Economy – Page 747 – NewzIntel.com

MIL-OSI: Penfund Announces Final Close of Penfund Prime

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Penfund is pleased to announce the final close of its new senior debt fund, Penfund Prime (“Prime”). Prime will deploy $1.8 billion (USD) of investable capital into unitranche and senior term loans issued by North American borrowers. Seven investments have been completed to date and Prime is actively reviewing new opportunities to support market leading private equity firms and borrowers.

Penfund will leverage 25+ years of experience investing in best-in-class businesses within sectors of expertise including the automotive aftermarket, financial services, healthcare, distribution and consumer staple sectors. Prime complements Penfund’s existing junior capital platform by expanding the range of capital solutions available to borrowers.

“Prime enhances our ability to provide innovative and reliable capital solutions to meet the evolving needs of borrowers and investors. Prime will invest based upon Penfund’s disciplined, time-tested underwriting capability and credit philosophy. Our objective is to build a high quality, differentiated portfolio, to offer our founding partners exceptional reporting and to equitably share the benefits of scale as Prime grows. Prime was established as a true partnership and we thank each founding partner for their confidence and support.” stated Richard Bradlow, a Partner at Penfund.

Matthew Lee, a Partner at Penfund, added, “Prime will be a trusted financing partner for our private equity sponsor and borrower relationships through all market conditions. We are excited to continue growing our relationships across our sectors of specialization.”

Placemore Capital acted as placement agent for Penfund. Legal and tax advice was provided by Stikeman Elliott LLP and Goodwin Procter LLP, and KPMG LLP served as special tax adviser.

About Penfund
Penfund is a leading provider of capital to middle market companies throughout North America. The firm is actively investing both senior and junior capital through Prime and Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than C$3.0 billion in over 225 companies since its establishment. Assets under management are approximately C$3.7 billion.

For further information, please contact:

Richard Bradlow
Partner
(416) 645-3794
richard@penfund.com

Adam Breslin
Partner
(416) 645-3796
abreslin@penfund.com

Joe Mattina
Partner
(905) 531-8725
jmattina@penfund.com

Jeremy Thompson
Partner
(416) 645-3790
jthompson@penfund.com

The MIL Network –

April 23, 2025

MIL-OSI USA: SCHUMER CELEBRATES CHOBANI INVESTING WHOPPING $1 BILLION IN MOHAWK VALLEY FOR NEW YOGURT FACTORY, CREATING 1,000 NEW GOOD-PAYING JOBS – LARGEST INVESTMENT IN NATURAL FOOD MAKING IN AMERICAN HISTORY

US Senate News:

Source: United States Senator for New York Charles E Schumer

Schumer Pushed Chobani To Consider NY For Major Expansion & Has Worked With Company Since Day 1 Helping Chobani First Set Up Shop In Upstate NY And Grow By Helping Get Greek Yogurt Into National School Lunch Program

Chobani Is America’s #1 Selling Greek Yogurt Brand And Purchases Most Of Its Dairy For NY Plants From New York Dairy Farms, Supporting Thousands Across Upstate NY

Schumer: New Chobani Facility Is A Win-Win-Win For Chobani, NY Dairy Farmers, And Mohawk Valley Jobs & The Economy

A longtime advocate for Chobani’s growth in Upstate NY, U.S. Senator Chuck Schumer today celebrated Chobani’s announcement it will invest $1 billion to build a new Greek yogurt manufacturing facility at the Griffiss Triangle Site in the City of Rome, the largest investment in natural food making in American history, creating 1,000 new good paying jobs. Schumer, who has long helped Chobani grow including by helping to get their Greek yogurt in the national school lunch program, said this massive new investment will help boost Upstate NY’s dairy farmers and will establish the region as a leader in yogurt production for the entire country

“Today, Chobani makes Upstate New York the #1 Greek yogurt producer in America. Chobani’s $1 billion investment – the largest investment in natural food making in American history – is a win-win-win for Chobani, NY dairy farmers, and the Mohawk Valley economy and jobs. I’ve fought to help Chobani grow since the very beginning to lay the foundation for a day like today. When Chobani wanted to expand the reach of their delicious and nutritious Greek yogurt, I helped get them included in the national school lunch program to be enjoyed by children across the country. With this new factory, more people will be able to enjoy their ‘Made In NY’ Greek yogurt than ever before,” said Senator Schumer. “Dairy farmers are the beating heart of Upstate NY and this massive new facility and 1,000 new jobs will help support so many family farms across the state. I sincerely thank Chobani’s amazing CEO, and my very good friend, Hamdi Ulukaya for continuing his commitment to our state. I also thank Governor Hochul: without her leadership, today would not be possible. New York is proud that Chobani calls it home and more people will be enjoying their yogurt that comes from NY dairy farms made here in the Mohawk Valley than ever before.”

Chobani, which is America’s No. 1-selling Greek yogurt brand and the second largest overall yogurt manufacturer, calls New York State home. Currently, Chobani employs over 1300 people at its Chenango County and New York City offices, and purchases 95% of its dairy from New York farmers for its products made in New York State.

Schumer has long supported the Greek yogurt industry in Upstate New York, previously ensuring that it was included in the USDA’s school lunch program with Chobani and the broader Greek yogurt industry in mind. Schumer explained that Greek yogurt is a highly nutritious product that has become a popular and healthy food staple for millions of Americans, including students across the country who take part in the USDA Child Nutrition programs. Schumer said that starting in the fall of 2015, after his push, the USDA added Greek yogurt to its list of items available in the National School Lunch Program. Schumer has additionally called on the USDA to update its protein crediting system to ensure that Greek yogurt is given credit for the protein it contributes and is continuing his advocacy to ensure that the crediting system will ultimately reflect the nutritional quality of Greek yogurt, making it a cost-competitive option for schools to purchase.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SBA Eliminates Disastrous Biden-Era Underwriting Standards

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration (SBA) announced it will eliminate a package of Biden-era policies which dramatically reduced underwriting standards within the 7(a) loan program, sacrificing its financial integrity and driving up taxpayer liability. Under the leadership of Administrator Kelly Loeffler, the SBA is restoring robust rules to end the era of reckless lending – preserving access to capital for America’s small business owners and safeguarding taxpayer dollars.

“The last Administration inherited a thriving 7(a) loan program but left it in critical condition – dismantling every common-sense guardrail that kept it solvent and self-sustaining,” Administrator Loeffler said. “From slashing lender fees to destroying underwriting standards, Biden’s reckless policies have triggered a surge in defaults which now threatens the viability of the program along with its risk to taxpayers. Therefore, the SBA is taking immediate action to restore prudent lending criteria, rein in risk, and save the 7(a) program before it collapses under the weight of bad policy.”

As the flagship SBA loan, the 7(a) loan guaranty provides government-backed capital through private lenders for qualified small businesses unable to borrow elsewhere. By statute, it is required to operate at “zero-subsidy,” or zero cost – and historically pays for itself through lender fees, which cover the costs of any borrower defaults.

Despite this mandate, the Biden Administration eliminated lender fees. It simultaneously adopted an underwriting standard known as “Do What You Do,” which erased longstanding lending criteria within the 7(a) loan program and enabled lenders to approve underqualified borrowers for government-guaranteed loans. Predictably, the program saw a massive rise in defaults and delinquencies – which the agency was unable to cover due to decreased fee income. By 2024, the 7(a) loan program had a negative cash flow of about $397 million – the first instance of negative cashflow in 13 years.

Last month, the SBA took aggressive action to stop the bleeding and restore lender fees within the 7(a) loan program. The new SOP 50.10.8, announced today, will reject the “Do What You Do” underwriting rules and revert lending criteria to the heightened pre-Biden standards. Additionally, the new rule will reinstate and streamline the Franchise Directory to help lenders determine whether certain businesses are eligible to receive an SBA loan.

# # #

About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Governor Stein Celebrates Earth Day at Eno River Park

Source: US State of North Carolina

Headline: Governor Stein Celebrates Earth Day at Eno River Park

Governor Stein Celebrates Earth Day at Eno River Park
lsaito
Tue, 04/22/2025 – 16:31

Raleigh, NC

Today, Governor Josh Stein, North Carolina Department of Natural and Cultural Resources (DNCR) Secretary Pam Cashwell, and North Carolina Department of Enviornmental Quality (DEQ) Secretary Reid Wilson celebrated Earth Day at Eno River State Park in Durham. Governor Stein toured the park with Eno River Superintendent Kimberly Radewicz and spoke with park rangers to learn about the park’s economic and cultural impact.

“From the Blue Ridge Mountains to the barrier islands and everywhere in between, like Eno River State Park, North Carolina’s natural beauty enriches our quality of life and attracts millions of visitors each year,” said Governor Josh Stein. “I am proud to celebrate Earth Day on the Eno alongside some of our dedicated state park rangers. We must all work together to preserve North Carolina’s natural beauty.”

“Earth Day is a chance for us to celebrate North Carolina’s 41 state parks and recreational areas, and the team that keeps them beautiful for the millions of visitors each year,” said Department of Natural and Cultural Resources Secretary Pamela B. Cashwell. “It also serves as a reminder that we all have a role to play in keeping our state’s parks and trails in good order.”

“I admire the people across North Carolina who are spending Earth Day working and volunteering within their communities to build a healthier environment,” said Department of Environmental Quality Secretary Reid Wilson. “We’re all in this together as we work to create a future with clean water, clean air, and healthy lands for everyone in our beautiful state.”

As Attorney General, Stein held polluters accountable for dumping forever chemicals into the Cape Fear River and won a $1.1 billion settlement for coal ash cleanup that helped North Carolinians save on their energy bills. Now, Governor Stein is committed to ensuring that all North Carolinians have access to clean air and water and that the state maintains its natural beauty and its leadership in the clean energy economy.

Apr 22, 2025

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Three Large-Scale Energy Projects Gain Approvals

Source: US State of New York

o celebrate Earth Day, Governor Kathy Hochul announced the New York State Office of Renewable Energy Siting and Electric Transmission (ORES) has issued final siting permits to develop and operate Foothills Solar, a 40 megawatt (MW) solar facility in the Town of Mayfield in Fulton County; Rock District Solar, a 20 MW solar facility in the towns of Seward and Carlisle in Schoharie County; and York Run Solar, a 90 MW solar facility in the towns of Kiantone and Busti in Chautauqua County. The projects will create good-paying jobs, invest in crucial infrastructure, and increase tax revenues for local schools and other community priorities.

“On Earth Day, New York is proud to announce its latest investment in solar and wind technology, upholding our commitment to build a clean energy economy,” Governor Hochul said. “With refined siting protocols through the establishment of ORES four years ago, New York is expediting permitting for clean energy projects – all while creating good-paying jobs throughout the state. These projects are a testament to New York’s commitment to sustainability and resiliency in the face of a changing climate.”

Together, the Foothills, Rock District and York Run solar facilities will contribute a combined 150 MW of clean, renewable energy to New York’s electric grid while offsetting over 97,000 metric tons of CO2 and providing power for approximately 40,000 average-sized homes.

The new solar facilities will consist of the solar array and associated support equipment, along with an interconnection substation, fencing, access roads, and an operations and maintenance building. The facilities will interconnect to the New York electrical grid via new points of interconnection, located on National Grid’s transmission lines.

The projects were approved in less than the one-year timeframe required under the law, and were issued after a thorough, timely, and transparent review process that included public comment periods and hearings.

Office of Renewable Energy Siting and Electric Transmission Executive Director Zeryai Hagos said, “As the state approaches 4 gigawatts of wind and solar energy permitted, ORES continues to advance New York’s nation-leading clean energy policies while being responsive to community feedback and protecting the environment.”

These three projects are anticipated to create a total of 240 jobs during construction and mark 24 clean energy projects approved by ORES since 2021, when it was created to accelerate permitting for renewable energy generation. New York State has approved 28 large-scale solar and wind projects since 2021, including 24 permitted by ORES and four approved by the NYS Siting Board under Article 10, the statute that governed solar and wind projects over 25MW prior to the creation of ORES. The 28 permitted facilities represent 3.7 gigawatts of new clean, renewable energy.

ORES’ decision for these facilities follows a detailed and transparent review process with robust public participation to ensure the proposed project meets or exceeds the requirements of Article VIII of the New York State Public Service Law and its implementing regulations. The Foothills Solar application was deemed complete on June 25, 2024, and a draft permit was issued by ORES on August 26, 2024; the application for the Rock District Solar application was deemed complete on June 10, 2024, and a draft permit was issued by ORES on August 2, 2024; the York Run Solar application was deemed complete on October 9, 2024, and a draft permit was issued by ORES on December 6, 2024. These solar power projects meaningfully advance New York’s clean energy goals while establishing the State as a paradigm for efficient, transparent, and thorough siting permitting process of major renewable energy facilities.

Today’s decisions may be obtained by going to the ORES website at https://dps.ny.gov/ores-permit-applications.

New York State’s Climate Agenda

New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –

April 23, 2025

MIL-OSI: QCR Holdings, Inc. Announces Net Income of $25.8 Million for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

Net income of $25.8 million, or $1.52 per diluted share
Adjusted net income (non-GAAP) of $26.0 million, or $1.53 per diluted share
Adjusted NIM (TEY) (non-GAAP) expanded to 3.41%
Robust core deposit growth of 20% annualized
Wealth management revenue growth of 14% annualized
Tangible book value per share (non-GAAP) grew $1.43, or 11% annualized
TCE/TA ratio (non-GAAP) improved 15 basis points to 9.70%

MOLINE, Ill., April 22, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $25.8 million and diluted earnings per share (“EPS”) of $1.52 for the first quarter of 2025, compared to net income of $30.2 million and diluted EPS of $1.77 for the fourth quarter of 2024.

Adjusted net income (non-GAAP) and adjusted diluted EPS for the first quarter of 2025 were $26.0 million and $1.53, respectively. For the fourth quarter of 2024, adjusted net income (non-GAAP) was $32.8 million and adjusted diluted EPS was $1.93. For the first quarter of 2024, adjusted net income (non-GAAP) was $26.9 million, and adjusted diluted EPS was $1.59.

	For the Quarter Ended
	March 31,		December 31,		March 31,
$ in millions (except per share data)	2025		2024		2024
Net Income	$	25.8	$	30.2	$	26.7
Diluted EPS	$	1.52	$	1.77	$	1.58
Adjusted Net Income (non-GAAP)*	$	26.0	$	32.8	$	26.9
Adjusted Diluted EPS (non-GAAP)*	$	1.53	$	1.93	$	1.59

*Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

“Our first quarter results were highlighted by margin expansion, robust deposit growth, and disciplined expense management. We also had another quarter of strong wealth management revenue growth,” said Larry J. Helling, Chief Executive Officer. “Our performance was further bolstered by continued loan growth while maintaining our excellent asset quality, further strengthening our capital levels, and significantly increasing our tangible book value per share.”

Margin Performance Continues

Net interest income for the first quarter of 2025 totaled $60.0 million, a decrease of $1.2 million from the fourth quarter of 2024, but increased slightly when adjusted for fewer days in the first quarter.

Net interest margin (“NIM”) was 2.95% and NIM on a tax-equivalent yield (“TEY”) basis (non-GAAP) was 3.42% for the first quarter, as compared to 2.95% and 3.43% for the prior quarter, respectively. Adjusted NIM TEY (non-GAAP) of 3.41% for the first quarter of 2025 increased one basis point compared to the fourth quarter of 2024.

“Our adjusted NIM, on a tax equivalent yield basis, increased one basis point from the fourth quarter of 2024 and was within our guidance range, overpowering the dilution from the impact of expired interest rate caps,” said Todd A. Gipple, President and Chief Financial Officer. “Absent the impact from the interest rate caps, our adjusted NIM TEY expanded by five basis points. Looking ahead, we anticipate continued margin expansion and are guiding to second quarter adjusted NIM TEY in the range from static to an increase of four basis points, assuming no Federal Reserve rate cuts,” added Mr. Gipple.

Noninterest Income Driven by Capital Markets and Wealth Management Revenue

Noninterest income for the first quarter of 2025 was influenced by macroeconomic factors, particularly affecting our low-income housing tax credit (“LIHTC”) lending business and its associated capital markets revenue. Noninterest income for the quarter totaled $16.9 million, down from $30.6 million in the fourth quarter of 2024. The Company generated $6.5 million of capital markets revenue during the first quarter, compared to $20.6 million in the prior quarter.

“Our capital markets business was affected by macroeconomic uncertainty. Despite this, demand for affordable housing remains significant. The lower first quarter results in this sector should lead to a larger pipeline for future transactions. Our capital markets activity for the second quarter is normalizing as clients adjust to the current environment,” said Mr. Helling. “As a result, we continue to expect our capital markets revenue to be in a range of $50 to $60 million over the next four quarters. We believe the long-term demand and our growing backlog for new deals will support the sustainability of our LIHTC lending program,” added Mr. Helling.

“Additionally, our wealth management business remained strong in the first quarter of 2025, generating annualized revenue growth of 14% for the quarter driven by growth in new client accounts and assets under management. We expect continued strong growth in this business to be fueled by the strategic investments we made in our Southwest Missouri and Central Iowa markets,” said Mr. Gipple.

Significant Noninterest Expense Reduction

Noninterest expense for the first quarter of 2025 totaled $46.5 million, a decrease compared to $53.5 million for the fourth quarter and $50.7 million for the first quarter of 2024. The $7.0 million linked-quarter decrease was primarily due to lower salary and employee benefits expenses associated with reduced variable compensation.

“Our noninterest expense decreased by 13% during the quarter, primarily due to lower capital markets revenue and its impact on our variable compensation. As a result, expenses were well below the guided range of $52 to $55 million highlighting our expense flexibility,” said Mr. Gipple. “The Company’s efficiency ratio was 60.54% in the first quarter. For the second quarter of 2025 we expect noninterest expense to be in the range of $50 to $53 million which assumes both capital markets revenue and loan growth are within our guidance range,” added Mr. Gipple.

Exceptionally Low Effective Tax Rate

The effective tax rate for the first quarter of 2025 was 1%, down from 9% in the prior quarter. The linked quarter decline is primarily due to a combination of the tax benefits from equity compensation in the first quarter, new state tax credit investments, and lower pre-tax income from lower capital markets revenue. “These factors decreased the mix of our taxable income relative to our tax-exempt income. Our tax-exempt loan and bond portfolios have consistently helped us maintain our low tax liability benefiting our shareholders,” said Mr. Gipple. “Given a more normalized mix of revenue, we expect our effective tax rate to be in the range of 6% to 8% for the second quarter of 2025,” added Mr. Gipple.

Robust Deposit Growth

During the first quarter of 2025, core deposits increased by $332.2 million, or 20% annualized, which allowed the Company to decrease brokered deposits by $56.0 million, and overnight FHLB advances by $140 million. Gross loans and leases held for investment as a percentage of total deposits ratio improved to 92.96% from 96.05% from the prior quarter. “Our deposit growth this quarter reflects our strong execution in expanding market share and deepening relationships with both new and existing clients in our core markets,” added Mr. Helling.

Continued Loan Growth

In the first quarter of 2025, the Company’s total loans and leases held for investment grew by $38.9 million to $6.8 billion. “Loan growth was 4% annualized when adding back the impact from the runoff of m2 Equipment Finance loans. First quarter loan activity was influenced by heightened macroeconomic uncertainty and elevated payoffs. We anticipate that the slowdown in our LIHTC business during this period should lead to a larger pipeline of future activity driven by the ongoing significant demand for low-income housing,” stated Mr. Helling.

“Due to heightened uncertainty, we are suspending our full-year loan growth guidance. Instead, we are providing guidance for the second quarter of 2025, projecting an annualized growth rate of 4% to 6%,” added Mr. Helling.

Asset Quality Remains Excellent

The Company’s nonperforming assets (“NPAs”) to total assets ratio was 0.53% on March 31, 2025, up three basis points from the prior quarter. NPAs totaled $48.1 million at the end of the first quarter of 2025, a $2.6 million increase from the prior quarter. The increase in NPAs during the first quarter was primarily due to the addition of three specific loans, partially offset by the payoff of our largest NPA in January.

The Company’s total criticized loans, a leading indicator of asset quality, declined by $18.2 million on a linked-quarter basis, and the ratio of criticized loans to total loans and leases as of March 31, 2025, improved to 2.06%, as compared to 2.34% as of December 31, 2024. This $18.2 million reduction marks the Company’s lowest criticized loan ratio in five years.

The Company recorded a total provision for credit losses of $4.2 million during the quarter, representing a decline of $0.9 million from the prior quarter. The reduction in the provision for credit losses during the quarter was primarily due to lower loan growth and a decrease in total criticized balances. Net charge-offs were also $4.2 million during the first quarter of 2025, an increase of $0.8 million from the prior quarter. The allowance for credit losses to total loans held for investment was unchanged from the prior quarter at 1.32%.

Strong Tangible Book Value and Regulatory Capital Growth

The Company’s tangible book value per share (non-GAAP) increased by $1.43, or 11% annualized, during the first quarter of 2025 due to the combination of strong earnings, a modest dividend, and negligible changes in accumulated other comprehensive income (“AOCI”).

As of March 31, 2025, the Company’s tangible common equity to tangible assets ratio (“TCE”) (non-GAAP) increased 15 basis points to 9.70%. The improvement in TCE (non-GAAP) was driven by strong earnings as AOCI remained consistent during the quarter. The total risk-based capital ratio increased to 14.16% and the common equity tier 1 ratio increased to 10.26% due to solid earnings growth and modest loan growth during the quarter. By comparison, these ratios were 9.55%, 14.10%, and 10.03%, respectively, as of December 31, 2024. The Company remains focused on maintaining strong regulatory capital and targeting TCE (non-GAAP) in the top quartile of its peer group.

Conference Call Details
The Company will host an earnings call/webcast tomorrow, April 23, 2025, at Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through April 30, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 7198237. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of March 31, 2025, the Company had $9.2 billion in assets, $6.8 billion in loans and $7.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company’s general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the “SEC”) or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (vii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (viii) unexpected results of acquisitions, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxii) changes in the interest rates and repayment rates of the Company’s assets; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC.

Contact:
Todd A. Gipple
President
Chief Financial Officer
(309) 743-7745
tgipple@qcrh.com

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

			As of
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024

			(dollars in thousands)

		CONDENSED BALANCE SHEET

		Cash and due from banks	$	98,994		$	91,732		$	103,840		$	92,173		$	80,988
		Federal funds sold and interest-bearing deposits		225,716			170,592			159,159			102,262			77,020
		Securities, net of allowance for credit losses		1,220,717			1,200,435			1,146,046			1,033,199			1,031,861
		Loans receivable held for sale (1)		2,025			2,143			167,047			246,124			275,344
		Loans/leases receivable held for investment		6,821,142			6,782,261			6,661,755			6,608,262			6,372,992
		Allowance for credit losses		(90,354	)		(89,841	)		(86,321	)		(87,706	)		(84,470	)
		Intangibles		10,400			11,061			11,751			12,441			13,131
		Goodwill		138,595			138,595			138,596			139,027			139,027
		Derivatives		180,997			186,781			261,913			194,354			183,888
		Other assets		544,547			532,271			524,779			531,855			509,768
		Total assets	$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991		$	8,599,549

		Total deposits	$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667		$	6,806,775
		Total borrowings		429,921			569,532			660,344			768,671			489,633
		Derivatives		206,925			214,823			285,769			221,798			211,677
		Other liabilities		155,796			183,101			181,199			180,536			184,122
		Total stockholders’ equity		1,022,747			997,387			976,620			936,319			907,342
		Total liabilities and stockholders’ equity	$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991		$	8,599,549

		ANALYSIS OF LOAN PORTFOLIO
		Loan/lease mix: (2)
		Commercial and industrial – revolving	$	388,479		$	387,991		$	387,409		$	362,115		$	326,129
		Commercial and industrial – other		1,231,198			1,295,961			1,321,053			1,370,561			1,374,333
		Commercial and industrial – other – LIHTC		212,921			218,971			89,028			92,637			96,276
		Total commercial and industrial		1,832,598			1,902,923			1,797,490			1,825,313			1,796,738
		Commercial real estate, owner occupied		599,488			605,993			622,072			633,596			621,069
		Commercial real estate, non-owner occupied		1,040,281			1,077,852			1,103,694			1,082,457			1,055,089
		Construction and land development		403,001			395,557			342,335			331,454			410,918
		Construction and land development – LIHTC		1,016,207			917,986			913,841			750,894			738,609
		Multi-family		289,782			303,662			324,090			329,239			296,245
		Multi-family – LIHTC		888,517			828,448			973,682			1,148,244			1,007,321
		Direct financing leases		14,773			17,076			19,241			25,808			28,089
		1-4 family real estate		592,127			588,179			587,512			583,542			563,358
		Consumer		146,393			146,728			144,845			143,839			130,900
		Total loans/leases	$	6,823,167		$	6,784,404		$	6,828,802		$	6,854,386		$	6,648,336
		Less allowance for credit losses		90,354			89,841			86,321			87,706			84,470
		Net loans/leases	$	6,732,813		$	6,694,563		$	6,742,481		$	6,766,680		$	6,563,866


		ANALYSIS OF SECURITIES PORTFOLIO
		Securities mix:
		U.S. government sponsored agency securities	$	17,487		$	20,591		$	18,621		$	20,101		$	14,442
		Municipal securities		1,003,985			971,567			965,810			885,046			884,469
		Residential mortgage-backed and related securities		43,194			50,042			53,488			54,708			56,071
		Asset backed securities		7,764			9,224			10,455			12,721			14,285
		Other securities		66,105			65,745			39,190			38,464			40,539
		Trading securities (3)		82,445			83,529			58,685			22,362			22,258
		Total securities	$	1,220,980		$	1,200,698		$	1,146,249		$	1,033,402		$	1,032,064
		Less allowance for credit losses		263			263			203			203			203
		Net securities	$	1,220,717		$	1,200,435		$	1,146,046		$	1,033,199		$	1,031,861

		ANALYSIS OF DEPOSITS
		Deposit mix:
		Noninterest-bearing demand deposits	$	963,851		$	921,160		$	969,348		$	956,445		$	955,167
		Interest-bearing demand deposits		5,119,601			4,828,216			4,715,087			4,644,918			4,714,555
		Time deposits		951,606			953,496			942,847			859,593			875,491
		Brokered deposits		302,332			358,315			357,351			303,711			261,562
		Total deposits	$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667		$	6,806,775

		ANALYSIS OF BORROWINGS
		Borrowings mix:
		Term FHLB advances	$	145,383		$	145,383		$	145,383		$	135,000		$	135,000
		Overnight FHLB advances		–			140,000			230,000			350,000			70,000
		Other short-term borrowings		2,050			1,800			2,750			1,600			2,700
		Subordinated notes		233,595			233,489			233,383			233,276			233,170
		Junior subordinated debentures		48,893			48,860			48,828			48,795			48,763
		Total borrowings	$	429,921		$	569,532		$	660,344		$	768,671		$	489,633

(1	)	Loans with a fair value of $0 million, $0 million, $165.9 million, $243.2 million and $274.8 million have been identified for securitization and are included in LHFS at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(2	)	Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.2 billion at March 31, 2025.
(3	)	Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)

	For the Quarter Ended
	March 31,			December 31,			September 30,			June 30,		March 31,
	2025			2024			2024			2024		2024

	(dollars in thousands, except per share data)

INCOME STATEMENT
Interest income	$	116,673		$	121,642		$	125,420		$	119,746	$	115,049
Interest expense		56,687			60,438			65,698			63,583		60,350
Net interest income		59,986			61,204			59,722			56,163		54,699
Provision for credit losses		4,234			5,149			3,484			5,496		2,969
Net interest income after provision for credit losses	$	55,752		$	56,055		$	56,238		$	50,667	$	51,730


Trust fees (1)	$	3,686		$	3,456		$	3,270		$	3,103	$	3,199
Investment advisory and management fees (1)		1,254			1,320			1,229			1,214		1,101
Deposit service fees		2,183			2,228			2,294			1,986		2,022
Gains on sales of residential real estate loans, net		297			734			385			540		382
Gains on sales of government guaranteed portions of loans, net		61			49			–			12		24
Capital markets revenue		6,516			20,552			16,290			17,758		16,457
Earnings on bank-owned life insurance		524			797			814			2,964		868
Debit card fees		1,488			1,555			1,575			1,571		1,466
Correspondent banking fees		614			560			507			510		512
Loan related fee income		898			950			949			962		836
Fair value gain (loss) on derivatives and trading securities		(1,007	)		(1,781	)		(886	)		51		(163	)
Other		378			205			730			218		154
Total noninterest income	$	16,892		$	30,625		$	27,157		$	30,889	$	26,858


Salaries and employee benefits	$	27,364		$	33,610		$	31,637		$	31,079	$	31,860
Occupancy and equipment expense		6,455			6,354			6,168			6,377		6,514
Professional and data processing fees		5,144			5,480			4,457			4,823		4,613
Restructuring expense		–			–			1,954			–		–
FDIC insurance, other insurance and regulatory fees		1,970			1,934			1,711			1,854		1,945
Loan/lease expense		381			513			587			151		378
Net cost of (income from) and gains/losses on operations of other real estate		(9	)		23			(42	)		28		(30	)
Advertising and marketing		1,613			1,886			2,124			1,565		1,483
Communication and data connectivity		290			345			333			318		401
Supplies		207			252			278			259		275
Bank service charges		596			635			603			622		568
Correspondent banking expense		329			328			325			363		305
Intangibles amortization		661			691			690			690		690
Goodwill impairment		–			–			431			–		–
Payment card processing		594			516			785			706		646
Trust expense		357			381			395			379		425
Other		587			551			1,129			674		617
Total noninterest expense	$	46,539		$	53,499		$	53,565		$	49,888	$	50,690

Net income before income taxes	$	26,105		$	33,181		$	29,830		$	31,668	$	27,898
Federal and state income tax expense		308			2,956			2,045			2,554		1,172
Net income	$	25,797		$	30,225		$	27,785		$	29,114	$	26,726

Basic EPS	$	1.53		$	1.80		$	1.65		$	1.73	$	1.59
Diluted EPS	$	1.52		$	1.77		$	1.64		$	1.72	$	1.58


Weighted average common shares outstanding		16,900,785			16,871,652			16,846,200			16,814,814		16,783,348
Weighted average common and common equivalent shares outstanding		17,013,992			17,024,481			16,982,400			16,921,854		16,910,675

(1) Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

			As of and for the Quarter Ended
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024

			(dollars in thousands, except per share data)

		COMMON SHARE DATA
		Common shares outstanding		16,920,363			16,882,045			16,861,108			16,824,985			16,807,056
		Book value per common share (1)	$	60.44		$	59.08		$	57.92		$	55.65		$	53.99
		Tangible book value per common share (Non-GAAP) (2)	$	51.64		$	50.21		$	49.00		$	46.65		$	44.93
		Closing stock price	$	71.32		$	80.64		$	74.03		$	60.00		$	60.74
		Market capitalization	$	1,206,760		$	1,361,368		$	1,248,228		$	1,009,499		$	1,020,861
		Market price / book value		117.99	%		136.49	%		127.81	%		107.82	%		112.51	%
		Market price / tangible book value		138.11	%		160.59	%		151.07	%		128.62	%		135.18	%
		Earnings per common share (basic) LTM (3)	$	6.71		$	6.77		$	6.93		$	6.78		$	6.75
		Price earnings ratio LTM (3)	10.63 x			11.91 x			10.68 x			8.85 x			9.00 x
		TCE / TA (Non-GAAP) (4)		9.70	%		9.55	%		9.24	%		9.00	%		8.94	%


		CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
		Beginning balance	$	997,387		$	976,620		$	936,319		$	907,342		$	886,596
		Net income		25,797			30,225			27,785			29,114			26,726
		Other comprehensive income (loss), net of tax		404			(9,628	)		12,057			(368	)		(5,373	)
		Common stock cash dividends declared		(1,015	)		(1,013	)		(1,012	)		(1,008	)		(1,008	)
		Other (5)		174			1,183			1,471			1,239			401
		Ending balance	$	1,022,747		$	997,387		$	976,620		$	936,319		$	907,342


		REGULATORY CAPITAL RATIOS (6):
		Total risk-based capital ratio		14.16	%		14.10	%		13.87	%		14.21	%		14.30	%
		Tier 1 risk-based capital ratio		10.79	%		10.57	%		10.33	%		10.49	%		10.50	%
		Tier 1 leverage capital ratio		11.06	%		10.73	%		10.50	%		10.40	%		10.33	%
		Common equity tier 1 ratio		10.26	%		10.03	%		9.79	%		9.92	%		9.91	%


		KEY PERFORMANCE RATIOS AND OTHER METRICS
		Return on average assets (annualized)		1.14	%		1.34	%		1.24	%		1.33	%		1.25	%
		Return on average total equity (annualized)		10.14	%		12.15	%		11.55	%		12.63	%		11.83	%
		Net interest margin		2.95	%		2.95	%		2.90	%		2.82	%		2.82	%
		Net interest margin (TEY) (Non-GAAP)(7)		3.42	%		3.43	%		3.37	%		3.27	%		3.25	%
		Efficiency ratio (Non-GAAP) (8)		60.54	%		58.26	%		61.65	%		57.31	%		62.15	%
		Gross loans/leases held for investment / total assets		74.53	%		75.14	%		73.30	%		74.48	%		74.11	%
		Gross loans/leases held for investment / total deposits		92.96	%		96.05	%		95.38	%		97.69	%		93.63	%
		Effective tax rate		1.18	%		8.91	%		6.86	%		8.06	%		4.20	%
		Full-time equivalent employees		972			980			976			988			986


		AVERAGE BALANCES
		Assets	$	9,015,439		$	9,050,280		$	8,968,653		$	8,776,002		$	8,550,855
		Loans/leases		6,790,312			6,839,153			6,840,527			6,779,075			6,598,614
		Deposits		7,146,286			7,109,567			6,858,196			6,687,188			6,595,453
		Total stockholders’ equity		1,017,487			995,012			962,302			921,986			903,371


(1	)	Includes accumulated other comprehensive income (loss).
(2	)	Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3	)	LTM : Last twelve months.
(4	)	TCE / TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.
(5	)	Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.
(6	)	Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8	)	See GAAP to Non-GAAP reconciliations.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


		ANALYSIS OF NET INTEREST INCOME AND MARGIN

			For the Quarter Ended
			March 31, 2025						December 31, 2024						March 31, 2024
			Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost

			(dollars in thousands)

		Fed funds sold	$	9,009	$	99	4.40	%	$	5,617	$	67	4.68	%	$	19,955	$	269	5.42	%
		Interest-bearing deposits at financial institutions		166,897		1,804	4.38	%		158,151		1,823	4.59	%		91,557		1,200	5.27	%
		Investment securities – taxable		400,779		4,588	4.59	%		375,552		4,230	4.49	%		373,540		4,261	4.55	%
		Investment securities – nontaxable (1)		843,476		11,722	5.57	%		829,544		12,286	5.92	%		685,969		9,349	5.45	%
		Restricted investment securities		30,562		534	6.99	%		33,173		608	7.17	%		38,085		674	7.00	%
		Loans (1)		6,790,312		107,439	6.42	%		6,839,153		112,325	6.53	%		6,598,614		107,673	6.56	%
		Total earning assets (1)	$	8,241,035	$	126,186	6.20	%	$	8,241,190	$	131,339	6.34	%	$	7,807,720	$	123,426	6.35	%

		Interest-bearing deposits	$	5,005,853	$	37,698	3.05	%	$	4,881,914	$	39,408	3.21	%	$	4,529,325	$	39,072	3.47	%
		Time deposits		1,204,593		12,690	4.27	%		1,248,412		13,868	4.42	%		1,107,622		12,345	4.48	%
		Short-term borrowings		1,839		18	3.97	%		1,862		22	4.67	%		1,763		23	5.16	%
		Federal Home Loan Bank advances		177,883		1,996	4.49	%		236,525		2,802	4.64	%		355,220		4,738	5.28	%
		Subordinated debentures		233,525		3,601	6.17	%		233,419		3,636	6.23	%		233,101		3,480	5.97	%
		Junior subordinated debentures		48,871		684	5.60	%		48,839		701	5.62	%		48,742		692	5.62	%
		Total interest-bearing liabilities	$	6,672,564	$	56,687	3.44	%	$	6,650,971	$	60,437	3.61	%	$	6,275,773	$	60,350	3.86	%

		Net interest income (1)			$	69,499					$	70,902					$	63,076
		Net interest margin (2)					2.95	%					2.95	%					2.82	%
		Net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.42	%					3.43	%					3.25	%
		Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.41	%					3.40	%					3.24	%
		Cost of funds (4)					3.02	%					3.15	%					3.35	%


(1	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(2	)	See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.
(3	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(4	)	Cost of funds includes the effect of noninterest-bearing deposits.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

			As of
			March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024

			(dollars in thousands, except per share data)

		ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
		Beginning balance	$	89,841		$	86,321		$	87,706		$	84,470		$	87,200
		Change in ACL for transfer of loans to LHFS		–			93			(1,812	)		498			(3,377	)
		Credit loss expense		4,743			6,832			3,828			4,343			3,736
		Loans/leases charged off		(4,944	)		(4,787	)		(3,871	)		(1,751	)		(3,560	)
		Recoveries on loans/leases previously charged off		714			1,382			470			146			471
		Ending balance	$	90,354		$	89,841		$	86,321		$	87,706		$	84,470


		NONPERFORMING ASSETS
		Nonaccrual loans/leases	$	47,259		$	40,080		$	33,480		$	33,546		$	29,439
		Accruing loans/leases past due 90 days or more		356			4,270			1,298			87			142
		Total nonperforming loans/leases		47,615			44,350			34,778			33,633			29,581
		Other real estate owned		402			661			369			369			784
		Other repossessed assets		122			543			542			512			962
		Total nonperforming assets	$	48,139		$	45,554		$	35,689		$	34,514		$	31,327


