MIL-Evening Report: Beating malaria: what can be done with shrinking funds and rising threats

Source: The Conversation (Au and NZ) – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

New challenges

Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard
diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

Reinvest: Prevention is the most cost-effective intervention

We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

In high-burden countries, malaria can consume up to 40% of public health spending.

In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

Reimagine: New tools, local solutions

We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

This is why re-imagining our approach is urgent.

African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

Reignite: Community and collaboration matters

Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

The cost of inaction is unaffordable

Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

The shortfall has led to major gaps in the coverage of essential malaria interventions.

The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

Global partners must support without dominating. And communities must be empowered to take ownership of their health.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Beating malaria: what can be done with shrinking funds and rising threats – https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

MIL OSI Analysis – EveningReport.nz –

April 25, 2025

MIL-OSI United Kingdom: Engineering Biology – a Government Office for Science Foresight Report

Source: United Kingdom – Executive Government & Departments

April 25, 2025

A new report from the government’s chief scientific adviser aims to communicate the benefits that Engineering Biology (EngBio) might bring to our society and economy over the next 10-15 years. It highlights the potential applications of EngBio across a range of distinct areas via a set of 5 expert-authored ‘aspiration papers’: bio-synthetic fuels, nitrogen-fixing crops, future clothing, lab-grown blood, and microbial metal factories.

These papers provide examples of the potential of EngBio across various industry sectors to address problems faced by people and the planet.

Journalists came to this briefing to hear from the CSA plus two of the chapter authors and put their questions to them.

Speakers will include:

Prof Dame Angela McLean FRS, Government Chief Scientific Adviser

Prof Nigel Scrutton FRS, Professor of Molecular Enzymology, Chemical Biology and Biological Chemistry at the University of Manchester and founder of C3 Biotech

Prof Louise Horsfall, Chair of Sustainable Biotechnology at the University of Edinburgh

MIL OSI United Kingdom –

April 25, 2025

MIL-OSI Russia: Joint Statement by Saudi Finance Minister, IMF Managing Director, and World Bank Group President on Syria

Source: IMF – News in Russian

April 24, 2025

Washington, DC: Mohammed AlJadaan, Finance Minister of Saudi Arabia; Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF); and Ajay Banga, President of the World Bank Group (WBG) issued the following statement:

“On the sidelines of the 2025WBG/IMF Spring Meetings in Washington, we co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners.

“Building on earlier discussions –including at the Paris Conference on Syria (February 13), the Al Ula roundtable on February 16 (See Press Release), and Brussels IX conference (March 17)— this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development.

“There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities’ efforts for recovery and development. Priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy. The IMF and WBG were called upon to play a key role in providing support in line with their mandates and reflecting shareholders’ support, in close coordination with multilateral and bilateral partners.

“We welcome the efforts to help Syria reintegrate with the international community and unlock access to resources, to support the authorities’ policy efforts, address early recovery and reconstruction needs, and promote private sector development and job creation. We also support the Syrian authorities’ efforts to strengthen governance and increase transparency as they build effective institutions that deliver for the people of Syria.

“We extend our gratitude to all participants for their valuable contributions and commitment to support efforts by the Syrian authorities to rebuild Syria and improve the lives of the Syrian people. We look forward to reconvening, by the Annual Meetings of the IMF and WBG in October 2025, to monitor the progress achieved and harmonize global efforts in advancing Syria’s economic-recovery and prosperity.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Wafa Amr

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

https://www.imf.org/en/News/Articles/2025/04/24/pr25120-syria-joint-statement-by-saudi-finance-minister-imf-md-wbg-president

MIL OSI

MIL OSI Russia News –

April 25, 2025

MIL-OSI USA: Bacon and Crow Introduce Bipartisan Bill to Help Small Business Owners Save Money

Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

Bacon and Crow Introduce Bipartisan Bill to Help Small Business Owners Save Money
Small Business Energy Loan Enhancement Act would nearly double the maximum SBA loan amount available for energy efficiency investments

WASHINGTON — Reps. Don Bacon (R-NE-02) and Jason Crow (D-CO-06) have introduced bipartisan legislation to help small business owners save money by increasing the federal loan amount available for energy efficiency investments. The Small Business Energy Loan Enhancement Act would help business owners looking to make energy efficient upgrades by expanding the maximum allowable cap on SBA 504 loans from $5.5 million to $10 million.

Energy costs are one of the largest expenses for commercial buildings, accounting for nearly 40% of total energy consumption in the U.S. However, small businesses often do not have the cash-on-hand to finance large renovations or retrofit projects, and these projects often exceed the U.S. Small Business Administration’s (SBA) current 504 loan cap.

“Building businesses of the future means investing in our small businesses today. Rep. Crow and I are reintroducing the Small Business Energy Loan Enhancement Act which will empower small businesses to lower costs and improve their buildings’ operational efficiency,”said Rep. Bacon. “By expanding access to capital for energy-focused investments, this legislation allows small business to freely invest in much needed infrastructure improvements, making business more profitable and sustainable.”

Small businesses help create millions of jobs and contribute greatly to our economy. It’s critical that we support small businesses in Colorado and across the country,” said Rep. Crow. “I’m introducing bipartisan legislation to help small businesses save money and be better able to make critical improvements that will help to conserve energy and protect our environment.”

The Small Business Energy Loan Enhancement Act is endorsed by Building Owners and Managers Association (BOMA) International.

“The Small Business Energy Loan Enhancement Act will make a significant difference across the country, allowing properties to make the necessary investments to reduce energy consumption and bring down energy costs,” said Manuel Moreno, Chair and Chief Elected Officer of the Building Owners and Managers Association (BOMA)

International, the professional association representing the commercial real estate sector. “BOMA International is proud to support this bipartisan legislation, and we commend Representatives Crow and Bacon for their leadership on this issue.”

###

MIL OSI USA News –

April 25, 2025

MIL-OSI China: China strengthens IP protection efforts for private enterprises

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

BEIJING, April 24 — China has implemented a series of measures to enhance intellectual property (IP) protection for private enterprises, ensuring a supportive environment that nurtures their growth, said the country’s top IP regulator on Thursday.

According to the China National Intellectual Property Administration (CNIPA), national IP protection centers in 2024 received over 240,000 patent pre-examination requests from private enterprises, providing them fast, timely protection.

Nationwide IP departments also handled 37,000 patent infringement cases involving private firms last year, offering multiple dispute resolution channels.

The CNIPA has launched a patent industrialization program to support the growth of small and medium-sized enterprises, with nearly 17,000 private enterprises participating in it. In addition, IP-backed financing has been extended to over 40,000 private enterprises.

Furthermore, the country’s top IP regulator has strengthened early warning mechanisms for overseas IP risks in recent years, helping private enterprises save over 400 million yuan (about 55 million U.S. dollars) in dispute resolution costs. It has also provided training on international IP applications to better equip private enterprises for global competition.

Noting that the private economy serves as a crucial driving force in advancing China’s modernization, Shen Changyu, head of the CNIPA, said that greater IP protection efforts will be devoted to private enterprises.

MIL OSI China News –

April 25, 2025

MIL-OSI: Granite Credit Union Celebrates New Branch Grand Opening at Rancho Plaza on Día del Niño

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, April 24, 2025 (GLOBE NEWSWIRE) — Granite Credit Union will host a grand opening of its Rancho Plaza branch at 2470 S. Redwood Rd., Ste 110, West Valley City, inside the Latino Mall on Wednesday, April 30 from 2:00 pm to 6:00 pm. The celebration coincides with Día del Niño (Day of the Child). It will feature the Latinos in Action from Kearns High School, food, games, and exciting giveaways—including a premium Real Salt Lake (RSL) package and Rancho Market gift cards.

The new Rancho Plaza location, opened earlier this year, marks Granite Credit Union’s investment in the West Valley community. The upcoming grand opening celebration will bring families and community members together for an afternoon of fun, connection, and celebration.

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

“We’re so excited to celebrate this special location with our members and neighbors finally,” said Kim Reyes, Rancho Plaza Branch Manager. “It’s an honor to serve such a diverse and welcoming community. We’ve already felt so much support since opening, and we can’t wait to connect with even more families and local businesses during this celebration.”

Highlights of the event include:

A live remote broadcast with 97.9 FM throughout the event
Carnival activities hosted by Latinos in Action from Kearns High School (3:00–5:00 pm)
A Cash Cube Experience for guests who open an account or apply for a loan on-site
Food vouchers for authentic Mexican dishes from the on-site café
A Grand Prize RSL Giveaway – including four premium tickets with private table seating, a $25 team store gift card, and parking
Two additional $50 Rancho Market gift cards

This celebration is part of a larger milestone year for Granite Credit Union, which is proudly commemorating its 90th anniversary of serving Utahns. The event embodies the credit union’s long-standing commitment to helping members and communities thrive through accessible financial services and meaningful local partnerships.

To learn more, please visit Granite Credit Union.

About Granite Credit Union
Founded in 1935, Granite Credit Union serves over 35,000 members and has over $800 million in assets. Committed to helping members achieve their financial goals, Granite Credit Union offers a variety of financial products and services, including competitive rates, flexible lending options, and personalized financial guidance. With a vision of “always there… so you can make life happen,” the credit union strives to empower members with the tools and support they need to succeed financially. Members enjoy access to secure mobile banking services, online tools, and personalized in-branch assistance at locations across Utah. Granite Credit Union is dedicated to positively impacting the communities it serves through financial education, trusted relationships, and exceptional service. Granite Credit Union is always there… so you can make life happen. Learn more at granite.org.

Media Contact:
marketing@granite.org

The MIL Network –

April 25, 2025

MIL-OSI United Kingdom: British satellite to map Earth’s forests in 3D for the first time to help combat climate change

Source: United Kingdom – Government Statements

Press release

British satellite to map Earth’s forests in 3D for the first time to help combat climate change

Satellite developed by British academics and engineers set to become the first in the world to measure condition of the Earth’s forests from space.

World’s first mission to map the world’s forests in 3D from space will use cutting edge tech to inform climate change policies and protect future generations.
Supports UK sector worth around £18.9 billion and likely to attract further investment that can grow the economy and help drive our Plan for Change.
Project has supported around 250 highly skilled jobs in Stevenage, bolstering UK’s 52,000 strong space workforce.

A satellite developed by British academics and engineers is set to become the first in the world to measure the condition of the Earth’s forests from space.

This work will be crucial to helping us understand how tropical forests are changing so we can protect future generations from climate breakdown and accelerate the transition to net zero under our Plan for Change.

From conception to construction, the satellite – called Biomass – has been built in the UK, capitalising on our industrial and academic expertise in space technology while opening up new opportunities to attract future backing from global investors watching its landmark launch on 29 April.

Throughout construction, it has supported approximately 250 highly skilled jobs at Airbus UK, in Stevenage, where it was manufactured, supporting the local economy and bolstering the UK’s 52,000 strong space workforce.

The Biomass satellite will launch from Europe’s spaceport in Kourou, French Guiana. Since 2016, the UK has won almost 91 million Euros in contracts for Biomass through its membership of the European Space Agency (ESA).

Conceived by University of Sheffield academic Professor Shaun Quegan, it is a hallmark of British innovation, facilitating jobs in everything from design and development to assembly integration and test. The satellite will create a 3D map of tropical forests after 17 months, then new (non-3D) maps every 9 months for the rest of the 5-year mission, providing insights normally hidden from human sight because of the difficulty in accessing these environments.

Its revolutionary technology will help scientists capture vital data on the changes to carbon in forests as ecosystems are increasingly impacted by deforestation.

Minister for Space Sir Chris Bryant said:

The Biomass mission showcases British ingenuity at its very best, from conception in Sheffield to construction in Stevenage.

Britain is not only stepping to the forefront of the space industry, but of global climate action too.

Contributing to such great extent to a European mission set to deliver vital global results is testament to the UK’s industrial and academic expertise in space technology and will attract global investment into our vibrant space ecosystem, helping us boost growth and deliver our Plan for Change.

Both deforestation, which releases carbon dioxide, and forest growth, which soaks up CO2 from the atmosphere, are crucial parts of climate change.

Data on the biomass of tropical forests is very limited because they are difficult to access.

The Biomass satellite will be able to penetrate cloud cover and measure forest biomass more accurately than any current technology, which only see the top of the canopy. By providing better data it will help create a more accurate global carbon budget and better understanding of carbon sinks and sources which will help in developing and implementing effective strategies to achieve net-zero goals.

Observations will also lead to better insight into the rates of habitat loss and, as a result, the effect this may have on biodiversity in the forest environment.

Shaun Quegan, University of Sheffield’s Professor and lead proposer of the mission concept to the European Space Agency, said:

It’s been a privilege to have led the team in the development of a pioneering mission that will revolutionise our understanding of the volume of carbon held in the most impenetrable tropical rainforests on the planet and, crucially, how this is changing over time. Our research has solved critical operational scientific problems in constructing the Biomass satellite.

Conceived and built in the UK, Biomass is a brilliant example of what we can achieve in collaboration with our partners in industry and academia. The mission is the culmination of decades of highly innovative work in partnership with some of the best scientists in Europe and the US.

Dr Paul Bate, CEO of the UK Space Agency said:

The Biomass satellite represents a major leap forward in our ability to understand Earth’s carbon cycle. By mapping the world’s forests from space in unprecedented detail, it will provide critical insights into how our planet is responding to climate change — helping scientists, policymakers, and conservationists take informed action. We’re proud of the leading role the UK has played in this important mission.

Kata Escott, Managing Director of Airbus Defence and Space in the UK, said:

Biomass is a groundbreaking mission that will advance our understanding of how carbon is stored in the world’s forests – delivering crucial data in the fight against climate change. With more than 50 companies involved across 20 nations, the team in Stevenage has shown exceptional leadership in delivering this flagship ESA mission.

Climate Minister, Kerry McCarthy, said:

The UK is back in the business of climate leadership and protecting the world’s forests through emerging and cutting-edge technologies is crucial to tackling the climate crisis.

This innovative tool shows how climate action attract investment in the UK, driving growth as part of our Plan for Change.

Published 25 April 2025

MIL OSI United Kingdom –

April 25, 2025

MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

JEFFERSONVILLE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $5.5 million, or $0.79 per diluted share, for the quarter ended March 31, 2025, compared to net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $5.3 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $0.76 (non-GAAP measure)⁽¹⁾ for the quarter ended March 31, 2025 compared to $3.6 million, or $0.52 per diluted share for the quarter ended March 31, 2024.

Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the second fiscal quarter performance, including the continued improvement in the net interest margin, which has increased eighteen and twenty-one basis points for the three and six months ended, respectively. The SBA Lending segment posted its first profitable quarter since March 2024 and posted a solid level of loans originations and sales. Asset quality improved with nonperforming loans decreasing $3.8 million from the prior quarter and the ratio of nonperforming loans to total gross loans improving to 0.67%, a decrease of twenty basis points from the prior quarter. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit (“HELOCS”), and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

^{(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.}

Results of Operations for the Three Months Ended March 31, 2025 and 2024

Net interest income increased $1.7 million, or 11.6%, to $16.0 million for the three months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended March 31, 2025 was 2.93% as compared to 2.66% for the same period in 2024. The increase in net interest income was due to an increase of $807,000 in interest income and a decrease of $846,000 in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $357,000 and $1,000, respectively, and a provision for unfunded lending commitments of $123,000 for the three months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $713,000 and $23,000, respectively, and reversal of provision for unfunded lending commitments of $259,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to a decrease in qualitative reserves and $156,000 in net recoveries recognized during the period. The $156,000 in net recoveries during the three months ended March 31, 2025 included $215,000 in net recoveries related to unguaranteed portions of SBA loans. During the three months ended March 31, 2024, the Company recognized net charge-offs of $110,000, of which $15,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.2 million from $16.9 million at September 30, 2024 to $12.7 million at March 31, 2025, due primary to a $4.9 million decrease in loan balances guaranteed by the SBA.

Noninterest income decreased $150,000 for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was due primarily to a $539,000 decrease in other income, partially offset by a $154,000 increase in service charges on deposit accounts and a $127,000 increase in net gain on sales of SBA loans. The decrease in other income in 2025 was primarily due to $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025.

Noninterest expense increased $1.9 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $940,000 and $948,000, respectively. The increase in compensation and benefits was primarily due to an increase in bonus and incentive accruals in 2025. The increase in other operating expenses was primarily due a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period compared to a reversal of $41,000 for the same period in 2025 and an adjustment to the valuation allowance related to the sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amount in 2025.

The Company recognized income tax expense of $589,000 for the three months ended March 31, 2025 compared to $866,000 for the same period in 2024. The decrease is due primarily to greater utilization of investment tax credits in the 2025 period. The effective tax rate for 2025 was 9.7% compared to 14.9% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Results of Operations for the Six Months Ended March 31, 2025 and 2024

The Company reported net income of $11.7 million, or $1.68 per diluted share, for the six months ended March 31, 2025 compared to net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $9.4 million (non-GAAP measure)⁽¹⁾ and net income per diluted share of $1.35 (non-GAAP measure)⁽¹⁾ for the six months ended March 31, 2025 compared to net income of $4.5 million and net income per diluted share of $0.66 for the six months ended March 31, 2024. The core banking segment reported net income of $11.4 million, or $1.64 per diluted share for the six months ended March 31, 2025 compared to net income of $8.6 million and net income per diluted share of $1.25 for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $9.1 million (non-GAAP measure)⁽¹⁾, or $1.31 per diluted share (non-GAAP measure)⁽¹⁾ for the six months ended March 31, 2025 compared to net income of $7.7 million and net income per diluted share of $1.12 for the six months ended March 31, 2024.

Net interest income increased $3.0 million, or 10.6%, to $31.5 million for the six months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the six months ended March 31, 2025 was 2.84% as compared to 2.68% for the same period in 2024. The increase in net interest income was due to a $4.6 million increase in interest income, partially offset by a $1.6 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

The Company recognized a reversal of provision for credit losses for loans and securities of $848,000 and $7,000, respectively, and a provision for unfunded lending commitments of $169,000 for the six months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $1.2 million and $23,000, respectively, and reversal of provision for unfunded lending commitments of $317,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOCS during the period and a decrease in qualitative reserves. The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, of which $164,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $119,000 in 2024, of which $64,000 was related to unguaranteed portions of SBA loans.

Noninterest income increased $3.2 million for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to a $2.5 million net gain on sale of HELOCs in 2025, net gains of $403,000 on the sale of equity securities in 2025 with no corresponding gains for 2024, a $248,000 increase in service charges on deposit accounts, and a $263,000 increase in ATM and interchange fees, slightly offset by a $508,000 decrease in other income due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025.

Noninterest expense increased $824,000 for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other operating expenses and compensation and benefits of $962,000 and $453,000, respectively, partially offset by decreases in professional fees and occupancy and equipment of $454,000 and $380,000, respectively. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a reversal of $148,000 in 2025 and a $400,000 accrued contingent liability associated with employee benefits recognized in 2025 with no corresponding amount in 2024, partially offset by a decrease of $180,000 in 2025 to reverse previously accrued litigation expenses. The increase in compensation and benefits is primarily due to an increase in bonus and incentive accruals in 2025 compared to 2024. The decrease in professional fees and occupancy and equipment is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

The Company recognized income tax expense of $1.4 million for the six months ended March 31, 2025 compared to $390,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period, including the aforementioned net gain on sale of loans. The effective tax rate for 2025 was 10.9% compared to 6.3%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

Comparison of Financial Condition at March 31, 2025 and September 30, 2024

Total assets decreased $74.1 million, from $2.45 billion at September 30, 2024 to $2.38 billion at March 31, 2025. Net loans held for investment decreased $83.7 million during the six months ended March 31, 2025 due primarily to the $87.2 million bulk sale of home equity lines of credit.

Total liabilities decreased $76.2 million due primarily to a decrease in total deposits of $91.7 million, partially offset by an increase in FHLB borrowings of $23.7 million. The decrease in total deposits was due to a decrease in brokered deposits of $112.4 million, due primarily to proceeds from the aforementioned bulk sale of home equity lines of credit and an increase in customer deposits of $20.7 million. As of March 31, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.8% of total deposits and 15.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

Total stockholders’ equity increased $2.1 million, from $177.1 million at September 30, 2024 to $179.2 million at March 31, 2025, due primarily to a $9.6 million increase in retained net income, partially offset by a $8.2 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the six months ended March 31, 2025, which resulted in a decrease in the fair value of securities available for sale. At March 31, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724


FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)


	Three Months Ended						Six Months Ended
OPERATING DATA:	March 31,						March 31,
(In thousands, except share and per share data)		2025			2024			2025			2024

Total interest income	$	30,823		$	30,016		$	63,272		$	58,671
Total interest expense		14,832			15,678			31,819			30,220

Net interest income		15,991			14,338			31,453			28,451

Provision (credit) for credit losses – loans		(357	)		713			(848	)		1,183
Provision (credit) for unfunded lending commitments		123			(259	)		169			(317	)
Provision (credit) for credit losses – securities		(1	)		23			(7	)		23

Total provision (credit) for credit losses		(235	)		477			(686	)		889

Net interest income after provision (credit) for credit losses		16,226			13,861			32,139			27,562

Total noninterest income		3,560			3,710			9,663			6,492
Total noninterest expense		13,698			11,778			28,641			27,817

Income before income taxes		6,088			5,793			13,161			6,237
Income tax expense		589			866			1,437			390

Net income	$	5,499		$	4,927		$	11,724		$	5,847

Net income per share, basic	$	0.80		$	0.72		$	1.71		$	0.86
Weighted average shares outstanding, basic		6,875,826			6,832,130			6,861,061			6,828,017

Net income per share, diluted	$	0.79		$	0.72		$	1.68		$	0.85
Weighted average shares outstanding, diluted		6,960,020			6,859,611			6,961,829			6,849,928


Performance ratios (annualized)
Return on average assets		0.93	%		0.84	%		0.98	%		0.50	%
Return on average equity		12.24	%		11.96	%		13.15	%		7.38	%
Return on average common stockholders’ equity		12.34	%		11.96	%		13.15	%		7.38	%
Net interest margin (tax equivalent basis)		2.93	%		2.66	%		2.84	%		2.68	%
Efficiency ratio		70.06	%		65.26	%		69.66	%		79.61	%


							QTD						FYTD
FINANCIAL CONDITION DATA:	March 31,			December 31,			Increase			September 30,			Increase
(In thousands, except per share data)		2025			2024		(Decrease)				2024		(Decrease)

Total assets	$	2,376,230		$	2,388,735		$	(12,505	)	$	2,450,368		$	(74,138	)
Cash and cash equivalents		28,683			76,224			(47,541	)		52,142			(23,459	)
Investment securities		244,084			242,634			1,450			249,719			(5,635	)
Loans held for sale		61,239			24,441			36,798			25,716			35,523
Gross loans		1,900,660			1,905,199			(4,539	)		1,985,146			(84,486	)
Allowance for credit losses		20,484			20,685			(201	)		21,294			(810	)
Interest earning assets		2,219,504			2,234,258			(14,754	)		2,277,512			(58,008	)
Goodwill		9,848			9,848			–			9,848			–
Core deposit intangibles		316			357			(41	)		398			(82	)
Loan servicing rights		2,744			2,661			83			2,754			(10	)
Noninterest-bearing deposits		185,252			183,239			2,013			191,528			(6,276	)
Interest-bearing deposits (customer)		1,207,159			1,212,527			(5,368	)		1,180,196			26,963
Interest-bearing deposits (brokered)		396,770			437,008			(40,238	)		509,157			(112,387	)
Federal Home Loan Bank borrowings		325,310			295,000			30,310			301,640			23,670
Subordinated debt and other borrowings		48,682			48,642			40			48,603			79
Total liabilities		2,197,041			2,212,708			(15,667	)		2,273,253			(76,212	)
Accumulated other comprehensive loss		(19,385	)		(17,789	)		(1,596	)		(11,195	)		(8,190	)
Total stockholders’ equity		179,189			176,027			3,162			177,115			2,074

Book value per share	$	25.90		$	25.48			0.42		$	25.72			0.18
Tangible book value per share (non-GAAP) (1)		24.43			24.00			0.43			24.23			0.20

Non-performing assets:
Nonaccrual loans – SBA guaranteed	$	123		$	4,444		$	(4,321	)	$	5,036		$	(4,913	)
Nonaccrual loans		12,597			12,124			473			11,906			691
Total nonaccrual loans	$	12,720		$	16,568		$	(3,848	)	$	16,942		$	(4,222	)
Accruing loans past due 90 days		–			–			–			–			–
Total non-performing loans		12,720			16,568			(3,848	)		16,942			(4,222	)
Foreclosed real estate		444			444			–			444			–
Total non-performing assets	$	13,164		$	17,012		$	(3,848	)	$	17,386		$	(4,222	)

Asset quality ratios:
Allowance for credit losses as a percent of total gross loans		1.08	%		1.09	%		(0.01	%)		1.07	%		0.01	%
Allowance for credit losses as a percent of nonperforming loans		161.04	%		124.85	%		36.19	%		125.69	%		35.35	%
Nonperforming loans as a percent of total gross loans		0.67	%		0.87	%		(0.20	%)		0.85	%		(0.18	%)
Nonperforming assets as a percent of total assets		0.55	%		0.71	%		(0.16	%)		0.71	%		(0.16	%)

^{(1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.}


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.

