupancy expense		12,790		11,142			8,113		32,452			24,474
Data processing expense		10,481		8,433			5,312		25,698			16,536
FDIC Insurance		4,180		3,100			1,628		9,553			5,688
Amortization of intangibles		12,231		6,483			720		19,420			2,231
Advertising and promotion expense		1,524		1,171			1,133		3,661			3,722
Merger-related expenses		15,567		18,915			2,289		36,684			5,349
Other operating expenses		15,761		11,262			10,728		37,352			31,761
Total non-interest expense		136,002		115,394			65,625		323,224			199,485
Income (loss) before income tax expense		65,255		(21,318	)		37,390		86,906			136,011
Income tax expense (benefit)		18,850		(9,833	)		8,843		19,905			34,925
Net income (loss)	$	46,405	$	(11,485	)	$	28,547	$	67,001		$	101,086

Basic earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average basic shares outstanding		129,941,845		102,957,521			74,909,083		102,819,042			74,793,530

Diluted earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average diluted shares outstanding		130,004,870		102,957,521			74,914,205		102,845,261			74,816,606

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Deposits	$	179,313	$	2,425	5.38	%	$	40,228	$	1,859	5.38	%	$	74,183	$	884	4.73	%
Federal funds sold and other short-term investments		—		—	—	%		0		—	—	%		57		1	4.00	%
Available for sale debt securities		2,644,262		24,884	3.72	%		2,244,725		17,647	3.14	%		1,724,833		10,127	2.35	%
Held to maturity debt securities, net ⁽¹⁾		342,217		2,136	2.50	%		352,216		2,357	2.68	%		373,681		2,334	2.50	%
Equity securities, at fair value		19,654		—	—	%		10,373		—	—	%		1,068		—	—	%
Federal Home Loan Bank stock		91,841		1,090	4.75	%		88,864		2,747	12.36	%		91,273		1,759	7.71	%
Net loans: ⁽²⁾
Total mortgage loans		13,363,265		197,857	5.83	%		10,674,109		156,318	5.81	%		7,881,193		104,540	5.21	%
Total commercial loans		4,546,088		81,183	7.05	%		3,514,602		58,532	6.62	%		2,289,267		33,806	5.81	%
Total consumer loans		622,586		12,947	8.27	%		460,702		8,351	7.29	%		300,383		4,746	6.27	%
Total net loans		18,531,939		291,987	6.21	%		14,649,413		223,201	6.05	%		10,470,843		143,092	5.37	%
Total interest-earning assets	$	21,809,226	$	322,522	5.84	%	$	17,385,819	$	247,811	5.67	%	$	12,735,938	$	158,197	4.89	%

Non-Interest Earning Assets:
Cash and due from banks		341,505						37,621						82,522
Other assets		2,097,307						1,773,601						1,158,150
Total assets	$	24,248,038					$	19,197,041					$	13,976,610

Interest-Bearing Liabilities:
Demand deposits	$	9,942,053	$	74,864	3.00	%	$	7,935,543	$	58,179	2.95	%	$	5,741,052	$	35,290	2.44	%
Savings deposits		1,711,502		1,006	0.23	%		1,454,784		832	0.23	%		1,240,951		592	0.19	%
Time deposits		3,112,598		34,139	4.36	%		2,086,433		22,047	4.25	%		1,052,793		9,041	3.41	%
Total deposits		14,766,153		110,009	2.96	%		11,476,760		81,058	2.84	%		8,034,796		44,923	2.22	%

Borrowed funds		2,125,149		19,923	3.73	%		2,158,193		20,566	3.83	%		1,780,655		16,765	3.74	%
Subordinated debentures		413,267		8,889	8.56	%		221,086		4,681	8.52	%		10,613		273	10.24	%
Total interest-bearing liabilities		17,304,569		138,821	3.19	%		13,856,039		106,305	3.09	%		9,826,064		61,961	2.50	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,741,160						2,866,917						2,230,199
Other non-interest bearing liabilities		541,839						346,616						265,427
Total non-interest bearing liabilities		4,282,999						3,213,533						2,495,626
Total liabilities		21,587,568						17,069,572						12,321,690
Stockholders’ equity		2,660,470						2,127,469						1,654,920
Total liabilities and stockholders’ equity	$	24,248,038					$	19,197,041					$	13,976,610

Net interest income			$	183,701					$	141,506					$	96,236

Net interest rate spread					2.65	%					2.58	%					2.39	%
Net interest-earning assets	$	4,504,657					$	3,529,780					$	2,909,874

Net interest margin ⁽³⁾					3.31	%					3.21	%					2.96	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.25x						1.30x


(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.
	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
	3rd Qtr.		2nd Qtr.		1st Qtr.		4th Qtr.		3rd Qtr.
Interest-Earning Assets:
Securities	3.69	%	3.40	%	2.87	%	2.79	%	2.67	%
Net loans	6.21	%	6.05	%	5.51	%	5.50	%	5.37	%
Total interest-earning assets	5.84	%	5.67	%	5.06	%	5.04	%	4.89	%

Interest-Bearing Liabilities:
Total deposits	2.96	%	2.84	%	2.60	%	2.47	%	2.22	%
Total borrowings	3.73	%	3.83	%	3.60	%	3.71	%	3.74	%
Total interest-bearing liabilities	3.19	%	3.09	%	2.80	%	2.71	%	2.50	%

Interest rate spread	2.65	%	2.58	%	2.26	%	2.33	%	2.39	%
Net interest margin	3.31	%	3.21	%	2.87	%	2.92	%	2.96	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.25x		1.28x		1.28x		1.30x

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)

	September 30, 2024						September 30, 2023
	Average				Average		Average				Average
	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost
Interest-Earning Assets:
Deposits	$	39,280	$	5,466	5.38	%	$	69,696	$	2,676	5.13	%
Federal funds sold and other short term investments		—		—	—	%		58		2	5.34	%
Available for sale debt securities		2,189,671		52,553	3.19	%		1,777,861		30,819	2.31	%
Held to maturity debt securities, net ⁽¹⁾		350,529		6,761	2.57	%		379,144		7,059	2.48	%
Equity securities, at fair value		10,050		—	—	%		1,022		—	—	%
Federal Home Loan Bank stock		84,845		6,145	9.66	%		77,634		3,929	6.75	%
Net loans: ⁽²⁾
Total mortgage loans		10,682,974		461,632	5.70	%		7,740,591		299,830	5.12	%
Total commercial loans		3,487,600		175,815	6.69	%		2,225,725		93,915	5.60	%
Total consumer loans		460,497		25,820	7.49	%		302,706		13,419	5.93	%
Total net loans		14,631,071		663,267	5.99	%		10,269,022		407,164	5.25	%
Total interest-earning assets	$	17,305,446	$	734,192	5.61	%	$	12,574,437	$	451,649	4.76	%

Non-Interest Earning Assets:
Cash and due from banks		229,336						121,801
Other assets		1,663,331						1,152,113
Total assets	$	19,198,113					$	13,848,351

Interest-Bearing Liabilities:
Demand deposits	$	7,931,251	$	174,609	2.94	%	$	5,710,855	$	85,822	2.01	%
Savings deposits		1,444,135		2,476	0.23	%		1,315,157		1,582	0.16	%
Time deposits		2,091,806		66,517	4.25	%		961,010		21,476	2.99	%
Total deposits		11,467,192		243,602	2.84	%		7,987,022		108,880	1.82	%
Borrowed funds		2,074,958		57,871	3.73	%		1,556,619		38,329	3.29	%
Subordinated debentures		215,745		13,842	8.57	%		10,563		774	9.80	%
Total interest-bearing liabilities	$	13,757,895	$	315,315	3.06	%	$	9,554,204	$	147,983	2.07	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		2,896,453						2,382,144
Other non-interest bearing liabilities		379,909						266,910
Total non-interest bearing liabilities		3,276,362						2,649,054
Total liabilities		17,034,257						12,203,258
Stockholders’ equity		2,163,856						1,645,093
Total liabilities and stockholders’ equity	$	19,198,113					$	13,848,351

Net interest income			$	418,877					$	303,666

Net interest rate spread					2.55	%					2.69	%
Net interest-earning assets	$	3,547,551					$	3,020,233

Net interest margin ⁽³⁾					3.18	%					3.19	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.32x


(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.

	Nine Months Ended
	September 30, 2024		September 30, 2023		September 23, 2022
Interest-Earning Assets:
Securities	3.33	%	2.57	%	1.72	%
Net loans	5.99	%	5.25	%	4.01	%
Total interest-earning assets	5.61	%	4.76	%	3.51	%

Interest-Bearing Liabilities:
Total deposits	2.84	%	1.82	%	0.33	%
Total borrowings	3.73	%	3.29	%	0.97	%
Total interest-bearing liabilities	3.06	%	2.07	%	0.38	%

Interest rate spread	2.55	%	2.69	%	3.13	%
Net interest margin	3.18	%	3.19	%	3.24	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.32x		1.38x

SOURCE: Provident Financial Services, Inc.

CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank

The MIL Network –

January 25, 2025

MIL-OSI: Stifel Declares Quarterly Common Stock Cash Dividend and Declares Preferred Stock Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, Oct. 29, 2024 (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 $0.42 per share, payable December 16, 2024, to shareholders of record at the close of business on December 2, 2024.

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 September 17, 2024, up to, but excluding, December 16, 2024. 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 December 16, 2024 to shareholders of record on December 2, 2024.

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 –

January 25, 2025

MIL-OSI: RWA Inc. Unveils The RWA Hub: A Social Mining Platform Dedicated to Growth and Community Building

Source: GlobeNewswire (MIL-OSI)

ROAD TOWN, British Virgin Islands, Oct. 29, 2024 (GLOBE NEWSWIRE) — RWA Inc., a leader in the tokenization of real-world assets (RWAs), is excited to announce the launch of its latest product, The RWA Hub. This platform serves as a center for fostering knowledge, sharing, collaboration, and engagement for investors, entrepreneurs, and enthusiasts interested in real-world asset tokenization.

The RWA Hub provides a centralized space for users to stay informed about the latest developments, events, and opportunities within the RWA ecosystem. With a focus on building an active and engaged community, the hub encourages conversations, insights, and updates on the RWA Inc. ecosystem through incentive campaigns and Initial Labour Offerings.

What the RWA Hub Offers:

Community Engagement and Discussions: The RWA Hub features interactive forums where users can exchange ideas, ask questions, and share experiences. This space encourages dialogue between all users in the RWA Inc. Ecosystem, fostering a collaborative environment where participants can learn from one another and explore new opportunities in the tokenization space.
Exclusive Campaigns and Opportunities: The Hub hosts exclusive campaigns that are not available on other RWA Inc. platforms. These unique opportunities, tailored to active community members, include special token offerings, promotions, and engagement rewards that enrich the overall experience for users who actively participate in the RWA Hub.
Active Membership and Engagement: The RWA Hub already boasts an active membership, with participants regularly engaging in discussions, contributing to forums, and taking part in events. These continued contributions create long-term value for the RWA Inc. ecosystem, and members are rewarded for their dedication and active participation in our community.

Building a Community

The RWA Hub plays an important role in supporting the company’s mission to democratize access to real-world asset investment opportunities by providing a space where community members can connect and share knowledge. It serves as a platform for users to engage with each other and stay updated on trends in the tokenization space.