		ASSET QUALITY RATIOS
		Nonperforming assets / total assets		0.53	%		0.50	%		0.39	%		0.39	%		0.36	%
		ACL for loans and leases / total loans/leases held for investment		1.32	%		1.32	%		1.30	%		1.33	%		1.33	%
		ACL for loans and leases / nonperforming loans/leases		189.76	%		202.57	%		248.21	%		260.77	%		285.55	%
		Net charge-offs as a % of average loans/leases		0.06	%		0.05	%		0.05	%		0.02	%		0.05	%



		INTERNALLY ASSIGNED RISK RATING (1)
		Special mention	$	55,327		$	73,636		$	80,121		$	85,096		$	111,729
		Substandard (2)		85,033			84,930			70,022			80,345			70,841
		Doubtful (2)		–			–			–			–			–
		Total Criticized loans (3)	$	140,360		$	158,566		$	150,143		$	165,441		$	182,570

		Classified loans as a % of total loans/leases (2)		1.25	%		1.25	%		1.03	%		1.17	%		1.07	%
		Total Criticized loans as a % of total loans/leases (3)		2.06	%		2.34	%		2.20	%		2.41	%		2.75	%

(1	)	Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.
(2	)	Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
(3	)	Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 , regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


			For the Quarter Ended
			March 31,			December 31,			March 31,
		SELECT FINANCIAL DATA – SUBSIDIARIES	2025			2024			2024
			(dollars in thousands)

		TOTAL ASSETS
		Quad City Bank and Trust (1)	$	2,777,634		$	2,588,587		$	2,618,727
		m2 Equipment Finance, LLC		276,096			310,915			350,801
		Cedar Rapids Bank and Trust		2,617,143			2,614,570			2,423,936
		Community State Bank		1,583,646			1,531,559			1,445,230
		Guaranty Bank		2,331,944			2,342,958			2,327,985

		TOTAL DEPOSITS
		Quad City Bank and Trust (1)	$	2,397,047		$	2,126,566		$	2,161,515
		Cedar Rapids Bank and Trust		1,883,952			1,882,487			1,757,353
		Community State Bank		1,238,307			1,256,938			1,187,926
		Guaranty Bank		1,840,774			1,824,139			1,743,514

		TOTAL LOANS & LEASES
		Quad City Bank and Trust (1)	$	2,041,181		$	2,048,926		$	2,046,038
		m2 Equipment Finance, LLC		284,983			320,237			354,815
		Cedar Rapids Bank and Trust		1,790,065			1,761,467			1,680,127
		Community State Bank		1,197,005			1,159,389			1,113,070
		Guaranty Bank		1,794,915			1,814,622			1,809,101

		TOTAL LOANS & LEASES / TOTAL DEPOSITS
		Quad City Bank and Trust (1)		85	%		96	%		95	%
		Cedar Rapids Bank and Trust		95	%		94	%		96	%
		Community State Bank		97	%		92	%		94	%
		Guaranty Bank		98	%		99	%		104	%


		TOTAL LOANS & LEASES / TOTAL ASSETS
		Quad City Bank and Trust (1)		73	%		79	%		78	%
		Cedar Rapids Bank and Trust		68	%		67	%		69	%
		Community State Bank		76	%		76	%		77	%
		Guaranty Bank		77	%		77	%		78	%

		ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT
		Quad City Bank and Trust (1)		1.44	%		1.49	%		1.40	%
		m2 Equipment Finance, LLC		4.37	%		4.22	%		3.75	%
		Cedar Rapids Bank and Trust		1.38	%		1.44	%		1.34	%
		Community State Bank		1.08	%		0.98	%		1.12	%
		Guaranty Bank		1.30	%		1.25	%		1.15	%

		RETURN ON AVERAGE ASSETS (ANNUALIZED)
		Quad City Bank and Trust (1)		1.31	%		1.09	%		0.79	%
		Cedar Rapids Bank and Trust		2.14	%		3.12	%		3.09	%
		Community State Bank		1.07	%		1.30	%		1.25	%
		Guaranty Bank		0.72	%		0.91	%		0.88	%

		NET INTEREST MARGIN PERCENTAGE (2)
		Quad City Bank and Trust (1)		3.45	%		3.53	%		3.31	%
		Cedar Rapids Bank and Trust		4.00	%		3.95	%		3.77	%
		Community State Bank		3.78	%		3.77	%		3.75	%
		Guaranty Bank (3)		3.05	%		3.18	%		2.98	%

		ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET
		INTEREST MARGIN, NET
		Cedar Rapids Bank and Trust	$	–		$	–		$	–
		Community State Bank		(1	)		(1	)		(1	)
		Guaranty Bank		218			504			396
		QCR Holdings, Inc. (4)		(33	)		(32	)		(32	)

(1	)	Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(3	)	Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.91% for the quarter ended March 31, 2025, 2.97% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.
(4	)	Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

			As of
			March 31,			December 31,			September 30,			June 30,			March 31,
		GAAP TO NON-GAAP RECONCILIATIONS	2025			2024			2024			2024			2024
			(dollars in thousands, except per share data)
		TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)

		Stockholders’ equity (GAAP)	$	1,022,747		$	997,387		$	976,620		$	936,319		$	907,342
		Less: Intangible assets		148,995			149,657			150,347			151,468			152,158
		Tangible common equity (non-GAAP)	$	873,752		$	847,730		$	826,273		$	784,851		$	755,184

		Total assets (GAAP)	$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991		$	8,599,549
		Less: Intangible assets		148,995			149,657			150,347			151,468			152,158
		Tangible assets (non-GAAP)	$	9,003,784		$	8,876,373		$	8,938,218		$	8,720,523		$	8,447,391

		Tangible common equity to tangible assets ratio (non-GAAP)		9.70	%		9.55	%		9.24	%		9.00	%		8.94	%


(1	)	This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

		GAAP TO NON-GAAP RECONCILIATIONS	For the Quarter Ended
			March 31,			December 31,			September 30,			June 30,			March 31,
		ADJUSTED NET INCOME (1)	2025			2024			2024			2024			2024
			(dollars in thousands, except per share data)

		Net income (GAAP)	$	25,797		$	30,225		$	27,785		$	29,114		$	26,726

		Less non-core items (post-tax) (2):
		Income:
		Fair value loss on derivatives, net		(156	)		(2,594	)		(542	)		(145	)		(144	)
		Total non-core income (non-GAAP)	$	(156	)	$	(2,594	)	$	(542	)	$	(145	)	$	(144	)

		Expense:
		Goodwill impairment		–			–			431			–			–
		Restructuring expense		–			–			1,544			–			–
		Total non-core expense (non-GAAP)	$	–		$	–		$	1,975		$	–		$	–


		Adjusted net income (non-GAAP) (1)	$	25,953		$	32,819		$	30,302		$	29,259		$	26,870

		ADJUSTED EARNINGS PER COMMON SHARE (1)

		Adjusted net income (non-GAAP) (from above)	$	25,953		$	32,819		$	30,302		$	29,259		$	26,870

		Weighted average common shares outstanding		16,900,785			16,871,652			16,846,200			16,814,814			16,783,348
		Weighted average common and common equivalent shares outstanding		17,013,992			17,024,481			16,982,400			16,921,854			16,910,675

		Adjusted earnings per common share (non-GAAP):
		Basic	$	1.54		$	1.95		$	1.80		$	1.74		$	1.60
		Diluted	$	1.53		$	1.93		$	1.78		$	1.73		$	1.59

		ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

		Adjusted net income (non-GAAP) (from above)	$	25,953		$	32,819		$	30,302		$	29,259		$	26,870

		Average Assets	$	9,015,439		$	9,050,280		$	8,968,653		$	8,776,002		$	8,550,855

		Adjusted return on average assets (annualized) (non-GAAP)		1.15	%		1.45	%		1.35	%		1.33	%		1.26	%
		Adjusted return on average equity (annualized) (non-GAAP)		10.20	%		13.19	%		12.60	%		12.69	%		11.90	%

		NET INTEREST MARGIN (TEY) (3)

		Net interest income (GAAP)	$	59,986		$	61,204		$	59,722		$	56,163		$	54,699
		Plus: Tax equivalent adjustment (4)		9,513			9,698			9,544			8,914			8,377
		Net interest income – tax equivalent (Non-GAAP)	$	69,499		$	70,902		$	69,266		$	65,077		$	63,076
		Less: Acquisition accounting net accretion		184			471			463			268			363
		Adjusted net interest income	$	69,315		$	70,431		$	68,803		$	64,809		$	62,713

		Average earning assets	$	8,241,035		$	8,241,190		$	8,183,196		$	7,999,044		$	7,807,720

		Net interest margin (GAAP)		2.95	%		2.95	%		2.90	%		2.82	%		2.82	%
		Net interest margin (TEY) (Non-GAAP)		3.42	%		3.43	%		3.37	%		3.27	%		3.25	%
		Adjusted net interest margin (TEY) (Non-GAAP)		3.41	%		3.40	%		3.34	%		3.26	%		3.24	%

		EFFICIENCY RATIO (5)

		Noninterest expense (GAAP)	$	46,539		$	53,499		$	53,565		$	49,888		$	50,690

		Net interest income (GAAP)	$	59,986		$	61,204		$	59,722		$	56,163		$	54,699
		Noninterest income (GAAP)		16,892			30,625			27,157			30,889			26,858
		Total income	$	76,878		$	91,829		$	86,879		$	87,052		$	81,557

		Efficiency ratio (noninterest expense/total income) (Non-GAAP)		60.54	%		58.26	%		61.65	%		57.31	%		62.15	%
		Adjusted efficiency ratio (core noninterest expense/core total income) (Non-GAAP)		60.38	%		56.25	%		58.45	%		57.19	%		62.01	%

(1	)	Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
(2	)	Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.
(3	)	Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(4	)	Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.
(5	)	Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.

The MIL Network –

April 23, 2025

MIL-OSI: Veritex Holdings, Inc. Reports First Quarter 2025 Operating Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended March 31, 2025.

“We continue to strengthen our balance sheet in support of our clients during a time of change and uncertainty,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “Key operating financial and credit performance metrics continue to improve and we remain focused on producing previously communicated 2025 goals, including a ROAA that exceeds 1%. Our focus also remains on disciplined loan growth, which is an industry wide challenge in the current environment.”

	Quarter to Date
*Financial Highlights*	Q1 2025			Q4 2024			Q1 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	29,070		$	24,882		$	24,156
Diluted EPS		0.53			0.45			0.44
Book value per common share		30.08			29.37			28.23
Return on average assets¹		0.94	%		0.78	%		0.79	%
Return on average equity¹		7.27			6.17			6.33
Net interest margin		3.31			3.20			3.24
Efficiency ratio		60.91			67.04			62.45
Non-GAAP²
Operating earnings	$	29,707		$	29,769		$	29,137
Diluted operating EPS		0.54			0.54			0.53
Tangible book value per common share		22.33			21.61			20.33
Pre-tax, pre-provision operating earnings		43,413			40,945			43,656
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.89			1.72			1.84
Operating return on average assets¹		0.96			0.93			0.95
Return on average tangible common equity¹		10.49			9.04			9.52
Operating return on average tangible common equity¹		10.70			10.69			11.34
Operating efficiency ratio		60.62			62.98			58.73

¹ Annualized ratio.
² Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.

Other First Quarter Financial, Credit and Company Highlights

Net interest margin (“NIM”) increased by 11 bps to 3.31%;
Criticized assets decreased approximately $17.7 million during the quarter;
Redeemed $75.0 million in subordinated notes on February 18, 2025, the associated rate of which switched from fixed to floating, SOFR + 347 bps, on November 15, 2024;
Total loan to deposit ratio declined to 88.9% as of March 31, 2025, compared to 89.3% as of December 31, 2024 and 91.7% as of March 31, 2024;
Repurchased 377,346 shares of our common stock, for approximately $9.5 million, during the quarter, which amounts to 555,016 total shares repurchased, for approximately $13.1 million, under the current Stock Buyback Program;
Announced the extension of the Stock Buyback Program through March 31, 2026;
Book value per share increased $0.71 to $30.08 and tangible book value (non-GAAP) per share increased $0.72 to $22.33;
Allowance for credit losses (“ACL”) to total loans held for investment (“LHI”) increased to 1.19%, compared to 1.18% as of December 31, 2024 and 1.15% as of March 31, 2024; and
Declared and increased our quarterly cash dividend to $0.22 per share of outstanding common stock payable on May 22, 2025.

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

Net Interest Income

For the three months ended March 31, 2025, net interest income before provision for credit losses was $95.4 million and NIM was 3.31% compared to $96.1 million and 3.20%, respectively, for the three months ended December 31, 2024. The approximately $700 thousand decrease, or 0.7%, in net interest income before provision for credit losses was primarily due to a $8.5 million decrease in interest income on loans and a $2.6 million decrease in interest income on deposits in financial institutions and fed funds sold partially offset by a $10.0 million decrease in interest expense on certificates and other time deposits during the three months ended March 31, 2025, compared to the three months ended December 31, 2024. NIM increased 11 bps compared to the three months ended December 31, 2024, primarily due to a decrease in funding costs on deposits and the redemption of $75.0 million of subordinated notes during the three months ended March 31, 2025, partially offset by a decrease in loan yields and average balances.

Compared to the three months ended March 31, 2024, net interest income before provision for credit losses for the three months ended March 31, 2025 increased by $2.6 million, or 2.8%. The increase was primarily due to decreases in interest expense including $10.2 million on certificates and other time deposits, $1.6 million on transaction and savings deposits and $1.4 million on advances from the Federal Home Loan Bank (“FHLB”), as well as increases in interest income of $1.2 million on deposits in financial institutions and fed funds sold and $3.4 million on debt securities. The increase was partially offset by a $15.4 million decrease in interest income on loans. NIM increased 7 bps from 3.24% for the three months ended March 31, 2024 to 3.31% for the three months ended March 31, 2025. The increase was primarily due to decreased funding costs on deposits and advances resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans and interest-bearing deposits in other banks.

Noninterest Income

Noninterest income for the three months ended March 31, 2025 was $14.3 million, an increase of $4.2 million, or 42.1%, compared to the three months ended December 31, 2024. The change was primarily due to the $4.4 million loss on sales of debt securities recognized in the three months ended December 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $1.5 million increase in other noninterest income, driven by a $1.2 million increase in loan servicing income and a $492 thousand increase in equity securities income recognized during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The increase was partially offset by a $2.1 million decrease in government guaranteed loan income, net, as well as lower BOLI income during the period due to $517 thousand in charges on BOLI policies exchanged under a 1035 exchange which is tax-free under the Internal Revenue Code.

Compared to the three months ended March 31, 2024, noninterest income for the three months ended March 31, 2025 increased by $7.6 million, or 114.5%. The increase was primarily due to a $6.3 million loss on sales of debt securities recognized in the three months ended March 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $715 thousand increase in service charge and fee income and a $687 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $66.8 million for the three months ended March 31, 2025, compared to $71.2 million for the three months ended December 31, 2024, a decrease of $4.4 million, or 6.1%. The decrease was primarily due to an $822 thousand decrease in salaries and employee benefits primarily due to lower severance costs, offset by an increase in payroll taxes, which are historically higher in the first quarter, a $1.7 million decrease in other noninterest expense primarily driven by lower earnings credit rebates, a $864 thousand decrease in marketing expenses, a $633 thousand decrease in professional and regulatory fees and a $338 thousand decrease in data processing and software costs compared to the three months ended December 31, 2024.

Compared to the three months ended March 31, 2024, noninterest expense for the three months ended March 31, 2025 increased by $4.7 million, or 7.6%. The increase was primarily due to a $3.3 million increase in salaries and employee benefits primarily due a $4.1 million increase in salaries expense and incentives accruals, offset by $1.4 million in higher deferred loan origination costs, which reduce salaries and employee benefit expenses. In addition, there was a $1.5 million increase in other noninterest expense, driven primarily by higher OREO expenses, a $547 thousand increase in data processing and software expense and a $486 thousand increase in marketing expenses. The increase was partially offset by a $1.1 million decrease in professional and regulatory fees compared to the three months ended March 31, 2024.

Income Tax

Income tax expense for the three months ended March 31, 2025 totaled $8.5 million, an increase of $304 thousand, or 3.7%, compared to the three months ended December 31, 2024. The Company’s effective tax rate was approximately 22.7% for the three months ended March 31, 2025 and was due to the recognition of an excess tax expense realized on share-based payment awards.

Financial Condition

Total LHI was $8.83 billion at March 31, 2025, a decrease of $70.5 million compared to December 31, 2024.

Total deposits were $10.67 billion at March 31, 2025, a decrease of $87.5 million, or 3.3% linked quarter annualized. The decrease was primarily the result of decreases of $279.6 million in certificates and other time deposits and $54.4 million in correspondent money market accounts, partially offset by increases of $127.2 million in noninterest bearing deposits and $119.3 million in interest-bearing transaction and savings deposits.

Credit Quality

Nonperforming assets (“NPAs”) totaled $96.9 million, or 0.77% of total assets, of which $72.6 million represents LHI and $24.3 million represents OREO at March 31, 2025, compared to $79.2 million, or 0.62% of total assets, at December 31, 2024. The Company had net charge-offs of $4.0 million for the three months ended March 31, 2025. Annualized net charge-offs to average loans outstanding were 17 bps for the three months ended March 31, 2025, compared to 32 bps and 22 bps for the three months ended December 31, 2024 and March 31, 2024, respectively.

ACL as a percentage of LHI was 1.19%, 1.18% and 1.15% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The Company recorded a provision for credit losses on loans of $4.0 million, $2.3 million and $7.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The recorded provision for credit losses for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, was primarily attributable to an increase in general reserves as a result of changes in economic factors which now represents 95% of the total ACL. The balance for unfunded commitments increased to $7.4 million as of March 31, 2025, compared to $6.1 million at December 31, 2024 and we recorded a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025, compared to a $401 thousand benefit for unfunded commitments for the three months ended December 31, 2024 and a $1.5 million benefit for unfunded commitments for the three months ended March 31, 2024.

Dividend Information

After the close of the market on Tuesday, April 22, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after May 22, 2025 to stockholders of record as of the close of business on May 8, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

The Company will host an investor conference call and webcast to review the results on Wednesday, April 23, 2025, at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/7qpcarsr/ and will receive a unique PIN, which can be used when dialing in for the call.

Participants may also register via teleconference: https://register-conf.media-server.com/register/BIcb9226ec9df94b1bbbc063029950af5d. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A replay will be available within approximately two hours after the completion of the call, and made accessible for one week thereafter. You may access the replay via webcast through the investor relations section of Veritex’s website.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward-Looking Statements

This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs; and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.53		$	0.46		$	0.57		$	0.50		$	0.44
Diluted EPS		0.53			0.45			0.56			0.50			0.44
Book value per common share		30.08			29.37			29.53			28.49			28.23
Tangible book value per common share¹		22.33			21.61			21.72			20.62			20.33
Dividends paid per common share outstanding²		0.22			0.20			0.20			0.20			0.20

Common Stock Data:
Shares outstanding at period end		54,297			54,517			54,446			54,350			54,496
Weighted average basic shares outstanding for the period		54,486			54,489			54,409			54,457			54,444
Weighted average diluted shares outstanding for the period		55,123			55,237			54,932			54,823			54,842

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.18	%		1.21	%		1.16	%		1.15	%
NPAs to total assets		0.77			0.62			0.52			0.65			0.82
NPAs to total loans and OREO		1.03			0.83			0.70			0.85			1.06
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

Summary Performance Ratios:
Return on average assets³		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Return on average equity³		7.27			6.17			7.79			7.10			6.33
Return on average tangible common equity^{1, 3}		10.49			9.04			11.33			10.54			9.52
Efficiency ratio		60.91			67.04			61.94			59.11			62.45
Net interest margin		3.31			3.20			3.30			3.29			3.24

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.54		$	0.54		$	0.59		$	0.52		$	0.53
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.89			1.72			1.83			1.83			1.84
Operating return on average assets^1,3		0.96			0.93			1.00			0.91			0.95
Operating return on average tangible common equity^1,3		10.70			10.69			11.74			10.94			11.34
Operating efficiency ratio¹		60.62			62.98			60.63			58.41			58.73

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		12.96	%		12.58	%		12.31	%		12.26	%		12.43	%
Tangible common equity to tangible assets¹		9.95			9.54			9.37			9.14			9.02
Tier 1 capital to average assets (leverage)		10.55			10.32			10.06			10.06			10.12
Common equity tier 1 capital		11.04			11.09			10.86			10.49			10.37
Tier 1 capital to risk-weighted assets		11.31			11.36			11.13			10.75			10.63
Total capital to risk-weighted assets		13.46			13.96			13.91			13.45			13.33
Risk weighted assets	$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,407,446

¹ Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
² Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(unaudited)						(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	81,088		$	52,486		$	54,165		$	53,462		$	41,884
Interest bearing deposits in other banks		768,702			802,714			1,046,625			598,375			698,885
Cash and cash equivalents		849,790			855,200			1,100,790			651,837			740,769
Debt securities, net		1,463,157			1,478,538			1,423,610			1,349,354			1,344,930
Other investments		69,452			69,638			71,257			75,885			76,788
Loans held for sale (“LHFS”)		69,236			89,309			48,496			57,046			64,762
LHI, mortgage warehouse (“MW”)		571,775			605,411			630,650			568,047			449,531
LHI, excluding MW		8,828,672			8,899,133			9,028,575			9,209,094			9,249,551
Total loans		9,469,683			9,593,853			9,707,721			9,834,187			9,763,844
ACL		(111,773	)		(111,745	)		(117,162	)		(113,431	)		(112,032	)
Bank-owned life insurance		85,424			85,324			84,776			84,233			85,359
Bank premises, furniture and equipment, net		112,801			113,480			114,202			105,222			105,299
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Intangible assets, net of accumulated amortization		27,974			28,664			32,825			35,817			38,679
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		210,863			226,200			211,471			232,518			241,863
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727		$	2,349,211
Interest-bearing transaction and savings deposits		5,180,495			5,061,157			4,204,708			3,979,454			4,220,114
Certificates and other time deposits		2,679,221			2,958,861			3,625,920			3,744,596			3,486,805
Correspondent money market deposits		486,762			541,117			561,489			584,067			597,690
Total deposits		10,665,123			10,752,592			11,036,011			10,724,844			10,653,820
Accounts payable and other liabilities		151,579			183,944			168,415			180,585			186,027
Advances from FHLB		—			—			—			—			100,000
Subordinated debentures and subordinated notes		155,909			230,736			230,536			230,285			230,034
Total liabilities		10,972,611			11,167,272			11,434,962			11,135,714			11,169,881
Stockholders’ equity:
Common stock		615			613			613			612			611
Additional paid-in capital		1,329,626			1,328,748			1,324,929			1,321,995			1,319,144
Retained earnings		526,044			507,903			493,921			473,801			457,499
Accumulated other comprehensive loss		(42,170	)		(65,076	)		(40,330	)		(76,713	)		(71,157	)
Treasury stock		(180,635	)		(171,119	)		(171,119	)		(171,079	)		(167,582	)
Total stockholders’ equity		1,633,480			1,601,069			1,608,014			1,548,616			1,538,515
Total liabilities and stockholders’ equity	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	146,505	$	154,998		$	167,261	$	166,979	$	161,942
Debt securities		17,106		16,893			15,830		15,408		13,695
Deposits in financial institutions and Fed Funds sold		9,244		11,888			12,571		7,722		8,050
Equity securities and other investments		870		940			1,001		1,138		900
Total interest income		173,725		184,719			196,663		191,247		184,587
Interest expense:
Transaction and savings deposits		45,165		44,841			47,208		45,619		46,784
Certificates and other time deposits		30,268		40,279			46,230		44,811		40,492
Advances from FHLB		27		130			47		1,468		1,391
Subordinated debentures and subordinated notes		2,824		3,328			3,116		3,113		3,114
Total interest expense		78,284		88,578			96,601		95,011		91,781
Net interest income		95,441		96,141			100,062		96,236		92,806
Provision for credit losses		4,000		2,300			4,000		8,250		7,500
Provision (benefit) for unfunded commitments		1,300		(401	)		—		—		(1,541	)
Net interest income after provisions		90,141		94,242			96,062		87,986		86,847
Noninterest income:
Service charges and fees on deposit accounts		5,611		5,612			5,442		4,974		4,896
Loan fees		2,495		2,265			3,278		2,207		2,510
Loss on sales of debt securities		—		(4,397	)		—		—		(6,304	)
Government guaranteed loan income, net		3,301		5,368			780		1,320		2,614
Customer swap income		700		509			271		326		449
Other income		2,182		699			3,335		1,751		2,497
Total noninterest income		14,289		10,056			13,106		10,578		6,662
Noninterest expense:
Salaries and employee benefits		36,624		37,446			37,370		32,790		33,365
Occupancy and equipment		4,650		4,633			4,789		4,585		4,677
Professional and regulatory fees		4,931		5,564			4,903		5,617		6,053
Data processing and software expense		5,403		5,741			5,268		5,097		4,856
Marketing		2,032		2,896			2,781		1,976		1,546
Amortization of intangibles		2,438		2,437			2,438		2,438		2,438
Telephone and communications		330		323			335		365		261
Other		10,426		12,154			12,216		10,273		8,920
Total noninterest expense		66,834		71,194			70,100		63,141		62,116
Income before income tax expense		37,596		33,104			39,068		35,423		31,393
Income tax expense		8,526		8,222			8,067		8,221		7,237
Net income	$	29,070	$	24,882		$	31,001	$	27,202	$	24,156

Basic EPS	$	0.53	$	0.46		$	0.57	$	0.50	$	0.44
Diluted EPS	$	0.53	$	0.45		$	0.56	$	0.50	$	0.44
Weighted average basic shares outstanding		54,486		54,489			54,409		54,457		54,444
Weighted average diluted shares outstanding		55,123		55,237			54,932		54,823		54,842

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,886,905		$	140,329	6.40	%	$	8,957,193		$	147,782	6.56	%	$	9,283,815		$	157,585		6.83	%
LHI, MW		426,724			6,176	5.87			492,372			7,216	5.83			279,557			4,357		6.27
Debt securities		1,467,220			17,106	4.73			1,458,057			16,893	4.61			1,294,994			13,695		4.25
Interest-bearing deposits in other banks		827,751			9,244	4.53			971,451			11,888	4.87			584,593			8,050		5.54
Equity securities and other investments		70,696			870	4.99			72,223			940	5.18			76,269			900		4.75
Total interest-earning assets		11,679,296			173,725	6.03			11,951,296			184,719	6.15			11,519,228			184,587		6.44
ACL		(111,563	)						(117,293	)						(112,229	)
Noninterest-earning assets		938,401							916,969							929,043
Total assets	$	12,506,134						$	12,750,972						$	12,336,042

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,449,091		$	45,165	3.36	%	$	5,001,159		$	44,841	3.57	%	$	4,639,445		$	46,784		4.06	%
Certificates and other time deposits		2,726,309			30,268	4.50			3,319,628			40,279	4.83			3,283,735			40,492		4.96
Advances from FHLB and Other		2,333			27	4.69			10,598			130	4.88			100,989			1,391		5.54
Subordinated debentures and subordinated notes		191,638			2,824	5.98			230,633			3,328	5.74			229,881			3,114		5.45
Total interest-bearing liabilities		8,369,371			78,284	3.79			8,562,018			88,578	4.12			8,254,050			91,781		4.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,345,586							2,400,809							2,355,315
Other liabilities		170,389							183,810							192,809
Total liabilities		10,885,346							11,146,637							10,802,174
Stockholders’ equity		1,620,788							1,604,335							1,533,868
Total liabilities and stockholders’ equity	$	12,506,134						$	12,750,972						$	12,336,042

Net interest rate spread²						2.24	%						2.03	%							1.97	%
Net interest income and margin³				$	95,441	3.31	%				$	96,141	3.20	%				$	92,806		3.24	%

¹ Includes average outstanding balances of LHFS of $66.3 million, $46.4 million and $53.9 million for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average yield on interest-earning assets:
Loans¹		6.40	%		6.56	%		6.89	%		6.90	%		6.83	%
LHI, MW		5.87			5.83			6.75			6.36			6.27
Total Loans		6.38			6.53			6.89			6.88			6.81
Debt securities		4.73			4.61			4.55			4.58			4.25
Interest-bearing deposits in other banks		4.53			4.87			5.41			5.54			5.54
Equity securities and other investments		4.99			5.18			5.25			5.80			4.75
Total interest-earning assets		6.03	%		6.15	%		6.49	%		6.54	%		6.44	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits		3.36	%		3.57	%		4.00	%		4.01	%		4.06	%
Certificates and other time deposits		4.50			4.83			5.00			5.02			4.96
Advances from FHLB and other		4.69			4.88			5.73			5.54			5.54
Subordinated debentures and subordinated notes		5.98			5.74			5.38			5.44			5.45
Total interest-bearing liabilities		3.79	%		4.12	%		4.46	%		4.50	%		4.47	%

Net interest rate spread²		2.24	%		2.03	%		2.03	%		2.04	%		1.97	%
Net interest margin³		3.31	%		3.20	%		3.30	%		3.29	%		3.24	%

¹Includes average outstanding balances of LHFS of $66.3 million, $46.4 million, $54.3 million, $58.5 million and $53.9 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

Supplemental Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average cost of interest-bearing deposits		3.74	%		4.07	%		4.44	%		4.46	%		4.43	%
Average costs of total deposits, including noninterest-bearing		2.91			3.16			3.42			3.46			3.42

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

LHI and Deposit Portfolio Composition

	Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024					Mar 31, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%	$	2,785,987		30.1	%
Real Estate:
Owner occupied commercial (“OOCRE”)		795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7			788,376		8.5
Non-owner occupied commercial (“NOOCRE”)		2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7			2,352,993		25.5
Construction and land		1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7			1,568,257		16.9
Farmland		31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3			30,979		0.3
1-4 family residential		1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0			969,401		10.5
Multi-family residential		782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1			751,607		8.1
Consumer		8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1			8,882		0.1
Total LHI¹	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%	$	9,256,482		100	%

MW		571,775					605,411					630,650					568,047					449,531

Total LHI¹	$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919				$	9,706,013

Total LHFS		69,236					89,309					48,496					57,046					64,762

Total loans	$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965				$	9,770,775

Deposits
Noninterest-bearing	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%	$	2,349,211		22.1	%
Interest-bearing transaction		863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9			724,171		6.8
Money market		3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5			3,326,742		31.2
Savings		586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8			169,201		1.6
Certificates and other time deposits		2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9			3,486,805		32.7
Correspondent money market accounts		486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4			597,690		5.6
Total deposits	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%	$	10,653,820		100	%

Total loans to deposits ratio		88.9	%				89.3	%				88.0	%				91.8	%				91.7	%

Total loans to deposit ratio, excluding MW loans and LHFS		82.9	%				82.8	%				81.9	%				85.9	%				86.9	%

¹ Total LHI does not include deferred fees of $8.6 million, $9.0 million, $8.2 million, $7.8 million and $6.9 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Asset Quality

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	69,188		$	52,521		$	55,335		$	58,537		$	75,721
Nonaccrual PCD loans¹		196			—			70			73			9,419
Accruing loans 90 or more days past due²		3,249			1,914			2,860			143			220
Total nonperforming loans held for investment (“NPLs”)		72,633			54,435			58,265			58,753			85,360
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Total NPAs	$	96,901		$	79,172		$	67,299		$	83,009		$	103,805

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	(31	)	$	—
Multifamily		—			—			—			(198	)		—
OOCRE		—			—			—			—			(120	)
NOOCRE		(3,090	)		(5,113	)		—			(1,969	)		(4,293	)
C&I		(918	)		(4,586	)		(2,259	)		(5,601	)		(946	)
Consumer		(212	)		(420	)		(54	)		(30	)		(71	)
Total charge-offs	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(5,430	)

Recoveries:
1-4 family residential	$	21		$	2		$	3		$	—		$	1
OOCRE		—			—			—			120			—
NOOCRE		—			1,323			—			—			—
C&I		32			1,047			1,962			361			96
MW		—			—			46			—			—
Consumer		195			30			33			497			49
Total recoveries	$	248		$	2,402		$	2,044		$	978		$	146

Net charge-offs	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,284	)

Provision for credit losses	$	4,000		$	2,300		$	4,000		$	8,250		$	7,500

ACL	$	111,773		$	111,745		$	117,162		$	113,431		$	112,032

Asset Quality Ratios:
NPAs to total assets		0.77	%		0.62	%		0.52	%		0.65	%		0.82	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.77			0.62			0.52			0.65			0.74
NPAs to total LHI and OREO		1.03			0.83			0.70			0.85			1.06
NPLs to total LHI		0.77			0.57			0.60			0.60			0.88
NPLs, excluding nonaccrual PCD loans, to total LHI		0.77			0.57			0.60			0.60			0.78
ACL to total LHI		1.19			1.18			1.21			1.16			1.15
ACL to total loans, excluding MW and LHFS		1.27			1.25			1.30			1.23			1.21
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

¹ Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
² Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Common shares outstanding		54,297			54,517			54,446			54,350			54,496

Book value per common share	$	30.08		$	29.37		$	29.53		$	28.49		$	28.23
Tangible book value per common share	$	22.33		$	21.61		$	21.72		$	20.62		$	20.33

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Tangible Assets
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible Assets	$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259		$	12,277,887
Tangible Common Equity to Tangible Assets		9.95	%		9.54	%		9.37	%		9.14	%		9.02	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	30,996		$	26,807		$	32,927		$	29,128		$	26,082

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Return on Average Tangible Common Equity (Annualized)		10.49	%		9.04	%		11.33	%		10.54	%		9.52	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	29,070	$	24,882	$	31,001	$	27,202	$	24,156
Plus: BOLI 1035 exchange charges¹		517		—		—		—		—
Plus: Severance payments²		—		1,545		1,487		613		—
Plus: Loss on sales of AFS securities, net		—		4,397		—		—		6,304
Plus: FDIC special assessment		—		—		—		134		—
Operating pre-tax income		29,587		30,824		32,488		27,949		30,460
Less: Tax impact of adjustments		109		1,248		307		166		1,323
Plus: Nonrecurring tax adjustments		229		193		—		527		—
Operating earnings	$	29,707	$	29,769	$	32,181	$	28,310	$	29,137

Weighted average diluted shares outstanding		55,123		55,237		54,932		54,823		54,842
Diluted EPS	$	0.53	$	0.45	$	0.56	$	0.50	$	0.44
Diluted operating EPS	$	0.54	$	0.54	$	0.59	$	0.52	$	0.53

¹Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.
²Severance payments relate to certain restructurings made during the periods disclosed.

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Plus: Provision for income taxes		8,526			8,222			8,067			8,221			7,237
Plus: Provision for credit losses and unfunded commitments		5,300			1,899			4,000			8,250			5,959
Plus: Severance payments		—			1,545			1,487			613			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: FDIC special assessment		—			—			—			134			—
Pre-tax, pre-provision operating earnings	$	43,413		$	40,945		$	44,555		$	44,420		$	43,656

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%

Average loans	$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,563,372
Pre-tax, pre-provision operating return on average loans¹		1.89	%		1.72	%		1.83	%		1.83	%		1.84	%

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Return on average assets¹		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Operating return on average assets¹		0.96			0.93			1.00			0.91			0.95

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	29,707		$	29,769		$	32,181		$	28,310		$	29,137
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Operating earnings adjusted for amortization of core deposit intangibles	$	31,633		$	31,694		$	34,107		$	30,236		$	31,063

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Operating return on average tangible common equity¹		10.70	%		10.69	%		11.74	%		10.94	%		11.34	%

Efficiency ratio		60.91	%		67.04	%		61.94	%		59.11	%		62.45	%
Operating efficiency ratio
Net interest income	$	95,441		$	96,141		$	100,062		$	96,236		$	92,806
Noninterest income		14,289			10,056			13,106			10,578			6,662
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Operating noninterest income		14,806			14,453			13,106			10,578			12,966
Noninterest expense		66,834			71,194			70,100			63,141			62,116
Less: FDIC special assessment		—			—			—			134			—
Less: Severance payments		—			1,545			1,487			613			—
Operating noninterest expense	$	66,834		$	69,649		$	68,613		$	62,394		$	62,116
Operating efficiency ratio		60.62	%		62.98	%		60.63	%		58.41	%		58.73	%

¹ Annualized ratio for quarterly metrics.

The MIL Network –

April 23, 2025

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter revenue of $1,193 million decreased 12% year-over-year
First quarter operating income of $142 million decreased 39% year-over-year
First quarter net income of $76 million, a 6.4% margin, decreased 32% year-over-year
First quarter adjusted EBITDA* of $253 million, a 21.2% margin, decreased 25%, or 354 basis points, year-over-year
First quarter cash provided by operating activities of $142 million and adjusted free cash flow* of $66 million
Repurchased $34 million of 8.625% Senior Notes due 2030 in the first quarter of 2025
Shareholder return of $71 million for the quarter, which included dividend payments of $18 million and share repurchases of $53 million
Board approved quarterly cash dividend of $0.25 per share, payable on June 5, 2025, to shareholders of record as of May 6, 2025
As part of its portfolio optimization strategy, Weatherford completed the sale of its Pressure Pumping business in Argentina on April 1, 2025
Signed a strategic agreement with Abu Dhabi-based AIQ to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2025.

Revenues for the first quarter of 2025 were $1,193 million, a decrease of 12% year-over-year and 11% sequentially. Operating income was $142 million in the first quarter of 2025, compared to $233 million in the first quarter of 2024 and $198 million in the fourth quarter of 2024. Net income in the first quarter of 2025 was $76 million, with a 6.4% margin, a decrease of 32%, or 188 basis points year-over-year and 32%, or 198 basis points, sequentially. Adjusted EBITDA* was $253 million, a 21.2% margin, a decrease of 25%, or 354 basis points, year-over-year and 22%, or 310 basis points, sequentially. Basic income per share in the first quarter of 2025 was $1.04, compared to $1.54 in the first quarter of 2024 and $1.54 in the fourth quarter of 2024. Diluted income per share in the first quarter of 2025 was $1.03, compared to $1.50 in the first quarter of 2024, and $1.50 in the fourth quarter of 2024.

