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Category: Economy

  • MIL-OSI Global: The US is now at risk of losing to China in the race to send people back to the Moon’s surface

    Source: The Conversation – UK – By Jacco van Loon, Reader in Astrophysics, Keele University

    Who will be first to return humans to the lunar surface? Merlin74 / Shutterstock

    Will the next human to walk on the Moon speak English or Mandarin? In all, 12 Americans landed on the lunar surface between 1969 and 1972. Now, both the US and China are preparing to send humans back there this decade.

    However, the US lunar programme is delayed, in part because the spacesuits and lunar-landing vehicle are not ready. Meanwhile, China has pledged to put astronauts on the Moon by 2030 – and it has a habit of sticking to timelines.

    Just a few years ago, such a scenario would have seemed unlikely. But there now appears to be a realistic possibility that China could beat the US in a race that America, arguably, has defined. So who will return there first, and does it really matter?

    Nasa’s Moon programme is called Artemis. The US has involved international and commercial partners to spread the cost. Nasa set out a plan to get American boots back on lunar soil over the course of three missions. In November 2022, Nasa launched its Orion spacecraft on a loop around the Moon without humans aboard. This was the Artemis I mission.

    Artemis II, scheduled for late 2025, is similar to Artemis I, but this time Orion will carry four astronauts. They will not land; this will be left for Artemis III. For this third mission, Nasa will send a man and the first woman to the lunar surface. Though as yet unnamed, one of them will be the first person of colour on the Moon.

    Artemis III astronauts are set to use SpaceX’s Starship vehicle to land on the Moon.
    Nasa

    Artemis III was scheduled to launch this year, but the timescale has slipped several times. A review in December 2023 gave a one in three chance that Artemis III would not have launched by February 2028. The mission is currently slated to happen no earlier than September 2026.

    Meanwhile, China’s space programme seems to be moving at speed, without significant failures or delays. In April 2024, Chinese space officials announced that the country was on track to put its astronauts on the Moon by 2030.

    It’s an extraordinary trajectory for a country that launched its first astronaut in 2003. China has been operating space stations since 2011 and has been ticking off important, challenging firsts through its Chang’e lunar exploration programme.



    Read more:
    Nations realise they need to take risks or lose the race to the Moon

    These robotic missions returned samples from the surface, including from the lunar far side. They have tested technology that could be crucial for landing humans. The next mission will touch down at the lunar south pole, a region that attracts intense interest because of the presence of water ice in shadowed craters there.

    This water could be used for life support by a lunar base and turned into rocket propellant. Making rocket propellant on the Moon would be cheaper than bringing it from Earth, making lunar exploration more affordable. It is for these reasons that Artemis III will land at the south pole. It’s also the planned location for US and Chinese-led bases.

    On September 28 2024, China showed off a spacesuit, to be worn by its Moon walkers, or “selenauts”. The suit is designed to protect the wearer against extreme temperature variations and unfiltered solar radiation. It is lightweight and flexible. Is it a sign of China already overtaking the US in one aspect of the Moon race? The company manufacturing the Artemis Moon suit, Axiom Space, is currently having to modify several aspects of the reference design given to them by Nasa.

    The lander that will carry US astronauts from lunar orbit to the surface is also delayed. In 2021, Elon Musk’s SpaceX was given the contract to build this vehicle. It is based on SpaceX’s Starship, which consists of a 50m-long spacecraft that launches on the most powerful rocket ever built.

    On October 13 2024, Starship scored a successful fifth test flight. But several challenging steps are required before the Starship Human Landing System can carry astronauts down to the lunar surface. Starship cannot fly directly to the Moon. It must refuel in Earth orbit first (using other Starships that act as propellant “tankers”). SpaceX needs to demonstrate refuelling and conduct a test landing on the Moon without crew before Artemis III can proceed.

    In addition, during Artemis I, Orion’s heat shield suffered considerable damage as the spacecraft made the high-temperature return through Earth’s atmosphere. Nasa engineers have been working to find a remedy before the Artemis II mission.

    Too complicated?

    Some critics argue that Artemis is too complex, referring to the intricate way in which astronauts and Moon lander are brought together in lunar orbit, the large number of independently operating commercial partners and the number of Starship launches required. Depending who you ask, between four and 15 Starship flights are needed to complete the refuelling for Artemis III.

    Former Nasa administrator Michael Griffin has advocated a simpler strategy, broadly along the lines of how China expects to accomplish its lunar landing. His vision sees Nasa relying on traditional commercial partners such as Boeing, rather than relative “newbies” such as SpaceX.

    However, simple is not necessarily better or cheaper. The Apollo programme was simpler, but at almost three times the cost of Artemis. SpaceX has been more successful, and economical, than Boeing in sending crews to the International Space Station.

    The Artemis I mission was broadly successful, but Orion’s heat shield suffered damage.
    Nasa

    New technology is not developed through simple, tried approaches but in bold endeavours that push boundaries. The James Webb Space Telescope is highly complex, with its folded mirror and distant position in space, but it allows astronomers to peer into the depths of the universe as no other telescope can. Innovation is especially crucial bearing in mind future ambitions such as asteroid mining and a settlement on Mars.

    Does it matter whether the first 21st-century selenauts are Chinese or American? This is largely a question about the relationship between governments and their citizens, and between nations.

    Democratic governments depend on public support to safeguard funding for expensive, long-term ventures – and prestige is an important selling point. But prestige in a 21st-century Moon race will be earned by doing it well, not sooner. Rushing back to the Moon could be costly, both financially and in the risk to human life.

    Governments must set an example of responsible behaviour. Peace, inclusivity and sustainability should be guiding principles. Going back to the Moon must not be about dominion or superiority. It should be a chance to show that we can improve on how we have previously behaved on Earth.

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

    – ref. The US is now at risk of losing to China in the race to send people back to the Moon’s surface – https://theconversation.com/the-us-is-now-at-risk-of-losing-to-china-in-the-race-to-send-people-back-to-the-moons-surface-241716

    MIL OSI – Global Reports –

    January 25, 2025

  • MIL-OSI: Project Rise Partners Issues Open Letter to Paramount Shareholders

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) —

    Dear Paramount Shareholders,

    We are Project Rise Partners, a special-purpose vehicle comprised of Malka Investment Trust and Rise Beyond LLC. We are a group of investors with backgrounds in entertainment, media, finance, technology, real estate, and hospitality who are committed to Paramount Global’s future success and have formally offered Paramount $13.5 billion cash, which includes up to $5 billion debt restructuring, which we believe is far better for Paramount and its shareholders than their current agreement with Skydance Media.

    We’ve included a summary in the below table which demonstrates why our offer is significantly more favorable and fair to the shareholders when compared to the current Skydance agreement. This superior offer we have already presented is both well-financed and more beneficial to the shareholders because we recognize they are the ones who have built and sustained Paramount. Our offer rewards all stakeholders and ensures that your many different types of investments in the company are not just acknowledged but rewarded.

    Our view is straightforward: shareholders deserve a deal that reflects Paramount’s true value, as well as fairness and transparency in the process. Our offer is backed by a robust set of investors with a specific emphasis on investing into Paramount’s growth, while also providing shareholders a premium over recent market prices. We are confident that our offer not only surpasses other proposals, including the one from Skydance, but it also aligns with the long-term interests of Paramount, its employees, and you, its shareholders.

    Most importantly, we want to reiterate that we are dedicated to treating all shareholders fairly. Our proposal ensures that every investor receives favorable terms in a straightforward way. We believe that this approach honors the trust you have placed in Paramount and provides a path forward that delivers significant value to every shareholder.

    We look forward to engaging with you further and sharing the detailed financial terms of our offer. Thank you for your consideration, and we are confident that, together, we can shape a prosperous future for Paramount Global.

    Sincerely,
    Project Rise Partners
    C/O Malka Investment Trust

    Item Skydance Offer PRP Offer Delta
    Total Cash Consideration $7.2B $13.5B +17%
    Class A offer price $23 $24 +4.3%
    Class B offer price $15 $16 +6.7%
    Balance sheet infusion $1.5B $2B (incl. in total cash) +33%
    Warrants dilution 200M warrants None  
    Debt Restructuring package None Up to $5B (incl. in total cash)  
    Skydance share dilution +317M shares None  
    Overall dilution +615M New shares None  
    Dilution impact to existing Class B 50+% dilution None  
     

    Media Contact:
    media@malkatrust.com

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Credit Agricole Nord de France – Resultats Financiers au 30 Septembre 2024

    Source: GlobeNewswire (MIL-OSI)

    Lille, le 25 octobre 2024

    Résultats financiers au 30 Septembre 2024
     du Crédit Agricole Mutuel Nord de France

      Septembre 2024 Septembre 2023 Variation

                                             

    Activité :      
    Encours de collecte globale 38 188 M€  37 110 M€ 2,90%
    Encours de crédit 28 749 M€  28 862 M€ -0,39%
           
    Résultats sociaux* :      
    Produit Net Bancaire 494,2 M€  455,6 M€ 8,47%
    Résultat Brut d’Exploitation  206,9 M€ 158,7 M€ 30,38%
    Résultat Net  126,7 M€  114,7 M€ 10,45%
           
    Résultats consolidés IFRS :      
    Produit Net Bancaire 545,8 M€  495,8 M€ 10,08%
    Résultat Brut d’Exploitation  226,8 M€  162,4 M€ 39,66%
    Résultat Net Part du Groupe 157,7 M€  129,1 M€ 22,18%
                     
    Structure financière :      
    Bilan consolidé 38 221 M€  38 273 M€** -0,14%
    Ratio CET1 Bâle 3 28,37%*** 29,05% -0,68 pts
    Ratio de liquidité LCR 1 mois**** 120,97% 156,99%  -36,02 pts
    Ratio Crédit Collecte (yc Greenlease) 124,08% 125,69% -1,61 pts

    Le Conseil d’Administration a arrêté, lors de sa séance du 25 Octobre 2024, les Comptes sociaux et consolidés du Crédit Agricole Nord de France au 30 Septembre 2024.

    • Activité commerciale

    Depuis le 1er janvier plus de 42 380 clients ont rejoint la Caisse régionale, portant le total de clients à 1,15 million. La Caisse régionale devait franchir le seuil symbolique de 1 Million de Clients particuliers à la fin de l’année 2024.

    L’activité crédits progresse de 24,9 % par rapport au troisième trimestre 2023, pour s’établir à 2,7 Mrds€ de réalisations mais les encours de crédits s’affichent en léger recul de 0,4 % à 28,7 Mrds€. Les crédits aux entreprises se maintiennent à un niveau élevé et les réalisations de crédit habitat progressent de 19,1% par rapport au T3 2023, sans pour autant revenir à la dynamique des années antérieures.

    L’encours d’épargne progresse de 2,9 % sur 12 mois, pour s’établir à 38,2 Mrds€. Cette épargne est portée par les dépôts à terme qui s’élèvent désormais à 4,3 Mrds€ (soit 11,2% du total de la collecte). L’encours des dépôts à vue baisse de 8,4% sur un an et l’épargne de nos clients est orientée vers des supports mieux rémunérés. Cette déformation du profil de la collecte impacte la marge d’intermédiation mais la dynamique de notre activité en atténue les effets.

    L’activité assurances s’intensifie, avec un nombre de contrats d’assurance de biens et de personnes qui progresse de 34 500 contrats, soit une hausse de 4,6%. La Caisse régionale devrait franchir le seuil symbolique de 100.000 contrats vendus en 2024.

    • Résultat social

    Le Produit Net Bancaire de la Caisse régionale, à 494,2 M€, est en hausse de 8,5%. Cette évolution est le reflet d’une activité commerciale soutenue, d’une marge d’intermédiation qui montre une inflexion à la hausse et d’une bonne performance des filiales et participations.

    Les charges générales d’exploitation affichent une baisse de -3,2%. La hausse des salaires est compensée partiellement par les efforts d’optimisation et de rationalisation de nos charges et par l’absence de dotation au Fonds de Résolution Unique.

    En 2024, la Caisse régionale est impactée par une hausse significative du coût du risque, qui s’établit à -49,4 M€ en septembre. Elle s’explique notamment par une montée du risque de contrepartie sur le segment des entreprises et des professionnels. Ce coût du risque ne s’améliorera pas sur la fin de l’année 2024 et est le reflet d’une dégradation de la situation économique.

    Le résultat net social intègre une dotation du FRBG (Fonds pour Risques Bancaires Généraux) de 20 M€.

    Après prise en compte des autres incidences sur le résultat, le résultat net social (y compris résultat des titrisations) s’établit à 126,7 M€, en hausse sur un an de 10,5%.

    • Résultat consolidé

    Le résultat net consolidé du Groupe Crédit Agricole Nord de France s’élève à 157,7 M€, en hausse de 22,2% sur un an, en lien principalement avec l’évolution du résultat brut d’exploitation de la Caisse régionale.

    La contribution des Pôles métiers au résultat net consolidé s’établit comme suit : 

    • Pôle Bancassurance : 144,1 M€ contre 120,4 M€ au 30 Septembre 2023,
    • Pôle Capital Investissement : 8,4 M€ contre 8,2 M€ au 30 Septembre 2023,
    • Pôle Presse : 0,4 M€ contre 0,1 M€ au 30 Septembre 2023,
    • Pôle Foncière : 3,7 M€ contre 2,4 M€ au 30 Septembre 2023,
    • Pôle Immobilier : 1,6 M€ contre – 1,2 M€ au 30 Septembre 2023,
    • Pôle Innovation : – 0,4 M€ contre – 0,8 M€ au 30 Septembre 2023.
    • CCI Nord de France

    Le certificat coopératif d’investissement a clôturé à 12,19 € au 30 septembre 2024, en baisse de 4,5 % depuis le 31 décembre 2023.

    • Perspectives

    Depuis l’été 2024, l’environnement des taux est plus favorable à l’investissement mais la dégradation de l’environnement économique peut impacter la dynamique crédits sur les prochains mois. La remontée du rendement de nos encours crédits devrait se poursuivre et le coût de la collecte et du refinancement se stabiliser après avoir été fortement impacté par la transformation de la collecte. Ces effets favorables sur la marge d’intermédiation devraient s’accentuer progressivement. La dégradation du coût du risque reste un élément de prudence et la Caisse régionale poursuit ses efforts pour maintenir un niveau de couverture élevé dans un contexte économique incertain.

    *            *            *

    Attachment

    • Communique-financier-Resultats-au-30-septembre-2024

    The MIL Network –

    January 25, 2025

  • MIL-OSI Economics: IMF’s Sub-Saharan Africa Regional Economic Outlook: Reform Amid Great Expectations

    Source: International Monetary Fund

    October 25, 2024

    • Growth in sub-Saharan Africa is projected at 3.6% in 2024, unchanged from 2023, with a modest increase to 4.2% in 2025 — insufficient to significantly reduce poverty or address development challenges.
    • Macroeconomic vulnerabilities persist and inflation remains high in many countries, while elevated public debt and rising debt service costs are crowding-out resources for development spending.
    • Policymakers face a tough balancing act in reducing vulnerabilities while addressing development needs and ensuring socially acceptable reforms amid tight financing constraints.

    Washington, DC: Sub-Saharan Africa’s economic growth is projected to remain subdued at 3.6 percent in 2024, unchanged from 2023, with a modest pickup to 4.2 percent expected in 2025, according to the latest IMF Regional Economic Outlook for Sub-Saharan Africa published today. The report notes that countries in the region are still grappling with macroeconomic imbalances, tight financing conditions, amid rising social pressures, leaving policymakers facing difficult choices in implementing reforms.

    “Sub-Saharan African countries are navigating a complex economic landscape marked by both progress and persistent vulnerabilities,” said Abebe Aemro Selassie, Director of the IMF’s African Department. “While many of the region’s countries are among the world’s fastest-growing economies, resource-intensive countries —particularly oil exporters— continue to struggle with lower growth rates. Inflation is declining but remains in double digits in nearly one-third of countries. Public debt has stabilized at a high level, with rising debt service burdens crowding out resources for development spending.”

    “While we are seeing some improvement in macroeconomic imbalances, growth remains insufficient to significantly reduce poverty or address substantial developmental challenges in the region.”

    The report includes focused notes addressing critical issues facing the region: the urgent need for job creation, the economic divergence between resource-rich and non-resource-rich countries, and the positive effects of striving for greater gender equality.

    Against this backdrop, Mr. Selassie pointed to priorities for policymakers in the region:

    “The policy mix should be consistent with the size of macroeconomic imbalances, while taking into account the political economy constraints that will affect the pace of reforms.

    “Countries with high macroeconomic imbalances are more likely to resort to relatively large and frontloaded fiscal reforms, given the tight financing constraints. The need for financial support from the international community is most acute for this group.

    “For countries with lower imbalances, policymakers should consider easing monetary policy toward a more neutral stance, while rebuilding fiscal and external buffers over time.”

    “Policymakers need to focus on designing reforms that are socially acceptable, including effective communication and consultation strategies and measures to protect the most vulnerable.

    “With continued efforts, sub-Saharan Africa can address its current challenges and move towards more sustainable and inclusive growth,” Mr. Selassie concluded. “However, the path ahead requires careful policy calibration and a strong commitment to implementing necessary reforms while managing social pressures.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    @IMFSpokesperson

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI Economics: OEUK news OEUK: Autumn Statement must support a homegrown energy transition 25 October 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK: Autumn Statement must support a homegrown energy transition

    25 October 2024

    Leading trade body Offshore Energies UK (OEUK) urges the Chancellor to use next week’s Autumn Statement to back the UK’s homegrown offshore energy sector and make the UK an irresistible place for energy investment.

    North Sea oil and gas is a strategic economic asset that has provided a national dividend through energy and economic security for the last 60 years. The North Sea and its expert workforce can continue to power the country for decades to come.

    OEUK analysis published last month highlighted that the proposals to extend the windfall tax on the oil and gas sector will deter the very investment needed across our energy landscape. There is a more prosperous path for government and Industry. While we use oil and gas, we must prioritise investment in our homegrown production, value in our economy, and jobs.

    A letter from 46 supply chain companies to the Government has set out the scale of the challenge they face. The Chancellor is urged to use the Autumn statement to support and nurture the ecosystem of small, medium, and large companies across the UK’s energy mix.

    David Whitehouse, OEUK’s CEO, comments:

    “We recognise that the demands on the Exchequer are challenging. Unlocking economic growth is the solution, and building on industrial strengths is key to our path forward.

    “The North Sea is a strategic national asset and must be treated as such. Our homegrown offshore energy sector has powered the UK for the past 60 years, and the sector’s firms and skilled people are critical to our energy future as drivers of economic growth.

    “We welcome steps to accelerate the deployment of renewable energy, and the recognition that we will use oil and gas for decades to come. Windfall taxes extended on oil and gas producers when no windfall exists deter the very investment that we need across our energy transition. While we use oil and gas, we must surely prioritise investment in our homegrown production, value in our economy, and our jobs.

    “In the past 100 days, it has been good to see the engagement of our new Government with the proud and innovative workers and firms in our offshore energy industry. The Government has heard from people across the sector, and now decisions will be made.

    “On Wednesday, the Autumn Statement will be a marker. We are in a global race for energy investment. Let us choose the path that encourages and attracts it, to build on our national strengths, so the whole of the UK can win.”

    Share this article

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI: Bank of the James Announces Third Quarter, First Nine Months of 2024 Financial Results and Declaration of Dividend

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and nine month periods ended September 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended September 30, 2024 was $1.99 million or $0.44 per basic and diluted share compared with $2.08 million or $0.46 per basic and diluted share for the three months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $6.33 million or $1.39 per share compared with $6.60 million or $1.44 per share for the nine months ended September 30, 2023.

    Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.

    “Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.

    “Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the $1 billion mark in the third quarter. Assets have increased more than $30 million during 2024, primarily reflecting loan portfolio growth, net of fees, of more than $25 million since the beginning of the year.

    “Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by $2.7 million, time deposits have increased, and noninterest-bearing demand deposits have held steady. We continue to focus on building this important source of funding for loans and providing liquidity.

    “Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.

    “The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.

    “During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.

    “Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.

    “Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.

    “We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”

    Third Quarter and First Nine Months of 2024 Highlights

    • Total interest income of $11.56 million in the third quarter of 2024 increased 14% from a year earlier, and increased from $10.94 million in the second quarter of 2024. In the first nine months of 2024, total interest income of $33.01 million rose 15% compared with a year earlier. The growth in the quarter and first nine months primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages.
    • Net interest income after provision for (recovery of) credit losses in the third quarter of 2024 was down marginally compared with the third quarter of 2023. For the first nine months of 2024, net interest income after provision for (recovery of) credit losses was relatively stable compared with the first nine months of 2023. The first nine months of 2024 reflected loan loss recoveries driven by strong asset quality. The third quarter of 2024 reflects a small credit loss provision based primarily on loan growth. Results in both 2024 periods reflected the impact of elevated interest expense.
    • Net interest margin in the third quarter of 2024 was 3.16%, marginally lower than a year earlier but up from second quarter of 2024 net interest margin of 3.02%. Interest spread was 2.81% in the third quarter of 2024. In the first nine months of 2024, net interest margin was 3.07% and interest spread was 2.73%.
    • Total noninterest income for the third quarter of 2024 rose 19% compared with the third quarter of 2023, and in the first nine months of 2024 increased 17% compared with the first nine months of 2023. Growth primarily reflected gains on sale of loans held for sale, strong wealth management fee income contributions from PWW, and fee income generated by commercial treasury services and residential mortgage originations.
    • Loans, net of the allowance for credit losses, increased to $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting overall loan stability and growth in CRE and residential mortgage loans.
    • Measures of asset quality included a ratio of nonperforming loans to total loans of 0.20% at September 30, 2024, minimal levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets increased to $1.01 billion at September 30, 2024 from $969.37 million at December 31, 2023.
    • Total deposits increased to $907.61 million at September 30, 2024 compared with $878.46 million at December 31, 2023.
    • Shareholder value measures at September 30, 2024 reflected consistent growth from December 31, 2023 in total stockholders’ equity and retained earnings. Book value per share of $15.15 has increased significantly from $13.58 at June 30, 2024 and $13.21 at December 31, 2023.
    • On October 15, 2024, the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of November 22, 2024, to be paid on December 6, 2024.

    Third Quarter, First Nine Months of 2024 Operational Review

    Net interest income after provision for credit losses for the third quarter of 2024 was $7.42 million compared to net interest income after recovery of credit losses of $7.53 million a year earlier. In the first nine months of 2024, net interest income after recovery of credit losses was $22.13 million compared with $22.63 million a year earlier. The Company recorded a small provision for credit losses in the third quarter of 2024, primarily due to higher loan levels. The credit loss recovery in the first nine months of 2024 was $584,000 compared with $278,000 in the first nine months of 2023.

    Total interest income increased to $11.56 million in the third quarter of 2024 compared with $10.14 million a year earlier. The first nine months of 2024 total interest income was $33.01 million, up from $28.82 million in the first nine months of 2023. The year-over-year increases primarily reflected upward adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was 4.86% compared with 4.43% a year earlier. The yield on interest-bearing loans, including fees, was 5.65% in the third quarter of 2024 compared with 5.13% a year earlier. The interest rates on certain existing commercial loans continue to reprice upward in accordance with their terms.

    Total interest expense in the third quarter and first nine months of 2024 increased significantly compared with the prior periods of 2023, primarily reflecting higher deposit rates commensurate with the prevailing interest rate environment, and growth of interest-bearing time deposits. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was 3.16% and the interest spread was 2.81% compared with 3.21% and 2.94%, respectively, in the third quarter of 2023.