	Three Months Ended						Six Months Ended
Net Income	March 31,						March 31,
(In thousands)		2025			2024			2025			2024

Net income attributable to the Company (non-GAAP)	$	5,313		$	3,561		$	9,367		$	4,481
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		–			–			1,869			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			302			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			492			–			492
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		–			583			–			583
Plus: Gain on sale of premises and equipment, net of tax effect		186			90			186			90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			117			–			117
Plus: Distribution from equity investment, net of tax effect		–			85			–			85
Net income attributable to the Company (GAAP)	$	5,499		$	4,927		$	11,724		$	5,847

Net Income per Share, Diluted

Net income per share attributable to the Company, diluted (non-GAAP)	$	0.76		$	0.52		$	1.35		$	0.65
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		–			–			0.27			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			0.03			–
Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect		–			0.07			–			0.07
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		–			0.08			–			0.08
Plus: Gain on sale of premises and equipment, net of tax effect		0.03			0.01			0.03			0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			0.02			–			0.02
Plus: Distribution from equity investment, net of tax effect		–			0.02			–			0.02
Net income per share, diluted (GAAP)	$	0.79		$	0.72		$	1.68		$	0.85

Core Bank Segment Net Income
(In thousands)

Net income attributable to the Core Bank (non-GAAP)	$	4,883		$	3,637		$	9,081		$	7,685
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		–			–			1,869			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			302			–
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		–			583			–			583
Plus: Gain on sale of premises and equipment, net of tax effect		186			90			186			90
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		–			117			–			117
Plus: Distribution from equity investment, net of tax effect		–			85			–			85
Net income attributable to the Core Bank (GAAP)	$	5,069		$	4,511		$	11,438		$	8,559

Core Bank Segment Net Income per Share, Diluted

Core Bank net income per share, diluted (non-GAAP)	$	0.70		$	0.53		$	1.31		$	1.12
Plus: Gain on sale of loans, home equity lines of credit, net of tax effect		–			–			0.27			–
Plus: Gain on sale of equity securities, net of tax effect		–			–			0.03			–
Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect		–			0.08			–			0.08
Plus: Gain on sale of premises and equipment, net of tax effect		–			0.01			0.03			0.01
Plus: Adjustment to previous data processing contract termination accrual, net of tax effect		0.03			0.02			–			0.02
Plus: Distribution from equity investment, net of tax effect		–			0.02			–			0.02
Core Bank net income per share, diluted (GAAP)	$	0.73		$	0.66		$	1.64		$	1.25


RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):	Three Months Ended						Fiscal Year Ended
Efficiency Ratio	March 31,						March 31,
(In thousands)		2025			2024			2025			2024

Net interest income (GAAP)	$	15,991		$	14,338		$	31,453		$	28,451

Noninterest income (GAAP)		3,560			3,710			9,663			6,492

Noninterest expense (GAAP)		13,698			11,778			28,641			27,817

Efficiency ratio (GAAP)		70.06	%		65.26	%		69.66	%		79.61	%

Noninterest income (GAAP)	$	3,560		$	3,710		$	9,663		$	6,492
Less: Gain on sale of loans, home equity lines of credit		–			–			(2,492	)		–
Less: Gain on sale of equity securities		–			–			(403	)		–
Less: Gain on sale of premises and equipment		(248	)		(120	)		(248	)		(120	)
Less: Adjustment to MSR valuation allowance related to sale		–			(530	)		–			(530	)
Less: Distribution from equity investment		–			(113	)		–			(113	)
Noninterest income (Non-GAAP)		3,312			2,947			6,520			5,729

Noninterest expense (GAAP)	$	13,698		$	11,778		$	28,641		$	27,817
Plus: Adjustment to MSR valuation allowance related to sale		–			247			–			247
Plus: Decrease in loss contingency for SBA-guaranteed loans		–			656			–			656
Plus: Adjustment to previous data processing contract termination accrual		–			156			–			156
Noninterest expense (Non-GAAP)	$	13,698		$	12,837		$	28,641		$	28,876

Efficiency ratio (excluding nonrecurring items) (non-GAAP)		70.96	%		74.27	%		75.42	%		84.48	%


							QTD						FYTD
Tangible Book Value Per Share	March 31,			December 31,			Increase			September 30,			Increase
(In thousands, except share and per share data)		2025			2024		(Decrease)				2024		(Decrease)

Stockholders’ equity (GAAP)	$	179,189		$	176,027		$	3,162		$	177,115		$	2,074
Less: goodwill and core deposit intangibles		(10,164	)		(10,205	)		41			(10,246	)		82
Tangible stockholders’ equity (non-GAAP)	$	169,025		$	165,822		$	3,203		$	166,869		$	2,156

Outstanding common shares		6,919,136			6,909,173		$	9,963			6,887,106		$	32,030

Tangible book value per share (non-GAAP)	$	24.43		$	24.00		$	0.43		$	24.23		$	0.20

Book value per share (GAAP)	$	25.90		$	25.48		$	0.42		$	25.72		$	0.18


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):	As of
Summarized Consolidated Balance Sheets	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)		2025			2024			2024			2024			2024

Total cash and cash equivalents	$	28,683		$	76,224		$	52,142		$	42,423		$	62,969
Total investment securities		244,084			242,634			249,719			238,785			240,142
Total loans held for sale		61,239			24,441			25,716			125,859			19,108
Total loans, net of allowance for credit losses		1,880,176			1,884,514			1,963,852			1,826,980			1,882,458
Loan servicing rights		2,744			2,661			2,754			2,860			3,028
Total assets		2,376,230			2,388,735			2,450,368			2,393,491			2,364,983

Customer deposits	$	1,392,411		$	1,395,766		$	1,371,724		$	1,312,997		$	1,239,271
Brokered deposits		396,770			437,008			509,157			399,151			548,175
Total deposits		1,789,181			1,832,774			1,880,881			1,712,148			1,787,446
Federal Home Loan Bank borrowings		325,310			295,000			301,640			425,000			315,000

Common stock and additional paid-in capital	$	28,650		$	28,382		$	27,725		$	27,592		$	27,475
Retained earnings – substantially restricted		182,918			178,526			173,337			170,688			167,648
Accumulated other comprehensive loss		(19,385	)		(17,789	)		(11,195	)		(17,415	)		(17,144	)
Unearned stock compensation		(862	)		(973	)		(901	)		(999	)		(1,096	)
Less treasury stock, at cost		(12,132	)		(12,119	)		(11,851	)		(11,866	)		(11,827	)
Total stockholders’ equity		179,189			176,027			177,115			168,000			165,056

Outstanding common shares		6,919,136			6,909,173			6,887,106			6,883,656			6,883,160


	Three Months Ended
Summarized Consolidated Statements of Income	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)		2025			2024			2024			2024			2024

Total interest income	$	30,823		$	32,449		$	32,223		$	31,094		$	30,016
Total interest expense		14,832			16,987			17,146			16,560			15,678
Net interest income		15,991			15,462			15,077			14,534			14,338
Provision (credit) for credit losses – loans		(357	)		(491	)		1,808			501			713
Provision (credit) for unfunded lending commitments		123			46			(262	)		158			(259	)
Provision (credit) for credit losses – securities		(1	)		(6	)		(86	)		84			23
Total provision (credit) for credit losses		(235	)		(451	)		1,460			743			477

Net interest income after provision for credit losses		16,226			15,913			13,617			13,791			13,861

Total noninterest income		3,560			6,103			2,842			3,196			3,710
Total noninterest expense		13,698			14,943			12,642			12,431			11,778
Income before income taxes		6,088			7,073			3,817			4,556			5,793
Income tax expense (benefit)		589			848			145			483			866
Net income		5,499			6,225			3,672			4,073			4,927


Net income per share, basic	$	0.80		$	0.91		$	0.54		$	0.60		$	0.72
Weighted average shares outstanding, basic		6,875,826			6,851,153			6,832,626			6,832,452			6,832,130

Net income per share, diluted	$	0.79		$	0.89		$	0.53		$	0.60		$	0.72
Weighted average shares outstanding, diluted		6,960,020			6,969,223			6,894,532			6,842,336			6,859,611


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Noninterest Income Detail	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Service charges on deposit accounts	$	541		$	567		$	552		$	538		$	387
ATM and interchange fees		632			665			642			593			585
Net unrealized gain on equity securities		47			78			28			419			6
Net gain on equity securities		–			403			–			–			–
Net gain on sales of loans, Small Business Administration		1,078			711			647			581			951
Net gain on sales of loans, home equity lines of credit		–			2,492			–			–			–
Mortgage banking income		104			78			6			49			53
Increase in cash surrender value of life insurance		380			361			363			353			333
Gain on life insurance		–			108			–			–			–
Commission income		255			210			294			220			220
Real estate lease income		122			121			122			154			115
Net gain (loss) on premises and equipment		–			45			(4	)		–			120
Other income		401			264			192			289			940
Total noninterest income	$	3,560		$	6,103		$	2,842		$	3,196		$	3,710


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Consolidated Performance Ratios (Annualized)		2025			2024			2024			2024			2024

Return on average assets		0.93	%		1.02	%		0.61	%		0.69	%		0.92	%
Return on average equity		12.24	%		14.07	%		8.52	%		9.86	%		13.06	%
Return on average common stockholders’ equity		12.34	%		14.07	%		8.52	%		9.86	%		13.06	%
Net interest margin (tax equivalent basis)		2.93	%		2.75	%		2.72	%		2.67	%		2.66	%
Efficiency ratio		70.06	%		69.29	%		70.55	%		70.11	%		65.26	%


	As of or for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Consolidated Asset Quality Ratios		2025			2024			2024			2024			2024

Nonperforming loans as a percentage of total loans		0.67	%		0.87	%		0.85	%		0.91	%		0.82	%
Nonperforming assets as a percentage of total assets		0.55	%		0.71	%		0.71	%		0.72	%		0.68	%
Allowance for credit losses as a percentage of total loans		1.08	%		1.09	%		1.07	%		1.07	%		1.02	%
Allowance for credit losses as a percentage of nonperforming loans		161.04	%		124.85	%		125.69	%		118.12	%		124.01	%
Net charge-offs to average outstanding loans		-0.01	%		0.01	%		0.02	%		0.01	%		0.01	%


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Core Banking Segment:
Net interest income	$	14,259		$	13,756		$	14,083		$	13,590		$	13,469
Provision (credit) for credit losses – loans		(540	)		(745	)		1,339			320			909
Provision (credit) for unfunded lending commitments		35			(75	)		78			64			(259	)
Provision (credit) for credit losses – securities		(1	)		(7	)		(86	)		84			23
Net interest income after provision (credit) for credit losses		14,765			14,583			12,752			13,122			12,796
Noninterest income		2,242			5,253			2,042			2,474			2,537
Noninterest expense		11,486			12,574			10,400			10,192			10,093
Income before income taxes		5,521			7,262			4,394			5,404			5,240
Income tax expense		452			893			301			689			729
Net income	$	5,069		$	6,369		$	4,093		$	4,715		$	4,511

SBA Lending Segment (Q2):
Net interest income	$	1,732		$	1,706		$	994		$	944		$	869
Provision (credit) for credit losses – loans		183			255			469			181			(196	)
Provision (credit) for unfunded lending commitments		88			121			(340	)		94			–
Net interest income after provision for credit losses		1,461			1,330			865			669			1,065
Noninterest income		1,318			850			800			722			1,173
Noninterest expense		2,212			2,369			2,242			2,239			1,685
Income (loss) before income taxes		567			(189	)		(577	)		(848	)		553
Income tax expense (benefit)		137			(45	)		(156	)		(206	)		137
Net income (loss)	$	430		$	(144	)	$	(421	)	$	(642	)	$	416


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Segmented Statements of Income Information	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except percentage data)		2025			2024			2024			2024			2024

Net Income (Loss) Per Share by Segment
Net income per share, basic – Core Banking	$	0.74		$	0.93		$	0.60		$	0.69		$	0.66
Net income (loss) per share, basic – SBA Lending (Q2)		0.06			(0.02	)		(0.06	)		(0.09	)		0.06
Total net income (loss) per share, basic	$	0.80		$	0.91		$	0.54		$	0.60		$	0.72

Net Income (Loss) Per Diluted Share by Segment
Net income per share, diluted – Core Banking	$	0.73		$	0.91		$	0.59		$	0.69		$	0.66
Net income (loss) per share, diluted – SBA Lending (Q2)		0.06			(0.02	)		(0.06	)		(0.09	)		0.06
Total net income (loss) per share, diluted	$	0.79		$	0.89		$	0.53		$	0.60		$	0.72

Return on Average Assets by Segment (annualized) (3)
Core Banking		0.90	%		1.09	%		0.71	%		0.83	%		0.80	%
SBA Lending		1.58	%		(0.55	%)		(1.71	%)		(2.91	%)		1.81	%

Efficiency Ratio by Segment (annualized) (3)
Core Banking		69.61	%		66.15	%		64.50	%		63.45	%		63.06	%
SBA Lending		72.52	%		92.68	%		124.97	%		134.39	%		82.52	%


	Three Months Ended
Noninterest Expense Detail by Segment	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024

Core Banking Segment:
Compensation	$	6,637		$	7,245		$	5,400		$	5,587		$	5,656
Occupancy		1,648			1,577			1,554			1,573			1,615
Advertising		429			338			399			253			205
Other		2,772			3,414			3,047			2,779			2,617
Total Noninterest Expense	$	11,486		$	12,574		$	10,400		$	10,192		$	10,093

SBA Lending Segment (Q2):
Compensation	$	1,892		$	1,931		$	1,854		$	1,893		$	1,933
Occupancy		50			59			55			51			58
Advertising		10			14			17			12			7
Other		260			365			316			283			(313	)
Total Noninterest Expense	$	2,212		$	2,369		$	2,242		$	2,239		$	1,685


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
SBA Lending (Q2) Data	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except percentage data)		2025			2024			2024			2024			2024

Final funded loans guaranteed portion sold, SBA	$	15,716		$	10,785		$	10,880		$	7,515		$	15,144

Gross gain on sales of loans, SBA	$	1,508		$	1,141		$	1,029		$	811		$	1,443
Weighted average gross gain on sales of loans, SBA		9.60	%		10.58	%		9.46	%		10.79	%		9.53	%

Net gain on sales of loans, SBA (2)	$	1,078		$	711		$	647		$	581		$	951
Weighted average net gain on sales of loans, SBA		6.86	%		6.59	%		5.95	%		7.73	%		6.28	%


^{(2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.}


SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):	Three Months Ended
Summarized Consolidated Average Balance Sheets	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-earning assets
Average balances:
Interest-bearing deposits with banks	$	11,851		$	21,102		$	16,841		$	26,100		$	24,587
Loans		1,946,338			2,010,082			1,988,997			1,943,716			1,914,609
Investment securities – taxable		102,744			101,960			99,834			101,350			102,699
Investment securities – nontaxable		161,579			160,929			158,917			157,991			157,960
FRB and FHLB stock		24,986			24,986			24,986			24,986			24,986
Total interest-earning assets	$	2,247,498		$	2,319,059		$	2,289,575		$	2,254,143		$	2,224,841

Interest income (tax equivalent basis):
Interest-bearing deposits with banks	$	168		$	210		$	209		$	324		$	261
Loans		27,998			29,617			29,450			28,155			27,133
Investment securities – taxable		921			914			910			918			923
Investment securities – nontaxable		1,719			1,715			1,685			1,665			1,662
FRB and FHLB stock		511			493			471			519			499
Total interest income (tax equivalent basis)	$	31,317		$	32,949		$	32,725		$	31,581		$	30,478

Weighted average yield (tax equivalent basis, annualized):
Interest-bearing deposits with banks		5.67	%		3.98	%		4.96	%		4.97	%		4.25	%
Loans		5.75	%		5.89	%		5.92	%		5.79	%		5.67	%
Investment securities – taxable		3.59	%		3.59	%		3.65	%		3.62	%		3.59	%
Investment securities – nontaxable		4.26	%		4.26	%		4.24	%		4.22	%		4.21	%
FRB and FHLB stock		8.18	%		7.89	%		7.54	%		8.31	%		7.99	%
Total interest-earning assets		5.57	%		5.68	%		5.72	%		5.60	%		5.48	%

Interest-bearing liabilities
Interest-bearing deposits	$	1,653,058		$	1,671,156		$	1,563,258		$	1,572,871		$	1,549,012
Federal Home Loan Bank borrowings		266,975			315,583			378,956			351,227			333,275
Subordinated debt and other borrowings		48,656			48,616			48,576			48,537			48,497
Total interest-bearing liabilities	$	1,968,689		$	2,035,355		$	1,990,790		$	1,972,635		$	1,930,784

Interest expense:
Interest-bearing deposits	$	12,069		$	13,606		$	12,825		$	12,740		$	12,546
Federal Home Loan Bank borrowings		2,001			2,617			3,521			3,021			2,298
Subordinated debt and other borrowings		762			764			800			799			833
Total interest expense	$	14,832		$	16,987		$	17,146		$	16,560		$	15,677

Weighted average cost (annualized):
Interest-bearing deposits		2.92	%		3.26	%		3.28	%		3.24	%		3.24	%
Federal Home Loan Bank borrowings		3.00	%		3.32	%		3.72	%		3.44	%		2.76	%
Subordinated debt and other borrowings		6.26	%		6.29	%		6.59	%		6.58	%		6.87	%
Total interest-bearing liabilities		3.01	%		3.34	%		3.45	%		3.36	%		3.25	%

Net interest income (taxable equivalent basis)	$	16,485		$	15,962		$	15,579		$	15,021		$	14,801
Less: taxable equivalent adjustment		(494	)		(500	)		(502	)		(487	)		(463	)
Net interest income	$	15,991		$	15,462		$	15,077		$	14,534		$	14,338

Interest rate spread (tax equivalent basis, annualized)		2.56	%		2.34	%		2.27	%		2.24	%		2.23	%

Net interest margin (tax equivalent basis, annualized)		2.93	%		2.75	%		2.72	%		2.67	%		2.66	%

The MIL Network –

April 25, 2025

MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2025 First Quarter Results and Details of Annual Meeting of Stockholders

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 24, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announces that the Company will release its 2025 first quarter financial and operating results on Thursday, May 1, 2025, post-market. Gran Tierra will host its first quarter 2025 results conference call on Friday, May 2, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time.

Gran Tierra’s 2025 Annual Meeting of Stockholders will be held on Friday, May 2, 2025, at 10:00 a.m. Mountain Time, 12:00 p.m. Eastern Time. Our Annual Meeting will be held as a virtual-only stockholder meeting with participation occurring electronically as explained further in the Proxy Statement dated March 18, 2025.

How to Participate in the Virtual Annual Meeting

Shareholders can participate electronically at https://web.lumiagm.com/208908912. We recommend that you log in 15 minutes before the Annual Meeting starts. If you are a registered stockholder, to attend the Annual Meeting and vote your shares electronically and submit questions during the meeting, you will need the control number included on the Notice of Internet Availability of Proxy Materials or proxy card that accompanied your proxy materials. If you are the beneficial owner of shares held in “street name” and wish to attend the meeting, insert your name in the blank space included in the proxy form provided by your broker or other agent and submit such proxy form to your broker or other agent prior to the voting deadline to vote your shares and submit questions during the meeting. In addition, you must also register your appointment (of your broker or other agent) by emailing appointee@odysseytrust.com no later than the voting deadline and provide Odyssey with your name, email, number of shares appointed and name of broker or other agent where shares are held, so that Odyssey may email the appointee their control number. Guests may also view the event at https://web.lumiagm.com/20208908912 by registering as a guest.

Full details on how to vote, change or revoke a vote, appoint a proxyholder, attend the virtual Annual Meeting, ask questions and other general proxy matters are available in the Proxy Statement available on the Company’s website at https://www.grantierra.com/events/2025-annual-meeting/.

Whether or not you plan to attend the Annual Meeting, we urge you to vote and submit your proxy in advance of the Annual Meeting by one of the methods described in the proxy materials for the Annual Meeting.

How to Participate in the 2025 First Quarter Conference Call

Interested parties may register for the 2025 first quarter conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a new feature that allows parties to elect to be called back through the “Call Me” function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until May 2, 2026.

Additional Information and Where to Find It

Shareholders may obtain a free copy of the proxy statement and other documents the Company files with the SEC (when available) through the website maintained by the SEC at www.sec.gov. The Company makes available free of charge on its investor relations website copies of materials it files with, or furnishes to, the SEC.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221
info@grantierra.com

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

The MIL Network –

April 25, 2025

MIL-OSI: Azerion Group publishes its 2024 Annual Report

Source: GlobeNewswire (MIL-OSI)

Azerion Group publishes its 2024 Annual Report

Amsterdam, 24 April 2025 – Azerion Group N.V. (EURONEXT:AZRN) today published its audited Annual Report for the financial year ended December 31, 2024. The 2024 Annual Report has been filed with the Dutch Authority for the Financial Markets (the AFM) and is available at www.azerion.com/reports/ as a PDF file as well as in the ESEF (European Single Electronic Format) and HTML format.

The Annual Report confirmed the preliminary Full Year 2024 unaudited financial figures published on 28 February 2025 with revenue of €551.2 million and Adjusted EBITDA of €75.1 million in line with 2024 guidance.

The audited net loss of €(56.0) million differs from the preliminary unaudited financial figures (net loss €(35.4) million). This variance relates to the non-recurring accounting treatment associated with contingent earn-out conditions from the 2023 social card games portfolio divestment. The final disputed amount of the outstanding earn-out receivable as well as the anticipated due date could not be reasonably assessed at this moment. As a result, the Group restated the original financial asset of €21.9 million to €0 as of 31 December 2024 and any potential positive outcome from this dispute would improve the future net result of the Group.

Group 2025 guidance remains unchanged. 2025 revenue is expected to be in the range of approximately €600 million to €650 million and Adjusted EBITDA is expected to be at least approximately €85 million.

About Azerion
Founded in 2014, Azerion (EURONEXT: AZRN) is one of Europe’s largest digital advertising and entertainment media platforms. Azerion brings global scaled audiences to advertisers in an easy and cost-effective way, delivered through our proprietary technology, in a safe, engaging, and high-quality environment, utilizing our strategic portfolio of owned and operated content with entertainment and other digital publishing partners.

Having its roots in Europe and with its headquarters in Amsterdam, Azerion has commercial teams based in 21 cities around the world to closely support our clients and partners to find and execute creative ways to make a real impact through advertising.

For more information visit: www.azerion.com

Contact:
Investor Relations
ir@azerion.com
Media
press@azerion.com

Disclaimer

This communication is for information purposes only. The information contained in this communication does not purport to be full or complete and, in particular, is not intended to form the basis of any investment decision. No reliance must be placed by any person for any purpose on the information contained in this communication or its accuracy, fairness or completeness. Azerion is not liable for any loss or damages of any nature ensuing from using, trusting or acting on the information contained in this communication

The MIL Network –

April 25, 2025

MIL-OSI: Calian Announces Appointment to Board of Directors

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ontario, April 24, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a trusted provider of mission-critical solutions for defence, space and healthcare, today announced the appointment of Eric Demirian to its Board of Directors.

Since 2003, Demirian has served as President of Parklea Capital Inc., a boutique financial and strategy advisory firm, and of Demicap Inc., a private investment firm. He was previously Executive Vice President at Group Telecom Inc. (2000–2003) and a partner at PricewaterhouseCoopers LLP (1983–2000), where he led the Information and Communications Practice. Demirian holds a Bachelor of Business Management from Toronto Metropolitan University and is a CPA, CGA and CA.

Demirian has been Chair of the Board of Descartes Systems Group Inc. (TSX: DSG, NASDAQ: DSGX) since 2014, having joined the board in 2011 and previously chaired its Audit Committee. He currently serves on Descartes’ Audit and Corporate Governance Committees. He is also a director of IMAX Corporation (NYSE: IMAX) and has held board and audit committee roles at a number of public and private companies, including Enghouse Systems Ltd. (TSX: ENGH), from 2004 through 2025.

“We are pleased to welcome Eric to our Board. His extensive financial expertise and experience on public company boards bring a depth of knowledge that will be invaluable to Calian. Eric’s proven ability to navigate complex financial landscapes, lead through mergers and acquisitions, and oversee organizations across diverse industries positions him as a strategic asset. His track record of guiding companies through growth and transformation speaks for itself. We are confident that he will be a highly effective and influential board member, with a keen understanding of both operational detail and long-term strategic vision,” said George Weber, Chair of the Board, Calian.

“I am honored to join Calian’s Board as it continues on its exciting growth journey. I look forward to contributing my experience in scaling businesses and executing growth strategies to support the team and help drive long-term value for shareholders,” stated Demirian.

Demirian’s appointment is effective immediately. With the recent additions of Josh Blair and Lisa Greatrix in February, the appointment of Demirian brings the total number of board members to 10, of which nine are independent and half are women.

About Calian

We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer cannot-fail solutions that solve complex problems. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets.

Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries:
media@calian.com
613-599-8600

Investor Relations inquiries:
ir@calian.com

—————————————————————————–

DISCLAIMER

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

The MIL Network –

April 25, 2025

MIL-OSI USA: DAUPHIN COUNTY – Harrisburg University, Auditor General DeFoor, Members 1st Federal Credit Union to Announce Winners of Statewide Student Financial Literacy Contest

Source: US State of Pennsylvania

April 25, 2025 – Harrisburg, PA

ADVISORY – DAUPHIN COUNTY – Harrisburg University, Auditor General DeFoor, Members 1st Federal Credit Union to Announce Winners of Statewide Student Financial Literacy Contest

What:
Harrisburg University of Science and Technology (HU) Interim President David Schankweiler; Auditor General Timothy L. DeFoor; and Members 1st Federal Credit Union Vice President of Community and Public Relations Sara Firestone will announce the winners of a statewide financial literacy competition for students in Grades 9-12.

The top six finalists of this year’s competition are from Dauphin County, Cumberland County, Philadelphia County, and Chester County.