First quarter 2025 cash flows provided by operating activities were $142 million, compared to $131 million in the first quarter of 2024, and $249 million in the fourth quarter of 2024. Adjusted free cash flow* was $66 million, a decrease of $16 million year-over-year and $96 million sequentially. Capital expenditures were $77 million in the first quarter of 2025, compared to $59 million in the first quarter of 2024, and $100 million in the fourth quarter of 2024.

Girish Saligram, President and Chief Executive Officer, commented, “The first quarter was marked by significant market softening across key geographies, especially Mexico, the United Kingdom and North America. This created headwinds for activity levels but the One Weatherford team continued to focus on the controllable elements of the business, driving execution to deliver results inline with expectations.

Over the past few weeks, the market conditions have skewed more negatively, as we continue to navigate uncertainty on customer activity levels stemming from macroeconomic factors, global trade and geopolitical tensions. However, our actions remain focused on our North Star of driving adjusted free cash flow and we are further accelerating efficiency and optimization programs to ensure that we are well positioned for any scenario that might unfold in the latter part of the year. We believe it to be prudent to scale back our expectations on activity levels through the rest of the year and are focused on minimizing decrementals and improving working capital efficiencies. Nonetheless, even at a significantly reduced level of customer activity, we remain confident in increasing our adjusted free cash flow conversion for the full year 2025, allowing progress on our capital allocation priorities.

The sale of our Pressure Pumping business in Argentina marks another key milestone in our portfolio optimization strategy to a more capital-efficient model and further builds liquidity to position us well for the upcoming period.”

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Operational & Commercial Highlights

An International Oil Company (IOC) awarded Weatherford an eight-year contract extension to provide a comprehensive suite of services, including Intervention Services & Drilling Tools, Pipe Inspection, Managed Pressure Drilling (MPD), Tubular Running Services (TRS), Well Services, and Pipe Recovery in Kazakhstan.
PDO Oman awarded Weatherford a five-year Integrated Completions contract consisting of Completions, Liner Hangers and Cementation Products.
ADNOC Onshore awarded Weatherford a three-year contract for Well Services Production enhancement systems in the United Arab Emirates.
Eni Oman awarded Weatherford an open contract for onshore MPD services.
Petrobras awarded Weatherford a five-year contract for Liner Hangers systems and services in deepwater Brazil and amended its TRS contract, adding two Vero Mechanized Systems.
Sierracol Energy Andina LLC awarded Weatherford a six-month contract for Artificial Lift Systems in Colombia.
GeoPark Colombia S.A.S. awarded Weatherford a three-year contract for Wireline Open & Cased Hole Services.
Jadestone Energy (Malaysia) PTE LTD awarded Weatherford a contract for the Autonomous Inflow Control Device Screens and associated lower Completions equipment and services for the PM323 East Belumut Phase 9 Infill Drilling campaign.
Dragon Oil awarded Weatherford a three-year contract for Completions Equipment and Services in offshore Turkmenistan.
An IOC awarded Weatherford a one-year contract for Artificial Lift Equipment and Centro^® Well Construction Optimization Platform in Argentina.
An IOC in Turkey awarded Weatherford a five-year contract for Open Hole Wireline Tools.
An IOC awarded Weatherford a three-year contract for Artificial Lift Equipment in Australia.
A major integrated energy company awarded Weatherford a three-year, multi-rig contract for Vero^® Mechanized Systems in deepwater Gulf of America.
A National Oil Company (NOC) awarded Weatherford a two-year contract for Stage Tool Cementing Equipment in the Middle East.
An IOC awarded Weatherford a one-year contract for the SCADA Digital Platform in offshore United Arab Emirates.

Technology Highlights

Drilling & Evaluation (“DRE”)
- In the UK, Weatherford successfully delivered Logging While Drilling and Formation Pressure Services for Shell on a high-pressure, high temperature well. The well was drilled at 175°c and reached a total depth of 21,000 feet.
- In the Middle East, Weatherford successfully deployed GuideWave^® CLEAR in three wells for an NOC, enabling improved formation evaluation and more precise geo-steering.
Well Construction and Completions (“WCC”)
- In deepwater Brazil, Weatherford successfully installed the first OptiROSS^® RFID Multi-Cycle Sliding Sleeve Valve for Petrobras. This system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
- In North America, Weatherford successfully completed 17 field trials of its SecureTrac™ technology with one of the largest multinational oil and gas companies. The tool’s more compact design enables a shorter shoe track, maximizing reservoir exposure and enhancing production potential.
- In the Middle East, Weatherford successfully deployed the first WidePak™ straddle solution for Gupco in Egypt. The well had been shut for 15 years due to a sustained tubing leak. Following Weatherford’s intervention, the well is now back online and delivering significant production.
Production and Intervention (“PRI”)
- In North America, Weatherford successfully deployed the ForeSite^® Regenerative Power for KODA, following a two-month pilot. The deployment delivered significant power savings, demonstrating the technology’s efficiency and value in the field.
- In North America, Weatherford deployed the ForeSite^® Power Regenerative variable-speed drive across key customers, following multiple successful pilots. The implementation delivered significant power savings and reduced carbon emissions. Due to its unique ability to recycle, store, and optimize power, this innovative solution helps control operating expenses for customers.

Shareholder Return

During the first quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $53 million, resulting in a total shareholder return of $71 million.

On April 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on June 5, 2025, to shareholders of record as of May 6, 2025.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	350		$	398		$	422		(12	)%	(17	)%
Segment Adjusted EBITDA	$	74		$	96		$	130		(23	)%	(43	)%
Segment Adj EBITDA Margin		21.1	%		24.1	%		30.8	%	(298	)bps	(966	)bps

First quarter 2025 DRE revenue of $350 million decreased by $72 million, or 17% year-over-year, primarily from lower Drilling-related services activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE revenue decreased by $48 million, or 12%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

First quarter 2025 DRE segment adjusted EBITDA of $74 million decreased by $56 million, or 43% year-over-year, primarily from lower activity, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE segment adjusted EBITDA decreased by $22 million, or 23%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

Well Construction and Completions (“WCC”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	441		$	505		$	458		(13	)%	(4	)%
Segment Adjusted EBITDA	$	128		$	148		$	120		(14	)%	7	%
Segment Adj EBITDA Margin		29.0	%		29.3	%		26.2	%	(28)	bps	282	bps

First quarter 2025 WCC revenue of $441 million decreased by $17 million, or 4% year-over-year, primarily from lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by higher activity in Middle East/North Africa/Asia. Sequentially, WCC revenues decreased by $64 million, or 13%, primarily from lower activity across all geographies.

First quarter 2025 WCC segment adjusted EBITDA of $128 million increased by $8 million, or 7% year-over-year, primarily from higher activity and fall through in Middle East/North Africa/Asia, partly offset by lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia. Sequentially, WCC segment adjusted EBITDA decreased by $20 million, or 14%, primarily from lower activity across all geographies.

Production and Intervention (“PRI”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	334		$	364		$	348		(8	)%	(4	)%
Segment Adjusted EBITDA	$	62		$	78		$	73		(21	)%	(15	)%
Segment Adj EBITDA Margin		18.6	%		21.4	%		21.0	%	(287	)bps	(241	)bps

First quarter 2025 PRI revenue of $334 million decreased by $14 million, or 4% year-over-year, as lower international activity was partly offset by higher activity in North America. Sequentially, PRI revenue decreased by $30 million, or 8%, primarily from lower Artificial Lift activity.

First quarter 2025 PRI segment adjusted EBITDA of $62 million decreased by $11 million, or 15% year-over-year, primarily from lower international activity, partly offset by higher fall through in North America. Sequentially, PRI segment adjusted EBITDA decreased by $16 million, or 21%, primarily from lower Artificial Lift activity, partly offset by higher fall through from Digital Solutions in North America.

Revenue by Geography

	Three Months Ended						Variance
*($ in Millions)*	March 31, 2025		December 31, 2024		March 31, 2024		Seq.		YoY
North America	$	250	$	261	$	267	(4	)%	(6)	%

International	$	943	$	1,080	$	1,091	(13	)%	(14	)%
Latin America		241		312		370	(23	)%	(35	)%
Middle East/North Africa/Asia		503		542		497	(7	)%	1	%
Europe/Sub-Sahara Africa/Russia		199		226		224	(12	)%	(11	)%
Total Revenue	$	1,193	$	1,341	$	1,358	(11	)%	(12	)%

North America

First quarter 2025 North America revenue of $250 million decreased by $17 million, or 6% year-over-year, primarily from lower activity in DRE and WCC segments, partly offset by higher activity in PRI segment led by Pressure Pumping and Digital Solutions. Sequentially, North America decreased by $11 million, or 4%, primarily from lower US land and US offshore activity, partly offset by higher Wireline activity.

International

First quarter 2025 international revenue of $943 million decreased 14% year-over-year and decreased 13% sequentially.

First quarter 2025 Latin America revenue of $241 million decreased by $129 million, or 35% year-over-year, primarily from lower activity in Mexico, partly offset by MPD and Pressure Pumping activity. Sequentially, Latin America revenue decreased by $71 million, or 23%, primarily from lower activity in Mexico, partly offset by higher MPD and Completions activity.

First quarter 2025 Middle East/North Africa/Asia revenue of $503 million increased by $6 million, or 1% year-over-year, as higher activity from Completions and Drilling Services were partly offset by lower MPD and Integrated Services & Projects activity. Sequentially, the Middle East/North Africa/Asia revenue decreased by $39 million, or 7%, primarily from lower activity in all the segments, partly offset by higher Integrated Services & Projects and MPD activity.

First quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $199 million decreased by $25 million, or 11% year-over-year, primarily from lower activity across all the segments, partly offset by higher Well Services and MPD activity. Sequentially, Europe/Sub-Sahara Africa/Russia revenue decreased by $27 million, or 12%, primarily from lower activity across all the segments, partly offset by higher activity in Drilling Services.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Wednesday, April 23, 2025, to discuss the Company’s results for the first quarter ended March 31, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until May 7, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6907941. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
Selected Statements of Operations (Unaudited)

	Three Months Ended
*($ in Millions, Except Per Share Amounts)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues:
DRE Revenues	$	350		$	398		$	422
WCC Revenues		441			505			458
PRI Revenues		334			364			348
All Other		68			74			130
Total Revenues		1,193			1,341			1,358

Operating Income:
DRE Segment Adjusted EBITDA^[1]	$	74		$	96		$	130
WCC Segment Adjusted EBITDA^[1]		128			148			120
PRI Segment Adjusted EBITDA^[1]		62			78			73
All Other^[2]		4			11			27
Corporate^[2]		(15	)		(7	)		(14	)
Depreciation and Amortization		(62	)		(83	)		(85	)
Share-based Compensation		(7	)		(10	)		(13	)
Restructuring Charges		(29	)		(34	)		(3	)
Other Charges, Net		(13	)		(1	)		(2	)
Operating Income		142			198			233

Other Expense:
Interest Expense, Net of Interest Income of $11, $12, and $14		(26	)		(25	)		(29	)
Other Expense, Net		(20	)		(4	)		(22	)
Income Before Income Taxes		96			169			182
Income Tax Provision		(10	)		(45	)		(59	)
Net Income		86			124			123
Net Income Attributable to Noncontrolling Interests		10			12			11
Net Income Attributable to Weatherford	$	76		$	112		$	112

Basic Income Per Share	$	1.04		$	1.54		$	1.54
Basic Weighted Average Shares Outstanding		73.1			72.6			72.9

Diluted Income Per Share	$	1.03		$	1.50		$	1.50
Diluted Weighted Average Shares Outstanding		73.4			74.5			74.7

^[1]	^{Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.}
^[2]	^{All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.}

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

*($ in Millions)*	March 31, 2025		December 31, 2024
Assets:
Cash and Cash Equivalents	$	873	$	916
Restricted Cash		57		59
Accounts Receivable, Net		1,175		1,261
Inventories, Net		889		880
Property, Plant and Equipment, Net		1,103		1,061
Intangibles, Net		315		325

Liabilities:
Accounts Payable		714		792
Accrued Salaries and Benefits		249		302
Current Portion of Long-term Debt		22		17
Long-term Debt		1,583		1,617

Shareholders’ Equity:
Total Shareholders’ Equity		1,360		1,283

Weatherford International plc
Selected Cash Flows Information (Unaudited)

	Three Months Ended
*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Cash Flows From Operating Activities:
Net Income	$	86		$	124		$	123
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization		62			83			85
Foreign Exchange Losses (Gain)		13			(2	)		15
Gain on Disposition of Assets		(1	)		(2	)		(7	)
Deferred Income Tax Provision		7			—			14
Share-Based Compensation		7			10			13
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits		(17	)		24			(152	)
Other Changes, Net		(15	)		12			40
Net Cash Provided By Operating Activities		142			249			131

Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Business Acquisitions, Net of Cash Acquired		—			—			(36	)
Proceeds from Sale of Investments		—			—			41
Other Investing Activities		(3	)		1			(10	)
Net Cash Used In Investing Activities		(79	)		(86	)		(54	)

Cash Flows From Financing Activities:
Repayments of Long-term Debt		(39	)		(23	)		(172	)
Distributions to Noncontrolling Interests		—			(20	)		—
Tax Remittance on Equity Awards		(20	)		(22	)		(8	)
Share Repurchases		(53	)		(49	)		—
Dividends Paid		(18	)		(18	)		—
Other Financing Activities		(3	)		(1	)		(7	)
Net Cash Used In Financing Activities	$	(133	)	$	(133	)	$	(187	)

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.

Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

_{*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)


	Three Months Ended
*($ in Millions, Except Margin in Percentages)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues	$	1,193		$	1,341		$	1,358
Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Margin		6.4	%		8.4	%		8.2	%
Adjusted EBITDA*	$	253		$	326		$	336
Adjusted EBITDA Margin*		21.2	%		24.3	%		24.7	%

Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Attributable to Noncontrolling Interests		10			12			11
Income Tax Provision		10			45			59
Interest Expense, Net of Interest Income of $11, $12, and $14		26			25			29
Other Expense, Net		20			4			22
Operating Income		142			198			233
Depreciation and Amortization		62			83			85
Other Charges, Net^[1]		13			1			2
Restructuring Charges		29			34			3
Share-Based Compensation		7			10			13
Adjusted EBITDA*	$	253		$	326		$	336

Net Cash Provided By Operating Activities	$	142		$	249		$	131
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Adjusted Free Cash Flow*	$	66		$	162		$	82

^[1]	^{Other Charges, Net in the three months ended March 31, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.}

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)



*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Total Debt	$	1,605		$	1,634		$	1,730

Cash and Cash Equivalents	$	873		$	916		$	824
Restricted Cash		57			59			113
Total Cash	$	930		$	975		$	937

Components of Net Debt
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Less: Cash and Cash Equivalents		873			916			824
Less: Restricted Cash		57			59			113
Net Debt*	$	675		$	659		$	793

Net Income for trailing 12 months	$	470		$	506		$	457
*Adjusted EBITDA for trailing 12 months**	$	1,299		$	1,382		$	1,253

*Net Leverage (Net Debt/Adjusted EBITDA)**		0.52	x		0.48	x		0.63	x

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

The MIL Network –

April 23, 2025

MIL-OSI: HCI Group Sets First Quarter 2025 Earnings Call for Thursday, May 8, 2025, at 4:45 p.m. ET

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., April 22, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI) will hold a conference call on Thursday, May 8, 2025, at 4:45 p.m. Eastern time to discuss results for the first quarter ended March 31, 2025. Financial results will be issued in a press release the same day after the close of the market.

HCI management will host the presentation, followed by a question-and-answer period.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company’s website at www.hcigroup.com.

Date: Thursday, May 8, 2025
Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 325047
Webcast

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

A replay of the call will be available after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com.

Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 52364

About HCI Group, Inc.
HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gateway-grp.com

The MIL Network –

April 23, 2025

MIL-OSI: Uni-Fuels Announces Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 22, 2025 (GLOBE NEWSWIRE) — Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024.

Recent Developments

On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.

On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of $4.00 per share, generated gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

Main Highlights:

In 2024, Sales of Marine Fuels reached US$155.2 million, an increase of US$85.0 million, 121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million, 119% YOY, versus US$70.8 million in 2023.

Cost Of Revenues increased approximately US$83.5 million or 122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.

Gross Profit was US$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million, 40%, to US$3.2 million.

Total Operating Expenses rose from US$0.9 million in 2023 to approximately US$3.0 million, a YOY increase of US$2.1 million or 236%.

As a result of these factors, Net Income decreased from US$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or 86%.

Management Commentary

“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”

The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year.

Financial Results for the Year Ended December 31, 2024

Revenues

Total revenues increased significantly by 119% from US$70.8 million for the year ended December 31, 2023 to US$155.2 million for the year ended December 31, 2024. This substantial increase was primarily driven by a pronounced rise in sales of marine fuels. This growth was partially offset by a decrease in brokerage commissions, part of a strategic shift in the Company’s revenue mix.

Sales of marine fuels – Sales of marine fuels increased by approximately US$85.0 million, or 121%, from approximately US$70.2 million for the year ended December 31, 2023, to approximately US$155.2 million for the year ended December 31, 2024. This increase was attributable to strategic initiatives aimed at strengthening core business activities within the sales sector. The expansion of the Company’s sales and marketing department through additional hiring enabled the Company to conduct its own marine fuels sales. As a result, the Company substantially broadened its customer base and increased the number of ports served during the year ended December 31, 2024. The number of customers for marine fuel sales nearly doubled from 83 customers in the year ended December 31, 2023 to 156 customers in the year ended December 31, 2024, while the number of ports served rose from 51 to 87 over the same period. The successful expansion into new customer bases and supply ports resulted in a substantial increase in both the number of customers and ports where the Company arranged marine fuels supplies, subsequently leading to substantial revenue growth.

Brokerage commissions – Brokerage commissions decreased by approximately US$0.6 million or 98% to US$12,150 for the year ended December 31, 2024, from approximately US$0.6 million for the year ended December 31, 2023. This decline was primarily due to a strategic shift towards enhancing sales activities. By allocating more resources through recruiting sales and marketing specialists and other personnel, the Company decided to leverage its resources for sales instead of referring deals to other parties for brokerage commissions during the year ended December 31, 2024. The significant reduction in the number of brokerage transactions referred, which dropped to 1 for the year ended December 31, 2024, from 85 for the year ended December 31, 2023, is reflected in the decrease in the Company’s brokerage commissions.

Cost of revenues

Cost of revenues increased by approximately US$83.5 million or 122% from approximately US$68.5 million for the year ended December 31, 2023 to US$152.0 million for the year ended December 31, 2024. The increase was mainly attributable to the growth in sales of marine fuels with increasing costs to acquire marine fuels for sales.

Gross profit

Gross profit increased by approximately US$0.9 million or 40%, from approximately US$2.3 million for the year ended December 31, 2023 to approximately US$3.2 million for the year ended December 31, 2024. The total gross profit margin for the year ended December 31, 2024, was approximately 2.1%, compared to approximately 3.2% for the year ended December 31, 2023.

Gross profit margin for sales of marine fuels decreased to 2.1% for the year ended December 31, 2024 from 2.3% for the year ended December 31, 2023. This decline was primarily due to the strategic focus on expanding market presence and capturing additional market share for the reselling business. As part of the Company’s growth strategy, resources were dedicated to acquiring new customers by offering competitive prices in line with market conditions to increase market share.

Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.

Operating expenses

Selling and marketing expenses increased to US$0.7 million for the year ended December 31, 2024, from US$0.2 million for the year ended December 31, 2023, primarily driven by the expansion of sales activities. Personnel were added in the sales and marketing department to strengthen customer relationships. Additionally, efforts in building and nurturing relationships with customers and business partners increased, along with business travel and marketing activities, contributing to the substantial increase.

General and administrative expenses increased by US$1.7 million to US$2.3 million for the year ended December 31, 2023, compared to US$0.7 million for the year ended December 31, 2023. One significant factor was the expansion of the workforce through the recruitment of administrative staff and key management personnel to enhance operational efficiency. Professional fees related to auditing consolidated financial statements, consulting services regarding leasing new office premises, and negotiating banking facilities for business financing also contributed to the increase. These factors collectively increased total general and administrative expenses compared to the preceding year, reflecting the Company’s concerted efforts to support operational growth and strategic initiatives.

Other income

Other income increased by US$46,046 from US$9,037 for the year ended December 31, 2023 to US$55,083 for the year ended December 31, 2024. The increase was mainly due to interest income earned from fixed deposits and an increase in other ancillary service income not within the scope of ASC 606.

Income before income taxes

Income before income taxes of US$0.3 million and US$1.4 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to lower margins resulting from increased sales activities and higher operating costs during the expansion of the Company’s operations through the recruitment of staff and additional operating expenses to support growth initiatives and enhance overall capabilities during the year ended December 31, 2024.

Income tax expense

Income tax expense decreased from US$0.2 million for the year ended December 31, 2023 to US$0.1 million for the year ended December 31, 2024. The decrease was in tandem with the decrease in income before income taxes.

Net income

As a result of the foregoing factors, net income decreased by 86% from US$1.2 million for the year ended December 31, 2023 to US$0.2 million for the year ended December 31, 2024.

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.com.

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 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com

Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com

Uni-Fuels Holdings Limited

Consolidated Balance Sheets
(Expressed in U.S. Dollars, except for the number of shares)

	As of December 31,
	2024		2023
Assets
Current Assets
Cash	$	4,324,956	$	2,564,850
Restricted cash		–		1,500,000
Accounts receivable, net		11,458,689		12,807,009
Prepayments and other assets, net		229,928		120,910
Total current assets		16,013,573		16,992,769

Property and equipment, net		329,585		395,056
Operating lease right-of-use assets		133,103		197,863
Prepayments and other assets, net		4,457		30,576
Deferred initial public offering (“IPO”) costs		482,183		112,900
Total assets	$	16,962,901	$	17,729,164

Liabilities and shareholders’ equity

Liabilities
Current liabilities
Accounts payable	$	10,092,160	$	11,196,384
Short-term bank loans		1,510,249		1,195,149
Amounts due to related parties		269,467		278,001
Income tax payables		91,025		272,437
Operating lease liabilities, current		104,267		85,382
Accrued expenses and other liabilities		291,464		177,737
Total current liabilities		12,358,632		13,205,090

Operating lease liabilities, non-current		41,011		127,834
Accrued expenses and other liabilities, non-current		10,153		9,700
Deferred tax liabilities, net		8,243		13,420
Total liabilities		12,418,039		13,356,044

Commitments and contingencies

Shareholders’ equity
Class A ordinary shares (US$0.0001 par value, 450,000,000 shares authorized; 7,350,000 and nil shares issued and outstanding as of December 31, 2024 and 2023, respectively) *		735		–
Class B ordinary shares (US$0.0001 par value, 50,000,000 shares authorized; 22,650,000 and 30,000,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively) *		2,265		3,000
Additional paid-in capital		3,997,000		3,997,000
Accumulated other comprehensive income		145		–
Retained earnings		544,717		373,120
Total shareholders’ equity		4,544,862		4,373,120

Total liabilities and shareholders’ equity	$	16,962,901	$	17,729,164

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Income and Comprehensive Income
(Expressed in U.S. dollar, except for the number of shares)

	For the Years Ended
	December 31,
	2024			2023			2022
Revenues
Sales of marine fuels	$	155,180,863			67,966,869		$	19,137,919
Sales of marine fuels -related party		–			2,184,911			10,424,827
Brokerage commissions		12,150			142,479			–
Brokerage commissions -related parties		–			491,269			1,255,725
Total revenues		155,193,013			70,785,528			30,818,471

Cost of revenues		(152,009,204	)		(68,505,327	)		(28,414,153	)

Gross profit		3,183,809			2,280,201			2,404,318

Operating expenses
Selling and marketing		(661,892	)		(210,957	)		(146	)
General and administrative		(2,307,275	)		(672,131	)		(45,532	)
Total operating expenses		(2,969,167	)		(883,088	)		(45,678	)

Income from operations		214,642			1,397,113			2,358,640

Other income
Interest expense, net		(4,801	)		(1,907	)		–
Other income		59,884			10,944			4,813
Total other income, net		55,083			9,037			4,813

Income before income tax expense		269,725			1,406,150			2,363,453
Income tax expense		(98,128	)		(194,363	)		(386,321	)
Net income		171,597			1,211,787			1,977,132

Other comprehensive income
Foreign currency translation adjustments		145			–			–
Total comprehensive income	$	171,742			1,211,787		$	1,977,132

Earnings per share*
Class A ordinary shares – basic and diluted	$	0.07			–		$	–
Class B ordinary shares – basic and diluted		0.01			0.04			0.07

Weighted average shares outstanding used in calculating basic and diluted earnings per share*
Class A ordinary shares – basic and diluted		2,318,630			–			–
Class B ordinary shares – basic and diluted		27,681,370			30,000,000			30,000,000

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity
(Expressed in U.S. dollar, except for the number of shares)

	Class A ordinary share				Class B ordinary share*						Additional Paid-In		Accumulated other comprehensive		Retained
	Share		Amount		Share			Amount			Capital*		income		earnings			Total
Balance as of December 31, 2021		–	$	–		30,000,000		$	3,000		$	97,001	$	–	$	284,200		$	384,201

Net income		–		–		–			–			–		–		1,977,132			1,977,132

Balance as of December 31, 2022		–		–		30,000,000			3,000			97,001		–		2,261,332			2,361,333

Net income		–		–		–			–			–		–		1,211,787			1,211,787
Capital contribution from shareholder		–		–		–			–			3,899,999		–		–			3,899,999
Dividend distribution		–		–		–			–			–		–		(3,099,999	)		(3,099,999	)

Balance as of December 31, 2023		–	$	–		30,000,000		$	3,000		$	3,997,000	$	–	$	373,120		$	4,373,120

Net income		–		–		–			–			–		–		171,597			171,597
Foreign currency translation adjustment		–		–		–			–			–		145		–			145
Conversion of ordinary shares		7,350,000		735		(7,350,000	)		(735	)		–		–		–			–

Balance as of December 31, 2024		7,350,000	$	735		22,650,000		$	2,265		$	3,997,000	$	145	$	544,717		$	4,544,862

*		Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

Uni-Fuels Holdings Limited

Consolidated Statements of Cash Flows
(Expressed in U.S. dollar)

	For the Years Ended December 31,
	2024			2023			2022
Cash flows from operating activities:
Net income	$	171,597		$	1,211,787		$	1,977,132
Adjustments to reconcile net profit to net cash (used in) provided by operating activities:
Depreciation		74,490			32,275			–
Allowance for credit losses		(1,733	)		8,473			4,221
Non-cash operating lease expenses		94,099			61,406			–
Deferred tax expenses (benefits)		(5,177	)		14,339			(717	)

Change in operating assets and liabilities:
Accounts receivable, net		1,351,178			(11,719,074	)		347,634
Prepayments and other assets, net		(84,024	)		(133,851	)		(725	)
Accounts payable		(1,104,224	)		9,773,464			144,080
Income tax payables		(181,412	)		(173,012	)		387,038
Operating lease liabilities		(138,287	)		(46,053	)		–
Accrued expenses and other liabilities		155,336			4,452			168,193
Net cash provided by (used in) operating activities		331,843			(965,794	)		3,026,856

Cash flows from investing activities:
Purchases of property and equipment		(9,020	)		(427,331	)		–
Net cash used in investing activities		(9,020	)		(427,331	)		–

Cash flows from financing activities:
Proceeds from short-term bank loans		14,117,030			7,551,546			–
Repayments of short-term bank loans		(13,801,930	)		(6,356,397	)		–
Payment of offering costs related to Initial Public Offering (“IPO”)		(369,283	)		(112,900	)		–
Capital contribution from shareholder		–			800,000			–
Borrowings from a related party		–			678,259			–
Repayment of borrowings to a related party		(8,534	)		(400,258	)		–
Net cash (used in) provided by financing activities		(62,717	)		2,160,250			–

Net increase in cash and restricted cash		260,106			767,125			3,026,856
Cash and restricted cash, beginning of year		4,064,850			3,297,725			270,869
Cash and restricted cash, end of year		4,324,956			4,064,850			3,297,725

Reconciliation of cash and restricted cash to the consolidated balance sheets
Cash	$	4,324,956			2,564,850		$	3,297,725
Restricted cash		–			1,500,000			–
Total cash and restricted cash	$	4,324,956			4,064,850		$	3,297,725

Supplemental disclosures of cash flow information:
Income tax paid	$	284,717			361,841		$	–
Interest expenses paid		83,973			18,280			–

Supplemental disclosure of non-cash investing and financing activities:
Dividend distribution against capital contribution from shareholder	$	–			3,099,999		$	–
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		29,338			259,269			–

The MIL Network –

April 23, 2025

MIL-OSI: FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MOUNTLAKE TERRACE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 first quarter net income of $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, for the comparable quarter one year ago.

“Deposit growth exceeded expectations in the first quarter of 2025, enabling the Bank to be well positioned for our loan pipeline going into the second quarter,” stated Matthew Mullet, President/CFO.

“We are also pleased that our Board of Directors approved our forty-ninth consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to returning value to shareholders. The cash dividend will be paid on May 22, 2025, to shareholders of record as of May 8, 2025,” noted Joe Adams, CEO.

2025 First Quarter Highlights

Net income was $8.0 million for the first quarter of 2025, compared to $7.4 million for the previous quarter, and $8.4 million for the comparable quarter one year ago;
Total deposits increased $275.7 million, or 11.8%, to $2.62 billion at March 31, 2025, primarily due to an increase of $226.9 million in brokered deposits, compared to $2.34 billion at December 31, 2024, and increased $149.9 million, or 6.1%, from $2.47 billion at March 31, 2024. Noninterest-bearing deposits were $676.7 million at March 31, 2025, $638.2 million at December 31, 2024, and $646.9 million at March 31, 2024, reflecting growth in core deposits;
Borrowings decreased $239.0 million, or 77.6% to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024, and decreased $61.1 million, or 47.0%, from $129.9 million at March 31, 2024, and were primarily repositioned into wholesale brokered CDs noted above;
Loans receivable, net was virtually unchanged at $2.50 billion at both March 31, 2025, and December 31, 2024, and increased $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024;
Consumer loans, of which 87.4% are home improvement loans, decreased $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter, and decreased $37.2 million, or 5.8%, from $646.1 million in the comparable quarter one year ago. During the three months ended March 31, 2025, consumer loan originations included 79.9% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
Repurchased 98,317 shares of the Company’s common stock in the first quarter of 2025 at an average price of $39.06 per share with $873,000 remaining for future purchases under the existing share repurchase plan. On April 4, 2025, the Board authorized an additional share repurchase program of up to $5.0 million of the Company’s common stock;
Book value per share increased $0.86 to $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and increased $3.06 from $36.06 at March 31, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.94 to $36.96 at March 31, 2025, compared to $36.02 at December 31, 2024, and increased $3.49 from $33.47 at March 31, 2024. See, “Non-GAAP Financial Measures.”
Segment reporting in the first quarter of 2025 reflected net income of $7.8 million for the Commercial and Consumer Banking segment and $241,000 for the Home Lending segment, compared to net income of $7.4 million and net loss of $39,000 in the prior quarter, and net income of $8.2 million and $246,000 in the first quarter of 2024, respectively; and
Regulatory capital ratios at the Bank were 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025, compared to 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024.

Segment Reporting

The Company reports on two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment is also responsible for managing the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

The tables below provide a summary of segment reporting at or for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	At or For the Three Months Ended March 31, 2025
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,407		$	2,575		$	30,982
Provision for credit losses		(1,321	)		(271	)		(1,592	)
Noninterest income ⁽²⁾		2,246			2,880			5,126
Noninterest expense ⁽³⁾		(20,176	)		(4,879	)		(25,055	)
Income before provision for income taxes		9,156			305			9,461
Provision for income taxes		(1,376	)		(64	)		(1,440	)
Net income	$	7,780		$	241		$	8,021
Total average assets for period ended	$	2,414,100		$	618,412		$	3,032,512
Full-time employees (“FTEs”)		454			113			567

	At or For the Three Months Ended March 31, 2024
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,086		$	2,260		$	30,346
Provision for credit losses		(1,251	)		(148	)		(1,399	)
Noninterest income ⁽²⁾		2,393			2,718			5,111
Noninterest expense ⁽³⁾		(19,008	)		(4,521	)		(23,529	)
Income before provision for income taxes		10,220			309			10,529
Provision for income taxes		(2,069	)		(63	)		(2,132	)
Net income	$	8,151		$	246		$	8,397
Total average assets for period ended	$	2,401,864		$	556,683		$	2,958,547
FTEs		440			130			570

__________________________________

(1	)	Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
(2	)	Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months ended March 31, 2025, the Company recorded a net increase in fair value of $263,000, compared to a net increase in fair value of $2,000 for the three months ended March 31, 2024. As of March 31, 2025 and 2024, there were $14.5 million and $15.0 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
(3	)	Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months ended March 31, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $1.5 million, respectively.

Asset Summary

Total assets increased $36.9 million, or 1.2%, to $3.07 billion at March 31, 2025, compared to $3.03 billion at December 31, 2024, and increased $96.4 million, or 3.2%, from $2.97 billion at March 31, 2024. The increase in total assets at March 31, 2025, compared to December 31, 2024, included increases of $31.1 million in total cash and cash equivalents, $10.0 million in securities available-for-sale, $3.4 million in other assets, $3.2 million in loans held for sale (“HFS”) and $2.0 million in securities held-to-maturity, partially offset by decreases in FHLB stock of $10.4 million, loans receivable, net of $834,000 and core deposit intangible (“CDI”), net of $831,000. The increase compared to March 31, 2024, was primarily due to increases in loans receivable, net of $85.7 million, other assets of $21.1 million, total cash and cash equivalents of $17.3 million, and securities available-for-sale of $11.5 million. These increases were partially offset by decreases in certificates of deposit at other financial institutions of $22.0 million, loans HFS of $18.9 million, and CDI, net of $3.5 million.