    J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of 3.16% improved from the 3.02% margin in the second quarter of 2024. We anticipate continuing gradual margin and spread improvement in future quarters.”

    Noninterest income in the third quarter of 2024 rose 19% to $3.82 million compared with $3.20 million in the third quarter of 2023. In the first nine months of 2024, noninterest income was up 17% to $11.32 million from $9.70 million a year earlier.

    Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased 19% compared with a year earlier and gains on sale of loans held for sale rose 34% from a year earlier.

    Noninterest expense in the third quarter of 2024 was $8.78 million, up 8% compared with $8.14 million in the first nine months of 2023. Noninterest expense in the first nine months of 2024 was $25.60 million, up 6% from $24.09 million a year earlier. Noninterest expense in the first nine months of 2024 reflected additional personnel costs related to staffing new locations, and the decision to begin accruing for anticipated year-end performance-based compensation ahead of the fourth quarter.

    Balance Sheet: Strong Cash Position, Asset Quality, Stability

    Total assets grew to $1.01 billion at September 30, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

    Loans, net of allowance for credit losses, were $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and strong, stable residential mortgage, consumer, and construction lending.

    Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $333.77 million compared with $306.86 million at December 31, 2023, reflecting a decreasing rate of loan payoffs and new loans. Of this amount, commercial non-owner occupied was approximately $189.98 million and commercial owner occupied was $143.79 million. The Bank closely monitors concentrations in these segments. We have no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans and residential construction/land loans were $50.00 million at September 30, 2024 compared with $53.64 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects.

    Commercial and industrial loans were $60.34 million at September 30, 2024, reflecting a continuing trend of stability in this loan segment. Commercial and industrial loans were $64.92 million at June 30, 2024 and $65.32 million at December 31, 2023.

    Residential mortgage loans were $114.99 million at September 30, 2024 compared with $112.73 million at June 30, 2024 and $106.99 million at December 31, 2023. Growth of retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $75.09 million at September 30, 2024, essentially unchanged from totals at December 31, 2023.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at September 30, 2024 was 0.20% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.12% at September 30, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.30 million at September 30, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $907.61 million at September 30, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits were $132.22 million compared with $134.28 million at December 31, 2023. Initiatives to attract deposit business and new locations contributed to the approximately $2.8 million growth in NOW, money market, and savings totals since December 31, 2023. Time deposits were $234.42 million at September 30, 2024 compared with $205.96 million at December 31, 2023. At both September 30, 2024 and December 31, 2023, the Bank had no brokered deposits.

    Key measures of shareholder value continued trending positively. Book value per share rose to $15.15 compared with $13.21 at December 31, 2023, reflecting strong financial performance and a smaller unrealized loss in the Company’s available-for-sale investment portfolio. Total stockholders’ equity rose to $68.83 million from $60.04 million at December 31, 2023. Retained earnings at September 30, 2024 were $41.64 million compared with $36.68 million at December 31, 2023.

    Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

    About the Company

    Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

    CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

    FINANCIAL RESULTS FOLLOW

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)

           
      (unaudited)    
    Assets 9/30/2024   12/31/2023
    Cash and due from banks $ 22,692     $ 25,613  
    Federal funds sold   86,515       49,225  
    Total cash and cash equivalents   109,207       74,838  
           
    Securities held-to-maturity, at amortized cost (fair value of $3,328 as of September 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of September 30, 2024 and December 31, 2023   3,610       3,622  
    Securities available-for-sale, at fair value   192,469       216,510  
    Restricted stock, at cost   1,821       1,541  
    Loans held for sale   3,239       1,258  
    Loans, net of allowance for credit losses of $7,078 as of September 30, 2024 and $7,412 as of December 31, 2023   627,112       601,921  
    Premises and equipment, net   19,378       18,141  
    Interest receivable   2,697       2,835  
    Cash value – bank owned life insurance   22,716       21,586  
    Customer relationship intangible   6,865       7,285  
    Goodwill   2,054       2,054  
    Income taxes receivable   –       128  
    Deferred tax asset   7,576       8,206  
    Other assets   9,319       9,446  
    Total assets $ 1,008,063     $ 969,371  
           
    Liabilities and Stockholders’ Equity      
    Deposits      
    Noninterest bearing demand $ 132,223     $ 134,275  
    NOW, money market and savings   540,966       538,229  
    Time   234,421       205,955  
    Total deposits   907,610       878,459  
           
    Capital notes, net   10,046       10,042  
    Other borrowings   9,444       9,890  
    Income taxes payable   212       –  
    Interest payable   758       480  
    Other liabilities   11,159       10,461  
    Total liabilities $ 939,229     $ 909,332  
           
    Stockholders’ equity      
                 
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of September 30, 2024 and December 31, 2023   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (17,782 )     (21,615 )
    Retained earnings   41,640       36,678  
    Total stockholders’ equity $ 68,834     $ 60,039  
           
    Total liabilities and stockholders’ equity $ 1,008,063     $ 969,371  
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Operation
    (dollar amounts in thousands, except per share amounts)

      For the Three Months Ended   For the Nine Months Ended
      September 30,   September 30,
    Interest Income   2024     2023       2024       2023  
    Loans $ 9,004   $ 7,990     $ 25,375     $ 23,251  
    Securities              
    US Government and agency obligations   369     321       1,068       962  
    Mortgage backed securities   442     435       1,974       1,255  
    Municipals – taxable   298     286       872       853  
    Municipals – tax exempt   18     18       55       55  
    Dividends   12     8       59       49  
    Corporates   136     139       407       423  
    Interest bearing deposits   303     134       628       375  
    Federal Funds sold   981     812       2,569       1,601  
    Total interest income   11,563     10,143       33,007       28,824  
                   
    Interest Expense              
    Deposits              
    NOW, money market savings   1,487     894       4,145       1,916  
    Time deposits   2,375     1,683       6,731       3,918  
    FHLB borrowings   –     –       –       31  
    Finance leases   18     22       58       66  
    Other borrowings   92     98       278       297  
    Capital notes   82     82       245       245  
    Total interest expense   4,054     2,779       11,457       6,473  
                   
    Net interest income   7,509     7,364       21,550       22,351  
                   
    Provision for (recovery of) credit losses   92     (164 )     (584 )     (278 )
                   
    Net interest income after recovery of provision for credit losses   7,417     7,528       22,134       22,629  
                   
    Noninterest income              
    Gain on sales of loans held for sale   1,326     989       3,526       3,065  
    Service charges, fees and commissions   991     1,004       2,930       2,942  
    Wealth management fees   1,244     1,050       3,583       3,098  
    Life insurance income   189     139       531       405  
    Gain on sales and calls of securities, net   31     –       669       –  
    Other   42     19       82       179  
                   
    Total noninterest income   3,823     3,201       11,321       9,689  
                   
    Noninterest expenses              
    Salaries and employee benefits   4,920     4,683       14,256       13,296  
    Occupancy   514     458       1,493       1,389  
    Equipment   640     501       1,879       1,813  
    Supplies   131     118       397       399  
    Professional   718     682       2,214       2,075  
    Data processing   764     689       2,263       2,079  
    Marketing   220     204       481       683  
    Credit   190     218       612       623  
    Other real estate   –     3       –       36  
    FDIC insurance   94     126       329       321  
    Amortization of intangibles   140     46       420       420  
    Other   445     412       1,258       957  
    Total noninterest expenses   8,776     8,140       25,602       24,091  
                   
    Income before income taxes   2,464     2,589       7,853       8,227  
                   
    Income tax expense   474     511       1,527       1,631  
                   
    Net Income $ 1,990   $ 2,078     $ 6,326     $ 6,596  
                   
    Weighted average shares outstanding – basic and diluted   4,543,338     4,543,338       4,543,338       4,568,789  
                   
    Earnings per common share – basic and diluted $ 0.44   $ 0.46     $ 1.39     $ 1.44  
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Dollar amounts in thousands, except per share data
    unaudited

    Selected Data: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Interest income $ 11,563   $ 10,143     14.00 % $ 33,007   $ 28,824     14.51 %
    Interest expense   4,054     2,779     45.88 %   11,457     6,473     77.00 %
    Net interest income   7,509     7,364     1.97 %   21,550     22,351     -3.58 %
    Provision for (recovery of) credit losses   92     (164 )   -156.10 %   (584 )   (278 )   110.07 %
    Noninterest income   3,823     3,201     19.43 %   11,321     9,689     16.84 %
    Noninterest expense   8,776     8,140     7.81 %   25,602     24,091     6.27 %
    Income taxes   474     511     -7.24 %   1,527     1,631     -6.38 %
    Net income   1,990     2,078     -4.23 %   6,326     6,596     -4.09 %
    Weighted average shares outstanding – basic   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Weighted average shares outstanding – diluted   4,543,338     4,543,338     –     4,543,338     4,568,789     (25,451 )
    Basic net income
    per share    		 $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Fully diluted net income per share $ 0.44   $ 0.46   $ (0.02 ) $ 1.39   $ 1.44   $ (0.05 )
    Balance Sheet at
    period end:    		 Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Loans, net $ 627,112   $ 601,921     4.19 % $ 599,585   $ 605,366     -0.95 %
    Loans held for sale   3,239     1,258     157.47 %   3,325     2,423     37.23 %
    Total securities   196,079     220,132     -10.93 %   185,603     189,426     -2.02 %
    Total deposits   907,610     878,459     3.32 %   880,203     848,138     3.78 %
    Stockholders’ equity   68,834     60,039     14.65 %   50,129     50,226     -0.19 %
    Total assets   1,008,063     969,371     3.99 %   960,887     928,571     3.48 %
    Shares outstanding   4,543,338     4,543,338     –     4,543,338     4,628,657     (85,319 )
    Book value per share $ 15.15   $ 13.21   $ 1.94   $ 11.03   $ 10.85   $ 0.18  
    Daily averages: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Loans $ 629,860   $ 612,021     2.91 % $ 617,582   $ 618,152     -0.09 %
    Loans held for sale   3,845     4,421     -13.03 %   3,454     3,548     -2.65 %
    Total securities (book value)   220,730     222,969     -1.00 %   237,215     223,391     6.19 %
    Total deposits   902,615     869,655     3.79 %   895,000     862,212     3.80 %
    Stockholders’ equity   61,576     52,564     17.14 %   60,564     51,274     18.12 %
    Interest earning assets   946,518     909,774     4.04 %   937,793     897,364     4.51 %
    Interest bearing liabilities   785,980     740,516     6.14 %   776,672     733,343     5.91 %
    Total assets   995,101     953,546     4.36 %   986,132     945,389     4.31 %
    Financial Ratios: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Return on average assets   0.80 %   0.86 %   (0.06 )   0.86 %   0.93 %   (0.07 )
    Return on average equity   12.86 %   15.68 %   (2.82 )   13.95 %   17.20 %   (3.25 )
    Net interest margin   3.16 %   3.21 %   (0.05 )   3.07 %   3.33 %   (0.26 )
    Efficiency ratio   77.44 %   77.05 %   0.39     77.89 %   75.19 %   2.70  
    Average equity to
    average assets    		   6.19 %   5.51 %   0.68     6.14 %   5.42 %   0.72  
    Allowance for credit losses: Three
    months
    ending
    Sep 30,
    2024    		 Three
    months
    ending
    Sep 30,
    2023    		 Change Year
    to
    date
    Sep 30,
    2024    		 Year
    to
    date
    Sep 30,
    2023    		 Change
    Beginning balance $ 6,951   $ 7,586     -8.37 % $ 7,412   $ 6,259     18.42 %
    Retained earnings adjustment related to impact of adoption of ASU 2016-13   –     –     N/A     –     1,245     -100.00 %
    Provision for (recovery of) credit losses*   106     (130 )   -181.54 %   (494 )   (188 )   162.77 %
    Charge-offs   –     (144 )   -100.00 %   (84 )   (196 )   -57.14 %
    Recoveries   21     8     162.50 %   244     200     22.00 %
    Ending balance   7,078     7,320     -3.31 %   7,078     7,320     -3.31 %

    * does not include provision for or recovery of unfunded loan commitment liability

    Nonperforming assets: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Total nonperforming loans $ 1,295   $ 391     231.20 % $ 585   $ 633     -7.58 %
    Other real estate owned   –     –     N/A     –     566     -100.00 %
    Total nonperforming assets   1,295     391     231.20 %   585     1,199     -51.21 %
    Asset quality ratios: Sep 30,
    2024    		 Dec 31,
    2023    		 Change Sep 30,
    2023    		 Dec 31,
    2022    		 Change
    Nonperforming loans to total loans   0.20 %   0.06 %   0.14     0.10 %   0.10 %   (0.01 )
    Allowance for credit losses for loans to total loans   1.12 %   1.22 %   (0.10 )   1.21 %   1.02 %   0.18  
    Allowance for credit losses for loans to nonperforming loans   546.56 %   1894.56 %   1,348.00     1251.28 %   989.42 %   261.86  

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Federal Home Loan Bank of Des Moines Announces Third Quarter 2024 Financial Results, Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    DES MOINES, Iowa, Oct. 25, 2024 (GLOBE NEWSWIRE) —  

    Third Quarter 2024 Highlights

    • Net income of $204 million
    • Voluntary community and housing contributions of $40 million
    • Affordable Housing Program (AHP) assessments of $23 million
    • Advances totaled $98.9 billion
    • Mortgage loans held for portfolio, net totaled $11.4 billion
    • Letters of credit totaled $18.2 billion
    • Retained earnings totaled $3.4 billion

    Dividend

    The Board of Directors approved a third quarter 2024 dividend to be paid at an annualized rate of 9.50 percent on average activity-based stock, and 6.00 percent on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $137 million on November 13, 2024.

    Affordable Housing and Community Impact

    The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10 percent of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During the third quarter of 2024, the Bank accrued AHP assessments of $23 million and disbursed $13 million of AHP funds through this program. The Bank recorded an additional $4 million voluntary AHP contribution during the third quarter of 2024.

    In addition to its AHP, the Bank offers its members other voluntary programs to further its housing mission and provide more support for affordable housing initiatives. During the third quarter of 2024, the Bank authorized an additional $4 million through Mortgage Rate Relief (MRR), which will provide a total of approximately $29 million in subsidy to those seeking affordable homeownership. MRR is designed to make homeownership attainable for borrowers at or below 80 percent of the area median income, by providing them an interest rate that is approximately two percentage points lower than the current market rate. During the third quarter of 2024, the Bank funded $210 million of loans under this program and recorded $20 million in subsidy expense. During the third quarter of 2024, the Bank launched a new program, the Habitat for Humanity® Advance Rate Discount. This program provides up to $100 million in zero percent advances to members that originate or purchase mortgage loans from a Habitat for Humanity® affiliate. During the third quarter of 2024, the Bank originated $70 million of zero percent advances and recorded $16 million in subsidy expense.

    Financial Results Discussion

    Net Income – For the three and nine months ended September 30, 2024, the Bank recorded net income of $204 million and $708 million compared to $265 million and $706 million for the same periods in 2023.

    Net Interest Income – For the three and nine months ended September 30, 2024, the Bank recorded net interest income of $327 million and $995 million, a decrease of $13 million and an increase of $36 million when compared to the same periods in 2023. The decline during the three months ended September 30, 2024 was primarily due to lower average advance balances, which also reduced earnings on invested capital. The decline was offset in part by improved asset-liability spreads on our investments, driven by higher-yielding mortgage-backed security (MBS) purchases.

    Net interest income during the nine months ended September 30, 2024 increased primarily due to higher asset-liability spread resulting largely from higher-yielding MBS purchases and increased longer-term advances, as well as higher short-term interest rates, which improved earnings on invested capital. The increase was partially offset by lower average advance balances.

    Other Income (Loss) – For the three and nine months ended September 30, 2024, the Bank recorded other losses of $14 million and $19 million, a decline of $17 million and an improvement of $10 million when compared to the same periods in 2023. The decline in other (income) loss during the three months ended September 30, 2024 was primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During the nine months ended September 30, 2024, the improvement in other (income) loss was driven by net gains recorded on litigation settlements and increased fees on standby letters of credit. The increase was offset in part by the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives.

    Other Expense – For the three and nine months ended September 30, 2024, the Bank recorded other expense of $86 million and $191 million, an increase of $38 million and $47 million when compared to the same periods in 2023. The increase during the three and nine months ended September 30, 2024 was primarily driven by an increase in voluntary community and housing contributions of $35 million and $32 million when compared to the same periods in 2023. Additionally, the increase during the nine months ended September 30, 2024 was driven by higher contract labor and consultant costs.

    Assets – The Bank’s total assets decreased to $162.0 billion at September 30, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $23.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.

    Capital – Total capital decreased to $9.3 billion at September 30, 2024 from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.

    Federal Home Loan Bank of Des Moines
    Financial Highlights
    (preliminary and unaudited)
    Dollars in millions
    Selected Balance Sheet Items September 30,
    2024    		   December 31,
    2023
    Advances $ 98,923     $ 122,530  
    Investments   49,649       49,828  
    Mortgage loans held for portfolio, net   11,398       9,967  
    Total assets   161,979       184,406  
    Consolidated obligations   150,532       171,498  
    Capital stock – Class B putable   5,892       6,873  
    Retained earnings   3,422       3,138  
    Total capital   9,284       9,831  
    Total regulatory capital1   9,323       10,023  
    Regulatory capital ratio   5.76 %     5.44 %
    1 Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets.

            

      For the Three Months Ended   For the Nine Months Ended
      September 30,   September 30,
    Operating Results   2024       2023       2024       2023  
    Net interest income $ 327     $ 340     $     995     $    959  
    Provision (reversal) for credit losses on mortgage loans   —       —       (2 )     1  
    Other income (loss)   (14 )     3       (19 )     (29 )
    Other expense   86       48       191       144  
    Affordable Housing Program assessments   23       30       79       79  
    Net income $ 204     $ 265     $ 708     $ 706  
    Performance Ratios              
    Net interest spread   0.48 %     0.42 %     0.45 %     0.42 %
    Net interest margin   0.77       0.74       0.75       0.71  
    Return on average equity (annualized)   8.40       11.31       9.77       10.28  
    Return on average assets (annualized)   0.47       0.56       0.52               0.51  

    The financial results reported in this earnings release for the third quarter of 2024 are preliminary until the Bank announces unaudited financial results in its Third Quarter 2024 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

    The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by over 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

    Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact: Julie DeVader          
    515.412.2172
    jdevader@fhlbdm.com

    The MIL Network –

    January 25, 2025

  • MIL-Evening Report: Want genuine progress towards restoring nature? Follow these 4 steps

    Source: The Conversation (Au and NZ) – By Yi Fei Chung, PhD candidate in Environmental Policy, The University of Queensland

    Black Dingo/Shutterstock

    “Nature positive” is seemingly everywhere. Two weeks ago, Australia hosted the first Global Nature Positive Summit. This week, nations are meeting in Colombia for a global biodiversity summit to discuss progress on nature positive commitments.

    Nature positive has a simple meaning: ensuring more nature in future than there is now. Making it a reality is the hard part.

    It’s necessary because nature is in trouble. Once common species are becoming threatened and threatened species are going extinct. Humans, too, will be severely impacted. When ecosystems are healthy, they provide vital benefits. Insects pollinate crops, trees slow floodwaters, earthworms, fungi and soil critters make healthy soil and natural vistas improve our mental wellbeing.

    While Australia’s government is working to embed nature positive ideas in environmental reform efforts, we may see lip service rather than real change. The government’s Nature Positive Plan faces opposition from businesses and politicians ahead of a looming election. And the plan itself doesn’t fully align with true nature positive outcomes.

    In our article published today in Science, we lay out four vital steps to ensure nature positive policies are actually positive for nature.

    Step 1: Ensure biodiversity increases are absolute

    At present, Australia’s planned nature positive reforms would only require developers removing habitat to achieve a relative net gain for nature compared to business as usual.

    We have argued this approach won’t work – it should be an absolute net gain.

    It might sound abstract – but it makes all the difference. For instance, consider a population of endangered koalas living on the site of a new mine. Any negative impact to koalas would have to be offset with a benefit to the species elsewhere, usually on a separate site.

    If Australia had absolute net gain in effect, the company would have to ensure there are more koalas overall. If the mine site and an offset site had a combined population of 100 koalas before the development, this combined population would need to be more than 100 koalas after the development – even though some will be lost.

    But let’s say these 100 koalas over two sites were expected to fall to 80, even if the mine didn’t happen. In this case, a relative net gain could be achieved if the mine and offset site had 90 koalas. The population fell, but less than it would have otherwise.

    Most state and national conservation laws use relative net gain in their biodiversity offsets. It slows the biodiversity decline – but it’s still a decline.

    By contrast, England brought in a net gain approach in February of this year, with developers now required to provide a 10% net gain in biodiversity.

    Importantly, the vast majority of developments affecting threatened species habitat never require any offset at all. Plugging this major gap is also key.



    Read more:
    Developers in England will be forced to create habitats for wildlife – here’s how it works

    For nature positive to work properly, any damage done to a species by a development has to be offset by net gain. Pictured: Peak Hill gold mine in NSW.
    Phillip Wittke/Shutterstock

    Step 2: Avoid conservation payments in risky situations

    The Australian government plans to introduce conservation payments, where developers can pay into a government-managed fund rather than providing direct offsets.

    If developers were to cut down trees used by the critically endangered Leadbeater’s possum, for example, they could choose either to improve habitat elsewhere to offset the damage – or they could pay into the fund instead.

    This is a risky plan. For one, it’s often almost impossible or extremely expensive to find suitable habitat for critically endangered species because they have very little habitat remaining.

    It’s far better to avoid all further habitat removal. For developers, this would mean avoiding damage to rare habitat in the first place.

    Even where offsetting is possible, payments are often inadequate to cover the cost of purchasing and managing an offset site.



    Read more:
    Developers aren’t paying enough to offset impacts on koalas and other endangered species

    Then there’s the time lag. The fund might take years to buy or restore habitat sites, adding to already-long delays between damage and any benefit. And worse, under the government’s proposal, the money could be used for different, potentially less threatened species.

    Under Queensland’s scheme, most developers choose to pay into a fund rather than create their own offset sites. Very little of these offset funds have been spent.

    Meanwhile, the latest independent assessment of the New South Wales biodiversity offset payment scheme recommended the fund be completely phased out.

    Step 3: Go beyond compensation

    Compensating for new damage is important. But it’s not nearly enough. Over the last century, we have done huge damage to the natural world. Australia’s southern seas were once ringed with oyster reefs, for instance, but these were nearly all fished out.

    We need to begin to recover what was lost by restoring ecosystems, managing weeds and reducing risk of diseases.

    Nature-positive laws should include funding and actions designed to produce absolute gains in biodiversity over and above any required compensation.

    The world has long seriously underfunded conservation, including threatened species recovery, ecosystem restoration and protected area management. Australia alone needs a roughly 20-fold increase in funding to actually bring back threatened species.

    While this sounds large, it’s off an extraordinarily low base – just A$122 million in 2019. By contrast, we spend over $100 billion on human health each year.

    Two years ago, the government passed the first of its nature-positive reforms to create a nature repair market aimed at drawing more funds into nature restoration. But as the market will rely on voluntary private sector investment, we don’t know how much funding will flow or whether it will focus on threatened species recovery.

    Step 4: Effectively implement nature positive laws

    Ensuring compliance with new nature-positive laws requires transparent and effective enforcement, such as through the independent national environment protection authority with extra powers proposed in Australia.

    Its independence and powers may be less than required, due to proposed call-in powers allowing the minister to overrule decisions. True independence and adequate resources are crucial.