When:
10:30 a.m. – Friday, April 25, 2025

Where:
Main Rotunda, Capitol Building, Harrisburg, PA

Who:
David Schankweiler, Interim President, Harrisburg University of Science and Technology
Timothy L. DeFoor, Pennsylvania Auditor General
Sara Firestone, Vice President of Community and Public Relations, Members 1st Federal Credit Union

Watch:
pacast.com/live/audgen and facebook.com/PaAuditorGeneral

MIL OSI USA News –

April 25, 2025

MIL-OSI USA News: Unleashing America’s Offshore Critical Minerals and Resources

Source: The White House

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Background. The United States has a core national security and economic interest in maintaining leadership in deep sea science and technology and seabed mineral resources. The United States faces unprecedented economic and national security challenges in securing reliable supplies of critical minerals independent of foreign adversary control. Vast offshore seabed areas hold critical minerals and energy resources. These resources are key to strengthening our economy, securing our energy future, and reducing dependence on foreign suppliers for critical minerals. The United States also controls seabed mineral resources in one of the largest ocean areas of the world. Our Nation can, through the exercise of existing authorities and by establishing international partnerships, access potentially vast resources in seabed polymetallic nodules; other subsea geologic structures; and coastal deposits containing strategic minerals such as nickel, cobalt, copper, manganese, titanium, and rare earth elements, which are vital to our national security and economic prosperity.
Our Nation must take immediate action to accelerate the responsible development of seabed mineral resources, quantify the Nation’s endowment of seabed minerals, reinvigorate American leadership in associated extraction and processing technologies, and ensure secure supply chains for our defense, infrastructure, and energy sectors.

Sec. 2. Policy. It is the policy of the United States to advance United States leadership in seabed mineral development by:
(a) rapidly developing domestic capabilities for the exploration, characterization, collection, and processing of seabed mineral resources through streamlined permitting without compromising environmental and transparency standards;
(b) supporting investment in deep sea science, mapping, and technology;
(c) enhancing coordination among executive departments and agencies (agencies) with respect to seabed mineral development activities described in this order;
(d) establishing the United States as a global leader in responsible seabed mineral exploration, development technologies, and practices, and as a partner for countries developing seabed mineral resources in areas within their national jurisdictions, including their Exclusive Economic Zones (EEZ);
(e) creating a robust domestic supply chain for critical minerals derived from seabed resources to support economic growth, reindustrialization, and military preparedness, including through new processing capabilities; and
(f) strengthening partnerships with allies and industry to counter China’s growing influence over seabed mineral resources and to ensure United States companies are well-positioned to support allies and partners interested in developing seabed minerals responsibly in areas within their national jurisdictions, including their EEZs.

Sec. 3. Strategic Seabed Critical Mineral Access. Within 60 days of the date of this order:
(a) The Secretary of Commerce shall:
(i)    acting through the Administrator of the National Oceanic and Atmospheric Administration, and in consultation with the Secretary of State and the Secretary of the Interior, acting through the Director of the Bureau of Ocean Energy Management, expedite the process for reviewing and issuing seabed mineral exploration licenses and commercial recovery permits in areas beyond national jurisdiction under the Deep Seabed Hard Mineral Resources Act (30 U.S.C. 1401 et seq.), consistent with applicable law. The expedited process, consistent with applicable law, should ensure efficiency, predictability, and competitiveness for American companies;
(ii)   in coordination with the Secretary of the Interior and the Secretary of Energy, and in consultation with the heads of other relevant agencies, provide a report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that identifies:
(A) private sector interest and opportunities for seabed mineral resource exploration, mining, and environmental monitoring in the United States Outer Continental Shelf; in areas beyond national jurisdiction; and in areas within the national jurisdictions of certain other nations that express interest in partnering with United States companies on seabed mineral development; and
(B) private sector interest and opportunities for polymetallic nodule and other seabed mineral resource processing capacity in the United States or on United States-flagged vessels; and
(iii) in consultation with the Secretary of State, the Secretary of the Interior, and the heads of other relevant agencies, and in cooperation with commercial and other non-governmental organizations, develop a plan to map priority areas of the seabed, such as those with abundant or accessible undersea resources, in order to accelerate data collection and characterization, prioritizing areas within the United States Outer Continental Shelf.
(b) The Secretary of the Interior shall:
(i)   establish an expedited process for reviewing and approving permits for prospecting and granting leases for exploration, development, and production of seabed mineral resources within the United States Outer Continental Shelf under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), consistent with applicable law. The expedited process, consistent with applicable law, should ensure efficiency, predictability, and competitiveness for American companies; and
(ii) identify which critical minerals may be derived from seabed resources and coordinate with the Secretary of Defense and the Secretary of Energy to indicate which critical minerals are essential for applications such as defense infrastructure, manufacturing, and energy.
(c) The Secretary of Commerce, in coordination with the Secretary of State, the Secretary of the Interior, and the Secretary of Energy, shall:
(i)   engage with key partners and allies to offer support for seabed mineral resource exploration, extraction, processing, and environmental monitoring in areas within the national jurisdictions of those partners and allies, including by seeking scientific collaboration and commercial development opportunities for United States companies, and by developing a prioritized list of countries for engagement; and
(ii) provide a joint report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council on the feasibility of an international benefit-sharing mechanism for seabed mineral resource extraction and development that occurs in areas beyond the national jurisdiction of any country.
(d) The Secretary of Defense and the Secretary of Energy shall:
(i)    provide a report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that addresses the feasibility and any potential benefits or drawbacks of using the National Defense Stockpile for physical or virtual storage of materials derived from seabed polymetallic nodules and of entering offtake agreements for these materials;
(ii)   in consultation with the Secretary of Commerce, review and revise existing regulations, consistent with applicable law, to support domestic processing capabilities for seabed mineral resources, and explore the use of grant and loan authorities, the Defense Production Act (50 U.S.C. 4501 et seq.), and other procurement and financing authorities for this purpose; and
(iii) ensure the Strategic and Critical Materials Board of Directors considers seabed mineral resource developments when recommending a strategy for ensuring a secure supply of materials designated as critical to national security to the Secretary of Defense under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.).
(e) The Chief Executive Officer of the United States International Development Finance Corporation, the President of the Export-Import Bank of the United States, the Director of the Trade and Development Agency, and the heads of other relevant agencies shall provide a joint report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that identifies tools to support domestic and international seabed mineral resource exploration, extraction, processing, and environmental monitoring.

Sec. 4. Definitions. As used in this order:
(a) The term “mineral” means a critical mineral as designated pursuant to 30 U.S.C. 1606(a)(3), as well as uranium, copper, potash, gold, and any other element or compound as determined by the Chair of the National Energy Dominance Council.
(b) The term “seabed mineral resources” means polymetallic nodules, cobalt-rich ferromanganese crusts, polymetallic sulfides, heavy mineral sands, phosphorites, and other mineral-bearing materials.
(c) The term “processing” includes the concentration, separation, refinement, alloying, and conversion of minerals into usable forms.

Sec. 5. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

DONALD J. TRUMP

THE WHITE HOUSE,
April 24, 2025.

MIL OSI USA News –

April 25, 2025

MIL-OSI: Oportun to Report First Quarter 2025 Financial Results on Thursday, May 8, 2025

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, will release financial results for its first quarter 2025 on Thursday, May 8, 2025, after market close.

Oportun will host a conference call and earnings webcast to discuss results on Thursday, May 8, 2025, at 5:00 pm ET / 2:00 pm PT. A live webcast of the call will be accessible from Oportun’s investor relations website at investor.oportun.com, and a webcast replay of the call will be available for one year. The dial-in number for the conference call is 1-888-396-8049 (toll-free) or 1-416-764-8646 (international). Participants should call in 10 minutes prior to the scheduled start time.

Oportun also announced today that the record date for determining stockholders entitled to vote at Oportun’s 2025 annual meeting of stockholders will be Tuesday, May 27, 2025.

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Additional Information and Where to Find It

Oportun Financial Corporation (“Oportun”), its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with Oportun’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Oportun plans to file a proxy statement (the “2025 Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.

Jo Ann Barefoot, Mohit Daswani, Ginny Lee, Carlos Minetti, Louis Miramontes, Scott Parker, Sandra A. Smith, Richard Tambor, Raul Vazquez and R. Neil Williams, all of whom are members of Oportun’s board of directors, are participants in Oportun’s solicitation. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the 2025 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. Information relating to the foregoing can also be found in Oportun’s definitive proxy statement for its 2024 Annual Meeting of Stockholders (the “2024 Proxy Statement”), which was filed with the SEC on May 13, 2024, and is available here. Particular attention is directed to the sections of the 2024 Proxy Statement captioned “Directors, Executive Officers and Corporate Governance,” “Non-Employee Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” “Executive Compensation” and “Certain Relationships and Related Transactions.” To the extent that holdings of such participants in Oportun’s securities have changed since the amounts printed in the 2024 Proxy Statement, such changes have been reflected on the following filings: for Ms. Barefoot, on June 28, 2024; for Mr. Daswani, on June 28, 2024 and December 13, 2024; for Ms. Lee, on June 28, 2024; for Mr. Minetti, on June 28, 2024 and December 13, 2024; for Mr. Miramontes, on June 28, 2024; for Mr. Parker, on April 25, 2024, June 18, 2024, and June 28, 2024; for Ms. Smith, on June 28, 2024; for Mr. Tambor, on June 28, 2024 and June 28, 2024; for Mr. Vazquez, on June 18, 2024, September 12, 2024, December 2, 2024, March 12, 2025, and April 4, 2025; and for Mr. Williams, on June 28, 2024 and December 11, 2024.

Promptly after filing its definitive 2025 Proxy Statement with the SEC, Oportun will mail the definitive 2025 Proxy Statement and a GREEN proxy card to each stockholder entitled to vote at the Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE 2025 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT OPORTUN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, Oportun’s proxy statement (in both preliminary and definitive form), any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting at the SEC’s website, which is located here. Copies of Oportun’s definitive 2025 Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting will also be available, free of charge, at Oportun’s website, which is located here, or by writing to Investor Relations, Oportun Financial Corporation, 2 Circle Star Way, San Carlos, CA 94070. In addition, copies of these materials may be requested, free of charge, from Oportun’s proxy solicitor, Innisfree M&A Incorporated, by calling toll-free to (877) 800-5195.

The MIL Network –

April 25, 2025

MIL-OSI USA: Congressman Don Davis Remarks at Press Conference on First 100 Days of the 119th Congress

Source: US Congressman Don Davis (NC-01)

ROCKY MOUNT, N.C. — Congressman Don Davis delivered the following remarks at his press conference on the first 100 days of the 119th Congress:

Hi, everybody! It is always great to be back home, in eastern North Carolina. I have worked to share the stories, concerns, and issues impacting eastern North Carolina families. Our district now spans 22 incredible counties, from the coastlines of Currituck and Camden counties through the farmland of Lenoir and Wayne counties to the heart of Oxford and everywhere between. My vision for NC-01 is: “We must meet our constituents where they are, ensuring they are seen and heard in Washington, D.C., to make life better for all families and provide hope and assurance they are not forgotten.” We work to achieve this daily.

We’ve opened three new offices: 1. Rocky Mount, 2. Goldsboro, and 3. Elizabeth City. We held listening sessions in Camden, Currituck, Granville, Wayne, and Lenoir counties. Due to an increased interest in town halls, we hosted a telephone town hall with nearly 13,000 participants. So far this year, we helped close more than 240 constituent cases and returned over $821,000 to eastern North Carolina families, cutting through bureaucracy to return money directly to our neighbors. Our District Outreach Team has made over 156 visits to meet with constituents across the district, showing up, listening, attending events and meetings, and responding to issues.

During the 119th Congress, 11,750 constituents have reached out to the office. In comparison, during the 118th Congress, 8,745 constituents reached out to the office through April 14. The top three campaigns during the 119th Congress have been: 1) Protect Social Security, 2) Oppose the Department of Government Efficiency (DOGE) and Elon Musk, and 3) Support the Ensuring Pathways to Innovative Cures (EPIC) Act.

I have introduced 14 bills in the 119th Congress, including:

H.R. 1060, Modern Authentication of Pharmaceuticals (MAP) Act of 2025: The first bill we introduced was the Modern Authentication of Pharmaceuticals Act, legislation that seeks to secure the United States drug supply chain and close vulnerabilities that allow counterfeit controlled substances, including lethal fentanyl, into our communities;
H.R. 1244, Reducing Drug Prices for Seniors Act, legislation that reduces out-of-pocket expenses for Medicare patients by calculating the coinsurance cost at the pharmacy counter based on the drug’s net, or actual price, rather than its list price;
H.R. 1298, Veterans Jobs Opportunity Act, legislation that sets a new business-related tax credit for the start-up expenses of a veteran-owned small business in an underserved community;
H.R. 1363, Honor and Remember Flag Recognition Act of 2025, legislation that designates the Honor and Remember Flag, created by Honor and Remember, Inc., as a national symbol to honor service members who died in the line of duty;
H.R. 1377, Sarah Keys Evans Congressional Gold Medal Act in recognition of her achievements relating to the desegregation of passengers on interstate buses in the 1950s. Before there was Rosa Parks, there was Sara Keys Evans;
H.R. 1672, Maintaining New Investments in New Innovation (MINI) Act ensures lifesaving genetic treatments remain accessible;
H.R. 1858, Flooding Prevention, Assessment, and Restoration Act would strengthen flood prevention measures and provide support for rural communities facing flood risks;
H.R. 1985, Promoting Precision Agriculture Act, ensuring our growers have access to the cutting-edge precision agriculture technologies and broadband services necessary to do what they do best — feed, fuel, and clothe the American people;
H.R. 2043, Agricultural Commodities Price Enhancement Act, legislation that increases the reference price for seed cotton, peanuts, corn, soybeans, and wheat;
H.R. 2109, Cybersecurity for Rural Water Systems Act, ensures our water systems that rural communities and farmers rely on have the necessary protections to successfully guard against cyber-attacks;
H.R. 2541, Nuclear Medicine Clarification Act of 2025, legislation that would close a loophole that currently allows patients to be unintentionally exposed to high levels of radiation without reporting or disclosure. The legislation would improve care and ensure transparency for patients and simplify federal rules coming from the Nuclear Regulatory Commission (NRC);
H.R. 2542, Old Drugs, New Cures Act, legislation to improve access to innovative, affordable medication and tackle health disparities in rural and low-income communities across America;
H.R. 2625, Veterans Employment Readiness Yield (VERY) Act, which updates outdated language. The VERY Act makes changes to let our disabled vets know that they are receiving the respect and dignity they have rightfully earned; and
H.R. 2707, Protecting American Families and Servicemembers from Anthrax Act, ensuring the U.S. Department of Defense and Department of Health and Human Services develop a long-term stockpiling strategy that leverages the Strategic National Stockpile to enhance national preparedness.

I am committed to:

Fighting for our farmers by advocating for a temporary pause on the Adverse Effective Wage Rate and pushing for a comprehensive Farm Bill that enhances commodity pricing. We also need continued support for agricultural assistance for farmers hurt by difficult times;
Protecting Seymour Johnson Air Force Base. We are working to protect Seymour Johnson Air Force Base, including two visits and annual defense priorities focusing on F-15EX procurement, Child Development Center upgrades, maintenance dollars for F-15E aircraft, and $41 million in Combat Arms Training & Maintenance funds;
Building our local economy, by creating good-paying jobs in shipbuilding with Newport News Shipyard and the Global TransPark, a critical hub for jobs, logistics, and innovation, while addressing local government infrastructure needs.We are also working to address our Interstate, broadband, and housing needs;
Enhancing our healthcare outcomes is vital. I support Martin County’s efforts to enhance its healthcare system and advocate for a new Health Sciences facility at Barton College by advocating for $10 million through Barton’s application to the Golden LEAF Foundation;
On border security, I will continue supporting a secure border and meaningful immigration reform that respects our values. I have visited the ICE facility that services eastern North Carolina in Alamance County Detention Center and traveled as part of an Armed Services Committee CODEL to Naval Station Guantanamo Bay to gain firsthand insight into the role these facilities play in our border security strategy. Next week, I will travel to Lumpkin, Georgia to tour a regional ICE facility;
I will be filing key legislation that addresses federal recognition for the Haliwa Saponi Indian Tribe, support for the Southeast Crescent Regional Commission, and tax fairness for combat-injured Coast Guard veterans.

Together, these efforts will contribute to a brighter future for our region. We’re not sitting on the sidelines. We are working hard every day on healthcare, agriculture, defense, and working families.

An early victory during the Trump Administration includes the decision by the Food and Drug Administration to formally withdraw and end the effort by the agency to consider a ban on menthol cigarettes and flavored cigars. As the Ranking Member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee of the House Agriculture Committee, I am working on regulatory framework legislation for the crypto and digital assets industry that is a priority of the Administration.

I also know that people are currently nervous about the state of the country and the world.

Specific concerns include: 1. Helene and agriculture assistance, 2. education funding reductions, and 3. tariffs.

I voted in support of disaster assistance for Helene in the West and drought in the East. I am glad that economic assistance was included. But we are way short. We are a billion short for agricultural assistance alone.

I visited North Lenoir High School in Lenoir County just this morning, one of the four public school districts in North Carolina that no longer has access to COVID-19-related funding that they had been promised because the U.S. Department of Education terminated their ability to liquidate those federal dollars.

On Friday, I visited Halifax County Schools to discuss the same issue.

We are:

Sending a letter to the U.S. Department of Education Secretary Linda McMahon;
Seeking to schedule a meeting with the Secretary;
Reaching out to other North Carolina delegation members to consider a joint letter; and
Communicating our findings to the White House.

For tariffs, eastern North Carolina cannot afford to be collateral damage in a trade war. We need tough and targeted trade policies, but our policies must also protect jobs, lower input costs, and keep our communities strong.

Previously, I voted in support of the SAVE ACT. After speaking with North Carolina State Board of Election officials, I voted against it based on the concern that the bill cannot be implemented as drafted. While I support the intent of the SAVE Act that makes crystal clear only U.S. citizens should vote in elections, N.C. election officials have shared serious concerns about its implementation. The limited time for modernizing our information systems, uncertain taxpayer costs, and the need for clear standards to verify U.S. citizenship pose risks to administering federal elections. I remain committed to improving this bill and ensuring free and fair elections.

We are meeting residents where they are. We read “Pete the Cat and His Magic Sunglasses” at St. Stephens Daycare. Federal funds for early childhood education remain important. I visited International Paper at Manson, spoke with quilters in Warrenton, and held a meeting with the Global TransPark. This morning, I traveled to N. Lenoir High School to look at their roof.

I plan to visit Pine Gates Renewables, Freedom Industries, and the Boys and Girls Club of the Tar River Region later today. Over the course of the next week, I will attend the 60th Annual Haliwa Saponi Blooming of the Dogwood Powwow, visit Airbus and Collins Aerospace, Barton College, Davita Kidney Care in Wilson, and Wilson Community College.

I plan to meet with the Albemarle Area United Way, break ground at Elizabeth City State University for an aviation building, visit U.S. Coast Guard Elizabeth City, visit the Food Bank of Albemarle, and meet with the Perquimans County EMS director to discuss recovery efforts.

As this is Holy Week, I wish everyone a wonderful Easter. Meanwhile, we will keep looking for opportunities to work with the Administration. Tax filing deadline was extended to May 1 for federal and state for all NC residents due to Helene. I encourage residents to file their taxes or an extension. We will keep advocating for our families, our farmers, our veterans, our students, and the future we believe in. May God bless eastern North Carolina, and our nation.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

US Senate News:

Source: United States Senator for Washington State Patty Murray

Canada is Washington’s largest overall trading partner, accounting for nearly $20 billion in imports and $10 billion in exports

***AUDIO of full roundtable discussion HERE***

***PHOTOS and B-ROLL HERE***

Blaine, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a roundtable discussion on how Trump’s chaotic trade war and senseless tariffs are affecting Washington state’s border communities and local businesses. In the City of Blaine, which is located along the United States-Canada border, retail and service revenue has fallen 40 percent, and the City of Bellingham and other communities near the border are reporting a roughly 20 percent decrease in revenue due to Trump’s trade war and increasing anti-American sentiment from Canadian neighbors.

Canada is Washington’s largest overall trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. Senator Murray was joined for the discussion by Blaine Mayor Mary Lou Steward; Surrey (Canada) Mayor Brenda Locke; Blaine City Manager Mike Harmon; Dr. Laurie Trautman, Director of the Border Policy Research Institute; and Ali Hayton, Owner of Point Roberts Marketplace.

On April 2^nd, President Trump announced sweeping new tariffs on nearly every country, including a 10 percent baseline tariff on all imported goods, and country-specific so-called reciprocal tariffs. Just hours after the reciprocal tariff rates took effect last Wednesday, Trump abruptly changed his mind and put a 90-day pause on reciprocal tariffs. But Trump is still taxing goods from every country, across the board, at 10 percent at least. Even with his “pause,” Trump’s new tariff rates are still the highest in decades, and are estimated to cost American families more than $4,000 per year—the largest tax increase since 1968.

“As everyone here knows, the folks just across the border in Canada are not just our neighbors—they are our friends, and some families even span the border. It’s not just personal connections that are strong here, but economic connections. Trade with Canada, and visitors and customers are a crucial part of the local economy,” said Senator Murray. “Yet, every week Trump seems to find a new way to drive a wedge between us and our Canadian allies, and a new way to drive business away from our communities. He’s whipping up a fact-free frenzy about drugs at the Canadian border. The fact is: less than 1 percent of fentanyl intercepted at the U.S. border is from Canada. He has created complete chaos and fear for every day travelers crossing our border. People coming here for work, or just for visits, have been detained. His border theatrics are scaring away tourists and scaring off business. And the pointless, painful trade war is in reality an enormous tax paid by our families.”

“Trump is pushing away some of our most important trade partners, raising prices for families at the grocery store, and pushing small businesses to the brink—some may even shutter. All of this is incredibly harmful to our communities—it’s not the way we should treat our neighbors, and it’s catastrophic for business too,” Senator Murray continued. “I’m glad to be here to shine a spotlight the real damage Trump is doing with his tariffs, his chaos, and his attempts to bully one of our closest allies for no reason—and to listen to your stories and take them back with me to the other Washington.”

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

“We really, really depend upon Canadians coming to shop in Blaine. And part of this just is our history… We do have small businesses in town that we like to support, and over the years, the Canadians have come down and supported these immensely, in particular the gas, dairy, and shopping—Amazon parcels that are mail orders. These are all suffering. People are being laid off, and this is hurting us because the Canadian southbound traffic has dropped off to 50 percent of a decrease in the amount of traffic, so this does affect our businesses,” said Mary Lou Steward, Mayor of Blaine. “Sales tax receipts eclipse property tax receipts nearly by two to one, so sales tax is really, really important. And it takes all of Blaine’s property tax plus sales tax receipts to fund our police department… Blaine and Bellingham receive nearly the same number of Canadian visitors, however, those going to Bellingham shop and spend four to one times as much money in Bellingham as they do coming to Blaine to buy gas and eat locally.”

“Much like during the pandemic, our border communities are being impacted disproportionately, only this time by the antagonistic approach of the Trump Administration towards Canada. These impacts are far reaching and go well beyond the immediate economic damage our communities face, affecting our social connections, and our ability to respond to natural disasters that know no borders,” said Dr. Laurie Trautman, Director of the Border Policy Research Institute. “Cross-border connections with our Canadian neighbors provide immeasurable benefits to our community- supporting our economy and our security. Travel by Canadians has dropped by over 50%, largely due to the antagonism of the Trump Administration, leaving our businesses more vulnerable and our community less secure.”

“Senator Murray has long stood with Point Roberts, championing our unique needs during the COVID-19 pandemic, when border closures devastated our local economy and isolated our community. Her tireless efforts helped bring much-needed attention to our situation during that crisis, and her commitment remains strong today as we face new challenges brought on by international tariff disputes. Businesses in Point Roberts are struggling to navigate the uncertainty created by these trade tensions. When I reached out to Senator Murray’s office for help, their response was immediate. While it’s unclear exactly what relief might come for Point Roberts and other border towns, today’s meeting — bringing together community leaders from both sides of the border — is a hopeful step forward in rebuilding the longstanding relationships we’ve shared with our Canadian neighbors,” said Ali Hayton, Owner of Point Roberts Marketplace. “We may not yet know what the future holds, but having Senator Murray in our corner makes all the difference. Her leadership, compassion, and steadfast commitment to the people of Point Roberts are deeply appreciated.”

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else. Earlier this week, Senator Murray joined her colleagues in pressing U.S. Trade Representative Ambassador Jamieson Greer on how the Trump administration’s tariffs are affecting farmers across the country. Last week, Senator Murray also held a roundtable discussion in Tacoma with local businesses and ports, toured local businesses in downtown Vancouver, and held a roundtable discussion in Vancouver with local businesses and ports, to highlight how Trump’s chaotic trade war and senseless tariffs are harming the overall economy in Washington state. Earlier this week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and trade war are harming them.

MIL OSI USA News –

April 25, 2025

MIL-OSI Canada: Powering up communities with ag society dollars

Source: Government of Canada regional news (2)

Agricultural societies play a crucial role in the province’s rural communities. They bring people together, organize and run events and improve the overall quality of life for residents in their communities.

Alberta has more agriculture societies than any other province with 292 organizations. Alberta’s government is helping regional agricultural societies weather increasing costs and plan ahead with a one-time cash injection of more than $7.4 million.

“It’s hard to overstate the impact regional agricultural societies have on rural Alberta. From event organizing to infrastructure upkeep, they energize folks and bring communities together. This funding will ensure our regional agriculture societies are able to keep up their good work and continue to be pillars of their communities.”