LOAN PORTFOLIO
(Dollars in thousands)	March 31, 2025					December 31, 2024					March 31, 2024
COMMERCIAL REAL ESTATE (“CRE”) LOANS	Amount				%	Amount				%	Amount				%	Linked Quarter $ Change			Prior Year Quarter $ Change
CRE owner occupied	$	164,911		6.5	%	$	170,396		6.7	%	$	174,946		7.2	%	$	(5,485	)	$	(10,035	)
CRE non-owner occupied		174,188		6.9			174,921		6.9			184,109		7.5			(733	)		(9,921	)
Commercial and speculative construction and development		288,978		11.4			280,798		11.1			244,217		10.0			8,180			44,761
Multi-family		244,940		9.7			245,222		9.7			222,410		9.1			(282	)		22,530
Total CRE loans		873,017		34.5			871,337		34.4			825,682		33.8			1,680			47,335

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes HFS)		637,299		25.2			617,322		24.4			580,050		23.7			19,977			57,249
Home equity		73,846		2.9			75,147		3.0			73,323		3.0			(1,301	)		523
Residential custom construction		48,810		1.9			49,902		2.0			57,129		2.3			(1,092	)		(8,319	)
Total residential real estate loans		759,955		30.0			742,371		29.4			710,502		29.0			17,584			49,453

CONSUMER LOANS
Indirect home improvement		532,038		21.0			541,946		21.4			568,802		23.2			(9,908	)		(36,764	)
Marine		73,737		2.9			74,931		3.0			73,921		3.0			(1,194	)		(184	)
Other consumer		3,118		0.1			3,304		0.1			3,409		0.1			(186	)		(291	)
Total consumer loans		608,893		24.0			620,181		24.5			646,132		26.3			(11,288	)		(37,239	)

COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956		10.9			287,014		11.3			256,429		10.6			(12,058	)		18,527
Warehouse lending		15,949		0.6			12,918		0.4			8,113		0.3			3,031			7,836
Total commercial business loans		290,905		11.5			299,932		11.7			264,542		10.9			(9,027	)		26,363
Total loans receivable, gross		2,532,770		100.0	%		2,533,821		100.0	%		2,446,858		100.0	%		(1,051	)		85,912

Allowance for credit losses on loans		(31,653	)				(31,870	)				(31,479	)				217			(174	)
Total loans receivable, net	$	2,501,117				$	2,501,951				$	2,415,379				$	(834	)	$	85,738

The composition of CRE loans at the dates indicated were as follows:

(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
CRE by Type:	Amount		Amount		Amount
CRE non-owner occupied:
Office	$	39,406	$	39,697	$	41,625
Retail		35,520		36,568		38,712
Hospitality/restaurant		27,377		27,562		24,751
Self-storage		19,092		19,111		21,383
Mixed use		18,868		17,721		19,186
Industrial		15,033		15,125		17,475
Senior housing/assisted living		7,506		7,565		8,446
Other ⁽¹⁾		6,579		6,631		6,785
Land		2,314		2,421		3,151
Education/worship		2,493		2,520		2,595
Total CRE non-owner occupied		174,188		174,921		184,109
CRE owner occupied:
Agriculture		3,990		3,834		3,744
Industrial		66,618		67,064		63,683
Office		40,447		42,223		41,652
Retail		20,535		20,718		21,836
Hospitality/restaurant		7,306		10,396		10,933
Other ⁽²⁾		8,529		8,612		8,438
Car wash		—		—		7,713
Automobile related		7,266		7,325		7,479
Education/worship		4,641		4,608		4,604
Mixed use		5,579		5,616		4,864
Total CRE owner occupied		164,911		170,396		174,946
Total		339,099		345,317		359,055

__________________________________

(1	)	Primarily includes loans secured by mobile home parks totaling $758,000, $766,000, and $789,000, RV parks totaling $681,000, $685,000, and $696,000, automobile-related collateral totaling $584,000, $589,000, and $604,000, and other collateral totaling $4.6 million, $4.6 million, and $4.7 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2	)	Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million and $1.7 million, non-profit organization totaling $1.4 million, $1.5 million and $915,000, and other collateral totaling $5.6 million, $5.6 million and $5.8 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

(Dollars in thousands)		For the Quarter Ended
CRE by type:	Jun 30, 2025		Sep 30, 2025		Dec 31, 2025		Mar 31, 2026		Jun 30, 2026		Sep 30, 2026		Dec 31, 2026		Mar 31, 2027		Total		Current Weighted Average Rate
Agriculture	$	723	$	—	$	312	$	175	$	—	$	292	$	—	$	—	$	1,502	6.14	%
Apartment		4,510		1,701		18,573		1,268		13,868		9,763		8,241		27,900		85,824	5.65
Auto related		790		—		—		—		—		—		—		—		790	4.15
Hotel / hospitality		1,760		1,315		—		115		1,265		—		—		—		4,455	4.75
Industrial		—		161		10,122		981		590		1,594		—		13,481		26,929	5.13
Mixed use		3,469		244		313		2,119		—		—		382		—		6,527	5.74
Office		11,077		4,127		966		519		1,641		559		7,749		2,878		29,516	4.96
Other		1,309		1,147		241		890		—		2,493		1,497		283		7,860	5.05
Retail		1,738		63		—		436		3,474		—		3,423		3,059		12,193	4.11
Senior housing and assisted living		—		—		—		2,157		—		—		—		—		2,157	4.75	%
Total	$	25,376	$	8,758	$	30,527	$	8,660	$	20,838	$	14,701	$	21,292	$	47,601	$	177,753

A breakdown of construction loans at the dates indicated were as follows:

(Dollars in thousands)	March 31, 2025					December 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,079		2.4	%
Commercial construction – office		6,487		1.9			4,979		1.5
Commercial construction – self storage		16,012		4.7			13,480		4.1
Commercial construction – hotel		402		0.1			—		—
Multi-family		31,275		9.3			30,945		9.4
Custom construction – single family residential and single family manufactured residential		41,143		12.2			42,040		12.7
Custom construction – land, lot and acquisition and development		7,667		2.3			7,862		2.4
Speculative residential construction – vertical		186,042		55.1			180,381		54.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			42,934		13.0
Total	$	337,788		100.0	%	$	330,700		100.0	%

(Dollars in thousands)	March 31, 2025					March 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,290		2.8	%
Commercial construction – office		6,487		1.9			4,737		1.6
Commercial construction – self storage		16,012		4.7			10,000		3.3
Commercial construction – hotel		402		0.1			7,807		2.6
Multi-family		31,275		9.3			53,288		17.7
Custom construction – single family residential and single family manufactured residential		41,143		12.2			50,674		16.8
Custom construction – land, lot and acquisition and development		7,667		2.3			6,455		2.1
Speculative residential construction – vertical		186,042		55.1			134,047		44.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			26,048		8.6
Total	$	337,788		100.0	%	$	301,346		100.0	%

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

(Dollars in thousands)	For the Three Months Ended
	March 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	129,232		83.2	%	$	(8,513	)		(6.6	)%
Refinance		24,677		17.0			26,116		16.8			(1,439	)		(5.5	)%
Total	$	145,396		100.0	%	$	155,348		100.0	%	$	(9,952	)		(6.4	)%

(Dollars in thousands)	For the Three Months Ended March 31,
	2025					2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	135,577		88.1	%	$	(14,858	)		(11.0	)%
Refinance		24,677		17.0			18,371		11.9			6,306			34.3	%
Total	$	145,396		100.0	%	$	153,948		100.0	%	$	(8,552	)		(5.6	)%

During the quarter ended March 31, 2025, the Company sold $91.9 million of one-to-four-family loans compared to $138.9 million during the previous quarter and $93.9 million during the same quarter one year ago. The decrease in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors combined with economic volatility. Gross margins on home loan sales increased to 3.26% for the quarter ended March 31, 2025, compared to 3.14% in the previous quarter and decreased from 3.43% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

Liabilities and Equity Summary

Changes in deposits at the dates indicated were as follows:

(Dollars in thousands)
	March 31, 2025					December 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	627,679		26.8	%	$	31,738			5.1	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			176,561		7.5			24,908			14.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			10,479		0.5			6,810			65.0
Subtotal		878,175		33.6			814,719		34.8			63,456			7.8
Savings		160,332		6.1			154,188		6.6			6,144			4.0
Money market ⁽³⁾		343,349		13.1			341,615		14.6			1,734			0.5
Subtotal		503,681		19.2			495,803		21.2			7,878			1.6
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			440,257		18.8			199,690			45.4
Certificates of deposit of $100,000 through $250,000		450,836		17.2			455,594		19.5			(4,758	)		(1.0	)
Certificates of deposit greater than $250,000		142,512		5.5			133,045		5.7			9,467			7.1
Subtotal		1,233,295		47.2			1,028,896		44.0			204,399			19.9
Total	$	2,615,151		100.0	%	$	2,339,418		100.0	%	$	275,733			11.8	%

(Dollars in thousands)
	March 31, 2025					March 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	618,526		25.1	%	$	40,891			6.6	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			188,050		7.6			13,419			7.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			28,373		1.2			(11,084	)		(39.1	)
Subtotal		878,175		33.6			834,949		33.9			43,226			5.2
Savings		160,332		6.1			153,025		6.2			7,307			4.8
Money market ⁽³⁾		343,349		13.1			364,944		14.8			(21,595	)		(5.9	)
Subtotal		503,681		19.2			517,969		21.0			(14,288	)		(2.8	)
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			579,153		23.5			60,794			10.5
Certificates of deposit of $100,000 through $250,000		450,836		17.2			424,463		17.2			26,373			6.2
Certificates of deposit greater than $250,000		142,512		5.5			108,763		4.4			33,749			31.0
Subtotal		1,233,295		47.2			1,112,379		45.1			120,916			10.9
Total	$	2,615,151		100.0	%	$	2,465,297		100.0	%	$	149,854			6.1	%

__________________________________

(1	)	Includes $30.1 million of brokered deposits at March 31, 2025, and no brokered deposits at December 31, 2024, and at March 31, 2024.
(2	)	Primarily noninterest-bearing accounts based on applicable state law.
(3	)	Includes $251,000, $279,000 and $8.0 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4	)	Includes $339.9 million, $143.1 million, and $331.3 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, CDs, which include retail and non-retail CDs, totaled $1.23 billion, compared to $1.03 billion at December 31, 2024 and $1.11 billion at March 31, 2024, with non-retail CDs representing 28.5%, 15.0% and 31.0% of total CDs at such dates, respectively. At March 31, 2025, non-retail CDs, which include brokered CDs, online CDs and public funds CDs, increased $196.9 million to $351.7 million, compared to $154.8 million at December 31, 2024, primarily due to an increase of $196.8 million in brokered CDs. The increase in brokered CDs provided funds to pay down higher cost borrowings. Non-retail CDs totaled $351.7 million at March 31, 2025, compared to $344.5 million at March 31, 2024.

At March 31, 2025, the Bank had uninsured deposits of approximately $679.4 million, compared to approximately $652.7 million at December 31, 2024, and $614.1 million at March 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

At March 31, 2025, borrowings decreased $239.0 million to $68.8 million at March 31, 2025, from $307.8 million at December 31, 2024, and decreased $61.1 million from $129.9 million at March 31, 2024. These borrowings were comprised solely of FHLB advances.

Total stockholders’ equity increased $3.1 million to $298.8 million at March 31, 2025, from $295.8 million at December 31, 2024, and increased $20.9 million, from $277.9 million at March 31, 2024. The increase in stockholders’ equity at March 31, 2025, compared to December 31, 2024, was primarily due to net income of $8.0 million and $513,000 in equity award compensation, partially offset by share repurchases of $3.8 million and cash dividends paid of $2.2 million. Stockholders’ equity was also impacted by decreases in unrealized net losses on securities available for sale of $2.7 million, net of tax, and decreases in unrealized net gains on fair value and cash flow hedges of $2.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $151,000 decrease in accumulated other comprehensive loss, net of tax. Book value per common share was $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and $36.06 at March 31, 2024.

The Bank is considered “well capitalized” under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.4%, a Tier 1 leverage capital ratio of 11.3%, and a common equity Tier 1 (“CET1”) capital ratio of 13.2% at March 31, 2025.

The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.7%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.5% at March 31, 2025.

Credit Quality

The allowance for credit losses on loans (“ACLL”) was $31.7 million, or 1.25% of gross loans receivable (excluding loans HFS) at March 31, 2025, compared to $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, and $31.5 million, or 1.29% of gross loans receivable (excluding loans HFS), at March 31, 2024. The slight decrease in the ACLL at March 31, 2025, compared to the prior quarter was primarily due to a decrease in the balance of higher risk consumer loans. The increase of $174,000 in the ACLL from the same quarter the prior year was primarily due to increases in CRE loans. The allowance for credit losses on unfunded loan commitments increased $66,000 to $1.5 million at March 31, 2025, compared to $1.4 million at December 31, 2024, and decreased $35,000 from $1.5 million at March 31, 2024, primarily due to an increase in the volume of unfunded commitments on construction loans

Nonperforming loans increased $870,000 to $14.5 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and increased $2.4 million from $12.1 million at March 31, 2024. The increase in nonperforming loans compared to the prior quarter was primarily due to increases in nonperforming CRE construction and development loans of $1.5 million, nonperforming indirect home improvement loans of $1.1 million, and nonperforming one-to-four-family loans of $970,000, partially offset by decreases in nonperforming CRE loans of $1.6 million and nonperforming commercial business loans of $1.5 million. The increase in nonperforming loans compared to the same quarter the prior year was primarily due to increases in nonperforming construction and development loans of $1.8 million, nonperforming one-to-four-family loans of $961,000, and nonperforming indirect home improvement loans of $626,000, partially offset by a decrease in nonperforming commercial business loans of $1.4 million.

Loans classified as substandard increased $602,000 to $23.5 million at March 31, 2025, compared to $22.9 million at December 31, 2024, and decreased $1.4 million from $24.9 million at March 31, 2024. The increase in substandard loans compared to the prior quarter was primarily due to an increase of $1.5 million in CRE construction and development loans, $1.1 million in indirect home improvement loans, and $953,000 in one-to-four-family loans, partially offset by decreases in commercial business loans of $1.8 million and CRE of $1.6 million. The decrease in substandard loans compared to the prior year was primarily due to decreases of $3.1 million in C&I loans and $1.9 million in CRE loans, partially offset by increases of $1.8 million in CRE construction and development loans, $794,000 in one-to-four-family loans, and $626,000 in indirect home improvement loans.

Operating Results

Net interest income increased $636,000 to $31.0 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024, primarily due to an increase in total interest income of $1.9 million, partially offset by an increase in interest expense of $1.3 million. The $1.9 million increase in total interest income was primarily due to an increase of $2.3 million in interest income on loans receivable, including fees, primarily as a result of net loan growth and variable rate loans repricing higher. The $1.3 million increase in total interest expense was primarily the result of higher market interest rates and a net increase in interest bearing liabilities.

NIM (annualized) increased six basis points to 4.32% for the three months ended March 31, 2025, from 4.26% for the same period in the prior year. The increase in NIM for the three months ended March 31, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets.

The average total cost of funds, including noninterest-bearing checking, increased 17 basis points to 2.38% for the three months ended March 31, 2025, from 2.21% for the three months ended March 31, 2024. This increase was predominantly due to higher market rates for borrowings.

For the three months ended March 31, 2025, the provision for credit losses on loans was $1.5 million, compared to $1.4 million for the three months ended March 31, 2024. The provision for credit losses on loans reflects an increase in charge-off activity. During the three months ended March 31, 2025, net charge-offs increased $247,000 to $1.7 million, compared to $1.5 million for the same period last year. This increase was the result of increased net charge-offs of $487,000 in indirect home improvement loans and $25,000 in commercial business loans, partially offset by a net reduction of net charge-offs of $213,000 in marine loans and $46,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions.

Total noninterest income was unchanged at $5.1 million for the three months ended March 31, 2025 and 2024. Total noninterest expense was $25.0 million for the three months ended March 31, 2025, compared to $23.5 million for the three months ended March 31, 2024. The $1.5 million increase was primarily due to a $976,000 increase in salaries and benefits and a $437,000 increase in operations expense.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

										Linked			Prior Year
	March 31,			December 31,			March 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
ASSETS
Cash and due from banks	$	18,657		$	19,280		$	17,149			(3	)		9
Interest-bearing deposits at other financial institutions		44,084			12,355			28,257			257			56
Total cash and cash equivalents		62,741			31,635			45,406			98			38
Certificates of deposit at other financial institutions		1,234			1,727			23,222			(29	)		(95	)
Securities available-for-sale, at fair value		291,133			281,175			279,643			4			4
Securities held-to-maturity, net		10,434			8,455			8,455			23			23
Loans held for sale, at fair value		31,038			27,835			49,957			12			(38	)
Loans receivable, net		2,501,117			2,501,951			2,415,379			—			4
Accrued interest receivable		14,406			13,881			14,455			4			—
Premises and equipment, net		29,451			29,756			30,326			(1	)		(3	)
Operating lease right-of-use		4,979			5,378			6,202			(7	)		(20	)
Federal Home Loan Bank stock, at cost		5,256			15,621			2,909			(66	)		81
Deferred tax asset, net		7,009			7,059			4,832			(1	)		45
Bank owned life insurance (“BOLI”), net		38,778			38,528			37,958			1			2
MSRs, held at the lower of cost or fair value		8,926			9,204			9,009			(3	)		(1	)
Goodwill		3,592			3,592			3,592			—			—
Core deposit intangible, net		12,879			13,710			16,402			(6	)		(21	)
Other assets		43,105			39,670			21,958			9			96
TOTAL ASSETS	$	3,066,078		$	3,029,177		$	2,969,705			1			3
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	676,706		$	638,158		$	646,899			6			5
Interest-bearing accounts		1,938,445			1,701,260			1,818,398			14			7
Total deposits		2,615,151			2,339,418			2,465,297			12			6
Borrowings		68,805			307,806			129,940			(78	)		(47	)
Subordinated notes:
Principal amount		50,000			50,000			50,000			—			—
Unamortized debt issuance costs		(389	)		(406	)		(456	)		(4	)		(15	)
Total subordinated notes less unamortized debt issuance costs		49,611			49,594			49,544			—			—
Operating lease liability		5,149			5,556			6,410			(7	)		(20	)
Other liabilities		28,522			31,036			40,582			(8	)		(30	)
Total liabilities		2,767,238			2,733,410			2,691,773			1			3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,742,907 shares issued and outstanding at March 31, 2025, 7,833,014 at December 31, 2024, and 7,805,795 at March 31, 2024		77			78			78			(1	)		(1	)
Additional paid-in capital		52,806			55,716			57,552			(5	)		(8	)
Retained earnings		262,945			257,113			236,720			2			11
Accumulated other comprehensive loss, net of tax		(16,988	)		(17,140	)		(16,418	)		(1	)		3
Total stockholders’ equity		298,840			295,767			277,932			1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,066,078		$	3,029,177		$	2,969,705			1			3

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)

	Three Months Ended									Linked			Prior Year
	Mar 31,			Dec 31,			Mar 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
INTEREST INCOME
Loans receivable, including fees	$	43,303		$	43,654		$	40,997			(1	)		6
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions		3,485			3,320			3,883			5			(10	)
Total interest and dividend income		46,788			46,974			44,880			—			4
INTEREST EXPENSE
Deposits		13,058			13,543			12,882			(4	)		1
Borrowings		2,263			1,831			1,167			24			94
Subordinated notes		485			486			485			—			—
Total interest expense		15,806			15,860			14,534			—			9
NET INTEREST INCOME		30,982			31,114			30,346			—			2
PROVISION FOR CREDIT LOSSES		1,592			1,522			1,399			5			14
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		29,390			29,592			28,947			(1	)		2
NONINTEREST INCOME
Service charges and fee income		2,244			2,513			2,552			(11	)		(12	)
Gain on sale of loans		1,700			1,733			1,838			(2	)		(8	)
Gain on sale of MSRs		—			—			8,215			—			NM
Loss on sale of investment securities, net		—			—			(7,998	)		—			NM
Earnings on cash surrender value of BOLI		250			256			240			(2	)		4
Other noninterest income		932			108			264			763			253
Total noninterest income		5,126			4,610			5,111			11			—
NONINTEREST EXPENSE
Salaries and benefits		14,533			14,172			13,557			3			7
Operations		3,445			3,175			3,008			9			15
Occupancy		1,717			1,821			1,705			(6	)		1
Data processing		2,045			2,252			1,958			(9	)		4
Loan costs		548			781			585			(30	)		(6	)
Professional and board fees		1,186			1,038			923			14			28
FDIC insurance		538			490			532			10			1
Marketing and advertising		221			329			227			(33	)		(3	)
Amortization of core deposit intangible		831			876			941			(5	)		(12	)
(Recovery) impairment of servicing rights		(9	)		(583	)		93			(98	)		(110	)
Total noninterest expense		25,055			24,351			23,529			3			6
INCOME BEFORE PROVISION FOR INCOME TAXES		9,461			9,851			10,529			(4	)		(10	)
PROVISION FOR INCOME TAXES		1,440			2,469			2,132			(42	)		(32	)
NET INCOME	$	8,021		$	7,382		$	8,397			9			(4	)
Basic earnings per share	$	1.02		$	0.94		$	1.07			9			(5	)
Diluted earnings per share	$	1.01		$	0.92		$	1.06			10			(5	)

KEY FINANCIAL RATIOS AND DATA (Unaudited)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PERFORMANCE RATIOS:	2025			2024			2024
Return on assets (ratio of net income to average total assets) ⁽¹⁾		1.07	%		0.98	%		1.14	%
Return on equity (ratio of net income to average total stockholders’ equity) ⁽¹⁾		10.80			9.88			12.29
Yield on average interest-earning assets ⁽¹⁾		6.53			6.51			6.30
Average total cost of funds ⁽¹⁾		2.38			2.38			2.21
Interest rate spread information – average during period		4.15			4.13			4.09
Net interest margin ⁽¹⁾		4.32			4.31			4.26
Operating expense to average total assets ⁽¹⁾		3.35			3.24			3.20
Average interest-earning assets to average interest-bearing liabilities ⁽¹⁾		142.94			143.27			144.51
Efficiency ratio ⁽²⁾		69.39			68.16			66.36
Common equity ratio (ratio of stockholders’ equity to total assets)		9.75			9.76			9.36
Tangible common equity ratio ⁽³⁾		9.26			9.25			8.74

	March 31,			December 31,			March 31,
ASSET QUALITY RATIOS AND DATA:	2025			2024			2024
Nonperforming assets to total assets at end of period ⁽⁴⁾		0.47	%		0.45	%		0.41	%
Nonperforming loans to total gross loans (excluding loans HFS) ⁽⁵⁾		0.57			0.54			0.49
Allowance for credit losses – loans to nonperforming loans ⁽⁵⁾		219.08			234.55			260.24
Allowance for credit losses – loans to total gross loans (excluding loans HFS)		1.25			1.26			1.29

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PER COMMON SHARE DATA:	2025			2024			2024
Basic earnings per share	$	1.02		$	0.94		$	1.07
Diluted earnings per share	$	1.01		$	0.92		$	1.06
Weighted average basic shares outstanding		7,695,320			7,723,250			7,703,789
Weighted average diluted shares outstanding		7,805,728			7,897,099			7,824,460
Common shares outstanding at end of period		7,639,844	⁽⁶⁾		7,729,951	⁽⁷⁾		7,707,651	⁽⁸⁾
Book value per share using common shares outstanding	$	39.12		$	38.26		$	36.06
Tangible book value per share using common shares outstanding ⁽⁹⁾	$	36.96		$	36.02		$	33.47

__________________________________

(1	)	Annualized.
(2	)	Total noninterest expense as a percentage of net interest income and total noninterest income.
(3	)	Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
(4	)	Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5	)	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
(6	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(7	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(8	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.
(9	)	Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(Dollars in thousands)	For the Three Months Ended Mar 31,				Qtr. Over Qtr.
Average Balances	2025		2024		$ Change
Assets
Loans receivable, net ⁽¹⁾	$	2,559,944	$	2,464,602	$	95,342
Securities available-for-sale, at amortized cost		310,417		331,413		(20,996	)
Securities held-to-maturity		8,656		8,500		156
Interest-bearing deposits and certificates of deposit at other financial institutions		16,161		59,514		(43,353	)
FHLB stock, at cost		11,948		2,174		9,774
Total interest-earning assets		2,907,126		2,866,203		40,923
Noninterest-earning assets		125,386		92,344		33,042
Total assets	$	3,032,512	$	2,958,547	$	73,965
Liabilities
Interest-bearing deposit accounts	$	1,765,605	$	1,832,767	$	(67,162	)
Borrowings		218,639		101,150		117,489
Subordinated notes		49,600		49,533		67
Total interest-bearing liabilities		2,033,844		1,983,450		50,394
Noninterest-bearing deposit accounts		663,824		657,083		6,741
Other noninterest-bearing liabilities		33,739		43,246		(9,507	)
Total liabilities	$	2,731,407	$	2,683,779	$	47,628

__________________________________

(1	)	Includes loans HFS.

Non-GAAP Financial Measures:

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

(Dollars in thousands, except share and per share amounts)	March 31,				December 31,				March 31,
Tangible Book Value Per Share:	2025				2024				2024
Stockholders’ equity (GAAP)	$	298,840			$	295,767			$	277,932
Less: goodwill and core deposit intangible, net		(16,471	)			(17,302	)			(19,994	)
Tangible common stockholders’ equity (non-GAAP)	$	282,369			$	278,465			$	257,938

Common shares outstanding at end of period		7,639,844		⁽¹⁾		7,729,951		⁽²⁾		7,707,651		⁽³⁾

Book value per share (GAAP)	$	39.12			$	38.26			$	36.06
Tangible book value per share (non-GAAP)	$	36.96			$	36.02			$	33.47

Tangible Common Equity Ratio:
Total assets (GAAP)	$	3,066,078			$	3,029,177			$	2,969,705
Less: goodwill and core deposit intangible assets		(16,471	)			(17,302	)			(19,994	)
Tangible assets (non-GAAP)	$	3,049,607			$	3,011,875			$	2,949,711

Common equity ratio (GAAP)		9.75	%			9.76	%			9.36	%
Tangible common equity ratio (non-GAAP)		9.26				9.25				8.74

__________________________________

(1	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(2	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(3	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.

Contacts:
Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President/Chief Financial Officer

(425) 771-5299
www.FSBWA.com

The MIL Network –

April 23, 2025

MIL-OSI: Crescent Capital BDC, Inc. Schedules Earnings Release and Conference Call to Discuss its First Quarter Ended March 31, 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC”) (NASDAQ: CCAP) today announced it will release its financial results for the first quarter ended March 31, 2025 on Wednesday, May 14, 2025 after market close. Crescent BDC invites all interested persons to attend its webcast/conference call on Thursday, May 15, 2025 at 12:00 p.m. Eastern Time to discuss its first quarter ended March 31, 2025 financial results.

Conference Call Information:

The conference call will be broadcast live at 12:00 p.m. Eastern Time on the Investor Relations section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast.

Participants are also invited to access the conference call by dialing the following number:

Toll Free: (800) 715-9871
Conference ID: 1217499

All callers will need to reference the Conference ID once connected with the operator.

Replay Information:

A replay of the earnings call will be available via a webcast link located on the Investor Relations section of Crescent BDC’s website.

About Crescent BDC

Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent Capital Group LP (“Crescent”). Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

About Crescent Capital Group LP

Crescent is a global credit investment manager with over $45 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 225 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

Contact:

Dan McMahon
daniel.mcmahon@crescentcap.com
212-364-0149

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Crescent BDC undertakes no duty to update any forward-looking statements made herein.

The MIL Network –

April 23, 2025

MIL-OSI: Weatherford Appoints New Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced Anuj Dhruv has been appointed as Executive Vice President and Chief Financial Officer.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “I am pleased to welcome Anuj to Weatherford. With fresh perspective and proven expertise, Anuj will enhance our leadership team and help position Weatherford to lead confidently through the next phase of our journey. His experience across multiple industries and leadership roles in finance will help shape Weatherford’s focus on delivering high returns for our shareholders. I would like to thank Arun Mitra for his contributions during his time with Weatherford and wish him the best for the future.”

About Anuj Dhruv
Mr. Dhruv brings more than two decades of diverse experience in global finance, strategy, and transformation roles across the technology, energy, and chemicals industries. Most recently, he served as Vice President of Finance and Strategy for the Global Olefins and Polyolefins segment at LyondellBasell, where he was responsible for driving performance, investment strategies, and transformation initiatives across a $29B revenue segment. Mr. Dhruv’s extensive background includes strategic leadership at Schlumberger and Microsoft, with a track record of optimizing financial performance, leading complex M&A transactions, and building high-performing teams.

About Weatherford

Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

Contacts

For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

The MIL Network –

April 23, 2025

MIL-OSI: Renasant Corporation Announces Earnings for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

TUPELO, Miss., April 22, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the first quarter of 2025.

(Dollars in thousands, except earnings per share)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Net income and earnings per share:
Net income	$41,518		$44,747		$39,409
Basic EPS		0.65		0.70		0.70
Diluted EPS		0.65		0.70		0.70
Adjusted diluted EPS (Non-GAAP)⁽¹⁾		0.66		0.73		0.65

“Results for the quarter represent a good start to the year with solid profitability and growth in loans and deposits,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “On April 1st, we completed the merger with The First Bancshares, Inc. and welcome their team to Renasant. Together, we are positioned to accelerate profit performance and operate in some of the country’s most attractive banking markets.”

Quarterly Highlights

Acquisition of The First Bancshares, Inc.

On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the acquisition date, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, prior to any purchase accounting adjustments, had approximately $8.0 billion in assets, which included approximately $5.4 billion in loans, and approximately $6.5 billion in deposits.

Earnings

Net income for the first quarter of 2025 was $41.5 million; diluted EPS and adjusted diluted EPS (non-GAAP)⁽¹⁾ were $0.65 and $0.66, respectively
Net interest income (fully tax equivalent) for the first quarter of 2025 was $137.4 million, up $1.9 million linked quarter
For the first quarter of 2025, net interest margin was 3.45%, up 9 basis points linked quarter
Cost of total deposits was 2.22% for the first quarter of 2025, down 13 basis points linked quarter
Noninterest income increased $2.2 million linked quarter, driven in part by an increase in mortgage banking income and gains on the sale of SBA loans
Mortgage banking income increased $1.3 million linked quarter. The mortgage division generated $632.1 million in interest rate lock volume in the first quarter of 2025, up $149.8 million linked quarter. Gain on sale margin was 1.42% for the first quarter of 2025, down 59 basis points linked quarter
Noninterest expense decreased $0.9 million linked quarter. Merger and conversion expenses decreased $1.3 million linked quarter

Balance Sheet

Loans increased $170.6 million linked quarter, representing 5.4% annualized net loan growth
Securities increased $146.8 million linked quarter. The Company purchased $175.7 million in securities during the first quarter, which was offset by cash flows related to principal payments, calls and maturities of $58.6 million and a positive fair market value adjustment in the Company’s available-for-sale portfolio of $29.7 million
Deposits at March 31, 2025 increased $199.5 million on a linked quarter basis. Noninterest bearing deposits increased $137.4 million linked quarter and represented 24.0% of total deposits at March 31, 2025

Capital and Stock Repurchase Program

Book value per share and tangible book value per share (non-GAAP)⁽¹⁾ increased 1.6% and 2.7%, respectively, linked quarter
The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the first quarter of 2025

Credit Quality

The Company recorded a provision for credit losses of $4.8 million for the first quarter of 2025, up $2.6 million linked quarter
The ratio of the allowance for credit losses on loans to total loans was 1.56% at March 31, 2025, down one basis point linked quarter
The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 206.55% at March 31, 2025, compared to 178.11% at December 31, 2024
Net loan recoveries for the first quarter of 2025 were $0.1 million
Nonperforming loans to total loans decreased to 0.76% at March 31, 2025 compared to 0.88% at December 31, 2024, and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.45% at March 31, 2025, compared to 2.89% at December 31, 2024

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Loans held for investment	$	196,566	$	199,240		$	202,655		$	198,397		$	192,390
Loans held for sale		3,008		3,564			4,212			3,530			2,308
Securities		12,117		10,510			10,304			10,410			10,700
Other		8,639		12,030			11,872			7,874			7,781
Total interest income		220,330		225,344			229,043			220,211			213,179
Interest expense
Deposits		79,386		85,571			90,787			87,621			82,613
Borrowings		6,747		6,891			7,258			7,564			7,276
Total interest expense		86,133		92,462			98,045			95,185			89,889
Net interest income		134,197		132,882			130,998			125,026			123,290
Provision for credit losses
Provision for loan losses		2,050		3,100			1,210			4,300			2,638
Provision for (Recovery of) unfunded commitments		2,700		(500	)		(275	)		(1,000	)		(200	)
Total provision for credit losses		4,750		2,600			935			3,300			2,438
Net interest income after provision for credit losses		129,447		130,282			130,063			121,726			120,852
Noninterest income		36,395		34,218			89,299			38,762			41,381
Noninterest expense		113,876		114,747			121,983			111,976			112,912
Income before income taxes		51,966		49,753			97,379			48,512			49,321
Income taxes		10,448		5,006			24,924			9,666			9,912
Net income	$	41,518	$	44,747		$	72,455		$	38,846		$	39,409

Adjusted net income (non-GAAP)⁽¹⁾	$	42,111	$	46,458		$	42,960		$	38,846		$	36,572
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)⁽¹⁾	$	57,507	$	54,177		$	56,238		$	51,812		$	48,231

Basic earnings per share	$	0.65	$	0.70		$	1.18		$	0.69		$	0.70
Diluted earnings per share		0.65		0.70			1.18			0.69			0.70
Adjusted diluted earnings per share (non-GAAP)⁽¹⁾		0.66		0.73			0.70			0.69			0.65
Average basic shares outstanding		63,666,419		63,565,437			61,217,094			56,342,909			56,208,348
Average diluted shares outstanding		64,028,025		64,056,303			61,632,448			56,684,626			56,531,078
Cash dividends per common share	$	0.22	$	0.22		$	0.22		$	0.22		$	0.22

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Performance Ratios

	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Return on average assets	0.94	%	0.99	%	1.63	%	0.90	%	0.92	%
Adjusted return on average assets (non-GAAP)⁽¹⁾	0.95		1.03		0.97		0.90		0.86
Return on average tangible assets (non-GAAP)⁽¹⁾	1.01		1.07		1.75		0.98		1.00
Adjusted return on average tangible assets (non-GAAP)⁽¹⁾	1.02		1.11		1.05		0.98		0.93
Return on average equity	6.25		6.70		11.29		6.68		6.85
Adjusted return on average equity (non-GAAP)⁽¹⁾	6.34		6.96		6.69		6.68		6.36
Return on average tangible equity (non-GAAP)⁽¹⁾	10.16		10.97		18.83		12.04		12.45
Adjusted return on average tangible equity (non-GAAP)⁽¹⁾	10.30		11.38		11.26		12.04		11.58
Efficiency ratio (fully taxable equivalent)	65.51		67.61		54.73		67.31		67.52
Adjusted efficiency ratio (non-GAAP)⁽¹⁾	64.43		65.82		64.62		66.60		68.23
Dividend payout ratio	33.85		31.43		18.64		31.88		31.43

Capital and Balance Sheet Ratios

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860
Market value per share	$	33.93		$	35.75		$	32.50		$	30.54		$	31.32
Book value per share		42.79			42.13			41.82			41.77			41.25
Tangible book value per share (non-GAAP)⁽¹⁾		27.07			26.36			26.02			23.89			23.32
Shareholders’ equity to assets		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		9.99			9.84			9.76			8.16			8.04
Leverage ratio		11.39			11.34			11.32			9.81			9.75
Common equity tier 1 capital ratio		12.59			12.73			12.88			10.75			10.59
Tier 1 risk-based capital ratio		13.34			13.50			13.67			11.53			11.37
Total risk-based capital ratio		16.88			17.08			17.32			15.15			15.00

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest income
Service charges on deposit accounts	$	10,364	$	10,549	$	10,438	$	10,286	$	10,506
Fees and commissions		3,787		4,181		4,116		3,944		3,949
Insurance commissions		—		—		—		2,758		2,716
Wealth management revenue		7,067		6,371		5,835		5,684		5,669
Mortgage banking income		8,147		6,861		8,447		9,698		11,370
Gain on sale of insurance agency		—		—		53,349		—		—
Gain on extinguishment of debt		—		—		—		—		56
BOLI income		2,929		3,317		2,858		2,701		2,691
Other		4,101		2,939		4,256		3,691		4,424
Total noninterest income	$	36,395	$	34,218	$	89,299	$	38,762	$	41,381
Noninterest expense
Salaries and employee benefits	$	71,957	$	70,260	$	71,307	$	70,731	$	71,470
Data processing		4,089		4,145		4,133		3,945		3,807
Net occupancy and equipment		11,754		11,312		11,415		11,844		11,389
Other real estate owned		685		590		56		105		107
Professional fees		2,884		2,686		3,189		3,195		3,348
Advertising and public relations		4,297		3,840		3,677		3,807		4,886
Intangible amortization		1,080		1,133		1,160		1,186		1,212
Communications		2,033		2,067		2,176		2,112		2,024
Merger and conversion related expenses		791		2,076		11,273		—		—
Other		14,306		16,638		13,597		15,051		14,669
Total noninterest expense	$	113,876	$	114,747	$	121,983	$	111,976	$	112,912

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Gain on sales of loans, net	$	4,500	$	2,379	$	4,499	$	5,199	$	4,535
Fees, net		2,317		2,850		2,646		2,866		1,854
Mortgage servicing income, net		1,330		1,632		1,302		1,633		4,981
Total mortgage banking income	$	8,147	$	6,861	$	8,447	$	9,698	$	11,370

Balance Sheet

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and cash equivalents	$	1,091,339		$	1,092,032		$	1,275,620		$	851,906		$	844,400
Securities held to maturity, at amortized cost		1,101,901			1,126,112			1,150,531			1,174,663			1,199,111
Securities available for sale, at fair value		1,002,056			831,013			764,844			749,685			764,486
Loans held for sale, at fair value		226,003			246,171			291,735			266,406			191,440
Loans held for investment		13,055,593			12,885,020			12,627,648			12,604,755			12,500,525
Allowance for credit losses on loans		(203,931	)		(201,756	)		(200,378	)		(199,871	)		(201,052	)
Loans, net		12,851,662			12,683,264			12,427,270			12,404,884			12,299,473
Premises and equipment, net		279,011			279,796			280,550			280,966			282,193
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Goodwill and other intangibles		1,001,923			1,003,003			1,004,136			1,008,062			1,009,248
Bank-owned life insurance		337,502			391,810			389,138			387,791			385,186
Mortgage servicing rights		72,902			72,991			71,990			72,092			71,596
Other assets		298,428			300,003			293,890			306,570			289,466
Total assets	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	3,541,375		$	3,403,981		$	3,529,801		$	3,539,453		$	3,516,164
Interest-bearing		11,230,720			11,168,631			10,979,950			10,715,760			10,720,999
Total deposits		14,772,095			14,572,612			14,509,751			14,255,213			14,237,163
Short-term borrowings		108,015			108,018			108,732			232,741			108,121
Long-term debt		433,309			430,614			433,177			428,677			428,047
Other liabilities		230,857			245,306			249,102			239,059			250,060
Total liabilities		15,544,276			15,356,550			15,300,762			15,155,690			15,023,391

Shareholders’ equity:
Common stock		332,421			332,421			332,421			296,483			296,483
Treasury stock		(91,646	)		(97,196	)		(97,251	)		(97,534	)		(99,683	)
Additional paid-in capital		1,486,849			1,491,847			1,488,678			1,304,782			1,303,613
Retained earnings		1,121,102			1,093,854			1,063,324			1,005,086			978,880
Accumulated other comprehensive loss		(121,621	)		(142,608	)		(129,094	)		(154,116	)		(156,943	)
Total shareholders’ equity		2,727,105			2,678,318			2,658,078			2,354,701			2,322,350
Total liabilities and shareholders’ equity	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	12,966,869	$	199,504	6.24	%	$	12,746,941	$	201,562	6.29	%	$	12,407,976	$	194,640	6.30	%
Loans held for sale		200,917		3,008	5.99	%		250,812		3,564	5.69	%		155,382		2,308	5.94	%
Taxable securities		1,883,535		10,971	2.33	%		1,784,167		9,408	2.11	%		1,891,817		9,505	2.01	%
Tax-exempt securities⁽¹⁾		259,800		1,443	2.22	%		261,679		1,400	2.14	%		270,279		1,505	2.23	%
Total securities		2,143,335		12,414	2.32	%		2,045,846		10,808	2.11	%		2,162,096		11,010	2.04	%
Interest-bearing balances with banks		824,743		8,639	4.25	%		1,025,294		12,030	4.67	%		570,336		7,781	5.49	%
Total interest-earning assets		16,135,864		223,565	5.61	%		16,068,893		227,964	5.65	%		15,295,790		215,739	5.66	%
Cash and due from banks		181,869						188,493						188,503
Intangible assets		1,002,511						1,003,551						1,009,825
Other assets		669,392						682,211						708,895
Total assets	$	17,989,636					$	17,943,148					$	17,203,013
Interest-bearing liabilities:
Interest-bearing demand⁽²⁾	$	7,835,617	$	54,710	2.83	%	$	7,629,685	$	57,605	3.00	%	$	6,955,989	$	52,500	3.03	%
Savings deposits		813,451		711	0.35	%		804,132		706	0.35	%		860,397		730	0.34	%
Brokered deposits		—		—	—	%		60,298		1,013	6.68	%		445,608		5,987	5.39	%
Time deposits		2,474,218		23,965	3.93	%		2,512,097		26,247	4.16	%		2,319,420		23,396	4.06	%
Total interest-bearing deposits		11,123,286		79,386	2.89	%		11,006,212		85,571	3.09	%		10,581,414		82,613	3.13	%
Borrowed funds		556,734		6,747	4.88	%		556,966		6,891	4.94	%		562,398		7,276	5.35	%
Total interest-bearing liabilities		11,680,020		86,133	2.99	%		11,563,178		92,462	3.18	%		11,143,812		89,889	3.24	%
Noninterest-bearing deposits		3,408,830						3,502,931						3,518,612
Other liabilities		208,105						220,154						226,308
Shareholders’ equity		2,692,681						2,656,885						2,314,281
Total liabilities and shareholders’ equity	$	17,989,636					$	17,943,148					$	17,203,013
Net interest income/ net interest margin			$	137,432	3.45	%			$	135,502	3.36	%			$	125,850	3.30	%
Cost of funding					2.31	%					2.44	%					2.46	%
Cost of total deposits					2.22	%					2.35	%					2.35	%