“The RWA Hub is a center for discussion, collaboration and engagement within our community – it’s a cornerstone for building lasting relationships with our users. We have designed it to reward those who engage and contribute towards the long-term growth of the RWA Inc. ecosystem. Their insights, participation, and dedication help drive us forward, and strengthen our community.” – Kevin Yunai, CEO & founder at RWA Inc.

Tokenization: A Growing Market Opportunity

The global tokenization market is experiencing rapid growth, with the potential to unlock trillions of dollars in traditionally illiquid assets. By fractionalizing high-value assets, RWA Inc. expands market reach and unlocks liquidity, making this market accessible to a broader group of investors. RWA Inc. is set to lead this space through innovative technology, strong leadership, and a dedicated community. The RWA Hub plays an important role in creating a long-standing, engaged community to ensure the longevity of our platform. We believe our success is directly tied to the growth and active involvement of our community. Through their support, we aim to solidify our position as a flagship brand for RWA tokenization.

About RWA Inc.

RWA Inc. delivers end-to-end real-world asset (RWA) tokenization via an advanced multi-asset platform, including tokenization as a service, a launchpad, and a marketplace. With a short-term focus on startup utility tokens for our go-to-market strategy, our primary emphasis is on strategically expanding into startup equity tokens, real estate, collectibles, and other asset classes. Our comprehensive services enhance liquidity, broaden market reach, support business development, and create new avenues for value creation, aligning with market demands.

Join our community today! – community.rwa.inc.

Contact Details:
Kevin Yunai
Founder and CEO
kevin@rwa.inc

Disclaimer: This content is provided by “RWA”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/85a2b193-aeb6-4b1a-8add-8412116d2c46

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb0194a8-ecb8-463e-a4d4-8c335a88fed6

The MIL Network –

January 25, 2025

MIL-OSI: Enstar Announces Changes to Executive Leadership Team

Source: GlobeNewswire (MIL-OSI)

• Appoints Paul Brockman as Chief Commercial Officer

• Names Adrian Thornycroft as Chief Administrative Officer from May 2025

HAMILTON, Bermuda, Oct. 29, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR), today announces changes to its executive leadership team in connection with the upcoming retirement of Orla Gregory, President, at the end the year, and the expanding role of Enstar in the insurance industry.

Paul Brockman has been appointed as Chief Commercial Officer with immediate effect. Paul has been with Enstar since 2012, most recently in the role of Group Chief Operating Officer. This newly created role reflects the continued expansion of the scope of solutions Enstar can bring to the global insurance industry. Paul has over three decades of experience across the legacy and (re)insurance sectors. His new responsibilities will include corporate development, serving as one of the primary liaisons to the insurance market, engaging with industry leaders, and optimising market opportunities.

Adrian Thornycroft will join as Chief Administrative Officer in May 2025. Adrian will be based in Bermuda and will assume a number of responsibilities from Orla as well as take a leading role with respect to change strategy. Adrian has extensive operational and leadership experience, having successfully delivered significant business and change programmes at companies such as Brit, Lloyd’s, and MS Amlin.

The remaining responsibilities under the role of the outgoing President will be assumed by the wider leadership team.

Dominic Silvester, Enstar CEO, said:

“With Paul’s depth of legacy expertise and his versatile, wide-ranging experience, we are confident Paul will continue to make a significant impact as we continue to maintain and expand our industry relationships and drive forward our reputation as the leading provider of legacy solutions.

Adrian’s skillset and expertise aligns perfectly with Enstar’s strategic direction with regard to our operating platform at an important juncture and will further strengthen Enstar’s leadership team.”

About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 117 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

Cautionary Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that include words such as “estimate,” “project,” “plan,” “intend,” “expect,” “anticipate,” “believe,” “would,” “should,” “could,” “seek,” “may,” “will” and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. These statements include statements regarding the intent, belief or current expectations of the Company and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including those related to the satisfaction of any post-closing regulatory requirements.

Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the completion of the proposed transaction on the anticipated terms and timing, (ii) the satisfaction of other conditions to the completion of the proposed transaction, including obtaining required shareholder and regulatory approvals; (iii) the risk that the Company’s stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction (including the ability of certain customers to terminate or amend contracts upon a change of control) will harm the Company’s business, including current plans and operations, including during the pendency of the proposed transaction; (vi) the ability of the Company to retain and hire key personnel; (vii) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (ix) legislative, regulatory and economic developments; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect the Company’s financial performance; (xi) certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management’s response to any of the aforementioned factors; (xiii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv) unexpected costs, liabilities or delays associated with the transaction; (xv) the response of competitors to the transaction; (xvi) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring the Company to pay a termination fee; (xvii) those risks and uncertainties set forth under the headings “Forward Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC’s website at www.sec.gov; and (xviii) those risks described in the Proxy Statement filed with the SEC on October 11, 2024 and available from the sources indicated below.

These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Proxy Statement filed with the SEC on October 11, 2024 in connection with the proposed transaction. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, or to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.

Contact:

For Enstar:
For Investors: Matthew Kirk (investor.relations@enstargroup.com)
For Media: Jenna Kerr (communications@enstargroup.com)

The MIL Network –

January 25, 2025

MIL-OSI Economics: Zambia: African Development Bank’s Sustainable Energy Fund for Africa approves $8 million for development of 25 MW Solar Plant

Source: African Development Bank Group

The African Development Bank Group’s Board of Directors has approved an $8 million concessional loan to support the construction of a 25MW Solar Photovoltaic power plant in Zambia. The financing for the Ilute Plant will be sourced from the Sustainable Energy Fund for Africa (SEFA), a multi-donor Special Fund managed by the Bank. Ilute is expected to advance Zambia’s sustainable development and help the country unlock its renewable energy potential.

The venture has faced rising costs associated with the COVID-19 pandemic and other challenges. Serengeti Energy Ltd and Western Solar Power Ltd are leading the plant development in Zambia’s Sesheke District. Competitively selected by GreenCo Power Services Ltd (GreenCo), this project will serve as a pilot for GreenCo’s energy aggregator model under the Zambia Electricity Supply Corporation Limited (ZESCO) open grid access framework. Acting as an intermediary off-taker, GreenCo will purchase the generated electricity through a 25-year Power Purchase Agreement and sell it to the Southern African Power Pool Day-Ahead Market.

“We are delighted to support the Ilute Solar PV project – which will be the first project to use Africa GreenCo as an intermediate off-taker. SEFA’s support has been instrumental in bridging the financing gap and will pave the way for future projects that contribute to Southern Africa’s energy transition,” said Dr Daniel Schroth, African Development Bank Director for Renewable Energy and Energy Efficiency.

Anton-Louis Olivier, CEO of Serengeti Energy, acknowledged SEFA’s support. He said, “We appreciate the support from the African Development Bank Group and SEFA in helping us move the Ilute 25MW Solar PV project forward. This loan addresses the financial challenges we’ve faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region.” Serengeti Energy is a leading renewable independent power producer specialising in the development, construction, and operation of utility-scale renewable energy plants tailored to the needs of both public and private off-takers.

ABOUT SEFA

SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and Sustainable Development Goal 7.

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: $82M Goes to WA Ports for Clean Infrastructure Investments to Increase Capacity, Bolster Competitiveness, & Create New Jobs

US Senate News:

Source: United States Senator for Washington Maria Cantwell

10.29.24

$82M Goes to WA Ports for Clean Infrastructure Investments to Increase Capacity, Bolster Competitiveness, & Create New Jobs

$63.8M to Port of Anacortes & $9.4M to Port of Port Angeles, plus planning grants for Anacortes, Seattle, Bellingham, Seaport Alliance from EPA’s new Clean Ports Program

WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), U.S. Senator Patty Murray (D-WA), U.S. Representative Rick Larsen (D, WA-02), and U.S. Representative Derek Kilmer (D, WA-06) announced six grants to help ports in the State of Washington invest in critical infrastructure upgrades. The competitive grants were awarded by the Environmental Protection Agency’s (EPA) Clean Ports Program, one of many important infrastructure upgrades and carbon reduction initiatives that the lawmakers supported in the historic Inflation Reduction Act.

The Port of Anacortes is receiving $63.8 million to fund a major conversion of port equipment to battery electric power and $1.3 million for additional planning work.

“This major federal investment will enable the Port of Anacortes to electrify its operations and bring in much-needed new cargo handling equipment that will help the Port expand. Boosting the Port’s efficiency and capacity will create 50 new high-paying jobs, introduce more apprenticeships, and maintain payrolls for over 1,000 locals currently employed by the Port and its tenants,” said Sen. Cantwell.

“The Port of Anacortes is an important part of Washington state’s maritime infrastructure and a huge mover for Skagit County’s economy—these federal resources will help ensure the Port can more quickly implement its zero-emissions strategy while creating local jobs,” said Sen. Murray. “I was proud to help pass the Inflation Reduction Act and help secure a landmark investment in building a stronger, clean energy economy—it’s good to see federal dollars come back to Anacortes. As Senate Appropriations Chair, I will continue to fight for investments that fuel our clean energy transition while strengthening our economy.”

“You cannot have a big-league economy with little league infrastructure,” said Rep. Larsen, the lead Democrat on the Transportation & Infrastructure Committee. “Thanks to the Inflation Reduction Act, the Port of Anacortes has the funding it needs to electrify cargo handling operations on the Guemes Channel waterfront and reduce emissions. Congress must continue to make bold, long-term investments in Northwest Washington ports to create more jobs and build a cleaner and greener future.”

With the funds, the Port of Anacortes will buy a range of new battery electric equipment including five tow tractors, 16 forklifts, six marine travel lifts/cranes, five boom/aerial lifts, two material handlers, and seven vessels. This will improve community engagement, grow workforce opportunities, and increase access to quality jobs, while lowering local air pollution. The Port is contributing $10,312,006 towards the project.

The Port of Port Angeles is receiving $9.4 million to purchase all-electric, zero emissions cargo handling equipment and enhance shore power offerings.

“The Port of Port Angeles links the forest products industry with customers across the globe. Investing in new shore power and electric equipment will reduce costs for the Port, its tenants, and forest products businesses that support more than 1,500 jobs on the Olympic Peninsula,” said Sen. Cantwell.

“From replacing equipment fueled by diesel to building out new charging and grid infrastructure—this federal funding will help Port Angeles reduce emissions, create more jobs, and compete in the 21^st century,” said Sen. Murray. “I was proud to help pass the Inflation Reduction Act and help secure a landmark investment in building a stronger, clean energy economy—it’s good to see federal dollars come back to the Olympic Peninsula. As Senate Appropriations Chair, I will continue to fight for investments that fuel our clean energy transition while strengthening our economy.”

“Our ports are amazing engines of economic growth and opportunity,” said Rep. Kilmer. “That’s why this investment from the EPA is such a big deal, especially for folks on the Olympic Peninsula. Thanks to funding from the Inflation Reduction Act, we are taking major steps toward improved safety, decreased costs, and reduced emissions at the Port of Port Angeles, without the costs falling solely on the backs of local taxpayers. As a Port Angeles native, I’m proud to have supported this important project and look forward to a bright future for the port and for workers in our community.”