    If governments do pass environmental reforms, we need to collect adequate and robust data on species to know if they are actually working to boost nature recovery. At present, many Australian threatened species remain unmonitored.

    Is nature positive within reach?

    It’s not easy to create a future with more nature than we have now. Australia’s current government took office vowing to embrace nature positive. To date, their reforms are not yet likely to make that a reality.



    Read more:
    Australia desperately needs a strong federal environmental protection agency. Our chances aren’t looking good

    But the task will only get more urgent. Meaningful nature-positive policy means ensuring targets of absolute net gain for threatened species, ensuring strict compensation for any nature loss, independently resourcing and financing other recovery efforts and implementing these laws effectively.

    With a course correction, Australia can still act as a leading example for other nations as they reform their own policies to meet nature-positive ambitions. Now is the time for real and decisive action.

    We acknowledge our research coauthors, Brooke Williams (Queensland University of Technology), Martine Maron (University of Queensland), Jonathan Rhodes (Queensland University of Technology), Jeremy Simmonds (2rog), and Michelle Ward (Griffith University).

    Yi Fei Chung has received funding from UQ Research Training Scholarship. He is also involving in a Australian Research Council Linkage Project with financial and in-kind support from the NSW Department of Planning and Environment, the Biodiversity Conservation Trust, Tweed Shire Council, and the NSW Koala Strategy.

    Hannah Thomas has received funding from WWF-Australia and an Australian Government Research Training Program Scholarship. She is an early-career leader with the Biodiversity Council.

    – ref. Want genuine progress towards restoring nature? Follow these 4 steps – https://theconversation.com/want-genuine-progress-towards-restoring-nature-follow-these-4-steps-240569

    MIL OSI Analysis – EveningReport.nz –

    January 25, 2025

  • MIL-OSI Canada: Feds gets it wrong… again: Joint Statement

    Source: Government of Canada regional news

    “Alberta has a long history of welcoming newcomers, and we plan to maintain that reputation. 

    “However, the federal government’s reckless and irresponsible open-border immigration policies, permitting almost 2 million newcomers to enter Canada last year alone, have led to unsustainable financial pressures on all provinces.

    “With the cost of food, energy, housing and everything else in this country increasing, and with tens of thousands of new people moving to Alberta monthly, our hospitals and schools are at or above capacity. 

    “As a province, we need a reprieve from this explosive population growth so we can catch up with these pressures. So do all provinces. 

    “The federal government’s plan to cut a mere 105,000 new permanent residents will not solve these pressures when they are bringing in almost 2 million additional people annually.

    “We call on the government to cut the number of newcomers to Canada from almost 2 million to well under 500,000 annually until further notice. 

    “Ottawa’s priority should be on reducing the number of temporary foreign workers, international students and asylum seekers—not on reducing provincially selected economic migrants.”

    MIL OSI Canada News –

    January 25, 2025

  • MIL-OSI USA: Carter lands rail improvement grant for Brunswick Port

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter lands rail improvement grant for Brunswick Port

    SAVANNAH – Following Rep. Earl L. “Buddy” Carter’s (R-GA) letter of support, the Federal Railroad Administration today awarded $26.5 million to the Georgia Ports Authority for construction of a new rail yard at the Port of Brunswick’s Colonel Island Auto Terminal. 


    As the fastest growing Ro/Ro port in the nation, this funding will allow the Port of Brunswick to handle the increased volume of U.S. automotive exports and imports moving through it, while fostering sustainable growth, safety, and environmental stewardship.


    “The entire nation will benefit from this investment in one of the most efficiently run and heavily utilized ports in the country,”     said Rep. Carter. “Georgia’s ports are the economic engine of the southeast. By increasing their capacity to handle the growth of our state’s automotive industry, we will strengthen our economy, create jobs, and export American-made vehicles worldwide.”


    This grant is funded through the Consolidated Rail Infrastructure and Safety Improvements Program.

    Read Rep. Carter’s letter of support here.

    ###

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI USA: Kaptur Announces $18.57 Million in Awards From the Federal Rail Administration to Northern Ohio & Western Railway and Napoleon, Defiance & Western Railway

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, Ohio – Today, Congresswoman Marcy Kaptur (OH-09) announced a total of $18.57 Million in awards from the Federal Rail Administration secured alongside the Ohio Rail Development Commission (ORDC) for Northern Ohio & Western Railway and Napoleon, Defiance & Western Railway.

    The first award for critical safety upgrades for Napoleon, Defiance & Western Railway totals $12.17 Million and was secured alongside the Ohio Rail Development Commission (ORDC) through the Bipartisan Infrastructure law, also known as the Infrastructure Investment and Jobs Act. The project involves final design and construction activities to replace deteriorating and broken rail and ties and expanded capacity along the eastern half of the Napoleon, Defiance & Western Railway. The project is the third and final phase of the full corridor rehabilitation of Napoleon, Defiance & Western track. The project aligns with the selection criteria by enhancing safety as the project will improve safety, resilience, and operational efficiency with added benefit to Paulding and Defiance Counties. The Ohio Rail Development Commission and Napoleon, Defiance & Western Railway will contribute 25 percent of the total project cost.

    The second award for major rail upgrades for Northern Ohio & Western Railway totals $6.4 Million and was secured alongside the Ohio Rail Development Commission (ORDC) also through the Bipartisan Infrastructure law. This involves construction to upgrade track infrastructure across the approximately 24-mile rail line owned by the Sandusky County, Seneca County, and the City of Tiffin Port Authority and is operated by the Northern Ohio & Western Railway. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will return the line to FRA standards. The Ohio Rail Development Commission and the Sandusky County-Seneca County-City of Tiffin Port Authority will contribute 20 percent of the total project cost.

    “I am encouraged to see these new investments in rail coming to Northern Ohio, and I know that this will be transformative for the people of Defiance County, Sandusky County, and so many across our region. This funding continues the lasting impact of the Bipartisan Infrastructure Law as an engine of economic development for the state of Ohio,” said Congresswoman Marcy Kaptur (OH-09). “Rail safety was a major impetus for our desire to pass the Infrastructure Investment and Jobs Act, and now we are seeing investment and opportunity coming back to our region in transformational ways. We are working together to make our communities safer, and bring back major investment that underscores rail as the spine of our Northern Ohio economy. I will never stop fighting to deliver for the people of Northern Ohio.”

    These investments follow a $10,792,157 award Congresswoman Kaptur announced on October 3, 2023 for major rail upgrades for Napoleon, Defiance, & Western Railway. On September 22, 2023 Congresswoman Kaptur hosted a roundtable discussion on the future of passenger rail in Northern Ohio and the Great Lakes Region with participants including international, national, regional, and local transit, labor, and civic leaders and included FRA Administrator Amit Bose, Amtrak CEO Stephen Gardner, and Eddie Hall, President of the Brotherhood of Locomotive Engineers and Trainmen.

    # # #

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: First Western Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Summary

    • Net income available to common shareholders of $2.1 million in Q3 2024, compared to $1.1 million in Q2 2024
    • Diluted earnings per share of $0.22 in Q3 2024, compared to $0.11 in Q2 2024
    • Total deposits increased 3.7% from $2.41 billion in Q2 2024 to $2.50 billion in Q3 2024. Noninterest-bearing deposits increased 19% from $397 million in Q2 2024 to $474 million in Q3 2024
    • Loan-to-Deposit ratio decreased from 101.9% in Q2 2024 to 95.2% in Q3 2024

    DENVER, Oct. 24, 2024 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the third quarter ended September 30, 2024.

    Net income available to common shareholders was $2.1 million, or $0.22 per diluted share, for the third quarter of 2024. This compares to net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024, and net income of $3.1 million, or $0.32 per diluted share, for the third quarter of 2023.

    Scott C. Wylie, CEO of First Western, commented, “We generated a higher level of profitability in the third quarter while continuing to prioritize prudent risk management and a conservative approach to new loan production. We continued to effectively control expense levels while also making investments in the business that will support our profitable growth in the future. We are executing well on our balance sheet management strategies, which resulted in further reduction in our loan-to-deposit ratio, primarily driven by a significant increase in noninterest-bearing deposits, which increased 19% from the end of the prior quarter. We also saw positive trends in asset quality, including a significant reduction in non-performing loans and classified loans, as well as increases in our book value per share and tangible book value per share, which further strengthened our balance sheet.”

    “With our successful efforts to reposition our balance sheet including increasing our liquidity with a lower loan-to-deposit ratio, we are well positioned to generate a higher level of loan growth in 2025 as loan demand increases. We also expect to see expansion in our net interest margin and an increase in non-interest income from our mortgage business as interest rates decline, which should further improve our level of profitability. We are seeing positive trends in a number of key areas that we expect to continue, which we believe should result in steady improvement in our financial performance, operating leverage, and further value created for our shareholders,” said Mr. Wylie.

      For the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except per share data)   2024       2024       2023  
    Earnings Summary          
    Net interest income $ 15,568     $ 15,778     $   16,766  
    Provision for credit losses   501       2,334       329  
    Total non-interest income   6,972       6,972       6,099  
    Total non-interest expense   19,368       19,001       18,314  
    Income before income taxes   2,671       1,415       4,222  
    Income tax expense   537       339       1,104  
    Net income available to common shareholders   2,134       1,076       3,118  
    Basic earnings per common share   0.22       0.11       0.33  
    Diluted earnings per common share   0.22       0.11       0.32  
               
    Return on average assets (annualized)   0.30 %     0.15 %     0.44 %
    Return on average shareholders’ equity (annualized)   3.43       1.73       5.08  
    Return on tangible common equity (annualized)(1)   3.93       2.00       5.82  
    Net interest margin   2.32       2.35       2.46  
    Efficiency ratio(1)   84.89       82.13       78.89  

    ____________________

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Operating Results for the Third Quarter 2024

    Revenue

    Total income before non-interest expense was $22.0 million for the third quarter of 2024, compared to $20.4 million for the second quarter of 2024. Gross revenue(1) was $22.7 million for the third quarter of 2024, compared to $23.1 million for the second quarter of 2024. The increase in total income before non-interest expense was primarily driven by a decrease in Provision for credit losses. Relative to the third quarter of 2023, total income before non-interest expense decreased 2.2% from $22.5 million. Gross revenue decreased 1.7% from $23.1 million for the third quarter of 2023. The decrease in total income before non-interest expense was driven by an increase in Interest expense due to higher deposit costs, offset partially by higher Interest income and Net mortgage gains.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Net Interest Income

    Net interest income for the third quarter of 2024 was $15.6 million, a decrease of 1.3% from $15.8 million in the second quarter of 2024. The decrease quarter over quarter was driven by an increase in interest expense due to an increase in interest-bearing deposits and partially due to having one additional day in the quarter. Interest income was negatively impacted by $0.4 million in the quarter due to the addition of a non-performing loan. Relative to the third quarter of 2023, net interest income decreased 7.1% from $16.8 million. The decrease compared to the prior year third quarter was due to higher Interest expense driven primarily by higher deposit costs, offset partially by higher Interest income.

    Net Interest Margin

    Net interest margin for the third quarter of 2024 decreased 3 basis points to 2.32% from 2.35% reported in the second quarter of 2024, primarily due to an unfavorable mix shift in average deposit balances. Net interest margin was negatively impacted by 6 basis points in the quarter due to the addition of a non-performing loan.

    The yield on interest-earning assets remained flat at 5.67% in the third quarter of 2024 versus 5.67% in the second quarter of 2024 and the cost of interest-bearing deposits remained flat at 4.19% in the third quarter of 2024 versus 4.19% in the second quarter of 2024.

    Relative to the third quarter of 2023, net interest margin decreased from 2.46%, primarily due to pricing pressure on interest-bearing deposits, offset partially by higher loan yields.

    Non-interest Income

    Non-interest income for the third quarter of 2024 remained flat at $7.0 million compared to $7.0 million in the second quarter of 2024. Activity throughout the quarter included an increase in Risk management and insurance fees, offset by decreased Net gain on mortgage loans.

    Relative to the third quarter of 2023, non-interest income increased 14.8% from $6.1 million. Increases were driven primarily by increases in net gain on mortgage loans and risk management and insurance fees.

    Non-interest Expense

    Non-interest expense for the third quarter of 2024 was $19.4 million compared to $19.0 million for the second quarter of 2024. The increase was primarily driven by increases in Salaries and employee benefits due to increased front office headcount and Marketing expenses, partially offset by a decrease in other operational expenses due to a partial recovery on a fraud loss from the first quarter.

    Relative to the third quarter of 2023, non-interest expense increased 6.0% from $18.3 million, driven primarily by an increase in Salaries and employee benefits, occupancy costs, and technology enhancements.

    The Company’s efficiency ratio(1) was 84.9% in the third quarter of 2024, compared with 82.1% in the second quarter of 2024 and 78.9% in the third quarter of 2023.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Income Taxes

    The Company recorded Income tax expense of $0.5 million for the third quarter of 2024, compared to Income tax expense of $0.3 million for the second quarter of 2024 and $1.1 million for the third quarter of 2023. The increase in the third quarter of 2024 compared to the second quarter of 2024 was attributable to the increase in Income before income taxes.        

    Loans

    Total loans held for investment were $2.39 billion as of September 30, 2024, a decrease of 2.85% from $2.46 billion as of June 30, 2024. The decline was primarily due to net decreases in the cash, securities and other and commercial and industrial portfolios, offset partially by net growth in the 1 – 4 family residential portfolio. Another contributing factor to the decline was the foreclosure of a property in the quarter, which decreased non-performing loans by $30 million and increased Other real estate owned (“OREO”) by $25.6 million. Relative to the third quarter of 2023, total loans held for investment decreased from $2.54 billion as of September 30, 2023.

    Deposits

    Total deposits were $2.50 billion as of September 30, 2024, compared to $2.41 billion as of June 30, 2024. The increase was driven primarily by an increase in Noninterest-bearing deposits. Relative to the third quarter of 2023, total deposits increased from $2.42 billion as of September 30, 2023, driven primarily by an increase in time deposits due to new and expanded deposit relationships.

    Borrowings

    Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $62.4 million as of September 30, 2024, a decrease of $129.1 million from $191.5 million as of June 30, 2024. The change when compared to June 30, 2024 was driven by a decrease in FHLB borrowing due to the deposit growth and loan balance decline that occurred in the quarter. Relative to the third quarter of 2023, borrowings decreased $197.5 million from $259.9 million as of September 30, 2023. The decrease in borrowings from September 30, 2023 is driven by an increase in deposits and decrease in loans.

    Subordinated notes were $52.5 million as of September 30, 2024, compared to $52.5 million as of June 30, 2024. Subordinated notes increased $0.2 million from $52.3 million as of September 30, 2023.

    Assets Under Management

    Assets Under Management (“AUM”) increased to $7.47 billion as of September 30, 2024, compared to $7.01 billion as of June 30, 2024 and $6.40 billion as of September 30, 2023. The increase when compared to June 30, 2024 and September 30, 2023 was primarily attributable to improving market conditions resulting in an increase in the value of AUM.

    Credit Quality

    Non-performing assets totaled $52.1 million, or 1.79% of total assets, as of September 30, 2024, compared to $49.3 million, or 1.68% of total assets, as of June 30, 2024. The increase in non-performing assets during the quarter was primarily due to the addition of a non-performing loan and foreclosed property, partially offset by non-performing loan pay downs, charge-offs, and the sale of a non-performing loan. As of September 30, 2023, non-performing assets totaled $56.1 million, or 1.87% of total assets. Relative to the third quarter of 2023, the decrease in non-performing assets was primarily driven by pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to Other real estate owned (“OREO”) and non-performing loans. OREO totaled $37.0 million as of September 30, 2024 an increase of $25.6 million from $11.4 million as of June 30, 2024. As of September 30, 2023, the Company held no OREO.

    Non-performing loans totaled $15.0 million as of September 30, 2024, a decrease of $22.9 million from $37.9 million as of June 30, 2024. As of September 30, 2023, non-performing loans totaled $56.1 million. The decrease when compared to June 30, 2024 and September 30, 2023 was driven by the migration of one loan relationship out of non-performing loans and into OREO, pay downs, charge-offs, and the sale of a non-performing loan, partially offset by additions to non-performing loans.

    During the third quarter of 2024 the Company recorded a provision expense of $0.5 million, compared to a provision expense of $2.3 million in the second quarter of 2024 and $0.3 million in the third quarter of 2023. The decrease in provision expense recorded in the third quarter of 2024 compared to second quarter of 2024 was primarily driven by decreased provision on individually analyzed loans in the third quarter.

    Capital

    As of September 30, 2024, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of September 30, 2024, the Bank was classified as “well capitalized,” as summarized in the following table:

      September 30,
      2024  
    Consolidated Capital  
    Tier 1 capital to risk-weighted assets 10.06 %
    Common Equity Tier 1 (“CET1”) to risk-weighted assets 10.06  
    Total capital to risk-weighted assets 13.19  
    Tier 1 capital to average assets 8.04  
       
    Bank Capital  
    Tier 1 capital to risk-weighted assets 11.39 %
    CET1 to risk-weighted assets 11.39  
    Total capital to risk-weighted assets 12.13  
    Tier 1 capital to average assets 9.11  

    Book value per common share increased 0.8% from $25.55 as of June 30, 2024 to $25.75 as of September 30, 2024. Book value per common share decreased 0.04% from $25.76 as of September 30, 2023.

    Tangible book value per common share(1) increased 0.9% from $22.27 as of June 30, 2024, to $22.47 as of September 30, 2024. Tangible book value per common share increased 0.2% from $22.42 as of September 30, 2023.

    During the third quarter of 2024, the Company repurchased 5,501 shares of its common stock at an average price of $16.27 under its stock repurchase program, which authorized the repurchase of up to 200,000 shares of its common stock. As of September 30, 2024, the Company had up to 194,499 shares remaining under the current stock repurchase authorization.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Conference Call, Webcast and Slide Presentation

    The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, October 25, 2024. Telephone access: https://register.vevent.com/register/BI453d1a8caedc4cd7a7cc436a4d09c5c9.

    A slide presentation relating to the third quarter 2024 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

    About First Western

    First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross Revenue,” and “Allowance for Credit Losses to Adjusted Loans”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the lack of soundness of other financial institutions or financial market utilities may adversely affect the Company; the Company’s ability to engage in routine funding and other transactions could be adversely affected by the actions and commercial soundness of other financial institutions; financial institutions are interrelated because of trading, clearing, counterparty or other relationships; defaults by, or even rumors or questions about, one or more financial institutions or financial market utilities, or the financial services industry generally, may lead to market-wide liquidity problems and losses of client, creditor and counterparty confidence and could lead to losses or defaults by other financial institutions, or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our debt securities; the risk of changes in interest rates; and the risk of the adequacy of our allowance for credit losses and the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 15, 2024 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    Contacts:
    Financial Profiles, Inc.
    Tony Rossi
    310-622-8221
    MYFW@finprofiles.com
    IR@myfw.com

    First Western Financial, Inc.
    Condensed Consolidated Statements of Income (unaudited)
      Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except per share amounts)   2024       2024       2023  
    Interest and dividend income:          
    Loans, including fees $ 35,353     $ 35,275     $ 34,141  
    Loans accounted for under the fair value option   141       168       300  
    Debt securities   708       651       607  
    Interest-bearing deposits in other financial institutions   1,754       1,855       1,292  
    Dividends, restricted stock   134       105       141  
    Total interest and dividend income   38,090       38,054       36,481  
               
    Interest expense:          
    Deposits   21,150       20,848       17,467  
    Other borrowed funds   1,372       1,428       2,248  
    Total interest expense   22,522       22,276       19,715  
    Net interest income   15,568       15,778       16,766  
    Less: provision for credit losses   501       2,334       329  
    Net interest income, after provision for credit losses   15,067       13,444       16,437  
               
    Non-interest income:          
    Trust and investment management fees   4,728       4,875       4,846  
    Net gain on mortgage loans   1,451       1,820       654  
    Bank fees   392       327       427  
    Risk management and insurance fees   367       109       145  
    Income on company-owned life insurance   108       106       96  
    Net loss on loans accounted for under the fair value option   (233 )     (315 )     (252 )
    Unrealized gain (loss) recognized on equity securities   24       (2 )     (19 )
    Other   135       52       202  
    Total non-interest income   6,972       6,972       6,099  
    Total income before non-interest expense   22,039       20,416       22,536  
               
    Non-interest expense:          
    Salaries and employee benefits   11,439       11,097       10,968  
    Occupancy and equipment   2,126       2,080       1,807  
    Professional services   1,893       1,826       1,867  
    Technology and information systems   1,045       1,042       906  
    Data processing   1,101       1,101       1,159  
    Marketing   374       243       355  
    Amortization of other intangible assets   57       56       62  
    Other   1,333       1,556       1,190  
    Total non-interest expense   19,368       19,001       18,314  
    Income before income taxes   2,671       1,415       4,222  
    Income tax expense   537       339       1,104  
    Net income available to common shareholders $ 2,134     $ 1,076     $ 3,118  
    Earnings per common share:          
    Basic $ 0.22     $ 0.11     $ 0.33  
    Diluted   0.22       0.11       0.32  
    First Western Financial, Inc.
    Condensed Consolidated Balance Sheets (unaudited)
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Assets          
    Cash and cash equivalents:          
    Cash and due from banks $ 18,979     $ 6,374     $ 6,439  
    Interest-bearing deposits in other financial institutions   257,243       239,425       265,045  
    Total cash and cash equivalents   276,222       245,799       271,484  
               
    Held-to-maturity debt securities (fair value of $70,826, $71,067 and $66,487, respectively), net of allowance for credit losses of $71   76,745       78,927       75,539  
    Correspondent bank stock, at cost   5,746       10,804       11,305  
    Mortgage loans held for sale, at fair value   12,324       26,856       12,105  
    Loans held for sale, at fair value   473       —       —  
    Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively)   2,383,199       2,456,063       2,530,459  
    Allowance for credit losses   (18,796 )     (27,319 )             (23,175 )
    Loans, net   2,364,403       2,428,744       2,507,284  
    Premises and equipment, net   24,350       24,657       25,410  
    Accrued interest receivable   10,455       11,339       11,633  
    Accounts receivable   4,864       5,118       5,292  
    Other receivables   10,397       4,875       3,052  
    Other real estate owned, net   37,036       11,421       —  
    Goodwill and other intangible assets, net   31,684       31,741       31,916  
    Deferred tax assets, net   4,075       6,123       6,624  
    Company-owned life insurance   16,849       16,741       16,429  
    Other assets   36,325       34,410       24,680  
    Total assets $ 2,911,948     $ 2,937,555     $ 3,002,753  
               
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 473,576     $ 396,702     $ 476,308  
    Interest-bearing   2,029,478       2,014,190       1,943,688  
    Total deposits   2,503,054       2,410,892       2,419,996  
    Borrowings:          
    Federal Home Loan Bank and Federal Reserve borrowings   62,373       191,505       259,930  
    Subordinated notes   52,508       52,451       52,279  
    Accrued interest payable   3,339       2,243       3,203  
    Other liabilities   41,843       33,589       21,089  
    Total liabilities   2,663,117       2,690,680       2,756,497  
               