_{⁽¹⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.}
_{⁽²⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.}

Loan Portfolio

(Dollars in thousands)	As of
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Portfolio:
Commercial, financial, agricultural	$	1,888,580	$	1,885,817	$	1,804,961	$	1,847,762	$	1,869,408
Lease financing		85,412		90,591		98,159		102,996		107,474
Real estate – construction		1,090,862		1,093,653		1,198,838		1,355,425		1,243,535
Real estate – 1-4 family mortgages		3,583,080		3,488,877		3,440,038		3,435,818		3,429,286
Real estate – commercial mortgages		6,320,120		6,236,068		5,995,152		5,766,478		5,753,230
Installment loans to individuals		87,539		90,014		90,500		96,276		97,592
Total loans	$	13,055,593	$	12,885,020	$	12,627,648	$	12,604,755	$	12,500,525

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Nonperforming Assets:
Nonaccruing loans	$	98,638		$	110,811		$	113,872		$	97,795		$	73,774
Loans 90 days or more past due		95			2,464			5,351			240			451
Total nonperforming loans		98,733			113,275			119,223			98,035			74,225
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Total nonperforming assets	$	107,387		$	121,948		$	128,359		$	105,401		$	83,367

Criticized Loans
Classified loans	$	224,654		$	241,708		$	218,135		$	191,595		$	206,502
Special Mention loans		95,778			130,882			163,804			138,343			138,366
Criticized loans⁽¹⁾	$	320,432		$	372,590		$	381,939		$	329,938		$	344,868

Allowance for credit losses on loans	$	203,931		$	201,756		$	200,378		$	199,871		$	201,052
Net loan (recoveries) charge-offs	$	(125	)	$	1,722		$	703		$	5,481		$	164
Annualized net loan charge-offs / average loans		—	%		0.05	%		0.02	%		0.18	%		0.01	%
Nonperforming loans / total loans		0.76			0.88			0.94			0.78			0.59
Nonperforming assets / total assets		0.59			0.68			0.71			0.60			0.48
Allowance for credit losses on loans / total loans		1.56			1.57			1.59			1.59			1.61
Allowance for credit losses on loans / nonperforming loans		206.55			178.11			168.07			203.88			270.87
Criticized loans / total loans		2.45			2.89			3.02			2.62			2.76

_{⁽¹⁾ Criticized loans include classified and Special Mention loans.}

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, April 23, 2025.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=3wLevlin. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 First Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6525571 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 7, 2025.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. As of April 1, 2025, Renasant has assets of approximately $26.0 billion and operates 280 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First Bancshares, Inc.) (“The First”) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company’s investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the first quarter of 2025, merger and conversion expenses), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Income taxes		10,448			5,006			24,924			9,666			9,912
Provision for credit losses (including unfunded commitments)		4,750			2,600			935			3,300			2,438
Pre-provision net revenue (non-GAAP)	$	56,716		$	52,353		$	98,314		$	51,812		$	51,759
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Adjusted pre-provision net revenue (non-GAAP)	$	57,507		$	54,177		$	56,238		$	51,812		$	48,231

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Tangible net income (non-GAAP)	$	42,328		$	45,597		$	73,319		$	39,799		$	40,384

Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Tax effect of adjustments noted above⁽¹⁾		(198	)		(113	)		12,581			—			691
Adjusted net income (non-GAAP)	$	42,111		$	46,458		$	42,960		$	38,846		$	36,572
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Adjusted tangible net income (non-GAAP)	$	42,921		$	47,308		$	43,824		$	39,799		$	37,547
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,692,681		$	2,656,885		$	2,553,586		$	2,337,731		$	2,314,281
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible shareholders’ equity (non-GAAP)	$	1,690,170		$	1,653,334		$	1,548,885		$	1,329,093		$	1,304,456

Average assets (GAAP)	$	17,989,636		$	17,943,148		$	17,681,664		$	17,371,369		$	17,203,013
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible assets (non-GAAP)	$	16,987,125		$	16,939,597		$	16,676,963		$	16,362,731		$	16,193,188

Shareholders’ equity (GAAP)	$	2,727,105		$	2,678,318		$	2,658,078		$	2,354,701		$	2,322,350
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Tangible shareholders’ equity (non-GAAP)	$	1,725,182		$	1,675,315		$	1,653,942		$	1,346,639		$	1,313,102

Total assets (GAAP)	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Total tangible assets (non-GAAP)	$	17,269,458		$	17,031,865		$	16,954,704		$	16,502,329		$	16,336,493

Adjusted Performance Ratios
Return on average assets (GAAP)		0.94	%		0.99	%		1.63	%		0.90	%		0.92	%
Adjusted return on average assets (non-GAAP)		0.95			1.03			0.97			0.90			0.86
Return on average tangible assets (non-GAAP)		1.01			1.07			1.75			0.98			1.00
Pre-provision net revenue to average assets (non-GAAP)		1.28			1.16			2.21			1.20			1.21
Adjusted pre-provision net revenue to average assets (non-GAAP)		1.30			1.20			1.27			1.20			1.13
Adjusted return on average tangible assets (non-GAAP)		1.02			1.11			1.05			0.98			0.93
Return on average equity (GAAP)		6.25			6.70			11.29			6.68			6.85
Adjusted return on average equity (non-GAAP)		6.34			6.96			6.69			6.68			6.36
Return on average tangible equity (non-GAAP)		10.16			10.97			18.83			12.04			12.45
Adjusted return on average tangible equity (non-GAAP)		10.30			11.38			11.26			12.04			11.58

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding		64,028,025			64,056,303			61,632,448			56,684,626			56,531,078

Diluted earnings per share (GAAP)	$	0.65		$	0.70		$	1.18		$	0.69		$	0.70
Adjusted diluted earnings per share (non-GAAP)	$	0.66		$	0.73		$	0.70		$	0.69		$	0.65

Tangible Book Value Per Share
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860

Book value per share (GAAP)	$	42.79		$	42.13		$	41.82		$	41.77		$	41.25
Tangible book value per share (non-GAAP)	$	27.07		$	26.36		$	26.02		$	23.89		$	23.32

Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)		9.99	%		9.84	%		9.76	%		8.16	%		8.04	%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850

Total noninterest income (GAAP)	$	36,395		$	34,218		$	89,299		$	38,762		$	41,381
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Total adjusted noninterest income (non-GAAP)	$	36,395		$	33,966		$	35,950		$	38,762		$	37,853

Noninterest expense (GAAP)	$	113,876		$	114,747		$	121,983		$	111,976		$	112,912
Amortization of intangibles		(1,080	)		(1,133	)		(1,160	)		(1,186	)		(1,212	)
Merger and conversion expense		(791	)		(2,076	)		(11,273	)		—			—
Total adjusted noninterest expense (non-GAAP)	$	112,005		$	111,538		$	109,550		$	110,790		$	111,700

Efficiency ratio (GAAP)		65.51	%		67.61	%		54.73	%		67.31	%		67.52	%
Adjusted efficiency ratio (non-GAAP)		64.43	%		65.82	%		64.62	%		66.60	%		68.23	%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjustments to net interest income	$	(1,584	)	$	(767	)	$	(1,731	)	$	(751	)	$	(923	)
Adjusted net interest income (FTE) (non-GAAP)	$	135,848		$	134,735		$	131,845		$	126,847		$	124,927

Net interest margin (GAAP)		3.45	%		3.36	%		3.36	%		3.31	%		3.30	%
Adjusted net interest margin (non-GAAP)		3.42	%		3.34	%		3.32	%		3.29	%		3.28	%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	199,504		$	201,562		$	204,935		$	200,670		$	194,640
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjusted loan interest income (FTE) (non-GAAP)	$	197,920		$	200,795		$	203,204		$	199,919		$	193,717

Loan yield (GAAP)		6.24	%		6.29	%		6.47	%		6.41	%		6.30	%
Adjusted loan yield (non-GAAP)		6.19	%		6.27	%		6.41	%		6.38	%		6.27	%

_{⁽¹⁾ Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 27.0%.}

Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

The MIL Network –

April 23, 2025

MIL-OSI: First Bank Announces First Quarter 2025 Net Income of $9.4 Million

Source: GlobeNewswire (MIL-OSI)

HAMILTON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (“the Bank”) today announced results for the first quarter of 2025. Net income for the first quarter of 2025 was $9.4 million, or $0.37 per diluted share, compared to $12.5 million, or $0.50 per diluted share, for the first quarter of 2024. Return on average assets, return on average equity and return on average tangible equityⁱ for the first quarter of 2025 were 1.00%, 9.20% and 10.54%, respectively, compared to 1.41%, 13.36% and 15.64%, respectively, for the first quarter of 2024.

First Quarter 2025 Performance Highlights:

Total loans of $3.24 billion at March 31, 2025 grew $91.8 million, or 11.8%, annualized, from the linked quarter ended December 31, 2024.
Total deposits were $3.12 billion at March 31, 2025, increasing $63.9 million, or 8.5% annualized from the linked quarter ended December 31, 2024.
Net interest margin measured 3.65% for the first quarter of 2025, increasing 11 basis points from 3.54% for the linked quarter ended December 31, 2024.
Tangible book value per shareⁱⁱ grew to $14.47 at March 31, 2025, increasing 8.0%, annualized, from $14.19 at December 31, 2024.
Strong asset quality continued, with nonperforming assets decreasing to 0.42% of total assets at March 31, 2025, compared to 0.46% at December 31, 2024 and 0.64% at March 31, 2024.

“We are pleased to report high-quality loan and deposit growth in the first quarter of 2025,” Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance. “Our team produced excellent Commercial and Industrial (“C&I”) loan growth during the quarter with an improved net interest margin and sustained asset quality. We are especially pleased to have achieved this with an efficiency ratio that remained below 60% for the 23^rd consecutive quarter, and with continued growth in our primary areas of focus. Our recent and ongoing investments in technology and new C&I lending and deposit-focused business units are building scale and bearing fruit, as reflected in our 10.8% year-over-year increase in tangible book value per share.”

Mr. Ryan continued, “Our success demonstrates a deep commitment to continuing our evolution from a traditional community bank into a full-service, middle market commercial bank. We are executing with a clear vision for our future success, growing our balance sheet and earnings power through strategic initiatives focused on diversification and profitability. Our goal is to achieve top-quartile performance among our peers in any economic environment. We expect our strong underwriting and diversification strategies will support quality growth in 2025 and beyond. As our new business units continue to scale up, we expect to see even better efficiency and profitability moving forward. Additionally, we are pleased to continue driving returns for shareholders through successful share buybacks and meaningful dividends.”

Income Statement

In the first quarter of 2025, the Bank’s net interest income increased to $32.1 million, growing $1.8 million, or 5.9%, compared to the same period in 2024. The increase was primarily driven by an increase of $2.2 million in interest income which outpaced the $450,000 increase in interest expense in the first quarter of 2025 compared to the same quarter in 2024. Net interest income increased $498,000, or 1.6%, over the linked fourth quarter of 2024. This increase was primarily driven by a decrease of $1.6 million in interest expense on deposits, resulting from lower average rates in the first quarter, partially offset by a $1.1 million decrease in interest income from interest bearing deposits with banks, due to lower average balances and yields.

The Bank’s tax equivalent net interest margin measured 3.65% for the first quarter of 2025, increasing by one basis point from 3.64% for the prior year quarter, and increasing by 11 basis points from 3.54% for the fourth quarter of 2024. The relatively flat margin from the prior year quarter was primarily driven by similar decreases in the average rate on interest earning assets and interest bearing liabilities. The Bank’s net interest margin increased compared to the linked fourth quarter primarily due to declines in average rates on deposits and borrowings outpacing the slight reduction in average rates on earning assets. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions. The net impact of amortization of premiums and accretion of discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions was a $2.8 million increase in net interest income during the first quarter of 2025, compared to $3.1 million for the quarter ended December 31, 2024 and $4.2 million for the first quarter of 2024.

The Bank recorded a credit loss expense totaling $1.5 million during the first quarter of 2025, compared to a credit loss expense totaling $234,000 for the fourth quarter of 2024 and a $698,000 credit loss benefit for the first quarter of 2024. The increased credit loss expense for the first quarter of 2025 is primarily due to the Bank’s loan growth during the quarter. The Bank’s credit loss benefit for the first quarter of 2024 reflected the Bank’s strong and stable asset quality and lack of loan growth during the quarter.

In the first quarter of 2025, the Bank recorded non-interest income totaling $2.0 million, compared to non-interest income measuring $2.0 million during the same period in 2024 and $2.2 million in non-interest income during the fourth quarter of 2024. Non-interest income declined from the linked quarter primarily due to lower loan fee income.

Non-interest expense for the first quarter of 2025 was $20.4 million, an increase of $2.6 million, or 14.5%, compared to $17.8 million for the prior year quarter. Higher non-interest expense was largely due to increases of $1.1 million in salaries and employee benefits primarily due to a larger employee base, $832,000 in other real estate owned (“OREO”) expense due to an $815,000 impairment of an OREO asset recorded during the quarter, and $438,000 in occupancy and equipment primarily due to new branch locations added at the end of 2024.

On a linked quarter basis, non-interest expense increased $1.3 million from $19.1 million for the fourth quarter of 2024. The linked quarter increase primarily reflects increases of $781,000 in OREO expense due to the $815,000 impairment of an OREO asset recorded during the quarter, $606,000 in salaries and employee benefits costs due to year-end salary increases and higher payroll taxes due to bonus payments made in the first quarter of 2025, $202,000 in occupancy and equipment costs due to the new branch locations added at the end of 2024 and higher maintenance and repair costs. These increases were partially offset by a decrease of $425,000 in other professional fees compared to the linked quarter primarily due to lower consulting services and personnel placement fees.

Income tax expense for the three months ended March 31, 2025 was $2.8 million with an effective tax rate of 22.7%, compared to $2.7 million with an effective tax rate of 17.5% for the first quarter of 2024. The effective tax rate for the first quarter of 2025 included the impact of certain discrete items related to stock compensation activity as well as the impact of additional tax credit investments made by the Bank during the quarter. The effective tax rate for the first quarter of 2024 was lower due to certain one-time adjustments primarily related to the finalization of certain tax items related to our acquisition of Malvern Bancorp, Inc. and Malvern Bank, National Association (“Malvern”). Income tax expense for the three months ended December 31, 2024 was $3.9 million with an effective tax rate of 27.2%, which included additional tax related to the Bank’s bank-owned life insurance (“BOLI”) restructuring completed in the second half of 2024. We anticipate our future effective tax rate will be in the range of 23% to 24%.

Balance Sheet

Total assets increased $100.4 million, or 2.7%, from December 31, 2024 to March 31, 2025. Total loans as of March 31, 2025 increased $91.8 million, or 2.9%, from $3.14 billion at December 31, 2024. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, as management continued to ensure adequate on-balance sheet liquidity.

The Bank reported total assets of $3.88 billion at March 31, 2025, an increase of $289.4 million, or 8.1%, from $3.59 billion at March 31, 2024. Total loans increased $243.6 million, or 8.1%, to $3.24 billion at March 31, 2025 compared to $2.99 billion at March 31, 2024. The increase primarily reflects strong organic loan growth, particularly in the C&I and owner-occupied commercial real estate portfolios.

Total deposits increased by $63.9 million or 2.1% from $3.06 billion at December 31, 2024 to $3.12 billion at March 31, 2025, due to a combination of in-market and brokered deposits which were utilized to support significant loan growth during the first quarter of 2025. The Bank’s total deposits increased $149.5 million, or 5.0%, from $2.97 billion at March 31, 2024. Organic deposit growth was primarily due to our team’s success in attracting new deposit relationships while also maintaining existing balances amid heightened industry-wide pricing competition.

During the three months ended March 31, 2025, stockholders’ equity increased by $5.8 million, or 1.4%, primarily due to net income, partially offset by dividends and share repurchases.

As of March 31, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 9.63%, a Tier 1 Risk-Based capital ratio of 9.59%, a Common Equity Tier 1 Capital ratio of 9.59%, and a Total Risk-Based capital ratio of 11.46%. The tangible stockholders’ equity to tangible assets ratioⁱⁱⁱ measured 9.47% as of March 31, 2025 compared to 9.56% at December 31, 2024. The decline from December 31, 2024, was primarily due to the asset growth during the quarter ended March 31, 2025.

Asset Quality

First Bank’s asset quality metrics remained favorable during the first quarter of 2025. Total nonperforming loans declined from $11.7 million at December 31, 2024 to $11.6 million at March 31, 2025. Total nonperforming assets declined from $17.3 million to $16.4 million during the same period primarily due to the $815,000 impairment of an OREO asset recorded during the quarter.

The Bank recorded net recoveries of $15,000 during the first quarter of 2025 compared to net recoveries of $155,000 in the fourth quarter of 2024 and net charge-offs of $5.3 million in the first quarter of 2024. Net charge-offs for the first quarter of 2024 reflected the charge-off of a $5.5 million purchased credit deteriorated (“PCD”) loan acquired from Malvern, partially offset by $201,000 in net recoveries. The allowance for credit losses on loans as a percentage of total loans measured 1.21% at March 31, 2025, compared to 1.20% at December 31, 2024 and 1.22% at March 31, 2024.

Liquidity and Borrowings

Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, ensuring adequate on-balance sheet liquidity. Borrowings increased by $34.9 million compared to December 31, 2024, as the Bank utilized Federal Home Loan Bank (“FHLB”) advances to support loan growth, while continuing to maintain adequate available borrowing capacity at the FHLB.

Cash Dividend Declared

On February 21, 2025, the Bank paid $0.06 per share in cash dividends to common stockholders totaling $1.5 million that was declared by the Bank’s Board of Directors on January 21, 2025.

On April 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on May 9, 2025, payable on May 23, 2025.

Share Repurchase Program

During the first quarter of 2025 the Bank repurchased 256,454 shares of common stock at an average price of $15.06 per share, under the share repurchase program authorized in October 2024. Through March 31, 2025, 350,000 shares have been repurchased from the current share repurchase plan with a total cost of $5.2 million or $14.74 per share on average. The share repurchase program provides for the repurchase of up to 1.0 million shares of First Bank common stock with an aggregate repurchase amount of up to $16.0 million. The share repurchase program will expire on September 30, 2025.

Conference Call and Earnings Release Supplement

Additional details on the quarterly results and the Bank are included in the attached earnings release supplement. http://ml.globenewswire.com/Resource/Download/b39afd8e-20bb-4429-bcd7-61a0762ab19e

First Bank will host its earnings call on Wednesday, April 23, 2025 at 9:00 AM Eastern Time. The direct dial toll free number for the live call is 1-800-715-9871 and the access code is 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until July 22, 2025. Replay information will also be available on First Bank’s website at www.firstbanknj.com under the “About Us” tab. Click on “Investor Relations” to access the replay of the conference call.

About First Bank

First Bank is a New Jersey state-chartered bank with 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Trenton and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

Forward Looking Statements

This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions, integrate acquired entities and realize anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the impact of public health emergencies, on First Bank, its operations and its customers and employees; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s proxy statement, subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.

______________________

This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

ⁱ Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release

ⁱⁱ Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱⁱ Tangible stockholders’ equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

FIRST BANK CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited)

	March 31, 2025		December 31, 2024
Assets
Cash and due from banks	$	32,396	$	18,252
Restricted cash		11,910		14,270
Interest bearing deposits with banks		243,778		239,392
Cash and cash equivalents		288,084		271,914
Interest bearing time deposits with banks		743		743
Investment securities available for sale, at fair value (amortized cost of $90,393 and $84,083, respectively)		85,059		77,413
Equity securities, at fair value		1,860		1,870
Investment securities held to maturity, net of allowance for credit losses of $209 and $206, respectively (fair value of $42,565 and $42,770, respectively)		46,387		47,123
Restricted investment in bank stocks		15,933		14,333
Other investments		13,388		11,612
Loans held for sale		618		–
Loans, net of deferred fees and costs		3,236,039		3,144,266
Less: Allowance for credit losses		(39,223)		(37,773)
Net loans		3,196,816		3,106,493
Premises and equipment, net		21,267		21,351
Other real estate owned, net		4,822		5,637
Accrued interest receivable		14,889		14,267
Bank-owned life insurance		86,258		85,553
Goodwill		44,166		44,166
Other intangible assets, net		8,341		8,827
Deferred income taxes, net		25,178		25,528
Other assets		26,950		43,516
Total assets	$	3,880,759	$	3,780,346

Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	535,584	$	519,320
Interest bearing deposits		2,584,210		2,536,576
Total deposits		3,119,794		3,055,896
Borrowings		281,867		246,933
Subordinated debentures		29,981		29,954
Accrued interest payable		4,887		3,820
Other liabilities		29,315		34,587
Total liabilities		3,465,844		3,371,190
Stockholders’ Equity:
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding		–		–
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,576,676 shares issued and 25,045,612 shares outstanding and 27,375,439 shares issued and 25,100,829 shares outstanding, respectively		136,220		135,495
Additional paid-in capital		124,555		124,524
Retained earnings		184,657		176,779
Accumulated other comprehensive loss		(3,938)		(4,925)
Treasury stock, 2,531,064 and 2,274,610 shares, respectively		(26,579)		(22,717)
Total stockholders’ equity		414,915		409,156
Total liabilities and stockholders’ equity	$	3,880,759	$	3,780,346

FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited)

	Three Months Ended
	March 31,
	2025		2024
Interest and Dividend Income
Investment securities—taxable	$	1,188	$	1,182
Investment securities—tax-exempt		51		38
Interest bearing deposits with banks, Federal funds sold and other		2,997		3,025
Loans, including fees		51,552		49,319
Total interest and dividend income		55,788		53,564

Interest Expense
Deposits		20,844		20,786
Borrowings		2,412		2,116
Subordinated debentures		440		344
Total interest expense		23,696		23,246
Net interest income		32,092		30,318
Credit loss expense (benefit)		1,544		(698)
Net interest income after credit loss expense		30,548		31,016

Non-Interest Income
Service fees on deposit accounts		356		344
Loan fees		326		102
Income from bank-owned life insurance		793		785
Gains on sale of loans, net		29		229
Gains on recovery of acquired loans		24		118
Other non-interest income		443		386
Total non-interest income		1,971		1,964

Non-Interest Expense
Salaries and employee benefits		11,118		10,038
Occupancy and equipment		2,464		2,026
Legal fees		368		316
Other professional fees		726		756
Regulatory fees		684		602
Directors’ fees		282		242
Data processing		805		806
Marketing and advertising		399		296
Travel and entertainment		236		244
Insurance		214		244
Other real estate owned expense, net		920		88
Other expense		2,168		2,152
Total non-interest expense		20,384		17,810
Income Before Income Taxes		12,135		15,170
Income tax expense		2,754		2,658
Net Income	$	9,381	$	12,512

Basic earnings per common share	$	0.37	$	0.50
Diluted earnings per common share	$	0.37	$	0.50

Basic weighted average common shares outstanding		25,118,062		25,039,949
Diluted weighted average common shares outstanding		25,269,002		25,199,381

FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Three Months Ended March 31,
	2025						2024
	Average				Average		Average				Average
	Balance		Interest		Rate ⁽⁵⁾		Balance		Interest		Rate ⁽⁵⁾
Interest earning assets
Investment securities ^{(1) (2)}	$	134,274	$	1,250		3.78%	$	147,147	$	1,228		3.36%
Loans ⁽³⁾		3,170,772		51,552		6.59%		2,979,522		49,319		6.66%
Interest bearing deposits with banks,
Federal funds sold and other		234,032		2,575		4.46%		203,158		2,710		5.37%
Restricted investment in bank stocks		14,137		300		8.61%		10,421		199		7.68%
Other investments		14,054		122		3.52%		11,870		116		3.93%
Total interest earning assets ⁽²⁾		3,567,269		55,799		6.34%		3,352,118		53,572		6.43%
Allowance for credit losses		(38,181)						(37,607)
Non-interest earning assets		261,101						261,237
Total assets	$	3,790,189					$	3,575,748

Interest bearing liabilities
Interest bearing demand deposits	$	644,736	$	4,027		2.53%	$	618,941	$	3,666		2.38%
Money market deposits		1,045,013		8,631		3.35%		1,014,906		9,789		3.88%
Savings deposits		142,502		650		1.85%		162,113		574		1.42%
Time deposits		717,881		7,536		4.26%		671,546		6,757		4.05%
Total interest bearing deposits		2,550,132		20,844		3.31%		2,467,506		20,786		3.39%
Borrowings		234,526		2,412		4.17%		167,141		2,116		5.09%
Subordinated debentures		29,963		440		5.87%		42,470		344		3.24%
Total interest bearing liabilities		2,814,621		23,696		3.41%		2,677,117		23,246		3.49%
Non-interest bearing deposits		521,326						481,503
Other liabilities		40,570						40,586
Stockholders’ equity		413,672						376,542
Total liabilities and stockholders’ equity	$	3,790,189					$	3,575,748
Net interest income/interest rate spread ⁽²⁾				32,103		2.93%				30,326		2.92%
Net interest margin ^{(2) (4)}						3.65%						3.64%
Tax equivalent adjustment ⁽²⁾				(11)						(8)
Net interest income			$	32,092					$	30,318

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (in thousands, except for share and employee data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
EARNINGS
Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Credit loss expense (benefit)		1,544		234		1,579		63		(698)
Non-interest income		1,971		2,176		2,479		689		1,964
Non-interest expense		20,384		19,124		18,644		17,953		17,810
Income tax expense		2,754		3,915		4,188		2,140		2,658
Net income		9,381		10,497		8,162		11,073		12,512

PERFORMANCE RATIOS
Return on average assets ⁽¹⁾		1.00%		1.10%		0.88%		1.23%		1.41%
Return on average equity ⁽¹⁾		9.20%		10.27%		8.15%		11.52%		13.36%
Return on average tangible equity ^{(1) (2)}		10.54%		11.82%		9.42%		13.40%		15.64%
Net interest margin ^{(1) (3)}		3.65%		3.54%		3.48%		3.62%		3.64%
Yield on loans ⁽¹⁾		6.59%		6.62%		6.73%		6.81%		6.66%
Total cost of deposits ⁽¹⁾		2.75%		2.89%		3.06%		3.01%		2.83%
Efficiency ratio ⁽²⁾		57.65%		56.98%		58.49%		55.88%		55.56%

SHARE DATA
Common shares outstanding		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449
Basic earnings per share	$	0.37	$	0.42	$	0.32	$	0.44	$	0.50
Diluted earnings per share		0.37		0.41		0.32		0.44		0.50
Book value per share		16.57		16.30		15.96		15.61		15.23
Tangible book value per share ⁽²⁾		14.47		14.19		13.84		13.46		13.06

MARKET DATA
Market value per share	$	14.81	$	14.07	$	15.20	$	12.74	$	13.74
Market value / Tangible book value		102.35%		99.16%		109.83%		94.65%		105.20%
Market capitalization	$	370,926	$	353,169	$	382,841	$	320,347	$	344,825

CAPITAL & LIQUIDITY
Stockholders’ equity / assets		10.69%		10.82%		10.70%		10.86%		10.64%
Tangible stockholders’ equity / tangible assets ⁽²⁾		9.47%		9.56%		9.41%		9.50%		9.27%
Loans / deposits		103.73%		102.89%		101.23%		101.02%		100.75%

ASSET QUALITY
Net charge-offs	$	(15)	$	(155)	$	386	$	175	$	5,293
Net charge-offs (recoveries), excluding PCD loan charge-off ⁽⁴⁾		(15)		(155)		386		175		(201)
Nonperforming loans		11,584		11,677		12,014		14,227		17,054
Nonperforming assets		16,406		17,314		17,651		20,226		23,053
Net charge offs / average loans ⁽¹⁾		0.00%		(0.02%)		0.05%		0.02%		0.72%
Net charge offs (recoveries), excluding PCD loan charge-off / average loans ^{(1) (4)}		(0.00%)		(0.02%)		0.05%		0.02%		(0.03%)
Nonperforming loans / total loans		0.36%		0.37%		0.39%		0.47%		0.57%
Nonperforming assets / total assets		0.42%		0.46%		0.47%		0.56%		0.64%
Allowance for credit losses on loans / total loans		1.21%		1.20%		1.21%		1.21%		1.22%
Allowance for credit losses on loans / nonperforming loans		338.60%		323.48%		311.59%		254.81%		213.42%

OTHER DATA
Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Total loans		3,236,039		3,144,266		3,087,488		2,998,029		2,992,423
Total deposits		3,119,794		3,055,896		3,050,070		2,967,634		2,970,262
Total stockholders’ equity		414,915		409,156		402,070		392,489		382,254
Number of full-time equivalent employees		315		318		313		294		288

(1) Annualized.

(2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See the accompanying table, “Non-GAAP Financial Measures,” for calculation and reconciliation.

(3) Tax equivalent using a federal income tax rate of 21%.

(4) Excludes $5.5 million in a PCD loan charge-off in first quarter of 2024, which was reserved for through purchase accounting marks at the time of the Malvern acquisition.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
LOAN COMPOSITION
Commercial and industrial	$	651,690	$	576,625	$	546,541	$	530,996	$	508,911
Commercial real estate:
Owner-occupied		694,113		671,357		688,988		647,625		625,643
Investor		1,160,549		1,181,684		1,170,508		1,143,954		1,172,311
Construction and development		200,262		205,096		193,460		190,108		184,816
Multi-family		308,217		287,843		267,861		270,238		279,668
Total commercial real estate		2,363,141		2,345,980		2,320,817		2,251,925		2,262,438
Residential real estate:
Residential mortgage and first lien home equity loans		142,298		142,769		144,081		144,978		154,704
Home equity–second lien loans and revolving lines of credit		52,438		51,020		49,763		46,882		45,869
Total residential real estate		194,736		193,789		193,844		191,860		200,573
Consumer and other		29,760		31,324		29,518		26,321		23,702
Total loans prior to deferred loan fees and costs		3,239,327		3,147,718		3,090,720		3,001,102		2,995,624
Net deferred loan fees and costs		(3,288)		(3,452)		(3,232)		(3,073)		(3,201)
Total loans	$	3,236,039	$	3,144,266	$	3,087,488	$	2,998,029	$	2,992,423

LOAN MIX
Commercial and industrial		20.1%		18.3%		17.7%		17.7%		17.0%
Commercial real estate:
Owner-occupied		21.5%		21.4%		22.3%		22.3%		20.9%
Investor		35.9%		37.6%		37.9%		37.9%		39.2%
Construction and development		6.2%		6.5%		6.3%		6.3%		6.2%
Multi-family		9.5%		9.1%		8.7%		8.7%		9.3%
Total commercial real estate		73.1%		74.6%		75.2%		75.2%		75.6%
Residential real estate:
Residential mortgage and first lien home equity loans		4.4%		4.6%		4.7%		4.7%		5.2%
Home equity–second lien loans and revolving lines of credit		1.6%		1.6%		1.6%		1.6%		1.5%
Total residential real estate		6.0%		6.2%		6.3%		6.3%		6.7%
Consumer and other		0.9%		1.0%		0.9%		0.9%		0.8%
Net deferred loan fees and costs		(0.1%)		(0.1%)		(0.1%)		(0.1%)		(0.1%)
Total loans		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
DEPOSIT COMPOSITION
Non-interest bearing demand deposits	$	535,584	$	519,320	$	519,079	$	499,765	$	470,749
Interest bearing demand deposits		629,974		629,099		597,802		574,515		580,864
Money market and savings deposits		1,197,517		1,198,039		1,235,637		1,199,382		1,219,634
Time deposits		756,719		709,438		697,552		693,972		699,015
Total Deposits	$	3,119,794	$	3,055,896	$	3,050,070	$	2,967,634	$	2,970,262

DEPOSIT MIX
Non-interest bearing demand deposits		17.2%		17.0%		17.0%		16.8%		15.8%
Interest bearing demand deposits		20.2%		20.6%		19.6%		19.4%		19.6%
Money market and savings deposits		38.4%		39.2%		40.5%		40.4%		41.1%
Time deposits		24.2%		23.2%		22.9%		23.4%		23.5%
Total Deposits		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Return on Average Tangible Equity
Net income (numerator)	$	9,381	$	10,497	$	8,162	$	11,073	$	12,512

Average stockholders’ equity	$	413,672	$	406,579	$	398,535	$	386,644	$	376,542
Less: Average Goodwill and other intangible assets, net		52,805		53,278		53,823		54,347		54,790
Average Tangible stockholders’ equity (denominator)	$	360,867	$	353,301	$	344,712	$	332,297	$	321,752

Return on average tangible equity ⁽¹⁾		10.54%		11.82%		9.42%		13.40%		15.64%

Tangible Book Value Per Share
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Common shares outstanding (denominator)		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449

Tangible book value per share	$	14.47	$	14.19	$	13.84	$	13.46	$	13.06

Tangible Equity / Tangible Assets
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible total assets (denominator)	$	3,828,252	$	3,727,353	$	3,704,169	$	3,561,705	$	3,536,915

Tangible stockholders’ equity / tangible assets		9.47%		9.56%		9.41%		9.50%		9.27%

Efficiency Ratio
Non-interest expense	$	20,384	$	19,124	$	18,644	$	17,953	$	17,810
Less: Other real estate owned write-down		815		–		362		–		–
Adjusted non-interest expense (numerator)	$	19,569	$	19,124	$	18,282	$	17,953	$	17,810

Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Non-interest income		1,971		2,176		2,479		689		1,964
Total revenue		34,063		33,770		32,573		31,229		32,282
Add: Losses on sale of investment securities, net		–		–		555		–		–
(Subtract) Add: (Gains) losses on sale of loans, net		(29)		(38)		(135)		900		(229)
Less: Bank Owned Life Insurance Incentive		(88)		(168)		(1,116)		–		–
Adjusted total revenue (denominator)	$	33,946	$	33,564	$	31,877	$	32,129	$	32,053

Efficiency ratio		57.65%		56.98%		57.35%		55.88%		55.56%

(1) Annualized.

The MIL Network –

April 23, 2025

MIL-Evening Report: Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out

Source: The Conversation (Au and NZ) – By Colin Hawes, Associate professor of law, University of Technology Sydney

Slow Walker/Shutterstock

Far from causing trade frictions, an Australian buyout of the Port of Darwin lease may provide a lifeline for its struggling Chinese parent company Landbridge Group.

Both Labor and the Coalition have proposed such a buyout based on national security grounds.

But neither party has placed a dollar amount on a potential buyout, preferring to seek out private investors first. Any enforced acquisition would need to provide fair market value compensation to Landbridge.

The previous Northern Territory government leased the port to Landbridge for 99 years in 2015. The A$506 million contract was supported by the then Turnbull government.

Finding a buyer

This could put Australian taxpayers on the hook for hundreds of millions of dollars. Private investors might baulk at taking on a port lease that has consistently lost money for many years.

It is not clear why the national security situation has changed. The latest government inquiry found there were no security risks requiring Landbridge to divest their lease.

The more pressing risk threatening the port is a financial one.

Troubled times

If Landbridge Group, which holds the lease through its Australian subsidiary, declares insolvency, it will no longer be able to sustain the port’s operations. And the terminal could not support itself.

Several hundred employees would lose their jobs, and serious disruptions to trade and cruise ship tourism would follow.

The closure of the port would cause significant disruptions.
Claudine Van Massenhove/Shutterstock

The Australian media reported last November that the Port of Darwin racked up losses of $34 million in the 2023–24 financial year. Yet this figure is overshadowed by the financial liabilities Landbridge has in China.

Where the problems started

The problems started with Landbridge Group’s ambitious expansion between 2014 and 2017.

In that time it shelled out almost $5 billion on international and Chinese assets. Purchases included Australian gas producer WestSide Corporation Ltd, ($180 million in 2014); the Port of Darwin lease ($506 million in 2015); and another port in Panama ($1.2 billion in 2016). Landbridge reportedly planned to plough a further $1.5 billion into that port.

In China, the Landbridge Group also signed a partnership deal with Beijing Gas Co in 2019 to construct a huge liquefied natural gas (LNG) terminal at its main port site in Rizhao City, Shandong Province. The planned co-investment was worth $1.4 billion.

Rushing to invest

This was a heady time for Chinese private firms to invest overseas. Their often charismatic founders took advantage of the central government’s devolution of approval powers to the provinces and dressed up their pet investment projects as Belt and Road initiatives.

Much of this breakneck expansion was funded by high-interest bonds issued on the Chinese commercial interbank debt markets or so-called shadow banking.

Most private Chinese firms did not have easy access to the generous bank loans available to state-owned enterprises.

Landbridge, a private firm controlled by Shandong entrepreneur Ye Cheng and his sister Ye Fang, was no exception. They borrowed heavily to fund their acquisitions.

Mounting debt

Unfortunately, Landbridge’s income from its Chinese and international operations has not kept pace with its debt obligations. As early as 2017, the group was already struggling to pay debts.

Landbridge has been struggling to pay down debt.
lovemydesigns/Shutterstock

By 2021, Landbridge had been sued by at least 14 major financial or trade creditors. Outstanding judgment debts were issued by the Shanghai People’s Court amounting to about $600 million.

Since then, all of the group’s main assets have been frozen in lieu of payment. Unpaid debts and interest amounting to more than $1 billion have been passed on to state asset management companies to collect or sell off at knockdown prices, an indication the group is effectively insolvent.