With the funds, the Port of Port Angeles will buy a variety of new zero emissions equipment including a reachstacker for handling heavy cargo, a conveyor for handling bulk cargo, and clean forklifts for handling lighter cargo. This investment will replace existing diesel equipment. The Port will also enhance their shore power offerings, upgrading the electrical service cabinets and buying mobile shore power cable management units.

In addition, the EPA awarded three planning grants under the Clean Ports Program. The Northwest Seaport Alliance received $3 million, the Port of Seattle received $2.9 million, and the Port of Bellingham received $1.5 million.

The Inflation Reduction Act of 2022 created and provided $3 billion in funding for the Clean Ports Program to jumpstart investments in zero-emission port equipment and infrastructure, as well as improve climate and air quality planning at U.S. ports. The goals of the Clean Ports Program are to:

Build a foundation for the port sector to transition over time to fully zero-emissions operations, positioning ports to serve as a catalyst for transformational change across the freight sector.
Reduce diesel pollution (criteria pollutants, GHGs, and air toxics) in near-port communities.
Help ensure that meaningful community engagement and emissions reduction planning are port industry standard practices.

Sen. Cantwell advocated for creation of EPA’s Clean Ports Program as part of the Inflation Reduction Act, and has consistently championed investments in Washington’s ports. Along with securing the Water Resources Development Act in the 2023 NDAA, Sen. Cantwell also successfully fought to include the 2019 legislation that reauthorized U.S. Department of Transportation’s Maritime Administration’s Port Infrastructure Development Program (PIDP), which she co-authored. As Chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell worked to include a record $2.25 billion for the PIDP in the Biden-Harris Infrastructure Law. In September 2021, Sen. Cantwell led a letter calling to boost funding for the PIDP program to help address the ongoing issues with port congestion. Subsequently, in 2022, the U.S. Department of Transportation’s Maritime Administration’s (MARAD) awarded $71.4 million in PIDP funding to five ports in Washington state.

As then Assistant Majority Leader, Sen. Murray helped ensure passage of the Inflation Reduction Act and worked to help establish EPA’s Clean Ports Program. As Senate Appropriations Chair, in Fiscal Year 2024, Sen. Murray secured $9.29 billion in essential funding for EPA’s critical responsibilities to protect our environment and public health. Under tough fiscal constraints, Sen. Murray provided modest increases across all EPA programs in the face of drastic cuts proposed by House Republicans—ensuring EPA could keep researchers, scientists, and other specialists on the job to safeguard our environment and make today’s awards possible.

Sen. Murray has been a champion of Washington state’s ports, from making sure ports were eligible for the RAISE (originally TIGER) grant program she created as Chair of the Transportation Appropriations Subcommittee in 2009. The RAISE program Sen. Murray established marked the first time port authorities were eligible to apply for competitive federal grants. As a senior member—and now Chair—of the appropriations committee, Sen. Murray helped create and fund PIDP; the competitive grant program was established in the Fiscal Year 2019 transportation appropriations bill, which was enacted in February 2019. Since then, Sen. Murray has played a key role in securing more than $1.2 billion funding for PIDP in annual appropriations bills since its inception. Sen. Murray also fought to make sure the Bipartisan Infrastructure Law included $2.25 billion over five years for PIDP.

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Historic redress inequities finally resolved for Lake Alice Unit survivors

Source: New Zealand Government

The Government is addressing historic redress inequities for some survivors abused at the Lake Alice Child and Adolescent Unit.

In 2001, the Crown reached a $6.5 million group settlement with 95 survivors subjected to abuse at the Lake Alice Unit. Law firm Grant Cameron & Associates (now GCA Lawyers) represented the group and deducted an estimated $2.6 million in legal fees from the total settlement before individual payments were made.

This resulted in survivors receiving, on average, an estimated $41,000, after approximately $27,000 was deducted in legal fees. Subsequently, further claimants received an average of $70,000 due to the Crown meeting legal costs.

“This inequitable treatment has been a historic injustice for over 20 years. As a society we should have done better. This Government is determined to do better,” Lead Coordination Minister Erica Stanford says.

“This decision directly relates to recommendation 18 of the Royal Commission’s final report. It recommended an independent person be appointed to review settlements, however Cabinet agreed this was an unnecessary step. The facts of this matter are clear and it was important to us that survivors be reimbursed as quickly as possible.”

Survivors can lodge a claim with the Ministry of Health claims service for reimbursement until 30 June 2025. Payments will be made on an ex-gratia basis, meaning they will not be treated as income for tax or benefit purposes.

$2.6 million will address the parity issue, cover Ministry of Health administration of the claims process, as well as meet the costs of additional claims that have been made recently for historic abuse at Lake Alice.

“Since July, we have acknowledged some children and young people experienced torture at the Lake Alice Unit and set up urgent financial assistance to those who are terminally ill.

“While we can never fully make redress for or right the harm survivors experienced, the Government is continuing to respond to the Royal Commission’s final report with the respect and care it deserves,” Ms Stanford says.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI New Zealand: Buy NZ Made – Tough Christmas ahead for small businesses

Source: Buy NZ Made

With the 2024 holiday shopping season set to be one of the most challenging on record, Buy NZ Made is urging Kiwis to support local businesses this Christmas.

Buy NZ Made executive director Dane Ambler says rising costs, economic uncertainty, and ongoing global challenges have put immense pressure on small businesses across the country.

“Christmas is traditionally a peak period for small businesses but the high cost of living is taking a bite out of disposable income and despite their resilience, many small businesses are finding it hard to keep the lights on.

“Business and consumer confidence seems to be improving, inflation is falling, and it looks like New Zealand’s economy is turning a corner – but we’re not out of the woods yet. It is more important than ever for consumers to choose local products and services to help their small businesses thrive.”

Small businesses make up 97% of New Zealand’s economy and are often family-owned and operated. Kiwis are encouraged to buy one locally-made item to help their local stay afloat this NZ Made Day – November 21.

Ambler says every dollar spent locally can have a ripple effect.

“Buying local means providing essential income and livelihood for many New Zealanders. It minimises transportation distances and emissions, contributing to a more sustainable future too.

“So shop early, plan ahead, and prioritise local businesses when making your holiday purchases. You can make a significant difference for small business and ensure a brighter future for New Zealand’s economy.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
Adjusted EBITDA⁽¹⁾ was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio⁽¹⁾ of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		477,155		446,754			6.8			1,434,157		1,430,983			0.2
Adjusted EBITDA⁽¹⁾		142,425		114,575			24.3			400,695		459,887			(12.9	)
Net earnings		39,183		19,792			98.0			96,400		142,522			(32.4	)
Cash provided by operations		79,674		88,500			(10.0	)		319,292		330,316			(3.3	)
Funds provided by operations⁽¹⁾		113,322		91,608			23.7			342,837		388,220			(11.7	)

Cash used in investing activities		38,852		34,278			13.3			141,032		157,157			(10.3	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		7,709		13,479			(42.8	)		30,501		39,439			(22.7	)
Maintenance and infrastructure		56,139		38,914			44.3			127,297		108,463			17.4
Proceeds on sale		(5,647	)	(6,698	)		(15.7	)		(21,825	)	(20,724	)		5.3
Net capital spending⁽¹⁾		58,201		45,695			27.4			135,973		127,178			6.9

Net earnings per share:
Basic		2.77		1.45			91.0			6.74		10.45			(35.5	)
Diluted		2.31		1.45			59.3			6.73		9.84			(31.6	)
Weighted average shares outstanding:
Basic		14,142		13,607			3.9			14,312		13,643			4.9
Diluted		14,890		13,610			9.4			14,317		14,858			(3.6	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended September 30,							For the nine months ended September 30,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		224		(4.5	)		214		224		(4.5	)
Drilling rig utilization days:
U.S.		3,196		3,815		(16.2	)		9,885		13,823		(28.5	)
Canada		6,586		5,284		24.6			17,667		15,247		15.9
International		736		554		32.9			2,192		1,439		52.3
Revenue per utilization day:
U.S. (US$)		32,949		35,135		(6.2	)		33,011		35,216		(6.3	)
Canada (Cdn$)		32,325		32,224		0.3			34,497		32,583		5.9
International (US$)		47,223		51,570		(8.4	)		51,761		51,306		0.9
Operating costs per utilization day:
U.S. (US$)		22,207		21,655		2.5			22,113		20,217		9.4
Canada (Cdn$)		19,448		18,311		6.2			20,196		19,239		5.0

Service rig fleet		165		121		36.4			165		121		36.4
Service rig operating hours		62,835		46,894		34.0			194,390		144,944		34.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35
Canada		69		42		57		64			73		49		72
International		5		5		6		8			8		8		8
Total		134		98		104		117			119		93		115

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	September 30, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		166,473		136,872
Cash		24,304		54,182
Long-term debt		787,008		914,830
Total long-term financial liabilities⁽¹⁾		858,765		995,849
Total assets		2,887,996		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.32		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended September 30, 2024:

Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash from operations of $80 million, bringing our year to date total to $319 million.
- Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
- Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
- Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
- Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
- Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
- Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
- Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024	Average for the quarter ended 2023								Average		Average for the quarter ended 2024								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2023		Mar. 31		June 30		Sept. 30		Dec. 31		2024
Average rigs under term contract:
U.S.		40		37		32		28		34		20		17		17		16		18
Canada		19		23		23		23		22		24		22		23		24		23
International		4		5		7		7		6		8		8		8		8		8
Total		63		65		62		58		62		52		47		48		48		49

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended September 30,									For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		406,155			390,728			3.9			1,215,125			1,257,762			(3.4	)
Completion and Production Services		73,074			57,573			26.9			225,987			178,257			26.8
Inter-segment eliminations		(2,074	)		(1,547	)		34.1			(6,955	)		(5,036	)		38.1
		477,155			446,754			6.8			1,434,157			1,430,983			0.2
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		133,235			131,701			1.2			406,662			468,302			(13.2	)
Completion and Production Services		19,741			14,118			39.8			50,786			39,031			30.1
Corporate and Other		(10,551	)		(31,244	)		(66.2	)		(56,753	)		(47,446	)		19.6
		142,425			114,575			24.3			400,695			459,887			(12.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		406,155		390,728			3.9			1,215,125		1,257,762			(3.4	)
Expenses:
Operating		262,933		247,937			6.0			776,210		759,750			2.2
General and administrative		9,987		11,090			(9.9	)		32,253		29,710			8.6
Adjusted EBITDA⁽¹⁾		133,235		131,701			1.2			406,662		468,302			(13.2	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.8	%	33.7	%					33.5	%	37.2	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
Year to date average		36		583		51		692

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
Year to date average		65		183		56		175

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended September 30,							For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change			2024		2023
Revenue		73,074		57,573			26.9		225,987		178,257		26.8
Expenses:
Operating		50,608		41,612			21.6		167,128		133,325		25.4
General and administrative		2,725		1,843			47.9		8,073		5,901		36.8
Adjusted EBITDA⁽¹⁾		19,741		14,118			39.8		50,786		39,031		30.1
Adjusted EBITDA as a percentage of revenue⁽¹⁾		27.0	%	24.5	%				22.5	%	21.9	%
Well servicing statistics:
Number of service rigs (end of period)		165		121			36.4		165		121		36.4
Service rig operating hours		62,835		46,894			34.0		194,390		144,944		34.1
Service rig operating hour utilization		41	%	42	%				43	%	44	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023		2024		2023
Cash settled share-based incentive plans		(1,626	)		30,105		28,810		20,091
Equity settled share-based incentive plans		1,440			701		3,517		1,834
Total share-based incentive compensation plan expense		(186	)		30,806		32,327		21,925