RJ Sigurdson, Minister of Agriculture and Irrigation

New funding includes $4.03 million in one-time supports distributed among the seven regional ag societies to help them manage cost pressures and allow them to plan for the future, including achieving more sustainable operational models. It also includes a one-time investment of $2.87 million to support business transformation projects and funding set aside for a third-party consultant to help with those efforts.

This is on top of the continued annual total funding of $2.8 million for regional agricultural societies through the Agricultural Societies Grant Program.

In 2024, Alberta’s government hired Deloitte to conduct a sustainability assessment of the societies and provide recommendations to address their financial struggles. Those recommendations helped inform this funding and the next steps.

“On behalf of the Medicine Hat Exhibition and Stampede, I would like to extend our heartfelt gratitude to the province for the generous funding provided to us. This support is instrumental in helping each regional fair achieve its goals and make a positive impact in its community. Thank you for your commitment to fostering growth and development.”

Ron Edwards, manager, Medicine Hat Exhibition and Stampede

“Thank you to the Government of Alberta for its continued support of Regional Agricultural Societies and Lethbridge & District Exhibition (LDE). Ag Societies benefit the communities they serve, enhancing the quality of life for Albertans, while supporting the critical role agriculture plays in our economy. This strong support from our provincial government allows LDE to improve and evolve, while supporting the programming needed to cultivate the agriculture community. It’s this partnership that will help to make us successful and sustainable for another 100 years”.

Lloyd Brierley, board chair, Lethbridge & District Exhibition

Quick facts

Agricultural societies are volunteer-driven and collectively host more than 39,000 events and activities each year.
Alberta’s seven regional agricultural societies are in Camrose, Grande Prairie, Lethbridge, Lloydminster, Olds, Medicine Hat and Red Deer.
Regional is a long-standing historic designation for these seven agricultural societies.
Each regional agricultural society currently receives total annual funding of $398,853, including a base grant of $298,853 and an operating grant of $100,000 to support agricultural event days.

Related information

Alberta Agricultural Societies Program

Related news

Charting a path for regional ag societies (July 31, 2024)

MIL OSI Canada News –

April 25, 2025

MIL-OSI: Credicorp Ltd.: Credicorp Declares S/40.00 per Share Cash Dividend for Fiscal Year 2024

Source: GlobeNewswire (MIL-OSI)

Lima, April 24, 2025 (GLOBE NEWSWIRE) — Lima, Peru, April 24, 2025 — Credicorp Ltd. (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a diversified presence in Chile, Colombia, Bolivia and Panama, announced today that its Board of Directors declared a cash dividend of S/40.00 per share for a total of S/3,775,292,680.00 in line with the Company’s Bye-Laws and taking into account the total net income attained in the 2024 financial year of S/5,501,254,379.37. The cash dividend will be paid out on June 13, 2025, without withholding tax at source, to shareholders of record on May 19, 2025.

Gianfranco Ferrari, CEO of Credicorp, commented: “This dividend reflects the record results we achieved in 2024, the strength of our diversified business model and its ability to generate sustainable earnings across cycles. We remain committed to our vision of generating the right impact on society, while driving disruption and innovation across our businesses to shape the future of financial services in the region.”

The cash dividend will be paid in US Dollars using the weighted exchange rate published by the Peruvian Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for transactions at the close of business on June 11, 2025. The US Dollar dividend amount will be rounded up to four decimal places.

About Credicorp
Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru, with a diversified business portfolio organized into four primary lines of business: Universal Banking, through Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance and Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management and Advisory, through Credicorp Capital and ASB Bank Corp. Credicorp has a presence in Peru, Chile, Colombia, Bolivia, and Panama.

For further information, please contact the IR team:

investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

The MIL Network –

April 25, 2025

MIL-OSI: Bel Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

WEST ORANGE, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2025.

First Quarter 2025 Highlights

•	Net sales of $152.2 million compared to $128.1 million in Q1-24. Excluding $32.4 million of contribution from Enercon, organic sales down 6.4% from Q1-24.
•	Gross profit margin of 38.6%, up from 37.5% in Q1-24
•	GAAP net earnings attributable to Bel shareholders of $17.9 million versus $15.9 million in Q1-24
•	Non-GAAP net earnings attributable to Bel shareholders of $16.8 million versus $17.0 million in Q1-24
•	Adjusted EBITDA of $30.9 million (20.3% of sales) as compared to $22.4 million (17.5% of sales) in Q1-24
•	Announced Farouq Tuweiq’s appointment as Bel’s President and CEO, to be effective immediately following the Company’s Annual Meeting of Shareholders (to be held in May 2025)

“We are pleased with our first quarter results, which benefitted from our increased exposure within the defense and commercial aerospace industries and strength in the emerging AI end market,” said Daniel Bernstein, President and CEO. “These factors helped to mitigate the seasonality around Chinese New Year which has historically dictated the trend for our first quarter. Looking ahead at our underlying business demand, we generally expect continued strength in the defense, space and AI end markets throughout the year, which are anticipated to mitigate lower volumes going into the rail, e-Mobility and consumer markets,” concluded Mr. Bernstein.

Farouq Tuweiq, CFO, added, “Looking to the second quarter, we are operating in a highly dynamic environment and there is difficulty in predicting the moving target of tariffs and assessing the corresponding impact given ongoing and potential future changes. As Bel generally designs and manufactures its products within close geographic proximity to our customers, we estimate that approximately 75% of our global sales are not currently subject to the recent U.S. tariffs that have been imposed. We estimate that ~10% of our consolidated sales relate to product that is manufactured in China and shipped into the U.S., and this is the subset of our revenue where certain customers have requested a pause on orders while the supply chain awaits additional clarity on the longer-term tariff policy with China. Based on information available today, GAAP net sales in the second quarter of 2025 are projected to be in the range of $145 to $155 million, with gross margin in the range of 37% to 39%. This guidance for the second quarter, which is typically solely based on our underlying business demand and existing orders on hand, has been modified downward to take into account approximately $8-10 million of what we believe is a reasonable allowance for potential downside impact from China-related tariffs and a lower expected volume of intraquarter turns. The team will continue to closely monitor the evolving tariff landscape and assess potential alternatives that are within our control,” concluded Mr. Tuweiq.

Mr. Bernstein continued, “With my upcoming transition to the role of non-executive Chairman of the Board in May, it has been a privilege to be part of Bel’s journey over the past 45 years. The success of the Company is based solely on the dedication of all of our associates, past and present, and it has been an honor to lead such a talented group of associates during my tenure as President and CEO. I am confident about Bel’s future under the leadership of Farouq and the Executive team,” concluded Mr. Bernstein.

Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Friday, April 25, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13753007 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

Company Contact:
Farouq Tuweiq
Chief Financial Officer
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the second quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about uncertainty of the evolving tariff landscape, associated difficulties in forecasting, expectations regarding future clarity on tariff policy, the Company’s estimates concerning Bel’s global sales and recently imposed tariffs, and the Company’s intention to continue to monitor the tariff landscape and assess potential alternatives; statements about anticipated continued strength in certain end markets, and views on the effects on the Company’s overall future performance; statements about the Company’s upcoming management transition; and statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel’s November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel’s products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel’s customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including Bel’s substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition of new or increased tariffs and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, the ongoing implementation and modification of tariffs, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

[Financial tables follow]


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended
	March 31,
	2025			2024

Net sales	$	152,238		$	128,090
Cost of sales		93,419			80,012
Gross profit		58,819			48,078
As a % of net sales		38.6	%		37.5	%

Research and development costs		7,222			5,215
Selling, general and administrative expenses		29,507			24,944
As a % of net sales		19.4	%		19.5	%
Restructuring charges		(2,933	)		65
Income from operations		25,023			17,854
As a % of net sales		16.4	%		13.9	%

Interest expense		(4,152	)		(434	)
Interest income		275			1,115
Other income, net		2,639			1,817
Earnings before income taxes		23,785			20,352

Provision for income taxes		5,463			4,478
Effective tax rate		23.0	%		22.0	%
Net earnings	$	18,322		$	15,874
As a % of net sales		12.0	%		12.4	%

Less: Net earnings attributable to noncontrolling interest		838			–
Redemption value adjustment attributable to noncontrolling interest		(390	)		–
Net earnings attributable to Bel Fuse Shareholders	$	17,874		$	15,874

Weighted average number of shares outstanding:
Class A common shares – basic and diluted		2,115			2,139
Class B common shares – basic and diluted		10,457			10,610

Net earnings per common share:
Class A common shares – basic and diluted	$	1.36		$	1.19
Class B common shares – basic and diluted		1.43		$	1.26

(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Balance Sheets (in thousands, unaudited)

	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	65,927	$	68,253
Held to maturity U.S. Treasury securities		950		950
Accounts receivable, net		103,643		111,376
Inventories		164,815		161,370
Other current assets		33,090		31,581
Total current assets		368,425		373,530
Property, plant and equipment, net		47,271		47,879
Right-of-use assets		24,962		25,125
Related-party note receivable		3,270		2,937
Equity method investment		9,856		9,265
Goodwill and other intangible assets, net		436,438		439,984
Other assets		50,234		51,069
Total assets	$	940,456	$	949,789

Total liabilities, redeemable noncontrolling interests and stockholders’ equity
Current liabilities:
Accounts payable	$	46,110	$	49,182
Operating lease liability, current		8,540		7,954
Other current liabilities		56,585		70,933
Total current liabilities		111,235		128,069
Long-term debt		280,000		287,500
Operating lease liability, long-term		17,349		17,763
Other liabilities		73,937		75,295
Total liabilities		482,521		508,627
Redeemable noncontrolling interests		81,034		80,586
Stockholders’ equity		376,901		360,576
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	940,456	$	949,789

(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Three Months Ended
	March 31,
	2025			2024

Cash flows from operating activities:
Net earnings	$	18,322		$	15,874
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		6,684			3,684
Stock-based compensation		1,179			804
Amortization of deferred financing costs		295			26
Deferred income taxes		(1,412	)		(1,676	)
Net unrealized gains on foreign currency revaluation		(3,663	)		(647	)
Other, net		(518	)		(71	)
Changes in operating assets and liabilities:
Accounts receivable, net		8,220			725
Unbilled receivables		(601	)		3,644
Inventories		(2,462	)		5,688
Accounts payable		(3,374	)		(7,575	)
Accrued expenses		(11,058	)		(16,440	)
Accrued restructuring costs		(4,508	)		(1,254	)
Income taxes payable		4,107			4,971
Other operating assets/liabilities, net		(3,064	)		(1,603	)
Net cash provided by operating activities		8,147			6,150

Cash flows from investing activities:
Purchases of property, plant and equipment		(2,790	)		(2,929	)
Purchases of held to maturity U.S. Treasury securities		–			(42,726	)
Proceeds from held to maturity securities		–			30,374
Investment in related party notes receivable		(333	)		(492	)
Proceeds from sale of property, plant and equipment		58			192
Net cash used in investing activities		(3,065	)		(15,581	)

Cash flows from financing activities:
Dividends paid to common stockholders		(829	)		(837	)
Purchases of common stock		–			(6,283	)
Proceeds of long-term debt		5,000			–
Repayments of long-term debt		(12,500	)		–
Net cash used in financing activities		(8,329	)		(7,120	)

Effect of exchange rate changes on cash and cash equivalents		921			(1,500	)

Net decrease in cash and cash equivalents		(2,326	)		(18,051	)
Cash and cash equivalents – beginning of period		68,253			89,371
Cash and cash equivalents – end of period	$	65,927		$	71,320


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	2,277		$	978
Interest payments	$	4,207		$	981
ROU assets obtained in exchange for lease obligations	$	637		$	2,951

(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Product Group Highlights (dollars in thousands, unaudited)

	Sales							Gross Margin
	Q1-25		Q1-24		% Change			Q1-25			Q1-24			Basis Point Change
Power Solutions and Protection	$	83,054	$	60,247		37.9	%		42.6	%		44.0	%		(140	)
Connectivity Solutions		50,730		54,285		-6.5	%		37.9	%		36.1	%		180
Magnetic Solutions		18,454		13,558		36.1	%		24.7	%		16.0	%		870
Total	$	152,238	$	128,090		18.9	%		38.6	%		37.5	%		110

(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA⁽²⁾⁽³⁾ (in thousands, unaudited)

	Three Months Ended
	March 31,
	2025			2024

GAAP Net earnings	$	18,322		$	15,874
Provision for income taxes		5,463			4,478
Other income/expense, net		(2,639	)		(1,817	)
Interest income		(275	)		(1,115	)
Interest expense		4,152			434
GAAP Operating Income	$	25,023		$	17,854
Restructuring charges		(2,933	)		65
Amortization of inventory step-up		958			–
Stock-based compensation		1,179			804
Non-GAAP Operating Income	$	24,227		$	18,723
Depreciation and amortization		6,684			3,684
Adjusted EBITDA	$	30,911		$	22,407
% of net sales		20.3	%		17.5	%

(1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾⁽⁴⁾
(in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended March 31, 2025															Three Months Ended March 31, 2024
Reconciling Items	Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS(3)			Class B EPS(3)			Earnings before taxes			Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS(3)			Class B EPS(3)

GAAP measures	$	23,785		$	5,463		$	17,874		$	1.36		$	1.43		$	20,352		$	4,478	$	15,874		$	1.19		$	1.26
Restructuring charges		(2,933	)		(371	)		(2,562	)		(0.20	)		(0.21	)		65			–		65			–			–
Redemption value adjustment on redeemable NCI		–			–			(390	)		(0.03	)		(0.03	)		–			–		–			–			–
Amortization of inventory step-up		958			220			738			0.06			0.06			–			–		–			–			–
Stock-based compensation		1,179			243			936			0.07			0.08			804			166		638			0.05			0.05
Amortization of intangibles		3,686			648			3,038			0.23			0.24			1,394			264		1,130			0.09			0.09
Unrealized foreign currency exchange (gains) losses		(3,663	)		(868	)		(2,795	)		(0.21	)		(0.22	)		(899	)		207		(692	)		(0.05	)		(0.05	)
Non-GAAP measures	$	23,012		$	5,335		$	16,839		$	1.28		$	1.35		$	21,716		$	5,115	$	17,015		$	1.27		$	1.35

⁽¹⁾ The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
⁽²⁾ In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾ Individual amounts of earnings per share may not agree to the total due to rounding.
⁽⁴⁾ In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾⁽⁴⁾ (in thousands, except per share data) (unaudited)

	Three Months Ended June 30, 2024
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS(3)		Class B EPS(3)

GAAP measures	$	22,883	$	4,077	$	18,806	$	1.43	$	1.50
Restructuring charges		638		153		485		0.04		0.04
Stock-based compensation		972		200		772		0.06		0.06
Amortization of intangibles		1,148		239		909		0.07		0.07
Unrealized foreign currency exchange (gains) losses		370		80		290		0.02		0.02
Non-GAAP measures	$	26,011	$	4,749	$	21,262	$	1.61	$	1.70

	Three Months Ended September 30, 2024
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS(3)		Class B EPS(3)

GAAP measures	$	11,188	$	3,108	$	8,080	$	0.61	$	0.65
Restructuring charges		1,087		154		933		0.07		0.07
Acquisition related costs		4,292		987		3,305		0.25		0.27
Stock-based compensation		1,007		208		799		0.06		0.06
Amortization of intangibles		1,152		239		913		0.07		0.07
Unrealized foreign currency exchange (gains) losses		1,075		266		809		0.06		0.06
Non-GAAP measures	$	19,801	$	4,962	$	14,839	$	1.13	$	1.19

⁽¹⁾ The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
⁽²⁾ In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾ Individual amounts of earnings per share may not agree to the total due to rounding.
⁽⁴⁾ In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

The MIL Network –

April 25, 2025

MIL-OSI United Kingdom: Polluting water bosses face up to two years in prison

Source: United Kingdom – Government Statements

Press release

Polluting water bosses face up to two years in prison

New laws in force today mark the toughest sentencing powers against law-breaking water executives in history.

Powers introduced could see water bosses who cover up illegal sewage spills sent to prison for two years.
New measures will force water companies to end their disgraceful behaviour and clean up our rivers, lakes and seas for good.

Water company bosses could face up to two years in prison due to new powers in force today (Friday 25 April 2025).

The new powers, delivered by the Government’s landmark Water (Special Measures) Act 2025, mean water executives who cover up or hide illegal sewage spills can now be locked up.

No prison sentences have been handed to water executives since privatisation despite widespread illegal sewage discharges into rivers, lakes and seas. These new, tougher penalties are essential because some water companies have obstructed investigations, failing to hand over vital evidence related to illegal sewage discharges. This has prevented crackdowns against law-breaking water companies.

The new measures deliver on the Government’s promise to bring tougher criminal charges against lawbreakers in the water industry. As part of the Government’s Plan for Change, the threat of imprisonment will act as a powerful deterrent as water companies invest in upgrading broken water infrastructure and clean up our rivers, lakes and seas for good.

Environment Secretary Steve Reed said:

Bosses must face consequences if they commit crimes. There must be accountability.

From today, there will be no more hiding places.

As part of the Plan for Change, water companies must now focus on cleaning up our rivers, lakes and seas for good.

In addition, new powers will mean that the polluters will pay for the cost of criminal investigations into wrongdoing. Authorities will now recover the costs of their enforcement activity, with the Environment Agency currently consulting on how they will use the powers.

The payment of bonuses to water bosses will also be banned if they fail to meet high standards to protect the environment, their consumers, and their company’s finances.

Philip Duffy, Chief Executive of the Environment Agency said:

The Water (Special Measures) Act was a crucial step in making sure water companies take full responsibility for their impact on the environment.

The tougher powers we have gained though this legislation will allow us, as the regulator, to close the justice gap, deliver swifter enforcement action and ultimately deter illegal activity.

Alongside this, we’re modernising and expanding our approach to water company inspections – and it’s working. More people, powers, better data and inspections are yielding vital evidence so that we can reduce sewage pollution, hold water companies to account and protect the environment.

The Government will continue to reform the water sector in order to clean up our rivers, lakes and seas once and for all.

Alongside this, £104 billion of private sector investment has been secured to upgrade and build new water infrastructure across the country, supporting the building of 1.5 million new homes, creating thousands of jobs and powering new industries such as gigafactories and data centres as part of the government’s Plan for Change.

Notes to editors:

Criminal Liability

Until now, water regulators have faced significant challenges gathering evidence for prosecutions due to obstruction of their investigations.
This is a criminal offence, but since privatisation, only three water company officials have been criminally prosecuted for obstruction by the EA without appeal and the maximum punishment was merely a fine – though no fines were issued.
From now on, offences will be triable in both the Crown and Magistrates’ Courts and imprisonment will act as a powerful deterrent, bringing water regulation powers in line with other sectors, such as those covering fraud or health and safety investigations.

 The new provisions enable:

courts to include imprisonment as a sanction when investigations by water regulators (the Environment Agency, Natural Resources Wales and the Drinking Water Inspectorate) have been obstructed;
obstruction offences to be heard in the Crown Court;
directors and executives to be prosecuted where obstruction occurs with their consent, connivance or neglect.

Previously:

obstructing regulators’ investigations was not always punishable by imprisonment;
cases could not always be heard in the Crown Court;
there were no straightforward routes for prosecuting directors or executives where obstruction was committed with their consent or connivance, or was attributable to their neglect.

The Water Special Measures Act received Royal Assent in February – see press release here: New law to ban bonuses for polluting water bosses – GOV.UK

Further detail on the measures in the Act can be found in the Policy Statement here: Water (Special Measures) Act: policy statement – GOV.UK

Action on water

The government has taken immediate action to reset the water sector. Change is being delivered three stages: 
In his first week in office, the Secretary of State for Environment Food and Rural Affairs Steve Reed announced a series of initial steps. This included immediately ringfencing funding for vital water infrastructure so that it can only be spent on upgrades benefiting the environment – not diverted for bonuses, dividends or salary increases. Where money is not spent, we will force water companies to return it to customers. 
Second, the landmark Water (Special Measures) Act 2025 has been signed into law, marking the most significant increase in enforcement powers in a decade. The Act will: 
Strengthen regulation to ensure water bosses face personal criminal liability for lawbreaking. 
Give the water regulator new powers to ban the payment of bonuses if environmental standards are not met. 
Boost accountability for water executives through a new ‘code of conduct’ for water companies, so customers can summon board members and hold executives to account. 
Introduce new powers to bring automatic and severe fines. 
Require water companies to install real-time monitors at every emergency sewage outlet with data independently scrutinised by the water regulators. 
Third, the Independent Commission into the water sector, launched by the UK and Welsh governments, is carrying out the largest review of the industry since privatisation. Its recommendations, due later this summer, will shape further laws to attract the investment needed to clean up our waterways, accelerate infrastructure delivery and restore public confidence in the sector.  
The next five years will see £104 billion in private sector investment into the water industry—the largest since privatisation. This will drive forward 150 major infrastructure projects, creating over 30,000 jobs across the country, and support the building of 1.5 million new homes and powering new industries such as gigafactories and data centres. 
The Secretary of State and Water Minister recently completed a ‘Things Can Only Get Cleaner’ tour to see where this investment will underpin the building of new homes, create jobs and turbocharge local economies around the country – a cornerstone of the government’s Plan for Change. This included a pledge to end sewage discharges into the iconic lake Windermere.

Published 24 April 2025

MIL OSI United Kingdom –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

ISELIN, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $64.0 million, or $0.49 per basic and diluted share for the three months ended March 31, 2025, compared to $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024 and $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024. Net income for the three months ended March 31, 2025 was negatively impacted by a $2.7 million write-down on a foreclosed property, partially offset by a $624,000 profit on fixed asset sales related to the consolidation of three branches. While there were no transaction costs related to our merger with Lakeland Bancorp, Inc. (“Lakeland”) for the 2025 period, these costs totaled $20.2 million for the three months ended December 31, 2024 and $2.2 million for the three months ended March 31, 2024, respectively.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “With the integration of Lakeland behind us, we are starting to see the benefits of the transaction come to fruition. We are very pleased with our first quarter financial results and encouraged by the promising start to the year. Despite ongoing uncertainty in the markets, our core businesses, credit quality and risk management remain strong. Our team is focused on building the business, delivering exceptional customer service and creating value for all stakeholders while remaining agile in this rapidly changing economic and regulatory environment.”

Performance Highlights for the First Quarter of 2025

Adjusted for a one-time write-down on a foreclosed property in the current quarter, as well as transaction costs related to the merger with Lakeland in prior quarters, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity⁽¹⁾ were 1.11%, 10.13% and 16.15% for the quarter ended March 31, 2025, compared to 1.05%, 9.53% and 15.39% for the quarter ended December 31, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.
The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity⁽²⁾ were 1.61%, 14.63% and 21.18% for the quarter ended March 31, 2025, compared to 1.53%, 13.91% and 20.31% for the quarter ended December 31, 2024. A reconciliation between GAAP and the above non-GAAP ratios is shown on page 11 of the earnings release.
The Company’s total commercial and industrial (“C&I”) loan portfolio increased $74.3 million, or 6.5% annualized, to $4.68 billion as of March 31, 2025, from $4.61 billion as of December 31, 2024. Additionally, the Company’s total commercial portfolio increased $150.0 million, or 3.8% annualized to $16.19 billion as of March 31, 2025, from $16.04 billion as of December 31, 2024.
The net interest margin increased six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the trailing quarter, while the core net interest margin, which excludes the impact of purchase accounting accretion and amortization, increased nine basis points from the trailing quarter to 2.94%. The average yield on total loans decreased four basis points to 5.95% for the quarter ended March 31, 2025, compared to the trailing quarter, while the average cost of deposits, including non-interest-bearing deposits, decreased 14 basis points to 2.11% for the quarter ended March 31, 2025.
The Company recorded a $325,000 provision for credit losses on loans for the quarter ended March 31, 2025, compared to a $7.8 million provision for the trailing quarter. The decrease in the provision for credit losses for the quarter was primarily attributable to the change in a qualitative factor indexed to the forecasted unemployment rate that resulted in a decrease in reserves required on pooled loans within our Current Expected Credit Loss (“CECL”) model. The allowance for credit losses as a percentage of loans decreased to 1.02% as of March 31, 2025, from 1.04% as of December 31, 2024.
Insurance Agency income increased $858,000 or 17.9%, versus the same period in 2024, while pre-tax Insurance Agency net income increased $544,000 or 23.3% versus the same period in 2024.
As of March 31, 2025, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.77 billion, with a weighted average interest rate of 6.31%.

Declaration of Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on May 30, 2025 to stockholders of record as of the close of business on May 16, 2025.

Results of Operations

Three months ended March 31, 2025 compared to the three months ended December 31, 2024

For the three months ended March 31, 2025, net income was $64.0 million, or $0.49 per basic and diluted share, compared to net income of $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income was $181.7 million for the three months ended March 31, 2025 and the trailing quarter, despite there being two fewer calendar days in the first quarter of 2025, primarily due to favorable repricing of deposits.

The Company’s net interest margin increased six basis points to 3.34% for the quarter ended March 31, 2025, from 3.28% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended March 31, 2025 decreased three basis points to 5.63%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended March 31, 2025 decreased 13 basis points from the trailing quarter to 2.90%. The average cost of interest-bearing deposits for the quarter ended March 31, 2025 decreased 17 basis points to 2.64%, compared to 2.81% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.11% for the quarter ended March 31, 2025, compared to 2.25% for the trailing quarter. The average cost of borrowed funds for the quarter ended March 31, 2025 was 3.76%, compared to 3.64% for the quarter ended December 31, 2024.