Time to restructure

In early 2025, a restructuring committee was formed by the local government in Rizhao City, where Landbridge is headquartered. Its job is to find a way to keep the company’s Rizhao Port operating and avoid losing thousands of local jobs.

As recently as 2021, Ye Cheng was still ranked among the top 300 richest entrepreneurs in China, with an estimated net worth of more than $3 billion.

He is currently on the hook for his company’s debts after mortgaging all his business assets and giving personal guarantees to major creditors. He has also been fined by China’s corporate regulator for failing to lodge any annual financial reports for Landbridge Group since 2021.

Landbridge’s plans to develop its Panama port were cut short and its lease there was terminated in 2021 due to financial shortfalls.

Ye’s next move?

Ye Cheng may be unwilling to sell off his remaining overseas assets as this would be an admission of defeat. Yet an enforced buyout of the Darwin Port lease arranged by Australia may provide his businesses with a temporary financial lifeline in China.

It would also absolve Landbridge of its previously announced commitments to invest about $35 million in expanding Darwin Port’s infrastructure.

Far from causing trade frictions between Australia and China, such an enforced buyout – or more accurately, a bail-out – should be privately welcomed by both Landbridge and the Chinese government.

Colin Hawes is a research associate at the Australia-China Relations Institute, University of Technology Sydney.

– ref. Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out – https://theconversation.com/port-of-darwins-struggling-chinese-leaseholder-may-welcome-an-australian-buy-out-254716

MIL OSI Analysis – EveningReport.nz –

April 23, 2025

MIL-OSI USA: NEW: Wisconsin Minority Business Development Agency Office Closing, Baldwin Demands Answers from Trump Admin

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. — Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement on the Trump Administration’s closure of Wisconsin’s newly established Minority Business Development Agency (MBDA) Business Center that provides small business owners technical assistance, assisting with access to capital and contracts, and supporting job creation and retention:
“The Trump Administration owes the small business owners and entrepreneurs of Wisconsin some answers as to why he is ripping away this key resource that helps them create jobs, reach new customers, and grow our economy,” said Senator Baldwin. “I fight hard to support our small business owners and their workers, including bringing this office to Wisconsin, and I’m not willing to let Elon Musk and Donald Trump cut the legs out from under them so they can fund new tax breaks for themselves and huge corporations.”
During his confirmation hearing before the Commerce Committee, Trump’s Commerce Secretary Howard Lutnick said he did not support dismantling the agency which was created by President Nixon in 1969 and codified into law by Congress with bipartisan support and Senator Baldwin’s leadership in 2021. The MBDA is responsible for promoting the growth and global competitiveness of minority owned businesses, including by assisting these businesses with access to capital, contracts, markets and business networks through partnerships with private and public entities. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs.
Senator Baldwin worked with Republicans to include the Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act, making the MBDA permanent and increasing its funding authorization and reach. Baldwin then worked to bring a new Minority Business Development Center to Wisconsin, along with a $1.61 million grant to support its work assisting small businesses.
Earlier this year, President Trump released an Executive Order, going back on Secretary Lutnick’s word and undermining the Minority Business Development Agency. In response Senator Baldwin sent a letter demanding answers from the Administration and requesting their report outlining the proposed cuts and its potential impact on small business owners across America. The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent, to determine what can be restructured or cut. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, Baldwin requested a copy of that report by April 2nd, 2025, which she did not receive.
Senator Baldwin also joined Senators Maria Cantwell (D-WA) and Lisa Blunt Rochester (D-DE) in demanding documents and full accounting of Trump Commerce Secretary Howard Lutnick’s actions to shutter the Minority Business Development Agency (MBDA) despite vowing not to support efforts to dismantle it.
The full letter is available here and below.
Secretary Lutnick:
In a letter sent on March 25, 2025, you were urged to honor your testimony before the Senate Committee on Commerce, Science, and Transportation affirming you do not support efforts to dismantle the Minority Business Development Agency (MBDA). Since sending that letter, our offices have received information indicating the Trump Administration sent reduction-in-force (RIF) notices to every MBDA employee—effectively shuttering an agency that Congress has authorized. If true, this action would not only prevent MBDA from successfully carrying out its congressionally mandated programs and duties; it would appear to contradict the testimony you provided during your confirmation hearing. Accordingly, we demand a clear and complete explanation of your Department’s actions regarding the MBDA.
As explained in the March 25, 2025, letter, the MBDA is a vital driver of economic growth for America’s minority-owned businesses. Congress statutorily authorized the agency in a bipartisan manner in 2021 to ensure American entrepreneurs facing historical barriers to business ownership had access to key tools and resources to spur innovation, open new businesses, and create good-paying jobs. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs. Mindful of the MBDA’s record of success and congressional mandate, we urged you not to move forward with a RIF that would reduce MBDA’s personnel to as few as 3 full-time equivalent (FTE) employees.
Alarmingly, information provided to our offices makes clear the RIF your Department initiated at the MBDA was even more sweeping than we had feared, leaving the agency with effectively no staff. As a result, it is unclear to whom, if anyone, MBDA Business Centers are reporting or who is currently implementing MBDA’s congressionally mandated programs and duties. Your Department appears to have dismantled the MBDA without any act of Congress—disregarding the programs and initiatives the Administration is directed by statute to implement.
The Commerce Committee has a duty to conduct oversight of the agencies and programs under its jurisdiction to ensure they are implemented and operating as Congress intended. Accordingly, please provide the following documents and information no later than May 1, 2025:
A complete description of the current staffing at MBDA, including the number of FTE employees presently working at the agency (if any), how many FTE employees are presently on administrative leave, and how many MBDA FTE employees have been sent RIF notices since January 20, 2025.
Copies of all RIF notices sent to MBDA FTE employees since January 20, 2025.
A complete description of all actions taken by the Department to comply with President Trump’s March 14, 2025, executive order, “Continuing the Reduction of the Federal Bureaucracy.”
A copy of the report required in the above-referenced March 14, 2025, Executive Order from MBDA to the Director of the Office of Management and Budget confirming compliance with the Executive Order and explaining which of its components or functions are statutorily required and to what extent.
An explanation of how the Department’s actions regarding the MBDA are consistent with the Administration’s statutory obligations under the Minority Business Development Act of 2021 (Division K of the Infrastructure Investment and Jobs Act, P.L. 117-58).
An explanation of how the Department’s actions regarding the MBDA during your tenure as Commerce Secretary are consistent with your testimony to the Commerce Committee on January 29, 2025, and in your responses to the corresponding questions for the record. In your response, please specifically address the testimony you provided when asked if you support dismantling the MBDA, to which you responded, “I do not.”
Sincerely,

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Senator Murray Tours NOAA Western Regional Office in Seattle, Meets with Meteorologists & Staff—Visit Comes as NOAA Faces Unprecedented Threats from Trump & Elon

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray, Former NOAA Administrator and WA State NOAA Employees Fired for No Reason Slam Trump & Elon’s Destructive Mass Layoffs at NOAA

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

Seattle, WA— Today, on Earth Day, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, toured the National Oceanic and Atmospheric Administration (NOAA) Western Regional Center, which is NOAA’s largest campus by square footage in the U.S. NOAA has a large footprint in Washington state—where it employs approximately 1,000 people at the Western Regional Center, including non-NOAA contractors. Communities across Washington state rely on the work NOAA does—from providing storm warnings and weather forecasts to protecting and restoring marine resources that are essential to our state’s economy and culture.

On the tour, Senator Murray visited the National Weather Service, met with meteorologists, and saw the cutting-edge equipment they use to forecast the weather and issue severe weather warnings to protect life and property. Senator Murray also met with scientists and researchers at the Alaska Fisheries Science Center and the Pacific Marine Environmental Laboratory who work together to steward our ocean resources and habitat.

“It was a pleasure visiting NOAA’s Western Regional Center today and hearing from scientists about the vital research they do and services they provide that help all of us. Whether they know it or not, every American relies on the work NOAA does—from creating accurate weather forecasts and storm warnings to managing our fisheries. Here in Washington state, our marine resources are essential to our state’s economy and culture—and the experts at NOAA play a critical role in protecting our waterways and habitats,” said Senator Murray.

“But Trump and Elon are mass firing experts at NOAA, terminating research programs, and closing facilities—taking a wrecking ball to NOAA and the work it does that helps our country in so many ways, and Washington state in particular,” continued Senator Murray. “NOAA staffing cuts are threatening years of salmon harvest—a multibillion dollar industry in Washington state. Our seafood industry benefits tremendously from NOAA’s work protecting the Puget Sound, NOAA’s storm warnings save lives and property, and shipping routes are dependent on the weather forecasts NOAA provides, to name just a few examples. This administration’s massive, thoughtless cuts at NOAA are putting all of this at risk—I will continue doing everything I can to raise the alarm, speak out, and drive home how essential NOAA’s work is for communities across America.”

Senator Murray has been outspoken in calling attention to how Trump and Elon’s indiscriminate mass layoffs—including at NOAA—are hurting people across the country and will undermine services Americans everywhere rely on. In March, Senator Murray held a press conference with former NOAA Administrator Rick Spinrad and NOAA employees in Washington state who were fired through no fault of their own. More than 650 NOAA employees have already been fired for no reason by Trump and Elon, with another round of job cuts targeting more than 1,000 additional employees still expected. In addition to employees who accepted the “Fork in the Road” offer, NOAA could potentially see a combined loss of 20 percent of its staff with this next round of cuts. Before January 2025, NOAA’s workforce exceeded 12,000 people worldwide, with more than 50 percent being scientists and engineers. Probationary employees at NOAA who were fired in February were temporarily reinstated in mid-March after a federal court ruling—but the Supreme Court reversed the reinstatements on April 8^th, and probationary workers at NOAA and other federal agencies were re-fired.

Senator Murray has been a leading voice raising the alarm about how Trump and Elon’s mass firings across the federal workforce will undermine services all Americans rely on and hurt families, veterans, small businesses, farmers, and so many others in Washington state and across the country. Senator Murray has spoken out on the Senate floor repeatedly against this administration’s attacks on federal workers, held multiple press conferences with federal workers—including at NOAA—who are being fired for no reason and through no fault of their own, released information about the mass firings, and repeatedly outlined her concerns with the administration’s so-called “Fork in the Road” offer to her constituents in Washington state.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: In Seattle, Senator Murray Hears from U District Small Businesses About How Trump’s Trade War is Affecting Them

US Senate News:

Source: United States Senator for Washington State Patty Murray

***AUDIO HERE; PHOTOS and B-ROLL HERE***

Seattle, WA— Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, met with small business owners in Seattle’s University District to hear how Trump’s chaotic trade war is impacting them. Trump is currently taxing goods from every country—including close allies like Canada—at a minimum 10 percent tariff rate across-the-board. He has also significantly escalated his trade war with China, with 145 percent tariffs on Chinese goods—meaning higher prices and serious pain for families and small businesses across Washington state and the country. Even with his 90-day “pause” on reciprocal tariffs, Trump’s new tariffs are still the highest tariff rates in decades, and are estimated to cost American families more than $4,000 each year—the largest tax increase since 1968.

During the visit, Senator Murray heard from small business owners about how the Trump administration’s reckless trade war is leading to serious uncertainty for businesses and consumers in Seattle. Businesses are worried that tariffs will push them to raise prices—potentially driving customers away—and lay off workers to cut costs. Participating in the discussion with Senator Murray, held at Café Allegro, were: Yasuaki Saito, Owner of Saint Bread; Miles Richardson, General Manager of University Volkswagen/Audi Seattle; Trevor Peterson, CEO of the University Book Store; Efrem Fesaha, CEO of Boon Boona coffee; Jennifer Antos, Executive Director of Seattle Neighborhood Farmers’ Markets; Chris Peterson, Owner of Cafe Allegro since 1985; Lois Ko, Owner of Sweet Alchemy ice cream shops in the U District, Ballard, and Capitol Hill, and Anson Lin, Owner of Astora Construction.

“These small businesses are at the heart of the U District community, and it was important to hear from them about how Trump’s tariffs and his pointless trade war are affecting their bottom lines—it’s something I’m hearing about everywhere I go across Washington state,” said Senator Murray. “Trump’s ham-fisted trade war is threatening livelihoods here in Washington state—small businesses are worrying about whether they can keep their doors open without laying people off, families that are already scrambling to pay the bills are worried about rising costs at the grocery store, and our farmers are deeply concerned about retaliatory tariffs from other nations in response to Trump’s tariffs. Trump’s tariffs are an enormous new tax on hardworking Americans and businesses. I will continue to share the stories and raise the voices of the people in Washington state who are being affected by Trump’s thoughtless trade war. There is no good reason for us to be picking fights with our trading partners and close allies like Canada—it’s time for Republicans in Congress to stand up and vote with us to end this chaos.”

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. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. 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.

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 and calling 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. Last 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.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: On Earth Day, Schatz, Casten Introduce Legislation To Address Costs, Financial Risks Of Climate Change

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) and U.S. Representative Sean Casten (D-Ill.) introduced the Climate Change Financial Risk Act, legislation that directs the Federal Reserve to conduct stress tests on large financial institutions to measure their resilience to climate-related financial risks.

“Risk is risk—we should not be treating some risks different from others just because they’re hard to quantify. Federal regulators are legally obligated to ensure a stable and efficient financial system, and that means reducing the risk of a climate-driven financial crisis,” said Senator Schatz. “Instead of taking steps to reduce the risks facing communities across the country from increasingly frequent and severe extreme weather and disasters—including significantly higher costs for homeowners insurance—the Trump administration is trying to roll back our progress in the climate fight and gut the programs that will make us safer.”

“Climate change poses a grave and imminent threat to the stability of our financial system. It is essential that our regulators establish parameters so that our financial institutions adequately prepare for and respond to these risks, and that they do so before the next extreme weather crisis strikes,” said Representative Casten. “Our bill will move us toward safeguarding our financial systems—from short-term climate impacts, such as direct uninsured losses from wildfires, hurricanes, and flooding events, as well as from long-term global shifts to a net-zero economy, which may require a reshaping of a bank’s lending and investment activities.”

Climate change is increasing the frequency and severity of extreme weather events like floods and wildfires. It is also changing long-term climate patterns in ways that will ultimately affect every sector of our economy. Financial institutions face the risk of direct losses from severe weather events and fundamental changes like drought and sea level rise—for example, lower property values from increased flooding. They also face risks from market instability, an erosion of investor confidence, and changes in carbon-intensive asset values resulting from government policies and consumer preferences.

These risks to our financial system are critical for financial institutions to measure and manage, as recognized in the pilot climate scenario analysis exercise that the Federal Reserve conducted in 2023 and the Principles for Climate-Related Financial Risk Management for Large Financial Institutions published by agencies in 2023. The Office of the Comptroller of the Currency announced in March 2025 that it was withdrawing from its participation in these principles. The Climate Change Financial Risk Act will make sure that financial institutions manage climate risks with stress tests that quantify and measure their resilience.

The Climate Change Financial Risk Act would require the Federal Reserve to create climate change scenarios for financial stress tests, with input from federal scientific agencies and an advisory group of climate scientists and climate economists. The Federal Reserve would then conduct stress tests every two years on the largest financial institutions. The biennial tests will require each covered institution to create and update a resolution plan, which will describe how the institution plans to evolve its capital planning, balance sheet and off-balance sheet exposures, and other business operations to respond to the most recent test results. Federal Reserve objections to a resolution plan would limit the institution’s ability to proceed with capital distributions until it improves its plan. The Federal Reserve will also partner with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to design a survey to assess the ability of a broader set of financial institutions to withstand climate risks.

Schatz’s legislation is cosponsored by U.S. Senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), Patty Murray (D-Wash.), Martin Heinrich (D-N.M.), and Cory Booker (D-N.J.). The House companion legislation, led by Casten, is cosponsored by U.S. Representatives Stephen Lynch (D-Mass.), Emanuel Cleaver (D-Mo.), Jared Huffman (D-Calif.), Kevin Mullin (D-Calif.), Sarah Elfreth (D-Md.), and Salud Carbajal (D-Calif.).

“Those of us in the West are already experiencing the cost of climate inaction firsthand – from higher home insurance rates and utility bills for hardworking families to lower profits for producers. As the impacts of climate change intensify, we need to do everything we can to make our local economies more resilient for families, workers, and small businesses,” said Senator Heinrich. “This Earth Day, I’m proud to introduce the Climate Change Financial Risk Act with Senator Schatz to protect New Mexicans from the costly consequences of worsening climate change by strengthening the ability of our financial institutions to withstand extreme weather events like prolonged droughts and wildfires, which can trigger market instability and shake investor confidence.”

“Trump’s Dirty Energy First strategy is fanning the flames of climate chaos, and it’s essential to understand the risk that poses to our major financial institutions,” said Senator Merkley. “We must not ignore the danger climate change poses to the economic security of hardworking Americans.”

The Climate Change Financial Risk Act is supported by League of Conservation Voters, Ceres, the Sierra Club, Public Citizen, and Americans for Financial Reform.

“US regulators must get back in the business of managing the systemic financial risks posed by increasing floods, fires, and storms,” said Steven M. Rothstein, Managing Director of the Accelerator for Sustainable Capital Markets, Ceres. “We commend Senator Schatz and Representative Casten for reintroducing this legislation and laying out a clear role for the Federal Reserve Board to address climate-related financial risks. This legislation will provide the clarity and analysis needed to ensure the financial industry makes informed decisions that protect individual institutions from climate-related shocks and insulate the financial system from widespread loss.”

“As financial regulators retreat under political pressure, this bill represents a much-needed step to ensure our financial system is better prepared for the growing risks of climate change. Investors need regulators to provide clear, forward-looking assessments of systemic risk — and to ensure that financial institutions aren’t throwing more fuel on the fire of the climate crisis. With climate disasters escalating and financial consequences mounting, leaders at all levels of government must act to build a more stable and sustainable financial system. We applaud Sen. Schatz and Rep. Casten for their continued leadership to make that happen,” said Ben Cushing, Sustainable Finance Campaign Director, the Sierra Club.

The text of the bill is available here.

MIL OSI USA News –

April 23, 2025

MIL-OSI: Range Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.

First Quarter 2025 Highlights –

Cash flow from operating activities of $330 million
Cash flow from operations, before working capital changes, of $397 million
Repurchased $68 million of shares, paid $22 million in dividends, and reduced net debt by $42 million
Capital spending was $147 million, approximately 22% of the annual 2025 budget
Realized price, including hedges, was $4.02 per mcfe
Natural gas differential, including basis hedging, of ($0.15) per mcf to NYMEX
Pre-hedge NGL realizations of $27.79 per barrel – a premium of $1.05 over Mont Belvieu equivalent
Production averaged 2.20 Bcfe per day, approximately 69% natural gas
Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

First Quarter 2025 Results

GAAP revenues and other income for first quarter 2025 totaled $691 million, GAAP net cash provided from operating activities (including changes in working capital) was $330 million, and GAAP net income was $97 million ($0.40 per diluted share). First quarter earnings results include a $159 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $397 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $232 million ($0.96 per diluted share) in first quarter 2025.

The following table details Range’s first quarter 2025 unit costs per mcfe^(a):

Expenses	1Q 2025 (per mcfe)		1Q 2024 (per mcfe)		Increase (Decrease)

Direct operating^(a)	$	0.13	$	0.11	18	%
Transportation, gathering, processing and compression^(a)		1.55		1.49	4	%
Taxes other than income		0.04		0.03	33	%
General and administrative^(a)		0.16		0.18	(11	)%
Interest expense^(a)		0.14		0.15	(7	)%
Total cash unit costs^(b)		2.01		1.96	3	%
Depletion, depreciation and amortization (DD&A)		0.46		0.45	2	%
Total unit costs plus DD&A^(b)	$	2.46	$	2.40	3	%

^{(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.}
^{(b) Totals may not be exact due to rounding.}

The following table details Range’s average production and realized pricing for first quarter 2025^(a):

	1Q25 Production & Realized Pricing
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)

Net production per day			1,510,705			4,706			110,222			2,200,276

Average NYMEX price		$	3.66		$	71.40		$	26.74
Differential, including basis hedging			(0.15	)		(10.28	)		1.05
Realized prices before NYMEX hedges			3.51			61.12			27.79			3.93
Settled NYMEX hedges			0.13			0.60			(0.04	)		0.09
Average realized prices after hedges		$	3.64		$	61.72		$	27.75		$	4.02

^{(a) Totals may not be exact due to rounding}

First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.02 per mcfe.

The average natural gas price, including the impact of basis hedging, was $3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $27.79 per barrel, approximately $1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $61.12 per barrel, or $10.28 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

Financial Position and Repurchase Activity

As of March 31, 2025, Range had net debt outstanding of approximately $1.36 billion, consisting of $1.71 billion of senior notes and $345 million in cash. During the first quarter, Range repurchased in the open market $2.2 million principal amount of 4.875% senior notes due 2025 at a discount.

During the quarter, Range repurchased 1,826,562 shares at an average price of approximately $36.97 per share. As of March 31, 2025, the Company had approximately $949 million of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2025 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $16 million was invested in acreage, and $1 million was invested in infrastructure and other investments. First quarter capital spending represented approximately 22% of Range’s total capital budget in 2025.

During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1Q 2025	Remaining 2025	2025 Planned TIL
SW PA Super-Rich	0	8	8
SW PA Wet	10	19	29
SW PA Dry	0	5	5
NE PA Dry	0	4	4
Total Wells	10	36	46

Marketing and Midstream Update

Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day in 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

	Direct operating expense:	$0.12 – $0.14 per mcfe
	Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
	Taxes other than income:	$0.03 – $0.04 per mcfe
	Exploration expense:	$24 – $28 million
	G&A expense:	$0.17 – $0.19 per mcfe
	Net Interest expense:	$0.12 – $0.13 per mcfe
	DD&A expense:	$0.45 – $0.46 per mcfe
	Net brokered gas marketing expense:	$8 – $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
	FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.25 to $1.25 per barrel
	FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of $11.7 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	791,920		$	567,001
Derivative fair value (loss) income		(158,957	)		46,598
Brokered natural gas and marketing		54,408			28,831
ARO settlement loss (b)		–			(26	)
Interest income (b)		3,053			2,943
Gain on sale of assets (b)		62			87
Other (b)		68			22
Total revenues and other income		690,554			645,456			7	%

Costs and expenses:
Direct operating		24,836			21,664
Direct operating – stock-based compensation (c)		537			497
Transportation, gathering, processing and compression		306,109			290,875
Taxes other than income		6,987			5,368
Brokered natural gas and marketing		57,361			30,895
Brokered natural gas and marketing – stock-based compensation (c)		840			708
Exploration		6,044			4,202
Exploration – stock-based compensation (c)		347			324
Abandonment and impairment of unproved properties		4,574			2,371
General and administrative		31,553			33,772
General and administrative – stock-based compensation (c)		10,111			9,978
General and administrative – lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan (d)		2,879			6,405
Interest expense		27,785			29,116
Interest expense – amortization of deferred financing costs (e)		1,376			1,360
Gain on early extinguishment of debt		(3	)		(64	)
Depletion, depreciation and amortization		90,559			87,137
Total costs and expenses		580,819			535,114			9	%

Income before income taxes		109,735			110,342			-1	%

Income tax expense
Current		2,000			1,582
Deferred		10,683			16,622
		12,683			18,204

Net income	$	97,052		$	92,138			5	%


Net income Per Common Share
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

Weighted average common shares outstanding, as reported
Basic		240,035			240,505			0	%
Diluted		241,755			242,406			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the
categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	March 31,			December 31,
	2025			2024
	(Unudited)			(Audited)
Assets
Current assets	$	714,502		$	636,982
Derivative assets		6,470			87,098
Natural gas and oil properties, net (successful efforts method)		6,476,813			6,421,700
Other property and equipment, net		2,799			2,465
Operating lease right-of-use assets		100,110			119,838
Other		82,030			79,592
	$	7,382,724		$	7,347,675

Liabilities and Stockholders’ Equity
Current liabilities	$	1,211,926		$	1,263,247
Asset retirement obligations		1,189			1,189
Derivative liabilities		70,845			9,634
Senior notes, excluding current maturities		1,090,107			1,089,614
Deferred tax liabilities		552,057			541,378
Derivative liabilities		32,178			10,488
Deferred compensation liabilities		66,336			65,233
Operating lease liabilities		35,535			35,737
Asset retirement obligations and other liabilities		140,607			137,181
Divestiture contract obligation		242,583			257,317
		3,443,363			3,411,018

Common stock and retained deficit		4,520,586			4,449,987
Other comprehensive income		597			611
Common stock held in treasury		(581,822	)		(513,941	)
Total stockholders’ equity		3,939,361			3,936,657
	$	7,382,724		$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	March 31,			December 31,
	2025			2024			%

Total debt, net of deferred financing costs, as reported	$	1,696,541		$	1,697,883			0	%
Unamortized debt issuance costs, as reported		10,001			10,819
Less cash and cash equivalents, as reported		(344,574	)		(304,490	)
Net debt, a non-GAAP measure	$	1,361,968		$	1,404,212			-3	%

RANGE RESOURCES CORPORATION



CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024

Net income		97,052			92,138
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		10,683			16,622
Depletion, depreciation and amortization		90,559			87,137
Abandonment and impairment of unproved properties		4,574			2,371
Derivative fair value loss (income)		158,957			(46,598	)
Cash settlements on derivative financial instruments		4,573			122,373
Divestiture contract obligation, including accretion		8,897			10,267
Amortization of deferred financing costs and other		1,182			1,232
Deferred and stock-based compensation		15,083			18,215
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)

Changes in working capital:
Accounts receivable		(28,722	)		107,454
Other current assets		(9,028	)		(8,944	)
Accounts payable		36,181			12,188
Accrued liabilities and other		(59,843	)		(82,374	)
Net changes in working capital		(61,412	)		28,324
Net cash provided from operating activities		330,083			331,930



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Net cash provided from operating activities, as reported	$	330,083		$	331,930
Net changes in working capital		61,412			(28,324	)
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Non-cash compensation adjustment and other		(175	)		(101	)
Cash flow from operations before changes in working capital – non-GAAP measure	$	397,391		$	307,898



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Basic:
Weighted average shares outstanding		240,776			242,082
Stock held by deferred compensation plan		(741	)		(1,577	)
Adjusted basic		240,035			240,505

Dilutive:
Weighted average shares outstanding		240,776			242,082
Dilutive stock options under treasury method		979			324
Adjusted dilutive		241,755			242,406

RANGE RESOURCES CORPORATION



RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025					2024					%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		490,377			$		271,475
NGLs sales			275,654					256,076
Oil sales			25,889					39,450
Total Natural Gas, NGLs and Oil Sales, as reported	$		791,920			$		567,001				40		%

Derivative Fair Value (Loss) Income, as reported	$		(158,957		)	$		46,598
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas			(4,729		)			(120,913	)
NGLs			412					77
Oil			(256		)			(1,537	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$		(163,530		)	$		(75,775	)

Transportation, gathering, processing and compression components:
Natural Gas	$		157,519			$		150,112
NGLs			147,838					140,274
Oil			752					489
Total transportation, gathering, processing and compression, as reported	$		306,109			$		290,875

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		495,106			$		392,388
NGLs sales			275,242					255,999
Oil Sales			26,145					40,987
Total	$		796,493			$		689,374				16		%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			135,963,430					132,650,240				2		%
NGLs (bbls)			9,919,989					9,760,723				2		%
Oil (bbls)			423,579					610,279				-31		%
Gas equivalent (mcfe) (b)			198,024,838					194,876,252				2		%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)			1,510,705					1,457,695				4		%
NGLs (bbls)			110,222					107,261				3		%
Oil (bbls)			4,706					6,706				-30		%
Gas equivalent (mcfe) (b)			2,200,276					2,141,497				3		%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$		3.61			$		2.05				76		%
NGLs (per bbl)	$		27.79			$		26.24				6		%
Oil (per bbl)	$		61.12			$		64.64				-5		%
Gas equivalent (per mcfe) (b)	$		4.00			$		2.91				37		%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$		3.64			$		2.96				23		%
NGLs (per bbl)	$		27.75			$		26.23				6		%
Oil (per bbl)	$		61.72			$		67.16				-8		%
Gas equivalent (per mcfe) (b)	$		4.02			$		3.54				14		%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$		2.48			$		1.83				36		%
NGLs (per bbl)	$		12.84			$		11.86				8		%
Oil (per bbl)	$		59.95			$		66.36				-10		%
Gas equivalent (per mcfe) (b)	$		2.48			$		2.05				21		%

Transportation, gathering and compression expense per mcfe	$		1.55			$		1.49				4		%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION



RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended March 31,
		2025					2024				%

Income from operations before income taxes, as reported				109,735			110,342					-1	%
Adjustment for certain special items:
Gain on the sale of assets				(62	)		(87			)
ARO settlement loss				–			26
Change in fair value related to derivatives prior to settlement				163,530			75,775
Abandonment and impairment of unproved properties				4,574			2,371
Gain on early extinguishment of debt				(3	)		(64			)
Lawsuit settlements				27			191
Exit costs				8,897			10,315
Brokered natural gas and marketing – stock-based compensation				840			708
Direct operating – stock-based compensation				537			497
Exploration expenses – stock-based compensation				347			324
General & administrative – stock-based compensation				10,111			9,978
Deferred compensation plan – non-cash adjustment				2,879			6,405

Income before income taxes, as adjusted				301,412			216,781					39	%

Income tax expense, as adjusted
Current (a)				2,000			1,582
Deferred (a)				67,325			48,278

Net income, excluding certain items, a non-GAAP measure		$		232,087			$	166,921				39	%

Non-GAAP income per common share
Basic		$		0.97			$	0.69				41	%
Diluted		$		0.96			$	0.69				39	%

Non-GAAP diluted shares outstanding, if dilutive				241,755			242,406





(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024

Net income, as reported	$	97,052		$	92,138
Adjustments for certain special items:
Gain on the sale of assets		(62	)		(87	)
ARO settlement loss		–			26
Gain on early extinguishment of debt		(3	)		(64	)
Change in fair value related to derivatives prior to settlement		163,530			75,775
Abandonment and impairment of unproved properties		4,574			2,371
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Stock-based compensation		11,835			11,507
Deferred compensation plan		2,879			6,405
Tax impact		(56,642	)		(31,656	)

Net income, excluding certain items, a non-GAAP measure	$	232,087		$	166,921

Net income per diluted share, as reported	$	0.40		$	0.38
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–
ARO settlement loss		–			–
Gain on early extinguishment of debt		–			–
Change in fair value related to derivatives prior to settlement		0.68			0.31
Abandonment and impairment of unproved properties		0.02			0.01
Lawsuit settlements		–			–
Exit costs		0.04			0.04
Stock-based compensation		0.05			0.05
Deferred compensation plan		0.01			0.03
Adjustment for rounding differences		(0.01	)		–
Tax impact		(0.23	)		(0.13	)
Dilutive share impact (rabbi trust and other)		–			–

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.96		$	0.69

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.97		$	0.69
Diluted	$	0.96		$	0.69

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Revenues
Natural gas, NGLs and oil sales, as reported	$	791,920		$	567,001
Derivative fair value (loss) income, as reported		(158,957	)		46,598
Less non-cash fair value loss		163,530			75,775
Brokered natural gas and marketing, as reported		54,408			28,831
Other income, as reported		3,183			3,026
Less gain on sale of assets		(62	)		(87	)
Less ARO settlement		–			26
Cash revenues		854,022			721,170

Expenses
Direct operating, as reported		25,373			22,161
Less direct operating stock-based compensation		(537	)		(497	)
Transportation, gathering and compression, as reported		306,109			290,875
Taxes other than income, as reported		6,987			5,368
Brokered natural gas and marketing, as reported		58,201			31,603
Less brokered natural gas and marketing stock-based compensation		(840	)		(708	)
General and administrative, as reported		41,691			43,941
Less G&A stock-based compensation		(10,111	)		(9,978	)
Less lawsuit settlements		(27	)		(191	)
Interest expense, as reported		29,161			30,476
Less amortization of deferred financing costs		(1,376	)		(1,360	)
Cash expenses		454,631			411,690

Cash margin, a non-GAAP measure	$	399,391		$	309,480

Mmcfe produced during period		198,025			194,876

Cash margin per mcfe	$	2.02		$	1.59

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Income before income taxes, as reported	$	109,735		$	110,342
Adjustments to reconcile income before income taxes to cash margin:
ARO settlements		–			26
Derivative fair value loss (income)		158,957			(46,598	)
Net cash receipts on derivative settlements		4,573			122,373
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan		2,879			6,405
Stock-based compensation (direct operating, brokered natural gas and		11,835			11,507
Marketing, and general and administrative)
Bad debt expense		–			–
Interest – amortization of deferred financing costs		1,376			1,360
Depletion, depreciation and amortization		90,559			87,137
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)
Abandonment and impairment of unproved properties		4,574			2,371
Cash margin, a non-GAAP measure	$	399,391		$	309,480

The MIL Network –

April 23, 2025

MIL-OSI: PHH Mortgage Launches Proprietary Reverse Mortgage Product

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., April 22, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched a proprietary reverse mortgage product known as EquityIQ^®. The product will be available through the Company’s wholesale network and marketed under PHH’s reverse mortgage product brand, Liberty Reverse Mortgage.

“For more than two decades, we’ve leveraged our reverse mortgage expertise to help our partners and homeowners safely access reverse mortgage products and establish ourselves as an industry-leading reverse mortgage lender and servicer,” said Andy Peach, Executive Vice President and Chief Lending Officer. “We understand our customers’ needs and the many benefits of a reverse mortgage. With an estimated $14 trillion in senior home equity,¹ we’re excited to launch EquityIQ, which complements our existing Home Equity Conversion Mortgage (HECM) product offering, to help senior homeowners unlock their home equity to meet personal and financial needs.”

“Our release of the EquityIQ product is the latest example of how PHH continues to provide new opportunities for its partners to grow their businesses,” said Rich Bradfield, Executive Vice President and Chief Growth Officer. “We believe EquityIQ can be a valuable option for our wholesale partners and their clients, and we look forward to continuing to expand our product options to meet our customers’ needs.”

EquityIQ^®Product Information

Available to homeowners at least 55 years old (unless restricted by state law)
Private (not insured by the Federal Housing Administration), jumbo reverse mortgage; allows homeowners to access more available funds as compared to a traditional HECM
Fixed-rate loan with a maximum loan amount of $4 million
No upfront or ongoing mortgage insurance and no monthly servicing fee
Full draw of available proceeds required at closing
Eligible property types include single-family, condominium, townhomes, multi-family property (2-4 units) and planned unit development
All applicable parties must receive counseling from a PHH-approved housing counseling agency
Available for primary residence only and borrower is required to continue paying property taxes, homeowners insurance, HOA fees and maintenance costs

For Information on becoming a wholesale partner please visit https://partner.libertyreversemortgage.com.

¹ Source: NRMLA/RiskSpan Reverse Mortgage Market Index quarterly release as of March 31, 2025

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

PHH Mortgage and Liberty Reverse Mortgage are equal housing lenders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the anticipated benefits of the EquityIQ product to PHH’s wholesale partners and clients and the ability of PHH to continue expanding product options.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, developments in our litigation matters, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

For Further Information Contact:

Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com

The MIL Network –

April 23, 2025

MIL-OSI: BlackLine Announces Date for First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the first quarter ended March 31, 2025 after market close on Tuesday, May 6, 2025 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. To access the conference call by phone, please register here, and dial-in details will be provided. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

The MIL Network –

April 23, 2025

MIL-Evening Report: Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading?

Source: The Conversation (Au and NZ) – By Alex Russell, Principal Research Fellow, CQUniversity Australia

Mick Tsikas/AAP, Joel Carret/AAP, Darren England/AAP, Ihor Koptilin/Shutterstock, The Conversation, CC BY

Gambling prevalence studies provide a snapshot of gambling behaviour, problems and harm in our communities. They are typically conducted about every five years.

In some Australian states and territories, four or five have been conducted over the past 20 or so years. These have provided a snapshot into how gambling has changed – and how it has not.

So, how has gambling in Australia changed in the past two decades or so, and where may we be heading?

The intensification of gambling

In 1997-98, the Productivity Commission found about 82% of Australians had gambled in the previous 12 months.

Almost all further prevalence studies show the proportion of adults gambling has declined substantially over time.

The 2024 NSW prevalence survey, for example, found 54% reported gambling in the previous 12 months, down from 69% in 2006.

While fewer people are gambling, the proportion of people experiencing problems has not changed much, nor has gambling turnover.

In some states, gambling turnover has increased, even when you take inflation into account.

So while a smaller proportion of people are gambling, those who do gamble are doing so more frequently, and spend more money – a phenomenon we have described as the “intensification” of the industry.

As figures from the Grattan Institute show, the vast majority of gambling spend comes from a very small proportion of people who gamble.

What’s the problem?

Typically, the focus in gambling studies has been on “problem gamblers”, a term we now avoid because it can be stigmatising.

This refers to those experiencing severe problems due to their gambling, which is typically about 1% of the adult population, and around 2% of people who gamble.

This doesn’t sound like much, until you remember 1% of adults in Australia is more than 200,000 people. That’s a lot of people struggling with severe problems.

Based on recent prevalence surveys in Australia, these gamblers spend about 60 times as much as people who do not experience problems.

However, that’s just the most severe cases.

How gambling harms people

When most people think of gambling harm, they think about financial harm. But gambling can cause problems with relationships, work and study, emotional and psychological harm, and even cause health issues.

Some degree of gambling harm is experienced by around 10-15% of people who gamble.

Some groups are overrepresented: young men typically experience very high levels of harm compared to others. Other overrepresented groups are:

those who have not completed tertiary education
people who speak a language other than English
people who identify as Aboriginal or Torres Strait Islander.

Harm isn’t just experienced by people who gamble, though – it impacts the people around them.

While young men are more likely to experience harm from their own gambling, women, particularly young women, are most likely to experience harm from someone else’s gambling.