    Shareholders’ Equity          
    Total shareholders’ equity   248,831       246,875       246,256  
    Total liabilities and shareholders’ equity $ 2,911,948     $ 2,937,555     $ 3,002,753  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited)
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Loan Portfolio          
    Cash, Securities, and Other(1) $ 116,856     $ 143,720     $ 148,669  
    Consumer and Other   14,978       15,645       23,975  
    Construction and Development   301,542       309,146       349,436  
    1-4 Family Residential   920,709       904,569       913,085  
    Non-Owner Occupied CRE   608,494       609,790       527,377  
    Owner Occupied CRE   176,165       189,353       208,341  
    Commercial and Industrial   239,660       277,973       349,515  
    Total   2,378,404       2,450,196       2,520,398  
    Loans accounted for under the fair value option   8,884       10,494       16,105  
    Total loans held for investment   2,387,288       2,460,690       2,536,503  
    Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net(2)   (4,089 )     (4,627 )     (6,044 )
    Loans (includes $8,646, $10,190, and $15,464 measured at fair value, respectively) $ 2,383,199     $ 2,456,063     $ 2,530,459  
    Mortgage loans held for sale   12,324       26,856       12,105  
    Loans held for sale   473       —       —  
               
    Deposit Portfolio          
    Money market deposit accounts $ 1,350,619     $ 1,342,753     $ 1,388,726  
    Time deposits   533,452       519,597       373,459  
    Interest checking accounts   130,255       135,759       164,000  
    Savings accounts   15,152       16,081       17,503  
    Total interest-bearing deposits   2,029,478       2,014,190       1,943,688  
    Noninterest-bearing accounts   473,576       396,702       476,308  
    Total deposits $ 2,503,054     $ 2,410,892     $ 2,419,996  

    ____________________
    (1) Includes PPP loans of $2.6 million as of September 30, 2024, $3.1 million as of June 30, 2024, and $4.9 million as of September 30, 2023.
    (2) Includes fair value adjustments on loans held for investment accounted for under the fair value option.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands)   2024       2024       2023  
    Average Balance Sheets          
    Assets          
    Interest-earning assets:          
    Interest-bearing deposits in other financial institutions $ 129,629     $ 141,600     $   102,510  
    Debt securities   79,007       75,461       78,057  
    Correspondent bank stock   6,281       4,801       7,162  
    Loans   2,429,927       2,443,937       2,485,704  
    Mortgage loans held for sale   18,423       20,254       12,680  
    Loans held at fair value   9,691       11,314       16,715  
    Total interest-earning assets   2,672,958       2,697,367       2,702,828  
    Allowance for credit losses   (27,236 )     (24,267 )     (22,122 )
    Noninterest-earning assets   161,072       143,514       125,774  
    Total assets $ 2,806,794     $ 2,816,614     $ 2,806,480  
               
    Liabilities and Shareholders’ Equity           
    Interest-bearing liabilities:           
    Interest-bearing deposits $ 2,007,265     $ 2,001,691     $ 1,846,318  
    FHLB and Federal Reserve borrowings   62,589       67,196       125,250  
    Subordinated notes   52,470       52,414       52,242  
    Total interest-bearing liabilities   2,122,324       2,121,301       2,023,810  
    Noninterest-bearing liabilities:          
    Noninterest-bearing deposits   395,755       412,741       512,956  
    Other liabilities   40,089       34,051       24,228  
    Total noninterest-bearing liabilities   435,844       446,792       537,184  
    Total shareholders’ equity   248,626       248,521       245,486  
    Total liabilities and shareholders’ equity $ 2,806,794     $ 2,816,614     $ 2,806,480  
               
    Yields/Cost of funds (annualized)          
    Interest-bearing deposits in other financial institutions   5.38 %     5.27 %     5.00 %
    Debt securities   3.57       3.47       3.09  
    Correspondent bank stock   8.49       8.80       7.81  
    Loans   5.74       5.75       5.42  
    Loan held at fair value   5.79       5.97       7.12  
    Mortgage loans held for sale   5.87       6.83       6.70  
    Total interest-earning assets   5.67       5.67       5.35  
    Interest-bearing deposits   4.19       4.19       3.75  
    Total deposits   3.50       3.47       2.94  
    FHLB and Federal Reserve borrowings   4.03       4.14       4.58  
    Subordinated notes   5.60       5.66       6.08  
    Total interest-bearing liabilities   4.22       4.22       3.86  
    Net interest margin   2.32         2.35       2.46  
    Net interest rate spread   1.45       1.45       1.49  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except share and per share amounts)   2024       2024       2023  
    Asset Quality          
    Non-performing loans $ 15,031     $ 37,909     $ 56,146  
    Non-performing assets   52,067       49,330       56,146  
    Net charge-offs (recoveries)   9,319       (9 )     190  
    Non-performing loans to total loans   0.63 %     1.54 %     2.21 %
    Non-performing assets to total assets   1.79       1.68       1.87  
    Allowance for credit losses to non-performing loans   125.05       72.06       41.28  
    Allowance for credit losses to total loans   0.79       1.11       0.92  
    Allowance for credit losses to adjusted loans(1)   0.79       1.12       0.92  
    Net charge-offs to average loans   0.38     *     0.01  
               
    Assets Under Management $ 7,465,757     $ 7,011,796     $ 6,395,786  
               
    Market Data          
    Book value per share at period end $ 25.75     $ 25.55     $ 25.76  
    Tangible book value per common share(1)   22.47       22.27       22.42  
    Weighted average outstanding shares, basic   9,663,131       9,647,345       9,553,331  
    Weighted average outstanding shares, diluted   9,825,515       9,750,667       9,743,270  
    Shares outstanding at period end   9,664,101       9,660,548       9,560,209  
               
    Consolidated Capital          
    Tier 1 capital to risk-weighted assets   10.06 %     9.92 %     9.32 %
    CET1 to risk-weighted assets   10.06       9.92       9.32  
    Total capital to risk-weighted assets   13.19       13.44       12.45  
    Tier 1 capital to average assets   8.04       7.91       7.96  
               
    Bank Capital          
    Tier 1 capital to risk-weighted assets   11.39 %     11.22 %     10.42 %
    CET1 to risk-weighted assets   11.39       11.22       10.42  
    Total capital to risk-weighted assets   12.13       12.35       11.31  
    Tier 1 capital to average assets   9.11       8.95       8.88  

    ____________________
    (1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.
    * Value results in an immaterial amount.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
    Reconciliations of Non-GAAP Financial Measures  
      As of or for the Three Months Ended
      September 30,   June 30,   September 30,
    (Dollars in thousands, except share and per share amounts)   2024       2024       2023  
    Tangible Common          
    Total shareholders’ equity $ 248,831     $ 246,875     $ 246,256  
    Less: goodwill and other intangibles, net   31,684       31,741       31,916  
    Tangible common equity $ 217,147     $ 215,134     $ 214,340  
               
    Common shares outstanding, end of period   9,664,101       9,660,548       9,560,209  
    Tangible common book value per share $ 22.47     $ 22.27     $ 22.42  
    Net income available to common shareholders   2,134       1,076       3,118  
    Return on tangible common equity (annualized)   3.93 %     2.00 %     5.82 %
               
    Efficiency          
    Non-interest expense $ 19,368     $ 19,001     $ 18,314  
    Less: amortization   57       56       62  
    Adjusted non-interest expense $ 19,311     $ 18,945     $ 18,252  
               
    Total income before non-interest expense $ 22,039     $ 20,416     $ 22,536  
    Less: unrealized (loss)/gain recognized on equity securities   24       (2 )     (19 )
    Less: net loss on loans accounted for under the fair value option   (233 )     (315 )     (252 )
    Plus: provision for credit losses   501       2,334       329  
    Gross revenue $ 22,749     $ 23,067     $ 23,136  
    Efficiency ratio   84.89 %     82.13 %     78.89 %
               
    Allowance for Credit Loss to Adjusted Loans          
    Total loans held for investment $ 2,387,288     $ 2,460,690     $ 2,536,503  
    Less: PPP loans   2,603       3,129       4,876  
    Less: loans accounted for under fair value   8,884       10,494       16,105  
    Adjusted loans $ 2,375,801     $ 2,447,067     $ 2,515,522  
               
    Allowance for credit losses $ 18,796     $ 27,319     $ 23,175  
    Allowance for credit losses to adjusted loans   0.79 %     1.12 %     0.92 %

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Lake Shore Bancorp, Inc. Declares Third Quarter 2024 Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors declared a cash dividend of $0.18 per share on its outstanding common stock on October 23, 2024. The dividend is expected to be paid on November 8, 2024 to stockholders of record as of November 4, 2024. The Company received the written approval from the Federal Reserve Bank of Philadelphia (the “Reserve Bank”) on September 30, 2024 to pay a cash dividend of $0.18 per share to its stockholders.

    About Lake Shore
    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor
    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, compliance with the Bank’s Consent Order and an Individual Minimum Capital Requirement both issued by the Office of the Comptroller of the Currency, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Athene Announces Fixed Income Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Oct. 24, 2024 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), a leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced it will host a Fixed Income Investor conference call on Thursday, November 14, 2024 at 10:00AM ET.

    The call will feature members of Athene’s senior management team, who will provide an update on current business trends, new business origination, the investment portfolio, and capital.

    An accompanying presentation, live webcast, and webcast replay will be available on the Investor Relations section of Athene’s website at ir.athene.com.

    Conference Call Details:
    Dial-in: Toll-free at 877-404-1236 (domestic) or + 1 215-268-9888 (international)

    About Athene
    Athene is a leading retirement services company with $330 billion of total assets as of June 30, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:

    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

    January 25, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    The MIL Network –

    January 25, 2025

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

    Source: GlobeNewswire (MIL-OSI)

    3rd Quarter 2024 Highlights:

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

    Year-to-date 2024 Highlights:

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

    Financial Summary  

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

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

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

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

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

    Asset Summary

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

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

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

    Credit Quality Summary

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

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

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

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

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

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

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

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

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

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

    Liability Summary

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

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

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

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

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Common equity $ 3,507,356     3,492,096     3,394,394     3,374,961     15,260     112,962     132,395  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )   92,345     111,807     238,061  
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594     107,605     224,769     370,456  
    Goodwill and intangibles, net   (1,106,336 )   (1,066,790 )   (1,017,263 )   (1,019,690 )   (39,546 )   (89,073 )   (86,646 )
    Tangible stockholders’ equity $ 2,138,714     2,070,655     2,003,018     1,854,904     68,059     135,696     283,810  
    Stockholders’ equity to total assets   11.50 %   11.28 %   10.89 %   10.24 %            
    Tangible stockholders’ equity to total tangible assets   7.89 %   7.74 %   7.49 %   6.86 %            
    Book value per common share $ 28.62     27.67     27.24     25.93     0.95   1.38   2.69
    Tangible book value per common share $ 18.86     18.26     18.06     16.73     0.60   0.80   2.13
     

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

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

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Assets              
    Cash on hand and in banks $ 342,105     271,107     246,525     264,067  
    Interest bearing cash deposits   645,728     529,672     1,107,817     1,408,027  
    Cash and cash equivalents   987,833     800,779     1,354,342     1,672,094  
    Debt securities, available-for-sale   4,436,578     4,499,541     4,785,719     4,741,738  
    Debt securities, held-to-maturity   3,348,698     3,400,403     3,502,411     3,553,805  
    Total debt securities   7,785,276     7,899,944     8,288,130     8,295,543  
    Loans held for sale, at fair value   46,126     39,745     15,691     29,027  
    Loans receivable   17,181,187     16,851,991     16,198,082     16,135,046  
    Allowance for credit losses   (205,170 )   (200,955 )   (192,757 )   (192,271 )
    Loans receivable, net   16,976,017     16,651,036     16,005,325     15,942,775  
    Premises and equipment, net   466,977     451,515     421,791     415,343  
    Other real estate owned and foreclosed assets   633     630     1,503     48  
    Accrued interest receivable   114,121     102,279     94,526     104,476  
    Deferred tax asset   125,432     155,834     159,070     203,745  
    Intangibles, net   52,780     43,028     31,870     34,297  
    Goodwill   1,053,556     1,023,762     985,393     985,393  
    Non-marketable equity securities   98,285     121,810     12,755     11,330  
    Bank-owned life insurance   188,971     187,793     171,101     170,175  
    Other assets   309,762     327,185     201,132     199,315  
    Total assets $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Liabilities              
    Non-interest bearing deposits $ 6,407,728     6,093,430     6,022,980     6,465,353  
    Interest bearing deposits   14,307,036     14,008,329     13,906,187     13,929,811  
    Securities sold under agreements to repurchase   1,831,501     1,629,504     1,486,850     1,499,696  
    FHLB advances   1,800,000     2,350,000     —     —  
    FRB Bank Term Funding   —     —     2,740,000     2,740,000  
    Other borrowed funds   84,168     88,149     81,695     73,752  
    Subordinated debentures   133,065     133,024     132,943     132,903  
    Accrued interest payable   35,382     31,000     125,907     91,874  
    Other liabilities   361,839     334,459     225,786     255,578  
    Total liabilities   24,960,719     24,667,895     24,722,348     25,188,967  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,134     1,134     1,109     1,109  
    Paid-in capital   2,447,200     2,445,479     2,350,104     2,348,305  
    Retained earnings – substantially restricted   1,059,022     1,045,483     1,043,181     1,025,547  
    Accumulated other comprehensive loss   (262,306 )   (354,651 )   (374,113 )   (500,367 )
    Total stockholders’ equity   3,245,050     3,137,445     3,020,281     2,874,594  
    Total liabilities and stockholders’ equity $ 28,205,769     27,805,340     27,742,629     28,063,561  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Nine months ended
    (Dollars in thousands, except per share data) Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2023
    Interest Income                      
    Investment securities $ 46,371   42,165     56,218   53,397     144,754   144,697  
    Residential real estate loans   23,118   21,754     20,764   18,594     65,636   51,508  
    Commercial loans   196,901   188,326     181,472   173,437     566,699   493,706  
    Consumer and other loans   23,188   21,589     20,948   19,478     65,725   54,248  
    Total interest income   289,578   273,834     279,402   264,906     842,814   744,159  
    Interest Expense                      
    Deposits   70,607   67,852     67,196   54,697     205,655   98,942  
    Securities sold under agreements to
    repurchase    		   14,737   13,566     12,598   10,972     40,901   24,185  
    Federal Home Loan Bank advances   22,344   24,179     4,249   —     50,772   26,910  
    FRB Bank Term Funding   —   —     27,097   30,229     27,097   63,160  
    Other borrowed funds   252   353     344   489     949   1,428  
    Subordinated debentures   1,407   1,406     1,438   1,465     4,251   4,308  
    Total interest expense   109,347   107,356     112,922   97,852     329,625   218,933  
    Net Interest Income   180,231   166,478     166,480   167,054     513,189   525,226  
    Provision for credit losses   8,005   3,518     8,249   3,539     19,772   11,782  
    Net interest income after provision for credit losses   172,226   162,960     158,231   163,515     493,417   513,444  
    Non-Interest Income                      
    Service charges and other fees   20,587   19,422     18,563   19,304     58,572   56,042  
    Miscellaneous loan fees and charges   4,970   4,821     4,362   4,322     14,153   12,451  
    Gain on sale of loans   4,898   4,669     3,362   4,046     12,929   9,974  
    Gain (loss) on sale of securities   26   (12 )   16   (65 )   30   (202 )
    Other income   4,223   3,304     3,686   2,633     11,213   8,949  
    Total non-interest income   34,704   32,204     29,989   30,240     96,897   87,214  
    Non-Interest Expense                      
    Compensation and employee benefits   85,083   84,434     85,789   77,387     255,306   237,628  
    Occupancy and equipment   11,989   11,594     11,883   10,553     35,466   33,045  
    Advertising and promotions   4,062   4,362     3,983   4,052     12,407   12,020  
    Data processing   9,196   9,387     9,159   8,730     27,742   25,241  
    Other real estate owned and foreclosed assets   13   149     25   15     187   41  
    Regulatory assessments and insurance   5,150   5,393     7,761   6,060     18,304   16,277  
    Intangibles amortization   3,367   3,017     2,760   2,428     9,144   7,304  
    Other expenses   25,848   22,616     30,483   20,351     78,947   63,606  
    Total non-interest expense   144,708   140,952     151,843   129,576     437,503   395,162  
    Income Before Income Taxes   62,222   54,212     36,377   64,179     152,811   205,496  
    Federal and state income tax expense   11,167   9,504     3,750   11,734     24,421   36,885  
    Net Income $ 51,055   44,708     32,627   52,445     128,390   168,611  
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,850,066   $ 23,118   5.00 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   13,957,304     198,556   5.66 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,324,142     23,188   6.97 %     1,290,587     21,589   6.73 %
    Total loans 2   17,131,512     244,862   5.69 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,660,643     14,710   3.54 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   7,073,967     34,001   1.92 %     7,042,885     29,461   1.67 %
    Total earning assets   25,866,122     293,573   4.52 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,092,632             1,068,250        
    Non-earning assets   836,878             754,491        
    Total assets $ 27,795,632           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,237,166   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,314,459     16,221   1.21 %     5,221,883     15,728   1.21 %
    Savings accounts   2,829,203     5,699   0.80 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   2,887,173     15,048   2.07 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,842     33,597   4.16 %     3,037,638     31,593   4.18 %
    Total core deposits   20,479,843     70,565   1.37 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   3,122     42   5.47 %     3,726     50   5.50 %
    Repurchase agreements   1,723,553     14,738   3.40 %     1,597,887     13,566   3.41 %
    FHLB advances   1,828,533     22,344   4.78 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   219,472     1,658   3.01 %     224,778     1,759   3.15 %
    Total funding liabilities   24,254,523     109,347   1.79 %     23,939,344     107,356   1.80 %
    Other liabilities   336,906             344,105        
    Total liabilities   24,591,429             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,204,203             3,117,275        
    Total liabilities and stockholders’ equity $ 27,795,632           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 184,226           $ 170,498    
    Net interest spread (tax-equivalent)         2.73 %           2.57 %
    Net interest margin (tax-equivalent)         2.83 %           2.68 %

    ______________________________

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

     

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

    ______________________________

    1 Includes tax effect of $1.7 million and $1.4 million on tax-exempt municipal loan and lease income for the three months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $2.1 million and $1.9 million on tax-exempt debt securities income for the three months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $4.8 million and $15.1 million on average interest-bearing cash balances of $357.0 million and $1,106.1 million for the three months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $203 thousand and $215 thousand on federal income tax credits for the three months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Nine Months ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,798,202   $ 65,636   4.87 %   $ 1,570,911   $ 51,508   4.37 %
    Commercial loans 1   13,737,866     571,540   5.56 %     12,910,691     498,152   5.16 %
    Consumer and other loans   1,299,463     65,725   6.76 %     1,236,158     54,248   5.87 %
    Total loans 2   16,835,531     702,901   5.58 %     15,717,760     603,908   5.14 %
    Tax-exempt debt securities 3   1,695,965     44,978   3.54 %     1,745,764     44,978   3.44 %
    Taxable debt securities 4, 5   7,429,971     106,939   1.92 %     8,240,041     107,338   1.74 %
    Total earning assets   25,961,467     854,818   4.40 %     25,703,565     756,224   3.93 %
    Goodwill and intangibles   1,071,024             1,023,274        
    Non-earning assets   734,681             510,332        
    Total assets $ 27,767,172           $ 27,237,171        
    Liabilities                      
    Non-interest bearing deposits $ 6,077,392   $ —   — %   $ 6,770,242   $ —   — %
    NOW and DDA accounts   5,270,842     47,866   1.21 %     5,140,668     22,606   0.59 %
    Savings accounts   2,881,273     17,368   0.81 %     2,930,420     5,070   0.23 %
    Money market deposit accounts   2,913,206     43,907   2.01 %     3,253,138     28,654   1.18 %
    Certificate accounts   3,083,866     96,365   4.17 %     1,638,163     34,613   2.82 %
    Total core deposits   20,226,579     205,506   1.36 %     19,732,631     90,943   0.62 %
    Wholesale deposits 6   3,603     149   5.49 %     213,465     7,999   5.01 %
    Repurchase agreements   1,612,021     40,901   3.39 %     1,238,139     24,185   2.61 %
    FHLB advances   1,397,258     50,772   4.77 %     738,004     26,910   4.81 %
    FRB Bank Term Funding   824,672     27,097   4.39 %     1,929,322     63,160   4.38 %
    Subordinated debentures and other borrowed funds   220,835     5,200   3.15 %     208,891     5,737   3.67 %
    Total funding liabilities   24,284,968     329,625   1.81 %     24,060,452     218,934   1.22 %
    Other liabilities   345,822             256,022        
    Total liabilities   24,630,790             24,316,474        
    Stockholders’ Equity                      
    Stockholders’ equity   3,136,382             2,920,697        
    Total liabilities and stockholders’ equity $ 27,767,172           $ 27,237,171        
    Net interest income (tax-equivalent)     $ 525,193           $ 537,290    
    Net interest spread (tax-equivalent)         2.59 %           2.71 %
    Net interest margin (tax-equivalent)         2.70 %           2.79 %

    ______________________________

    1 Includes tax effect of $4.8 million and $4.4 million on tax-exempt municipal loan and lease income for the nine months ended September 30, 2024 and 2023, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $6.5 million and $7.0 million on tax-exempt debt securities income for the nine months ended September 30, 2024 and 2023, respectively.
    4 Includes interest income of $17.2 million and $24.5 million on average interest-bearing cash balances of $631.7 million and $624.0 million for the nine months ended September 30, 2024 and 2023, respectively.
    5 Includes tax effect of $629 thousand and $644 thousand on federal income tax credits for the nine months ended September 30, 2024 and 2023, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 235,915     $ 233,978     $ 290,572     $ 306,106     1  %   (19) %   (23) %
    Pre-sold and spec construction   203,610       198,219       236,596       287,048     3  %   (14) %   (29) %
    Total residential construction   439,525       432,197       527,168       593,154     2  %   (17) %   (26) %
    Land development   205,704       209,794       232,966       234,995     (2) %   (12) %   (12) %
    Consumer land or lots   189,705       190,781       187,545       184,685     (1) %   1  %   3  %
    Unimproved land   109,237       108,763       87,739       87,089     —  %   25  %   25  %
    Developed lots for operative builders   67,140       57,140       56,142       62,485     18  %   20  %   7  %
    Commercial lots   98,644       99,036       87,185       84,194     —  %   13  %   17  %
    Other construction   689,638       810,536       900,547       982,384     (15) %   (23) %   (30) %
    Total land, lot, and other construction   1,360,068       1,476,050       1,552,124       1,635,832     (8) %   (12) %   (17) %
    Owner occupied   3,121,900       3,087,814       3,035,768       2,976,821     1  %   3  %   5  %
    Non-owner occupied   4,001,430       3,941,786       3,742,916       3,765,266     2  %   7  %   6  %
    Total commercial real estate   7,123,330       7,029,600       6,778,684       6,742,087     1  %   5  %   6  %
    Commercial and industrial   1,387,538       1,400,896       1,363,479       1,363,198     (1) %   2  %   2  %
    Agriculture   1,047,320       962,384       772,458       785,208     9  %   36  %   33  %
    1st lien   2,462,885       2,353,912       2,127,989       2,054,497     5  %   16  %   20  %
    Junior lien   77,029       56,049       47,230       47,490     37  %   63  %   62  %
    Total 1-4 family   2,539,914       2,409,961       2,175,219       2,101,987     5  %   17  %   21  %
    Multifamily residential   921,138       1,027,962       796,538       714,822     (10) %   16  %   29  %
    Home equity lines of credit   1,004,300       974,000       979,891       950,204     3  %   2  %   6  %
    Other consumer   221,517       220,755       229,154       233,980     —  %   (3) %   (5) %
    Total consumer   1,225,817       1,194,755       1,209,045       1,184,184     3  %   1  %   4  %
    States and political subdivisions   993,871       777,426       834,947       833,618     28  %   19  %   19  %
    Other   188,792       180,505       204,111       209,983     5  %   (8) %   (10) %
    Total loans receivable, including
    loans held for sale    		   17,227,313       16,891,736       16,213,773       16,164,073     2  %   6  %   7  %
    Less loans held for sale 1   (46,126 )     (39,745 )     (15,691 )     (29,027 )   16  %   194  %   59  %
    Total loans receivable $ 17,181,187     $ 16,851,991     $ 16,198,082     $ 16,135,046     2  %   6  %   6  %