Allocated:
Operating		221			7,692		8,159		6,732
General and Administrative		(407	)		23,114		24,168		15,193
		(186	)		30,806		32,327		21,925

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		133,235		131,701			406,662		468,302
Completion and Production Services		19,741		14,118			50,786		39,031
Corporate and Other		(10,551	)	(31,244	)		(56,753	)	(47,446	)
Adjusted EBITDA		142,425		114,575			400,695		459,887
Depreciation and amortization		75,073		73,192			227,104		218,823
Gain on asset disposals		(3,323	)	(2,438	)		(14,235	)	(15,586	)
Foreign exchange		849		363			772		(894	)
Finance charges		16,914		19,618			53,472		63,946
Gain on repurchase of unsecured notes		—		(37	)		—		(137	)
Loss (gain) on investments and other assets		(150	)	(3,813	)		(330	)	6,075
Incomes taxes		13,879		7,898			37,512		45,138
Net earnings		39,183		19,792			96,400		142,522

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade		7,709		13,479			30,501		39,439
Maintenance, infrastructure and intangibles		56,139		38,914			127,297		108,463
		63,848		52,393			157,798		147,902
Proceeds on sale of property, plant and equipment		(5,647	)	(6,698	)		(21,825	)	(20,724	)
Net capital spending		58,201		45,695			135,973		127,178
Business acquisitions		—		—			—		28,000
Proceeds from sale of investments and other assets		—		(10,013	)		(3,623	)	(10,013	)
Purchase of investments and other assets		7		3,211			7		5,282
Receipt of finance lease payments		(207	)	(64	)		(591	)	(64	)
Changes in non-cash working capital balances		(19,149	)	(4,551	)		9,266		6,774
Cash used in investing activities		38,852		34,278			141,032		157,157

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		472,557		510,881
Current liabilities		306,084		374,009
Working capital		166,473		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		920,812		1,069,364
Deferred tax liabilities		62,047		73,515
Total long-term financial liabilities		858,765		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2024;
our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
the average number of term contracts in place for 2024;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	September 30, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	24,304		$	54,182		$	21,587
Accounts receivable		401,652			421,427			413,925
Inventory		41,398			35,272			35,158
Assets held for sale		5,203			—			—
Total current assets		472,557			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		27,767			73,662			455
Property, plant and equipment		2,296,079			2,338,088			2,303,338
Intangibles		15,566			17,310			19,575
Right-of-use assets		63,708			63,438			60,032
Finance lease receivables		4,938			5,003			—
Investments and other assets		6,685			9,971			20,451
Total non-current assets		2,415,439			2,508,154			2,405,453
Total assets	$	2,887,996		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	282,810		$	350,749		$	404,350
Income taxes payable		3,059			3,026			2,991
Current portion of lease obligations		19,263			17,386			12,698
Current portion of long-term debt		952			2,848			2,287
Total current liabilities		306,084			374,009			422,326

Non-current liabilities:
Share-based compensation		10,339			16,755			47,836
Provisions and other		7,408			7,140			7,538
Lease obligations		54,010			57,124			52,978
Long-term debt		787,008			914,830			1,085,970
Deferred tax liabilities		62,047			73,515			28,946
Total non-current liabilities		920,812			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,337,079			2,365,129			2,299,533
Contributed surplus		76,656			75,086			72,555
Deficit		(915,629	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		158,602			147,476			159,714
Total equity attributable to shareholders		1,656,708			1,575,662			1,230,529
Non-controlling interest		4,392			—			—
Total equity		1,661,100			1,575,662			1,230,529
Total liabilities and equity	$	2,887,996		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

^{(2) See “JOINT PARTNERSHIP” for additional information.}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	477,155		$	446,754		$	1,434,157		$	1,430,983
Expenses:
Operating		311,467			288,002			936,383			888,039
General and administrative		23,263			44,177			97,079			83,057
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		142,425			114,575			400,695			459,887
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		849			363			772			(894	)
Finance charges		16,914			19,618			53,472			63,946
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Earnings before income taxes		53,062			27,690			133,912			187,660
Income taxes:
Current		2,297			2,047			4,659			4,008
Deferred		11,582			5,851			32,853			41,130
		13,879			7,898			37,512			45,138
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Net earnings per share attributable to shareholders:
Basic	$	2.77		$	1.45		$	6.74		$	10.45
Diluted	$	2.31		$	1.45		$	6.73		$	9.84

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(16,104	)		39,180			30,409			3,322
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		9,536			(24,616	)		(19,283	)		(1,484	)
Comprehensive income	$	32,615		$	34,356		$	107,526		$	144,360

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Adjustments for:
Long-term compensation plans		2,620			11,577			14,490			9,200
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		815			1,275			965			(13	)
Finance charges		16,914			19,618			53,472			63,946
Income taxes		13,879			7,898			37,512			45,138
Other		27			—			120			(220	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Income taxes paid		(508	)		(187	)		(4,842	)		(2,395	)
Income taxes recovered		58			4			58			7
Interest paid		(31,692	)		(35,500	)		(69,435	)		(79,702	)
Interest received		426			227			1,558			562
Funds provided by operations		113,322			91,608			342,837			388,220
Changes in non-cash working capital balances		(33,648	)		(3,108	)		(23,545	)		(57,904	)
Cash provided by operations		79,674			88,500			319,292			330,316

Investments:
Purchase of property, plant and equipment		(63,797	)		(51,546	)		(157,747	)		(146,378	)
Purchase of intangibles		(51	)		(847	)		(51	)		(1,524	)
Proceeds on sale of property, plant and equipment		5,647			6,698			21,825			20,724
Proceeds from sale of investments and other assets		—			10,013			3,623			10,013
Business acquisitions		—			—			—			(28,000	)
Purchase of investments and other assets		(7	)		(3,211	)		(7	)		(5,282	)
Receipt of finance lease payments		207			64			591			64
Changes in non-cash working capital balances		19,149			4,551			(9,266	)		(6,774	)
Cash used in investing activities		(38,852	)		(34,278	)		(141,032	)		(157,157	)

Financing:
Issuance of long-term debt		10,900			23,600			10,900			162,649
Repayments of long-term debt		(59,658	)		(49,517	)		(162,506	)		(288,538	)
Repurchase of share capital		(16,891	)		—			(50,465	)		(12,951	)
Issuance of common shares from the exercise of options		495			—			686			—
Debt amendment fees		—			—			(1,317	)		—
Lease payments		(3,586	)		(2,410	)		(10,005	)		(6,413	)
Funding from non-controlling interest		4,392			—			4,392			—
Cash used in financing activities		(64,348	)		(28,327	)		(208,315	)		(145,253	)
Effect of exchange rate changes on cash		(403	)		251			177			(428	)
Increase (decrease) in cash		(23,929	)		26,146			(29,878	)		27,478
Cash, beginning of period		48,233			22,919			54,182			21,587
Cash, end of period	$	24,304		$	49,065		$	24,304		$	49,065

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		96,400			96,400			—		96,400
Other comprehensive income for the period		—			—			11,126		—			11,126			—		11,126
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(51,050	)		—			—		—			(51,050	)		—		(51,050	)
Redemption of non-management directors share units		176			(176	)		—		—			—			—		–
Share-based compensation expense		—			3,517			—		—			3,517			—		3,517
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at September 30, 2024	$	2,337,079		$	76,656		$	158,602	$	(915,629	)	$	1,656,708		$	4,392	$	1,661,100

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714	$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—		142,522			142,522			—		142,522
Other comprehensive income for the period		—			—		1,838		—			1,838			—		1,838
Settlement of Executive Performance and Restricted Share Units		19,206			—		—		—			19,206			—		19,206
Share repurchases		(12,951	)		—		—		—			(12,951	)		—		(12,951	)
Redemption of non-management directors share units		757			—		—		—			757			—		757
Share-based compensation expense		—			1,834		—		—			1,834			—		1,834
Balance at September 30, 2023	$	2,306,545		$	74,389	$	161,552	$	(1,158,751	)	$	1,383,735		$	—	$	1,383,735

2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

January 25, 2025

MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

MUNSTER, Ind., Oct. 29, 2024 (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 $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:


Performance Ratios	Quarter ended,															Nine months ended,
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Return on equity		1.60	%		0.39	%		24.97	%		4.92	%		6.55	%		4.50	%		6.68	%
Return on assets		0.12	%		0.03	%		1.77	%		0.29	%		0.42	%		0.64	%		0.44	%
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%
Noninterest income / average assets		0.55	%		0.50	%		2.57	%		0.53	%		0.46	%		1.21	%		0.51	%
Noninterest expense / average assets		2.80	%		2.79	%		2.86	%		2.60	%		2.59	%		2.82	%		2.67	%
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		83.68	%

“The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

Highlights of the current period include:

Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. 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 September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% 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, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.

Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024. The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 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 September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.

Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These 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.

Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 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) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.

Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.

Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 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 $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 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; inflation; 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,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Return on equity		1.60%		0.39%		24.97%		4.92%		6.55%		4.50%		6.68%
Return on assets		0.12%		0.03%		1.77%		0.29%		0.42%		0.64%		0.44%
Yield on loans		5.22%		5.11%		5.02%		5.09%		5.02%		5.12%		4.87%
Yield on security investments		2.37%		2.43%		2.37%		2.57%		2.41%		2.39%		2.39%
Total yield on earning assets		4.73%		4.64%		4.52%		4.64%		4.51%		4.64%		4.39%
Cost of interest-bearing deposits		2.47%		2.37%		2.36%		2.22%		1.95%		2.40%		1.58%
Cost of repurchase agreements		4.04%		3.86%		3.88%		3.78%		3.83%		3.93%		3.59%
Cost of borrowed funds		4.56%		4.95%		4.62%		4.41%		4.48%		4.70%		4.58%
Total cost of interest-bearing liabilities		2.63%		2.55%		2.53%		2.38%		2.16%		2.57%		1.82%
Tax adjusted net interest margin (1)		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Noninterest income / average assets		0.55%		0.50%		2.57%		0.53%		0.46%		1.21%		0.51%
Noninterest expense / average assets		2.80%		2.79%		2.86%		2.60%		2.59%		2.82%		2.67%
Net noninterest margin / average assets		-2.24%		-2.29%		-0.29%		-2.08%		-2.13%		-1.60%		-2.16%
Efficiency ratio		97.32%		98.56%		59.41%		87.49%		86.88%		80.16%		83.68%
Effective tax rate		-51.88%		-6.72%		9.48%		-30.85%		-22.20%		7.01%		0.30%

Non-performing assets to total assets		0.73%		0.61%		0.64%		0.61%		0.54%		0.73%		0.54%
Non-performing loans to total loans		0.92%		0.75%		0.78%		0.76%		0.66%		0.92%		0.66%
Allowance for credit losses to non-performing loans		134.12%		161.17%		159.12%		163.90%		192.89%		134.12%		192.89%
Allowance for credit losses to loans receivable		1.23%		1.22%		1.25%		1.24%		1.27%		1.23%		1.27%
Foreclosed real estate to total assets		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%