When we take all of these sources of harm into account, we get a much better picture of gambling harm in our community: around 15-20% of all adults (not all gamblers) experience harm.

That’s very different to the figure of 1% we’ve focused on in the past.

We’re still missing some accounting, though: we don’t know how much harm is experienced by people under 18, for example, because prevalence studies typically only include adults.

Where does the harm come from?

The most problematic form in Australia is pokies, responsible for about 51-57% of problems.

Casinos are responsible for another 10-14%, although fewer people have been gambling in casino games in recent years.

Sports betting and race betting together account for about another 19-20% of harm.

Between them, pokies, casino games and sports and race betting account for about 90% of harm to Australian gamblers.

Availability is an issue

This widespread availability of pokies is the biggest single driver behind gambling harm in Australia.

In other countries, pokies are limited to venues that are specifically used for gambling, like casinos or betting shops.

We have pokies in a huge number of our pubs and clubs, except in Western Australia.

A couple of years ago, we used national prevalence data to compare gambling problems in WA to the rest of the country.

A higher percentage of adults in WA gamble, but mostly on the lotteries which are typically not associated with much harm.

Gambling on pokies is far less prevalent in WA because they’re only available in one casino. Gambling problems and harm are about one-third lower in WA, and our analysis shows this can be attributed to the limited access to pokies.

This also tells us something important. If pokies are not available, people will typically not substitute them with other harmful forms. It points to the role of the availability of dangerous gambling products in gambling harm, rather than personal characteristics.

Online gambling has also become a lot more available. Most of us now have a mobile phone almost surgically implanted onto our hand, making online gambling more accessible than ever. Not surprisingly, online gambling continues to increase.

An obvious solution to try

Governments have taken increasingly proactive measures to help address gambling harm, such as the National Consumer Protection Framework for Online Gambling, strategies for minimising harm such as NSW’s investment into gambling harm minimisation, Victoria’s proposed reforms on pokies including mandatory precommitment limits, Queensland’s Gambling Harm Minimisation Plan and the ACT’s Strategy for Gambling Harm Prevention.

Voluntary limits have been trialled to help people keep their gambling under control, but have had virtually no uptake.

For example, the recent NSW Digital Gaming Wallet trial was conducted in 14 venues. Only 32 people were active users, and 14 of these were deemed genuine users. Another study found only 0.01% of all money put through machines in Victoria used the voluntary YourPlay scheme.

The problem with voluntary limits is, no one volunteers.

Mandatory limits though are almost certainly necessary, just like we have mandatory limits for how fast you can drive, or how much you can drink before the bartender puts you in a taxi.

There will almost certainly be push back against this, just like the introduction of mandatory seatbelts in the 1970s, or the introduction of random breath testing.

Now, we accept them as important public health measures.

History tells us the same will happen with mandatory gambling limits, even if we’re a bit uncomfortable about it at first.

Alex Russell received funding from the Star Entertainment Group from 2014-2016 to conduct research examining gambling behaviour and problems amongst casino staff, and to provide recommendations to minimise risks associated with occupational exposure to gambling. He no longer accepts industry funding, or works on industry-funded projects.

Matthew Browne receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, New Zealand Ministry of Health, and the Victorian Responsible Gambling Foundation.

Matthew Rockloff has receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, the NSW Office of Responsible Gambling, the New Zealand Ministry of Health, the Victorian Responsible Gambling Foundation, the Government of South Australia, Gambling Research Australia, and the ACT Gambling and Racing Commission.

– ref. Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading? – https://theconversation.com/gambling-in-australia-how-bad-is-the-problem-who-gets-harmed-most-and-where-may-we-be-heading-252389

MIL OSI Analysis – EveningReport.nz –

April 23, 2025

MIL-OSI: XenDex News: The First Lending and Borrowing Protocol on the XRP Ledger

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Australia, April 22, 2025 (GLOBE NEWSWIRE) — XenDex is pioneering a transformative step forward for the XRP Ledger (XRPL) by launching the ecosystem’s first non-custodial, trustless, and smart contract-based lending and borrowing platform. Designed to empower users with direct access to decentralized finance, XenDex enables individuals to lend their crypto assets and earn yield, or borrow against their holdings, all without intermediaries.

Through a secure, transparent protocol built natively on XRPL, XenDex introduces the infrastructure necessary for decentralized credit markets, leveraging audited smart contracts to manage lending pools, collateral, and interest payments on-chain.

Join XenDex Telegram And Follow On X For More Updates

How Lending Works on XenDex

Lenders can deposit supported assets (such as XRP, $XDX, or other XRPL tokens) into the platform’s smart contract-powered lending pools. These deposits are made available to borrowers, and in return, lenders earn interest based on usage of the pool by the platform’s borrowers.

Key steps n how to lend on XenDex:

Connect Wallet via XRPL-compatible providers like Xaman.
Choose an Asset to Lend — e.g., XRP or $XDX.
Deposit into the Lending Pool — funds are secured by smart contracts.
Earn Passive Yield — interest is paid by borrowers and distributed to lenders proportionally.
Withdraw Anytime — as long as liquidity remains available, users can retrieve their principal and accrued interest.

Lenders can specify terms such as interest rate expectations and duration preferences through the XRP based platform’s interface, although lending pools are dynamically managed based on real-time supply and demand.

How Borrowing Works on XenDex

Visit XenDex Website & Join Telegram Community

Borrowers can access liquidity by locking supported tokens as collateral, then borrowing other assets up to a specified Loan-to-Value (LTV) ratio.

Borrowing process on XenDex:

Connect Wallet to access the borrowing dashboard.
Lock Collateral — deposit XRP, $XDX, or other supported assets.
Borrow Against Collateral — receive up to a percentage of your collateral (e.g., 70%).
Repay with Interest — repay the loan at any time during the agreed period.
Unlock Collateral — once fully repaid, your collateral becomes accessible again.

Example: Deposit 1,000 $XDX (valued at $1,000) with a 70% LTV. You can borrow up to $700 worth of XRP or other available assets.

Liquidation Protection: If your collateral value drops below safety thresholds, smart contracts may trigger partial liquidation to protect the lending pool and maintain solvency.

Security and Non-Custodial Architecture of XenDex’s Lending & Borrowing Protocol

All assets are secured through audited smart contracts, no central authority or third-party custody.
Real-time price oracles and liquidation bots maintain platform safety and collateral health.
Full transparency with on-chain verifiability for all lending and borrowing transactions.

XenDex’s lending and borrowing protocol is redefining how XRP holders interact with DeFi; enabling secure, decentralized capital efficiency with full user control.

For more information, please visit:

Website | Telegram | X (Formerly Twitter)

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8ddd56b-8a18-4cf4-a91e-ee0a0dfe2648

The MIL Network –

April 23, 2025

MIL-OSI: First Community Bankshares, Inc. Announces First Quarter 2025 Results and Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BLUEFIELD, Va., April 22, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2025. The Company reported net income of $11.82 million, or $0.64 per diluted common share, for the quarter ended March 31, 2025.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on May 9, 2025, and is expected to be paid on May 23, 2025. This year marks the 40th consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

First Quarter 2025 Highlights

Income Statement

Net interest margin for the first quarter of 2025 was 4.34%. The yield on earning assets decreased 5 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $867 thousand. Interest income for loans and securities available-for-sale decreased $2.74 million and $470 thousand, respectively. The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $154.04 million and $89.74 million, respectively. Additionally, the yield on loans decreased 8 basis points. The decrease in interest income on loans and securities available-for-sale was somewhat offset by an increase in interest income on interest-bearing deposits with banks. Interest expense on interest-bearing liabilities increased $472 thousand and is primarily attributable to an increase in yield of 11 basis points.
Noninterest income increased approximately $970 thousand, or 10.48%, when compared to the same quarter of 2024. The increase is primarily attributable to an increase in service charges on deposits of $526 thousand, or 15.89%, and an increase in other operating income of $491 thousand, or 35.07%. Noninterest expense increased $1.56 million, or 6.66% when compared to the same period of 2024. The increase is primarily attributable to an increase in salaries and benefits of $754 thousand, or 5.99%.
Annualized return on average assets (“ROA”) was 1.49% for the first quarter of 2025 compared to 1.60% for the same period of 2024. Annualized return on average common equity (“ROE”) was 9.49% for the first quarter of 2025 compared to 10.18% for the same period of 2024.

Balance Sheet and Asset Quality

Consolidated assets totaled $3.23 billion at March 31, 2025.
Loans decreased $33.39 million, or 1.38%, from December 31, 2024. Securities available for sale decreased $40.19 million, or 23.66%, from December 31, 2024. Deposits decreased $6.77 million, or 0.25%, which was largely a function of declining higher-rate time deposits. Stockholder equity decreased $29.98 million, or 5.69% due to the payment of a special cash dividend in the first quarter of 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $37.23 million, or 9.86%.
The Company did not repurchase any common shares during the first quarter of 2025.
Non-performing loans to total loans increased to 0.85% when compared with the same quarter of 2024. The Company experienced net charge-offs for the first quarter of 2025 of $1.39 million, or 0.24% of annualized average loans, compared to net charge-offs of $1.74 million, or 0.27%, of annualized average loans for the same period in 2024.
The allowance for credit losses to total loans was 1.42% at March 31, 2025, compared to 1.44% at December 31, 2024 and 1.41% at March 31, 2024.
Book value per share at March 31, 2025, was $ 27.09, a decrease of $1.64 from year-end 2024. The decrease is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million.

Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 2025. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of March 31, 2025. The Company reported consolidated assets of $3.23 billion as of March 31, 2025. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest income
Interest and fees on loans	$	30,669		$	31,637		$	32,120		$	32,696		$	33,418
Interest on securities		1,238			1,447			1,070			1,211			1,698
Interest on deposits in banks		3,262			3,348			3,702			2,882			913
Total interest income		35,169			36,432			36,892			36,789			36,029
Interest expense
Interest on deposits		4,871			5,099			5,298			4,877			4,365
Interest on borrowings		–			–			–			–			35
Total interest expense		4,871			5,099			5,298			4,877			4,400
Net interest income		30,298			31,333			31,594			31,912			31,629
Provision for credit losses		321			1,082			1,360			144			1,011
Net interest income after provision		29,977			30,251			30,234			31,768			30,618
Noninterest income		10,229			10,337			10,452			9,342			9,259
Noninterest expense		24,944			24,107			24,177			24,897			23,386
Income before income taxes		15,262			16,481			16,509			16,213			16,491
Income tax expense		3,444			3,441			3,476			3,527			3,646
Net income	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845


Earnings per common share
Basic	$	0.64		$	0.71		$	0.71		$	0.69		$	0.70
Diluted	$	0.64		$	0.71		$	0.71		$	0.71		$	0.71
Cash dividends per common share
Regular		0.31			0.31			0.31			0.29			0.29
Special cash dividend		2.07			–			–			–			–
Weighted average shares outstanding
Basic		18,324,760			18,299,612			18,279,612			18,343,958			18,476,128
Diluted		18,451,321			18,418,441			18,371,907			18,409,876			18,545,910
Performance ratios
Return on average assets		1.49	%		1.60	%		1.60	%		1.58	%		1.60	%
Return on average common equity		9.49	%		9.89	%		10.04	%		10.02	%		10.18	%
Return on average tangible common equity(1)		13.79	%		14.12	%		14.46	%		14.54	%		14.82	%

_____________

(1	)	A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
(Amounts in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest income
Wealth management	$	1,162	$	1,251	$	1,071	$	1,064	$	1,099
Service charges on deposits		3,836		3,613		3,661		3,428		3,310
Other service charges and fees		3,340		3,575		3,697		3,670		3,450
Other operating income		1,891		1,898		2,023		1,180		1,400
Total noninterest income	$	10,229	$	10,337	$	10,452	$	9,342	$	9,259
Noninterest expense
Salaries and employee benefits	$	13,335	$	13,501	$	13,129	$	12,491	$	12,581
Occupancy expense		1,576		1,329		1,270		1,309		1,378
Furniture and equipment expense		1,575		1,562		1,574		1,687		1,545
Service fees		2,484		2,305		2,461		2,427		2,449
Advertising and public relations		1,055		1,165		967		933		796
Professional fees		372		295		221		330		372
Amortization of intangibles		524		535		536		530		530
FDIC premiums and assessments		362		365		365		364		369
Litigation expense		–		–		–		1,800		–
Other operating expense		3,661		3,050		3,654		3,026		3,366
Total noninterest expense	$	24,944	$	24,107	$	24,177	$	24,897	$	23,386

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted Net Income for diluted earnings per share	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845
Non-GAAP adjustments:
Loss (gain) on sale of securities		–			–			–			–			–
Merger expense		–			–			–			–			–
Day 2 provision for allowance for credit losses – Surrey		–			–			–			–			–
Litigation expense		–			–			–			1,800			–
Other items(1)		–			–			(825	)		–			–
Total adjustments		–			–			(825	)		1,800			–
Tax effect		–			–			(198	)		432			–
Adjusted earnings, non-GAAP	$	11,818		$	13,040		$	12,406		$	14,054		$	12,845

Adjusted diluted earnings per common share, non-GAAP	$	0.64		$	0.71		$	0.68		$	0.76		$	0.69
Performance ratios, non-GAAP
Adjusted return on average assets		1.49	%		1.60	%		1.53	%		1.75	%		1.60	%
Adjusted return on average common equity		9.49	%		9.89	%		9.56	%		11.10	%		10.18	%
Adjusted return on average tangible common equity (2)		13.79	%		14.12	%		13.77	%		16.11	%		14.82	%

_____________

(1	)	Includes other non-recurring income and expense items.
(2	)	A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

	Three Months Ended March 31,
	2025							2024
	Average				Average Yield/			Average				Average Yield/
(Amounts in thousands)	Balance		Interest(1)		Rate(1)			Balance		Interest(1)		Rate(1)
Assets
Earning assets
Loans(2)(3)	$	2,395,068	$	30,757		5.21	%	$	2,549,107	$	33,500		5.29	%
Securities available for sale		149,266		1,261		3.43	%		239,010		1,731		2.91	%
Interest-bearing deposits		295,939		3,262		4.47	%		66,483		916		5.54	%
Total earning assets		2,840,273		35,280		5.04	%		2,854,600		36,147		5.09	%
Other assets		373,791							373,614
Total assets	$	3,214,064						$	3,228,214

Liabilities and stockholders’ equity
Interest-bearing deposits
Demand deposits	$	658,651	$	180		0.11	%	$	665,875	$	162		0.10	%
Savings deposits		891,148		3,311		1.51	%		866,084		3,412		1.58	%
Time deposits		238,254		1,380		2.35	%		249,974		790		1.27	%
Total interest-bearing deposits		1,788,053		4,871		1.10	%		1,781,933		4,364		0.98	%
Borrowings
Federal funds purchased		–		–		–			2,527		35		5.52	%
Retail repurchase agreements		1,071		–		0.06	%		1,127		–		0.05	%
Total borrowings		1,071		–		0.06	%		3,654		35		3.85	%
Total interest-bearing liabilities		1,789,124		4,871		1.10	%		1,785,587		4,399		0.99	%
Noninterest-bearing demand deposits		859,988							886,947
Other liabilities		60,167							48,298
Total liabilities		2,709,279							2,720,832
Stockholders’ equity		504,785							507,382
Total liabilities and stockholders’ equity	$	3,214,064						$	3,228,214
Net interest income, FTE(1)			$	30,409						$	31,748
Net interest rate spread						3.94	%						4.10	%
Net interest margin, FTE(1)						4.34	%						4.47	%

_____________

(1	)	Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2	)	Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3	)	Interest on loans includes non-cash and accelerated purchase accounting accretion of $556 thousand and $781 thousand for the three months ended March 31, 2025 and 2024, respectively.

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and cash equivalents	$	414,682		$	377,454		$	315,338		$	329,877		$	248,905
Debt securities available for sale, at fair value		129,659			169,849			166,669			129,686			166,247
Loans held for investment, net of unearned income		2,382,699			2,416,089			2,444,113			2,473,268			2,519,833
Allowance for credit losses		(33,784	)		(34,825	)		(35,118	)		(34,885	)		(35,461	)
Loans held for investment, net		2,348,915			2,381,264			2,408,995			2,438,383			2,484,372
Premises and equipment, net		48,780			48,735			49,654			50,528			51,333
Other real estate owned		298			521			346			100			374
Interest receivable		9,306			9,207			9,883			9,984			10,719
Goodwill		143,946			143,946			143,946			143,946			143,946
Other intangible assets		12,490			13,014			13,550			14,085			14,615
Other assets		117,697			117,226			115,980			116,230			115,470
Total assets	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Liabilities
Deposits
Noninterest-bearing	$	893,794		$	883,499		$	869,723		$	889,462		$	902,396
Interest-bearing		1,790,683			1,807,748			1,789,530			1,787,810			1,779,819
Total deposits		2,684,477			2,691,247			2,659,253			2,677,272			2,682,215
Securities sold under agreements to repurchase		908			906			954			894			1,006
Interest, taxes, and other liabilities		43,971			42,671			43,460			45,769			45,816
Total liabilities		2,729,356			2,734,824			2,703,667			2,723,935			2,729,037

Stockholders’ equity
Common stock		18,327			18,322			18,291			18,270			18,413
Additional paid-in capital		169,867			169,752			168,691			168,272			173,041
Retained earnings		317,728			349,489			342,121			334,756			327,389
Accumulated other comprehensive loss		(9,505	)		(11,171	)		(8,409	)		(12,414	)		(11,899	)
Total stockholders’ equity		496,417			526,392			520,694			508,884			506,944
Total liabilities and stockholders’ equity	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Shares outstanding at period-end		18,326,657			18,321,795			18,290,938			18,270,273			18,413,088
Book value per common share	$	27.09		$	28.73		$	28.47		$	27.85		$	27.53
Tangible book value per common share(1)		18.55			20.16			19.86			19.20			18.92

_____________

(1	)	A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses
Balance at beginning of period:
Allowance for credit losses – loans	$	34,825		$	35,118		$	34,885		$	35,461		$	36,189
Allowance for credit losses – loan commitments		341			441			441			746			746
Total allowance for credit losses beginning of period		35,166			35,559			35,326			36,207			36,935
Provision for credit losses:
Provision for credit losses – loans		350			1,182			1,360			449			1,011
(Recovery of) provision for credit losses – loan commitments		(29	)		(100	)		–			(305	)		–
Total provision for credit losses – loans and loan commitments		321			1,082			1,360			144			1,011
Charge-offs		(1,998	)		(2,005	)		(1,799	)		(1,599	)		(2,448	)
Recoveries		607			530			672			574			709
Net (charge-offs) recoveries		(1,391	)		(1,475	)		(1,127	)		(1,025	)		(1,739	)
Balance at end of period:
Allowance for credit losses – loans		33,784			34,825			35,118			34,885			35,461
Allowance for credit losses – loan commitments		312			341			441			441			746
Ending balance	$	34,096		$	35,166		$	35,559		$	35,326		$	36,207

Nonperforming Assets
Nonaccrual loans	$	19,974		$	19,869		$	19,754		$	19,815		$	19,617
Accruing loans past due 90 days or more		117			149			176			19			30
Modified loans past due 90 days or more		125			135			–			–			–
Total nonperforming loans		20,216			20,153			19,930			19,834			19,647
OREO		298			521			346			100			374
Total nonperforming assets	$	20,514		$	20,674		$	20,276		$	19,934		$	20,021


Additional Information
Total modified loans	$	2,124		$	2,260		$	2,320		$	2,290		$	2,177

Asset Quality Ratios
Nonperforming loans to total loans		0.85	%		0.83	%		0.82	%		0.80	%		0.78	%
Nonperforming assets to total assets		0.64	%		0.63	%		0.63	%		0.62	%		0.62	%
Allowance for credit losses to nonperforming loans		167.12	%		172.80	%		176.21	%		175.88	%		180.49	%
Allowance for credit losses to total loans		1.42	%		1.44	%		1.44	%		1.41	%		1.41	%
Annualized net charge-offs (recoveries) to average loans		0.24	%		0.24	%		0.18	%		0.16	%		0.27	%

FOR MORE INFORMATION, CONTACT:

David D. Brown

(276) 326-9000

The MIL Network –

April 23, 2025

MIL-OSI: Eos Energy Enterprises Announces Date for First Quarter 2025 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

EDISON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced it will release its first quarter 2025 financial results after the U.S. market closes on May 6, 2025. A conference call to discuss its results will take place the following morning on May 7 at 8:30 a.m. Eastern Time.

Eos partners with Say Technologies to allow retail and institutional shareholders to submit and vote on questions ahead of the earnings call. A selection of key questions applicable to the broad investor base will be addressed live during the call, offering shareholders an opportunity to engage with Eos management.

Beginning on April 24, 2025, at 8:00 a.m. ET, registered shareholders will be able to submit questions via the Say Technologies Q&A Platform, which will remain open until 5:00 p.m. ET on May 2, 2025. For any support inquiries shareholders may email support@saytechnologies.com.

Registration Information

The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.

The conference call replay will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on May 7, 2025, and can be accessed by visiting Eos Investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Contacts
Investors: ir@eose.com
Media: media@eose.com

The MIL Network –

April 23, 2025

MIL-OSI: Orrstown Financial Services, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025 compared to net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024; the first quarter of 2025 included $1.6 million in expenses related to the merger compared to $3.9 million in expenses related to the merger and $0.5 million for a legal settlement for the fourth quarter of 2024;
Excluding the impact of the non-recurring charges referenced above, net of taxes, net income and diluted earnings per share were $19.3 million⁽¹⁾ and $1.00⁽¹⁾, respectively, for the first quarter of 2025 compared to $16.7 million⁽¹⁾ and $0.87⁽¹⁾, respectively, for the fourth quarter of 2024;
Net interest margin, on a tax equivalent basis, was 4.00% in the first quarter of 2025 compared to 4.05% in the fourth quarter of 2024; the net accretion impact of purchase accounting marks was $6.9 million of net interest income, which represents 51 basis points of net interest margin for the first quarter of 2025 compared to $7.2 million of net interest income, which represents 52 basis points of net interest margin for the fourth quarter of 2024;
Return on average assets was 1.35% and return on average equity was 13.98% for the three months ended March 31, 2025, compared to 1.00% and 10.54% for the return on average assets and return on average equity, respectively, for the three months ended December 31, 2024;
Excluding the impact of non-recurring charges referenced above, net of taxes, adjusted return on average assets was 1.45%⁽¹⁾ and adjusted return on average equity was 14.97%⁽¹⁾ for the three months ended March 31, 2025 compared to 1.22% and 12.86%, respectively, for the three months ended December 31, 2024;
Commercial loans declined by $49.7 million, or 2%, from December 31, 2024 to March 31, 2025 due primarily to strategic actions to reduce risk in the portfolio in an uncertain economic environment, including reducing commercial real estate (“CRE”) loan concentrations;
Noninterest expense decreased by $4.7 million from $42.9 million for the three months ended December 31, 2024 to $38.2 million for the three months ended March 31, 2025; salaries and benefits expense declined by $2.0 million from the fourth quarter of 2024 to the first quarter of 2025; merger-related expenses decreased by $2.3 million;
Recovery of $0.6 million was recorded for the provision for credit losses for the three months ended March 31, 2025 compared to expense of $2.1 million for the three months ended December 31, 2024; the decrease in loans contributed to the negative provision for credit losses during the first quarter of 2025; during the fourth quarter of 2024, the provision was driven by charge-offs of $3.0 million;
Total risk-based capital ratio was 13.1% at March 31, 2025 compared to 12.4% at December 31, 2024; the Tier 1 leverage ratio increased to 8.6% at March 31, 2025 compared to 8.3% at December 31, 2024; all capital ratios applicable to the Company were above relevant regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines;
Tangible common equity increased to 7.9% at March 31, 2025 compared to 7.5% at December 31, 2024;
Tangible book value per common share⁽¹⁾ increased to $21.99 per share at March 31, 2025 compared to $21.19 per share at December 31, 2024;
The Board of Directors declared a cash dividend of $0.26 per common share, payable May 13, 2025, to shareholders of record as of May 6, 2025.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

HARRISBURG, Pa., April 22, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended March 31, 2025. Net income totaled $18.1 million for the three months ended March 31, 2025, compared to net income of $13.7 million for the three months ended December 31, 2024 and net income of $8.5 million for the three months ended March 31, 2024. Diluted earnings per share was $0.93 for the three months ended March 31, 2025, compared to diluted earnings per share of $0.71 for the three months ended December 31, 2024 and diluted earnings per share of $0.81 for the three months ended March 31, 2024. For the first quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $19.3 million⁽¹⁾ and $1.00⁽¹⁾, respectively. For the fourth quarter of 2024, excluding the impact of merger-related expenses and other non-recurring charges, net of taxes, net income and diluted earnings per share were $16.7 million⁽¹⁾ and $0.87⁽¹⁾, respectively. For the first quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $9.2 million⁽¹⁾ and $0.88⁽¹⁾, respectively.

“While operating results continued to be impacted by merger-related expenses, core earnings were solid and net interest margin remained strong,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “We do not believe that merger-related expenses will be material going forward and expect operating results to normalize beginning later in the second quarter. A significant amount of our focus has been on completing a system conversion and creating a strong foundation for growth. The deliberate steps we have taken in the last few quarters to protect credit quality, build liquidity and enhance our capital ratios after the merger were intended to position the Company for growth, including the ability to accelerate commercial lending for strong credits and take advantage of strategic opportunities as they arise. We remain optimistic about the future, both in the short and long term.”

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

DISCUSSION OF RESULTS

Balance Sheet

Loans

Loans held for investment decreased by $55.2 million and totaled $3.9 billion at both March 31, 2025 and December 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to strategic actions to reduce risk in the portfolio, including reducing CRE loan concentrations.

Investment Securities

Investment securities, all of which are classified as available-for-sale, increased by $25.8 million to $855.5 million at March 31, 2025 from $829.7 million at December 31, 2024. During the first quarter of 2025, the Bank purchased $39.6 million of investment securities and net unrealized gains were $3.8 million. These increases were partially offset by paydowns of $18.4 million. The overall duration of the Company’s investment securities portfolio was 4.3 years at March 31, 2025 compared to 4.1 years at December 31, 2024. See Appendix B for a summary of the Bank’s investment securities at March 31, 2025, highlighting their concentrations, credit ratings and credit enhancement levels.

Deposits

During the first quarter of 2025, deposits increased by $10.6 million and totaled $4.6 billion at both March 31, 2025 and December 31, 2024. Interest-bearing demand deposits, non-interest bearing demand deposits and savings deposits increased by $52.5 million, $38.0 million and $4.1 million, respectively, from December 31, 2024 to March 31, 2025. These increases were partially offset by decreases in time deposits of $47.5 million and money market deposits of $36.5 million during the first quarter of 2025. The Bank has experienced some reductions in higher yielding promotional balances, but has been successful in retaining or replacing those deposits through demand deposit accounts. The Bank’s loan-to-deposit ratio decreased slightly to 84% at March 31, 2025 from 85% at December 31, 2024.

Borrowings

The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $100.3 million at March 31, 2025 compared to $115.4 million at December 31, 2024 due to the maturity of a $15 million FHLB advance during the first quarter of 2025. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.8 billion at March 31, 2025.

Income Statement

Net Interest Income and Margin

Net interest income was $48.8 million for the three months ended March 31, 2025 compared to $50.6 million for the three months ended December 31, 2024. The net interest margin, on a tax equivalent basis, decreased to 4.00% in the first quarter of 2025 from 4.05% in the fourth quarter of 2024, which was impacted by the Federal Funds rate cuts in the fourth quarter of 2024. Overall, the yield on loans declined by 23 basis points and the cost of deposits declined by 15 basis points from the fourth quarter of 2024 to the first quarter of 2025.

The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $6.9 million, which represented 51 basis points of net interest margin during the first quarter of 2025. During the fourth quarter of 2024, the net accretion impact of purchase accounting marks was $7.2 million, which represented 52 basis points of net interest margin. Funding costs continue to decline as market rates have been reduced.

Interest income on loans, on a tax equivalent basis, decreased by $4.7 million to $63.4 million for the three months ended March 31, 2025 compared to $68.1 million for the three months ended December 31, 2024. Average loans decreased by $51.6 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. There were also two fewer days in the first quarter of 2025 compared to the fourth quarter of 2024. The accretion of purchase accounting marks on loans totaled $6.6 million during the first quarter of 2025 compared to $7.6 million during the fourth quarter of 2024. This decrease reduced net interest margin by six basis points during the first quarter of 2025.

Interest income on investment securities, on a tax equivalent basis, was $10.1 million for the first quarter of 2025 compared to $9.9 million in the fourth quarter of 2024. Average investment securities increased by $15.7 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024 primarily due to the aforementioned purchases.

Interest expense, on a tax equivalent basis, decreased by $2.6 million to $26.8 million for the three months ended March 31, 2025 compared to $29.4 million for the three months ended December 31, 2024. Average interest-bearing deposits decreased by $77.1 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The cost of interest-bearing deposits declined by 16 basis points from the fourth quarter of 2024 to the first quarter of 2025. In addition, interest expense includes $0.6 million and $0.9 million of amortization of purchase accounting marks for the three months ended March 31, 2025 and December 31, 2024, respectively.

Provision for Credit Losses

The allowance for credit losses (“ACL”) on loans decreased to $47.8 million at March 31, 2025 from $48.7 million at December 31, 2024. The ACL to total loans was 1.23% at March 31, 2025 compared to 1.24% at December 31, 2024. The Company recorded a recovery in the provision for credit losses on loans of $0.6 million for the three months ended March 31, 2025 compared to provision expense of $2.1 million for the three months ended December 31, 2024. Net charge-offs were $0.3 million for the three months ended March 31, 2025 compared to $3.0 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Bank sold $6.0 million of loans, most of which were C&I loans, which resulted in a charge-off totaling $0.6 million. There was a corresponding $0.6 million of purchase accounting accretion associated with these loans during the fourth quarter of 2024.

Classified loans decreased by $12.4 million to $76.2 million at March 31, 2025 from $88.6 million at December 31, 2024 primarily due to repayments. Non-accrual loans decreased by $1.4 million to $22.7 million at March 31, 2025 from $24.1 million at December 31, 2024. Nonaccrual loans to total loans decreased to 0.59% at March 31, 2025 compared to 0.61% at December 31, 2024. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts. Substantial efforts have been made in the last few quarters to reduce risk in the loan portfolio and properly position the Bank for future growth

Noninterest Income

Noninterest income increased by $0.4 million to $11.6 million in the three months ended December 31, 2024 from $11.2 million in the three months ended December 31, 2024.

Wealth management income increased by $0.5 million to $5.4 million for the three months ended March 31, 2025 compared to $4.9 million for the three months ended December 31, 2024. While current market conditions are expected to negatively impact wealth management fees in the near term, the team continues to focus on alternative revenue sources and seeks to continuously grow the business.

Income from service charges was $2.4 million for the three months ended March 31, 2025 compared to $2.1 million for the three months ended December 31, 2024. There were reduced service charges in the fourth quarter due to fee waivers provided to clients in the post-conversion period from November through the end of the year.

Income from mortgage banking activities decreased from $0.5 million in the three months ended December 31, 2024 to $0.3 million in the three months ended March 31, 2025. This decrease was primarily due to a reduction in the fair value of mortgage servicing rights, which was driven by interest rate movements in the first quarter of 2025.

Noninterest Expenses

Noninterest expenses decreased by $4.7 million to $38.2 million in the three months ended March 31, 2025 from $42.9 million in the three months ended December 31, 2024.

For the three months ended March 31, 2025, merger-related expenses totaled $1.6 million, a decrease of $2.3 million, compared to $3.9 million for the three months ended December 31, 2024. The merger costs incurred during the first quarter of 2025 included software conversion costs and professional fees associated with the conversion and the external audit. While the Company expects to incur some residual merger-related expenses in the second quarter of 2025, they are not expected to be significant.

Salaries and benefits expense decreased by $2.0 million to $20.4 million for the three months ended March 31, 2025 compared to $22.4 million for the three months ended December 31, 2024. The decrease during the first quarter of 2025 is reflective of the continued synergies being achieved as a result of the merger. The generated savings are being partially offset by investments in talent designed to prepare the Company for additional growth and further enhance operational efficiency. In addition, salaries and benefits expense is typically elevated during the first quarter of the year due to employee benefit costs, including social security and unemployment taxes.

Professional services expense increased by $0.2 million from the three months ended December 31, 2024 to the three months ended March 31, 2025. The Company continued to utilize an elevated level of third-party assistance to enhance daily functions and operational processes throughout the organization. It is anticipated that the reliance on these services will decline in the second quarter of 2025.

Taxes other than income increased by $1.3 million in the three months ended March 31, 2025 compared to the three months ended December 31, 2024. This increase reflects an increase in the estimated state shares tax expense and the impact of certain tax credits recognized during the fourth quarter of 2024.

Income Taxes

The Company’s effective tax rate was 20.7% for the first quarter of 2025 compared to 20.1% for the fourth quarter of 2024. The Company’s effective tax rate for the three months ended March 31, 2025 is less than the 21% federal statutory rate primarily due to tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank’s tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the impact of nondeductible merger-related costs. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.

Capital

Shareholders’ equity totaled $532.9 million at March 31, 2025 compared to $516.7 million at December 31, 2024. The increase is due to net income of $18.1 million and other comprehensive income of $4.7 million, primarily due to an increase in unrealized gains in the investment portfolio, partially offset by dividend payments of $5.0 million and share-based compensation activity of $1.6 million.

Tangible book value per share⁽¹⁾ increased to $21.99 per share at March 31, 2025 from $21.19 per share at December 31, 2024.

The Company’s tangible common equity ratio was 7.9% at March 31, 2025 compared to 7.5% at December 31, 2024. The Company’s total risk-based capital ratio was 13.1% at March 31, 2025 compared to 12.4% at December 31, 2024 driven by earnings and the effect of the decrease in loans on risk weighted assets. The Company’s Tier 1 leverage ratio increased to 8.6% at March 31, 2025 compared to 8.3% at December 31, 2024 driven by earnings during the first quarter of 2025.

At March 31, 2025, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

Investor Relations Contact:

Neelesh Kalani

Executive Vice President, Chief Financial Officer

Phone (717) 510-7097

FINANCIAL HIGHLIGHTS (Unaudited)


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

Profitability for the period:
Net interest income	$	48,761		$	26,881
(Recovery of) Provision for credit losses		(554	)		298
Noninterest income		11,624			6,630
Noninterest expenses		38,176			22,469
Income before income tax expense		22,763			10,744
Income tax expense		4,712			2,213
Net income available to common shareholders	$	18,051		$	8,531

Financial ratios:
Return on average assets ⁽¹⁾		1.35	%		1.11	%
Return on average assets, adjusted ^{(1) (2) (3)}		1.45	%		1.19	%
Return on average equity ⁽¹⁾		13.98	%		12.79	%
Return on average equity, adjusted ^{(1) (2) (3)}		14.97	%		13.79	%
Net interest margin ⁽¹⁾		4.00	%		3.77	%
Efficiency ratio		63.2	%		67.0	%
Efficiency ratio, adjusted ^{(2) (3)}		60.5	%		65.0	%
Income per common share:
Basic	$	0.94		$	0.82
Basic, adjusted ^{(2) (3)}	$	1.01		$	0.89
Diluted	$	0.93		$	0.81
Diluted, adjusted ^{(2) (3)}	$	1.00		$	0.88

Average equity to average assets		9.65	%		8.66	%

⁽¹⁾ Annualized for the three months ended March 31, 2025 and 2024.
⁽²⁾ Ratio has been adjusted for the non-recurring charges for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
	March 31,			December 31,
(Dollars in thousands, except per share amounts)		2025			2024
At period-end:
Total assets	$	5,441,586		$	5,441,589
Loans, net of allowance for credit losses		3,828,181			3,882,525
Loans held-for-sale, at fair value		5,261			6,614
Securities available for sale, at fair value		855,456			829,711
Total deposits		4,633,716			4,623,096
FHLB advances and other borrowings and Securities sold under agreements to repurchase		123,480			141,227
Subordinated notes and trust preferred debt		68,850			68,680
Shareholders’ equity		532,936			516,682

Credit quality and capital ratios⁽¹⁾:
Allowance for credit losses to total loans		1.23	%		1.24	%
Total nonaccrual loans to total loans		0.59	%		0.61	%
Nonperforming assets to total assets		0.42	%		0.45	%
Allowance for credit losses to nonaccrual loans		210	%		202	%
Total risk-based capital:
Orrstown Financial Services, Inc.		13.1	%		12.4	%
Orrstown Bank		13.0	%		12.4	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.8	%		10.2	%
Orrstown Bank		11.9	%		11.2	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.6	%		10.0	%
Orrstown Bank		11.9	%		11.2	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.6	%		8.3	%
Orrstown Bank		9.5	%		9.1	%

Book value per common share	$	27.32		$	26.65

⁽¹⁾ Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands, except per share amounts)	March 31, 2025			December 31, 2024
Assets
Cash and due from banks	$	64,376		$	51,026
Interest-bearing deposits with banks		222,744			197,848
Cash and cash equivalents		287,120			248,874
Restricted investments in bank stocks		19,693			20,232
Securities available for sale (amortized cost of $886,782 and $864,920 at March 31, 2025 and December 31, 2024, respectively)		855,456			829,711
Loans held for sale, at fair value		5,261			6,614
Loans		3,875,985			3,931,214
Less: Allowance for credit losses		(47,804	)		(48,689	)
Net loans		3,828,181			3,882,525
Premises and equipment, net		51,729			50,217
Cash surrender value of life insurance		144,798			143,854
Goodwill		68,106			68,106
Other intangible assets, net		45,230			47,765
Accrued interest receivable		19,893			21,058
Deferred tax assets, net		36,206			42,647
Other assets		79,913			79,986
Total assets	$	5,441,586		$	5,441,589

Liabilities
Deposits:
Noninterest-bearing	$	932,152		$	894,176
Interest-bearing		3,701,564			3,728,920
Total deposits		4,633,716			4,623,096
Securities sold under agreements to repurchase and federal funds purchased		23,131			25,863
FHLB advances and other borrowings		100,349			115,364
Subordinated notes and trust preferred debt		68,850			68,680
Other liabilities		82,604			91,904
Total liabilities		4,908,650			4,924,907

Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding		—			—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,721,340 shares issued and 19,509,642 outstanding at March 31, 2025; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024		1,026			1027
Additional paid—in capital		421,445			423,274
Retained earnings		139,547			126,540
Accumulated other comprehensive loss		(24,024	)		(26,316	)
Treasury stock— 211,698 and 332,673 shares, at cost at March 31, 2025 and December 31, 2024, respectively		(5,058	)		(7,843	)
Total shareholders’ equity		532,936			516,682
Total liabilities and shareholders’ equity	$	5,441,586		$	5,441,589

ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	March 31,			March 31,
(Dollars in thousands, except per share amounts)		2025			2024
Interest income
Loans	$	63,432		$	36,233
Investment securities – taxable		8,944			4,584
Investment securities – tax-exempt		875			877
Short-term investments		2,268			956
Total interest income		75,519			42,650
Interest expense
Deposits		24,260			13,516
Securities sold under agreements to repurchase and federal funds purchased		84			25
FHLB advances and other borrowings		1,118			1,474
Subordinated notes and trust preferred debt		1,296			754
Total interest expense		26,758			15,769
Net interest income		48,761			26,881
(Recovery of) Provision for credit losses		(554	)		298
Net interest income after (recovery of) provision for credit losses		49,315			26,583
Noninterest income
Service charges		2,395			1,200
Interchange income		1,427			911
Swap fee income		394			199
Wealth management income		5,415			3,102
Mortgage banking activities		302			458
Investment securities gains (losses)		13			(5	)
Other income		1,678			765
Total noninterest income		11,624			6,630
Noninterest expenses
Salaries and employee benefits		20,388			13,752
Occupancy, furniture and equipment		4,675			2,639
Data processing		924			1,265
Advertising and bank promotions		499			398
FDIC insurance		824			441
Professional services		1,826			631
Taxes other than income		942			494
Intangible asset amortization		2,535			225
Merger-related expenses		1,649			672
Restructuring expenses		91			—
Other operating expenses		3,823			1,952
Total noninterest expenses		38,176			22,469
Income before income tax expense		22,763			10,744
Income tax expense		4,712			2,213
Net income	$	18,051		$	8,531


	Three Months Ended
	March 31,		March 31,
	2025		2024
Share information:
Basic earnings per share	$	0.94	$	0.82
Diluted earnings per share	$	0.93	$	0.81
Dividends paid per share	$	0.26	$	0.20
Weighted average shares – basic		19,157		10,349
Weighted average shares – diluted		19,328		10,482

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
	Three Months Ended
	3/31/2025							12/31/2024							9/30/2024							6/30/2024							3/31/2024
			Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-
	Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent
(In thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	203,347	$	2,268		4.52	%	$	199,236	$	2,492		4.96	%	$	184,465	$	2,452		5.29	%	$	142,868	$	1,864		5.25	%	$	74,523	$	956		5.16	%
Investment securities ⁽¹⁾⁽²⁾		865,126		10,052		4.65			849,389		9,887		4.66			849,700		10,123		4.77			538,451		6,114		4.54			519,851		5,694		4.39
Loans ^{(1)(3)(4)(5)(6)}		3,909,694		63,641		6.59			3,961,269		68,073		6.82			3,989,259		70,849		7.07			2,324,942		35,690		6.17			2,308,103		36,382		6.34
Total interest-earning assets		4,978,167		75,961		6.17			5,009,894		80,452		6.38			5,023,424		83,424		6.61			3,006,261		43,668		5.84			2,902,477		43,032		5.96
Other assets		447,530							454,271							491,719							204,863							196,295
Total assets	$	5,425,697						$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits⁽⁷⁾	$	2,473,543		14,156		2.32		$	2,522,885		15,575		2.45		$	2,554,743		16,165		2.52		$	1,649,753		10,118		2.47		$	1,570,622		9,192		2.35
Savings deposits⁽⁷⁾		273,313		165		0.25			272,718		166		0.24			283,337		148		0.21			165,467		140		0.34			170,005		144		0.34
Time deposits		970,588		9,939		4.15			998,963		11,109		4.41			1,014,628		12,290		4.82			481,721		5,007		4.18			428,443		4,180		3.92
Total interest-bearing deposits		3,717,444		24,260		2.65			3,794,566		26,850		2.81			3,852,708		28,603		2.95			2,296,941		15,265		2.67			2,169,070		13,516		2.51
Securities sold under agreements to repurchase and federal funds purchased		26,163		84		1.30			21,572		67		1.23			23,075		96		1.66			13,412		27		0.81			12,010		25		0.85
FHLB advances and other borrowings		112,859		1,118		4.02			115,373		1,165		4.01			115,388		1,154		3.98			115,000		1,152		4.03			137,505		1,474		4.31
Subordinated notes and trust preferred debt		68,739		1,296		7.65			68,571		1,360		7.88			68,399		1,437		8.36			32,118		734		9.19			32,100		754		9.45
Total interest-bearing liabilities		3,925,205		26,758		2.76			4,000,082		29,442		2.92			4,059,570		31,290		3.07			2,457,471		17,178		2.81			2,350,685		15,769		2.70
Noninterest-bearing demand deposits		887,726							849,999							807,886							423,037							417,469
Other liabilities		89,077							97,685							110,017							57,828							62,329
Total liabilities		4,902,008							4,947,766							4,977,473							2,938,336							2,830,483
Shareholders’ equity		523,689							516,399							537,670							272,788							268,289
Total	$	5,425,697						$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772
Taxable-equivalent net interest income / net interest spread				49,203		3.41	%				51,010		3.46	%				52,134		3.55	%				26,490		3.02	%				27,263		3.26	%
Taxable-equivalent net interest margin						4.00	%						4.05	%						4.14	%						3.54	%						3.77	%
Taxable-equivalent adjustment				(442	)						(437	)						(437	)						(387	)						(382	)
Net interest income			$	48,761						$	50,573						$	51,697						$	26,103						$	26,881
Ratio of average interest-earning assets to average interest-bearing liabilities						127	%						125	%						124	%						122	%						123	%


NOTES:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status in the three months ended March 31, 2024.
⁽⁶⁾ Interest income on loans includes accretion on purchase accounting marks of $6.6 million, $7.6 million, $7.3 million, $0.2 million, and $0.1 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(In thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Profitability for the quarter:
Net interest income	$	48,761		$	50,573		$	51,697		$	26,103		$	26,881
(Recovery of) Provision for credit losses		(554	)		1,755			13,681			812			298
Noninterest income		11,624			11,247			12,386			7,172			6,630
Noninterest expenses		38,176			42,930			60,299			22,639			22,469
Income (loss) before income taxes		22,763			17,135			(9,897	)		9,824			10,744
Income tax expense (benefit)		4,712			3,451			(1,994	)		2,086			2,213
Net income (loss)	$	18,051		$	13,684		$	(7,903	)	$	7,738		$	8,531

Financial ratios:
Return on average assets⁽¹⁾		1.35	%		1.00	%	(0.57)%				0.97	%		1.11	%
Return on average assets, adjusted^(1)(2)(3)		1.45	%		1.22	%		1.55	%		1.09	%		1.19	%
Return on average equity⁽¹⁾		13.98	%		10.54	%	(5.85)%				11.41	%		12.79	%
Return on average equity, adjusted^(1)(2)(3)		14.97	%		12.86	%		15.85	%		12.88	%		13.79	%
Net interest margin⁽¹⁾		4.00	%		4.05	%		4.14	%		3.54	%		3.77	%
Efficiency ratio		63.2	%		69.4	%		94.1	%		68.0	%		67.0	%
Efficiency ratio, adjusted⁽²⁾⁽³⁾		60.5	%		62.3	%		60.2	%		64.6	%		65.0	%

Per share information:
Income (loss) per common share:
Basic	$	0.94		$	0.72		$	(0.41	)	$	0.74		$	0.82
Basic, adjusted⁽²⁾⁽³⁾		1.01			0.87			1.12			0.84			0.89
Diluted		0.93			0.71			(0.41	)		0.73			0.81
Diluted, adjusted⁽²⁾⁽³⁾		1.00			0.87			1.11			0.83			0.88
Book value		27.32			26.65			26.65			25.97			25.38
Book value, adjusted^{(2) (3)}		27.38			28.40			28.24			26.12			25.44
Tangible book value⁽³⁾		21.99			21.19			21.12			24.08			23.47
Tangible book value, adjusted^{(2) (3)}		22.06			22.94			22.72			24.23			23.53
Cash dividends paid		0.26			0.23			0.23			0.20			0.20

Average basic shares		19,157			19,118			19,088			10,393			10,349
Average diluted shares		19,328			19,300			19,226			10,553			10,482
⁽¹⁾Annualized.
⁽²⁾ Ratio has been adjusted for non-recurring expenses for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Noninterest income:
Service charges	$	2,395	$	2,050		$	2,360	$	1,283		$	1,200
Interchange income		1,427		1,608			1,779		961			911
Swap fee income		394		597			505		375			199
Wealth management income		5,415		4,902			5,037		3,312			3,102
Mortgage banking activities		302		517			491		369			458
Other income		1,678		1,578			1,943		884			765
Investment securities gains (losses)		13		(5	)		271		(12	)		(5	)
Total noninterest income	$	11,624	$	11,247		$	12,386	$	7,172		$	6,630

Noninterest expenses:
Salaries and employee benefits	$	20,388	$	22,444		$	27,190	$	13,195		$	13,752
Occupancy, furniture and equipment		4,675		4,893			4,333		2,705			2,639
Data processing		924		1,540			2,046		1,237			1,265
Advertising and bank promotions		499		878			537		774			398
FDIC insurance		824		955			862		419			441
Professional services		1,826		1,591			1,119		801			631
Taxes other than income		942		(312	)		503		49			494
Intangible asset amortization		2,535		2,838			2,464		215			225
Provision for legal settlement		—		478			—		—			—
Merger-related expenses		1,649		3,887			16,977		1,135			672
Restructuring expenses		91		39			257		—			—
Other operating expenses		3,823		3,699			4,011		2,109			1,952
Total noninterest expenses	$	38,176	$	42,930		$	60,299	$	22,639		$	22,469

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance Sheet at quarter end:
Cash and cash equivalents	$	287,120		$	248,874		$	236,780		$	132,509		$	182,722
Restricted investments in bank stocks		19,693			20,232			20,247			11,147			11,453
Securities available for sale		855,456			829,711			826,828			529,082			514,909
Loans held for sale, at fair value		5,261			6,614			3,561			1,562			535
Loans:
Commercial real estate:
Owner occupied		617,854			633,567			622,726			371,301			364,280
Non-owner occupied		1,157,383			1,160,238			1,164,501			710,477			707,871
Multi-family		257,724			274,135			276,296			151,542			147,773
Non-owner occupied residential		168,354			179,512			190,786			89,156			91,858
Agricultural		134,916			125,156			129,486			25,551			25,909
Commercial and industrial		455,494			451,384			471,983			349,425			339,615
Acquisition and development:
1-4 family residential construction		40,621			47,432			56,383			32,439			22,277
Commercial and land development		227,434			241,424			262,317			129,883			118,010
Municipal		30,780			30,044			27,960			10,594			10,925
Total commercial loans		3,090,560			3,142,892			3,202,438			1,870,368			1,828,518
Residential mortgage:
First lien		464,642			460,297			451,195			271,153			270,748
Home equity – term		9,224			5,988			6,508			4,633			4,966
Home equity – lines of credit		295,820			303,561			303,165			192,736			189,966
Installment and other loans		15,739			18,476			18,131			8,713			8,875
Total loans		3,875,985			3,931,214			3,981,437			2,347,603			2,303,073
Allowance for credit losses		(47,804	)		(48,689	)		(49,630	)		(29,864	)		(29,165	)
Net loans held for investment		3,828,181			3,882,525			3,931,807			2,317,739			2,273,908
Goodwill		68,106			68,106			70,655			18,724			18,724
Other intangible assets, net		45,230			47,765			46,144			1,974			2,189
Total assets		5,441,586			5,441,589			5,470,589			3,198,782			3,183,331
Total deposits		4,633,716			4,623,096			4,650,853			2,702,884			2,695,951
FHLB advances and other borrowings and Securities sold under agreements to repurchase		123,480			141,227			137,310			129,625			127,099
Subordinated notes and trust preferred debt		68,850			68,680			68,510			32,128			32,111
Total shareholders’ equity		532,936			516,682			516,206			278,376			271,682

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Capital and credit quality measures⁽¹⁾:
Total risk-based capital:
Orrstown Financial Services, Inc.		13.1	%		12.4	%		12.4	%		13.3	%		13.4	%
Orrstown Bank		13.0	%		12.4	%		12.2	%		13.1	%		13.1	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.8	%		10.2	%		10.0	%		11.1	%		11.2	%
Orrstown Bank		11.9	%		11.2	%		11.0	%		12.0	%		11.9	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.6	%		10.0	%		9.8	%		11.1	%		11.2	%
Orrstown Bank		11.9	%		11.2	%		11.0	%		12.0	%		11.9	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.6	%		8.3	%		8.0	%		8.9	%		9.0	%
Orrstown Bank		9.5	%		9.1	%		8.8	%		9.5	%		9.6	%

Average equity to average assets		9.65	%		9.45	%		9.75	%		8.50	%		8.66	%
Allowance for credit losses to total loans		1.23	%		1.24	%		1.25	%		1.27	%		1.27	%
Total nonaccrual loans to total loans		0.59	%		0.61	%		0.68	%		0.36	%		0.56	%
Nonperforming assets to total assets		0.42	%		0.45	%		0.49	%		0.26	%		0.40	%
Allowance for credit losses to nonaccrual loans		210	%		202	%		184	%		357	%		226	%

Other information:
Net charge-offs (recoveries)	$	331		$	3,002		$	269		$	113		$	(42	)
Classified loans		76,211			88,628			105,465			48,722			48,997
Nonperforming and other risk assets:
Nonaccrual loans		22,727			24,111			26,927			8,363			12,886
Other real estate owned		138			138			138			—			—
Total nonperforming assets		22,865			24,249			27,065			8,363			12,886
Financial difficulty modifications still accruing		5,127			4,897			9,497			—			—
Loans past due 90 days or more and still accruing		400			641			337			187			99
Total nonperforming and other risk assets	$	28,392		$	29,787		$	36,899		$	8,550		$	12,985

(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard.

Appendix A- Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations

Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.

As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $113.3 million and $115.9 million at March 31, 2025 and December 31, 2024, respectively. In addition, during the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, the Company incurred $1.6 million, $3.9 million, $17.0 million, $1.1 million and $0.7 million in in merger-related expenses, respectively. During the three months ended December 31, 2024 and September 30, 2024, the Company incurred other non-recurring charges totaling $0.5 million and $20.2 million, respectively.

Tangible book value per common share and the impact of the non-recurring expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.

The following tables present the computation of each non-GAAP based measure:

(In thousands)

Tangible Book Value per Common Share	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Shareholders’ equity (most directly comparable GAAP-based measure)	$	532,936		$	516,682		$	516,206		$	278,376		$	271,682
Less: Goodwill		68,106			68,106			70,655			18,724			18,724
Other intangible assets		45,230			47,765			46,144			1,974			2,189
Related tax effect		(9,498	)		(10,031	)		(9,690	)		(415	)		(460	)
Tangible common equity (non-GAAP)	$	429,098		$	410,842		$	409,097		$	258,093		$	251,229

Common shares outstanding		19,510			19,390			19,373			10,720			10,705

Book value per share (most directly comparable GAAP-based measure)	$	27.32		$	26.65		$	26.65		$	25.97		$	25.38
Intangible assets per share		5.33			5.46			5.53			1.89			1.91
Tangible book value per share (non-GAAP)	$	21.99		$	21.19		$	21.12		$	24.08		$	23.47

(In thousands)	Three Months Ended
Adjusted Ratios for Non-recurring Charges	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income (loss) (A) – most directly comparable GAAP-based measure	$	18,051		$	13,684		$	(7,903	)	$	7,738		$	8,531
Plus: Merger-related expenses (B)		1,649			3,887			16,977			1,135			672
Plus: Executive retirement expenses (B)		—			35			4,758			—			—
Plus: Provision for credit losses on non-PCD loans (B)		—			—			15,504			—			—
Plus: Provision for legal settlement (B)		—			478			—			—			—
Less: Related tax effect (C)		(368	)		(1,386	)		(7,915	)		(139	)		(1	)
Adjusted net income (D=A+B-C) – Non-GAAP	$	19,332		$	16,698		$	21,421		$	8,734		$	9,202

Average assets (E)	$	5,425,697		$	5,464,165		$	5,515,143		$	3,211,124		$	3,098,772
Return on average assets (= A / E) – most directly comparable GAAP-based measure⁽¹⁾		1.35	%		1.00	%	(0.57) %				0.97	%		1.11	%
Return on average assets, adjusted (= D / E) – Non-GAAP⁽¹⁾		1.45	%		1.22	%		1.55	%		1.09	%		1.19	%

Average equity (F)	$	523,689		$	516,399		$	537,670		$	272,788		$	268,289
Return on average equity (= A / F) – most directly comparable GAAP-based measure⁽¹⁾		13.98	%		10.54	%	(5.85) %				11.41	%		12.79	%
Return on average equity, adjusted (= D / F) – Non-GAAP⁽¹⁾		14.97	%		12.86	%		15.85	%		12.88	%		13.79	%

Weighted average shares – basic (G) – most directly comparable GAAP-based measure		19,157			19,118			19,088			10,393			10,349
Basic earnings (loss) per share (= A / G) – most directly comparable GAAP-based measure	$	0.94		$	0.72		$	(0.41	)	$	0.74		$	0.82
Basic earnings per share, adjusted (= D / G) – Non-GAAP	$	1.01		$	0.87		$	1.12		$	0.84		$	0.89

Weighted average shares – diluted (H) – most directly comparable GAAP-based measure		19,328			19,300			19,226			10,553			10,482
Diluted earnings (loss) per share (= A / H) – most directly comparable GAAP-based measure	$	0.93		$	0.71		$	(0.41	)	$	0.73		$	0.81
Diluted earnings per share, adjusted (= D / H) – Non-GAAP	$	1.00		$	0.87		$	1.11		$	0.83		$	0.88

(1) Annualized

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Noninterest expense (I) – most directly comparable GAAP-based measure	$	38,176		$	42,930		$	60,299		$	22,639		$	22,469
Less: Merger-related expenses (B)		(1,649	)		(3,887	)		(16,977	)		(1,135	)		(672	)
Less: Executive retirement expenses (B)		—			(35	)		(4,758	)		—			—
Less: Provision for legal settlement (B)		—			(478	)		—			—			—
Adjusted noninterest expense (J = I – B) – Non-GAAP	$	36,527		$	38,531		$	38,564		$	21,504		$	21,797

Net interest income (K)	$	48,761		$	50,573		$	51,697		$	26,103		$	26,881
Noninterest income (L)		11,624			11,247			12,386			7,172			6,630
Total operating income (M = K + L)	$	60,385		$	61,820		$	64,083		$	33,275		$	33,511

Efficiency ratio (= I / M) – most directly comparable GAAP-based measure		63.2	%		69.4	%		94.1	%		68.0	%		67.0	%
Efficiency ratio, adjusted (= J / M) – Non-GAAP		60.5	%		62.3	%		60.2	%		64.6	%		65.0	%

(1) Annualized

Appendix B- Investment Portfolio Concentrations

The following table summarizes the credit ratings and collateral associated with the Company’s investment security portfolio, excluding equity securities, at March 31, 2025:

(In thousands)

Sector	Portfolio Mix		Amortized Book		Fair Value		Credit Enhancement		AAA		AA		A		BBB		BB		NR		Collateral / Guarantee Type
Unsecured ABS	—	%	$	2,952	$	2,768	27	%	—	%	—	%	—	%	—	%	—	%	100	%	Unsecured Consumer Debt
Student Loan ABS	—			3,808		3,792	28		—		—		—		—		—		100		Seasoned Student Loans
Federal Family Education Loan ABS	9			78,231		77,955	11		1		47		33		7		12		—		Federal Family Education Loan ⁽¹⁾
PACE Loan ABS	—			1,943		1,710	7		100		—		—		—		—		—		PACE Loans ⁽²⁾
Non-Agency CMBS	2			13,966		14,022	30		—		—		—		—		—		100
Non-Agency RMBS	2			16,323		14,726	16		100		—		—		—		—		—		Reverse Mortgages ⁽³⁾
Municipal – General Obligation	11			99,248		89,952			17		76		7		—		—		—
Municipal – Revenue	14			120,676		107,154			—		82		12		—		—		6
SBA ReRemic ⁽⁵⁾	—			2,095		2,087			—		100		—		—		—		—		SBA Guarantee ⁽⁴⁾
Small Business Administration	1			5,511		5,629			—		100		—		—		—		—		SBA Guarantee ⁽⁴⁾
Agency MBS	19			164,144		162,334			—		100		—		—		—		—		Residential Mortgages ⁽⁴⁾
Agency CMO	40			355,699		352,729			—		100		—		—		—		—
U.S. Treasury securities	2			20,040		18,417			—		100		—		—		—		—		U.S. Government Guarantee ⁽⁴⁾
Corporate bonds	—			1,939		1,974			—		—		52		48		—		—
	100	%	$	886,575	$	855,249			4	%	87	%	5	%	1	%	—	%	3	%

⁽¹⁾ 97% guaranteed by U.S. government
⁽²⁾ PACE acronym represents Property Assessed Clean Energy loans
⁽³⁾ Non-agency reverse mortgages with current structural credit enhancements
⁽⁴⁾ Guaranteed by U.S. government or U.S. government agencies
⁽⁵⁾ SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits

Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor’s, Moody’s, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor’s rates U.S. government obligations at AA+.

About the Company

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company’s executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, the following: interest rate changes or volatility; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in, and evolving interpretations of, existing and future laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; the possibility that the anticipated benefits of the merger with Codorus Valley Bancorp are not realized when expected or at all; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2024 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.

The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

The review period for subsequent events extends up to and includes the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.

The MIL Network –

April 23, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $356.1 million in the first quarter of 2025, along with 48.9% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 688.5 megawatts DC, and 170.1 megawatt hours (MWh) of IQ^® Batteries.

Highlights for the first quarter of 2025 are listed below:

Completed IQ^® Meter Collar testing with PG&E and four other U.S. utilities
Strong U.S. manufacturing: shipped approximately 1.21 million microinverters and 44.1 MWh of IQ Batteries
Revenue of $356.1 million
GAAP gross margin of 47.2%; non-GAAP gross margin of 48.9% with net IRA benefit
Non-GAAP gross margin of 38.3%, excluding net IRA benefit of 10.6%
GAAP operating income of $31.9 million; non-GAAP operating income of $94.6 million
GAAP net income of $29.7 million; non-GAAP net income of $89.2 million
GAAP diluted earnings per share of $0.22; non-GAAP diluted earnings per share of $0.68
Free cash flow of $33.8 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.53 billion

Our revenue and earnings for the first quarter of 2025 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q1 2025			Q4 2024			Q1 2024			Q1 2025			Q4 2024			Q1 2024
Revenue	$	356,084		$	382,713		$	263,339		$	356,084		$	382,713		$	263,339
Gross margin		47.2	%		51.8	%		43.9	%		48.9	%		53.2	%		46.2	%
Operating expenses	$	136,319		$	143,489		$	144,607		$	79,423		$	83,322		$	82,587
Operating income (loss)	$	31,922		$	54,804		$	(29,099	)	$	94,637		$	120,434		$	38,994
Net income (loss)	$	29,730		$	62,160		$	(16,097	)	$	89,243		$	125,862		$	47,956
Basic EPS	$	0.23		$	0.46		$	(0.12	)	$	0.68		$	0.94		$	0.35
Diluted EPS	$	0.22		$	0.45		$	(0.12	)	$	0.68		$	0.94		$	0.35

Total revenue for the first quarter of 2025 was $356.1 million, compared to $382.7 million in the fourth quarter of 2024. Our revenue in the United States for the first quarter of 2025 decreased approximately 13%, compared to the fourth quarter. The decline was the result of seasonality and softening in U.S. demand, partially offset by safe harbor revenue of $54.3 million. Our revenue in Europe increased approximately 7% for the first quarter of 2025, compared to the fourth quarter. The increase in revenue was primarily due to higher battery sales as we ramped shipments of our IQ^® Battery 5P with FlexPhase.

Our non-GAAP gross margin was 48.9% in the first quarter of 2025, compared to 53.2% in the fourth quarter, primarily due to lower bookings of 45X production tax credits and product mix. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 38.3% in the first quarter of 2025, compared to 39.7% in the fourth quarter, primarily due to product mix.

Our non-GAAP operating expenses were $79.4 million in the first quarter of 2025, compared to $83.3 million in the fourth quarter. The decrease was the result of restructuring actions initiated in the fourth quarter of 2024. Our non-GAAP operating income was $94.6 million in the first quarter of 2025, compared to $120.4 million in the fourth quarter.

We exited the first quarter of 2025 with $1.53 billion in cash, cash equivalents, restricted cash and marketable securities and generated $48.4 million in cash flow from operations in the first quarter. During the first quarter of 2025, we paid off the entire principal amount of $102.2 million in convertible senior notes that matured on March 1, 2025. Our capital expenditures were $14.6 million in the first quarter of 2025, compared to $8.1 million in the fourth quarter of 2024.

In the first quarter of 2025, we repurchased 1,594,105 shares of our common stock at an average price of $62.71 per share for a total of approximately $100.0 million. We also spent approximately $12.1 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 203,358 shares.

We shipped 170.1 MWh of IQ Batteries in the first quarter of 2025, compared to 152.4 MWh in the fourth quarter. More than 10,900 installers worldwide are certified to install our IQ Batteries, compared to more than 10,300 installers worldwide in the fourth quarter of 2024.

During the first quarter of 2025, we shipped approximately 1.21 million microinverters from our contract manufacturers in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps from our contract manufacturers in the United States. When paired with other U.S.-made solar components, our products enable lease and power purchase agreement (PPA) providers to qualify for the domestic content bonus tax credit under the IRA.

We continued to make progress with recent product introductions. We are now shipping our IQ Battery 5P with FlexPhase into Germany, Austria, Switzerland, Luxembourg, and Poland. Customers appreciate the reliable backup power the product delivers for both single-and three-phase installations. Our IQ^® EV Charger 2, currently shipping to 14 countries in Europe, is our most advanced residential charger to date. This product can support up to 22 kW of three-phase charging and operate either as a standalone charger or fully integrated with Enphase microinverters and batteries. Finally, our customers are enjoying the plug-and-play simplicity of our IQ^® PowerPack 1500, our first foray into the portable consumer market.

In the second quarter of 2025, we expect to introduce our fourth-generation IQ^® Battery 10C, IQ Meter Collar, and IQ^® Combiner 6C products in the United States. Together, these products will make backup installations easy and help reduce costs. We also expect to launch our IQ^® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Germany and Belgium.

BUSINESS HIGHLIGHTS

On April 8 and 9, 2025, Enphase Energy announced the launch of its IQ Battery 5P with FlexPhase with backup capability for customers in Luxembourg and Poland.

On April 3, 2025, Enphase Energy announced the introduction of its IQ^® System Controller in France and the Netherlands, enabling backup power.

On April 1, 2025, Enphase Energy announced that more than 2,500 SunPower customers have transitioned to Enphase monitoring since SunPower’s bankruptcy filing in August 2024.

On March 18, 2025, Enphase Energy welcomed Brazil’s ABNT NBR 17193 fire safety standard, which outlines stringent recommendations like rapid shutdown requirements for solar installations in all buildings.

On March 11, 2025, Enphase Energy announced production shipments of its newest electric vehicle (EV) charger, the IQ EV Charger 2, in 14 European markets.

On March 3, 2025, Enphase Energy announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process.

On Feb. 11, 2025, Enphase Energy announced the launch of an expanded IQ Battery 5P product with support for both single-phase 120/208 V and split-phase 120/240 V, for new home projects in California.

On Feb. 6, 2025, Enphase Energy announced that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ Battery 5P.

SECOND QUARTER 2025 FINANCIAL OUTLOOK

For the second quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 160 to 180 MWh of IQ Batteries. The second quarter of 2025 financial outlook includes approximately $40.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit, including approximately two percentage points of new tariff impact.
Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 35.0% to 38.0% excluding net IRA benefit, including approximately two percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,000,000 units of U.S. manufactured microinverters.
GAAP operating expenses to be within a range of $136.0 million to $140.0 million.
Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $58.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges.

For 2025, Enphase expects a GAAP tax rate of 21-23% and a non-GAAP tax rate of 15-17%, including IRA benefits.

Follow Enphase Online

Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its first quarter 2025 results and second quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 9557806, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its second quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C products in the United States, and the IQ Balcony Solar Kit in Germany and Belgium; its expectations regarding the domestic content bonus tax credit for its product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net revenues	$	356,084		$	382,713		$	263,339
Cost of revenues		187,843			184,420			147,831
Gross profit		168,241			198,293			115,508
Operating expenses:
Research and development		50,174			50,390			54,211
Sales and marketing		48,948			51,799			53,307
General and administrative		34,035			31,901			35,182
Restructuring and asset impairment charges		3,162			9,399			1,907
Total operating expenses		136,319			143,489			144,607
Income (loss) from operations		31,922			54,804			(29,099	)
Other income, net
Interest income		17,032			18,417			19,709
Interest expense		(2,047	)		(2,252	)		(2,196	)
Other income (expense), net		(14	)		(1,270	)		87
Total other income, net		14,971			14,895			17,600
Income before income taxes		46,893			69,699			(11,499	)
Income tax provision		(17,163	)		(7,539	)		(4,598	)
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Net income (loss) per share:
Basic	$	0.23		$	0.46		$	(0.12	)
Diluted	$	0.22		$	0.45		$	(0.12	)
Shares used in per share calculation:
Basic		131,869			133,815			135,891
Diluted		136,208			138,128			135,891


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	350,077	$	369,110
Restricted cash		65,013		95,006
Marketable securities		1,116,780		1,253,480
Accounts receivable, net		225,625		223,749
Inventory		144,025		165,004
Prepaid expenses and other assets		295,725		220,735
Total current assets		2,197,245		2,327,084
Property and equipment, net		142,219		147,514
Intangible assets, net		37,408		42,398
Goodwill		212,359		211,571
Other assets		211,447		205,542
Deferred tax assets, net		305,408		315,567
Total assets	$	3,106,086	$	3,249,676
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	115,374	$	90,032
Accrued liabilities		212,169		196,887
Deferred revenues, current		167,771		237,225
Warranty obligations, current		33,298		34,656
Debt, current		630,677		101,291
Total current liabilities		1,159,289		660,091
Long-term liabilities:
Deferred revenues, non-current		333,704		341,982
Warranty obligations, non-current		170,149		158,233
Other liabilities		61,032		55,265
Debt, non-current		571,214		1,201,089
Total liabilities		2,295,388		2,416,660
Total stockholders’ equity		810,698		833,016
Total liabilities and stockholders’ equity	$	3,106,086	$	3,249,676


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		19,915			20,665			20,137
Net accretion of premium (discount) on marketable securities		3,512			(7,490	)		2,825
Provision (benefit) for doubtful accounts		62			2,206			(130	)
Asset impairment		27			4,702			332
Non-cash interest expense		1,679			2,188			2,132
Net gain from change in fair value of debt securities		(323	)		(3,697	)		(942	)
Stock-based compensation		55,633			51,830			60,833
Deferred income taxes		8,560			(30,675	)		(8,292	)
Changes in operating assets and liabilities:
Accounts receivable		1,760			2,684			77,359
Inventory		20,979			(6,167	)		5,702
Prepaid expenses and other assets		(75,553	)		(16,487	)		(10,897	)
Accounts payable, accrued and other liabilities		54,232			(27,396	)		(66,284	)
Warranty obligations		10,558			8,657			(11,923	)
Deferred revenues		(82,357	)		104,112			(5,554	)
Net cash provided by operating activities		48,414			167,292			49,201
Cash flows from investing activities:
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Investment in tax equity fund		(6,904	)		—			—
Purchases of marketable securities		(200,826	)		(93,138	)		(472,268	)
Maturities and sale of marketable securities		335,398			351,843			497,373
Net cash provided by investing activities		113,060			250,641			17,734
Cash flows from financing activities:
Settlement of Notes due 2025		(102,168	)		—			(2	)
Repurchase of common stock		(99,964	)		(199,666	)		(41,996	)
Payment of excise tax on net stock repurchases		—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		67			4,719			1,186
Payment of withholding taxes related to net share settlement of equity awards		(12,110	)		(5,012	)		(60,042	)
Net cash used in financing activities		(214,175	)		(202,732	)		(100,854	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		3,675			(7,410	)		(1,177	)
Net increase (decrease) in cash and cash equivalents and restricted cash		(49,026	)		207,791			(35,096	)
Cash, cash equivalents and restricted cash—Beginning of period		464,116			256,325			288,748
Cash, cash equivalents and restricted cash—End of period	$	415,090		$	464,116		$	253,652


ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data and percentages) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Gross profit (GAAP)	$	168,241		$	198,293		$	115,508
Stock-based compensation		4,239			3,678			4,182
Acquisition related amortization		1,580			1,784			1,891
Gross profit (Non-GAAP)	$	174,060		$	203,755		$	121,581

Gross margin (GAAP)		47.2	%		51.8	%		43.9	%
Stock-based compensation		1.2			0.9			1.6
Acquisition related amortization		0.5			0.5			0.7
Gross margin (Non-GAAP)		48.9	%		53.2	%		46.2	%

Operating expenses (GAAP)	$	136,319		$	143,489		$	144,607
Stock-based compensation⁽¹⁾		(50,885	)		(47,884	)		(56,651	)
Acquisition related expenses and amortization		(2,849	)		(2,884	)		(3,462	)
Restructuring and asset impairment charges⁽¹⁾		(3,162	)		(9,399	)		(1,907	)
Operating expenses (Non-GAAP)	$	79,423		$	83,322		$	82,587

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	21,647		$	20,951		$	24,550
Sales and marketing		16,396			15,893			18,178
General and administrative		12,842			11,041			13,923
Restructuring and asset impairment charges		509			267			—
Total	$	51,394		$	48,152		$	56,651

Income (loss) from operations (GAAP)	$	31,922		$	54,804		$	(29,099	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Income from operations (Non-GAAP)	$	94,637		$	120,434		$	38,994

Net income (loss) (GAAP)	$	29,730		$	62,160		$	(16,097	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Non-cash interest expense		1,678			2,188			2,132
Non-GAAP income tax adjustment		(4,880	)		(4,116	)		(6,172	)
Net income (Non-GAAP)	$	89,243		$	125,862		$	47,956

Net income (loss) per share, basic (GAAP)	$	0.23		$	0.46		$	(0.12	)
Stock-based compensation		0.42			0.39			0.45
Acquisition related expenses and amortization		0.04			0.03			0.04
Restructuring and asset impairment charges		0.02			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.05	)
Net income per share, basic (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in basic per share calculation GAAP and Non-GAAP		131,869			133,815			135,891

Net income (loss) per share, diluted (GAAP)	$	0.22		$	0.45		$	(0.12	)
Stock-based compensation		0.42			0.39			0.44
Acquisition related expenses and amortization		0.04			0.04			0.04
Restructuring and asset impairment charges		0.03			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.04	)
Net income per share, diluted (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in diluted per share calculation GAAP		136,208			138,128			135,891
Shares used in diluted per share calculation Non-GAAP		132,133			134,053			136,730

Income-based government grants (GAAP)	$	53,631		$	68,040		$	18,617
Incremental cost for manufacturing in U.S.		(15,773	)		(16,123	)		(4,882	)
Net IRA benefit (Non-GAAP)	$	37,858		$	51,917		$	13,735

Net cash provided by operating activities (GAAP)	$	48,414		$	167,292		$	49,201
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Free cash flow (Non-GAAP)	$	33,806		$	159,228		$	41,830

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

The MIL Network –

April 23, 2025

MIL-OSI: Texas Capital Bancshares, Inc. Appoints Ranjana B. Clark to Board of Directors

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital, today announced the appointment of Ranjana B. Clark to its Board of Directors, effective April 15, 2025. Clark will serve as a member of the Audit and Technology Committees.

Clark has over 35 years of executive experience in the financial services and technology industries, with previous leadership roles spanning payments, marketing, strategy and business operations.

Most recently, she served as Head of Global Transaction Banking at Mitsubishi UFJ Financial Group (MUFG), and previously as Head of Transaction Banking, Americas. Before MUFG, she was Chief Customer and Marketing Officer at PayPal Inc.

Clark is a fellow at Stanford University’s Distinguished Careers Institute and serves on the President’s Leadership Council of the Asia Foundation. In addition to joining the board of Texas Capital, she serves on the boards of Xometry Inc. (Chair, Compensation Committee; Member, Nominating & Corporate Governance Committee), InvestCloud Inc. and StanCorp Financial Group Inc.

Clark earned a Bachelor of Arts in economics at the University of Delhi; a Master of Business Administration with a marketing concentration at the Indian Institute of Management, Ahmedabad; and a Master of Business Administration with a finance concentration at the Fuqua School of Business at Duke University.

“It is an honor to welcome Ranjana to our board,” said Rob C. Holmes, Chairman, President & CEO of Texas Capital. “Her global perspective, customer-centric mindset and track record of innovation will be instrumental as we continue executing on our long-term priorities.”

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

The MIL Network –

April 23, 2025

Category: Economy

Finding a buyer

Troubled times

Where the problems started

Rushing to invest

Mounting debt

Time to restructure

Ye’s next move?

The intensification of gambling

What’s the problem?

How gambling harms people

Where does the harm come from?

Availability is an issue

An obvious solution to try