Provision for Credit Losses on Loans

For the quarter ended March 31, 2025, the Company recorded a $325,000 provision for credit losses on loans, compared with a provision for credit losses of $7.8 million for the quarter ended December 31, 2024. The decrease in the provision for credit losses for the quarter was primarily attributable to the change in a qualitative factor indexed to the forecasted unemployment rate that resulted in a decrease in reserves required on pooled loans within our CECL model. For the three months ended March 31, 2025, net charge-offs totaled $2.0 million, or an annualized four basis points of average loans, compared with net charge-offs of $5.5 million, or an annualized nine basis points of average loans, for the trailing quarter.

Non-Interest Income and Expense

For the three months ended March 31, 2025, non-interest income totaled $27.0 million, an increase of $2.9 million, compared to the trailing quarter. Insurance agency income increased $2.4 million to $5.7 million for the three months ended March 31, 2025, compared to the trailing quarter, mainly due to the receipt of contingent commissions and additional business in the current quarter. Additionally, other income increased $920,000 to $2.2 million for the three months ended March 31, 2025, compared to the trailing quarter, primarily due to an increase in profit on fixed asset sales, combined with an increase in net fees on loan-level interest rate swap transactions. Partially offsetting these increases to non-interest income, wealth management income decreased $327,000 to $7.3 million for the three months ended March 31, 2025, compared to the trailing quarter, mainly due to a decrease in the average market value of assets under management during the period, while BOLI income decreased $169,000 for the three months ended March 31, 2025, compared to the trailing quarter, primarily due to decreased equity valuations.

Non-interest expense totaled $116.3 million for the three months ended March 31, 2025, a decrease of $18.1 million, compared to $134.3 million for the trailing quarter. Merger-related expenses, which were completed at the end of 2024, decreased $20.2 million for the three months ended March 31, 2025, compared to the trailing quarter. Other operating expenses decreased $929,000 to $16.4 million for the three months ended March 31, 2025, compared to $17.4 million for the trailing quarter, largely due to a prior quarter $1.4 million charge for contingent litigation reserves, combined with decreases in professional service and insurance expenses, partially offset by a $2.7 million write-down on a foreclosed property. Partially offsetting these decreases in non-interest expense, compensation and benefits expense increased $2.4 million to $62.4 million for the three months ended March 31, 2025, compared to $59.9 million for the trailing quarter. The increase in compensation and benefit expense was primarily due to increases in salary expense related to company-wide annual merit increases and severance expense, partially offset by a decrease in stock-based compensation. Additionally, net occupancy expense increased $1.4 million to $13.9 million for the three months ended March 31, 2025, compared to the trailing quarter, largely due to seasonal increases in snow removal, utilities and other maintenance costs.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽¹⁾ totaled 1.92% for the quarter ended March 31, 2025, compared to 1.90% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽¹⁾ was 54.43% for the three months ended March 31, 2025, compared to 55.43% for the trailing quarter.

Income Tax Expense

For the three months ended March 31, 2025, the Company’s income tax expense was $27.8 million with an effective tax rate of 30.3%, compared with income tax expense of $14.2 million with an effective tax rate of 22.6% for the trailing quarter. The increase in tax expense and the effective tax rate for the three months ended March 31, 2025, compared with the trailing quarter was largely due to an increase in taxable income and a discrete item related to stock-based compensation, combined with a prior quarter $4.2 million tax benefit related to the revaluation of certain deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

For the three months ended March 31, 2025, net income was $64.0 million, or $0.49 per basic and diluted share, compared to net income of $32.1 million, or $0.43 per basic and diluted share, for the three months ended March 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $88.1 million to $181.7 million for the three months ended March 31, 2025, from $93.7 million for same period in 2024. The increase in net interest income was favorably impacted by the net assets added in the May 16, 2024 acquisition of Lakeland and related accretion of purchase accounting adjustments.

The Company’s net interest margin increased 47 basis points to 3.34% for the quarter ended March 31, 2025, from 2.87% for the same period last year. The weighted average yield on interest-earning assets for the quarter ended March 31, 2025 increased 57 basis points to 5.63%, compared to 5.06% for the quarter ended March 31, 2024. The weighted average cost of interest-bearing liabilities increased 10 basis points for the quarter ended March 31, 2025 to 2.90%, compared to 2.80% for the first quarter of 2024. The average cost of interest-bearing deposits for the quarter ended March 31, 2025 was 2.64%, compared to 2.60% for the same period last year. Average non-interest-bearing demand deposits increased $1.65 billion to $3.72 billion for the quarter ended March 31, 2025, compared to $2.07 billion for the quarter ended March 31, 2024. The average cost of total deposits, including non-interest-bearing deposits, was 2.11% for the quarter ended March 31, 2025, compared with 2.04% for the quarter ended March 31, 2024. The average cost of borrowed funds for the quarter ended March 31, 2025 was 3.76%, compared to 3.60% for the same period last year.

Provision for Credit Losses on Loans

For the quarter ended March 31, 2025, the Company recorded a $325,000 provision for credit losses on loans, compared with a $200,000 provision for credit losses on loans for the quarter ended March 31, 2024. The increase in the provision for credit losses was due to an increase in specific reserves on impaired credits. For the three months ended March 31, 2025, net charge-offs totaled $2.0 million, or an annualized four basis points of average loans, compared with net charge-offs of $971,000, or an annualized four basis points of average loans, for the quarter ended March 31, 2024.

Non-Interest Income and Expense

Non-interest income totaled $27.0 million for the quarter ended March 31, 2025, an increase of $6.2 million, compared to the same period in 2024. Fee income increased $3.7 million to $9.7 million for the three months ended March 31, 2025, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and commercial loan prepayment fees, resulting from the Lakeland merger. Other income increased $1.4 million to $2.2 million for the three months ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in profit on fixed asset sales, combined with an increase in net fees on loan-level interest rate swap transactions and an increase in gains on sales of mortgage loans. Insurance agency income increased $858,000 to $5.7 million for the three months ended March 31, 2025, compared to the quarter ended March 31, 2024, largely due to an increase in contingency income and business activity, while BOLI income increased $275,000 to $2.1 million for the three months ended March 31, 2025, compared to the prior year quarter, related to the addition of Lakeland’s BOLI, partially offset by a decrease in equity valuations.

For the three months ended March 31, 2025, non-interest expense totaled $116.3 million, an increase of $44.4 million, compared to the three months ended March 31, 2024. Compensation and benefits expense increased $22.3 million to $62.4 million for three months ended March 31, 2025, compared to $40.0 million for the same period in 2024. The increase was primarily due to the addition of Lakeland, combined with an increase in salary expense associated with Company-wide annual merit increases. Amortization of intangibles increased $8.8 million to $9.5 million for the three months ended March 31, 2024, compared to $705,000 for 2024, largely due to core deposit intangible amortization related to the addition of Lakeland. Other operating expense increased $6.1 million to $16.4 million for the three months ended March 31, 2025, compared to $10.3 million for the three months ended March 31, 2024, largely due to the addition of Lakeland and a $2.7 million write-down on a foreclosed property in the current quarter. Net occupancy expense increased $5.4 million to $13.9 million for the three months ended March 31, 2024, compared to the same period in 2024, primarily due to increased depreciation and maintenance expenses because of the addition of Lakeland. Data processing expense increased $2.8 million to $9.6 million for three months ended March 31, 2025, compared to $6.8 million for the same period in 2024. The increase in data processing expense was primarily due to increases in software service, telecommunication and core service expenses, due to the addition of Lakeland. Additionally, FDIC insurance expense increased $1.1 million to $3.4 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to increases in the assessment rate and average assets, as a result of the addition of Lakeland. Partially offsetting these increases in non-interest expense, merger-related expenses, which completed at the end of 2024 decreased $2.2 million for the three months ended March 31, 2025, compared to the same period in 2024.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽¹⁾ was 1.92% for the quarter ended March 31, 2025, compared to 1.99% for the same period in 2024. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽¹⁾ was 54.43% for the three months ended March 31, 2025 compared to 60.82% for the same respective period in 2024.

Income Tax Expense

For the three months ended March 31, 2025, the Company’s income tax expense was $27.8 million with an effective tax rate of 30.3%, compared with $10.9 million with an effective tax rate of 25.3% for the three months ended March 31, 2024. The increase in tax expense for the three months ended March 31, 2025, compared with the same period last year, was largely the result of an increase in taxable income and an increase in state tax rates as a result of the May 2024 Lakeland merger, as well as a discrete item related to stock-based compensation. The increase in state tax rates is a result of the Company no longer receiving benefit of a reduced New Jersey state rate available for the Company’s REIT and New Jersey investment company subsidiaries. The state of New Jersey allows certain bank subsidiaries with assets under $15 billion to benefit from the lower rate, however due to the Lakeland merger in May of 2024, the $15 billion asset threshold was crossed and the increased New Jersey rate was applicable.

Asset Quality

The Company’s total non-performing loans as of March 31, 2025 were $103.2 million, or 0.54% of total loans, compared $72.1 million, or 0.39% of total loans as of December 31, 2024 and $35.5 million, or 0.35% of total loans as of March 31, 2024. The $31.2 million increase in non-performing loans as of March 31, 2025, compared to the trailing quarter, was primarily attributable to two loans: a $20.3 million commercial real estate loan secured by a mixed use property with a current loan-to value of 53% and an $11.5 million construction loan secured by a nearly complete warehouse facility with a current loan-to-value of 62%. These loans have no prior charge-off history and carry no specific reserve allocations. As of March 31, 2025, impaired loans totaled $86.1 million with related specific reserves of $7.9 million, compared with impaired loans totaling $55.4 million with related specific reserves of $7.5 million as of December 31, 2024. As of March 31, 2024, impaired loans totaled $40.1 million with related specific reserves of $8.2 million.

As of March 31, 2025, the Company’s allowance for credit losses related to the loan held for investment portfolio was 1.02% of total loans, compared to 1.04% and 0.98% as of December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses decreased $1.7 million to $191.8 million as of March 31, 2025, from $193.4 million as of December 31, 2024. The decrease in the allowance for credit losses on loans at March 31, 2025 compared to December 31, 2024 was due to net charge-offs of $2.0 million, partially offset by a $325,000 provision for credit losses.

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

	March 31, 2025			December 31, 2024			March 31, 2024
	Number of Loans	Principal Balance of Loans		Number of Loans	Principal Balance of Loans		Number of Loans	Principal Balance of Loans
	(Dollars in thousands)
Accruing past due loans:
30 to 59 days past due:
Commercial mortgage loans	8	$	13,696	7	$	8,538	3	$	5,052
Multi-family mortgage loans	1		7,433	—		—	4		12,069
Construction loans	—		—	—		—	—		—
Residential mortgage loans	27		6,905	22		6,388	11		3,568
Total mortgage loans	36		28,034	29		14,926	18		20,689
Commercial loans	37		13,472	23		4,248	11		4,493
Consumer loans	22		1,604	47		3,152	22		803
Total 30 to 59 days past due	95	$	43,110	99	$	22,326	51	$	25,985

60 to 89 days past due:
Commercial mortgage loans	2	$	196	4	$	3,954	3	$	1,148
Multi-family mortgage loans	—		—	—		—	—		—
Construction loans	—		—	—		—	—		—
Residential mortgage loans	18		5,009	17		5,049	6		804
Total mortgage loans	20		5,205	21		9,003	9		1,952
Commercial loans	15		3,743	9		2,377	3		332
Consumer loans	12		854	15		856	8		755
Total 60 to 89 days past due	47		9,802	45		12,236	20		3,039
Total accruing past due loans	142	$	52,912	144	$	34,562	71	$	29,024

Non-accrual:
Commercial mortgage loans	18	$	42,931	17	$	20,883	8	$	5,938
Multi-family mortgage loans	5		7,294	6		7,498	2		2,355
Construction loans	3		18,929	2		13,246	—		—
Residential mortgage loans	22		5,246	23		4,535	10		1,647
Total mortgage loans	48		74,400	48		46,162	20		9,940
Commercial loans	83		27,471	65		24,243	21		36,892
Consumer loans	19		1,352	23		1,656	11		760
Total non-accrual loans	150	$	103,223	136	$	72,061	52	$	47,592

Non-performing loans to total loans			0.54%			0.39%			0.44%
Allowance for loan losses to total non-performing loans			185.78%			268.43%			223.63%
Allowance for loan losses to total loans			1.02%			1.04%			0.98%

The increase in accruing past due loans versus the trailing quarter was primarily attributable to two loans: a $10.5 million commercial real estate loan which is expected to be fully resolved in the second quarter through the completion of a pending note sale and a $7.4 million commercial real estate loan that is in the process of refinancing with the Company.

As of March 31, 2025 and December 31, 2024, the Company held foreclosed assets of $6.8 million and $9.5 million, respectively. Foreclosed assets as of March 31, 2025 were comprised of commercial real estate. Total non-performing assets as of March 31, 2025 increased $28.4 million to $110.0 million, or 0.45% of total assets, from $81.5 million, or 0.34% of total assets as of December 31, 2024. During the three months ended March 31, 2025, there was a write-down of a foreclosed commercial property of $2.7 million based on a contracted sales price. The sale of this property is expected to close in the second quarter of 2025, reducing foreclosed assets by $5.8 million.

Balance Sheet Summary

Total assets as of March 31, 2025 were $24.22 billion, a $172.9 million increase from December 31, 2024. The increase in total assets was primarily due to a $132.0 million increase in total loans and a $110.5 million increase in total investments, partially offset by a decrease in intangible and other assets.

The Company’s loans held for investment portfolio totaled $18.79 billion as of March 31, 2025 and $18.66 billion as of December 31, 2024. The portfolio consisted of the following:

	March 31, 2025		December 31, 2024
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,295,651	$	7,228,078
Multi-family		3,458,190		3,382,933
Construction		756,356		823,503
Residential		1,994,404		2,010,637
Total mortgage loans		13,504,601		13,445,151
Commercial loans		4,682,902		4,608,600
Consumer loans		613,453		613,819
Total gross loans		18,800,956		18,667,570
Premiums on purchased loans		1,337		1,338
Net deferred fees and unearned discounts		(10,922)		(9,538)
Total loans	$	18,791,371	$	18,659,370

During the three months ended March 31, 2025, the loans held for investment portfolio had net increases of $75.3 million of multi-family loans, $74.3 million of commercial loans and $67.6 million of commercial mortgage loans, partially offset by net decreases of $67.1 million of construction loans and $16.2 million of residential mortgage loans. Total commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 86.1% of the loan portfolio as of March 31, 2025, compared to 85.9% as of December 31, 2024.

For the three months ended March 31, 2025, loan funding, including advances on lines of credit, totaled $1.93 billion, compared with $622.7 million for the same period in 2024.

As of March 31, 2025, the Company’s unfunded loan commitments totaled $2.88 billion, including commitments of $1.75 billion in commercial loans, $517.7 million in construction loans and $141.4 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2024 and March 31, 2024 were $2.73 billion and $1.97 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $2.77 billion as of March 31, 2025, compared to $1.79 billion and $1.08 billion as of December 31, 2024 and March 31, 2024, respectively.

Total investment securities were $3.34 billion as of March 31, 2025, a $110.5 million increase from December 31, 2024. This increase was primarily due to purchases of mortgage-backed and municipal securities and a decrease in unrealized losses on available for sale debt securities.

Total deposits decreased $175.0 million during the three months ended March 31, 2025, to $18.45 billion. Total savings and demand deposit accounts decreased $172.5 million to $15.28 billion as of March 31, 2025, while total time deposits decreased $2.4 million to $3.17 billion as of March 31, 2025. The decrease in savings and demand deposits consisted of a $142.8 million decrease in interest bearing demand deposits, a $22.0 million decrease in money market deposits and a $8.7 million decrease in savings deposits, partially offset by a $1.1 million increase in non-interest-bearing demand deposits. Within total savings and demand deposits, total municipal deposits decreased $130.8 million to $3.38 billion as of March 31, 2025, mainly due to seasonal outflows. The decrease in time deposits consisted of a $78.6 million decrease in retail time deposits, partially offset by a $76.2 million increase in brokered time deposits.

Borrowed funds increased $315.8 million during the three months ended March 31, 2025, to $2.34 billion. The increase in borrowings was largely due to asset funding requirements. Borrowed funds represented 9.6% of total assets as of March 31, 2025, an increase from 8.4% as of December 31, 2024.

Stockholders’ equity increased $57.6 million during the three months ended March 31, 2025, to $2.66 billion, primarily due to net income earned for the period and a decrease in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three months ended March 31, 2025, common stock repurchases totaled 99,541 shares at an average cost of $18.19 per share, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of March 31, 2025, approximately 873,000 shares remained eligible for repurchase under the current authorization. Book value per share and tangible book value per share⁽¹⁾ as of March 31, 2025 were $20.35 and $14.15, respectively, compared with $19.93 and $13.66, respectively, as of December 31, 2024.

About the Company

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

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Friday, April 25, 2025 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

Forward Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of the recent turmoil in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, and the impact of a potential shutdown of the federal government.

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

Footnotes

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


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Financial Highlights
(Dollars in Thousands, except share data) (Unaudited)

	As of or for the Three months ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Statement of Income
Net interest income	$	181,728	$	181,737	$	93,670
Provision for credit losses		638		8,880		186
Non-interest income		27,030		24,175		20,807
Non-interest expense		116,267		134,323		71,321
Income before income tax expense		91,853		62,709		42,970
Net income		64,028		48,524		32,082
Diluted earnings per share	$	0.49	$	0.37	$	0.43
Interest rate spread		2.73%		2.63%		2.26%
Net interest margin		3.34%		3.28%		2.87%

Profitability
Annualized return on average assets		1.08%		0.81%		0.92%
Annualized adjusted return on average assets ⁽¹⁾		1.11%		1.05%		0.97%
Annualized return on average equity		9.84%		7.36%		7.60%
Annualized adjusted return on average equity ⁽¹⁾		10.13%		9.53%		8.04%
Annualized return on average tangible equity ⁽¹⁾		15.73%		12.21%		10.40%
Annualized adjusted return on average tangible equity ⁽¹⁾		16.15%		15.39%		11.16%
Annualized adjusted non-interest expense to average assets ⁽³⁾		1.92%		1.90%		1.99%
Efficiency ratio ⁽⁴⁾		54.43%		55.43%		60.82%

Asset Quality
Non-accrual loans	$	103,223	$	72,061	$	47,592
90+ and still accruing		—		—		—
Non-performing loans		103,223		72,061		47,592
Foreclosed assets		6,755		9,473		11,324
Non-performing assets		109,978		81,534		58,916
Non-performing loans to total loans		0.54%		0.39%		0.44%
Non-performing assets to total assets		0.45%		0.34%		0.42%
Allowance for loan losses	$	191,770	$	193,432	$	106,429
Allowance for loan losses to total non-performing loans		185.78%		268.43%		223.63%
Allowance for loan losses to total loans		1.02%		1.04%		0.98%
Net loan charge-offs	$	1,987	$	5,493	$	971
Annualized net loan charge-offs to average total loans		0.04%		0.12%		0.04%

Average Balance Sheet Data
Assets	$	24,049,318	$	23,908,514	$	14,093,767
Loans, net		18,590,877		18,487,443		10,668,992
Earning assets		21,946,053		21,760,458		12,862,910
Core deposits		15,497,343		15,581,608		9,129,244
Borrowings		1,918,069		1,711,806		1,940,981
Interest-bearing liabilities		17,297,892		17,093,382		10,074,106
Stockholders’ equity		2,638,361		2,624,019		1,698,170
Average yield on interest-earning assets		5.63%		5.66%		5.06%
Average cost of interest-bearing liabilities		2.90%		3.03%		2.80%

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

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


(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net Income	$	64,028	$	48,524	$	32,082
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Less: income tax expense		(809)		(5,819)		(342)
Annualized adjusted net income	$	65,909	$	62,889	$	33,942
Less: Amortization of Intangibles (net of tax)	$	6,642	$	6,649	$	493
Annualized adjusted net income for annualized adjusted return on average tangible equity	$	72,551	$	69,538	$	34,434

Annualized Adjusted Return on Average Assets		1.11%		1.05%		0.97%
Annualized Adjusted Return on Average Equity		10.13%		9.53%		8.04%
Annualized Adjusted Return on Average Tangible Equity		16.15%		15.39%		11.16%

(2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net income	$	64,028	$	48,524	$	32,082
Adjustments to net income:
Provision charge (benefit) for credit losses		638		8,880		(320)
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Income tax expense		27,825		14,185		10,888
PTPP income	$	95,181	$	91,773	$	44,852

Annualized adjusted PTPP income	$	386,012	$	365,097	$	180,394
Average assets	$	24,049,318	$	23,908,514	$	14,093,767
Average equity	$	2,638,361	$	2,624,019	$	1,698,170
Average tangible equity	$	1,822,407	$	1,797,994	$	1,240,475

Annualized adjusted PTPP return on average assets		1.61%		1.53%		1.28%
Annualized adjusted PTPP return on average equity		14.63%		13.91%		10.62%
Annualized adjusted PTPP return on average tangible equity		21.18%		20.31%		14.54%

(3) Annualized Return on Average Tangible Equity
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Total average stockholders’ equity	$	2,638,361	$	2,624,019	$	1,698,170
Less: total average intangible assets		815,954		826,025		457,695
Total average tangible stockholders’ equity	$	1,822,407	$	1,797,994	$	1,240,475

Net income		64,028		48,524		32,082
Less: Amortization of Intangibles, net of tax		6,642		6,649		493
Total net income	$	70,670	$	55,173	$	32,575

Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)		15.73%		12.21%		10.56%

(4) Annualized Adjusted Non-Interest Expense to Average Assets
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Reported non-interest expense	$	116,267	$	134,323	$	71,321
Adjustments to non-interest expense:
Credit loss (benefit) expense for off-balance sheet credit exposures		—		—		(506)
Write-down on ORE property		2,690		—		—
Merger-related transaction costs		—		20,184		2,202
Adjusted non-interest expense	$	113,577	$	114,139	$	69,625

Annualized adjusted non-interest expense	$	460,618	$	454,075	$	280,030

Average assets	$	24,049,318	$	23,908,514	$	14,093,767

Annualized adjusted non-interest expense/average assets		1.92%		1.90%		1.99%

(5) Efficiency Ratio Calculation
	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Net interest income	$	181,728	$	181,737	$	93,670
Non-interest income		27,030		24,175		20,807
Adjustments to non-interest income:
Net (gain) loss on securities transactions		(87)		14		1
Adjusted non-interest income	$	26,943	$	24,189	$	20,808
Total income	$	208,671	$	205,926	$	114,478

Adjusted non-interest expense	$	113,577	$	114,139	$	69,625

Efficiency ratio (adjusted non-interest expense/income)		54.43%		55.43%		60.82%

(6) Book and Tangible Book Value per Share	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Total stockholders’ equity	$	2,658,794	$	2,601,207	$	1,695,162
Less: total intangible assets		809,725		819,230		457,239
Total tangible stockholders’ equity	$	1,849,069	$	1,781,977	$	1,237,923

Shares outstanding		130,661,195		130,489,493		75,928,193

Book value per share (total stockholders’ equity/shares outstanding)	$	20.35	$	19.93	$	22.33
Tangible book value per share (total tangible stockholders’ equity/shares outstanding)	$	14.15	$	13.66	$	16.30

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
March 31, 2025 (Unaudited) and December 31, 2024
(Dollars in Thousands)

Assets	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	234,076	$	205,939
Available for sale debt securities, at fair value		2,878,785		2,768,915
Held to maturity debt securities, (net of $17,000 allowance as of March 31, 2025 (unaudited) and $14,000 allowance as of December 31, 2024)		314,005		327,623
Equity securities, at fair value		19,871		19,110
Federal Home Loan Bank stock		126,271		112,767
Loans held for sale		149,961		162,453
Loans held for investment		18,791,371		18,659,370
Less allowance for credit losses		191,770		193,432
Net loans		18,749,562		18,628,391
Foreclosed assets, net		6,755		9,473
Banking premises and equipment, net		115,424		119,622
Accrued interest receivable		91,776		91,160
Intangible assets		809,725		819,230
Bank-owned life insurance		407,986		405,893
Other assets		470,523		543,702
Total assets	$	24,224,759	$	24,051,825

Liabilities and Stockholders’ Equity
Deposits:
Demand deposits	$	13,612,189	$	13,775,991
Savings deposits		1,670,920		1,679,667
Certificates of deposit of $250,000 or more		767,626		789,342
Other time deposits		2,398,128		2,378,813
Total deposits		18,448,863		18,623,813
Mortgage escrow deposits		51,261		42,247
Borrowed funds		2,336,191		2,020,435
Subordinated debentures		402,853		401,608
Other liabilities		326,797		362,515
Total liabilities		21,565,965		21,450,618

Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued		—		—
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,663,184 shares outstanding as of March 31, 2025 and 130,489,493 outstanding as of December 31, 2024.		1,376		1,376
Additional paid-in capital		1,836,665		1,834,495
Retained earnings		1,021,266		989,111
Accumulated other comprehensive loss		(110,246)		(135,355)
Treasury stock		(90,267)		(88,420)
Total stockholders’ equity		2,658,794		2,601,207
Total liabilities and stockholders’ equity	$	24,224,759	$	24,051,825

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended March 31, 2025, December 31, 2024 and March 31, 2024
(Dollars in Thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Interest and dividend income:
Real estate secured loans	$	187,054	$	194,236	$	107,456
Commercial loans		75,819		75,978		36,100
Consumer loans		10,158		10,815		4,523
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		29,644		27,197		12,330
Held to maturity debt securities		1,996		2,125		2,268
Deposits, federal funds sold and other short-term investments		675		1,596		1,182
Total interest income		305,346		311,947		163,859