Basic earnings per share	$	0.14	$	0.03	$	2.18	$	0.36	$	0.52	$	2.35	$	1.60
Diluted earnings per share	$	0.14	$	0.03	$	2.17	$	0.35	$	0.51	$	2.35	$	1.60
Stockholders’ equity / total assets		7.69%		7.16%		7.32%		6.99%		5.70%		7.69%		5.70%
Book value per share	$	36.99	$	34.45	$	35.17	$	34.28	$	27.68	$	36.99	$	27.68
Closing stock price	$	31.98	$	24.52	$	24.60	$	25.24	$	22.00	$	31.98	$	22.00
Price to earnings per share ratio		56.21		182.60		2.82		17.77		10.67		10.19		10.28
Dividends declared per common share	$	0.12	$	0.12	$	0.12	$	0.12	$	0.31	$	0.36	$	0.93

Common equity tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Total capital to risk-weighted assets		12.14%		11.95%		11.92%		11.36%		11.12%		12.14%		11.12%
Tier 1 capital to adjusted average assets		8.38%		8.32%		8.24%		7.78%		7.81%		8.38%		7.81%


Non-GAAP Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Net interest margin – tax equivalent		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Tangible book value per diluted share	$	31.28	$	28.67	$	29.30	$	28.31	$	21.63	$	31.28	$	21.63
Tangible book value per diluted share adjusted for AOCL	$	42.47	$	42.33	$	42.36	$	40.31	$	39.96	$	42.47	$	39.96
Tangible common equity to total assets		6.51%		5.95%		6.09%		5.77%		4.46%		6.51%		4.46%
Tangible common equity to total assets adjusted for AOCL		8.83%		8.79%		8.81%		8.22%		8.23%		8.83%		8.23%

(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)	September 30, 2024						June 30, 2024
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS
Interest bearing deposits in other financial institutions	$	44,365		$	665	6.00	$	60,378		$	800	5.30
Federal funds sold		682			9	5.28		1,263			10	3.17
Securities available-for-sale		342,451			2,031	2.37		337,226			2,047	2.43
Loans receivable		1,506,967			19,660	5.22		1,501,584			19,174	5.11
Federal Home Loan Bank stock		6,547			107	6.54		6,547			96	5.87
Total interest earning assets		1,901,012		$	22,472	4.73		1,906,998		$	22,127	4.64
Cash and non-interest bearing deposits in other financial institutions		32,198						18,054
Allowance for credit losses		(18,482	)					(18,788	)
Other noninterest bearing assets		155,996						158,358
Total assets	$	2,070,724					$	2,064,622

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,451,414		$	8,946	2.47	$	1,455,007		$	8,610	2.37
Repurchase agreements		43,074			435	4.04		41,388			399	3.86
Borrowed funds		95,224			1,085	4.56		85,940			1,064	4.95
Total interest bearing liabilities		1,589,712		$	10,466	2.63		1,582,335		$	10,073	2.55
Non-interest bearing deposits		287,507						291,618
Other noninterest bearing liabilities		41,696						45,029
Total liabilities		1,918,915						1,918,982
Total stockholders’ equity		151,809						145,640
Total liabilities and stockholders’ equity	$	2,070,724					$	2,064,622


Return on average assets		0.12	%					0.03	%
Return on average equity		1.60	%					0.39	%
Net interest margin (average earning assets)		2.53	%					2.53	%
Net interest margin (average earning assets) – tax equivalent		2.67	%					2.67	%
Net interest spread		2.10	%					2.09	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Year-to-Date
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						September 30, 2023
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS				`
Interest bearing deposits in other financial institutions	$	51,522		$	2,317	6.00	$	31,171		$	1,112	4.76
Federal funds sold		919			29	4.21		1,158			38	4.38
Certificates of deposit in other financial institutions		–			–	–		1,169			44	5.02
Securities available-for-sale		348,269			6,239	2.39		369,897			6,631	2.39
Loans receivable		1,504,197			57,713	5.12		1,519,981			55,481	4.87
Federal Home Loan Bank stock		6,547			285	5.80		6,547			221	4.50
Total interest earning assets		1,911,454		$	66,583	4.64		1,929,923		$	63,527	4.39
Cash and non-interest bearing deposits in other financial institutions		29,183						18,723
Allowance for credit losses		(18,670	)					(17,619	)
Other noninterest bearing assets		155,433						154,227
Total assets	$	2,077,400					$	2,085,254

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,464,682		$	26,350	2.40	$	1,455,410		$	17,258	1.58
Repurchase agreements		40,879			1,204	3.93		33,170			892	3.59
Borrowed funds		90,423			3,189	4.70		102,864			3,537	4.58
Total interest bearing liabilities		1,595,984		$	30,743	2.57		1,591,444		$	21,687	1.82
Non-interest bearing deposits		291,161						326,431
Other noninterest bearing liabilities		41,540						30,178
Total liabilities		1,928,685						1,948,053
Total stockholders’ equity		148,715						137,201
Total liabilities and stockholders’ equity	$	2,077,400					$	2,085,254


Return on average assets		0.64	%					0.44	%
Return on average equity		4.50	%					6.68	%
Net interest margin (average earning assets)		2.50	%					2.89	%
Net interest margin (average earning assets) – tax equivalent		2.64	%					3.04	%
Net interest spread		2.07	%					2.57	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Finward Bancorp
Quarterly Financial Report

Balance Sheet Data
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS

Cash and non-interest bearing deposits in other financial institutions	$	23,071		$	19,061		$	16,418		$	17,942		$	17,922
Interest bearing deposits in other financial institutions		48,025			63,439			54,755			67,647			52,875

Total cash and cash equivalents		71,649			83,207			71,780			86,008			71,648

Securities available-for-sale		350,027			339,585			346,233			371,374			339,280
Loans held-for-sale		2,567			1,185			667			340			2,057
Loans receivable, net of deferred fees and costs		1,508,242			1,506,398			1,508,251			1,512,595			1,525,660
Less: allowance for credit losses		(18,516	)		(18,330	)		(18,805	)		(18,768	)		(19,430	)
Net loans receivable		1,489,726			1,488,068			1,489,446			1,493,827			1,506,230
Federal Home Loan Bank stock		6,547			6,547			6,547			6,547			6,547
Accrued interest receivable		7,442			7,695			7,583			8,045			7,864
Premises and equipment		47,912			48,696			47,795			38,436			38,810
Foreclosed real estate		–			–			71			71			71
Cash value of bank owned life insurance		33,312			33,107			32,895			32,702			32,509
Goodwill		22,395			22,395			22,395			22,395			22,395
Other intangible assets		2,203			2,555			2,911			3,272			3,636
Other assets		40,882			44,027			43,459			45,262			56,423

Total assets	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	285,157		$	286,784		$	296,959		$	295,594		$	312,635
Interest bearing		1,463,653			1,469,970			1,450,519			1,517,827			1,471,402
Total		1,748,810			1,756,754			1,747,478			1,813,421			1,784,037
Repurchase agreements		43,038			42,973			41,137			38,124			48,310
Borrowed funds		85,000			85,000			90,000			80,000			100,000
Accrued expenses and other liabilities		38,259			43,709			41,586			29,389			36,080

Total liabilities		1,915,107			1,928,436			1,920,201			1,960,934			1,968,427

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: September 30, 2024 – 4,313,940
December 31, 2023 – 4,298,773
Additional paid-in capital		69,916			69,778			69,727			69,555			69,482
Accumulated other comprehensive loss		(48,241	)		(58,939	)		(56,313	)		(51,613	)		(78,848	)
Retained earnings		137,880			137,792			138,167			129,403			128,409

Total stockholders’ equity		159,555			148,631			151,581			147,345			119,043

Total liabilities and stockholders’ equity	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

Finward Bancorp
Quarterly Financial Report

Consolidated Statements of Income	Quarter Ended,															Nine months ended,
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Interest income:
Loans	$	19,660		$	19,174		$	18,879		$	19,281		$	19,161		$	57,713		$	55,481
Securities & short-term investments		2,812			2,953			3,105			2,975			2,617			8,870			8,046
Total interest income		22,472			22,127			21,984			22,256			21,778			66,583			63,527
Interest expense:
Deposits		8,946			8,610			8,794			8,180			7,066			26,350			17,258
Borrowings		1,520			1,463			1,410			1,361			1,579			4,393			4,429
Total interest expense		10,466			10,073			10,204			9,541			8,645			30,743			21,687
Net interest income		12,006			12,054			11,780			12,715			13,133			35,840			41,840
Provision for credit losses		–			76			–			779			244			76			1,246
Net interest income after provision for credit losses		12,006			11,978			11,780			11,936			12,889			35,764			40,594
Noninterest income:
Fees and service charges		1,463			1,257			1,153			1,507			1,374			3,873			4,517
Wealth management operations		731			763			633			672			572			2,127			1,812
Gain on sale of loans held-for-sale, net		338			320			152			352			192			810			729
Increase in cash value of bank owned life insurance		205			212			193			193			193			610			573
Gain (loss) on sale of real estate		–			15			11,858			–			2			11,873			(13	)
Loss on sale of securities, net		–			–			(531	)		–			–			(531	)		(48	)
Other		130			6			17			11			64			154			441
Total noninterest income		2,867			2,573			13,475			2,735			2,397			18,916			8,011
Noninterest expense:
Compensation and benefits		6,963			7,037			7,109			6,290			6,729			21,109			21,365
Occupancy and equipment		2,181			2,120			1,915			1,520			1,711			6,205			4,898
Data processing		1,165			1,135			1,170			1,269			1,085			3,470			3,465
Federal deposit insurance premiums		435			397			501			492			474			1,333			1,511
Marketing		209			212			158			191			235			579			649
Other		3,521			3,516			4,151			3,755			3,259			9,465			8,547
Total noninterest expense		14,474			14,417			15,004			13,517			13,493			43,895			41,715
Income before income taxes		399			134			10,251			1,154			1,793			10,785			6,890
Income tax expenses (benefit)		(207	)		(9	)		972			(356	)		(398	)		756			21
Net income	$	606		$	143		$	9,279		$	1,510		$	2,191		$	10,029		$	6,869

Earnings per common share:
Basic	$	0.14		$	0.03		$	2.18		$	0.36		$	0.52		$	2.35		$	1.60
Diluted	$	0.14		$	0.03		$	2.17		$	0.35		$	0.51		$	2.35		$	1.60

Finward Bancorp
Quarterly Financial Report

Asset Quality			(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
(Dollars in thousands)			September 30,		June 30,		March 31,		December 31,		September 30,
				2024		2024		2024		2023		2023
Nonaccruing loans			$	13,806	$	11,079	$	11,603	$	9,608	$	9,840
Accruing loans delinquent more than 90 days				–		294		215		1,843		233
Securities in non-accrual				1,440		1,371		1,442		1,357		1,155
Foreclosed real estate				–		–		71		71		71
	Total nonperforming assets		$	15,246	$	12,744	$	13,331	$	12,879	$	11,299

Allowance for credit losses (ACL):
	ACL specific allowances for collateral dependent loans		$	1,821	$	1,327	$	1,455	$	906	$	554
	ACL general allowances for loan portfolio			16,695		17,003		17,351		17,862		18,876
		Total ACL	$	18,516	$	18,330	$	18,806	$	18,768	$	19,430