    ______________________________

    1 Loans held for sale are primarily 1st lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024    		   Sep 30,
    2024
    Custom and owner occupied construction $ 202   206   214   219   202   —   —
    Pre-sold and spec construction   3,705   2,908   763   763   2,942   763   —
    Total residential construction   3,907   3,114   977   982   3,144   763   —
    Land development   583   —   35   80   22   561   —
    Consumer land or lots   458   429   96   314   241   217   —
    Unimproved land   —   —   —   36   —   —   —
    Developed lots for operative builders   531   608   608   608   —   531   —
    Commercial lots   47   47   47   188   —   47   —
    Other construction   —   25   —   12,884   —   —   —
    Total land, lot and other construction   1,619   1,109   786   14,110   263   1,356   —
    Owner occupied   1,903   1,992   1,838   1,445   662   809   432
    Non-owner occupied   1,335   257   11,016   15,105   1,335   —   —
    Total commercial real estate   3,238   2,249   12,854   16,550   1,997   809   432
    Commercial and Industrial   2,455   2,044   1,971   1,367   1,408   1,047   —
    Agriculture   6,040   2,442   2,558   2,450   2,164   3,876   —
    1st lien   6,065   2,923   2,664   2,766   3,724   2,341   —
    Junior lien   279   492   180   363   279   —   —
    Total 1-4 family   6,344   3,415   2,844   3,129   4,003   2,341   —
    Multifamily residential   392   385   395   —   392   —   —
    Home equity lines of credit   2,867   2,145   2,043   1,612   1,903   964   —
    Other consumer   1,111   1,089   1,187   942   663   247   201
    Total consumer   3,978   3,234   3,230   2,554   2,566   1,211   201
    Other   148   16   16   1,141   —   148   —
    Total $ 28,121   18,008   25,631   42,283   15,937   11,551   633
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans,  by Loan Type   % Change from
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023
    Custom and owner occupied construction $ 13   $ 1,323   $ 2,549   $ —   (99) %   (99) %   n/m
    Pre-sold and spec construction   1,250     816     1,219     599   53  %   3  %   109  %
    Total residential construction   1,263     2,139     3,768     599   (41) %   (66) %   111  %
    Land development   157     —     163     44   n/m   (4) %   257  %
    Consumer land or lots   747     411     624     528   82  %   20  %   41  %
    Unimproved land   39     158     —     87   (75) %   n/m   (55) %
    Commercial lots   —     —     2,159     1,245   n/m   (100) %   (100) %
    Other construction   —     21     —     —   (100) %   n/m   n/m
    Total land, lot and other construction   943     590     2,946     1,904   60  %   (68) %   (50) %
    Owner occupied   5,641     4,326     2,222     652   30  %   154  %   765  %
    Non-owner occupied   13,785     8,119     14,471     213   70  %   (5) %   6,372  %
    Total commercial real estate   19,426     12,445     16,693     865   56  %   16  %   2,146  %
    Commercial and industrial   3,125     17,591     12,905     2,946   (82) %   (76) %   6  %
    Agriculture   16,932     5,288     594     604   220  %   2,751  %   2,703  %
    1st lien   6,275     2,637     3,768     1,006   138  %   67  %   524  %
    Junior lien   13     17     1     355   (24) %   1,200  %   (96) %
    Total 1-4 family   6,288     2,654     3,769     1,361   137  %   67  %   362  %
    Home equity lines of credit   4,567     5,432     4,518     3,638   (16) %   1  %   26  %
    Other consumer   2,227     2,192     3,264     1,821   2  %   (32) %   22  %
    Total consumer   6,794     7,624     7,782     5,459   (11) %   (13) %   24  %
    Other   1,442     1,347     1,510     1,515   7  %   (5) %   (5) %
    Total $ 56,213   $ 49,678   $ 49,967   $ 15,253   13  %   13  %   269  %

    ______________________________

    n/m – not measurable
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Sep 30,
    2024    		   Jun 30,
    2024    		   Dec 31,
    2023    		   Sep 30,
    2023    		   Sep 30,
    2024    		   Sep 30,
    2024
    Pre-sold and spec construction $ (4 )   (4 )   (15 )   (12 )   —   4
    Land development   (21 )   (1 )   (135 )   (134 )   —   21
    Consumer land or lots   (21 )   (22 )   (19 )   (14 )   —   21
    Unimproved land   5     5     —     —     5   —
    Commercial lots   319     319     —     —     319   —
    Other construction   —     —     889     —     —   —
    Total land, lot and other construction   282     301     735     (148 )   324   42
    Owner occupied   (73 )   (73 )   (59 )   (104 )   —   73
    Non-owner occupied   (3 )   (2 )   799     500     —   3
    Total commercial real estate   (76 )   (75 )   740     396     —   76
    Commercial and industrial   1,272     644     364     (11 )   1,839   567
    Agriculture   65     68     —     —     68   3
    1st lien   (34 )   (22 )   66     98     —   34
    Junior lien   (60 )   (55 )   24     32     10   70
    Total 1-4 family   (94 )   (77 )   90     130     10   104
    Multifamily residential   —     —     (136 )   —     —   —
    Home equity lines of credit   (31 )   1     (6 )   20     35   66
    Other consumer   753     493     1,097     816     1,056   303
    Total consumer   722     494     1,091     836     1,091   369
    Other   6,561     4,611     7,447     5,430     9,074   2,513
    Total $ 8,728     5,962     10,316     6,621     12,406   3,678
     

    Visit our website at www.glacierbancorp.com

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

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Ninepoint Partners Announces Estimated October 2024 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated October 2024 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about October 30, 2024, which will provide the final distribution rate. The record date for the cash distribution is October 31, 2024, payable on November 7, 2024.

    All estimates in this document are based on the accounting data as of October 24, 2024. Due to subscriptions and/or redemptions and/or other factors, the final October 2024 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

    The actual taxable amounts of distributions for 2024, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2025. Securityholders can contact their brokerage firm for this information.

    The per-unit estimated October distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash Management Fund NSAV $0.18966 $0.00000 65443X105


    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including Alternative Income and Real Assets, in addition to North American and Global Equities.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at 416.362.7172 or 1.888.362.7172 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

    Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

    January 25, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    For Further Information

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Archrock Increases Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Archrock

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

    Forward-Looking Statements

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

    For information, contact:

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

    The MIL Network –

    January 25, 2025

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

    Source: Microsoft

    Headline: Inside an AI-native ad agency

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Economics –

    January 25, 2025

  • MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Mr. Vladimir Putin, President of the Russian Federation

    Source: United Nations secretary general

    On the margins of the BRICS Summit in Kazan, the Secretary-General met with H.E. Mr. Vladimir Putin, President of the Russian Federation.

    The Secretary-General reiterated his position that the Russian invasion of Ukraine was in violation of the United Nations Charter and international law. He further underlined United Nations support for peace, in line with the remarks he delivered at the BRICS summit. **

    The Secretary-General expressed his belief that establishing freedom of navigation in the Black Sea is of paramount importance for Ukraine, the Russian Federation and for the world’s food and energy security. He fully supports the continuation of negotiations in this regard and expresses his deep appreciation for the work being done by Türkiye. 
     
    The Secretary-General and the President also discussed the situation in the Middle East, in particular the absolute need for a ceasefire in Gaza and Lebanon, as well as the need to avoid a further regional escalation.

    The Secretary-General and the President also discussed the questions of development and the international financial system.

    ** From the Secretary-General’s BRICS remarks: “A just peace in line with the UN Charter, international law and General Assembly resolutions.”
     

    MIL OSI United Nations News –

    January 25, 2025

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    About Vaalco

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

    For Further Information

    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com

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

    The MIL Network –

    January 25, 2025

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

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights:

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

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

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

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

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

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

    Balance Sheet Highlights

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

    Loans

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

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

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

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


    Loan Quality

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

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

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

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

    Deposits

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

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


    Results of Operations Highlights

    Net Interest Income and Margin

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

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

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

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

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

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

        For the Three Months Ended
    (dollars in thousands)   September 30, 2024   June 30, 2024   September 30, 2023
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate   Average Balance   Interest & Fees   Yield/Rate   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 75,255   $ 1,031   5.45 %   $ 65,250   $ 875   5.40 %   $ 78,391   $ 1,036   5.24 %
    Investment securities(1)     1,162,751     13,752   4.71       1,098,452     12,805   4.69       862,998     7,822   3.60  
    Loans(1)(2)     5,783,408     89,344   6.15       5,915,523     88,738   6.03       6,297,568     94,118   5.93  
    Loans held for sale     7,505     124   6.57       4,910     84   6.84       6,078     104   6.80  
    Nonmarketable equity securities     41,137     788   7.62       44,216     963   8.76       39,347     710   7.16  
    Total interest-earning assets     7,070,056     105,039   5.91       7,128,351     103,465   5.84       7,284,382     103,790   5.65  
    Noninterest-earning assets     653,279             669,370             622,969        
    Total assets   $ 7,723,335           $ 7,797,721           $ 7,907,351        
                                         
    Interest-Bearing Liabilities                                    
    Interest-bearing deposits   $ 5,132,640   $ 41,970   3.25 %   $ 5,101,365   $ 39,476   3.11 %   $ 5,354,356   $ 37,769   2.80 %
    Short-term borrowings     53,577     602   4.47       30,449     308   4.07       20,127     14   0.28  
    FHLB advances & other borrowings     428,739     4,743   4.40       500,758     5,836   4.69       402,500     4,557   4.49  
    Subordinated debt     89,120     1,228   5.48       93,090     1,265   5.47       93,441     1,280   5.43  
    Trust preferred debentures     50,990     1,341   10.46       50,921     1,358   10.73       50,379     1,369   10.78  
    Total interest-bearing liabilities     5,755,066     49,884   3.45       5,776,583     48,243   3.36       5,920,803     44,989   3.01  
    Noninterest-bearing deposits     1,075,712             1,132,451             1,116,988        
    Other noninterest-bearing liabilities     97,235             104,841             97,935        
    Shareholders’ equity     795,322             783,846             771,625        
    Total liabilities and shareholder’s equity   $ 7,723,335           $ 7,797,721           $ 7,907,351        
                                         
    Net Interest Margin       $ 55,155   3.10 %       $ 55,222   3.12 %       $ 58,801   3.20 %
                                         
    Cost of Deposits           2.69 %           2.55 %           2.32 %

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

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

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

        For the Nine Months Ended
    (dollars in thousands)   September 30, 2024   September 30, 2023
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 69,960   $ 2,857   5.45 %   $ 76,939   $ 2,868   4.98 %
    Investment securities(1)     1,083,597     37,265   4.59       844,946     21,103   3.33  
    Loans(1)(2)     5,903,216     267,570   6.05       6,324,578     274,005   5.79  
    Loans held for sale     5,281     263   6.65       3,900     179   6.14  
    Nonmarketable equity securities     40,429     2,438   8.06       44,034     2,104   6.39  
    Total interest-earning assets     7,102,483     310,393   5.84       7,294,397     300,259   5.50  
    Noninterest-earning assets     663,967             615,383        
    Total assets   $ 7,766,450           $ 7,909,780        
                             
    Interest-Bearing Liabilities                        
    Interest-bearing deposits   $ 5,142,979   $ 120,660   3.13 %   $ 5,223,852   $ 97,791   2.50 %
    Short-term borrowings     49,750     1,746   4.69       26,865     53   0.26  
    FHLB advances & other borrowings     414,259     13,615   4.39       471,084     15,959   4.53  
    Subordinated debt     91,921     3,773   5.48       96,820     3,985   5.49  
    Trust preferred debentures     50,873     4,088   10.73       50,216     3,887   10.35  
    Total interest-bearing liabilities     5,749,782     143,882   3.34       5,868,837     121,675   2.77  
    Noninterest-bearing deposits     1,119,764             1,184,410        
    Other noninterest-bearing liabilities     107,192             84,650        
    Shareholders’ equity     789,712             771,883        
    Total liabilities and shareholders’ equity   $ 7,766,450           $ 7,909,780        
                             
    Net Interest Margin       $ 166,511   3.13 %       $ 178,584   3.27 %
                             
    Cost of Deposits           2.57 %           2.04 %

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

    Noninterest Income

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

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

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

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

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

    Noninterest Expense

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

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

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


    Income Tax Expense

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

    Capital

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

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

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

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

    Stock Repurchase Program

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

    About Midland States Bancorp, Inc.

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

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

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

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
                         
        As of and for the Three Months Ended   As of and
    for the Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
    (dollars in thousands, except per share data)     2024       2024       2023       2024       2023  
    Earnings Summary                    
    Net interest income   $ 54,950     $ 55,052     $ 58,596     $ 165,922     $ 177,940  
    Provision for credit losses     5,000       16,800       5,168       35,800       14,182  
    Noninterest income     19,339       17,656       11,545       58,182       46,077  
    Noninterest expense     46,733       47,479       42,038       139,079       129,414  
    Income before income taxes     22,556       8,429       22,935       49,225       80,421  
    Income taxes     4,080       1,679       11,533       10,114       25,672  
    Net income     18,476       6,750       11,402       39,111       54,749  
    Preferred dividends     2,229       2,228       2,229       6,685       6,685  
    Net income available to common shareholders   $ 16,247     $ 4,522     $ 9,173     $ 32,426     $ 48,064  
                         
    Diluted earnings per common share   $ 0.74     $ 0.20     $ 0.41     $ 1.47     $ 2.14  
    Weighted average common shares outstanding – diluted     21,678,242       21,734,849       21,977,196       21,732,093       22,223,986  
    Return on average assets     0.95 %     0.35 %     0.57 %     0.67 %     0.93 %
    Return on average shareholders’ equity     9.24 %     3.46 %     5.86 %     6.62 %     9.48 %
    Return on average tangible common equity(1)     12.69 %     3.66 %     7.56 %     8.62 %     13.37 %
    Net interest margin     3.10 %     3.12 %     3.20 %     3.13 %     3.27 %
    Efficiency ratio(1)     62.76 %     65.16 %     55.82 %     61.91 %     56.15 %
                         
    Adjusted Earnings Performance Summary(1)                    
    Adjusted earnings available to common shareholders   $ 16,223     $ 4,511     $ 17,278     $ 32,391     $ 56,783  
    Adjusted diluted earnings per common share   $ 0.74     $ 0.20     $ 0.78     $ 1.47     $ 2.53  
    Adjusted return on average assets     0.95 %     0.35 %     0.98 %     0.67 %     1.07 %
    Adjusted return on average shareholders’ equity     9.23 %     3.46 %     10.03 %     6.61 %     10.99 %
    Adjusted return on average tangible common equity     12.67 %     3.65 %     14.24 %     8.61 %     15.80 %
    Adjusted pre-tax, pre-provision earnings   $ 27,523     $ 25,214     $ 33,064     $ 84,977     $ 100,405  
    Adjusted pre-tax, pre-provision return on average assets     1.42 %     1.30 %     1.66 %     1.46 %     1.70 %
                         
    Market Data                    
    Book value per share at period end   $ 33.08     $ 31.59     $ 29.96          
    Tangible book value per share at period end(1)   $ 24.90     $ 23.36     $ 21.67          
    Tangible book value per share excluding accumulated other comprehensive income at period end(1)   $ 27.74     $ 27.22     $ 26.35          
    Market price at period end   $ 22.38     $ 22.65     $ 20.54          
    Common shares outstanding at period end     21,393,905       21,377,215       21,594,546          
                         
    Capital                    
    Total capital to risk-weighted assets     13.98 %     13.83 %     12.76 %        
    Tier 1 capital to risk-weighted assets     11.65 %     11.23 %     10.53 %        
    Common equity tier 1capital to risk-weighted assets     9.00 %     8.64 %     8.07 %        
    Tier 1 leverage ratio     10.10 %     9.84 %     9.59 %        
    Tangible common equity to tangible assets(1)     7.03 %     6.59 %     6.01 %        
                         
    Wealth Management                    
    Trust assets under administration   $ 4,268,539     $ 3,996,175     $ 3,501,225          

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

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        As of
        September 30,   June 30,   March 31,   December 31,   September 30,
    (in thousands)     2024       2024       2024       2023       2023  
    Assets                    
    Cash and cash equivalents   $ 121,873     $ 124,646     $ 167,316     $ 135,061     $ 132,132  
    Investment securities     1,216,795       1,099,654       1,044,900       920,396       839,344  
    Loans     5,748,819       5,851,994       5,958,462       6,131,079       6,280,883  
    Allowance for credit losses on loans     (85,804 )     (92,183 )     (78,057 )     (68,502 )     (66,669 )
    Total loans, net     5,663,015       5,759,811       5,880,405       6,062,577       6,214,214  
    Loans held for sale     8,001       5,555       5,043       3,811       6,089  
    Premises and equipment, net     84,672       83,040       81,831       82,814       82,741  
    Other real estate owned     8,646       8,304       8,920       9,112       480  
    Loan servicing rights, at lower of cost or fair value     18,400       18,902       19,577       20,253       20,933  
    Goodwill     161,904       161,904       161,904       161,904       161,904  
    Other intangible assets, net     13,052       14,003       15,019       16,108       17,238  
    Company-owned life insurance     209,193       207,211       205,286       203,485       201,750  
    Other assets     245,932       274,244       241,608       251,347       292,460  
    Total assets   $ 7,751,483     $ 7,757,274     $ 7,831,809     $ 7,866,868     $ 7,969,285  
                         
    Liabilities and Shareholders’ Equity                    
    Noninterest-bearing demand deposits   $ 1,050,617     $ 1,108,521     $ 1,212,382     $ 1,145,395     $ 1,154,515  
    Interest-bearing deposits     5,206,219       5,009,502       5,111,602       5,164,134       5,250,487  
    Total deposits     6,256,836       6,118,023       6,323,984       6,309,529       6,405,002  
    Short-term borrowings     13,849       7,208       214,446       34,865       17,998  
    FHLB advances and other borrowings     425,000       600,000       255,000       476,000       538,000  
    Subordinated debt     82,744       91,656       93,617       93,546       93,475  
    Trust preferred debentures     51,058       50,921       50,790       50,616       50,457  
    Other liabilities     103,737       103,694       102,966       110,459       106,743  
    Total liabilities     6,933,224       6,971,502       7,040,803       7,075,015       7,211,675  
    Total shareholders’ equity     818,259       785,772       791,006       791,853       757,610  
    Total liabilities and shareholders’ equity   $ 7,751,483     $ 7,757,274     $ 7,831,809     $ 7,866,868     $ 7,969,285  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        For the Three Months Ended   For the Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
    (in thousands, except per share data)     2024       2024       2023       2024       2023  
    Net interest income:                    
    Interest income   $ 104,834     $ 103,295     $ 103,585     $ 309,804     $ 299,615  
    Interest expense     49,884       48,243       44,989       143,882       121,675  
    Net interest income     54,950       55,052       58,596       165,922       177,940  
    Provision for credit losses on loans     5,000       17,000       5,168       36,000       14,182  
    Provision for credit losses on unfunded commitments     —       (200 )     —       (200 )     —  
    Total provision for credit losses     5,000       16,800       5,168       35,800       14,182  
    Net interest income after provision for credit losses     49,950       38,252       53,428       130,122       163,758  
    Noninterest income:                    
    Wealth management revenue     7,104       6,801       6,288       21,037       18,968  
    Service charges on deposit accounts     3,411       3,121       3,149       9,648       8,744  
    Interchange revenue     3,506       3,563       3,609       10,427       10,717  
    Residential mortgage banking revenue     697       557       507       1,781       1,452  
    Income on company-owned life insurance     1,982       1,925       918       5,708       2,685  
    Loss on sales of investment securities, net     (44 )     (152 )     (4,961 )     (196 )     (6,478 )
    Other income     2,683       1,841       2,035       9,777       9,989  
    Total noninterest income     19,339       17,656       11,545       58,182       46,077  
    Noninterest expense:                    
    Salaries and employee benefits     24,382       22,872       22,307       71,356       69,407  
    Occupancy and equipment     4,393       3,964       3,730       12,499       12,052  
    Data processing     6,955       7,205       6,468       20,882       19,323  
    Professional services     1,744       2,243       1,554       6,242       4,977  
    Amortization of intangible assets     951       1,016       1,129       3,056       3,628  
    FDIC insurance     1,402       1,219       1,107       3,895       3,632  
    Other expense     6,906       8,960       5,743       21,149       16,395  
    Total noninterest expense     46,733       47,479       42,038       139,079       129,414  
    Income before income taxes     22,556       8,429       22,935       49,225       80,421  
    Income taxes     4,080       1,679       11,533       10,114       25,672  
    Net income     18,476       6,750       11,402       39,111       54,749  
    Preferred stock dividends     2,229       2,228       2,229       6,685       6,685  
    Net income available to common shareholders   $ 16,247     $ 4,522     $ 9,173     $ 32,426     $ 48,064  
                         
    Basic earnings per common share   $ 0.74     $ 0.20     $ 0.41     $ 1.47     $ 2.14  
    Diluted earnings per common share   $ 0.74     $ 0.20     $ 0.41     $ 1.47     $ 2.14  
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Adjusted Earnings Reconciliation
                         
        For the Three Months Ended   For the Nine Months Ended
    (dollars in thousands, except per share data)    September 30,
    2024         		    June 30,
    2024         		    September 30,
    2023         		    September 30,
    2024         		    September 30,
    2023     
    Income before income taxes – GAAP   $ 22,556     $ 8,429     $ 22,935     $ 49,225     $ 80,421  
    Adjustments to noninterest income:                    
    Loss on sales of investment securities, net     44       152       4,961       196       6,478  
    (Gain) on repurchase of subordinated debt     (77 )     (167 )     —       (244 )     (676 )
    Total adjustments to noninterest income     (33 )     (15 )     4,961       (48 )     5,802  
    Adjusted earnings pre tax – non-GAAP     22,523       8,414       27,896       49,177       86,223  
    Adjusted earnings tax     4,071       1,675       8,389       10,101       22,755  
    Adjusted earnings – non-GAAP     18,452       6,739       19,507       39,076       63,468  
    Preferred stock dividends     2,229       2,228       2,229       6,685       6,685  
    Adjusted earnings available to common shareholders   $ 16,223     $ 4,511     $ 17,278     $ 32,391     $ 56,783  
    Adjusted diluted earnings per common share   $ 0.74     $ 0.20     $ 0.78     $ 1.47     $ 2.53  
    Adjusted return on average assets     0.95 %     0.35 %     0.98 %     0.67 %     1.07 %
    Adjusted return on average shareholders’ equity     9.23 %     3.46 %     10.03 %     6.61 %     10.99 %
    Adjusted return on average tangible common equity     12.67 %     3.65 %     14.24 %     8.61 %     15.80 %
     
                         
                         
    Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation
                         
        For the Three Months Ended   For the Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
    (dollars in thousands)     2024       2024       2023       2024       2023  
    Adjusted earnings pre tax – non-GAAP   $ 22,523     $ 8,414     $ 27,896     $ 49,177     $ 86,223  
    Provision for credit losses     5,000       16,800       5,168       35,800       14,182  
    Adjusted pre-tax, pre-provision earnings – non-GAAP   $ 27,523     $ 25,214     $ 33,064     $ 84,977     $ 100,405  
    Adjusted pre-tax, pre-provision return on average assets     1.42 %     1.30 %     1.66 %     1.46 %     1.70 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)
                         
    Efficiency Ratio Reconciliation
                         
        For the Three Months Ended   For the Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
    (dollars in thousands)     2024       2024       2023       2024       2023  
    Noninterest expense – GAAP   $ 46,733     $ 47,479     $ 42,038     $ 139,079     $ 129,414  
                         
    Net interest income – GAAP   $ 54,950     $ 55,052     $ 58,596     $ 165,922     $ 177,940  
    Effect of tax-exempt income     205       170       205       589       644  
    Adjusted net interest income     55,155       55,222       58,801       166,511       178,584  
                         
    Noninterest income – GAAP     19,339       17,656       11,545       58,182       46,077  
    Loss on sales of investment securities, net     44       152       4,961       196       6,478  
    (Gain) on repurchase of subordinated debt     (77 )     (167 )     —       (244 )     (676 )
    Adjusted noninterest income     19,306       17,641       16,506       58,134       51,879  
                         
    Adjusted total revenue   $ 74,461     $ 72,863     $ 75,307     $ 224,645     $ 230,463  
                         
    Efficiency ratio     62.76 %     65.16 %     55.82 %     61.91 %     56.15 %
                         
    Return on Average Tangible Common Equity (ROATCE)
                         
        For the Three Months Ended   For the Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
    (dollars in thousands)     2024       2024       2023       2024       2023  
    Net income available to common shareholders   $ 16,247     $ 4,522     $ 9,173     $ 32,426     $ 48,064  
                         
    Average total shareholders’ equity—GAAP   $ 795,322     $ 783,846     $ 771,625     $ 789,712     $ 771,883  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (161,904 )     (161,904 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (13,506 )     (14,483 )     (17,782 )     (14,501 )     (18,959 )
    Average tangible common equity   $ 509,364     $ 496,911     $ 481,391     $ 502,759     $ 480,472  
    ROATCE     12.69 %     3.66 %     7.56 %     8.62 %     13.37 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)
                         
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
                         
        As of
    (dollars in thousands, except per share data)    September 30,
    2024         		    June 30,
    2024         		    March 31,
    2024         		    December 31,
    2023         		    September 30,
    2023     
    Shareholders’ Equity to Tangible Common Equity                
    Total shareholders’ equity—GAAP   $ 818,259     $ 785,772     $ 791,006     $ 791,853     $ 757,610  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (161,904 )     (161,904 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (13,052 )     (14,003 )     (15,019 )     (16,108 )     (17,238 )
    Tangible common equity     532,755       499,317       503,535       503,293       467,920  
                         
    Less: Accumulated other comprehensive loss (AOCI)     (60,640 )     (82,581 )     (81,419 )     (76,753 )     (101,181 )
    Tangible common equity excluding AOCI   $ 593,395     $ 581,898     $ 584,954     $ 580,046     $ 569,101  
                         
    Total Assets to Tangible Assets:                    
    Total assets—GAAP   $ 7,751,483     $ 7,757,274     $ 7,831,809     $ 7,866,868     $ 7,969,285  
    Adjustments:                    
    Goodwill     (161,904 )     (161,904 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (13,052 )     (14,003 )     (15,019 )     (16,108 )     (17,238 )
    Tangible assets   $ 7,576,527     $ 7,581,367     $ 7,654,886     $ 7,688,856     $ 7,790,143  
                         
    Common Shares Outstanding     21,393,905       21,377,215       21,485,231       21,551,402       21,594,546  
                         
    Tangible Common Equity to Tangible Assets     7.03 %     6.59 %     6.58 %     6.55 %     6.01 %
    Tangible Book Value Per Share   $ 24.90     $ 23.36     $ 23.44     $ 23.35     $ 21.67  
    Tangible Book Value Per Share, excluding AOCI   $ 27.74     $ 27.22     $ 27.23     $ 26.91     $ 26.35  

    The MIL Network –

    January 25, 2025

  • MIL-OSI: Seacoast Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Strong Growth in Loans and Deposits

    Annualized 20% Increase in Tangible Book Value Per Share

    Well-Positioned Balance Sheet with Strong Capital and Liquidity

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

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

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

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

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

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

    Update on Hurricane Recovery

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

    Financial Results

    Income Statement

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

    Balance Sheet

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

    Asset Quality

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

    Capital and Liquidity

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

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

    FINANCIAL HIGHLIGHTS              
    (Amounts in thousands except per share data) (Unaudited)
      Quarterly Trends
                       
      3Q’24   2Q’24   1Q’24   4Q’23   3Q’23
    Selected balance sheet data:                  
    Gross loans $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
    Total deposits   12,243,585       12,116,118       12,015,840       11,776,935       12,107,834  
    Total assets   15,168,371       14,952,613       14,830,015       14,580,249       14,823,007  
                       
    Performance measures:                  
    Net income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414  
    Net interest margin   3.17 %     3.18 %     3.24 %     3.36 %     3.57 %
    Pre-tax pre-provision earnings1 $ 46,086     $ 44,555     $ 35,674     $ 42,006     $ 43,383  
    Average diluted shares outstanding   85,069       84,816       85,270       85,336       85,666  
    Diluted earnings per share (EPS)   0.36       0.36       0.31       0.35       0.37  
    Return on (annualized):                  
    Average assets (ROA)   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %
    Average tangible assets (ROTA)2   0.99       1.00       0.89       0.99       1.04  
    Average tangible common equity (ROTCE)2   10.31       10.75       9.55       11.22       11.90  
    Tangible common equity to tangible assets2   9.64       9.30       9.25       9.31       8.68  
    Tangible book value per share2 $ 16.20     $ 15.41     $ 15.26     $ 15.08     $ 14.26  
    Efficiency ratio   59.84 %     60.21 %     66.78 %     60.32 %     62.60 %
                       
    Adjusted operating measures1:                  
    Adjusted net income4 $ 30,511     $ 30,277     $ 31,132     $ 31,363     $ 34,170  
    Adjusted pre-tax pre-provision earnings4   46,390       44,490       42,513       45,016       47,349  
    Adjusted diluted EPS4   0.36       0.36       0.37       0.37       0.40  
    Adjusted ROTA2   0.98 %     1.00 %     1.04 %     1.04 %     1.12 %
    Adjusted ROTCE2   10.27       10.76       11.15       11.80       12.79  
    Adjusted efficiency ratio   59.84       60.21       61.13       60.32       60.19  
    Net adjusted noninterest expense as a
    percent of average tangible assets2    		   2.19 %     2.19 %     2.23 %     2.25 %     2.34 %
                       
    Other data:                  
    Market capitalization3 $ 2,277,003     $ 2,016,472     $ 2,156,529     $ 2,415,158     $ 1,869,891  
    Full-time equivalent employees   1,493       1,449       1,445       1,541       1,570  
    Number of ATMs   96       95       95       96       97  
    Full-service banking offices   77       77       77       77       77  
    1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
    2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets.
    3Common shares outstanding multiplied by closing bid price on last day of each period.
    4As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.

    OTHER INFORMATION

    Conference Call Information

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

    About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

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

    Cautionary Notice Regarding Forward-Looking Statements

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

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

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

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

    FINANCIAL HIGHLIGHTS         (Unaudited)          
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
              Quarterly Trends           Nine Months Ended
    (Amounts in thousands, except ratios and per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24   3Q’23
    Summary of Earnings                          
    Net income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901     $ 74,490  
    Adjusted net income1,6   30,511       30,277       31,132       31,363       34,170       91,920       101,878  
    Net interest income2   106,975       104,657       105,298       111,035       119,505       316,930       378,009  
    Net interest margin2,3   3.17 %     3.18 %     3.24 %     3.36 %     3.57 %     3.19 %     3.91 %
    Pre-tax pre-provision earnings1   46,086       44,555       35,674       42,006       43,383       126,315       131,807  
    Adjusted pre-tax pre-provision earnings1,6   46,390       44,490       42,513       45,016       47,349       133,393       168,905  
                               
    Performance Ratios                          
    Return on average assets-GAAP basis3   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %     0.78 %     0.68 %
    Return on average tangible assets-GAAP basis3,4   0.99       1.00       0.89       0.99       1.04       0.96       0.88  
    Adjusted return on average tangible assets1,3,4   0.98       1.00       1.04       1.04       1.12       1.01       1.15  
    Pre-tax pre-provision return on average tangible assets1,3,4,6   1.46       1.45       1.22       1.39       1.43       1.38       1.49  
    Adjusted pre-tax pre-provision return on average tangible assets1,3,4   1.47       1.45       1.42       1.48       1.55       1.44       1.85  
    Net adjusted noninterest expense to average tangible assets1,3,4   2.19       2.19       2.23       2.25       2.34       2.20       2.40  
    Return on average shareholders’ equity-GAAP basis3   5.62       5.74       4.94       5.69       6.01       5.44       4.94  
    Return on average tangible common equity-GAAP basis3,4   10.31       10.75       9.55       11.22       11.90       10.21       10.09  
    Adjusted return on average tangible common equity1,3,4   10.27       10.76       11.15       11.80       12.79       10.72       13.14  
    Efficiency ratio5   59.84       60.21       66.78       60.32       62.60       62.24       65.19  
    Adjusted efficiency ratio1   59.84       60.21       61.13       60.32       60.19       60.39       56.47  
    Noninterest income to total revenue (excluding securities gains/losses)   18.05       17.55       16.17       15.14       13.22       17.27       14.16  
    Tangible common equity to tangible assets4   9.64       9.30       9.25       9.31       8.68       9.64       8.68  
    Average loan-to-deposit ratio   83.79       83.11       84.50       83.38       82.63       83.80       82.86  
    End of period loan-to-deposit ratio   83.44       82.90       83.12       85.48       82.71       83.44       82.71  
                               
    Per Share Data                          
    Net income diluted-GAAP basis $ 0.36     $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02     $ 0.89  
    Net income basic-GAAP basis   0.36       0.36       0.31       0.35       0.37       1.03       0.89  
    Adjusted earnings1,6   0.36       0.36       0.37       0.37       0.40       1.08       1.21  
                               
    Book value per share common   25.68       24.98       24.93       24.84       24.06       25.68       24.06  
    Tangible book value per share   16.20       15.41       15.26       15.08       14.26       16.20       14.26  
    Cash dividends declared   0.18       0.18       0.18       0.18       0.18       0.54       0.53  
    1Non-GAAP measure – see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. 2Calculated on a fully taxable equivalent basis using amortized cost. 3These ratios are stated on an annualized basis and are not necessarily indicative of future periods. 4The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets. 5Defined as noninterest expense less amortization of intangibles and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). 6As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME   (Unaudited)          
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
      Quarterly Trends   Nine Months Ended
    (Amounts in thousands, except per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24   3Q’23
                               
    Interest on securities:                          
    Taxable $ 25,963   $ 24,155     $ 22,393     $ 21,383     $ 21,401     $ 72,511   $ 61,543  
    Nontaxable   34     33       34       55       97       101     299  
    Interest and fees on loans   150,980     147,292       147,095       147,801       149,871       445,367     433,304  
    Interest on interest bearing deposits and other investments   7,138     8,328       6,184       7,616       8,477       21,650     16,974  
    Total Interest Income   184,115     179,808       175,706       176,855       179,846       539,629     512,120  
                               
    Interest on deposits   51,963     51,319       47,534       44,923       38,396       150,816     81,612  
    Interest on time certificates   19,002     17,928       17,121       15,764       16,461       54,051     36,490  
    Interest on borrowed money   6,485     6,137       5,973       5,349       5,683       18,595     16,597  
    Total Interest Expense   77,450     75,384       70,628       66,036       60,540       223,462     134,699  
                               
    Net Interest Income   106,665     104,424       105,078       110,819       119,306       316,167     377,421  
    Provision for credit losses   6,273     4,918       1,368       3,990       2,694       12,559     33,528  
    Net Interest Income After Provision for Credit Losses   100,392     99,506       103,710       106,829       116,612       303,608     343,893  
                               
    Noninterest income:                          
    Service charges on deposit accounts   5,412     5,342       4,960       4,828       4,648       15,714     13,450  
    Interchange income   1,911     1,940       1,888       2,433       1,684       5,739     11,444  
    Wealth management income   3,843     3,766       3,540       3,261       3,138       11,149     9,519  
    Mortgage banking fees   485     582       381       378       410       1,448     1,412  
    Insurance agency income   1,399     1,355       1,291       1,066       1,183       4,045     3,444  
    SBA gains   391     694       739       921       613       1,824     1,184  
    BOLI income   2,578     2,596       2,264       2,220       2,197       7,438     6,181  
    Other   7,473     5,953       5,205       4,668       4,307       18,631     15,636  
        23,492     22,228       20,268       19,775       18,180       65,988     62,270  
    Securities gains (losses), net   187     (44 )     229       (2,437 )     (387 )     372     (456 )
    Total Noninterest Income   23,679     22,184       20,497       17,338       17,793       66,360     61,814  
                               
    Noninterest expense:                          
    Salaries and wages   40,697     38,937       40,304       38,435       46,431       119,938     139,202  
    Employee benefits   6,955     6,861       7,889       6,678       7,206       21,705     23,240  
    Outsourced data processing costs   8,003     8,210       12,118       8,609       8,714       28,331     43,489  
    Occupancy   7,096     7,180       8,037       7,512       7,758       22,313     24,360  
    Furniture and equipment   2,060     1,956       2,011       2,028       2,052       6,027     6,664  
    Marketing   2,729     3,266       2,655       2,995       1,876       8,650     6,161  
    Legal and professional fees   2,708     1,982       2,151       3,294       2,679       6,841     14,220  
    FDIC assessments   1,882     2,131       2,158       2,813       2,258       6,171     5,817  
    Amortization of intangibles   6,002     6,003       6,292       6,888       7,457       18,297     21,838  
    Other real estate owned expense and net loss (gain) on sale   491     (109 )     (26 )     573       274       356     412  
    Provision for credit losses on unfunded commitments   250     251       250       —       —       751     1,239  
    Other   5,945     5,869       6,532       6,542       7,210       18,346     22,613  
    Total Noninterest Expense   84,818     82,537       90,371       86,367       93,915       257,726     309,255  
                               
    Income Before Income Taxes   39,253     39,153       33,836       37,800       40,490       112,242     96,452  
    Provision for income taxes   8,602     8,909       7,830       8,257       9,076       25,341     21,962  
    Net Income $ 30,651   $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901   $ 74,490  
                               
    Share Data                          
    Net income per share of common stock                          
    Diluted $ 0.36   $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02   $ 0.89  
    Basic   0.36     0.36       0.31       0.35       0.37       1.03     0.89  
    Cash dividends declared   0.18     0.18       0.18       0.18       0.18       0.54     0.53  
                               
    Average common shares outstanding                          
    Diluted   85,069     84,816       85,270       85,336       85,666       84,915     83,993  
    Basic   84,434     84,341       84,908       84,817       85,142       84,319     83,457  
                               
    CONDENSED CONSOLIDATED BALANCE SHEETS       (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                
      September 30,   June 30,   March 31,   December 31,   September 30,
    (Amounts in thousands)  2024     2024     2024     2023     2023 
    Assets                  
    Cash and due from banks $ 182,743     $ 168,738     $ 137,850     $ 167,511     $ 182,036  
    Interest bearing deposits with other banks   454,315       580,787       544,874       279,671       513,946  
    Total cash and cash equivalents   637,058       749,525       682,724       447,182       695,982  
                       
    Time deposits with other banks   5,207       7,856       7,856       5,857       4,357  
                       
    Debt Securities:                  
    Securities available for sale (at fair value)   2,160,055       1,967,204       1,949,463       1,836,020       1,841,845  
    Securities held to maturity (at amortized cost)   646,050       658,055       669,896       680,313       691,404  
    Total debt securities   2,806,105       2,625,259       2,619,359       2,516,333       2,533,249  
                       
    Loans held for sale   11,039       5,975       9,475       4,391       2,979  
                       
    Loans   10,205,281       10,038,508       9,978,052       10,062,940       10,011,186  
    Less: Allowance for credit losses   (140,469 )     (141,641 )     (146,669 )     (148,931 )     (149,661 )
    Loans, net of allowance for credit losses   10,064,812       9,896,867       9,831,383       9,914,009       9,861,525  
                       
    Bank premises and equipment, net   108,776       109,945       110,787       113,304       115,749  
    Other real estate owned   6,421       6,877       7,315       7,560       7,216  
    Goodwill   732,417       732,417       732,417       732,417       731,970  
    Other intangible assets, net   77,431       83,445       89,377       95,645       102,397  
    Bank owned life insurance   306,379       303,816       301,229       298,974       296,763  
    Net deferred tax assets   94,820       108,852       111,539       113,232       131,602  
    Other assets   317,906       321,779       326,554       331,345       339,218  
    Total Assets $ 15,168,371     $ 14,952,613     $ 14,830,015     $ 14,580,249     $ 14,823,007  
                       
    Liabilities                  
    Deposits                  
    Noninterest demand $ 3,443,455     $ 3,397,918     $ 3,555,401     $ 3,544,981     $ 3,868,132  
    Interest-bearing demand   2,487,448       2,821,092       2,711,041       2,790,210       2,800,152  
    Savings   524,474       566,052       608,088       651,454       721,558  
    Money market   4,034,371       3,707,761       3,531,029       3,314,288       3,143,897  
    Time deposits   1,753,837       1,623,295       1,610,281       1,476,002       1,574,095  
    Total Deposits   12,243,585       12,116,118       12,015,840       11,776,935       12,107,834  
                       
    Securities sold under agreements to repurchase   210,176       262,103       326,732       374,573       276,450  
    Federal Home Loan Bank borrowings   245,000       180,000       110,000       50,000       110,000  
    Long-term debt, net   106,800       106,634       106,468       106,302       106,136  
    Other liabilities   168,960       157,377       153,225       164,353       174,193  
    Total Liabilities   12,974,521       12,822,232       12,712,265       12,472,163       12,774,613  
                       
    Shareholders’ Equity                  
    Common stock   8,614       8,530       8,494       8,486       8,515  
    Additional paid in capital   1,821,050       1,815,800       1,811,941       1,808,883       1,813,068  
    Retained earnings   508,036       492,805       478,017       467,305       453,117  
    Less: Treasury stock   (18,680 )     (18,744 )     (16,746 )     (16,710 )     (14,035 )
        2,319,020       2,298,391       2,281,706       2,267,964       2,260,665  
    Accumulated other comprehensive loss, net   (125,170 )     (168,010 )     (163,956 )     (159,878 )     (212,271 )
    Total Shareholders’ Equity   2,193,850       2,130,381       2,117,750       2,108,086       2,048,394  
    Total Liabilities & Shareholders’ Equity $ 15,168,371     $ 14,952,613     $ 14,830,015     $ 14,580,249     $ 14,823,007  
                       
    Common shares outstanding   85,441       85,299       84,935       84,861       85,150  
    CONSOLIDATED QUARTERLY FINANCIAL DATA       (Unaudited)    
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
                         
    (Amounts in thousands)   3Q’24   2Q’24   1Q’24   4Q’23   3Q’23
    Credit Analysis                    
    Net charge-offs   $ 7,445     $ 9,946     $ 3,630     $ 4,720     $ 12,748  
    Net charge-offs to average loans     0.29 %     0.40 %     0.15 %     0.19 %     0.50 %
                         
    Allowance for credit losses   $ 140,469     $ 141,641     $ 146,669     $ 148,931     $ 149,661  
                         
    Non-acquired loans at end of period   $ 7,178,186     $ 6,834,059     $ 6,613,763     $ 6,571,454     $ 6,343,121  
    Acquired loans at end of period     3,027,095       3,204,449       3,364,289       3,491,486       3,668,065  
    Total Loans   $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
                         
    Total allowance for credit losses to total loans at end of period     1.38 %     1.41 %     1.47 %     1.48 %     1.49 %
    Purchase discount on acquired loans at end of period     4.48       4.51       4.63       4.75       4.86  
                         
    End of Period                    
    Nonperforming loans   $ 80,857     $ 59,927     $ 77,205     $ 65,104     $ 41,508  
    Other real estate owned     933       1,173       309       221       221  
    Properties previously used in bank operations included in other real estate owned     5,488       5,704       7,006       7,339       6,995  
    Total Nonperforming Assets   $ 87,278     $ 66,804     $ 84,520     $ 72,664     $ 48,724  
                         
    Nonperforming Loans to Loans at End of Period     0.79 %     0.60 %     0.77 %     0.65 %     0.41 %
                         
    Nonperforming Assets to Total Assets at End of Period     0.58       0.45       0.57       0.50       0.33  
                         
        September 30,   June 30,   March 31,   December 31,   September 30,
    Loans    2024     2024     2024     2023     2023 
    Construction and land development   $ 595,753     $ 593,534     $ 623,246     $ 767,622     $ 793,736  
    Commercial real estate – owner occupied     1,676,814       1,656,391       1,656,131       1,670,281       1,675,881  
    Commercial real estate – non-owner occupied     3,573,076       3,423,266       3,368,339       3,319,890       3,285,974  
    Residential real estate     2,564,903       2,555,320       2,521,399       2,445,692       2,418,903  
    Commercial and financial     1,575,228       1,582,290       1,566,198       1,607,888       1,588,152  
    Consumer     219,507       227,707       242,739       251,567       248,540  
    Total Loans   $ 10,205,281     $ 10,038,508     $ 9,978,052     $ 10,062,940     $ 10,011,186  
     
    AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1       (Unaudited)                    
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                                
                                       
                                       
      3Q’24   2Q’24   3Q’23
      Average       Yield/   Average       Yield/   Average       Yield/
    (Amounts in thousands) Balance   Interest   Rate   Balance   Interest   Rate   Balance   Interest   Rate
                                       
    Assets                                  
    Earning assets:                                  
    Securities:                                  
    Taxable $ 2,756,502     $ 25,963   3.75 %   $ 2,629,716     $ 24,155   3.69 %   $ 2,575,002     $ 21,401   3.32 %
    Nontaxable   5,701       42   2.93       5,423       40   2.97       15,280       119   3.11  
    Total Securities   2,762,203       26,005   3.75       2,635,139       24,195   3.69       2,590,282       21,520   3.32  
                                       
    Federal funds sold   433,423       5,906   5.42       510,401       6,967   5.49       547,576       7,415   5.37  
    Interest bearing deposits with other banks and other investments   102,700       1,232   4.77       98,942       1,361   5.53       90,039       1,062   4.68  
                                       
    Total Loans, net2   10,128,822       151,282   5.94       10,005,122       147,518   5.93       10,043,611       150,048   5.93  
                                       
    Total Earning Assets   13,427,148       184,425   5.46       13,249,604       180,041   5.47       13,271,508       180,045   5.38  
                                       
    Allowance for credit losses   (141,974 )             (146,380 )             (158,440 )        
    Cash and due from banks   167,103               168,439               168,931          
    Bank premises and equipment, net   109,699               110,709               116,704          
    Intangible assets   812,761               818,914               839,787          
    Bank owned life insurance   304,703               302,165               295,272          
    Other assets including deferred tax assets   317,406               336,256               372,241          
                                       