Interest expense:
Deposits		97,420		105,922		52,534
Borrowed funds		17,778		15,652		17,383
Subordinated debt		8,420		8,636		272
Total interest expense		123,618		130,210		70,189
Net interest income		181,728		181,737		93,670
Provision charge for credit losses		638		8,880		(320)
Net interest income after provision for credit losses		181,090		172,857		93,990

Non-interest income:
Fees		9,655		9,687		5,912
Wealth management income		7,328		7,655		7,488
Insurance agency income		5,651		3,289		4,793
Bank-owned life insurance		2,092		2,261		1,817
Net gain (loss) on securities transactions		87		(14)		(1)
Other income		2,217		1,297		798
Total non-interest income		27,030		24,175		20,807

Non-interest expense:
Compensation and employee benefits		62,366		59,937		40,048
Net occupancy expense		13,927		12,562		8,520
Data processing expense		9,605		9,881		6,783
FDIC Insurance		3,385		3,411		2,272
Amortization of intangibles		9,501		9,511		705
Advertising and promotion expense		1,060		1,485		966
Merger-related expenses		—		20,184		2,202
Other operating expenses		16,423		17,352		10,331
Total non-interest expense		116,267		134,323		71,827
Income before income tax expense		91,853		62,709		42,970
Income tax expense		27,825		14,185		10,888
Net income	$	64,028	$	48,524	$	32,082

Basic earnings per share	$	0.49	$	0.37	$	0.43
Average basic shares outstanding		130,325,393		130,067,244		75,260,029

Diluted earnings per share	$	0.49	$	0.37	$	0.43
Average diluted shares outstanding		130,380,475		130,163,872		75,275,660

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Deposits	$	80,074	$	675	4.21%		$	117,998	$	1,596	5.38%		$	87,869	$	1,182	5.41%
Available for sale debt securities		2,827,699		27,621	3.89%			2,720,066		25,064	3.69%			1,673,950		10,022	2.39%
Held to maturity debt securities, net ⁽¹⁾		320,036		1,996	2.50%			328,147		2,125	2.59%			357,246		2,268	2.54%
Equity securities, at fair value		19,840		—	—	%		19,920		—	—	%		1,099		—	—	%
Federal Home Loan Bank stock		107,527		2,023	7.53%			86,885		2,134	9.82%			73,754		2,308	12.52%
Net loans: ⁽²⁾
Total mortgage loans		13,297,168		187,054	5.70%			13,287,942		194,236	5.75%			7,990,218		107,456	5.33%
Total commercial loans		4,684,572		75,819	6.56%			4,587,048		75,978	6.54%			2,381,965		36,100	6.03%
Total consumer loans		609,137		10,158	6.76%			612,453		10,815	7.02%			296,809		4,523	6.13%
Total net loans		18,590,877		273,031	5.95%			18,487,443		281,029	5.99%			10,668,992		148,079	5.51%
Total interest-earning assets	$	21,946,053	$	305,346	5.63%		$	21,760,458	$	311,947	5.66%		$	12,862,910	$	163,859	5.06%

Non-Interest Earning Assets:
Cash and due from banks		134,205						159,151						116,563
Other assets		1,969,060						1,988,905						1,114,294
Total assets	$	24,049,318					$	23,908,514					$	14,093,767

Interest-Bearing Liabilities:
Demand deposits	$	10,095,570	$	65,433	2.63%		$	10,115,827	$	71,265	2.80%		$	5,894,062	$	41,566	2.84%
Savings deposits		1,682,596		924	0.22%			1,677,725		968	0.23%			1,163,181		637	0.22%
Time deposits		3,199,620		31,063	3.94%			3,187,172		33,689	4.21%			1,065,170		10,331	3.90%
Total Deposits		14,977,786		97,420	2.64%			14,980,724		105,922	2.81%			8,122,413		52,534	2.60%

Borrowed funds		1,918,069		17,778	3.76%			1,711,806		15,652	3.64%			1,940,981		17,383	3.60%
Subordinated debentures		402,037		8,420	8.49%			400,852		8,636	8.57%			10,712		272	10.23%
Total interest-bearing liabilities		17,297,892		123,618	2.90%			17,093,382		130,210	3.03%			10,074,106		70,189	2.80%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,719,177						3,788,056						2,072,001
Other non-interest bearing liabilities		393,888						403,057						249,490
Total non-interest bearing liabilities		4,113,065						4,191,113						2,321,491
Total liabilities		21,410,957						21,284,495						12,395,597
Stockholders’ equity		2,638,361						2,624,019						1,698,170
Total liabilities and stockholders’ equity	$	24,049,318					$	23,908,514					$	14,093,767

Net interest income			$	181,728					$	181,737					$	93,670

Net interest rate spread					2.73%						2.63%						2.26%
Net interest-earning assets	$	4,648,161					$	4,667,076					$	2,788,804

Net interest margin ⁽³⁾					3.34%						3.28%						2.87%

Ratio of interest-earning assets to total interest-bearing liabilities	1.27x						1.27x						1.28x


(1	)	Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2	)	Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include loans held for sale and non-accrual loans.
(3	)	Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.
	3/31/25	12/31/24	9/30/24	6/30/24	3/31/24
	1st Qtr.	4th Qtr.	3rd Qtr.	2nd Qtr.	1st Qtr.
Interest-Earning Assets:
Securities	3.86%	3.78%	3.69%	3.40%	2.87%
Net loans	5.95%	5.99%	6.21%	6.05%	5.51%
Total interest-earning assets	5.63%	5.66%	5.84%	5.67%	5.06%

Interest-Bearing Liabilities:
Total deposits	2.64%	2.81%	2.96%	2.84%	2.60%
Total borrowings	3.76%	3.64%	3.73%	3.83%	3.60%
Total interest-bearing liabilities	2.90%	3.03%	3.19%	3.09%	2.80%

Interest rate spread	2.73%	2.63%	2.65%	2.58%	2.26%
Net interest margin	3.34%	3.28%	3.31%	3.21%	2.87%

Ratio of interest-earning assets to interest-bearing liabilities	1.27x	1.27x	1.26x	1.25x	1.28x

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

	March 31, 2025					March 31, 2024
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost	Balance		Interest		Yield/Cost
Interest-Earning Assets:
Deposits	$	80,074	$	675	4.21%	$	87,869	$	1,182	5.41%
Available for sale debt securities		2,827,699		27,621	3.89%		1,673,950		10,022	2.39%
Held to maturity debt securities, net ⁽¹⁾		320,036		1,996	2.50%		357,246		2,268	2.54%
Equity securities, at fair value		19,840		—	—%		1,099		—	—%
Federal Home Loan Bank stock		107,527		2,023	7.53%		73,754		2,308	12.52%
Net loans: ⁽²⁾
Total mortgage loans		13,297,168		187,054	5.70%		7,990,218		107,456	5.33%
Total commercial loans		4,684,572		75,819	6.56%		2,381,965		36,100	6.03%
Total consumer loans		609,137		10,158	6.76%		296,809		4,523	6.13%
Total net loans		18,590,877		273,031	5.95%		10,668,992		148,079	5.51%
Total interest-earning assets	$	21,946,053	$	305,346	5.63%	$	12,862,910	$	163,859	5.06%

Non-Interest Earning Assets:
Cash and due from banks		134,205					116,563
Other assets		1,969,060					1,114,294
Total assets	$	24,049,318				$	14,093,767

Interest-Bearing Liabilities:
Demand deposits	$	10,095,570	$	65,433	2.63%	$	5,894,062	$	41,566	2.84%
Savings deposits		1,682,596		924	0.22%		1,163,181		637	0.22%
Time deposits		3,199,620		31,063	3.94%		1,065,170		10,331	3.90%
Total deposits		14,977,786		97,420	2.64%		8,122,413		52,534	2.60%
Borrowed funds		1,918,069		17,778	3.76%		1,940,981		17,383	3.60%
Subordinated debentures		402,037		8,420	8.49%		10,712		272	10.23%
Total interest-bearing liabilities	$	17,297,892	$	123,618	2.90%	$	10,074,106	$	70,189	2.80%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,719,177					2,072,001
Other non-interest bearing liabilities		393,888					249,490
Total non-interest bearing liabilities		4,113,065					2,321,491
Total liabilities		21,410,957					12,395,597
Stockholders’ equity		2,638,361					1,698,170
Total liabilities and stockholders’ equity	$	24,049,318				$	14,093,767

Net interest income			$	181,728				$	93,670

Net interest rate spread					2.73%					2.26%
Net interest-earning assets	$	4,648,161				$	2,788,804

Net interest margin ⁽³⁾					3.34%					2.87%

Ratio of interest-earning assets to total interest-bearing liabilities	1.27x					1.28x


(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include loans held for sale and non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.

The following table summarizes the year-to-date net interest margin for the previous three years.

	Three Months Ended
	March 31, 2025	March 31, 2024	March 31, 2023
Interest-Earning Assets:
Securities	3.86%	2.87%	2.52%
Net loans	5.95%	5.51%	5.12%
Total interest-earning assets	5.63%	5.06%	4.63%

Interest-Bearing Liabilities:
Total deposits	2.64%	2.60%	1.39%
Total borrowings	3.76%	3.60%	2.48%
Total interest-bearing liabilities	2.90%	2.80%	1.54%

Interest rate spread	2.73%	2.26%	3.09%
Net interest margin	3.34%	2.87%	3.48%

Ratio of interest-earning assets to interest-bearing liabilities	1.27x	1.28x	1.34x

CONTACT: Investor Relations, 1-732-590-9300

The MIL Network –

April 25, 2025

MIL-OSI: Parker Increases Quarterly Cash Dividend 10% to $1.80 per Share

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, April 24, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors has declared a quarterly cash dividend of $1.80 per share of common stock to shareholders of record as of May 9, 2025. The dividend is payable June 6, 2025. The dividend represents a 10% increase over the previous quarterly cash dividend of $1.63 per common share and will be the 300^th consecutive quarterly dividend paid by the company.

“This dividend increase reflects the Board’s confidence in our financial position and continued ability to generate strong cash flows through the business cycle,” said Jenny Parmentier, Chairman and Chief Executive Officer. “Our performance and strong balance sheet give us the flexibility to strategically deploy capital to create shareholder value, including increasing our annual per share dividend record to 69 fiscal years.”

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 69 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.

###

The MIL Network –

April 25, 2025

MIL-OSI: CDPQ to sell 2,061,000 common shares of WSP

Source: GlobeNewswire (MIL-OSI)

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, April 24, 2025 (GLOBE NEWSWIRE) — CDPQ announced today its intention to sell 2,061,000 common shares of WSP Global Inc. (TSX: WSP), representing approximately 1.6% of WSP’s issued and outstanding common shares as of April 23, 2025.

The common shares will be sold at a gross price per share of $242.70 in a block trade underwritten by BMO Capital Markets and National Bank Financial Inc. (the “underwriters”). CDPQ expects to receive gross cash proceeds of approximately $500 million from this transaction.

This transaction is part of CDPQ’s periodic portfolio rebalancing. Once completed, CDPQ will still hold around 14.2% of WSP Global’s issued and outstanding common shares.

“Since 2011, CDPQ has played a key role in supporting WSP Global through eight major acquisitions, propelling the company into a global leader in its sector. CDPQ is now seeking to monetize part of its investment while remaining a principal shareholder. This capital may be reinvested in Québec companies, including WSP Global, to support and accelerate the growth of local companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

“CDPQ is a longstanding partner that has been by our side as we’ve grown into one of the largest professional services firms in the world. Following this transaction, CDPQ remains our largest shareholder as we begin executing our new 2025–2027 global strategic action plan to drive change for dynamic growth. Guided by our renewed ambitions, we remain confident in our ability to continue creating sustainable value for our shareholders,” said Alexandre L’Heureux, President and CEO of WSP Global.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information about CDPQ, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

For more information
MEDIA CONTACT
1 514 847 5493
medias@cdpq.com

The MIL Network –

April 25, 2025

MIL-OSI Africa: Justice Department concludes inaugural Justice Forum

Source: South Africa News Agency

The Department of Justice and Constitutional Development (DJCOD) has successfully concluded its two-day inaugural Justice Forum, aimed at creating an environment of collaborative governance and unified service delivery in the department.

Held at the Brigitte Mabandla Justice College in Tshwane, the forum brought together senior leaders from across the department, including Justice and Constitutional Development Minister Mmamoloko Kubayi, Deputy Minister Andries Nel, the Director-General, Advocate Doctor Mashabane executive management, provincial heads, and senior officials from the Master’s and State Attorney’s Offices.

In her closing remarks, Kubayi reaffirmed the department’s commitment to strengthening South Africa’s justice system through decisive leadership, institutional reform, and improved service delivery.

“Our focus must be on getting the basics right. Functional systems, responsive leadership, and a collaborative approach are fundamental to restoring public confidence and delivering accessible, efficient justice services,” Kubayi said.

Moving forward

The department noted that a central theme for the forum was modernisation and reform of the Guardian’s Fund.

A central theme of the forum was the modernisation of the Master’s and State Attorney’s Offices, which continue to experience systemic inefficiencies, including backlogs, outdated processes, and capacity shortfalls.

Kubayi confirmed that comprehensive turnaround strategies will be implemented across the country, with a strong focus on digital transformation, leadership accountability, and service excellence.

The forum acknowledged the need to restore public confidence in the Guardian’s Fund, which has been affected by cyber-related incidents in recent years.

The meeting also agreed on measures to strengthen security, improve oversight, and digitise operations to safeguard the integrity of the fund.

A report was presented to the forum on the challenges at the State Attorney’s Office, including “high staff turnover and escalating litigation costs”.

In response, the forum adopted a resolution to implement a centralised, streamlined organisational model supported by improved staffing structures, better use of technology, and tighter controls on the briefing of legal practitioners.

The meeting resolved that the Office of the Solicitor-General will be fully capacitated to ensure effective coordination of litigation on behalf of the State.

On the issue of human resources, the forum reached resolution to “reinforce a culture of ethical leadership and accountability across the department”.

“[The forum] endorsed the centralisation of senior management appointments, updates to human resource policies, and the strengthening of provincial execution committees.

“In alignment with national anti-corruption efforts, the Forum welcomed the introduction of lifestyle audits for senior managers, following a presentation by the Head of the Special Investigating Unit, Advocate Andy Mothibi,” the department said.

The forum concluded with a clear set of resolutions for the 2025/2026 financial year, laying a strong foundation for a justice system that is accessible, people-centred, and grounded in integrity. – SAnews.gov.za

MIL OSI Africa –

April 25, 2025

MIL-OSI USA: DelBene, Davis, Sánchez Introduce Child and Dependent Care Tax Credit Enhancement Act

Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

Today, Representatives Suzan DelBene (WA-01) Danny Davis (IL-07), and Linda Sánchez (CA-38) introduced the Child and Dependent Care Tax Credit Enhancement Act, legislation which would permanently expand the child and dependent care tax credit. The bill would raise the maximum credit from $1,050 to $4,000 for one child, and $2,100 to $8,000 for two or more children.

The Child and Dependent Care Tax Credit (CDCTC) is the only tax credit that helps working parents offset the rising cost of child care. In 2021, Democrats successfully enhanced both the CDCTC and the Child Tax Credit because both credits are essential to support parents’ ability to provide for their families.

The current CDCTC fails to meet the needs of tens of millions of working families. Very few families receive meaningful benefit from the credit due to the extremely low phase-out level of $15,000, the low expense limits, the non-refundable nature, and the loss of benefit due to inflation. The Tax Policy Center estimates that only 13% of families with children claimed the CDCTC in 2022.

The bill increases the credit amount, expands eligibility to low-income families, makes the credit available to married couples who file separately due to high student loan debt, and retains the credit’s value over time by indexing it to inflation.

High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country. Yet, child care places a major financial burden on American families. The price of child care can range from $5,357 to $17,171 per year depending on location and type of care. Astoundingly, the cost of center-based care for two children is more than the average mortgage in 41 states and more than the average annual rent in all 50 states plus DC.

“Access to affordable child care is one of the biggest barriers families face. Enhancing the Child and Dependent Care Tax Credit will give parents the relief they need by supporting both families and care providers,” said DelBene. “This bill is a commonsense step toward making child care more accessible and affordable for every family.”

“High-quality, affordable child care is essential to the economic well-being of families, businesses, and our country,” said Davis. “I am proud to lead the Child and Dependent Care Tax Credit Enhancement Act that would restore the 2021 credit so that families can receive up to $4,000 for child care for one child or up to $8,000 for two or more children, much better than the almost $600 that the typical family receives currently. This bill would strengthen the financial well-being of families and grow our economy. It is critical that Congress acts now to help working families.”

“Working parents shouldn’t have to choose between earning a paycheck and caring for their kids,” said Sánchez. “Expanding the child care tax credit will make child care more affordable and accessible, so parents can focus on their work knowing their kids are being cared for.”

“For families with young children, the cost of childcare is often unaffordable and impacts their economic opportunity—the cornerstone of child and family well-being. The Child and Dependent Care Tax Credit (CDCTC) Enhancement Act of 2025 is an important effort to update the CDCTC to ensure that more families can offset their child care costs. We are grateful to Rep. Danny Davis and his longstanding efforts to support children and families in his district and across the country, and also extend that appreciation to Reps. Suzan DelBene and Linda Sanchez,” said Diana Rauner, President, Start Early.

“Often conflated with the child tax credit, the Child and Dependent Care Tax Credit is one of the only tax incentives that helps working families with their child care expenses. As the cost of care increases, many families must contend with whether their current job pays enough to justify their child care expenses,” said Radha Mohan, Executive Director, Early Care & Education Consortium. “For families where one parent must leave the workforce because they cannot afford the cost of care, this often hurts the family from an economic standpoint in the long run. The CDCTC Enhancement Act helps ensure that families do not have to make this choice by providing a credit to offset the cost of care. When paired with programs such as the Child Care and Development Block Grant, this bill will ensure that many families will have reduced their child care costs by over 50%.”

“As almost any working family with young children will tell you, the cost of child care is a major source of financial stress, putting immense pressure on already tight budgets,” First Five Years Fund Executive Director Sarah Rittling. “The Child and Dependent Care Tax Credit Enhancement would make essential updates to the CDCTC to ensure more parents are able to keep more of what they earn to offset the high cost of care. We are grateful to Reps. Danny Davis, Suzan DelBene, and Linda Sanchez for their leadership and commitment to supporting families with young children.”

“Affordable child care isn’t a luxury—it’s the backbone of our economy,” said Yelena Tsilker, Senior Government Relations and Advocacy Director at ZERO TO THREE. “Parents of infants now face child care bills that top $16,000 a year—higher than in-state college tuition in many states. The Child and Dependent Care Tax Credit Enhancement Act tackles that crisis head-on by making the CDCTC fully refundable and increasing the maximum credit, so families of every income can choose the high-quality care their babies need. This relief will keep parents in the workforce and help millions of children thrive. We applaud Representatives Davis, DelBene, and Sánchez for championing legislation that hard-working families have long awaited.”

The bill has been endorsed by the Center for Law and Social Policy; Child Care Aware of America; Early Care and Education Consortium; First Five Years Fund; First Focus Campaign for Children; MomsRising; National Association for the Education of Young Children; National Women’s Law Center Action Fund; Save the Children; Start Early; Society for Human Resource Management (SHRM); and ZERO TO THREE.

This bill is led by Tina Smith (MN), Ron Wyden (OR), and Patty Murray (WA) in the Senate.

A copy of the bill can be found here.

MIL OSI USA News –

April 25, 2025

MIL-OSI USA: Commissioner Kristin N. Johnson: Africa Fintech Summit 2025 Keynote Remarks

Source: US Commodity Futures Trading Commission

It is a privilege to join you today to kick-off the Africa Fintech Summit of 2025. Twice a year this convening serves as one of the largest gatherings of Africa’s Fintech Community—connecting entrepreneurs, investors, and regulators during the International Monetary Fund/World Bank spring meeting week in Washington, DC. and in the fall in Africa. My tremendous thanks to the organizers and hosts.
As you arrived this morning, I am sure you were able to appreciate the perfect spring weather and blooming cherry blossoms that we ordered for you this week. There are few places in DC that are lovelier this time of year than where we sit, here in Georgetown.
In my career, I have learned about entrepreneurship from mentors and clients at the world’s largest investment banks, small start-ups, and family-founded businesses. My family’s history as entrepreneurs and informal investors in community small businesses dates to the mid-1800s here in the United States. Perhaps one day, I will have the opportunity to continue this tradition and help fund the businesses of innovative founders.
Today, I am a Commissioner at the U.S. Commodity Futures Trading Commission, nominated by former President Biden and unanimously confirmed by the United States Senate.[1] At the CFTC, we oversee U.S. markets and market participants for derivatives contracts that reference commodities. According to a Bank for International Settlements report, the notional value of the global derivatives market is over $730 trillion.[2] In recent years, courts and Congress have indicated intentions to expand the CFTC’s mandate to include oversight of emerging technologies, including distributed digital ledger technologies commonly referred to as blockchain technologies, digital assets, including cryptocurrencies, and certain platforms within the assemblage of technologies referred to as artificial intelligence.
African Fintech Firms Inspire a World of Innovation
African fintech firms demonstrate curiosity, creativity, and driven commitment to deliver first-rate fintech products and services to consumers and businesses on the continent and around the world.
During my time as a CFTC Commissioner, I have traveled to South Africa, Kenya, Zambia, and Ghana to meet with fintech entrepreneurs. I have witnessed first-hand the exceptional creativity and curiosity that drives African fintech entrepreneurs. As you well know from CNBC’s announcement last year, six African fintech firms are among the world’s top fintech companies PalmPay, Flutterwave, Kuda, MTN, Piggvest, and Yoco.[3] African fintech firms have emerged from every corner of the continent.
In various stages of development—from incubators to early stages (pre-seed) capital raising to joint ventures with Google, Microsoft, and AWS—African fintech firms enhance financial accessibility, inclusivity, and consumer empowerment. These businesses integrate the most advanced technologies available, reflect global thought leadership in the potential for emerging technologies to reshape access and opportunities for both consumer and commercial finance, and create pathways for inclusion that have inspired creative consumer finance solutions around the globe.
As you know well, the recipe for entrepreneurial success begins with a great idea. Yet, building opportunities in fast-moving, high-tech markets requires a number of critical inputs as well as conditions to facilitate growth and development. Entrepreneurs or innovators, funders or sources of capital, and, yes, regulators all have an important role to play in promoting responsible innovation and growth. It has been my pleasure to collaborate with regulators around the continent as they consider ways to spur innovation and growth. Last year, during my keynote remarks at the South African Reserve Bank Fintech Summit in Johannesburg[4] and at the beginning of this year in Ghana, I emphasized the opportunities for African fintech firms to innovate using AI in consumer finance.
The Rise of AI in Fintech
As I noted in my opening remarks at The South African Reserve Bank Fintech Summit last year,
While our markets have long relied upon AI for a variety of risk management and predictive pricing functions, we are witnessing rapid developments beyond reinforcement learning and neural networks in generative AI.
Increasingly, diverse industries and sectors of our economy identify opportunities to integrate aspects of the assemblage of technologies that we commonly describe as AI or AI technologies. AI enables doctors to diagnose and map diseases earlier, faster, and with greater accuracy than ever before in the history of medicine. Farmers who cultivate crops that feed [] nation[s] may integrate AI to better manage access to vital resources such as freshwater, enabling more efficient irrigation, fertilization, and crop rotation leading to more sustainable farming.
In our markets, AI offers similar efficiencies for faster trade execution and settlement, more accurate pricing prediction, and more precise risk management oversight. Markets have witnessed increasing adoption of AI including AI-driven investment advising, trade execution, risk management, and market surveillance.[5]
Financial services firms are fully embracing the powers of AI, making increasingly large investments in infrastructure to support AI and expanding the roster of use cases. One economist estimates that investments in AI may reach $97 billion by 2027.[6]
Notable Challenges for Inclusion
As AI adoption expands across markets, however, there are a number of notable challenges. For many, the costs of relying on large language models or agentic AI will place these technologies beyond the resources of their businesses.
Accessibility and Inclusivity Challenges for Global Competitors
The high cost of developing advanced AI technologies and the infrastructure to support their use poses significant accessibility and inclusivity barriers, particularly disadvantaging smaller competitors and institutions in emerging markets. These barriers limit the widespread adoption of AI-driven financial solutions, which can disproportionately affect underserved and economically disadvantaged populations who could most benefit from improved financial services. This can make it exceptionally hard for emerging companies to incorporate AI into their services if the infrastructure does not already exist. To that end, we are seeing private companies form partnerships to make necessary investments to scale up AI capabilities in Africa, like Cassava Technologies, a global technology leader, and their partnership with Nvidia to develop Africa’s first AI factory in South Africa.[7]
At the Commission, we have also explored regulatory frameworks addressing AI’s role in financial markets through an ongoing conversation with market participants.[8] The Commission has acknowledged the potential for AI-driven systems to impact consumer protection indirectly through enhanced market integrity and risk management protocols, but it has also acknowledged the dangers that consumers can face.[9]
I have repeatedly emphasized the need to establish robust principles-based regulatory frameworks at the Commission to combat consumer-facing issues like AI-enabled market manipulation and fraud, through my repeated emphasis on the need to promote the explainability of AI models, the implementation of data controls and measures to address bias, clear governance frameworks for accountability and testing, and the establishment of an interagency task force and an AI Fraud Task Force to tackle fraud full force.[10] In particular, firms implementing this technology in consumer-facing ways must adhere to existing laws on fairness, transparency, and privacy.
The Financial Stability Board (FSB) has highlighted the importance of international collaboration in setting standards for responsible AI use, advocating for coordinated frameworks that ensure consumer protection, fairness, and transparency in AI-powered financial services globally.[11] International collaboration amongst regulators can aid in streamlining the growing body of international standards which can be difficult to navigate and present a significant barrier to emerging companies. Meanwhile, countries like Singapore have also made significant strides in regulating and supporting consumer-facing AI applications through initiatives like the Monetary Authority of Singapore’s regulatory sandbox framework, allowing fintech startups to test AI-driven solutions in controlled environments, balancing innovation with consumer protection.[12]
Africa’s Embrace of AI to Promote Accessibility, Consumer Interaction, and Further Innovation
Through strategic partnerships between AI startups, larger corporations, and governmental agencies, increased access to advanced AI technologies and traditional financial services have been more readily obtainable. Sitoyo Lopokoiyit, CEO and founder of M-Pesa, and others demonstrate how strategic partnerships, cost-effective approaches, and mobile-first innovations can significantly reduce barriers, enabling broader AI adoption and the growth of consumer inclusive financial services. M-Pesa, a mobile money services platform, which hosts millions of customers and facilitates billions in transactions per year, may be used to deposit money into an account, “store it on … cell phones, send balances using PINs secured by SMS text messages, and enable buyers and sellers of goods to redeem and access purchases as well as deposits for regular money…. M-Pesa represents the potential to develop platforms that give customers access to banking services, reduce transaction costs, and otherwise overcome the endemic frictions that have challenged access to financial services for millions.”[13]
M-Pesa’s business model is particularly interesting because of how effectively it has created access for individuals who have historically lacked access to basic financial services. I previously traveled to Kenya to meet with the CEO and President of M-Pesa, as well as central bankers, the governor of the Central Bank of Kenya, and deputy governors and market regulators, to discuss the uptick in retail market participation and the considerations for consumer protection that come with the increased accessibility to financial markets.
Conclusion
Continued partnerships between African fintech innovators, African regulators, and U.S. regulators and institutions can help foster shared growth and technological advancement for both parties. Such collaborations offer significant opportunities, combining African innovation in financial inclusion and mobile technologies with U.S. strengths in regulatory frameworks, research, and infrastructure. These synergistic relationships can enhance global fintech capabilities, drive inclusive economic growth, and promote greater financial stability and consumer protection worldwide.
Conferences like the one we are participating in today are of vital importance to the notion of collaboration. The issues discussed, the connections made, and the lessons shared here today can help propel markets forward in a way that not only protects the consumer but also empowers the consumer.
Thank you again for allowing me to join you today. I look forward to hearing from each of the panels and speakers and continuing to develop great relationships with the leading voices in fintech in Africa.