(Dollars in millions)									Minimum Required To Be
					Minimum Required For				Well Capitalized Under Prompt
	Actual				Capital Adequacy Purposes				Corrective Action Regulations
September 30, 2024	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	71.9	4.50	%	$	103.9	6.50	%
Tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	95.9	6.00	%	$	127.9	8.00	%
Total capital to risk-weighted assets	$	194.0	12.14	%	$	127.9	8.00	%	$	159.8	10.00	%
Tier 1 capital to adjusted average assets	$	176.3	8.38	%	$	84.7	4.00	%	$	105.8	5.00	%

Table 1 – Reconciliation of the Non-GAAP Performance Measures

(Dollars in thousands)	Quarter Ended,															Nine months ended,
(unaudited)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of tangible common equity
Total stockholder’s equity	$	159,555		$	148,631		$	151,581		$	147,345		$	119,043		$	159,555		$	119,043
Goodwill		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)
Other intangibles		(2,203	)		(2,555	)		(2,911	)		(3,272	)		(3,636	)		(2,203	)		(3,636	)
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012

Calculation of tangible common equity adjusted for accumulated other comprehensive loss
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Accumulated other comprehensive loss		48,241			58,939			56,313			51,613			78,848			48,241			78,848
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860

Calculation of tangible book value per share
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share	$	31.28		$	28.67		$	29.30		$	28.31		$	21.63		$	31.28		$	21.63

Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Diluted average common shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share adjusted for accumulated other comprehensive loss	$	42.47		$	42.33		$	42.36		$	40.31		$	39.96		$	42.47		$	39.96

Calculation of tangible common equity to total assets
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets		6.51	%		5.95	%		6.09	%		5.77	%		4.46	%		6.51	%		4.46	%

Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets adjusted for accumulated other comprehensive loss		8.83	%		8.79	%		8.81	%		8.22	%		8.23	%		8.83	%		8.23	%

Calculation of tax adjusted net interest margin
Net interest income	$	12,006		$	12,054		$	11,780		$	12,715		$	13,133		$	35,840		$	41,840
Tax adjusted interest on securities and loans		678			677			699			722			730			2,054			2,234
Adjusted net interest income		12,684			12,731			12,749			13,437			13,863			37,894			44,074
Total average earning assets		1,901,012			1,906,998			1,945,501			1,920,127			1,930,118			1,911,454			1,929,923
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%

Efficiency ratio
Total non-interest expense	$	14,474		$	14,417		$	15,004		$	13,517		$	13,493		$	43,895		$	13,493
Total revenue		14,873			14,627			25,255			15,450			15,530			54,756			15,530
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		86.88	%

FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575

The MIL Network –

January 25, 2025

MIL-OSI: Urgently Announces Third Quarter 2024 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences.

Third Quarter 2024 Earnings

Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

Upcoming Investor Conferences

During the fourth quarter of 2024, Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, will participate in the following upcoming investor conferences:

The Sidoti Micro-Cap Virtual Investor Conference on November 13-14, 2024. Management is scheduled to present at 10:00 a.m. Eastern Time on Thursday, November 14, and will host one-on-one and small group investor meetings throughout both days.
The Micro-Cap Investor Summit Virtual Conference on November 21, 2024. Management will host a presentation and hold one-on-one and small group meetings with investors during the conference.

A live webcast and archived replay of conference presentations will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

Contacts:
For Press: media@geturgently.com
For Investor Relations: investorrelations@geturgently.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Miller Tours Nucor Steel Mill Site and Rivers Health Hospital

Source: United States House of Representatives – Congresswoman Carol Miller (R-WV)

Washington D.C. – Today, Congresswoman Carol Miller (R-WV) met with Nucor Steel staff to tour the grounds and see the current state of the plant’s construction. The Congresswoman also visited Rivers Health Hospital to see the beginning renovations to their Emergency Department and discuss the $2.6 million in funding the Congresswoman secured for the project.

Congresswoman Miller stopped by the construction site of Nucor Steel’s mill to see progress being made.

“I was glad to see firsthand the progress Nucor Steel has made on the construction of their steel mill. It’s important that we continue to create more opportunities to invest in our state and our economy, and this project is a great example of that. I look forward to returning in the future for updates and to see the mill fully functioning,” said Congresswoman Miller.

Congresswoman Miller later visited Rivers Health for a groundbreaking ceremony of their Emergency Department.

“I enjoyed participating in the groundbreaking ceremony for Rivers Health Hospital’s Emergency Department. I am glad to know that the $2.6 million in funding I secured for Rivers Health will be used towards improving and expanding this department in 2025 to help with current and incoming residents. The hospital staff do a fantastic job at serving Mason and Jackson counties and I know this latest addition underway will improve the already excellent care they give to patients in Point Pleasant and throughout the community,” said Congresswoman Miller.

Congresswoman Miller visiting Nucor Steel’s mill site

Congresswoman Miller touring Rivers Health Hospital

###

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: 100 billion reasons why the night-time economy is no afterthought

Source: New South Wales Government 2

Headline: 100 billion reasons why the night-time economy is no afterthought

Published: 30 October 2024

Released by: Minister for Music and the Night-time Economy

The NSW night-time economy is worth $102 billion a year, employs a fifth of all workers and supports more than 53,000 core businesses, including music venues, restaurants, bars and leisure activity providers.

These are some of the insights from Data After Dark, a pioneering new platform released today that will track growth and changes in economic activity across the state between 6pm and 6am.

Data After Dark, which draws from multiple information sources, including Opal travel data and spending transactions, will create a baseline to track the impact of the Minns Labor Government’s Vibrancy laws that are cutting red tape and tearing up the restrictions that have strangled nightlife and the night-time economy.

The Vibrancy Reforms have:

Torn up “no entertainment” clauses and bizarre restrictions on what genres of music venues can play
Made outdoor dining permanently available
Stopped single neighbour noise complaints from shutting down pubs and other licensed venues
Required property buyers to be notified when they are moving into an entertainment zone to reduce friction between venues and neighbours
Ended the outdated rule that prevents people living within five kilometres of a registered club from signing in without first becoming a member
Binned restrictions that prevented patrons from standing while drinking outside a licenced premises

Businesses and the public will have free access to quarterly updates of Data After Dark, while NSW Government, its agencies and participating councils will be able to access live information via a world-first dashboard feed.

In the three months to June 30, the report found spending in person on Saturday night eclipsed Thursday night ($50.8 million vs $46.7 million). In the March quarter, Thursday night had recorded the most spending at night.

At a business level, the biggest growth over the past year has been in takeaway food and sports and physical recreation services, including gyms, while liquor retailing and gambling have recorded declines in their share of the night-time economy.

Other insights from the June quarter:

More businesses opened, including an additional 1,197 core night-time businesses year-on-year
Public transport recorded year-on-year growth of 4.4%, with 35.7 million Opal tap-offs at night
People in NSW made 464 million night-time trips across all transport modes
Night-time in-person spending was $3.57 billion – or 16.9% of the 24-hour total

By location, the “eastern harbour city” which includes the Sydney CBD, eastern suburbs and inner-west, represents 52 per cent of the total night time economy across the “six cities” that incorporates Newcastle, Wollongong, Central Coast, the Parramatta area and the “western parkland city” beyond.

Data After Dark will be launched by Minister for Music and the Night-time Economy John Graham at the second annual NEON Forum in Sydney today which brings together the world’s leading experts on night-time economies, hosted by the NSW Office of the 24-Hour Economy Commissioner.

Quarterly reports can be accessed here

Minister for Music and the Night-time Economy, John Graham said:

“A strong night-time economy is critical to a global city like Sydney and the centres of commerce right across NSW.

“The insights that Data After Dark provides will help business and government understand this part of the economy better and make the most informed, data-led decisions on how to grow its contribution.

“The platform leverages a wealth of information on night-time trading, safety and mobility to tailor policy like never before. This is a world-leading tool to monitor the night-time economy.

“As part of the Minns Labor Government’s Vibrancy Reforms we are stripping back red tape and ending some of the frustrating rules and restrictions that have stopped people enjoying time outside the home after hours.

24-Hour Economy Commissioner Michael Rodrigues said:  

“Previously there has been no real baseline dataset that offers an insightful health check of our night-time economies across the State. Data After Dark fills that gap as the first of its kind tool that establishes a set of universal measures for night-time economies.

“The application of reliable and consistent data will help State agencies and local councils as they work with the private sector and communities to build lively and safe going out districts. We also now have a tool to make sure we can measure the performance of new initiatives and programs.”

Jeremy Gill, Head of Policy, Committee for Sydney said:

“Sydney’s night-time economy is buzzing again. To ensure it meets the needs of all Sydneysiders, we need to know who’s involved, how they’re engaging with it, what they want and what that looks like in different parts of the city.

“Great data is central to this. The Data after Dark platform gives us insights into the current state of affairs and empowers us to advocate for policies that can effectively address our challenges and seize the opportunities ahead.”

MIL OSI News –

January 25, 2025

MIL-OSI: Sunrun Announces Appointment of John Trinta to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the Company’s board of directors (the “Board”) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights.

“It is with great excitement that I introduce John as the newest member of our Board. Having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as we navigate today’s complexities and continue to position ourselves as a market leader in the clean energy sector,” said Sunrun CEO Mary Powell. “Beyond his technical strengths, John’s leadership, strategic mindset, and ability to inspire teams set him apart. I’m confident that his insights will be a value add as we continue to execute on our margin-focused and disciplined growth strategy.”

Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses.

“I am excited to join Mary and the Sunrun Board as the Company continues to innovate and differentiate itself within the market by focusing on creating cleaner, reliable, and sustainable energy solutions for its customers,” said Mr.Trinta. “I look forward to sharing my financial, accounting, and tax expertise with the entire Sunrun team and contributing to the mission of connecting people to the cleanest energy on earth.”

Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University.

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.

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

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

The MIL Network –

January 25, 2025

MIL-OSI: Oportun Announces Next Step to Optimize Capital Structure and Drive Improved Profitability

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) (“Oportun”, or the “Company”), a mission-driven financial services company, announced today another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet flexibility with covenants that reflect the performance improvements made by the Company to date, including the agreement to sell the Company’s credit card portfolio, and reward accretive actions and cash flow generation. The Term Loan will be provided by two firms (the “Lenders”), funds managed by Castlelake L.P., a global alternative investment manager specializing in asset-based private credit that led the refinancing, and funds managed by Neuberger Berman, a private employee-owned investment manager. The Term Loan will carry a 15% fixed rate and mature in November 2028.

“After a thorough and competitive process, where multiple strategic options were considered, the Board of Directors determined that this transaction, which was the least dilutive financing option available, would best position Oportun for the future by further strengthening the Company’s balance sheet and liquidity as well as enhancing the ability for Oportun to generate consistent cash flow and deliver increased stockholder value,” said Neil Williams, Lead Independent Director of Oportun’s Board of Directors.

“With this refinancing and the operational and balance sheet flexibility the Term Loan will provide, we’re even better positioned to build on our progress. We expect to build on that momentum in 2025 through improving credit performance, identifying high-quality originations, and further enhancing our GAAP and adjusted profitability on a per-share basis” said Raul Vazquez, CEO of Oportun.