    Total Assets $ 14,996,846             $ 14,839,707             $ 14,906,003          
                                       
    Liabilities and Shareholders’ Equity                                  
    Interest-bearing liabilities:                                  
    Interest-bearing demand $ 2,489,674     $ 12,905   2.06 %   $ 2,670,569     $ 14,946   2.25 %   $ 2,804,243     $ 15,013   2.12 %
    Savings   546,473       601   0.44       584,490       560   0.39       770,503       465   0.24  
    Money market   3,942,357       38,457   3.88       3,665,858       35,813   3.93       2,972,495       22,918   3.06  
    Time deposits   1,716,720       19,002   4.40       1,631,290       17,928   4.42       1,619,572       16,461   4.03  
    Securities sold under agreements to repurchase   241,083       2,044   3.37       293,603       2,683   3.68       327,711       2,876   3.48  
    Federal Home Loan Bank borrowings   237,935       2,549   4.26       149,234       1,592   4.29       111,087       888   3.17  
    Long-term debt, net   106,706       1,892   7.05       106,532       1,862   7.03       106,036       1,919   7.18  
                                       
    Total Interest-Bearing Liabilities   9,280,948       77,450   3.32       9,101,576       75,384   3.33       8,711,647       60,540   2.76  
                                       
    Noninterest demand   3,393,110               3,485,603               3,987,761          
    Other liabilities   154,344               134,900               133,846          
    Total Liabilities   12,828,402               12,722,079               12,833,254          
                                       
    Shareholders’ equity   2,168,444               2,117,628               2,072,747          
                                       
    Total Liabilities & Equity $ 14,996,846             $ 14,839,707             $ 14,906,003          
                                       
    Cost of deposits         2.34 %           2.31 %           1.79 %
    Interest expense as a % of earning assets         2.29 %           2.29 %           1.81 %
    Net interest income as a % of earning assets     $ 106,975   3.17 %       $ 104,657   3.18 %       $ 119,505   3.57 %
                                       
                                       
    1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.              
    2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.              
    AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1       (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                    
                           
                           
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average       Yield/   Average       Yield/
    (Amounts in thousands) Balance   Interest   Rate   Balance   Interest   Rate
                           
    Assets                      
    Earning assets:                      
    Securities:                      
    Taxable $ 2,655,422     $ 72,511   3.65 %   $ 2,649,127     $ 61,543   3.10 %
    Nontaxable   5,677       123   2.89       15,721       370   3.14  
    Total Securities   2,661,099       72,634   3.65       2,664,848       61,913   3.10  
                           
    Federal funds sold   438,089       17,929   5.47       336,022       12,444   4.95  
    Interest bearing deposits with other banks and other investments   102,415       3,721   4.85       90,511       4,530   6.69  
                           
    Total Loans, net2   10,056,466       446,108   5.93       9,840,484       433,821   5.89  
                           
    Total Earning Assets   13,258,069       540,392   5.44       12,931,865       512,708   5.30  
                           
    Allowance for credit losses   (145,579 )             (151,613 )        
    Cash and due from banks   167,424               185,426          
    Bank premises and equipment, net   110,929               116,840          
    Intangible assets   819,046               811,483          
    Bank owned life insurance   302,220               287,756          
    Other assets including deferred tax assets   330,898               402,175          
                           
    Total Assets $ 14,843,007             $ 14,583,932          
                           
    Liabilities and Shareholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 2,626,026     $ 43,117   2.19 %   $ 2,642,180     $ 25,780   1.30 %
    Savings   586,285       1,701   0.39       909,184       1,292   0.19  
    Money market   3,673,493       105,998   3.85       2,831,747       54,540   2.58  
    Time deposits   1,646,285       54,051   4.39       1,288,736       36,490   3.79  
    Securities sold under agreements to repurchase   289,181       7,806   3.61       249,242       5,333   2.86  
    Federal Home Loan Bank borrowings   163,468       5,101   4.17       214,415       5,936   3.70  
    Long-term debt, net   106,538       5,688   7.13       103,469       5,328   6.88  
                           
    Total Interest-Bearing Liabilities   9,091,276       223,462   3.28       8,238,973       134,699   2.19  
                           
    Noninterest demand   3,468,790               4,204,389          
    Other liabilities   148,000               126,487          
    Total Liabilities   12,708,066               12,569,849          
                           
    Shareholders’ equity   2,134,941               2,014,083          
                           
    Total Liabilities & Equity $ 14,843,007             $ 14,583,932          
                           
    Cost of deposits         2.28 %           1.33 %
    Interest expense as a % of earning assets         2.25 %           1.39 %
    Net interest income as a % of earning assets     $ 316,930   3.19 %       $ 378,009   3.91 %
                           
                           
    1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.        
    2 Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.        
    CONSOLIDATED QUARTERLY FINANCIAL DATA         (Unaudited)        
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                  
    (Amounts in thousands) September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Customer Relationship Funding                  
    Noninterest demand                  
    Commercial $ 2,731,564   $ 2,664,353   $ 2,808,151   $ 2,752,644   $ 3,089,488
    Retail   509,527     532,623     553,697     561,569     570,727
    Public funds   139,072     142,846     145,747     173,893     134,649
    Other   63,292     58,096     47,806     56,875     73,268
    Total Noninterest Demand   3,443,455     3,397,918     3,555,401     3,544,981     3,868,132
                       
    Interest-bearing demand                  
    Commercial   1,426,920     1,533,725     1,561,905     1,576,491     1,618,755
    Retail   874,043     892,032     930,178     956,900     994,224
    Brokered   —     198,337     —     —     —
    Public funds   186,485     196,998     218,958     256,819     187,173
    Total Interest-Bearing Demand   2,487,448     2,821,092     2,711,041     2,790,210     2,800,152
                       
    Total transaction accounts                  
    Commercial   4,158,484     4,198,078     4,370,056     4,329,135     4,708,243
    Retail   1,383,570     1,424,655     1,483,875     1,518,469     1,564,951
    Brokered   —     198,337     —     —     —
    Public funds   325,557     339,844     364,705     430,712     321,822
    Other   63,292     58,096     47,806     56,875     73,268
    Total Transaction Accounts   5,930,903     6,219,010     6,266,442     6,335,191     6,668,284
                       
    Savings                  
    Commercial   44,151     53,523     52,665     58,562     79,731
    Retail   480,323     512,529     555,423     592,892     641,827
    Total Savings   524,474     566,052     608,088     651,454     721,558
                       
    Money market                  
    Commercial   1,953,851     1,771,927     1,709,636     1,655,820     1,625,455
    Retail   1,887,975     1,733,505     1,621,618     1,469,142     1,362,390
    Public funds   192,545     202,329     199,775     189,326     156,052
    Total Money Market   4,034,371     3,707,761     3,531,029     3,314,288     3,143,897
                       
    Brokered time certificates   256,536     126,668     142,717     122,347     307,963
    Time deposits   1,497,301     1,496,627     1,467,564     1,353,655     1,266,132
        1,753,837     1,623,295     1,610,281     1,476,002     1,574,095
    Total Deposits $ 12,243,585   $ 12,116,118   $ 12,015,840   $ 11,776,935   $ 12,107,834
                       
    Securities sold under agreements to repurchase   210,176     262,103     326,732     374,573     276,450
                       
    Total customer funding 1 $ 12,197,225   $ 12,053,216   $ 12,199,855   $ 12,029,161   $ 12,076,321
                       
    1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

    Explanation of Certain Unaudited Non-GAAP Financial Measures

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

    GAAP TO NON-GAAP RECONCILIATION         (Unaudited)              
    SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES                        
              Quarterly Trends           Nine Months Ended
    (Amounts in thousands, except per share data) 3Q’24   2Q’24   1Q’24   4Q’23   3Q’23   3Q’24 3Q’23
    Net Income $ 30,651     $ 30,244     $ 26,006     $ 29,543     $ 31,414     $ 86,901   $ 74,490  
                             
    Total noninterest income   23,679       22,184       20,497       17,338       17,793       66,360     61,814  
    Securities (gains) losses, net   (187 )     44       (229 )     2,437       387       (372 )   456  
    BOLI benefits on death (included in other income)   —       —       —       —       —       —     (2,117 )
    Total Adjustments to Noninterest Income   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Total Adjusted Noninterest Income   23,492       22,228       20,268       19,775       18,180       65,988     60,153  
                             
    Total noninterest expense   84,818       82,537       90,371       86,367       93,915       257,726     309,255  
    Merger-related charges   —       —       —       —       —       —     (33,180 )
    Branch reductions and other expense initiatives   —       —       (7,094 )     —       (3,305 )     (7,094 )   (5,167 )
    Adjustments to Noninterest Expense   —       —       (7,094 )     —       (3,305 )     (7,094 )   (38,347 )
    Adjusted Noninterest Expense2   84,818       82,537       83,277       86,367       90,610       250,632     270,908  
                             
    Income Taxes   8,602       8,909       7,830       8,257       9,076       25,341     21,962  
    Tax effect of adjustments   (47 )     11       1,739       617       936       1,703     9,298  
    Adjusted Income Taxes   8,555       8,920       9,569       8,874       10,012       27,044     31,260  
    Adjusted Net Income2 $ 30,511     $ 30,277     $ 31,132     $ 31,363     $ 34,170     $ 91,920   $ 101,878  
                             
    Earnings per diluted share, as reported $ 0.36     $ 0.36     $ 0.31     $ 0.35     $ 0.37     $ 1.02   $ 0.89  
    Adjusted Earnings per Diluted Share   0.36       0.36       0.37       0.37       0.40       1.08     1.21  
    Average diluted shares outstanding   85,069       84,816       85,270       85,336       85,666       84,915     83,993  
                             
    Adjusted Noninterest Expense $ 84,818     $ 82,537     $ 83,277     $ 86,367     $ 90,610     $ 250,632   $ 270,908  
    Provision for credit losses on unfunded commitments   (250 )     (251 )     (250 )     —       —       (751 )   (1,239 )
    Other real estate owned expense and net gain (loss) on sale   (491 )     109       26       (573 )     (274 )     (356 )   (412 )
    Amortization of intangibles   (6,002 )     (6,003 )     (6,292 )     (6,888 )     (7,457 )     (18,297 )   (21,838 )
    Net Adjusted Noninterest Expense $ 78,075     $ 76,392     $ 76,761     $ 78,906     $ 82,879     $ 231,228   $ 247,419  
    Average tangible assets   14,184,085       14,020,793       13,865,245       13,906,005       14,066,216       14,023,961     13,772,449  
    Net Adjusted Noninterest Expense to Average Tangible Assets   2.19 %     2.19 %     2.23 %     2.25 %     2.34 %     2.20 %   2.40 %
                             
    Net Revenue $ 130,344     $ 126,608     $ 125,575     $ 128,157     $ 137,099     $ 382,527   $ 439,235  
    Total Adjustments to Net Revenue   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Impact of FTE adjustment   310       233       220       216       199       763     588  
    Adjusted Net Revenue on a fully taxable equivalent basis $ 130,467     $ 126,885     $ 125,566     $ 130,810     $ 137,685     $ 382,918   $ 438,162  
    Adjusted Efficiency Ratio   59.84 %     60.21 %     61.13 %     60.32 %     60.19 %     60.39 %   56.47 %
                             
    Net Interest Income $ 106,665     $ 104,424     $ 105,078     $ 110,819     $ 119,306     $ 316,167   $ 377,421  
    Impact of FTE adjustment   310       233       220       216       199       763     588  
    Net Interest Income including FTE adjustment $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Total noninterest income   23,679       22,184       20,497       17,338       17,793       66,360     61,814  
    Total noninterest expense less provision for credit losses on unfunded commitments   84,568       82,286       90,121       86,367       93,915       256,975     308,016  
    Pre-Tax Pre-Provision Earnings $ 46,086     $ 44,555     $ 35,674     $ 42,006     $ 43,383     $ 126,315   $ 131,807  
    Total Adjustments to Noninterest Income   (187 )     44       (229 )     2,437       387       (372 )   (1,661 )
    Total Adjustments to Noninterest Expense including other real estate owned expense and net (gain) loss on sale   491       (109 )     7,068       573       3,579       7,450     38,759  
    Adjusted Pre-Tax Pre-Provision Earnings2 $ 46,390     $ 44,490     $ 42,513     $ 45,016     $ 47,349     $ 133,393   $ 168,905  
                             
    Average Assets $ 14,996,846     $ 14,839,707     $ 14,690,776     $ 14,738,034     $ 14,906,003     $ 14,843,007   $ 14,583,932  
    Less average goodwill and intangible assets   (812,761 )     (818,914 )     (825,531 )     (832,029 )     (839,787 )     (819,046 )   (811,483 )
    Average Tangible Assets $ 14,184,085     $ 14,020,793     $ 13,865,245     $ 13,906,005     $ 14,066,216     $ 14,023,961   $ 13,772,449  
    Return on Average Assets (ROA)   0.81 %     0.82 %     0.71 %     0.80 %     0.84 %     0.78 %   0.68 %
    Impact of removing average intangible assets and related amortization   0.18       0.18       0.18       0.19       0.20       0.18     0.20  
    Return on Average Tangible Assets (ROTA)   0.99       1.00       0.89       0.99       1.04       0.96     0.88  
    Impact of other adjustments for Adjusted Net Income   (0.01 )     —       0.15       0.05       0.08       0.05     0.27  
    Adjusted Return on Average Tangible Assets   0.98       1.00       1.04       1.04       1.12       1.01     1.15  
                             
    Pre-Tax Pre-Provision return on Average Tangible Assets   1.46       1.45       1.22       1.39       1.43       1.38     1.49  
    Impact of adjustments on Pre-Tax Pre-Provision earnings   0.01       —       0.20       0.09       0.12       0.06     0.36  
    Adjusted Pre-Tax Pre-Provision Return on Tangible Assets2   1.47 %     1.45 %     1.42 %     1.48 %     1.55 %     1.44 %   1.85 %
                             
    Average Shareholders’ Equity $ 2,168,444     $ 2,117,628     $ 2,118,381     $ 2,058,912     $ 2,072,747     $ 2,134,941   $ 2,014,083  
    Less average goodwill and intangible assets   (812,761 )     (818,914 )     (825,531 )     (832,029 )     (839,787 )     (819,046 )   (811,483 )
    Average Tangible Equity $ 1,355,683     $ 1,298,714     $ 1,292,850     $ 1,226,883     $ 1,232,960     $ 1,315,895   $ 1,202,600  
                             
    Return on Average Shareholders’ Equity   5.62 %     5.74 %     4.94 %     5.69 %     6.01 %     5.44 %   4.94 %
    Impact of removing average intangible assets and related amortization   4.69       5.01       4.61       5.53       5.89       4.77     5.15  
    Return on Average Tangible Common Equity (ROTCE)   10.31       10.75       9.55       11.22       11.90       10.21     10.09  
    Impact of other adjustments for Adjusted Net Income   (0.04 )     0.01       1.60       0.58       0.89       0.51     3.05  
    Adjusted Return on Average Tangible Common Equity   10.27 %     10.76 %     11.15 %     11.80 %     12.79 %     10.72 %   13.14 %
                             
    Loan interest income1 $ 151,282     $ 147,518     $ 147,308     $ 148,004     $ 150,048     $ 446,108   $ 433,821  
    Accretion on acquired loans   (9,182 )     (10,178 )     (10,595 )     (11,324 )     (14,843 )     (29,955 )   (45,365 )
    Loan interest income excluding accretion on acquired loans $ 142,100     $ 137,340     $ 136,713     $ 136,680     $ 135,205     $ 416,153   $ 388,456  
                             
    Yield on loans1   5.94       5.93       5.90       5.85       5.93       5.93     5.89  
    Impact of accretion on acquired loans   (0.36 )     (0.41 )     (0.42 )     (0.45 )     (0.59 )     (0.40 )   (0.61 )
    Yield on loans excluding accretion on acquired loans   5.58 %     5.52 %     5.48 %     5.40 %     5.34 %     5.53 %   5.89 %
                             
    Net Interest Income1 $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Accretion on acquired loans   (9,182 )     (10,178 )     (10,595 )     (11,324 )     (14,843 )     (29,955 )   (45,365 )
    Net interest income excluding accretion on acquired loans $ 97,793     $ 94,479     $ 94,703     $ 99,711     $ 104,662     $ 286,975   $ 332,644  
                             
    Net Interest Margin   3.17       3.18       3.24       3.36       3.57       3.19     3.91  
    Impact of accretion on acquired loans   (0.27 )     (0.30 )     (0.33 )     (0.34 )     (0.44 )     (0.30 )   (0.47 )
    Net interest margin excluding accretion on acquired loans   2.90 %     2.87 %     2.91 %     3.02 %     3.13 %     2.89 %   3.44 %
                             
    Security interest income1 $ 26,005     $ 24,195     $ 22,434     $ 21,451     $ 21,520     $ 72,634   $ 61,913  
    Tax equivalent adjustment on securities   (8 )     (7 )     (7 )     (13 )     (22 )     (22 )   (71 )
    Security interest income excluding tax equivalent adjustment $ 25,997     $ 24,188     $ 22,427     $ 21,438     $ 21,498     $ 72,612   $ 61,842  
                             
    Loan interest income1 $ 151,282     $ 147,518     $ 147,308     $ 148,004     $ 150,048     $ 446,108   $ 433,821  
    Tax equivalent adjustment on loans   (302 )     (226 )     (213 )     (203 )     (177 )     (741 )   (517 )
    Loan interest income excluding tax equivalent adjustment $ 150,980     $ 147,292     $ 147,095     $ 147,801     $ 149,871     $ 445,367   $ 433,304  
                             
    Net Interest Income1 $ 106,975     $ 104,657     $ 105,298     $ 111,035     $ 119,505     $ 316,930   $ 378,009  
    Tax equivalent adjustment on securities   (8 )     (7 )     (7 )     (13 )     (22 )     (22 )   (71 )
    Tax equivalent adjustment on loans   (302 )     (226 )     (213 )     (203 )     (177 )     (741 )   (517 )
    Net interest income excluding tax equivalent adjustment $ 106,665     $ 104,424     $ 105,078     $ 110,819     $ 119,306     $ 316,167   $ 377,421  
                             
    1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.    
    2As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.    

    The MIL Network –

    January 25, 2025

  • MIL-OSI USA: Senator Murray Establishes & Funds Scientific Consortium in Washington State, Expanding NASA Footprint in PNW

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray wrote and passed the funding bill that provided the resources for this award and directly authored the provision to establish the BioS-ENDURES Consortium

    Seattle, WA – Today, U.S. Senator Patty Murray (D-WA), Chair of the Senate Appropriations Committee, announced a $2.5 million NASA award to establish a scientific consortium based at the University of Washington in partnership with Washington State University and the Pacific Northwest National Laboratory. The award was funded through a provision in the Fiscal Year 2024 government spending bill authored by Senator Murray to establish a consortium within the Biological and Physical Sciences—and resulted in the establishment of the Biology in Space: Establishing Networks for DUrable & REsilient Systems (BioS-ENDURES) Consortium. The BioS-ENDURESConsortium will focus on innovation, acceleration, and implementation of space biology specific knowledge and technology centered on human-plant-microbiome relationships to enable a durable human presence in low Earth orbit and beyond.  

    “As Chair of the Senate Appropriations Committee, I am writing our funding bills to invest in Washington state’s growing innovation economy,” said Senator Murray. “By establishing this scientific consortium here in Washington state, we are laying the groundwork to bring even more private and federal investment to our state’s growing aerospace industry. If we want to maintain our competitive edge, we have to stay at the forefront of scientific discovery—and this federal research partnership will help us do that. Investing in scientific discovery is an investment that pays off—this is a next chapter in a story of inquiry, invention, innovation, exploration, and discovery of new frontiers.”

    “The University of Washington is excited to have this opportunity to contribute to the development of new capabilities that will enable a sustainable human presence in space,” said Mari Ostendorf, Vice Provost of Research, University of Washington. “This consortium enables new partnerships and brings together investigators who have a long history with NASA and space applications with researchers who have deep expertise in human/animal, plant, and microbial biology. This research will push the boundaries of our scientific understanding to reveal new biological mechanisms that will address both sustainability and risk mitigation needs in space. We look forward working with WSU, PNNL, and NASA, as well as with other industry and science partners to accelerate space technology.”

    “This represents an exciting opportunity for the state of Washington to continue building our capacity for critical research to understand and improve human-plant-microbial systems for space habitation,” said Dr. Michael Wolcott, Interim Vice President of Research at Washington State University. “This work will have a direct contribution to humankind’s ability to travel—and live—in space. WSU is thrilled to be part of this collaborative effort with our colleagues at the University of Washington and the Pacific Northwest National Laboratory and looks forward to continuing this work with NASA.”

    “Pacific Northwest National Laboratory is thrilled to join forces with the University of Washington and Washington State University in the BioS-ENDURES consortium,” said Malin Young, Associate Laboratory Director, Earth and Biological Sciences. “Together, we’re harnessing our cutting-edge life science capabilities to help NASA achieve its mission of establishing a sustainable and lasting human presence in low Earth orbit, on the Moon, on Mars, and beyond.”

    A more thorough understanding is needed of mechanisms underlying responses to space-relevant stressors (ionizing radiation, microgravity, circadian disruption, abiotics, and biotics) to both humans and plant food sources and what role microbiomes may play in shaping those responses.  Human/animal, plant, and microbial biologists will work together to ensure an integrated view of the space flight biosphere by enhancing data acquisition, modeling, and testing.

    Human/animal, plant, and microbial biologists will work together to ensure an integrated view of the space flight biosphere by enhancing data acquisition, modeling, and testing. BioS-ENDURES has three thrust areas focusing on the effects of spaceflight stressors: 

    • Develop monitoring capabilities to measure underlying molecular status (biomarkers) of humans, animal models, plants and their associated microbial communities.
    • Build models to predict human-plant-microbe robustness and interactions among organisms in space.
    • Validate and apply understanding of human and plant health, including promoting beneficial human-plant-microbe interactions, to enhance health in space.

    The BioS-ENDURES Consortium is built upon a collaboration between the University of Washington, Washington State University, the Pacific Northwest National Laboratory, and science and industry advisory boards. Consortium members will partner closely with NASA to align work with current and projected needs. Funding from NASA will support proof-of-principle demonstration projects each year to advance the science of the three thrusts, annual symposia tracks (some full consortium, some with tighter focus), and costs of physical testing.

    MIL OSI USA News –

    January 25, 2025

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

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

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

    MIL OSI USA News –

    January 25, 2025

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

    Source: United Kingdom – Executive Government & Departments

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

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

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

    Go raibh míle maith agaibh.

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

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

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

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

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

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

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

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

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

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

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

    Why? 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    And my message to investors is simply this.

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

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

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

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

    What do we need to do?

    We need to ensure stability in an unstable world.

    We need to build economic growth.

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

    We have got to invest in skills. 

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

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

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

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

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

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

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

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

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

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

    Ireland and the United Kingdom.

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

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

     Thank you.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

    January 25, 2025

  • MIL-OSI USA News: Remarks by Vice President Harris in Press Gaggle | Philadelphia,  PA

    Source: The White House

    Warwick Hotel Rittenhouse Square Philadelphia
    Philadelphia, Pennsylvania

    1:27 P.M. EDT

    THE VICE PRESIDENT:  Oh, hi, guys. 

         Q    Hello.

    THE VICE PRESIDENT:  Okay.  Good morning — or af- —

         Q    Good afternoon.

    THE VICE PRESIDENT:  — afternoon.  Good afternoon.  Good afternoon.

    Well, let me start by saying I’m really very proud to announce that we’ve had some endorsements this morning, as we’ve been rolling out endorsements, by two leaders in the Republican Party: the mayor of Waukesha and then, of course, former Representative Fred Upton.

    And this continues to be, I think, evidence of the fact that people who have been leaders in our country, regardless of their political party, understand what’s at stake.  And they are weighing in — courageously, in many cases — in support of what we need to have, which is a president of the United States who understands the obligation to uphold the Constitution of the United States and our democracy.

    As for last night, yet again, Trump not showing up, refused to be a part of a CNN debate.  And clearly, his staff has been saying he’s exhausted.  And the sad part about that is he’s trying to be president of the United States, probably the toughest job in the world, and he’s exhausted.

    I said last night what I mean, which is the American people are being presented with a very serious decision, and it includes what we must understand will happen, starting on January 20th, in this choice. 

    Either you have the choice of a Donald Trump, who will sit in the Oval Office stewing, plotting revenge, retribution, writing out his enemies list, or what I will be doing, which is responding to folks like the folks last night with a to-do list, understanding the need to work on lifting up the American people, whether it be through the issue of grocery prices and bringing them down or investing in our economy, investing in our small businesses, investing in our families.

    Happy to take any questions.

         Q    Madam Vice President, you will be back in Philadelphia with members of your team on Monday, former President Barack Obama, as well as Bruce Springsteen.

    THE VICE PRESIDENT:  Yes.

         Q    Do you — can you tell us where you — that may be? 

    And secondly, any other, as we would say, heavy hitters in your campaign planning to come to Philadelphia in the lead-up to Election Day?

    THE VICE PRESIDENT:  Well, I’m very honored to have the support of former President Obama.  As you know, he’s been on the campaign trail and has been really wonderful and extraordinary in terms of the time and effort that he’s putting into our campaign.  And people like Bruce Springsteen, to have their support — and, of course, he is an American icon — I think it just shows the breadth and depth of the support that we have and also the enthusiasm that a lot of people are bringing to the campaign and feel about our campaign.

    Q    Any other big names we can share?

    THE VICE PRESIDENT:  I have nothing to report at this moment.  (Laughs.)

    Q    (Inaudible.)

    THE VICE PRESIDENT:  Stay tuned, however.

    Q    Vice President, what do you make of the gender gap in this election?  Why do you think you have stronger support among women than the former president?

    THE VICE PRESIDENT:  Well, I have to be honest with you, it’s not what I see in terms of my rallies, in terms of the interactions I’m having with people in communities and — and on the ground.  What I am seeing is e- — in equal measure, men and women talking about their concerns about the future of our democracy; talking about the fact that they want a president who leads with optimism and takes on the challenges that we face, whether it be grocery prices or investing in small businesses or homeownership. 

    So, I’m not actually seeing that kind of disparity, and I intend to be a president for all Americans.  And that includes paying attention, yes, to a fundamental freedom that has been taken away because of Donald Trump — the freedom of a woman to make decisions about her own body — and, in equal measure, to prioritize the economic needs of individuals and families in America and what we also must do in terms of upholding our strength and standing on the global stage.

    Q    Madam Vice President —

    Q    Madam Vice President —

    THE VICE PRESIDENT:   You all sort that out, okay?  (Laughter.)

    Q    How are you going to vote on Prop 36 in California? You are a California voter.  Do California and other states need to punish drug and theft crimes more harshly?

    THE VICE PRESIDENT:  So, I have not yet voted, and I have not yet had the chance to read through the ballot.  I will keep you posted on that.

    AIDE:  We have time for one more question.

    Q    Madam Vice President, this topic was brought up last night, but will construction of a southern border wall continue in your administration?

    THE VICE PRESIDENT:  I will tell you that my highest priority is to put the resources into ensuring that our border is secure, which is why I’ve been very clear: I’m going to bring back up, as president, that bipartisan border security bill and make sure that it is brought to my desk so I can sign it into law. 

    The biggest issue that we have right now is that Donald Trump has stood in the way of what would have been a proven part of the solution to the bigger problem, which is that we have a broken immigration system in America, and we need to fix it.  And we have the tools at hand, but we have on the other side of this election, Donald Trump, who would prefer to run on a problem instead of fixing a problem. 

    I intend to fix the problem in a way that is just about practical solutions that are within our arms reach if we have the commitment to do it. 

    Okay?  Thank you.

    MIL OSI USA News –

    January 25, 2025

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

    Source: US Federal Emergency Management Agency

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

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

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

    MIL OSI USA News –

    January 25, 2025

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three and nine months ended September 30, 2024.

    President and Chief Executive Officer Chris Becker commented on the Company’s results: “We are encouraged by a second consecutive linked quarter showing improvements in key financial metrics. After an increase in the net interest margin of one basis point in the second quarter of 2024 from the first quarter of 2024, the margin increased nine basis points in the third quarter of 2024 when compared to second quarter of 2024. We are optimistic the trend will continue during the fourth quarter of this year. Excluding merger and branch consolidation expenses, our noninterest expense remains well controlled and in line with expectations. Finally, our credit quality results remained strong.”

    Analysis of Earnings – Nine Months Ended September 30, 2024

    Net income and earnings per share (“EPS”) for the nine months ended September 30, 2024, were $13.8 million and $0.61, respectively, as compared to $20.2 million and $0.89, respectively, in the same period of 2023.  Adjusted net income and EPS for the current nine-month period, which exclude merger and branch consolidation expenses, were $14.8 million and $0.66, respectively (see “Non-GAAP Reconciliation” table at the end of this release). The principal drivers of the change in adjusted net income were a decline in net interest income of $11.7 million, or 17.5%, and a provision for credit losses of $740,000 as compared to a provision reversal of $1.2 million in the prior period, partially offset by a loss on sales of securities of $3.5 million in the first quarter of 2023, an increase in remaining noninterest income of $1.4 million, and decreases in noninterest expense of $1.2 million and income tax expense of $2.2 million. The nine months ended 2024 produced a return on average assets (“ROA”) of 0.44%, a return on average equity (“ROE”) of 4.88%, an efficiency ratio of 76.39%, and a net interest margin of 1.83%.  Excluding merger and branch consolidation expenses, adjusted ROA and ROE were 0.47% and 5.23%, respectively, and the adjusted efficiency ratio was 74.21% (see “Non-GAAP Reconciliation” table at the end of this release).

    Net interest income declined when comparing the first nine months of 2024 and 2023 due to an increase in interest expense of $23.4 million that was only partially offset by a $11.7 million increase in interest income. The cost of interest-bearing liabilities increased 109 basis points while the yield on interest-earning assets increased 38 basis points when comparing the nine-month periods.  The Bank’s balance sheet remains liability sensitive, however the pace of repricing of average interest-earning assets began outpacing the repricing of average interest-bearing liabilities in the third quarter.

    The Bank recorded a provision for credit losses of $740,000 for the nine months ended 2024, compared to a provision reversal of $1.2 million in the same period of 2023. The allowance for credit losses declined when compared to year-end 2023 largely due to declines in historical loss rates and reserves on individually evaluated loans, partially offset by a deterioration in current and forecasted economic conditions, including adjustments for rent stabilization status of multifamily properties. The reserve coverage ratio remained stable at 0.88% of total loans at September 30, 2024 as compared to 0.88% at June 30, 2024 and 0.89% at December 31, 2023. Past due loans and nonaccrual loans were at $346,000 and $2.9 million, respectively, on September 30, 2024. Overall credit quality of the loan and investment portfolios remains strong.

    Noninterest income, excluding the loss on sales of securities of $3.5 million in the 2023 period, increased $1.4 million, or 19.1%, when comparing the first nine months of 2024 and 2023. Recurring components of noninterest income including bank-owned life insurance (“BOLI”) and service charges on deposit accounts had increases of 8.0% and 13.4%, respectively. Other noninterest income increased 33.2% and included increases of $469,000 in merchant card services, $232,000 in back-to-back swap fees, and $181,000 in pension income, which were partially offset by a gain on disposition of premises and fixed assets of $240,000 in 2023.

    Noninterest expense increased $254,000, or 0.5%, for the nine months of 2024, as compared to the same period in 2023. Excluding merger and branch consolidation expenses, adjusted noninterest expense decreased by $1.2 million (See “Non-GAAP Reconciliation” table at the end of this release). Reductions in occupancy and equipment expense of $685,000 and telecommunication expense of $383,000 drove the decline in adjusted noninterest expense. The decrease in occupancy and equipment expense was largely due to the ongoing branch optimization strategy, which resulted in the closing of various locations. Telecom expense decreased mainly due to efficiencies associated with system upgrades.

    Income tax expense decreased $2.7 million, and the effective tax rate declined to (0.3)% for the nine months ended 2024 as compared to 11.6% for the same period in prior year. The decline in the effective tax rate is mainly due to an increase in the percentage of pre-tax income derived from the Bank’s real estate investment trust reducing the state and local income tax due. The decrease in income tax expense reflects the lower effective tax rate and a decline in pre-tax income.

    Analysis of Earnings – Third Quarter 2024 Versus Third Quarter 2023

    Net income for the third quarter of 2024 decreased $2.2 million as compared to the third quarter of last year. Adjusted net income for the third quarter decreased by $1.2 million (see “Non-GAAP Reconciliation” table at the end of this release). The change in adjusted net income is mainly attributable to a $2.8 million decline in net interest income for substantially the same reasons discussed above with respect to the nine-month periods along with a $341,000 increase in the provision for credit losses.  Partially offsetting the decreases, was an increase in noninterest income of $966,000 for substantially the same reasons discussed above with respect to the nine-month periods. The quarter produced a ROA of 0.44%, a ROE of 4.77%, an efficiency ratio of 79.09%, and a net interest margin of 1.89%.  On an adjusted basis, ROA and ROE were 0.53% and 5.79%, respectively, and the efficiency ratio was 72.69% (see “Non-GAAP Reconciliation” table at the end of this release).

    Analysis of Earnings –Third Quarter 2024 Versus Second Quarter 2024

    Net income for the third quarter of 2024 decreased $199,000 compared to the second quarter of 2024. Adjusted net income for the third quarter increased by $782,000 (see “Non-GAAP Reconciliation” table at the end of this release). The increase in adjusted net income was partially due to an increase in net interest income of $169,000, a decrease in the provision for credit losses of $400,000, and an increase in back-to-back swap fees of $232,000.  

    Net interest income increased due to an increase in net interest margin. The increase in the net interest margin to 1.89% in the third quarter of 2024 from 1.80% in the second quarter of 2024 was largely due to the repricing of wholesale funding at lower costs largely offsetting the increase in cost of other interest-bearing liabilities while the yield on interest-earning assets continued to rise. Additionally, average interest-bearing deposits decreased $35.8 million and average higher cost borrowings decreased $65.6 million.

    The decrease in income tax expense was substantially due to the same reasons discussed above with respect to the nine-month periods.

    Liquidity

    Total average deposits declined by $89.6 million, or 2.6%, when comparing the nine-month periods of 2024 and 2023. On September 30, 2024, overnight advances and other borrowings were down by $70.0 million and $27.5 million, respectively, from year-end 2023. The Bank had $582.8 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, as well as a $20 million unsecured line of credit with a correspondent bank. We also had $312.9 million in unencumbered cash and securities. In total, we had approximately $915.7 million of available liquidity on September 30, 2024.  At September 30, 2024, uninsured deposits were 45.9% of total deposits. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.13% on September 30, 2024.  Book value per share was $17.25 on September 30, 2024, versus $16.83 on December 31, 2023. The accumulated other comprehensive loss component of stockholders’ equity is mainly comprised of a net unrealized loss in the available-for-sale securities portfolio due to higher market interest rates. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter. The Board and management continue to evaluate the quarterly dividend to provide the best opportunity to maximize shareholder value.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended September 30, 2024. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about October 28, 2024, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      9/30/2024     12/31/2023  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 78,568     $ 60,887  
    Investment securities available-for-sale, at fair value   659,696       695,877  
                   
    Loans:              
    Commercial and industrial   146,440       116,163  
    Secured by real estate:              
    Commercial mortgages   1,950,008       1,919,714  
    Residential mortgages   1,103,937       1,166,887  
    Home equity lines   36,962       44,070  
    Consumer and other   1,150       1,230  
        3,238,497       3,248,064  
    Allowance for credit losses   (28,647 )     (28,992 )
        3,209,850       3,219,072  
                   
    Restricted stock, at cost   28,191       32,659  
    Bank premises and equipment, net   30,180       31,414  
    Right-of-use asset – operating leases   20,359       22,588  
    Bank-owned life insurance   116,192       114,045  
    Pension plan assets, net   10,421       10,740  
    Deferred income tax benefit   27,779       28,996  
    Other assets   20,243       19,622  
      $ 4,201,479     $ 4,235,900  
    Liabilities:              
    Deposits:              
    Checking $ 1,121,871     $ 1,133,184  
    Savings, NOW and money market   1,594,317       1,546,369  
    Time   610,876       591,433  
        3,327,064       3,270,986  
                   
    Overnight advances   —       70,000  
    Other borrowings   445,000       472,500  
    Operating lease liability   22,876       24,940  
    Accrued expenses and other liabilities   17,958       17,328  
        3,812,898       3,855,754  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,532,080 and 22,590,942 shares   2,253       2,259  
    Surplus   79,157       79,728  
    Retained earnings   355,541       355,887  
        436,951       437,874  
    Accumulated other comprehensive loss, net of tax   (48,370 )     (57,728 )
        388,581       380,146  
      $ 4,201,479     $ 4,235,900  
                   
                   
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
               
      Nine Months Ended     Three Months Ended  
      9/30/2024     9/30/2023     9/30/2024     9/30/2023  
      (dollars in thousands)  
    Interest and dividend income:                              
    Loans $ 102,679     $ 94,706     $ 35,026     $ 32,818  
    Investment securities:                              
    Taxable   20,701       15,877       6,229       6,594  
    Nontaxable   2,872       3,976       955       1,004  
        126,252       114,559       42,210       40,416  
    Interest expense:                              
    Savings, NOW and money market deposits   33,637       22,188       12,117       8,802  
    Time deposits   20,748       13,086       6,712       5,785  
    Overnight advances   392       596       125       50  
    Other borrowings   16,283       11,782       4,656       4,347  
        71,060       47,652       23,610       18,984  
    Net interest income   55,192       66,907       18,600       21,432  
    Provision (credit) for credit losses   740       (1,227 )     170       (171 )
    Net interest income after provision (credit) for credit losses   54,452       68,134       18,430       21,603  
                                   
    Noninterest income:                              
    Bank-owned life insurance   2,573       2,383       876       809  
    Service charges on deposit accounts   2,543       2,243       842       703  
    Net loss on sales of securities   —       (3,489 )     —       —  
    Other   3,732       2,802       1,492       732  
        8,848       3,939       3,210       2,244  
    Noninterest expense:                              
    Salaries and employee benefits   29,169       29,268       9,695       9,649  
    Occupancy and equipment   9,289       9,974       2,965       3,253  
    Merger expenses   866       —       866       —  
    Branch consolidation expenses   547       —       547       —  
    Other   9,635       10,010       3,378       3,262  
        49,506       49,252       17,451       16,164  
    Income before income taxes   13,794       22,821       4,189       7,683  
    Income tax (credit) expense   (38 )     2,641       (410 )     883  
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
                                   
    Share and Per Share Data:                              
    Weighted Average Common Shares   22,520,026       22,538,520       22,529,051       22,569,716  
    Dilutive restricted stock units   87,716       69,010       138,272       86,914  
    Dilutive weighted average common shares   22,607,742       22,607,530       22,667,323       22,656,630  
                                   
    Basic EPS $ 0.61     $ 0.90     $ 0.20     $ 0.30  
    Diluted EPS   0.61       0.89       0.20       0.30  
    Cash Dividends Declared per share   0.63       0.63       0.21       0.21  
                                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.44 %     0.64 %     0.44 %     0.63 %
    ROE   4.88       7.29       4.77       7.34  
    Net Interest Margin   1.83       2.21       1.89       2.13  
    Dividend Payout Ratio   103.28       70.79       105.00       70.00  
    Efficiency Ratio   76.39       65.33       79.09       67.51  
                                   
                                   
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      9/30/2024     12/31/2023  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 424     $ 431  
    Past due 30 through 89 days   346       3,086  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   2,899       1,053  
        3,669       4,570  
    Other real estate owned   —       —  
      $ 3,669     $ 4,570  
                   
    Allowance for credit losses $ 28,647     $ 28,992  
    Allowance for credit losses as a percentage of total loans   0.88 %     0.89 %
    Allowance for credit losses as a multiple of nonaccrual loans   9.9 x     27.5 x
                   
                   
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
           
        Nine Months Ended September 30,  
        2024     2023  
        Average     Interest/     Average     Average     Interest/     Average  
    (dollars in thousands)   Balance     Dividends     Rate     Balance     Dividends     Rate  
    Assets:                                                
    Interest-earning bank balances   $ 66,593     $ 2,724       5.46 %   $ 52,163     $ 1,969       5.05 %
    Investment securities:                                                
    Taxable (1)     620,721       17,977       3.86       564,857       13,908       3.28  
    Nontaxable (1) (2)     152,758       3,636       3.17       209,566       5,033       3.20  
    Loans (1) (2)     3,236,794       102,679       4.23       3,266,184       94,708       3.87  
    Total interest-earning assets     4,076,866       127,016       4.15       4,092,770       115,618       3.77  
    Allowance for credit losses     (28,590 )                     (30,531 )                
    Net interest-earning assets     4,048,276                       4,062,239                  
    Cash and due from banks     32,844                       31,410                  
    Premises and equipment, net     30,979                       32,107                  
    Other assets     122,671                       115,167                  
        $ 4,234,770                     $ 4,240,923                  
    Liabilities and Stockholders’ Equity:                                                
    Savings, NOW & money market deposits   $ 1,589,154       33,637       2.83     $ 1,668,506       22,188       1.78  
    Time deposits     625,553       20,748       4.43       536,529       13,086       3.26  
    Total interest-bearing deposits     2,214,707       54,385       3.28       2,205,035       35,274       2.14  
    Overnight advances     9,303       392       5.63       14,993       596       5.31  
    Other borrowings     457,053       16,283       4.76       377,053       11,782       4.18  
    Total interest-bearing liabilities     2,681,063       71,060       3.54       2,597,081       47,652       2.45  
    Checking deposits     1,136,738                       1,236,001                  
    Other liabilities     38,354                       37,736                  
          3,856,155                       3,870,818                  
    Stockholders’ equity     378,615                       370,105                  
        $ 4,234,770                     $ 4,240,923                  
                                                     
    Net interest income (2)           $ 55,956                     $ 67,966          
    Net interest spread (2)                     0.61 %                     1.32 %
    Net interest margin (2)                     1.83 %                     2.21 %
                                                     
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt loans and investment securities had been made in loans and investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
           
        Three Months Ended September 30,  
        2024     2023  
        Average     Interest/     Average     Average     Interest/     Average  
    (dollars in thousands)   Balance     Dividends     Rate     Balance     Dividends     Rate  
    Assets:                                                
    Interest-earning bank balances   $ 33,463     $ 453       5.39 %   $ 66,474     $ 902       5.38 %
    Investment securities:                                                
    Taxable (1)     602,446       5,776       3.84       625,827       5,692       3.64  
    Nontaxable (1) (2)     152,278       1,209       3.18       161,423       1,271       3.15  
    Loans (1)     3,237,138       35,026       4.33       3,257,256       32,818       4.03  
    Total interest-earning assets     4,025,325       42,464       4.22       4,110,980       40,683       3.96  
    Allowance for credit losses     (28,495 )                     (29,981 )                
    Net interest-earning assets     3,996,830                       4,080,999                  
    Cash and due from banks     33,028                       33,420                  
    Premises and equipment, net     30,754                       32,268                  
    Other assets     126,428                       113,084                  
        $ 4,187,040                     $ 4,259,771                  
    Liabilities and Stockholders’ Equity:                                                
    Savings, NOW & money market deposits   $ 1,614,294       12,117       2.99     $ 1,655,032       8,802       2.11  
    Time deposits     600,873       6,712       4.44       587,814       5,785       3.90  
    Total interest-bearing deposits     2,215,167       18,829       3.38       2,242,846       14,587       2.58  
    Overnight advances     8,793       125       5.66       3,478       50       5.70  
    Other borrowings     396,739       4,656       4.67       382,500       4,347       4.51  
    Total interest-bearing liabilities     2,620,699       23,610       3.58       2,628,824       18,984       2.87  
    Checking deposits     1,146,274                       1,225,052                  
    Other liabilities     36,805                       38,123                  
          3,803,778                       3,891,999                  
    Stockholders’ equity     383,262                       367,772                  
        $ 4,187,040                     $ 4,259,771                  
                                                     
    Net interest income (2)           $ 18,854                     $ 21,699          
    Net interest spread (2)                     0.64 %                     1.09 %
    Net interest margin (2)                     1.89 %                     2.13 %
                                                     
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    NON-GAAP RECONCILIATION
    (Unaudited)

    The following tables provide supplemental non-GAAP financial measures which management uses internally to help understand, manage, and evaluate our business performance and to help make operating decisions. These supplemental financial measures are not measurements of financial performance under generally accepted accounting principles in the United States (“GAAP”) and, as a result may not be comparable to similarly titled measures of other companies. The Corporation believes that these non-GAAP financial measures are useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. The Corporation also believes the use of these non-GAAP financial measures can facilitate comparison of our operating results to those of our competitors. The following non-GAAP financial measures exclude merger related and branch consolidation expenses:  

               
      Nine Months Ended     Three Months Ended  
      9/30/2024     9/30/2023     9/30/2024     9/30/2023  
      (dollars in thousands, except per share data)  
    Reconciliation of adjusted net income:                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjustments to net income:                              
    Merger expenses   866       —       866       —  
    Branch consolidation expenses   547       —       547       —  
    Income tax effect of adjustments (1)   (432 )     —       (432 )     —  
    Adjusted net income $ 14,813     $ 20,180     $ 5,580     $ 6,800  
                                   
    Diluted EPS                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjusted net income   14,813       20,180       5,580       6,800  
                                   
    Dilutive weighted average common shares   22,607,742       22,607,530       22,667,323       22,656,630  
                                   
    Diluted EPS $ 0.61     $ 0.89     $ 0.20     $ 0.30  
    Adjusted Diluted EPS   0.66       0.89       0.25       0.30  
                                   
    ROA and ROE                              
    Net income $ 13,832     $ 20,180     $ 4,599     $ 6,800  
    Adjusted net income   14,813       20,180       5,580       6,800  
                                   
    Average Total Assets $ 4,234,770     $ 4,240,923     $ 4,187,040     $ 4,259,771  
    Average Total Equity   378,615       370,105       383,262       367,772  
                                   
    ROA   0.44 %     0.64 %     0.44 %     0.63 %
    Adjusted ROA   0.47       0.64       0.53       0.63  
                                   
    ROE   4.88 %     7.29 %     4.77 %     7.34 %
    Adjusted ROE   5.23       7.29       5.79       7.34  
                                   
    Efficiency Ratio                              
    Noninterest expense $ 49,506     $ 49,252     $ 17,451     $ 16,164  
    Adjustments to noninterest expense:                              
    Merger expenses   (866 )     —       (866 )     —  
    Branch consolidation expenses   (547 )     —       (547 )     —  
    Adjusted noninterest expense $ 48,093     $ 49,252     $ 16,038     $ 16,164  
                                   
    Net interest income $ 55,956       67,966       18,854       21,699  
    Noninterest income   8,848       3,939       3,210       2,244  
    Total revenue $ 64,804     $ 71,905     $ 22,064     $ 23,943  
                                   
    Efficiency Ratio   76.39 %     65.33 %     79.09 %     67.51 %
    Adjusted Efficiency Ratio   74.21       65.33       72.69       67.51  
                                   

    (1) Adjustments to net income are taxed at the Corporation’s approximate statutory rate. 

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

    January 25, 2025
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