[1] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

MIL OSI USA News –

April 25, 2025

MIL-OSI: First Western Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Summary

Net income available to common shareholders of $4.2 million in Q1 2025, compared to $2.7 million in Q4 2024
Diluted earnings per share of $0.43 in Q1 2025, compared to $0.28 in Q4 2024
Net interest income of $17.5 million in Q1 2025, compared to $16.9 million in Q4 2024
Net interest margin increased 16 basis points from 2.45% in Q4 2024 to 2.61% in Q1 2025
Other real estate owned (“OREO”) decreased $31.5 million from $35.9 million in Q4 2024 to $4.4 million in Q1 2025 due to the sale of two properties for a net gain of $0.5 million
Noninterest-bearing deposits increased 9.1% from $375.6 million as of Q4 2024 to $409.7 million as of Q1 2025

DENVER, April 24, 2025 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2025.

Net income available to common shareholders was $4.2 million, or $0.43 per diluted share, for the first quarter of 2025. This compares to net income of $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024, and net income of $2.5 million, or $0.26 per diluted share, for the first quarter of 2024.

Scott C. Wylie, CEO of First Western, commented, “As expected, we generated a significant improvement in our level of profitability in the first quarter. We saw positive trends in many areas including an expansion in our net interest margin, a higher level of non-interest income, an increase in noninterest-bearing deposits, solid loan production, and well managed expenses. We also saw general stability in asset quality while having a substantial reduction in our nonperforming assets following the successful resolution of our two largest OREO properties, which were sold for a net gain.

“We expect to see a continuation of the positive trends we are seeing, while we also redeploy the cash from the sale of our two largest OREO properties into interest-earning assets. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie.


	For the Three Months Ended
	March 31,			December 31,			March 31,
*(Dollars in thousands, except per share data)*		2025			2024			2024
Earnings Summary
Net interest income	$	17,453		$	16,908		$	16,070
Less: Provision (release) for credit losses		80			(974	)		72
Total non-interest income		7,345			6,459			7,277
Total non-interest expense		19,361			20,427			19,696
Income before income taxes		5,357			3,914			3,579
Income tax expense		1,172			1,166			1,064
Net income available to common shareholders		4,185			2,748			2,515
Basic earnings per common share		0.43			0.28			0.26
Diluted earnings per common share		0.43			0.28			0.26

Return on average assets (annualized)		0.59	%		0.38	%		0.35	%
Return on average shareholders’ equity (annualized)		6.63			4.39			4.10
Return on tangible common equity (annualized)⁽¹⁾		7.44			4.98			4.71
Net interest margin		2.61			2.45			2.34
Efficiency ratio⁽¹⁾		79.16			80.74			83.68

_____________________

⁽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 First Quarter 2025

Revenue

Total income before non-interest expense was $24.7 million for the first quarter of 2025, compared to $24.3 million for the fourth quarter of 2024. Gross revenue⁽¹⁾ was $24.6 million for the first quarter of 2025, compared to $23.8 million for the fourth quarter of 2024. Relative to the fourth quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income, Net gain on mortgage loans, Net gain on other real estate owned, and Net gain on loans held for sale, partially offset by an increase in provision for credit losses and a decrease in Risk management and insurance fees. Relative to the first quarter of 2024, total income before non-interest expense increased 6.0% from $23.3 million and Gross revenue increased 4.7% from $23.5 million. Relative to the first quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income and Net gain on other real estate owned, partially offset by decreases in Bank fees and Trust and investment management fees.

⁽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 first quarter of 2025 was $17.5 million, an increase of 3.6% from $16.9 million in the fourth quarter of 2024. The increase quarter over quarter was primarily driven by a 16 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the first quarter of 2024, net interest income increased 8.7% from $16.1 million. The increase compared to the first quarter of 2024 was primarily driven by an 27 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets.

Net Interest Margin

Net interest margin for the first quarter of 2025 increased 16 basis points to 2.61% from 2.45% reported in the fourth quarter of 2024, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield.

The yield on interest-earning assets increased 4 basis points to 5.57% from 5.53% reported in the fourth quarter of 2024 and the cost of interest-bearing deposits decreased 19 basis points to 3.59% from 3.78% reported in the fourth quarter of 2024.

Relative to the first quarter of 2024, net interest margin increased 27 basis points from 2.34%, primarily due to a 32 basis point decrease in total cost of funds.

Non-interest Income

Non-interest income for the first quarter of 2025 was $7.3 million, an increase of 12.3% from $6.5 million in the fourth quarter of 2024. The increase was driven primarily by increases in Net gain on other real estate owned, Net gain on mortgage loans, and Net gain on loans held for sale, partially offset by a decrease in Risk management and insurance fees. The increase in Net gain on other real estate was due to the sale of our two largest OREO properties for a net gain of $0.5 million. The increase in Net gain on loans held for sale was due to the reversal of the previous quarter’s write-down on a non-performing loan. This loan was previously classified as held for sale; however, during the quarter it was transferred to held for investment and charged off through the Allowance for credit losses.

Relative to the first quarter of 2024, non-interest income increased slightly, driven primarily by increases in Net gain on other real estate owned and Net gain on loans accounted for under the fair value option, offset partially by decreases in Trust and investment management fees and Bank fees.

Non-interest Expense

Non-interest expense for the first quarter of 2025 was $19.4 million, a decrease of 4.9% from $20.4 million in the fourth quarter of 2024. The decrease was primarily driven by the one-time $1.1 million Other real estate owned (“OREO”) write-down recognized in the fourth quarter of 2024, offset partially by an increase in Salaries and employee benefits.

Relative to the first quarter of 2024, non-interest expense decreased 1.5% from $19.7 million, driven primarily by a decrease in Professional services due to decreases in legal expenses, audit fees, and FDIC insurance fees, partially offset by increases in Occupancy and equipment expenses and Salaries and employee benefits.

The Company’s efficiency ratio⁽¹⁾ was 79.2% in the first quarter of 2025, compared with 80.7% in the fourth quarter of 2024 and 83.7% in the first quarter of 2024.

⁽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 $1.2 million for the first quarter of 2025, compared to Income tax expense of $1.2 million for the fourth quarter of 2024 and Income tax expense of $1.1 million for the first quarter of 2024.

Loans

Total loans held for investment of $2.43 billion as of March 31, 2025 was flat compared to December 31, 2024. Changes in the quarter included net growth in the commercial real estate and 1 – 4 family residential portfolios, offset by net decreases in the cash, securities, and other and construction and development portfolios. Total average loans were $2.41 billion for the first quarter of 2025, an increase of $21.4 million from $2.39 billion for the fourth quarter of 2024. Relative to the first quarter of 2024, total loans held for investment decreased from $2.48 billion as of March 31, 2024, primarily driven by net decreases in the commercial and industrial, construction and development, and cash, securities, and other portfolios, partially offset by net growth in the 1 – 4 family residential and non-owner occupied commercial real estate portfolios.

Deposits

Total deposits were $2.52 billion as of March 31, 2025, an increase of 0.4% from $2.51 billion as of December 31, 2024. Relative to the first quarter of 2024, total deposits decreased from $2.53 billion as of March 31, 2024, driven primarily by a decrease in Noninterest-bearing deposits.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $51.6 million as of March 31, 2025, a decrease of $5.4 million from $57.0 million as of December 31, 2024. The change when compared to December 31, 2024 was primarily driven by net pay downs on the Company’s FHLB line of credit. Relative to the first quarter of 2024, borrowings decreased $17.9 million from $69.5 million as of March 31, 2024. The decrease in borrowings from March 31, 2024 was primarily driven by BTFP payoffs and net pay downs on the Company’s FHLB line of credit.

Subordinated notes were $44.6 million as of March 31, 2025, compared to $52.6 million as of December 31, 2024. Subordinated notes decreased $7.8 million from $52.4 million as of March 31, 2024. Relative to the fourth quarter of 2024 and first quarter of 2024, the decrease was due to the call of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

Assets Under Management

Assets Under Management (“AUM”) decreased to $7.18 billion as of March 31, 2025, compared to $7.32 billion as of December 31, 2024. The decrease in AUM during the quarter was primarily attributable to net withdrawals throughout the first quarter of 2025. Compared to March 31, 2024, total AUM increased slightly from $7.14 billion.

Credit Quality

Non-performing assets totaled $17.1 million, or 0.59% of total assets, as of March 31, 2025, compared to $49.0 million, or 1.68% of total assets, as of December 31, 2024. The decrease in non-performing assets during the quarter was primarily due to the sale of two OREO properties for a net gain of $0.5 million. As of March 31, 2024, non-performing assets totaled $46.0 million, or 1.57% of total assets. Relative to the first quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of March 31, 2025 a decrease of $31.5 million from $35.9 million as of December 31, 2024. As of March 31, 2024, the Company held no OREO.

Non-performing loans totaled $12.8 million as of March 31, 2025, a decrease of $0.3 million from $13.1 million as of December 31, 2024. The decrease was primarily due to the charge-off of a non-performing loan that had previously been held for sale. As of March 31, 2024, non-performing loans totaled $46.0 million. The decrease when compared to March 31, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans.

During the first quarter of 2025, the Company recorded provision expense of $0.1 million, compared to a provision release of $1.0 million in the fourth quarter of 2024 and provision expense of $0.1 million in the first quarter of 2024.

Capital

As of March 31, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of March 31, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:


	March 31,
	2025
Consolidated Capital
Tier 1 capital to risk-weighted assets	10.35	%
Common Equity Tier 1 (“CET1”) to risk-weighted assets	10.35
Total capital to risk-weighted assets	13.15
Tier 1 capital to average assets	8.12

Bank Capital
Tier 1 capital to risk-weighted assets	11.76	%
CET1 to risk-weighted assets	11.76
Total capital to risk-weighted assets	12.52
Tier 1 capital to average assets	9.24

Book value per common share increased 1.3% from $26.10 as of December 31, 2024 to $26.44 as of March 31, 2025. Book value per common share increase 3.6% from $25.52 as of March 31, 2024.

Tangible book value per common share⁽¹⁾ increased 1.6% from $22.83 as of December 31, 2024, to $23.18 as of March 31, 2025. Tangible book value per common share increased 4.4% from $22.21 as of March 31, 2024.

⁽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, April 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI019349e043a94dc394d0159a3c41719d.

A slide presentation relating to the first quarter 2025 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; the risk of the adequacy of our allowance for credit losses; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources; the risk of weak economic conditions and global trade, including the imposition of tariffs; the risk that legislative or regulatory actions may have a significant adverse effect on our operations. 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 7, 2025 (“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
	March 31,		December 31,			March 31,
*(dollars in thousands, except per share amounts)*		2025		2024			2024
Interest and dividend income:
Loans, including fees	$	34,068	$	34,287		$	35,139
Loans accounted for under the fair value option		111		118			209
Investment securities		681		696			603
Interest-bearing deposits in other financial institutions		2,221		2,879			2,352
Dividends, restricted stock		128		129			95
Total interest and dividend income		37,209		38,109			38,398

Interest expense:
Deposits		18,516		19,921			20,622
Other borrowed funds		1,240		1,280			1,706
Total interest expense		19,756		21,201			22,328
Net interest income		17,453		16,908			16,070
Less: Provision (release) for credit losses		80		(974	)		72
Net interest income, after provision (release) for credit losses		17,373		17,882			15,998

Non-interest income:
Trust and investment management fees		4,677		4,660			4,930
Net gain on mortgage loans		1,067		377			1,264
Net gain (loss) on loans held for sale		222		(222	)		117
Bank fees		422		426			891
Risk management and insurance fees		259		1,139			49
Income on company-owned life insurance		110		112			105
Net gain (loss) on loans accounted for under the fair value option		6		(149	)		(302	)
Net gain on other real estate owned		459		—			—
Unrealized gain (loss) recognized on equity securities		11		(49	)		(6	)
Other		112		165			229
Total non-interest income		7,345		6,459			7,277
Total income before non-interest expense		24,718		24,341			23,275

Non-interest expense:
Salaries and employee benefits		11,480		11,237			11,267
Occupancy and equipment		2,210		2,100			1,976
Professional services		1,704		1,821			2,411
Technology and information systems		1,078		1,073			1,010
Data processing		1,122		1,029			948
Marketing		216		397			194
Amortization of other intangible assets		51		56			57
Other		1,500		2,714			1,833
Total non-interest expense		19,361		20,427			19,696
Income before income taxes		5,357		3,914			3,579
Income tax expense		1,172		1,166			1,064
Net income available to common shareholders	$	4,185	$	2,748		$	2,515
Earnings per common share:
Basic	$	0.43	$	0.28		$	0.26
Diluted		0.43		0.28			0.26


First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	15,924		$	9,770		$	8,136
Interest-bearing deposits in other financial institutions		255,658			226,271			249,753
Total cash and cash equivalents		271,582			236,041			257,889

Held-to-maturity debt securities (fair value of $67,479, $68,161 and $64,908, respectively), net of allowance for credit losses of $71		73,775			75,724			72,303
Correspondent bank stock, at cost		5,968			5,864			4,461
Mortgage loans held for sale, at fair value		10,557			25,455			10,470
Loans held for sale, at fair value		—			251			—
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)		2,425,367			2,425,565			2,475,524
Allowance for credit losses		(17,956	)		(18,330	)		(24,630	)
Loans, net		2,407,411			2,407,235			2,450,894
Premises and equipment, net		24,554			24,129			24,869
Accrued interest receivable		10,623			10,364			11,919
Accounts receivable		4,505			4,763			4,980
Other receivables		4,608			5,710			5,254
Other real estate owned, net		4,385			35,929			—
Goodwill and other intangible assets, net		31,576			31,627			31,797
Deferred tax assets, net		2,856			3,079			5,695
Company-owned life insurance		17,071			16,961			16,635
Other assets		36,829			35,905			35,051
Total assets	$	2,906,300		$	2,919,037		$	2,932,217

Liabilities
Deposits:
Noninterest-bearing	$	409,696		$	375,603		$	434,236
Interest-bearing		2,105,701			2,138,606			2,097,734
Total deposits		2,515,397			2,514,209			2,531,970
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		51,612			57,038			69,484
Subordinated notes		44,621			52,565			52,397
Accrued interest payable		2,371			1,995			2,415
Other liabilities		35,744			40,908			30,423
Total liabilities		2,649,745			2,666,715			2,686,689

Shareholders’ Equity
Total shareholders’ equity		256,555			252,322			245,528
Total liabilities and shareholders’ equity	$	2,906,300		$	2,919,037		$	2,932,217


First Western Financial, Inc. Consolidated Financial Summary (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Loan Portfolio
Cash, Securities, and Other⁽¹⁾	$	101,078		$	120,005		$	151,178
Consumer and Other		16,688			17,333			18,556
Construction and Development		291,133			315,686			333,284
1-4 Family Residential		971,179			960,354			910,129
Non-Owner Occupied CRE		636,820			614,384			562,862
Owner Occupied CRE		182,417			173,223			194,338
Commercial and Industrial		223,197			220,501			297,573
Total		2,422,512			2,421,486			2,467,920
Loans accounted for under the fair value option		6,280			7,508			12,276
Total loans held for investment		2,428,792			2,428,994			2,480,196
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽²⁾		(3,425	)		(3,429	)		(4,672	)
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)	$	2,425,367		$	2,425,565		$	2,475,524
Mortgage loans held for sale		10,557			25,455			10,470
Loans held for sale		—			251			—

Deposit Portfolio
Money market deposit accounts	$	1,566,737		$	1,513,605		$	1,503,598
Time deposits		379,533			471,415			442,834
Interest checking accounts		144,980			139,374			132,415
Savings accounts		14,451			14,212			18,887
Total interest-bearing deposits		2,105,701			2,138,606			2,097,734
Noninterest-bearing accounts		409,696			375,603			434,236
Total deposits	$	2,515,397		$	2,514,209		$	2,531,970

____________________

⁽¹⁾	Includes PPP loans of $1.6 million as of March 31, 2025, $2.1 million as of December 31, 2024, and $3.8 million as of March 31, 2024.
⁽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
	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	198,294		$	236,152		$	177,523
Debt securities		75,592			77,464			74,666
Correspondent bank stock		5,806			5,738			4,451
Gross loans		2,407,482			2,386,070			2,490,300
Mortgage loans held for sale		13,593			26,623			6,752
Loans held at fair value		6,846			8,136			13,134
Total interest-earning assets		2,707,613			2,740,183			2,766,826
Noninterest-earning assets		145,479			161,783			100,170
Total assets	$	2,853,092		$	2,901,966		$	2,866,996

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,090,505		$	2,095,204		$	2,008,246
FHLB and Federal Reserve borrowings		51,885			54,428			92,195
Subordinated notes		52,495			52,528			52,360
Total interest-bearing liabilities		2,194,885			2,202,160			2,152,801
Noninterest-bearing liabilities:
Noninterest-bearing deposits		363,922			403,433			446,457
Other liabilities		41,656			45,889			22,250
Total noninterest-bearing liabilities		405,578			449,322			468,707
Total shareholders’ equity		252,629			250,484			245,488
Total liabilities and shareholders’ equity	$	2,853,092		$	2,901,966		$	2,866,996

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.54	%		4.85	%		5.33	%
Debt securities		3.65			3.57			3.25
Correspondent bank stock		8.94			8.94			8.58
Loans		5.71			5.65			5.66
Loan held at fair value		6.58			5.77			6.40
Mortgage loans held for sale		5.46			6.02			6.79
Total interest-earning assets		5.57			5.53			5.58
Interest-bearing deposits		3.59			3.78			4.13
Total deposits		3.06			3.17			3.38
FHLB and Federal Reserve borrowings		3.92			3.96			4.23
Subordinated notes		5.70			5.59			5.66
Total interest-bearing liabilities		3.65			3.83			4.17
Net interest margin		2.61			2.45			2.34
Net interest rate spread		1.92			1.70			1.41


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Asset Quality
Non-performing loans	$	12,758		$	13,052		$	46,044
Non-performing assets		17,143			48,981			46,044
Net charge-offs (recoveries)		566			(270	)		—
Non-performing loans to total loans		0.53	%		0.54	%		1.86	%
Non-performing assets to total assets		0.59			1.68			1.57
Allowance for credit losses to non-performing loans		140.74			140.44			53.49
Allowance for credit losses to total loans		0.74			0.76			1.00
Allowance for credit losses to adjusted loans⁽¹⁾		0.74			0.76			1.00
Net charge-offs (recoveries) to average loans		0.02			(0.01	)		—

Assets Under Management	$	7,176,624		$	7,321,147		$	7,141,453

Market Data
Book value per share at period end	$	26.44		$	26.10		$	25.52
Tangible book value per common share⁽¹⁾		23.18			22.83			22.21
Weighted average outstanding shares, basic		9,704,419			9,665,621			9,621,309
Weighted average outstanding shares, diluted		9,798,591			9,794,797			9,710,764
Shares outstanding at period end		9,704,320			9,667,142			9,621,309

Consolidated Capital
Tier 1 capital to risk-weighted assets		10.35	%		10.07	%		9.77	%
CET1 to risk-weighted assets		10.35			10.07			9.77
Total capital to risk-weighted assets		13.15			13.12			13.15
Tier 1 capital to average assets		8.12			7.88			7.73

Bank Capital
Tier 1 capital to risk-weighted assets		11.76	%		11.41	%		11.00	%
CET1 to risk-weighted assets		11.76			11.41			11.00
Total capital to risk-weighted assets		12.52			12.10			12.02
Tier 1 capital to average assets		9.24			8.94			8.70

________________________

⁽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.


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Tangible Common
Total shareholders’ equity	$	256,555		$	252,322		$	245,528
Less: goodwill and other intangibles, net		31,576			31,627			31,797
Tangible common equity	$	224,979		$	220,695		$	213,731

Common shares outstanding, end of period		9,704,320			9,667,142			9,621,309
Tangible common book value per share	$	23.18		$	22.83		$	22.21
Net income available to common shareholders		4,185			2,748			2,515
Return on tangible common equity (annualized)		7.44	%		4.98	%		4.71	%

Efficiency
Non-interest expense	$	19,361		$	20,427		$	19,696
Less: OREO expenses and write-downs		(80	)		1,222			—
Adjusted non-interest expense	$	19,441		$	19,205		$	19,696

Total income before non-interest expense	$	24,718		$	24,341		$	23,275
Less: unrealized gain (loss) recognized on equity securities		11			(49	)		(6	)
Less: net gain (loss) on loans accounted for under the fair value option		6			(149	)		(302	)
Less: net gain (loss) on loans held for sale		222			(222	)		117
Plus: provision (release) for credit losses		80			(974	)		72
Gross revenue	$	24,559		$	23,787		$	23,538
Efficiency ratio		79.16	%		80.74	%		83.68	%

The MIL Network –

April 25, 2025

MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter ended March 31, 2025.

Net income attributable to common stockholders per diluted share of common stock was $0.16 for the quarter ended March 31, 2025. Distributable Earnings per diluted share of common stock (a non-GAAP financial measure defined below) was $0.24 for the quarter ended March 31, 2025.

Commenting on first quarter 2025 performance, Stuart Rothstein, Chief Executive Officer and President of the Company, said:

“ARI’s first quarter earnings reflect the impact of elevated repayments at the end of fourth quarter of 2024 and the timing of our first quarter capital deployment, which totaled $650 million,” said Stuart Rothstein, Chief Executive Officer and President of ARI. “We continue to make progress with our focus assets and remain focused on redeploying the capital into newly originated loans.”

ARI issued a detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review first quarter results on April 25, 2025 at 10am ET. To register for the call, please use the following link:

https://register-conf.media-server.com/register/BI9d454c5338474977930d8dafd9ec06d9

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

Distributable Earnings
“Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for current expected credit losses.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

The Company believes it is useful to its investors to also present Distributable Earnings prior to net realized loss on investments, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to net realized loss on investments or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

During the three months ended March 31, 2025, the Company recorded no realized losses in the consolidated statement of operations.

A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $751 billion of assets under management at December 31, 2024.

Additional information can be found on the Company’s website at www.apollocref.com.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:	Hilary Ginsberg
	Investor Relations
	(212) 822-0767

The MIL Network –

April 25, 2025

MIL-OSI: American Coastal Insurance Corporation Schedules First Quarter Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the first quarter ended March 31, 2025, on Thursday, May 8, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

First Quarter 2025 Conference Call Details:
Thursday, May 8, 2025 – 5:00 p.m. ET

Participant Dial-In Numbers:

United States: 877-445-9755
International: 201-493-6744

To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623

The MIL Network –

April 25, 2025

MIL-OSI: NBT Bancorp Inc. Announces First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

NORWICH, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2025.

Net income for the first quarter of 2025 was $36.7 million, or $0.77 per diluted common share, compared to $33.8 million, or $0.71 per diluted common share, for the first quarter of 2024, and $36.0 million, or $0.76 per diluted common share, for the fourth quarter of 2024. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure, was $0.80 for the first quarter of 2025, compared to $0.68 for the first quarter of 2024 and $0.77 for the fourth quarter of 2024.