“As we continue our longstanding relationship with Oportun, this refinancing illustrates the confidence we have in the Company’s ability to execute its long-term strategy, underpinned by focusing on its core products while identifying high-quality loan originations” said John Lundquist, Partner at Castlelake.

“We’re pleased to remain a capital partner to Oportun alongside Castlelake, and the revised structure provides the Company with the funding and flexibility to responsibly grow the business and service the needs of its customers,” said Peter Sterling, Head of Specialty Finance at Neuberger Berman. “This transaction reflects the confidence we have in the quality of Oportun’s underwriting and the sustainability of its business model.”

In connection with providing the Term Loan, the Lenders will receive warrants, at an exercise price of $0.01 per share, equal to 9.8% of the fully-diluted shares outstanding of the Company, excluding out-of-the-money options, on a pro-forma basis for the warrants, which as of September 30, 2024 was equal to 4,860,706 warrants, and the Lenders are entitled to Board observer rights. Even given the dilutionary impact from the newly issued warrants, the Company believes it will be able to drive increased profitability on a per share basis through focus on its core products, improving credit performance and maintaining cost discipline.

The new Term Loan provides a lower interest rate than the existing senior secured term loan being refinanced and Oportun is committed to paying off at least $40 million of the principal by February 1, 2026, with the flexibility to make additional pre-payments of $10 million at any time without penalty, and an additional $10 million without penalty after the one-year anniversary of closing. Management expects the Term Loan to close during the week of November 11, 2024, following and subject to customary closing conditions, as well as the closing of the credit card portfolio sale transaction, which was previously announced on September 25, 2024.

Preliminary Financial Results – Third Quarter 2024
Based upon management’s current expectations, the Company will report Total Revenue, Annualized Net Charge-Off Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income (Loss), for the third quarter as follows:

Metric	Preliminary	Guidance
	3Q24	3Q24
Total Revenue	$249-251 million	$248 – $252 million
Annualized Net Charge-Off Rate	11.9%	12.3% +/- 15 bps
Net Loss	$(30) – $(32) million	N/A
Adjusted EBITDA ¹	$28 – 31 million	$23 – $26 million
Adjusted Net Income (Loss) ¹	$(2) – $1 million	N/A
¹See About Non-GAAP Financial Measures for more detail.

The Company expects to deliver resilient third quarter top-line performance with Total Revenue in line with its guidance range. The Company’s tightened credit posture contributed to delivering annualized net charge-offs 25 bps better than the edge of its guidance range. On a GAAP basis, the Company expects a net loss of $30 to 32 million driven by non-cash fair value marks, including a $35 million mark-to-market adjustment on its ABS notes due to their weighted average price increasing from 96.0% to 97.8% as benchmark interest rates declined and credit spreads tightened significantly. Given strong Total Revenue, improved credit performance and continued expense discipline, the Company also expects to be near break-even to profitable on an Adjusted Net Income basis. The Company expects Adjusted EBITDA to be $28 to $31 million, which will be $2 to $5 million above the top end of its guidance range.

Furthermore, management is providing the following preliminary set of expectations regarding Oportun’s full year 2025 operating performance:

GAAP EPS between $0.25 and $0.50
Adjusted EPS between $1.00 and $1.25
Annualized net charge-off rate between 11% and 12%

“We are pleased with our expected quarterly results and are looking forward to an even better 2025,” said Jonathan Coblentz, CFO of Oportun. “As these results and our future expectations demonstrate, we continue to make significant progress towards driving sustainable, profitable earnings growth, and shareholder value.”

Concurrent with this press release, Oportun has posted a business update presentation on its investor relations website, investor.oportun.com. The presentation further describes the Term Loan, the Company’s operating strategy, recent performance improvements, and preliminary performance expectations going into 2025.

Evercore acted as financial advisor and Orrick, Herrington & Sutcliffe LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors to the Company on the transaction.

About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit Neuberger Berman’s website at www.nb.com.

Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under 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. All statements other than statements of historical fact contained in this press release, including statements as to future performance and financial position; the Company’s preliminary financial results for the third quarter of 2024; the Company’s full year 2025 outlook; expectations regarding the impact of the Term Loan, including expected timelines; the anticipated closing of the Company’s credit card portfolio sale transaction; our planned products and services; achievement of the Company’s strategic priorities and goals and the plans and objectives of management for our future operations, are forward-looking statements are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Preliminary Information
Numbers are as of September 30, 2024, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process and quarterly review procedures. As a result, the Company’s final results may vary materially from the preliminary results included in this press release. Oportun undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

About Non-GAAP Financial Measures
This press release presents information about the Company’s Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024, the Company has updated its calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations, we also updated Adjusted EPS. Comparable prior period non-GAAP financial measures are included in addition to the previously reported metrics.

Adjusted EBITDA
The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.

The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.

The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

Adjusted Net Income
The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.

The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.

The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

Adjusted EPS
The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income tax expense (benefit)	(10.2) – (9.5)		(16.2	)
Corporate debt interest	12.6		15.0
Depreciation and amortization	13.5		13.9
Workforce optimization expenses	–		0.5
Stock-based compensation expense	3.2		4.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	38.0-38.3		16.5
Adjusted EBITDA	$28.0-31.0	$13.2

Adjusted Net Income (Loss)
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income Tax Expense (benefit)	(10.2) – (9.5)		(16.2	)
Stock-based compensation expense	3.2		4.3
Workforce optimization expense	–		0.5
Impairment	–		1.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	33.3 – 34.7		14.9
Adjusted income before taxes	$ (2.8) – 1.3		(16.1	)
Normalized income tax expense	(0.8) – 0.3		(4.3	)
Adjusted income	$ (2.0) – 1.0	$(11.8		)

Forward-looking Adjusted Net Income and Adjusted EPS
	FY 2025
	Low		High
(dollars in millions)
Net Income	$12.6		$25.1
Adjustments:
Income tax expense (benefit)		4.7		9.3
Stock-based compensation expense		14.4		14.4
Other non-recurring charges		6.4		6.4
Fair value mark-to-market adjustment		30.8		30.8
Adjusted income before taxes	$68.9		$86.0
Normalized income tax expense		18.7		23.2
Adjusted Net Income	$50.2		$62.8
Diluted Weighted Average Shares Outstanding (millions)		50.2		50.2
Diluted EPS	$0.25		$0.50
Adjusted EPS	$1.00		$1.25

Investor Contact

Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact for Oportun
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

Media Contact for Castlelake
Remy Marin / Alex Hinson
Prosek Partners for Castlelake
(212) 279 3115
Rmarin@prosek.com / ahinson@prosek.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Governor Polis Highlights Colorado’s Leading Work to Save Coloradans Money on Energy Bills, Support Out of School Time that Helps Colorado Students Thrive, and Promote Civic Engagement at Front Range Community College

Source: US State of Colorado

ARVADA – Today, Governor Polis highlighted Colorado’s leadership in clean energy, investments in education, and promotion of healthy civic engagement for all Coloradans.

The Governor took part in the Colorado Afterschool Partnership Fall Conference, to discuss Colorado’s work to support out-of-school educators for their work to help Colorado students succeed . In 2023, Governor Polis signed a bipartisan law to make a major state investment in afterschool education opportunities to get every student on track to math proficiency. These investments provide support for math instruction and improvement for students in pre-kindergarten through twelfth grade.

“Investing in our students’ success is an investment in our state’s future. I am grateful to all the educators across the state who work tirelessly to provide the support and instruction for Colorado students to succeed well beyond the classroom. No student should feel left behind, and afterschool programs are critical to ensure students thrive,” said Governor Polis.

The Governor then participated virtually in the Interstate Oil and Gas Compact Commission Conference focused on solutions for low-cost energy. Colorado’s energy sector is a model for the nation, creating jobs and strengthening the economy.

“As Chair of the National Governors Association I work with Governors from across the country and aisle on the issues that matter most to the people we serve, and today I was glad to join my fellow Governors Stitt and Governor Dunleavy to discuss our work on energy, as well as Colorado’s national leadership on technologies that lower energy costs, protect our air quality, and ensure clean drinking water for all Coloradans,” said Governor Polis.

Governor Polis also spoke at the Energy M&A and Financing Forum to promote Colorado’s nation leading work in innovative clean energy solutions, ranking 4th in cleantech employment, 2nd in the nation for electric vehicle sales, and 8th nationally for wind, solar, and storage.

“In Colorado, we are taking a market-driven, sector-by-sector approach to improve air quality and reduce carbon emissions. By doing so, we are delivering real results while creating good-paying jobs and reducing costs for Colorado consumers,” said Governor Polis.

Later today, the Governor will tour Northglenn City Hall, the first net-zero emissions municipal building in Colorado. New clean-energy buildings like this one are helping the state reach the goal of reducing greenhouse gas emissions 50% by 2030. The State is proud to support the installation of nine public charging ports through the Charge Ahead Colorado grant program and eight charging ports for fleet vehicles through the Fleet-ZERO grant program at the Northglenn City Hall.

“Colorado is leading the way in bringing more jobs, cleaner energy, and saving Coloradans money on energy bills. The Northglenn City Hall, the first net-zero municipal building in Colorado, is a reflection of how far Colorado has come in creating clean energy infrastructure that will help power a bright future for our state,” said Governor Polis.

The Governor will take part in a discussion at Front Range Community College about the importance of civic engagement in Colorado at the News & Democracy Discussion Panel. The event invites leaders from across Colorado to partake in a panel discussion on the importance of free and fair elections.

“Each of us has a role to play in building and sustaining a strong, healthy democracy. That’s what civic engagement is all about and thank you to Front Page for being an important part of the media ecosystem here in Colorado, and continuing to promote a Colorado for all,” said Governor Polis.

###

MIL OSI USA News –

January 25, 2025

MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to October 28, 2024

Source: GlobeNewswire (MIL-OSI)

Wilmington, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2024 to November 28, 2024, on October 28, 2024, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $60,000 (the “Monthly Extension Payment”).

Pursuant to the Company’s third amended & restated memorandum and articles of association (“Current Charter”), effectively April 23, 2024, the Company may extend on a monthly basis from April 28, 2024 until January 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the seventh of nine monthly extensions sought under the Current Charter of the Company.

About Aimfinity Investment Corp. I

Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).

Additional Information and Where to Find It

As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such 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 such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Participants in the Solicitation

AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

Contact Information:

Aimfinity Investment Corp. I
I-Fa Chang
Chief Executive Officer
ceo@aimfinityspac.com
(425) 365-2933
221 W 9th St, PMB 235
Wilmington, Delaware 19801

The MIL Network –

January 25, 2025

MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Unsecured Convertible Debentures

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of unsecured convertible debentures (the “Debentures”) in the principal amount of $300,000.

The $300,000 principal amount of Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.0% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

The whole, or any part, of the principal amount of the Debentures is convertible into common shares of the Company’s wholly owned subsidiary, Oxygen Working Capital Corp. (“OWC”), held by the Company at the option of the holder thereof, at any time prior to 5:00 p.m. (Toronto time) on the Maturity Date, at a conversion price of CAD$0.50 per share. Upon conversion of the Debentures the holders of Debentures will receive cash payment of any interest which accrues from the most recent interest payment date to the date of conversion.

The proceeds from the Offering may be advanced by the Company to OWC in order to further grow OWC’s loan book and for OWC’s working capital and general corporate purposes.

About Oxygen Working Capital Corp.

OWC, founded in 2017, is a specialized Canadian based lender focused on the commercial factoring business with clients across Canada, and with prospects for expanded reach and continued growth across broader North America. OWC provides entrepreneurs with short term financing solutions via immediate upfront capital by factoring their invoices and receivables, allowing businesses to meet their immediate working capital needs. Acquired in 2024, OWC is a wholly owned subsidiary of Hampton.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments. In addition to OWC, through its Investment Dealer subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO (Formally IIROC) and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad. The Company is also exploring opportunities to diversify its sources of revenue by way of strategic investments and acquisitions in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –

January 25, 2025

MIL-OSI China: Xi encourages more China-Finland cooperation in emerging industries

Source: People’s Republic of China – State Council News

Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]

BEIJING, Oct. 29 — China welcomes Finland to actively participate in the Chinese modernization process and expand cooperation in emerging industries, Chinese President Xi Jinping said on Tuesday.

Xi made the remarks as he held talks with visiting Finnish President Alexander Stubb in Beijing.

He called on both sides to expand cooperation in green transformation, information technology, digital economy, artificial intelligence and new energy, and build a new pattern of mutually beneficial cooperation in the new era.

Xi noted that Finland was one of the first Western countries to establish diplomatic ties with the People’s Republic of China and the first Western country to sign an intergovernmental trade agreement with China.

“As the world is undergoing accelerated changes unseen in a century and the risks and challenges facing humanity are increasing, the future-oriented new-type cooperative partnership between China and Finland holds exceptional value and should be cherished and advanced,” Xi said.

China-Finland practical cooperation got off to an early start, has yielded fruitful results and demonstrated great potential, he said.

China is willing to further expand people-to-people exchanges with Finland, and has decided to apply the unilateral visa-free policy to Finland, he added, noting that China welcomes more Finnish friends to visit for business, tourism and study.

Xi said both China and Finland love peace and advocate multilateralism and free trade, adding that China is willing to strengthen communication and cooperation with Finland on climate change, biodiversity conservation, global sustainable development, artificial intelligence governance and other issues.

Noting that next year marks the 50th anniversary of the establishment of diplomatic ties between China and the European Union (EU), Xi called on Finland to continue to play an active role in promoting the sound and stable development of China-EU ties.

Stubb said he is very pleased to visit China shortly after taking office and meet with Xi again after 14 years.

He noted that the global landscape has changed profoundly since their last meeting and China has made remarkable accomplishments.

Finland abides by the one-China policy and is willing to have a good celebration with China of their 75th anniversary of diplomatic relations next year, Stubb said.

He added that Finland will work with China to deepen practical cooperation in areas like economy and trade, green energy, and sustainable development.

Finland appreciates the major initiatives and concepts proposed by China to address global challenges, and will advance multilateral exchanges and coordination with China, Stubb said.

The economies of the EU and China are closely interconnected, and “decoupling” or a “new Cold War” is not in the interest of any party, Stubb said, noting that Finland is willing to play an active role in promoting the sound development of EU-China relations.

The two leaders had an in-depth exchange of views on the Ukraine crisis and the conflict between Palestine and Israel. Xi expressed China’s readiness to work with all concerned parties, including Finland, to continue playing a positive role in promoting a peaceful settlement of the crises.

After the talks, the two heads of state witnessed the signing of multiple documents on bilateral cooperation in such areas as education, water resources, environmental protection, circular economy and agricultural and food products.

The two sides issued the Joint Action Plan between China and Finland on Promoting the Future-oriented New-type Cooperative Partnership 2025-2029.

Chinese President Xi Jinping holds a welcoming ceremony for Finnish President Alexander Stubb, who is on a state visit to China, in the Northern Hall of the Great Hall of the People prior to their talks in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. [Photo/Xinhua]

Chinese President Xi Jinping and his wife Peng Liyuan pose for a group photo with Finnish President Alexander Stubb and his wife Suzanne Innes-Stubb prior to the talks between Xi and Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb, who is on a state visit to China, in Beijing on Tuesday. [Photo/Xinhua]

Chinese President Xi Jinping shakes hands with Finnish President Alexander Stubb, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. Xi held talks with Stubb in Beijing on Tuesday. After the talks, the two heads of state witnessed the signing of multiple documents on bilateral cooperation. [Photo/Xinhua]

Chinese President Xi Jinping holds talks with Finnish President Alexander Stubb, who is on a state visit to China, at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025

MIL-OSI China: Chinese premier meets Finnish president

Source: People’s Republic of China – State Council News

Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

BEIJING, Oct. 29 — Chinese Premier Li Qiang met with Finnish President Alexander Stubb on Tuesday in Beijing.

Li said that since China and Finland established the future-oriented new-type cooperative partnership, bilateral relations have maintained a sound momentum of development and mutually beneficial cooperation in various fields has been continuously promoted, benefiting the people of both countries.

China is willing to work with Finland to implement the important consensus reached by the two heads of state, maintain close high-level exchanges, continue to carry forward the traditional friendship, consolidate and enhance political mutual trust, and push bilateral relations and cooperation to a new high, Li said.

Economic globalization is facing headwinds at present but openness and cooperation remain the general trend, Li noted. China is willing to work with Finland to stick to opening up and cooperation, expand trade, strengthen cooperation in key areas such as circular economy, information and communication, smart energy and agricultural and food products, give full play to economic complementarity, and promote mutual benefit and win-win results at a higher level.

China will continue to foster a world-class, market-oriented business environment governed by a sound legal framework and welcomes Finnish companies to deepen their presence in the Chinese market, Li said.

It is hoped that Finland will provide a fair, transparent and non-discriminatory business environment for Chinese enterprises and play a positive role in promoting the healthy development of China-Europe economic and trade relations, he added.

Li said that China is ready to work with Finland to further facilitate personnel exchanges and expand exchanges and cooperation in the fields of culture, education and sports to consolidate popular support for the friendly cooperation between the two countries.

Stubb said Finland attaches importance to developing relations with China and is a reliable cooperative partner of China.

Finland looks forward to strengthening exchanges with China at all levels, deepening mutually beneficial cooperation on economy, trade, agriculture, green energy and sustainable development, and strengthening education and people-to-people exchanges to open a new chapter in bilateral relations, he added.

Finland appreciates China’s important role in international affairs and is willing to strengthen communication and coordination with China in fields like global security and tackling climate change, Stubb noted.

Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025

MIL-OSI Australia: Transcript – Ports Australia conference

Source: Australian Ministers for Infrastructure and Transport

**CHECK AGAINST DELIVERY**

As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.

Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.

We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.

Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.

It is wonderful to see so many public and private leaders from around the world come together.

I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.

Like Australia, your nation relies on shipping. It is wonderful to have you here.

I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.

Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.

This is in fact my second time in Tasmania in the last two weeks.

Last week I was in the north, this week I’m in the south.

On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.

Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.

The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.

It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.

It also speaks to how essential maritime logistics are to our day-to-day lives.

At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.

It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary.

That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet.

Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.

Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.

I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce.

As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.

They are vital to sustaining our island nation.

The most recent report from Ports Australia shows exactly this.

Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities.

This works out to a staggering one in every 20 jobs across the nation.

Container transport has seen a huge increase.

As have vehicle imports.

The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.

You take our goods to the world, and you bring the world to us.

Of course, these numbers, while good news, bring pressures of their own.

This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain.

That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy.

In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.

Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.

The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.

We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.

But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change.

The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050.

Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one.

Right now, transport contributes 21 percent of Australia’s direct emissions.

Adding to that challenge, transport is one of the hardest sectors to abate.

So, our work here is vital.

That is why we released the Transport Net Zero Roadmap for consultation earlier this year.

While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.

As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.

Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term.

This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.

The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs:

We have rich renewable energy resources;
We use advanced farming practices that embody low carbon emissions;
We are able to achieve economies of scale;
We have significant refining and port infrastructure;
And we have the ability to both enable and encourage domestic fuel consumption, as well as support export capability.

As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.

The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.

And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.

This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.

And we will continue to work with industry on further steps as needed.

By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that.

To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.

The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.

The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector.

This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.

The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.

To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels.

Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.

The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea.

I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.

I am proud to say that our plan to establish a Strategic Fleet is underway.

This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.

Tenders to participate in the Strategic Fleet Pilot will close on 29 November.

Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot.

This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels.

This will strengthen our sovereign maritime capabilities while supporting our maritime workforce.

The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come.

I strongly encourage all interested parties to take part in this process and to consider what role they can play.

The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program.

These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.

The Albanese Government is seeking to have pilot vessels on the water as soon as possible.

While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage.

The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly.

Public consultation has commenced and I encourage you all to make your voices heard.

As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.

The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.

Thank you for having me, and all the best with the rest of your conference.

ENDS

MIL OSI News –

January 25, 2025

MIL-OSI USA: Baldwin Delivers Nearly $450,000 to Lower Prices at the Pump in Northwest Wisconsin

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WEBSTER, WI – Today, U.S. Senator Tammy Baldwin (D-WI) announced that Wisconsin will receive more than $445,000 to lower prices at the pump and give Wisconsinites cleaner fuel options. The funding comes from the U.S. Department of Agriculture’s Higher Blends Infrastructure Incentive Program, funded by the Baldwin-backed Inflation Reduction Act.
“Homegrown biofuels reduce our dependence on foreign oil, lower prices at the pump, and support Wisconsin farmers,” said Senator Baldwin. “I was proud to vote to provide this funding to keep our Made in Wisconsin economy moving forward, cut costs for families, and support our small towns and rural communities like Webster.”
Connor’s Service Station in Webster, Wisconsin will use the funding to install two E15 fuel dispensers, two B20 dispensers, one ethanol storage tank, and one biodiesel storage tank. The project is expected to increase the amount of biofuel sold by nearly 224,000 gallons per year.
Senator Baldwin has long championed increasing the use of biofuels to reduce prices at the pump and support Wisconsin’s farmers, producers, and rural communities. Last year, Senator Baldwin successfully pushed the Biden administration to allow E15 fuel to be sold during the summer months.

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: Trade Minister travels to Doha for GCC trade discussions

Source: New Zealand Government

Trade Minister Todd McClay will hold trade discussions with Gulf Cooperation Council (GCC) trade ministers in Doha this week.

Minister McClay will meet with all six GCC Trade Ministers, as well as the GCC Secretary General.

“This will be my seventh visit to the region this year including two Ministerial meetings with Saudi Arabi following reengagement at the WTO Ministerial Meeting in Abu Dhabi in February of this year,” Mr McClay says.

“New Zealand’s goods and services exports to the Gulf region totalled $2.6 billion in the year to June 2024.

“The GCC is an important economic partner for New Zealand and an important part of meeting our ambitious target of doubling exports by value in ten years.

“Growing New Zealand’s trade relationships is part of our plan to grow the economy, lift incomes for kiwis, and create jobs.”

MIL OSI New Zealand News –

January 25, 2025

Category: Economy

$82M Goes to WA Ports for Clean Infrastructure Investments to Increase Capacity, Bolster Competitiveness, & Create New Jobs

$63.8M to Port of Anacortes & $9.4M to Port of Port Angeles, plus planning grants for Anacortes, Seattle, Bellingham, Seaport Alliance from EPA’s new Clean Ports Program

Source: Buy NZ Made