CEO Comments

“Growth in both net interest income and noninterest income compared to the prior quarter and the first quarter of 2024 resulted in the generation of positive operating leverage by our team in the first quarter of 2025.” said NBT President and Chief Executive Officer Scott A. Kingsley. “Our capital position remains a key strength as we execute on strategic growth initiatives. We recently added new banking locations in South Burlington, VT and Webster, NY, and we look forward to completing our planned merger with Evans Bancorp, Inc. in early May. The addition of over 200 experienced bankers and 18 locations from Evans will firmly establish NBT’s presence in Buffalo and Rochester, Upstate New York’s two largest markets by population.”

First Quarter 2025 Financial Highlights

Net Income	Net income was $36.7 million and diluted earnings per share was $0.77
Net Interest Income / NIM	Net interest income on a fully taxable equivalent (“FTE”) basis was $107.2 million, an increase of $1.1 million from the prior quarter⁽¹⁾ Net interest margin (“NIM”) on an FTE basis was 3.44%⁽¹⁾, an increase of 10 basis points (“bps”) from the prior quarter Included in FTE net interest income was $2.2 million of acquisition-related net accretion, which was down $0.4 million from the fourth quarter of 2024 Earning asset yields of 4.95% were down 1 bp from the prior quarter Total cost of funds of 1.60% was down 11 bps from the prior quarter
Noninterest Income	Noninterest income was $47.6 million, an increase of 12.7% from the fourth quarter of 2024, excluding net securities gains (losses)
Loans and Credit Quality	Period end total loans were $9.98 billion as of March 31, 2025, up $10.4 million, or 0.4% annualized, from December 31, 2024 Net charge-offs to average loans was 0.27% annualized Nonperforming loans to total loans was 0.48% Allowance for loan losses to total loans was 1.17%
Deposits	Deposits were $11.71 billion as of March 31, 2025, up $161.8 million, or 1.4%, from December 31, 2024 Total cost of deposits was 1.49% for the first quarter of 2025, down 11 bps from the fourth quarter of 2024
Capital	Stockholders’ equity was $1.57 billion as of March 31, 2025 Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 Tangible equity to assets of 8.68%⁽¹⁾ CET1 ratio of 12.12%; Leverage ratio of 10.39%

Loans

Period end total loans were $9.98 billion at March 31, 2025, compared to $9.97 billion at December 31, 2024.
Period end total loans increased $10.4 million from December 31, 2024. Total commercial loans increased $23.9 million to $5.33 billion while total consumer loans decreased $13.6 million to $4.65 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $40.5 million, or 1.8% annualized. Residential real estate loan balances decreased $14.7 million from December 31, 2024 primarily due to seasonally lower originations and market conditions. In addition, the Company originated and sold $7.4 million of 30-year fixed rate mortgages in the first quarter of 2025.

Deposits

Total deposits at March 31, 2025 were $11.71 billion, compared to $11.55 billion at December 31, 2024. The $161.8 million increase in deposits from December 31, 2024 was primarily due to the inflow of seasonal municipal deposits during the quarter.
The loan to deposit ratio was 85.2% at March 31, 2025, compared to 86.3% at December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $107.2 million, an increase of $1.1 million, or 1.1%, from the fourth quarter of 2024 and an increase of $12.0 million, or 12.7%, from the first quarter of 2024. The increase in net interest income from the fourth quarter of 2024 resulted primarily from a decrease in the cost of deposits, partially offset by lower yields on loans and two fewer days in the first quarter of 2025.
The NIM on an FTE basis for the first quarter of 2025 was 3.44%, an increase of 10 bps from the fourth quarter of 2024. This increase was driven by the decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 30 bps from the first quarter of 2024 due to higher average balances of earning assets and the yields on those assets, lower average balances of short-term borrowings and the decrease in the cost of interest-bearing deposits.
Earning asset yields for the three months ended March 31, 2025 decreased 1 bp from the prior quarter to 4.95%. Loan yields for the three months ended March 31, 2025 decreased 3 bps from the prior quarter to 5.62% primarily due to the repricing of $2.1 billion in variable rate loans from the 25 bps federal funds rate decrease in December, partially offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 11 bps from the same quarter in the prior year as new loan yields were priced higher than portfolio yields. Average earning assets were consistent with the fourth quarter of 2024 due to the decrease in short-term interest-bearing accounts being mostly offset by an increase in securities and organic loan growth. Average earning assets grew $427.5 million, or 3.5%, from the first quarter of 2024 due to growth in average loans and securities.
Total cost of deposits, including noninterest bearing deposits, was 1.49% for the first quarter of 2025, a decrease of 11 bps from the prior quarter and a decrease of 12 bps from the same period in the prior year.
Total cost of funds for the three months ended March 31, 2025 was 1.60%, a decrease of 11 bps from the prior quarter and a decrease of 19 bps from the first quarter of 2024.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the first quarter of 2025 was 27 bps compared to 23 bps in the prior quarter primarily due to an increase in consumer net charge-offs. Included in net charge-offs for the first quarter of 2025 was a $2.1 million write-down of a nonperforming commercial real estate loan to the estimated fair value.
Nonperforming assets to total assets was 0.35% at March 31, 2025, compared to 0.38% at December 31, 2024.
Provision expense for the three months ended March 31, 2025 was $7.6 million, compared to $2.2 million for the fourth quarter of 2024. The increase in provision expense from the prior quarter was primarily due to the deterioration in economic forecasts and a higher level of net charge-offs partially offset by the run-off of the other consumer and residential solar portfolios.
The allowance for loan losses was $117.0 million, or 1.17% of total loans, at March 31, 2025, compared to $116.0 million, or 1.16% of total loans, at December 31, 2024.
The reserve for unfunded loan commitments was $4.5 million at March 31, 2025, compared to $4.4 million at December 31, 2024.

Noninterest Income

Total noninterest income, excluding securities gains (losses), was $47.6 million for the three months ended March 31, 2025, up $5.4 million, or 12.7%, from the fourth quarter of 2024, and up $4.3 million, or 10.1%, from the first quarter of 2024.
Retirement plan administration fees were up $2.9 million from the prior quarter and increased $1.6 million from the first quarter of 2024. The increase from the prior quarter was due to higher seasonal activity-based fees in the first quarter and the additional revenue from both organic growth and the acquisition of a small third-party administrator (“TPA”) business in the fourth quarter of 2024. The increase from the first quarter of 2024 was driven by the additional revenue from new customer plans, the TPA acquisition and higher market values of assets under administration.
Wealth management fees were consistent with the prior quarter and increased $1.2 million from the first quarter of 2024. The increase from the first quarter of 2024 was driven by market performance and growth in new customer accounts.
Insurance revenues increased $0.9 million from the fourth quarter of 2024 due to organic growth, higher levels of policy renewals and first quarter seasonality.
Bank owned life insurance income increased from both the fourth quarter of 2024 and the first quarter of 2024 due to a $1.3 million nonrecurring gain.

Noninterest Expense

Total noninterest expense was $99.9 million for the first quarter of 2025, compared to $100.8 million for the fourth quarter of 2024 and $91.8 million for the first quarter of 2024. Total noninterest expense decreased 1.1% compared to the previous quarter and increased 7.5% from the first quarter of 2024, excluding $1.2 million of acquisition expenses in the first quarter of 2025 and $1.0 million in the fourth quarter of 2024, respectively.
Salaries and benefits decreased 1.7% from the prior quarter driven by lower medical and other benefit costs, lower levels of incentive compensation and lower salaries due to two fewer payroll days in the quarter, partially offset by seasonally higher payroll taxes and stock-based compensation expenses. The increase from the first quarter of 2024 was driven by merit pay increases which were effective annually in March, an increase in employees supporting growth in our markets and higher medical and other benefit costs.
Occupancy costs increased $1.2 million from the prior quarter primarily due to seasonal maintenance and utilities costs. The $0.9 million increase from the first quarter of 2024 was driven by higher seasonal maintenance and utilities given the harsher winter and higher facilities costs related to new banking locations.
Other expense decreased $1.7 million from the prior quarter and was consistent with the first quarter of 2024. The decrease from the previous quarter was driven by timing of expenses and Company initiatives in the fourth quarter of 2024.

Income Taxes

The effective tax rate for the first quarter of 2025 was 22.2% which was up from 21.7% for the first quarter of 2024 primarily due to a lower level of tax-exempt income as a percentage of total taxable income.

Capital

Tangible common equity to tangible assets⁽¹⁾ was 8.68% at March 31, 2025. Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 and $23.88 at December 31, 2024.
Stockholders’ equity increased $39.6 million from December 31, 2024 driven by net income generation of $36.7 million and a $20.3 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $16.1 million.
As of March 31, 2025, CET1 capital ratio of 12.12%, leverage ratio of 10.39% and total risk-based capital ratio of 15.24%.

Stock Repurchase

The Company did not purchase shares of its common stock during the three months ended March 31, 2025. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of March 31, 2025, there were 1,992,400 shares available under the Company’s share repurchase program.

Evans Bancorp, Inc. Merger

NBT and Evans anticipate completing the previously announced merger on May 2, 2025 simultaneously with the core system conversion, pending customary closing conditions. Evans had assets of $2.19 billion, deposits of $1.87 billion and net loans of $1.76 billion as of December 31, 2024. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 25, 2025, to review the first quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.86 billion at March 31, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 157 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

Contact:	Scott A. Kingsley, President and CEO
	Annette L. Burns, Executive Vice President and CFO
	NBT Bancorp Inc.
	52 South Broad Street
	Norwich, NY 13815
	607-337-6589

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (reported)
Diluted earnings per share	$	0.77		$	0.76		$	0.80		$	0.69		$	0.71
Weighted average diluted common shares outstanding		47,477,391			47,505,760			47,473,417			47,382,814			47,370,145
Return on average assets⁽³⁾		1.08	%		1.04	%		1.12	%		0.98	%		1.02	%
Return on average equity⁽³⁾		9.68	%		9.44	%		10.21	%		9.12	%		9.52	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%
Net interest margin⁽¹⁾⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (operating)
Diluted earnings per share⁽¹⁾	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68
Return on average assets⁽¹⁾⁽³⁾		1.11	%		1.06	%		1.12	%		0.98	%		0.97	%
Return on average equity⁽¹⁾⁽³⁾		9.95	%		9.60	%		10.23	%		9.14	%		9.04	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.99	%		13.57	%		14.56	%		13.26	%		13.20	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Balance sheet data
Short-term interest-bearing accounts	$	37,385		$	78,973		$	231,671		$	35,207		$	156,632
Securities available for sale		1,704,677			1,574,664			1,509,338			1,439,445			1,418,471
Securities held to maturity		836,833			842,921			854,941			878,909			890,863
Net loans		9,863,267			9,853,910			9,787,541			9,733,847			9,572,777
Total assets		13,864,251			13,786,666			13,839,552			13,501,909			13,439,199
Total deposits		11,708,511			11,546,761			11,588,278			11,271,459			11,195,289
Total borrowings		312,977			414,983			456,666			476,082			518,190
Total liabilities		12,298,476			12,260,525			12,317,572			12,039,954			11,997,784
Stockholders’ equity		1,565,775			1,526,141			1,521,980			1,461,955			1,441,415

Capital
Equity to assets		11.29	%		11.07	%		11.00	%		10.83	%		10.73	%
Tangible equity ratio⁽¹⁾		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%
Book value per share	$	33.13		$	32.34		$	32.26		$	31.00		$	30.57
Tangible book value per share⁽²⁾	$	24.74		$	23.88		$	23.83		$	22.54		$	22.07
Leverage ratio		10.39	%		10.24	%		10.29	%		10.16	%		10.09	%
Common equity tier 1 capital ratio		12.12	%		11.93	%		11.86	%		11.70	%		11.68	%
Tier 1 capital ratio		13.02	%		12.83	%		12.77	%		12.61	%		12.61	%
Total risk-based capital ratio		15.24	%		15.03	%		15.02	%		14.88	%		14.87	%
Common stock price (end of period)	$	42.90		$	47.76		$	44.23		$	38.60		$	36.68

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Asset quality
Nonaccrual loans	$	44,829		$	45,819		$	33,338		$	34,755		$	35,189
90 days past due and still accruing		2,862			5,798			3,981			3,333			2,600
Total nonperforming loans		47,691			51,617			37,319			38,088			37,789
Other real estate owned		308			182			127			74			–
Total nonperforming assets		47,999			51,799			37,446			38,162			37,789
Allowance for loan losses		117,000			116,000			119,500			120,500			115,300

Asset quality ratios
Allowance for loan losses to total loans		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%
Total nonperforming loans to total loans		0.48	%		0.52	%		0.38	%		0.39	%		0.39	%
Total nonperforming assets to total assets		0.35	%		0.38	%		0.27	%		0.28	%		0.28	%
Allowance for loan losses to total nonperforming loans		245.33	%		224.73	%		320.21	%		316.37	%		305.12	%
Past due loans to total loans⁽⁴⁾		0.32	%		0.34	%		0.36	%		0.30	%		0.33	%
Net charge-offs to average loans⁽³⁾		0.27	%		0.23	%		0.16	%		0.15	%		0.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loan net charge-offs by line of business
Commercial	$	2,109		$	2,542		$	807		$	(8	)	$	772
Residential real estate and home equity		(25	)		(25	)		(64	)		(76	)		(32	)
Indirect auto		1,155			675			725			747			665
Residential solar and other consumer		3,315			2,517			2,452			3,036			3,274
Total loan net charge-offs	$	6,554		$	5,709		$	3,920		$	3,699		$	4,679

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.76	%		0.73	%		0.73	%		0.76	%		0.79	%
Commercial real estate		1.02	%		0.95	%		1.01	%		1.00	%		0.97	%
Residential real estate		1.00	%		1.00	%		1.00	%		0.98	%		0.89	%
Auto		0.72	%		0.81	%		0.83	%		0.85	%		0.81	%
Residential solar and other consumer		3.61	%		3.64	%		3.69	%		3.78	%		3.63	%
Total		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loans by line of business
Commercial & industrial	$	1,436,990		$	1,426,482		$	1,458,926		$	1,397,935		$	1,353,446
Commercial real estate		3,890,115			3,876,698			3,792,498			3,784,214			3,646,739
Residential real estate		2,127,588			2,142,249			2,143,766			2,134,875			2,133,289
Home equity		331,400			334,268			328,687			326,556			328,673
Indirect auto		1,309,084			1,273,253			1,235,175			1,225,786			1,190,734
Residential solar and other consumer		885,090			916,960			947,989			984,981			1,035,196
Total loans	$	9,980,267		$	9,969,910		$	9,907,041		$	9,854,347		$	9,688,077

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)

	March 31,		December 31,
	2025		2024
Assets
Cash and due from banks	$	216,698	$	205,083
Short-term interest-bearing accounts		37,385		78,973
Equity securities, at fair value		41,561		42,372
Securities available for sale, at fair value		1,704,677		1,574,664
Securities held to maturity (fair value $756,404 and $749,945, respectively)		836,833		842,921
Federal Reserve and Federal Home Loan Bank stock		32,117		33,957
Loans held for sale		13,628		9,744
Loans		9,980,267		9,969,910
Less allowance for loan losses		117,000		116,000
Net loans	$	9,863,267	$	9,853,910
Premises and equipment, net		81,598		80,840
Goodwill		362,663		362,663
Intangible assets, net		34,249		36,360
Bank owned life insurance		271,723		272,657
Other assets		367,852		392,522
Total assets	$	13,864,251	$	13,786,666

Liabilities and stockholders’ equity
Demand (noninterest bearing)	$	3,399,393	$	3,446,068
Savings, NOW and money market		6,858,372		6,658,188
Time		1,450,746		1,442,505
Total deposits	$	11,708,511	$	11,546,761
Short-term borrowings		85,597		162,942
Long-term debt		4,605		29,644
Subordinated debt, net		121,579		121,201
Junior subordinated debt		101,196		101,196
Other liabilities		276,988		298,781
Total liabilities	$	12,298,476	$	12,260,525

Total stockholders’ equity	$	1,565,775	$	1,526,141

Total liabilities and stockholders’ equity	$	13,864,251	$	13,786,666

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q		2nd Q			1st Q
Interest, fee and dividend income
Interest and fees on loans	$	138,052		$	141,103		$	141,991	$	136,606		$	133,146
Securities available for sale		10,262			8,773			7,815		7,562			7,124
Securities held to maturity		4,914			4,931			5,042		5,190			5,303
Other		1,176			2,930			1,382		1,408			1,364
Total interest, fee and dividend income	$	154,404		$	157,737		$	156,230	$	150,766		$	146,937
Interest expense
Deposits	$	42,588		$	46,815		$	49,106	$	46,688		$	44,339
Short-term borrowings		866			918			1,431		2,899			3,421
Long-term debt		266			293			292		291			290
Subordinated debt		1,822			1,816			1,810		1,806			1,800
Junior subordinated debt		1,639			1,790			1,922		1,908			1,913
Total interest expense	$	47,181		$	51,632		$	54,561	$	53,592		$	51,763
Net interest income	$	107,223		$	106,105		$	101,669	$	97,174		$	95,174
Provision for loan losses		7,554			2,209			2,920		8,899			5,579
Net interest income after provision for loan losses	$	99,669		$	103,896		$	98,749	$	88,275		$	89,595
Noninterest income
Service charges on deposit accounts	$	4,243		$	4,411		$	4,340	$	4,219		$	4,117
Card services income		5,317			5,652			5,897		5,587			5,195
Retirement plan administration fees		15,858			12,924			14,578		14,798			14,287
Wealth management		10,946			10,842			10,929		10,173			9,697
Insurance services		4,761			3,883			4,913		3,848			4,388
Bank owned life insurance income		3,397			2,271			1,868		1,834			2,352
Net securities (losses) gains		(104	)		222			476		(92	)		2,183
Other		3,034			2,221			2,773		2,865			3,173
Total noninterest income	$	47,452		$	42,426		$	45,774	$	43,232		$	45,392
Noninterest expense
Salaries and employee benefits	$	60,694		$	61,749		$	59,641	$	55,393		$	55,704
Technology and data services		10,238			10,220			9,920		9,249			9,750
Occupancy		9,027			7,786			7,754		7,671			8,098
Professional fees and outside services		4,952			4,843			4,871		4,565			4,853
Amortization of intangible assets		2,111			2,080			2,062		2,133			2,168
Reserve for unfunded loan commitments		90			(125	)		250		(380	)		(450	)
Acquisition expenses		1,221			988			543		–			–
Other		11,567			13,234			10,704		10,957			11,650
Total noninterest expense	$	99,900		$	100,775		$	95,745	$	89,588		$	91,773
Income before income tax expense	$	47,221		$	45,547		$	48,778	$	41,919		$	43,214
Income tax expense		10,476			9,542			10,681		9,203			9,391
Net income	$	36,745		$	36,005		$	38,097	$	32,716		$	33,823
Earnings Per Share
Basic	$	0.78		$	0.76		$	0.81	$	0.69		$	0.72
Diluted	$	0.77		$	0.76		$	0.80	$	0.69		$	0.71

NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)

	Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates
	Q1 – 2025				Q4 – 2024				Q3 – 2024				Q2 – 2024				Q1 – 2024
Assets
Short-term interest-bearing accounts	$	63,198	4.51	%	$	184,988	5.27	%	$	62,210	4.87	%	$	48,861	5.48	%	$	47,972	4.48	%
Securities taxable⁽¹⁾		2,402,772	2.30	%		2,317,034	2.10	%		2,266,930	1.99	%		2,280,767	1.97	%		2,278,029	1.91	%
Securities tax-exempt⁽¹⁾⁽⁵⁾		220,210	3.60	%		211,493	3.46	%		217,251	3.47	%		226,032	3.56	%		230,468	3.58	%
FRB and FHLB stock		33,469	5.73	%		33,261	5.75	%		35,395	6.97	%		40,283	7.41	%		42,296	7.89	%
Loans⁽¹⁾⁽⁶⁾		9,981,487	5.62	%		9,957,879	5.65	%		9,865,412	5.74	%		9,772,014	5.63	%		9,674,892	5.54	%
Total interest-earning assets	$	12,701,136	4.95	%	$	12,704,655	4.96	%	$	12,447,198	5.01	%	$	12,367,957	4.92	%	$	12,273,657	4.84	%
Other assets		1,088,069				1,093,419				1,072,277				1,064,487				1,055,386
Total assets	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Liabilities and stockholders’ equity
Money market deposit accounts	$	3,496,552	3.04	%	$	3,504,937	3.27	%	$	3,342,845	3.68	%	$	3,254,252	3.65	%	$	3,129,160	3.56	%
NOW deposit accounts		1,682,265	0.84	%		1,664,960	0.91	%		1,600,547	0.87	%		1,603,695	0.78	%		1,600,288	0.75	%
Savings deposits		1,571,673	0.05	%		1,561,703	0.05	%		1,566,316	0.05	%		1,586,753	0.05	%		1,607,659	0.04	%
Time deposits		1,450,846	3.55	%		1,446,798	3.85	%		1,442,424	4.00	%		1,391,062	4.00	%		1,352,559	4.00	%
Total interest-bearing deposits	$	8,201,336	2.11	%	$	8,178,398	2.28	%	$	7,952,132	2.46	%	$	7,835,762	2.40	%	$	7,689,666	2.32	%
Federal funds purchased		2,278	4.45	%		–	–			2,609	5.34	%		29,945	5.56	%		19,769	5.53	%
Repurchase agreements		107,496	2.87	%		116,408	3.13	%		98,035	2.80	%		86,405	1.55	%		82,419	1.55	%
Short-term borrowings		7,033	4.61	%		174	4.57	%		48,875	5.74	%		155,159	5.58	%		213,390	5.34	%
Long-term debt		27,674	3.90	%		29,657	3.93	%		29,696	3.91	%		29,734	3.94	%		29,772	3.92	%
Subordinated debt, net		121,331	6.09	%		120,967	5.97	%		120,594	5.97	%		120,239	6.04	%		119,873	6.04	%
Junior subordinated debt		101,196	6.57	%		101,196	7.04	%		101,196	7.56	%		101,196	7.58	%		101,196	7.60	%
Total interest-bearing liabilities	$	8,568,344	2.23	%	$	8,546,800	2.40	%	$	8,353,137	2.60	%	$	8,358,440	2.58	%	$	8,256,085	2.52	%
Demand deposits		3,385,080				3,438,194				3,389,894				3,323,906				3,356,607
Other liabilities		296,983				295,292				292,446				306,747				286,749
Stockholders’ equity		1,538,798				1,517,788				1,483,998				1,443,351				1,429,602
Total liabilities and stockholders’ equity	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Interest rate spread			2.72	%			2.56	%			2.41	%			2.34	%			2.32	%
Net interest margin (FTE)⁽¹⁾			3.44	%			3.34	%			3.27	%			3.18	%			3.14	%


⁽¹⁾	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures
	(unaudited, dollars in thousands except per share data)

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Operating net income
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Acquisition expenses		1,221			988			543			–			–
	Securities losses (gains)		104			(222	)		(476	)		92			(2,183	)
	Adjustments to net income	$	1,325		$	766		$	67		$	92		$	(2,183	)
	Adjustments to net income (net of tax)	$	1,020		$	604		$	52		$	72		$	(1,703	)
	Operating net income	$	37,765		$	36,609		$	38,149		$	32,788		$	32,120
	Operating diluted earnings per share	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	FTE adjustment
	Net interest income	$	107,223		$	106,105		$	101,669		$	97,174		$	95,174
	Add: FTE adjustment		636			619			639			658			658
	Net interest income (FTE)	$	107,859		$	106,724		$	102,308		$	97,832		$	95,832
	Average earning assets	$	12,701,136		$	12,704,655		$	12,447,198		$	12,367,957		$	12,273,657
	Net interest margin (FTE)⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

	Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Tangible equity to tangible assets
	Total equity	$	1,565,775		$	1,526,141		$	1,521,980		$	1,461,955		$	1,441,415
	Intangible assets		396,912			399,023			397,853			398,686			400,819
	Total assets	$	13,864,451		$	13,786,666		$	13,839,552		$	13,501,909		$	13,439,199
	Tangible equity to tangible assets		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Return on average tangible common equity
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Amortization of intangible assets (net of tax)		1,583			1,560			1,547			1,600			1,626
	Net income, excluding intangibles amortization	$	38,328		$	37,565		$	39,644		$	34,316		$	35,449

	Average stockholders’ equity	$	1,538,798		$	1,517,788		$	1,483,998		$	1,443,351		$	1,429,602
	Less: average goodwill and other intangibles		398,233			399,139			399,113			399,968			401,756
	Average tangible common equity	$	1,140,565		$	1,118,649		$	1,084,885		$	1,043,383		$	1,027,846
	Return on average tangible common equity⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%

⁽²⁾	Non-GAAP measure – Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.
⁽³⁾	Annualized.
⁽⁴⁾	Total past due loans, defined as loans 30 days or more past due and in an accrual status.
⁽⁵⁾	Securities are shown at average amortized cost.
⁽⁶⁾	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

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

The MIL Network –

April 25, 2025

Category: Economy

New challenges

Reinvest: Prevention is the most cost-effective intervention

Reimagine: New tools, local solutions

Reignite: Community and collaboration matters

The cost of inaction is unaffordable

April 25, 2025

IMF Communications Department

MEDIA RELATIONS

British satellite to map Earth’s forests in 3D for the first time to help combat climate change

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Polluting water bosses face up to two years in prison

Notes to editors:

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The new provisions enable:

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 The new provisions enable: