MIL-OSI United Kingdom: Council launches consultation on extending city’s Smoke Control Area

Source: City of York

Residents and businesses are being invited to share their views on a proposal to expand York’s existing Smoke Control Area to cover all areas within council boundaries.

In a Smoke Control Area, it is an offence to emit smoke from a chimney of a building. Correctly seasoned wood, timber or logs should only be burnt in a Defra approved appliance and authorised ‘smokeless’ fuels must be used in any other appliances that are not Defra approved.

Most residential areas within York’s outer ring road and Haxby and Wigginton, are already included within York’s Smoke Control Area.

The new proposal to expand the area across York will not ban people from burning solid fuel. Instead, it will require all residents and businesses to take responsibility for the fuel they burn – to minimise smoke and air pollution and improve health and wellbeing.

Houseboats are not covered by the existing Smoke Control Areas and are not proposed to be covered by the expanded area. Garden bonfires, outdoor barbecues, chimineas and firepits are also not covered by Smoke Control Area rules.

The Council has previously consulted on measures to improve local air quality and reduce the impact of burning solid fuels such as wood (AQAP4). Burning of wood contributes to a type of pollution called fine particulate matter (PM2.5) both inside and outside the home. Around a third of PM2.5 emissions in York are caused by burning wood for heating.

Cllr Jenny Kent, Executive Member for Environment and Climate Emergency, said:

“Everyone can be affected by air pollution, but children, older people and those with heart and lung conditions are especially at risk.

“We are committed to improving the health and wellbeing of the local community and improving local air quality is one way in which we are working to achieve this.

Cllr Steels-Walshaw, Executive Member for Public Health, said:

“Emissions of fine particulate matter present in smoke are particularly harmful to health as their size means they can get deep into the lungs and enter the bloodstream to be transported around the body.

“Expanding the Smoke Control Area will provide cleaner air for all and provide a level playing field across the city.”

Any complaints of chimney smoke will be investigated in line with the Council’s current enforcement policy, which initially requires the Council to provide advice on the use of suitable appliances and fuels. Residents struggling with the cost of heating will be signposted to advice on accessing financial and practical help on heating their homes.

Following advice, Council officers can issue penalties of up to £300 where they witness the emission of smoke from a chimney in a Smoke Control Area. Those found to be selling or buying unauthorised fuel for use in an appliance that’s not approved by Defra can also face fines of up to £1,000.

Stakeholders have until 3 June to submit their views on the proposals

MIL OSI United Kingdom –

April 23, 2025

MIL-OSI USA: Jefferson, Economic Mobility and the Dual Mandate

Source: US State of New York Federal Reserve

Thank you, Dr. Singleton, for the kind introduction and for the opportunity to speak here today.1 It is great to be back in Philadelphia, and I look forward to today’s discussions on economic mobility.

As monetary policymakers, my colleagues and I on the Federal Open Market Committee do not have direct control over economic mobility in the U.S. Our key monetary policy tools are not designed to address this issue, nor is economic mobility part of our mandate. However, our dual mandate of maximum employment and price stability has implications for a wide range of economic outcomes, including economic mobility. This leads to many important questions about the relationship between the dual mandate and economic mobility. In my remarks, I want to address two such questions. First, does meeting the dual mandate facilitate economic mobility? And second, does economic mobility matter for the conduct of monetary policy?
In today’s talk, I will discuss my views on these questions, but I will not be able to provide definitive answers. Rather, I hope that posing these questions and relaying some of my own thoughts will lead to further discussions during this conference and beyond. Before turning to these questions, let me start with a brief overview of intergenerational mobility in the U.S.
Taking Stock of Economic MobilityEconomic mobility, the ability to move up the economic ladder, is at the heart of the American dream. We tell our children that in the U.S., if you work hard and play by the rules, you can have a secure and successful financial future no matter where you start. We continue to believe strongly in this part of the American dream and remain optimistic that hard work is a primary determinant of later-life success. In a survey from 2019, when respondents were asked which factors are essential or very important to getting ahead in life, nearly 90 percent identified hard work, and only 30 percent indicated coming from a wealthy family.2
Policymakers have long been aware of the importance of economic mobility. To illustrate that, let me share a quote from former Federal Reserve Chair Ben Bernanke: “Equality of economic opportunity appeals to our sense of fairness, certainly, but it also strengthens our economy. If each person is free to develop and apply his or her talents to the greatest extent possible, then both the individual and the economy benefit.”3
With these sentiments of what Americans and policymakers think and feel about mobility in mind, let me turn to some evidence on economic mobility in the U.S. One common way to measure economic mobility is to relate an individual’s income in adulthood to their family income during childhood. The measure I am showing here—from Harvard economist Raj Chetty and coauthors—is likely familiar to many of you.4 It shows a relative intergenerational mobility measure, also known as the “rank–rank” relationship. This measure relates a child’s ranking in the income distribution as an adult, shown on the vertical axis, to the child’s family income rank during childhood, shown on the horizontal axis.
The upward slope of the line implies that children born into lower-income families tend to be lower on the income distribution as adults. For example, a child born to the richest parents is, on average, 30 percentage points higher in the income distribution as an adult compared with a child born to the poorest parents. This difference in the relative standing in the income distribution as an adult translates into meaningful differences in earnings levels. To put this in perspective, consider two children who grow up to be 30 percentile points apart on the earnings distribution as adults, with one at the 80th percentile and the other at the 50th percentile. The child who grows up to be at the 80th percentile of the distribution as an adult will earn roughly twice as much compared with the child at the 50th percentile.5
In addition to having lower earnings as adults, children born into lower-income families are more likely to experience outcomes that can negatively affect their success in the labor market later in life. Girls born into the bottom decile of the family income distribution are about 10 times more likely to become teenage mothers compared with those born to top-decile families.6 Boys born into bottom-decile families are roughly 20 times more likely to be incarcerated in their thirties compared with boys from families in the top decile.7 Teen pregnancy and incarceration are extreme examples of barriers to labor market success that differentially affect children from lower-income families. More generally, there are numerous reasons that any individual may struggle in the labor market, including skill mismatches and lack of proper training or education.
Does Meeting the Dual Mandate Facilitate Economic Mobility?Now, let me turn to the Fed’s dual mandate and discuss how working toward maximum employment and price stability helps set the stage for broad-based success generally, and how this may provide favorable conditions for upward mobility.
Consider my first question: Does meeting the dual mandate facilitate economic mobility? To help answer this question, I want to revisit remarks I delivered earlier this year about the implications of noninflationary expansions on shared prosperity.8 Specifically, I am reflecting on the economic expansion that followed the 2007–09 Global Financial Crisis (GFC). During that period, the economy expanded for 128 consecutive months, making it the longest economic expansion in U.S. history.
As shown in figure 2, the aggregate unemployment rate fell steadily from a peak of 10 percent in October 2009 to 3.5 percent in September 2019, the lowest level recorded in nearly 50 years. The labor market in this period was remarkable in terms of broad-based gains seen across demographic groups, which contributed to a historic narrowing of employment differentials. To illustrate this point, let’s add in unemployment rates by levels of education, as shown in figure 3. In 2019, the unemployment rate gaps between workers with less than a high school education, the solid green line near the top of the chart, and those who had attained at least a bachelor’s degree, the solid orange line closer to the bottom, were near multidecade lows. Further, the strong pre-pandemic labor market drew many new participants into the labor force, including teens and younger workers whose employment prospects, and even long-term career trajectories, are especially sensitive to the cyclical state of the economy.9 These are the types of labor market conditions that the economist Arthur Okun speculated would increase upward mobility.10 In a tight labor market, when individuals move up the job ladder, they create openings for newer or less educated workers.
Moving on to earnings, figure 4 shows that nominal wage growth increased steadily following the GFC. As with gains in employment, the strong labor market was especially beneficial for some groups. To demonstrate that, let’s turn to figure 5, which shows wage growth for different earnings levels. Wage growth for the bottom half of earners, the dashed red line, started to pick up about five years into the expansion, and by 2017, it was notably stronger compared with that for workers in the top half of the earnings distribution, the solid blue line.11 These differences in wage growth are important. As the bottom of the distribution catches up to higher earners, wage inequality declines. These are also dynamics that can facilitate upward economic mobility.
Let me now turn to the second component of the dual mandate, price stability. While some long economic expansions have led to an unwelcome rise in prices, inflation remained low and stable during the economic expansion following the GFC. Indeed, Federal Reserve policymakers were grappling with inflation somewhat below, rather than above, the longer-run 2 percent target, as shown in figure 6.
Low and stable inflation is important for individuals and businesses for a variety of reasons. It ensures that the nominal wage gains I just discussed are not eroded in real terms and that necessities remain affordable. In addition, it helps individuals and families plan for major purchases, such as a car or home, and for major expenses, including retirement and college.
I want to highlight one of these major expenses—higher education—as attending college is an important pathway for upward mobility. Looking at figure 7, higher education inflation is shown by the red line. A variety of factors affect the cost of college generally, including student loan costs, state funding, and administrative overhead. Nonetheless, when inflation was low for an extended period during the economic expansion that followed the GFC, we also saw a moderation in the growth of higher education costs.12
To illustrate the importance of college attendance for mobility, let me return to the rank–rank intergenerational mobility relationship I showed earlier. As before, the darkest dots show the national child-income-rank-to-parent-income-rank relationship. Now consider how this relationship looks across different types of higher education. The red line shows elite four-year colleges, the green line shows the remaining four-year institutions, and the lighter-blue line shows two-year schools. As you can see from the colored lines, the relationship between family income rank and later-life income rank is weaker—that is, the slope of the line is flatter—within each type of college than it is nationally.
The flatter slope indicates that outcomes for children from lower-income families are more similar to outcomes for children from higher-income families within each college type than they are overall. In this way, higher education is an important source of upward mobility for many youths and a pathway to a more secure financial future. Of course, the relatively steeper national relationship holds because there are meaningful differences in college enrollment over the family income distribution.
Going back to my initial question, I asked whether meeting the dual mandate facilitates economic mobility. I think that achieving the dual mandate sets the conditions for all individuals to succeed, including those moving up the economic ladder. The evidence suggests that long noninflationary expansions are associated with narrower gaps in employment and earnings, and that lower-wage and less-educated workers benefit disproportionately from sustained periods of strong economic growth. Further, achieving price stability allows individuals and households to plan for and make investments in human capital, such as attending college, that may allow individuals to move up the income distribution.13
Does Economic Mobility Matter for the Conduct of Monetary Policy?Before I conclude, I want to return to my second question: Does economic mobility matter for the conduct of monetary policy? As I mentioned earlier, economic mobility is not part of the Federal Reserve’s mandate, and our monetary policy tools are blunt instruments for affecting economic mobility. For example, interest rates affect the entire economy, not targeted populations, and rate changes operate through financial markets rather than directly influencing labor market outcomes.
One way that economic mobility could matter for the conduct of monetary policy is if the goals of monetary policy are easier to achieve in a high-mobility society compared with one with low mobility. I do not know if this is true, but let me offer some conjectures. I think that a society with relatively higher mobility may allow for more efficient transmission of monetary policy. In a dynamic economy with relatively more upward mobility, individuals may have greater incentives to be proactive in the job market. They may seek new and better job opportunities, which could allow for a quicker path to maximum employment following economic downturns. Further, individuals and households may hold additional savings for increased investments in human capital when mobility is relatively higher, allowing for more effective transmission of monetary policy. Stepping back, I pose this question not to offer a definitive answer, but rather to serve as one potential starting point for your discussions here today.
ConclusionLet me conclude by pointing out that the patterns we observe in our economy, including those for economic mobility, are not predetermined. Outcomes can and will change as we learn more about effective strategies to improve and maintain economic mobility in the U.S. By joining in these conversations here today, and by continuing to research and describe the patterns of economic mobility, you are helping society understand the dynamics of our economy better and find new and innovative ways to help keep the American dream of economic mobility alive and well. Thank you.
ReferencesAutor, David H. (2014). “Skills, Education, and the Rise of Earnings Inequality among the ‘Other 99 Percent,’ ” Science, vol. 344 (May), pp. 843–51.
Bernanke, Ben S. (2007). “The Level and Distribution of Economic Well-Being,” speech delivered at the Greater Omaha Chamber of Commerce, Omaha, Neb., February 6.
Bleemer, Zachary, and Basit Zafar (2018). “Intended College Attendance: Evidence from an Experiment on College Returns and Costs,” Journal of Public Economics, vol. 157 (January), pp. 184–211.
Card, David (1999). “Chapter 30 – The Causal Effect of Education on Earnings,” in Orley C. Ashenfelter and David Card, eds., Handbook of Labor Economics, vol. 3A. Amsterdam: Elsevier Science, pp. 1801–63.
Chetty, Raj, John N. Friedman, Emmanuel Saez, Nicholas Turner, and Danny Yagan (2020). “Income Segregation and Intergenerational Mobility across Colleges in the United States,” Quarterly Journal of Economics, vol. 135 (August), pp. 1567–1633.
Chetty, Raj, Nathaniel Hendren, Patrick Kline, and Emmanuel Saez (2014). “Where Is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States,” Quarterly Journal of Economics, vol. 129 (November), pp. 1553–1623.
ISSP Research Group (2022). International Social Survey Programme: Social Inequality V – ISSP 2019. GESIS, Cologne. ZA7600 Data file Version 3.0.0.
Jefferson, Philip N. (2025). “Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market,” speech delivered at Swarthmore College, Swarthmore, Pa., February 5.
Looney, Adam, and Nicholas Turner (2018). “Work and Opportunity before and after Incarceration (PDF),” Economic Studies at Brookings. Washington: Brookings Institution, March.
Okun, Arthur M. (1973). “Upward Mobility in a High-Pressure Economy (PDF),” Brookings Papers on Economic Activity, no. 1, pp. 207–61.
Oreopoulos, Philip, Till von Wachter, and Andrew Heisz (2012). “The Short- and Long-Term Career Effects of Graduating in a Recession,” American Economic Journal: Applied Economics, vol. 4 (January), pp. 1–29.
Wolla, Scott A., Guillaume Vandenbroucke, and Cameron Tucker (2023). “Is College Still Worth the High Price? Weighing Costs and Benefits of Investing in Human Capital,” Page One Economics. St. Louis: Federal Reserve Bank of St. Louis, September 1.
Zimmerman, Seth D. (2014). “The Returns to College Admission for Academically Marginal Students,” Journal of Labor Economics, vol. 32 (October), pp. 711–54.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. The data are Federal Reserve Board staff calculations for U.S. respondents in the International Social Survey Programme: Social Inequality V. See IISP Research Group (2022). Return to text
3. See Bernanke (2007), quoted text in paragraph 1. Return to text
4. In figure 1, parent and child linkages and incomes are based on population-level tax data. The sample includes children born between 1980 and 1982. Parent income for these children is the average of total pretax family income when the child is between the ages of 15 and 19. Later-life income for these children is measured in 2014 when the child is between the ages of 32 and 34 and is defined as total individual pretax income. See Chetty and others (2020). Return to text
5. Earnings are, on average, just under $56,000 at the 80th percentile of the child earnings distribution, compared with just under $27,000 at the 50th percentile. See Chetty and others (2020). Return to text
6. See Chetty and others (2014). Return to text
7. See Looney and Turner (2018). Return to text
8. See Jefferson (2025). Return to text
9. See Oreopoulos, von Wachter, and Heisz (2012). Return to text
10. See Okun (1973). Return to text
11. Nominal wages in the figure are measured by the Atlanta Fed’s Wage Growth Tracker. Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. Workers are assigned to wage quantiles based on the average of their wage reports in both the Current Population Survey and outgoing rotation group interviews. Workers in the lowest 50 percent of the average wage distribution are assigned to the bottom half, and those in the top 50 percent are assigned to the top half. Return to text
12. There are limitations to this measure of higher education costs, as it is volatile and may not reflect the underlying net price that students pay. However, list tuition prices have been shown to be salient for many families when making college enrollment decisions. For example, see Bleemer and Zafar (2018). Return to text
13. Despite the rising cost of college, research consistently shows a positive return to higher education for most students. See Wolla, Vandenbroucke, and Tucker (2023), Autor (2014), Zimmerman (2014), and Card (1999). Return to text

MIL OSI USA News –

April 23, 2025

MIL-OSI: CERo Therapeutics, Inc. Announces Up to $8 Million Series D Financing

Source: GlobeNewswire (MIL-OSI)

SOUTH SAN FRANCISCO, Calif, April 22, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc. (Nasdaq: CERO) (“CERo”), an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces that it has entered into a securities purchase agreement for the issuance and sale of securities under a new convertible preferred stock transaction.

The gross proceeds to CERo from the offering are expected to be up to $8 million, including $5 million expected to be received through the investment of securities at the first closing, and up to $3 million of cash that may be funded at one or more additional closings, at the election of the investors. CERo intends to use the net proceeds from the offering to take advantage of the two recent FDA IND allowances in liquid and solid tumors and complete the previously announced site activation at MDACC, as well as bring other sites online quickly. The proceeds will also help to address current Nasdaq deficiencies around Shareholders Equity and extend cash on hand to maintain operations and extend runway.

“On the heels of our recent announcements anticipating the imminent dosing of our first AML patient at MD Anderson Cancer Center and the IND allowance in solid tumors, we are gratified by the support we have received from investors and look forward to continued execution and progress,” said Chris Ehrlich, Chief Executive Officer.

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

About CERo Therapeutics Holdings, Inc.

CERo is an innovative immunotherapy company advancing the development of next generation engineered T cell therapeutics for the treatment of cancer. Its proprietary approach to T cell engineering, which enables it to integrate certain desirable characteristics of both innate and adaptive immunity into a single therapeutic construct, is designed to engage the body’s full immune repertoire to achieve optimized cancer therapy. This novel cellular immunotherapy platform is expected to redirect patient-derived T cells to eliminate tumors by building in engulfment pathways that employ phagocytic mechanisms to destroy cancer cells, creating what CERo refers to as Chimeric Engulfment Receptor T cells (“CER-T”). CERo believes the differentiated activity of CER-T cells will afford them greater therapeutic application than currently approved chimeric antigen receptor (“CAR-T”) cell therapy, as the use of CER-T may potentially span both hematological malignancies and solid tumors. CERo anticipates initiating clinical trials for its lead product candidate, CER-1236, in 2025 for hematological malignancies.

Forward-Looking Statements

This communication contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for future operations of CERo and the implementation of its proposed plan of compliance with Nasdaq continued listing standards. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this communication, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. When CERo discusses its strategies or plans, it is making projections, forecasts or forward-looking statements. Such statements are based on the beliefs of, as well as assumptions made by and information currently available to, CERo’s management.

Actual results could differ from those implied by the forward-looking statements in this communication. Certain risks that could cause actual results to differ are set forth in CERo’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, filed on April 15, 2025, and the documents incorporated by reference therein. The risks described in CERo’s filings with the Securities and Exchange Commission are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can CERo assess the impact of all such risk factors 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. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements made by CERo or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. CERo undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Chris Ehrlich
Chief Executive Officer
chris@cero.bio

Investors:

CORE IR
investors@cero.bio

The MIL Network –

April 23, 2025

MIL-OSI: BCB Bancorp, Inc. Reports Net Loss of $8.3 Million in First Quarter 2025; Declares Quarterly Cash Dividend of $0.16 Per Share

Source: GlobeNewswire (MIL-OSI)

BAYONNE, N.J., April 22, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported a net loss of $8.3 million for the first quarter of 2025, compared to net income of $3.3 million in the fourth quarter of 2024, and net income of $5.9 million for the first quarter of 2024. Its loss per diluted share for the first quarter of 2025 was ($0.51), compared to earnings per diluted share of $0.16 in the preceding quarter and $0.32 in the first quarter of 2024.

The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on May 21, 2025 to common shareholders of record on May 7, 2025.

“Our first-quarter loss was primarily driven by a $13.7 million specific reserve tied to a $34.2 million loan in the cannabis sector,” Michael Shriner, President and Chief Executive Officer of BCB Bank, explained. “Although the borrower remains current, the significant deterioration in their financial condition warranted a downgrade to non-accrual status and the establishment of the reserve. We also increased reserves for our discontinued Business Express Loan portfolio by $3.1 million, in response to the portfolio’s continued elevated deterioration and broader macroeconomic headwinds.”

“While these credit actions have impacted short-term results, they reflect our disciplined and proactive approach to risk management,” added Mr. Shriner. “Thanks to the positive capital actions taken throughout 2024, we remain well-capitalized, giving us the flexibility to address credit challenges head-on.”

“BCB Bank has bolstered its credit risk team with new hires who we believe bring deep expertise and a rigorous approach to underwriting,” said Mr. Shriner. “These efforts are part of a broader initiative to strengthen our credit quality oversight. Following a comprehensive portfolio review using a conservative risk framework, we’ve adjusted the risk ratings on a number of loans to better reflect current market realities. Importantly, the majority of our customers remain current on their payments, and our team is actively engaging with borrowers to secure updated financials and support improved risk profiles.”

Executive Summary

Total deposits were $2.687 billion at March 31, 2025 compared to $2.751 billion at December 31, 2024.
Net interest margin was 2.59 percent for the first quarter of 2025, compared to 2.53 percent for the fourth quarter of 2024, and 2.50 percent for the first quarter of 2024.
- Total yield on interest-earning assets was 5.20 percent for the first quarter of 2025, compared to 5.33 percent for both the fourth quarter of 2024, and the first quarter of 2024.
- Total cost of interest-bearing liabilities decreased 24 basis points to 3.33 percent for the first quarter of 2025, compared to 3.57 percent for the fourth quarter of 2024, and decreased 21 basis points to 3.54 percent for the first quarter of 2024.
The efficiency ratio for the first quarter was 61.6 percent compared to 62.1 percent in the prior quarter, and 58.8 percent in the first quarter of 2024.
The annualized return on average assets ratio for the first quarter was (0.95) percent, compared to 0.36 percent in the prior quarter, and 0.61 percent in the first quarter of 2024.
The annualized return on average equity ratio for the first quarter was (10.4) percent, compared to 4.0 percent in the prior quarter, and 7.5 percent in the first quarter of 2024.
The provision for credit losses was $20.8 million in the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. In the first quarter of 2024, the Bank recorded a provision of $2.1 million.
The allowance for credit losses (“ACL”) as a percentage of non-accrual loans was 51.6 percent at March 31, 2025 compared to 77.8 percent for the prior quarter-end and 155.4 percent at March 31, 2024. Total non-accrual loans were $99.8 million at March 31, 2025, $44.7 million at December 31, 2024 and $22.2 million at March 31, 2024.
Total loans receivable, net of the allowance for credit losses, of $2.918 billion at March 31, 2025, decreased 2.6 percent from $2.996 billion at December 31, 2024, and decreased 9.6 percent, from $3.227 billion at March 31, 2024.

Balance Sheet Review

Total assets decreased by $125.3 million, or 3.5 percent, to $3.474 billion at March 31, 2025, from $3.599 billion at December 31, 2024. The decrease in total assets was mainly related to a decrease in net loans and in cash and cash equivalents.

Total cash and cash equivalents decreased by $64.5 million, or 20.3 percent, to $252.8 million at March 31, 2025, from $317.3 million at December 31, 2024. The decrease in cash was primarily due to the reduction of the Bank’s exposure to wholesale funding by paying down high cost brokered deposits.

Loans receivable, net, decreased by $78.6 million, or 2.6 percent, to $2.918 billion at March 31, 2025, from $2.996 billion at December 31, 2024. Total loan decreases during the period included decreases totaling $62.3 million in commercial real estate and multi-family loans, construction loans, 1-4 family residential loans and home equity loans. The allowance for credit losses increased $16.7 million to $51.5 million, or 51.6 percent of non-accruing loans and 1.73 percent of gross loans, at March 31, 2025, as compared to an allowance for credit losses of $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024.

Total investment securities increased by $14.7 million, or 13.2 percent, to $125.9 million at March 31, 2025, from $111.2 million at December 31, 2024, representing current year purchases.

Deposits decreased by $64.4 million, or 2.3 percent, to $2.687 billion at March 31, 2025, from $2.751 billion at December 31, 2024. Brokered deposits decreased $112.5 million, and were offset by increases in certificates of deposit, money market accounts, transaction accounts and savings accounts which totaled $48.4 million.

Debt obligations decreased by $49.8 million to $448.5 million at March 31, 2025 from $498.3 million at December 31, 2024, due to maturities and paydowns of our FHLB advances. The weighted average interest rate of FHLB advances was 4.33 percent at March 31, 2025 and 4.35 percent at December 31, 2024. The weighted average maturity of FHLB advances as of March 31, 2025 was 0.83 years. The interest rate of our subordinated debt balances was 9.25 percent at March 31, 2025 and at December 31, 2024.

Stockholders’ equity decreased by $9.2 million, or 2.8 percent, to $314.7 million at March 31, 2025, from $323.9 million at December 31, 2024. The decrease was attributable to the decrease in retained earnings of $11.6 million, or 8.2 percent, to $130.3 million at March 31, 2025 from $141.9 million at December 31, 2024. Offsetting this were increases in accumulated other comprehensive income, and additional paid in capital on stock, which totaled $2.4 million.

First Quarter 2025 Income Statement Review

The Company reported a net loss of $8.3 million for the first quarter ended March 31, 2025 as compared to net income of $5.9 million for the first quarter ended March 31, 2024. The decline was primarily driven by an increase to the Provision for loan losses of $18.8 million. offset by $5.8 million decrease in income tax provisioning. Also, net interest income decreased by $1.1 million, or 4.9 percent, to $22.0 million for the first quarter of 2025, from $23.1 million for the first quarter of 2024. The decrease in net interest income resulted from lower interest income which was partially offset by lower interest expense.

Interest income decreased by $5.1 million, or 10.3 percent, to $44.2 million for the first quarter of 2025 from $49.3 million for the first quarter of 2024. The average balance of interest-earning assets decreased $255.9 million, or 6.9 percent, to $3.444 billion for the first quarter of 2025 from $3.699 billion for the first quarter of 2024, while the average yield decreased 13 basis points to 5.20 percent for the first quarter of 2025 from 5.33 percent for the first quarter of 2024.

Interest expense decreased by $4.0 million to $22.2 million for the first quarter of 2025 from $26.1 million for the first quarter of 2024. The decrease resulted from a decrease in the average rate paid on interest-bearing liabilities of 21 basis points to 3.33 percent for the first quarter of 2025 from 3.54 percent for the first quarter of 2024, while the average balance of interest-bearing liabilities decreased by $256.2 million to $2.701 billion for the first quarter of 2025 from $2.957 billion for the first quarter of 2024.

The net interest margin was 2.59 percent for the first quarter of 2025 compared to 2.50 percent for the first quarter of 2024. The increase in the net interest margin compared to the first quarter of 2024 was the result of a decrease in the cost of interest-bearing liabilities partially offset by the decrease in the yield on interest-earning assets.

During the first quarter of 2025, the Company recognized $4.2 million in net charge-offs compared to $1.1 million in net charge-offs in the first quarter of 2024. The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025 as compared to $44.7 million, or 1.48 percent of gross loans, at December 31, 2024. The allowance for credit losses on loans was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.8 million, or 1.15 percent of gross loans, at December 31, 2024. The provision for credit losses was $20.8 million for the first quarter of 2025 compared to $4.2 million for the fourth quarter of 2024. Management believes that the allowance for credit losses on loans was adequate at March 31, 2025 and December 31, 2024.

Non-interest income decreased by $318 thousand to $1.8 million for the first quarter of 2025 from $2.1 million in the first quarter of 2024. The decrease in total non-interest income was mainly related to decreases in gains on equity securities and BOLI income of $245 thousand and $67 thousand, respectively.

Non-interest expense decreased by $178 thousand, or 1.2 percent, to $14.7 million for the first quarter of 2025 when compared to non-interest expense of $14.8 million for the first quarter of 2024. The decrease in these expenses for the first quarter of 2025 was primarily driven by lower regulatory assessment charges, offset by higher salaries and employee benefits.

The income tax provision decreased by $5.8 million, to an income tax credit of $3.4 million for the first quarter of 2025 when compared to a $2.5 million provision for the first quarter of 2024.

Asset Quality

During the first quarter of 2025, the Company recognized $4.2 million in net charge offs, compared to $1.1 million in net charge-offs for the first quarter of 2024.

The Bank had non-accrual loans totaling $99.8 million, or 3.36 percent of gross loans, at March 31, 2025, as compared to $22.2 million, or 0.68 percent of gross loans, at March 31, 2024. More than 60% of the non-accrual loans are current with all payments of principal, interest, taxes and insurance, including the previously mentioned loan that has been allocated a specific reserve. However, given that the normal standard for non-accrual is a 90 day delinquency, logic and transparency dictates that this population of loans possess certain weaknesses that are beyond payment status and therefore, even though they are current, they should be placed on non-accrual. Although our borrowers have made payment of their loan obligations to BCB a priority, our evaluation of their financial condition causes some concern about their continued ability to do so. The allowance for credit losses was $51.5 million, or 1.73 percent of gross loans, at March 31, 2025, and $34.6 million, or 1.06 percent of gross loans, at March 31, 2024. The allowance for credit losses was 51.6 percent of non-accrual loans at March 31, 2025, and 155.4 percent of non-accrual loans at March 31, 2024.

About BCB Bancorp, Inc.

Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

Forward-Looking Statements

This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of global tariffs imposed by the Trump administration, higher inflation levels, and general economic and recessionary concerns, all of which could impact economic growth and could cause increased loan delinquencies, a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, supply chain disruptions, and labor shortages. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; 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 our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to hire and retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.


	Statements of Operations – Three Months Ended,
	March 31,2025			December 31, 2024			March 31, 2024		Mar 31, 2025 vs. Dec 31, 2024			Mar 31, 2025 vs. Mar 31, 2024
Interest and dividend income:	(In thousands, except per share amounts, Unaudited)
Loans, including fees	$	38,927		$	41,431		$	43,722		-6.0	%		-11.0	%
Mortgage-backed securities		561			473			305		18.6	%		83.9	%
Other investment securities		968			978			975		-1.0	%		-0.7	%
FHLB stock and other interest-earning assets		3,736			3,771			4,283		-0.9	%		-12.8	%
Total interest and dividend income		44,192			46,653			49,285		-5.3	%		-10.3	%

Interest expense:
Deposits:
Demand		5,418			5,866			5,257		-7.6	%		3.1	%
Savings and club		151			156			166		-3.2	%		-9.0	%
Certificates of deposit		10,762			12,218			14,983		-11.9	%		-28.2	%
		16,331			18,240			20,406		-10.5	%		-20.0	%
Borrowings		5,856			6,219			5,736		-5.8	%		2.1	%
Total interest expense		22,187			24,459			26,142		-9.3	%		-15.1	%

Net interest income		22,005			22,194			23,143		-0.9	%		-4.9	%
Provision for credit losses		20,845			4,154			2,088		401.8	%		898.3	%

Net interest income after provision for credit losses		1,160			18,040			21,055		-93.6	%		-94.5	%

Non-interest income income :
Fees and service charges		1,173			1,187			1,215		-1.2	%		-3.5	%
(Loss) gain on sales of loans		–			(554	)		45		-100.0	%		-100.0	%
Realized and unrealized (loss) gain on equity investments		(115	)		(661	)		130		-82.6	%		-188.5	%
Bank-owned life insurance (“BOLI”) income		608			636			675		-4.4	%		-9.9	%
Other		125			330			44		-62.1	%		184.1	%
Total non-interest income		1,791			938			2,109		90.9	%		-15.1	%

Non-interest expense:
Salaries and employee benefits		7,403			7,117			6,981		4.0	%		6.0	%
Occupancy and equipment		2,723			2,483			2,644		9.7	%		3.0	%
Data processing and communications		1,844			1,754			1,853		5.1	%		-0.5	%
Professional fees		692			599			595		15.5	%		16.3	%
Director fees		418			269			277		55.4	%		50.9	%
Regulatory assessment fees		709			769			1,142		-7.8	%		-37.9	%
Advertising and promotions		179			212			216		-15.6	%		-17.1	%
Other		692			1,164			1,130		-40.5	%		-38.8	%
Total non-interest expense		14,660			14,367			14,838		2.0	%		-1.2	%

(Loss) Income before income tax provision		(11,709	)		4,611			8,326		-353.9	%		-240.6	%
Income tax (benefit) provision		(3,385	)		1,339			2,460		-352.8	%		-237.6	%

Net (Loss) Income		(8,324	)		3,272			5,866		-354.4	%		-241.9	%
Preferred stock dividends		482			475			434		1.6	%		11.0	%
Net (Loss) Income available to common stockholders	$	(8,806	)	$	2,797		$	5,432		-414.8	%		-262.1	%

Net (Loss) Income per common share-basic and diluted
Basic	$	(0.51	)	$	0.16		$	0.32		-413.8	%		-260.4	%
Diluted	$	(0.51	)	$	0.16		$	0.32		-414.7	%		-260.5	%

Weighted average number of common shares outstanding
Basic		17,113			17,056			16,930		0.3	%		1.1	%
Diluted		17,113			17,108			16,939		0.0	%		1.0	%

Statements of Financial Condition	March 31,2025			December 31,2024			March 31, 2024			March 31, 2025 vs. December 31, 2024			March 31, 2025 vs. March 31, 2024
ASSETS	(In Thousands, Unaudited)
Cash and amounts due from depository institutions	$	11,977		$	14,075		$	11,795			-14.9	%		1.5	%
Interest-earning deposits		240,773			303,207			340,653			-20.6	%		-29.3	%
Total cash and cash equivalents		252,750			317,282			352,448			-20.3	%		-28.3	%

Interest-earning time deposits		735			735			735			–			–
Debt securities available for sale		116,496			101,717			86,966			14.5	%		34.0	%
Equity investments		9,357			9,472			9,223			-1.2	%		1.5	%
Loans held for sale		–			–			–			–			–
Loans receivable, net of allowance for credit losses on loans
of $51,484, $34,789 and $34,563 , respectively		2,917,610			2,996,259			3,226,877			-2.6	%		-9.6	%
Federal Home Loan Bank of New York (“FHLB”) stock, at cost		22,066			24,272			24,917			-9.1	%		-11.4	%
Premises and equipment, net		12,474			12,569			12,744			-0.8	%		-2.1	%
Accrued interest receivable		16,354			15,176			17,442			7.8	%		-6.2	%
Deferred income taxes		22,814			17,181			17,555			32.8	%		30.0	%
Goodwill and other intangibles		5,253			5,253			5,253			0.0	%		0.0	%
Operating lease right-of-use asset		12,622			12,686			12,186			-0.5	%		3.6	%
Bank-owned life insurance (“BOLI”)		76,648			76,040			74,081			0.8	%		3.5	%
Other assets		8,643			10,476			8,768			-17.5	%		-1.4	%
Total Assets	$	3,473,822		$	3,599,118		$	3,849,195			-3.5	%		-9.8	%

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
Non-interest bearing deposits	$	542,621		$	520,387		$	531,112			4.3	%		2.2	%
Interest bearing deposits		2,143,887			2,230,471			2,460,547			-3.9	%		-12.9	%
Total deposits		2,686,508			2,750,858			2,991,659			-2.3	%		-10.2	%
FHLB advances		405,499			455,361			472,949			-10.9	%		-14.3	%
Subordinated debentures		43,024			42,961			37,624			0.1	%		14.4	%
Operating lease liability		13,087			13,139			12,579			-0.4	%		4.0	%
Other liabilities		10,982			12,874			14,253			-14.7	%		-22.9	%
Total Liabilities		3,159,100			3,275,193			3,529,064			-3.5	%		-10.5	%

STOCKHOLDERS’ EQUITY
Preferred stock: $0.01 par value, 10,000 shares authorized		–			–			–			–			–
Additional paid-in capital preferred stock		25,243			24,723			27,733			2.1	%		-9.0	%
Common stock: no par value, 40,000 shares authorized		–			–			–			0.0	%		0.0	%
Additional paid-in capital common stock		201,804			200,935			199,726			0.4	%		1.0	%
Retained earnings		130,291			141,853			138,643			-8.2	%		-6.0	%
Accumulated other comprehensive loss		(4,269	)		(5,239	)		(7,624	)		–			–
Treasury stock, at cost		(38,347	)		(38,347	)		(38,347	)		0.0	%		0.0	%
Total Stockholders’ Equity		314,722			323,925			320,131			-2.8	%		-1.7	%

Total Liabilities and Stockholders’ Equity	$	3,473,822		$	3,599,118		$	3,849,195			-3.5	%		-9.8	%

Outstanding common shares		17,163			17,063			16,957

	Three Months Ended March 31,
	2025							2024
	Average Balance		Interest Earned/Paid		Average Yield/Rate (3)			Average Balance		Interest Earned/Paid		Average Yield/Rate (3)
	(Dollars in thousands)
Interest-earning assets:
Loans Receivable ⁽⁴⁾⁽⁵⁾	$	2,994,529	$	38,927		5.27	%	$	3,299,938	$	43,722		5.30	%
Investment Securities		117,205		1,529		5.22	%		96,226		1,280		5.32	%
Other Interest-earning assets ⁽⁶⁾		331,808		3,736		4.57	%		303,291		4,283		5.65	%
Total Interest-earning assets		3,443,542		44,192		5.20	%		3,699,455		49,285		5.33	%
Non-interest-earning assets		125,974							125,480
Total assets	$	3,569,516						$	3,824,935
Interest-bearing liabilities:
Interest-bearing demand accounts	$	560,565	$	2,369		1.71	%	$	560,190	$	2,230		1.59	%
Money market accounts		394,282		3,049		3.14	%		369,096		3,027		3.28	%
Savings accounts		252,227		151		0.24	%		277,731		166		0.24	%
Certificates of Deposit		1,005,669		10,762		4.34	%		1,239,807		14,983		4.83	%
Total interest-bearing deposits		2,212,743		16,331		2.99	%		2,446,824		20,406		3.34	%
Borrowed funds		488,418		5,856		4.86	%		510,503		5,736		4.49	%
Total interest-bearing liabilities		2,701,161		22,187		3.33	%		2,957,327		26,142		3.54	%
Non-interest-bearing liabilities		543,660							552,959
Total liabilities		3,244,821							3,510,286
Stockholders’ equity		324,695							314,649
Total liabilities and stockholders’ equity	$	3,569,516						$	3,824,935
Net interest income			$	22,005						$	23,143
Net interest rate spread⁽¹⁾						1.87	%						1.79	%
Net interest margin⁽²⁾						2.59	%						2.50	%

(1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Annualized.
(4) Excludes allowance for credit losses.
(5) Includes non-accrual loans.
(6) Includes Federal Home Loan Bank of New York Stock.

	Financial Condition data by quarter
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

	(In thousands, except book values)
Total assets	$	3,473,822		$	3,599,118		$	3,613,770		$	3,793,941		$	3,849,195
Cash and cash equivalents		252,750			317,282			243,123			326,870			352,448
Securities		125,853			111,189			108,302			94,965			96,189
Loans receivable, net		2,917,610			2,996,259			3,087,914			3,161,925			3,226,877
Deposits		2,686,508			2,750,858			2,724,580			2,935,239			2,991,659
Borrowings		448,523			498,322			533,466			510,710			510,573
Stockholders’ equity		314,722			323,925			328,113			320,732			320,131
Book value per common share¹	$	16.87		$	17.54		$	17.50		$	17.17		$	17.24
Tangible book value per common share²	$	16.56		$	17.23		$	17.19		$	16.86		$	16.93

	Operating data by quarter
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands, except for per share amounts)
Net interest income	$	22,005		$	22,194		$	23,045		$	23,639		$	23,143
Provision for credit losses		20,845			4,154			2,890			2,438			2,088
Non-interest income (loss)		1,791			938			3,127			(3,234	)		2,109
Non-interest expense		14,660			14,367			13,929			13,987			14,838
Income tax (benefit) expense		(3,385	)		1,339			2,685			1,163			2,460
Net (loss) income	$	(8,324	)	$	3,272		$	6,668		$	2,817		$	5,866
Net (loss) income per diluted share	$	(0.51	)	$	0.16		$	0.36		$	0.14		$	0.32
Common Dividends declared per share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16

	Financial Ratios(3)
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
Return on average assets		(0.95	%)		0.36	%		0.72	%		0.30	%		0.61	%
Return on average stockholders’ equity		(10.40	%)		4.04	%		8.29	%		3.52	%		7.46	%
Net interest margin		2.59	%		2.53	%		2.58	%		2.60	%		2.50	%
Stockholders’ equity to total assets		9.06	%		9.00	%		9.08	%		8.45	%		8.32	%
Efficiency Ratio⁴		61.61	%		62.11	%		53.22	%		68.55	%		58.76	%

	Asset Quality Ratios
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands, except for ratio %)
Non-Accrual Loans	$	99,833		$	44,708		$	35,330		$	32,448		$	22,241
Non-Accrual Loans as a % of Total Loans		3.36	%		1.48	%		1.13	%		1.01	%		0.68	%
ACL as % of Non-Accrual Loans		51.6	%		77.8	%		98.2	%		108.6	%		155.4	%
Individually Analyzed Loans		122,517			83,399			66,048			60,798			65,731
Classified Loans		251,989			152,714			98,316			87,033			97,739

(1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
(3) Ratios are presented on an annualized basis, where appropriate.
(4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”

	Recorded Investment in Loans Receivable by quarter
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands)
Residential one-to-four family	$	232,456		$	239,870		$	241,050		$	242,706		$	244,762
Commercial and multi-family		2,221,218			2,246,677			2,296,886			2,340,385			2,392,970
Construction		118,779			135,434			146,471			173,207			180,975
Commercial business		330,358			342,799			371,365			375,355			378,073
Home equity		66,479			66,769			67,566			66,843			65,518
Consumer		2,271			2,235			2,309			2,053			2,847
	$	2,971,561		$	3,033,784		$	3,125,647		$	3,200,549		$	3,265,145
Less:
Deferred loan fees, net		(2,467	)		(2,736	)		(3,040	)		(3,381	)		(3,705	)
Allowance for credit losses		(51,484	)		(34,789	)		(34,693	)		(35,243	)		(34,563	)

Total loans, net	$	2,917,610		$	2,996,259		$	3,087,914		$	3,161,925		$	3,226,877

	Non-Accruing Loans in Portfolio by quarter
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands)
Residential one-to-four family	$	1,138		$	1,387		$	410		$	350		$	429
Commercial and multi-family		89,296			32,974			27,693			27,796			12,627
Construction		586			586			586			586			3,225
Commercial business		8,374			9,530			6,498			3,673			5,916
Home equity		439			231			123			43			44
Consumer		–			–			20			–			–
Total:	$	99,833		$	44,708		$	35,330		$	32,448		$	22,241

	Distribution of Deposits by quarter
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands)
Demand:
Non-Interest Bearing	$	542,620		$	520,387		$	528,089		$	523,816		$	531,112
Interest Bearing		537,468			553,731			527,862			549,239			552,295
Money Market		405,793			395,004			366,655			371,689			361,791
Sub-total:	$	1,485,881		$	1,469,122		$	1,422,606		$	1,444,744		$	1,445,198
Savings and Club		254,732			252,491			255,115			258,680			272,051
Certificates of Deposit		945,895			1,029,245			1,046,859			1,231,815			1,274,410
Total Deposits:	$	2,686,508		$	2,750,858		$	2,724,580		$	2,935,239		$	2,991,659

	Reconciliation of GAAP to Non-GAAP Financial Measures by quarter

	Tangible Book Value per Share
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands, except per share amounts)
Total Stockholders’ Equity	$	314,722		$	323,925		$	328,113		$	320,732		$	320,131
Less: goodwill		5,253			5,253			5,253			5,253			5,253
Less: preferred stock		25,243			24,723			29,763			28,403			27,733
Total tangible common stockholders’ equity		284,226			293,949			293,097			287,076			287,145
Shares common shares outstanding		17,163			17,063			17,048			17,029			16,957
Book value per common share	$	16.87		$	17.54		$	17.50		$	17.17		$	17.24
Tangible book value per common share	$	16.56		$	17.23		$	17.19		$	16.86		$	16.93

	Efficiency Ratios
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
	(In thousands, except for ratio %)
Net interest income	$	22,005		$	22,194		$	23,045		$	23,639		$	23,143
Non-interest income (loss)		1,791			938			3,127			(3,234	)		2,109
Total income		23,796			23,132			26,172			20,405			25,252
Non-interest expense		14,660			14,367			13,929			13,987			14,838
Efficiency Ratio		61.61	%		62.11	%		53.22	%		68.55	%		58.76	%

Contact:	Michael Shriner, President & CEO Jawad Chaudhry, EVP & CFO (201) 823-0700

The MIL Network –

April 23, 2025

MIL-OSI: Banzai Announces Exercise of 1,048,920 Warrants Purchased at $3.89 Each

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 22, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has issued 1,048,920 shares of common stock to Alco Investment Company (“Alco”), pursuant to an exercise notice for Pre-Funded Warrants received on September 20, 2024 for a purchase price of $3.89.

On September 20, 2024, the Company completed a private placement of securities pursuant to which Alco acquired 282,420 shares of Class A Common Stock for a purchase price of $3.89 per share, Pre-Funded Warrants to purchase up to 1,048,920 shares of Class A Common Stock with an exercise price of $0.0001 per share for a purchase price of $3.89 per Pre-Funded Warrant, and Common Warrants to purchase up to 1,331,340 shares of Class A Common Stock with an exercise price of $4.02 per share. Alco has not sold any shares issued under the private placement.

All Pre-Funded Warrants were net exercised on a cashless basis, resulting in a total number of Class A common shares outstanding of 14,470,727 as of April 21, 2025. Following the exercise, Alco will own 9.5% of the Company’s Class A Common Stock.

“The exercising of these warrants, which originally carried a significant premium to market price, is a highly positive vote of confidence from Alco, one of our key investors and company insiders,” said Joe Davy, Founder and CEO of Banzai. “We are continuing to strengthen our capital structure, and we appreciate the support of our stakeholders who demonstrate their belief in our strategy as we work to achieve long-term success.”

About Banzai

Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Customers who use Banzai’s product suite include Autodesk, Dell Technologies, New York Life, Thermo Fisher Scientific, Thinkific, and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us

Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io

The MIL Network –

April 23, 2025

MIL-Evening Report: Dutton promises Coalition would increase defence spending to 3% of GDP ‘within a decade’

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

Opposition Leader Peter Dutton will promise a Coalition government would boost Australia’s spending on defence to 2.5% of GDP within five years and 3% within a decade.

Launching the Coalition’s long-awaited defence policy on Wednesday in Western Australia, Dutton will commit to investing more than $21 billion to take spending to 2.5%.

Australia’s current defence spending is about 2% of GDP, and due to rise to 2.3% by 2033-34. The Trump administration has flagged it wants allies to raise their spending to 3%.

Trump’s under-secretary of defence for policy, Elbridge Colby, has said:

The main concern the United States should press with Australia […] is higher defence spending. Australia is currently well below the 3% level advocated for by NATO Secretary General Rutte, and Canberra faces a far more powerful challenge in China.

The opposition statement, from Dutton and shadow Defence Minister Andrew Hastie, does not go into detail about how the bigger allocation would be spent, or how it would be paid for.

Defence Minister Richard Marles gave notice of Labor’s line of attack if there is no detail provided. He said on Tuesday:

It won’t cut it to have vague numbers, to have aspirations, to have signposts in the future. There needs to be a great deal of specificity in respect of what that defence policy looks like.

In its statement, the opposition accuses Labor of overseeing “more than $80 billion in cuts and delays to defence in just three years, degrading morale and capability, and putting Australia at risk”.

It says the commitment to 2.5% is “significantly higher than under Labor and demonstrates the Coalition’s commitment to keeping Australia safe in uncertain times”.

Under Labor, defence spending has stayed static at 2% of GDP for three years – and Labor has walked away from its own target of increasing defence spending to 2.4% of GDP by 2033-34, dropping it instead to ‘over 2.3%’.

In its most recent budget, Labor delivered no new funding for defence.

In stark contrast, a Dutton Coalition government will increase defence spending to 3% of GDP within a decade, while Labor’s spend plateaus at around 2.3%.

The opposition says Australia is facing the most complex and serious strategic circumstances since the second world war.

The rise of authoritarian powers, and conflict in Europe and the Middle East are a reminder that Australia cannot take peace for granted.

“Under the Coalition, there will be clarity around the risks we face and a strategy to deter them,” the opposition says.

“We believe that investing in Defence is an investment in peace – which is maintained through a strong army, navy, air force and enhanced cyber security.”

This week’s statement follows an earlier Coalition commitment to reinstate the fourth squadron of F-35A Joint Strike Fighters.

Dutton said: “The Prime Minister and the Deputy Prime Minister regularly tell Australians that we live in the most precarious period since the end of the second world war. Yet, over the last three years, Labor has done nothing about it, other than rip money out of Defence, weakening strength and morale.”

Hastie said: “A Dutton Coalition government will back Australian workers and businesses in defence industry to develop the sovereign capabilities our country needs. They are a critical enabler to the Australian men and women in uniform”.

Hastie has been little seen on the campaign trail.

Marles said over the last three years the government had engaged “in the biggest peacetime increase in defence spending that Australia has seen”.

“We’ll continue to look at what the appropriate levels of defence spending are.

“Increases in defence spending will happen under this government […] because that is, in fact, what we’ve done over the last three years”.

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

– ref. Dutton promises Coalition would increase defence spending to 3% of GDP ‘within a decade’ – https://theconversation.com/dutton-promises-coalition-would-increase-defence-spending-to-3-of-gdp-within-a-decade-254993

MIL OSI Analysis – EveningReport.nz –

April 23, 2025

MIL-OSI Global: Is backing Welsh independence the same as being a nationalist? Not necessarily

Source: The Conversation – UK – By Robin Mann, Reader in Sociology, Bangor University

Over the past few years, support for Welsh independence has grown in ways not seen before. A recent poll commissioned by YesCymru, a pro-independence campaign group, found that 41% of people who’ve made up their minds on the issue would now vote in favour of independence.

The striking finding is that the number jumps to 72% among 25-to-34 year olds. Meanwhile older generations, particularly those aged 65 and up, remain firmly in the “no” camp, with 80% opposed.

This does seem a big shift in public mood. But does it mean Wales is becoming more nationalist? Not exactly.

The relationship between constitutional attitudes and nationalism is complicated, as research by myself and colleagues shows. Many people back independence for reasons that have less to do with feeling strongly Welsh or waving flags, and more to do with wanting better decision-making closer to home.

During 2021, as part of a broader research project on Welsh people’s views on the COVID pandemic and vaccination, we spoke to people from different ages, backgrounds and locations. Some were vaccinated, others weren’t. Some had voted in elections while others hadn’t voted in years, if ever.

Many people we talked to felt the Welsh government had done a better job than Westminster at handling the pandemic. They saw the decisions made in Wales – like keeping stricter rules in place when England relaxed theirs – as more sensible, more caring, and more in line with what they personally wanted from a government. And with that came a confidence that Wales could handle even more control over its own affairs.

Historically, Welsh nationalism was tightly linked to the Welsh language and culture. Self-government was always a part of the conversation, but not necessarily the main driver. That started changing in the late 20th century.

In 1979, Wales voted against devolution. In 1997, it narrowly voted in favour. After that, things slowly began to shift. And now, more than 25 years into devolution, support for some form of self-government is the mainstream view. Independence is no longer such a fringe idea.

Interestingly, younger generations are far more open to it – and many of them aren’t what you’d typically think of as nationalists. They may not speak Welsh or see themselves as “political” in the traditional sense. Their support often comes from practical concerns about the economy, democracy and how decisions are made.

External events like Brexit have clearly played a role. In fact, the YesCymru campaign was formed just before the EU referendum in 2016. Independence support surged afterwards, especially among Remain voters.

Many saw the Brexit fallout, as well as austerity, as proof that Westminster didn’t reflect their values or priorities. This showed how disruptive events can reshape the way people see their place within the UK.

Independence without nationalism?

One of the more surprising findings in our research – echoed in the 2025 polling – is that support for independence doesn’t always come from people who are politically engaged or pro-devolution. In fact, some support came from people who hadn’t voted in years, or felt completely disillusioned with the political system.

They expressed their support for independence through statements like: “They [the Welsh government] all need to go, but if I pay tax in Wales I want it to stay in Wales and be spent here.”

We also found a lot of people sitting on the fence. They weren’t against independence, but they had big questions about it. Would it mean isolation? Would it lead to more division?

One person told us: “I’m a little bit nationalistic, but I didn’t want the UK to leave the EU. So why would I want Wales to leave the UK?” Another said: “I don’t believe in borders, but I do think the Welsh government should run things.”

These aren’t black-and-white views. People’s feelings about independence – and nationalism – are often full of contradictions. And this reflects the wider truth that ordinary political views are often messy. Most of us don’t live in the extremes, and this is a good thing.

What’s also worth noting is that nationalism takes many forms. Some people who strongly oppose Welsh independence do so from a very rightwing populist-nationalist perspective, where calls to abolish the Senedd (Welsh parliament) sit alongside demands for hard borders and less immigration. So, the assumption that “independence equals nationalism” isn’t always true – and nor is the reverse.

Could independence really happen?

Wales isn’t alone in debating big questions about its future. In places such as Scotland, Catalonia and Flanders, political and economic crises can fuel movements for independence. In all these cases, trust in central government and a desire for more local fiscal control have played a major role.

For Wales, the question often comes back to the economy. While faith in Wales’s ability to govern is growing, many still worry whether an independent Wales could stand on its own financially. And for a lot of undecided voters, that remains the sticking point. For this reason, granting Wales more powers through devolution might do more to stave off demands for independence than anything else.

But the conversation is shifting. Support for independence is no longer just about nationalist grievances. It’s about how people want to be governed, and about trust and responsiveness.

So, does supporting Welsh independence make you a nationalist? Not necessarily. For many, it’s not about nationalism at all.

Robin Mann receives funding from the Economic and Social Research Council and the British Academy. He is a Reader in Sociology at Bangor University and also Co-director of the Wales Institute of Social and Economic Research and Data (WISERD).

– ref. Is backing Welsh independence the same as being a nationalist? Not necessarily – https://theconversation.com/is-backing-welsh-independence-the-same-as-being-a-nationalist-not-necessarily-254354

MIL OSI – Global Reports –

April 23, 2025

MIL-OSI Global: A warning for Democrats from the Gilded Age and the 1896 election

Source: The Conversation – USA – By Adam M. Silver, Associate Professor of Political Science, Emmanuel College

Chief Justice Melville Weston Fuller administers the oath of office to William McKinley during his presidential inauguration in 1897, as outgoing President Grover Cleveland looks on. AP Photo/Library of Congress

More than five months after President Donald Trump defeated Kamala Harris, Democrats are still trying to understand why they lost the election and the Senate majority – and how the party can regroup.

These concerns have only increased in the wake of Trump’s sustained activity at the start of his second term. The American public has witnessed a Democratic Party struggling to craft a coherent strategy.

Recently, Trump has joined a chorus of people likening the current political period to the Gilded Age – the late 19th-century period known for economic industrialization and wealth inequality.

As a political scientist focused on electoral politics, I believe the Gilded Age provides a warning for the Democrats’ current situation, as the party’s internal struggles hampered its ability to wage successful national campaigns.

The party period

Scholars of U.S. political history often refer to the bulk of the 19th century as the party period due to the degree to which party politics permeated society. Parties framed political discourse through the creation of “brands” centered on distinct ideologies.

These ideologies offered coherent ideas of what it meant to be a Democrat or a Republican.

Democrats opposed a strong national government in favor of states’ rights. They resisted vesting too much economic authority in the national government. And they used their states’ rights position to justify human enslavement and racially discriminatory policies.

Republicans embraced national authority over states’ rights. It was a vision centered on a national political economy that fostered manufacturing and industrialization. This economic approach was accompanied at times by opposition to immigration in often nativist and racist rhetoric.

The Gilded Age

The Gilded Age has been compared with the present. That’s due, in part, to the period’s rapid industrialization, increased immigration and prominent debates over economic policy.

And like today, these Gilded Age years, roughly from 1870 to 1900, witnessed intense competition between Democrats and Republicans, during which only about seven states were contested in any given election due to the regional basis of support for each party.

From 1860 to 1912, Democrats won the White House only twice – Grover Cleveland in 1884 and 1892. But they won the popular vote two more times, while losing the Electoral College – Samuel Tilden in 1876 and Cleveland in 1888.

Further, from the 1870s to the 1890s, party control of Congress tended to rely on slim majorities.

Democrats usually held the House and Republicans controlled the Senate.

The 1880s and 1890s were characterized by debates over economic policies, primarily the protective tariff. That tariff was supported by Northern industrialists to protect domestic industry and opposed by Southern agrarians. The U.S. monetary standard, which determines how value is measured, also dominated discussions.

The 1888 election revealed tensions among Democrats, primarily over the tariff, that became a harbinger of the party’s struggles in 1896. The party’s inability to reconcile competing constituencies in its coalition and offer a coherent message on the tariff ultimately cost them the White House.

After winning reelection in 1892, Democrat Cleveland faced an economic depression that impeded the goals of his second term. The Democrats lost both chambers of Congress in the ensuing midterm election.

President William McKinley, a Republican, is inaugurated in 1901.
Heritage Art/Heritage Images via Getty Images

The 1896 election

The battle over the monetary standard consumed the 1896 election.

From the 1870s-1890s, debates over whether greenbacks, or paper currency, should be redeemable in gold or silver ebbed and flowed.

Republicans, buoyed by wealthy financiers, tended to support maintaining the gold standard only. Democrats, who courted laborers and farmers, usually supported the increased circulation of greenbacks redeemable in both gold and silver.

The economic depression in 1893 heightened tensions on this issue, as many Americans sought to pay off their debts with cheaper currency.

At their national convention, Democrats adopted the pro-silver position and nominated a populist firebrand for president, William Jennings Bryan.

Republicans also faced internal divisions on the issue. But, as in 1888, they were able to overcome these tensions to maintain their coalition and supported the gold standard in their platform.

The Republican candidate, William McKinley, defeated Bryan. The outcome solidified Republican primacy for 30 years.

William Jennings Bryan campaigns in 1896.
AP Photo

The legacy of 1896

Internal strife in the late 19th century hindered Democrats’ ability to advance a unified voice, mobilize their voters and attract new ones. In 1888 and 1896, these divisions harmed Democrats’ electoral prospects. Their organizational problems and intense internal discord proved too much for Bryan to overcome.

Scholar James Reichley contends that the Republicans’ more effective organizing after Reconstruction may have resulted in a coherent message compared with the Democrats.

And a lack of enthusiasm on the part of Democratic voters contributed to Republican success in 1894 and 1896, according to historian Richard White. Republicans mobilized their base and attracted new voters, while Democrats did not.

These elections solidified voter alignments until 1932.

Although Democrat Woodrow Wilson held the presidency from 1913 to 1921, Republicans dictated national policy and controlled Congress for most of those years. It took a massive economic depression to return the Democrats to the majority on the national level.

Adam M. Silver does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. A warning for Democrats from the Gilded Age and the 1896 election – https://theconversation.com/a-warning-for-democrats-from-the-gilded-age-and-the-1896-election-250887

MIL OSI – Global Reports –

April 23, 2025

MIL-OSI: Matador Technologies Provides Corporate Update Ahead of Digital Asset Platform

Source: GlobeNewswire (MIL-OSI)

Key Highlights

Digital Asset Platform Introduction: Matador is preparing to launch its Digital Asset Platform, enabling the inscription of digital art onto physical gold. The platform integrates precious metals-based art with blockchain infrastructure using Bitcoin Ordinals, a protocol built on the Bitcoin Network.
“Grammies” – Digital Gold Collectibles: The first product, “Grammies,” consists of 1-gram gold units with digital inscriptions recorded on Bitcoin. These units are tradable and transferable via Ordinals-compatible Bitcoin wallets and can be converted into physical gold-based artwork.
Timing and Market Context: Gold has recently exceeded ~USD$3,400/oz, providing a favorable environment for the Digital Gold Product launch, particularly as investors explore alternative stores of value amid global macroeconomic uncertainty.
Team and Infrastructure Updates: To support product development, Matador appointed Antoine De Vuyst as CTO and “dxxmsdxy” as Lead Designer. Bitcoin custody is managed by BitGo, and physical gold is stored at the Royal Canadian Mint.
Ongoing Strategy: In addition to the gold product, Matador intends to expand to other precious metals. The Company holds 64 BTC (including equivalents) and 2 kg of gold as part of its broader treasury strategy.

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MTDTF), a Bitcoin Ecosystem company, is providing a corporate update as it moves toward the launch of its Digital Asset Platform, beginning with a gold-based product on the Bitcoin network, with an anticipated launch in the next couple of months. Over the past quarter, the Company has made progress in product development, treasury allocation, team expansion, and market engagement.

Digital Asset Platform and Product Update

The Company’s upcoming launch features “Grammies,” 1-gram units of physical gold linked to digital inscriptions using Bitcoin Ordinals. Users will be able to:

View Grammies in a personalized dashboard
Buy and sell in a secure trading environment
Transfer Grammies to Ordinals-compatible Bitcoin wallets
Print Grammies into physical gold artwork

The launch coincides with a period of strong gold pricing—recently surpassing USD$3,400 per ounce (sourced from Reuters) —and increased interest in physical-digital asset convergence.

“Gold has always been a store of value and we believe Bitcoin is the future of value transfer. Matador is where the two converge,” said Mark Moss, Chief Visionary Officer of Matador Technologies.

In a press release issued on March 31, 2025, the Company appointed Antoine De Vuyst (CTO) and the pseudonymous artist “dxxmsdxy” (Lead Designer), both with experience in Bitcoin and Ordinals-related development. This team expansion aims to support secure and user-focused platform delivery.

Matador expects the Grammies product to be the first of multiple offerings centered on precious metals and digital inscription. Silver and other metals are under consideration for future phases.

Treasury and Capital Strategy

As part of its asset diversification approach, Matador has continued to accumulate Bitcoin and physical gold. Since January 2025, the Company has added over 40 Bitcoin, bringing total holdings to roughly 64 BTC and BTC-equivalents. These purchases were funded with available cash.

The Company also holds 2 kilograms of physical gold, acquired via Kitco Metals Inc, as announced in a press release issued on January 24, 2025. Matador remains debt-free.

Custody and Market Access

As announced in a press release issued on February 10, 2025, for custody of its Bitcoin, Matador has engaged BitGo Trust Company, which provides cold storage and multi-signature protection. Gold is held at the Royal Canadian Mint in Ottawa.

To support market liquidity and visibility, Matador retained Independent Trading Group Inc. (ITG) as a market maker on the TSX Venture Exchange which was announced in a press release dated January 8, 2025. On March 18, 2025 the Company announced it listed on the OTCQB under the symbol MTDTF, broadening access to U.S.-based investors.

Industry Engagement

As indicated in a press release issued February 18, 2025, Matador participated in several recent industry events aimed at strengthening relationships with investors, partners, and other stakeholders, including:

Max & Stacy’s Bitcoin Golf Invitational (El Salvador)
The Inaugural Crypto Ball (Washington, D.C.)
AlphaNorth Capital Events (Bahamas and Whistler, Canada)
Centurion One’s Growth Conference (Toronto)
PDAC 2025 (Toronto)

These engagements provided perspective on evolving market trends and helped reinforce Matador’s role within the Bitcoin, gold, and blockchain ecosystems.

Looking Ahead

Matador continues to advance its goal of developing a platform that combines real-world assets with blockchain utility. Supported by a clean balance sheet, growing team, and product focus, the Company is positioning itself at the intersection of traditional and digital finance.

“We’ve made steady progress this quarter,” said Deven Soni, CEO of Matador Technologies. “We’re continuing to build the foundation needed to support the rollout of our Digital Gold Product and broader asset digitization strategy.”

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network

Phone: 647-932-2668

About Matador Technologies Inc.
Matador Technologies Inc. leverages blockchain technology to digitize assets like gold. Focused on building innovative financial solutions, Matador is at the forefront of integrating blockchain technology to preserve and grow value. Matador’s digital gold platform aims to democratize the gold buying experience, combining the best of modern technology and time-proven assets, to create a platform that will allow users to buy, sell, and store gold 24/7 in a convenient and engaging way.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The MIL Network –

April 23, 2025

MIL-OSI Africa: South Africa’s Rand Refinery Chief Executive Officer (CEO) Joins Mining in Motion 2025

Source: Africa Press Organisation – English (2) – Report:

ACCRA, Ghana, April 22, 2025/APO Group/ —

Praveen Baijnath, CEO of Rand Refinery, has been confirmed as a speaker at the Mining in Motion 2025 Summit, scheduled for June 2–4 in Accra. Baijnath will contribute to the panel discussion, Medium to Long-Term Funding Models for Artisanal and Small-Scale Mining, which will explore innovative financing mechanisms aimed at improving financial accessibility for small-scale miners.

As the head of the world’s largest integrated single-site precious metals refining and smelting complex, Baijnath brings a critical perspective on the downstream sector’s role in strengthening artisanal mining, supporting sector-wide growth and delivering value-added products tailored to African markets. Ghana’s small-scale gold mining activities generated $5 billion in export revenue in 2024, while South Africa accounted for 60.5% of Ghana’s gold exports to other African nations – highlighting the deep interconnection between the two countries’ gold sectors.

Rand Refinery’s major shareholders are also key players in Ghana’s upstream gold industry. AngloGold Ashanti, which owns 42.5% of Rand Refinery, operates major Ghanaian mines including Iduapriem and Obuasi. Gold Fields, holding a 33.15% stake, manages the Tarkwa and Damang mines. Baijnath’s participation is expected to foster stronger collaboration between South Africa and Ghana, promoting sustainable and inclusive development within the gold mining sector.

Organized by the Ashanti Green Initiative in partnership with the World Bank, World Gold Council and other international stakeholders, Mining in Motion 2025 will be held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact. The event will welcome top-level decision-makers, including H.E. John Dramani Mahama, President of Ghana, along with representatives from the African Union, ECOWAS, the United Nations and the private sector.

MIL OSI Africa –

April 23, 2025

MIL-OSI Africa: Secretary-General’s Message for International Mother Earth Day [scroll down for French]

Source: United Nations – English

other Earth is running a fever.

Last year was the hottest ever recorded:

The final blow in a decade of record heat.

We know what’s causing this sickness: the greenhouse gas emissions humanity is pumping into the atmosphere – overwhelmingly from burning fossil fuels.

We know the symptoms: devastating wildfires, floods and heat. Lives lost and livelihoods shattered.

And we know the cure: rapidly reducing greenhouse gas emissions, and turbocharging adaptation, to protect ourselves – and nature – from climate disasters.

Getting on the road to recovery is a win-win.

Renewable power is cheaper, healthier, and more secure than fossil fuel alternatives.

And action on adaptation is critical to creating robust economies and safer communities, now and in the future.

This year is critical.

All countries must create new national climate action plans that align with limiting global temperature rise to 1.5 degrees Celsius – essential to avoid the worst of climate catastrophe.

This is a vital chance to seize the benefits of clean power. I urge all countries to take it, with the G20 leading the way.

We also need action to tackle pollution, slam the brakes on biodiversity loss, and deliver the finance countries need to protect our planet.

Together, let’s get to work and make 2025 the year we restore good health to Mother Earth.

*****

La Terre nourricière est prise de fièvre.

L’année dernière a été la plus chaude jamais enregistrée – le coup de grâce d’une décennie de chaleur record.

Nous savons la cause de cette maladie : les émissions de gaz à effet de serre que l’humanité rejette dans l’atmosphère, et qui proviennent essentiellement des combustibles fossiles.

Nous en connaissons les symptômes : les incendies de forêt, les inondations et les chaleurs, qui font des ravages. Des vies perdues et des moyens de subsistance anéantis.

Et nous connaissons le remède : réduire rapidement les émissions de gaz à effet de serre et accélérer l’adaptation pour nous protéger – et protéger la nature – des catastrophes climatiques.

Tout le monde gagne à prendre le chemin de la guérison.

Les énergies renouvelables sont moins chères, plus saines et plus sûres que les combustibles fossiles.

Les mesures d’adaptation sont essentielles pour créer des économies solides et des sociétés plus sûres, aujourd’hui et demain.

L’année 2025 est décisive.

Tous les pays doivent établir de nouveaux plans d’action nationaux pour le climat compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius, qui sera primordial pour éviter la pire des catastrophes climatiques.

Il s’agit d’une occasion unique de profiter des avantages de l’énergie propre. J’invite tous les pays à la saisir, le G20 montrant la voie à suivre.

Nous devons également agir pour lutter contre la pollution, freiner l’appauvrissement de la biodiversité et fournir les fonds dont les pays ont besoin pour protéger notre planète.

Ensemble, mettons-nous à l’œuvre et faisons de 2025 l’année où nous remettrons d’aplomb la Terre nourricière.

MIL OSI Africa –

April 23, 2025

MIL-OSI: Auburn National Bancorporation, Inc. Reports First Quarter Net Earnings

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights:

Net income of $1.5 million, or $0.44 per share, compared to $1.4 million, or $0.39 per share in 1Q 2024
Net interest income (tax-equivalent) was $7.1 million, an increase of 6% compared to 1Q 2024
Net interest margin (tax-equivalent) of 3.20%, compared to 3.04% in 1Q 2024
Strong balance sheet –
- Credit quality – Nonperforming assets to total assets were 0.05%
- Liquidity – Cash and cash equivalents to total assets increased to 11.90%, compared to 7.41% at March 31, 2024
- Capital – Tangible Common Equity (“TCE”) to total assets improved to 8.34%, compared to 7.61% at March 31, 2024

AUBURN, Ala., April 22, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation, Inc. (Nasdaq: AUBN) reported net earnings of $1.5 million, or $0.44 per share, for the first quarter of 2025, compared to $1.6 million, or $0.45 per share, for the fourth quarter of 2024, and $1.4 million, or $0.39 per share, for the first quarter of 2024.

“Our first quarter results reflect strong credit quality and continued improvement in our net interest margin,” said David A. Hedges, President and CEO. “While loan demand has slowed, we remain optimistic that our net interest margin will continue to improve as loans and securities re-price. Once again, our capital and liquidity remain strong and we are well positioned to meet the needs of our customers,” continued Mr. Hedges.

Net interest income (tax-equivalent) was $7.1 million in the first quarter of 2025, compared to $7.0 million in the fourth quarter of 2024, and $6.7 million in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our net interest margin, partially offset by a decrease in average interest earning assets of 1%. The increase compared to the first quarter of 2024 was primarily due to improvements in our net interest margin and an increase in average interest earning assets of 1%.

Net interest margin (tax-equivalent) was 3.20% in the first quarter of 2025, compared to 3.09% in the fourth quarter of 2024, and 3.04% in the first quarter of 2024. The increase compared to the fourth quarter of 2024 was primarily due to improvements in our yield on interest-earning assets and a decrease in our cost of interest-bearing deposits. The increase compared to the first quarter of 2024 was primarily due to a more favorable asset mix, and improvements in our yield on interest-earning assets, which outpaced increases in the cost of our interest-bearing deposits.

Nonperforming assets were $0.5 million, or 0.05% of total assets, at March 31, 2025 and December 31, 2024, respectively, compared to $0.9 million, or 0.09% of total assets, at March 31, 2024.

The Company recorded a negative provision for credit losses of $(10) thousand in the first quarter of 2025, compared to a negative provision of $(48) thousand in the fourth quarter of 2024 and a charge to provision for credit losses of $334 thousand in the first quarter of 2024.

At March 31, 2025, the Company’s allowance for credit losses was $6.8 million, or 1.20% of total loans, compared to $6.9 million, or 1.22% of total loans, at December 31, 2024, and $7.2 million, or 1.27% of total loans, at March 31, 2024.

Noninterest income was $0.8 million for the first quarter of 2025, compared to $0.8 million for the fourth quarter of 2024, and $0.9 million in the first quarter of 2024. The decrease compared to both the fourth quarter and first quarter of 2024 was primarily due to decreases in mortgage lending income and other noninterest income.

Noninterest expense was $5.9 million for the first quarter of 2025, compared to $5.5 million for the fourth quarter of 2024, and $5.7 million in the first quarter of 2024. The increase from the fourth quarter of 2024 was primarily related to routine increases in salaries and benefits expense and an increase in net occupancy expense attributable to repairs and maintenance costs and seasonal fluctuations in utilities costs and parking revenue. The increase compared to the first quarter of 2024 was primarily related to routine increases in salaries and benefits expense.

The provision for income tax expense was $0.4 million for the first quarter of 2025, compared to income tax expense of $0.8 million for the fourth quarter of 2024, and income tax expense of $0.2 million for the first quarter of 2024.

The effective tax rate for the first quarter of 2025 was 20.40%, compared to 34.73% for the fourth quarter of 2024 and 10.68% for the first quarter of 2024. Except for the fourth quarter of 2024, the Company’s effective income tax rate is principally affected by tax-exempt earnings from the Company’s investments in municipal securities and loans, bank-owned life insurance, and New Markets Tax Credits. The provision for income tax expense and the effective tax rate for the fourth quarter of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth quarter of 2024, would have been 21.55%.

Total assets were $996.8 million at March 31, 2025, compared to $977.3 million at December 31, 2024 and $979.0 million at March 31, 2024. Loans, net of unearned income were $560.7 million at March 31, 2025, compared to $564.0 million at December 31, 2024 and $567.5 million at March 31, 2024. The decrease is primarily due to payoffs in the commercial and industrial and commercial real estate loan portfolio segments exceeding growth in construction and land development loans. Total deposits were $910.5 million at March 31, 2025, compared to $895.8 million at December 31, 2024, and $899.7 million at March 31, 2024. The increase compared to both December 31, 2024 and March 31, 2024, was primarily related to growth in both noninterest and interest-bearing demand deposit account balances.

At March 31, 2025, the Company’s consolidated stockholders’ equity (book value) was $83.1 million or $23.79 per share, compared to $78.3 million, or $22.41 per share, at December 31, 2024, and $74.5 million, or $21.32 per share, at March 31, 2024. The increase from December 31, 2024 was primarily driven by other comprehensive income of $4.2 million due to a decrease in unrealized losses on securities available-for-sale, net of tax, plus net earnings of $1.5 million. These increases in stockholders’ equity were partially offset by cash dividends paid of $0.9 million. Unrealized losses on our securities portfolio vary with market interest rates and do not affect the Bank’s capital for regulatory capital purposes.

The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.34% at March 31, 2025, compared to 8.01% at December 31, 2024, and 7.61% at March 31, 2024. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

The Company paid cash dividends of $0.27 per share in the first quarter of 2025. At March 31, 2025, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

About Auburn National Bancorporation, Inc.

Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $996.8 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank currently operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements with respect to our objectives, expectations, anticipations, estimates and intentions and all statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “designed”, “plan,” “point to,” “project,” “could,” “intend,” “target,” “seek” and other similar words and expressions of the future. Forward looking statements, include, without limitation, statements about future financial and operating results, costs and revenues, government policies and changes in policies, including Federal Reserve monetary and regulatory actions. Forward looking statements also include statements about economic conditions generally in our markets and which may affect us, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation and employment, including Federal Reserve monetary policies.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements and/or financial condition of the Company or the Bank to be materially different from future results, performance, achievements or financial condition expressed or implied by such forward-looking statements. Forward looking statements may not be realized due numerous factors, including, without limitation, changes in employment levels, actual and expected changes in interest rates and interest rate expectations (generally and those applicable to our assets and liabilities) and the shape of the yield curve, and related changes in our asset values, especially investment securities, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including possible adjustments to the fair values of securities available for sale, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends. You should not expect us to update any forward-looking statements.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those described in the “Cautionary Note Regarding Forward-Looking Statements” and the risks and uncertainties described under “Risk Factors” and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 and otherwise in our other SEC reports and filings.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

Financial Highlights (unaudited)									Quarter ended
				March 31,			December 31,		March 31,
(Dollars in thousands, except per share amounts)				2025			2024		2024
Results of Operations
Net interest income (a)			$	7,062			6,988		6,677
Less: tax-equivalent adjustment				17			19		20
	Net interest income (GAAP)			7,045			6,969		6,657
Noninterest income				747			845		887
	Total revenue			7,792			7,814		7,544
Provision for credit losses				(10	)		(48	)	334
Noninterest expense				5,880			5,472		5,675
Income tax expense				392			830		164
Net earnings			$	1,530			1,560		1,371

Per share data:
Basic and diluted net earnings			$	0.44			0.45		0.39
Cash dividends declared			$	0.27			0.27		0.27
Weighted average shares outstanding:
	Basic and diluted			3,493,699			3,493,699		3,493,663
Shares outstanding, at period end				3,493,699			3,493,699		3,493,699
Stockholders’ equity (book value)			$	23.79			22.41		21.32
Common stock price:
	High		$	23.37			24.57		21.55
	Low			20.36			20.06		18.82
	Period-end			21.59			23.49		19.27
		To earnings ratio (c)		11.42		x	12.77		83.78
		To book value		91		%	105		90
Performance ratios:
Return on average equity (annualized)				7.83		%	7.49		7.13
Return on average assets (annualized)				0.62		%	0.63		0.56
Dividend payout ratio				61.36		%	60.00		69.23
Other financial data:
Net interest margin (a)				3.20		%	3.09		3.04
Effective income tax rate				20.40		%	34.73		10.68
Efficiency ratio (b)				75.30		%	69.86		75.03
Asset Quality:
Nonperforming assets:
	Nonperforming (nonaccrual) loans		$	520			503		878
		Total nonperforming assets	$	520			503		878

Net charge-offs (recoveries)			$	64			(16	)	(67	)

Allowance for credit losses as a % of:
	Loans			1.20		%	1.22		1.27
	Nonperforming loans			1,298		%	1,366		822
Nonperforming assets as a % of:
	Loans and other real estate owned			0.09		%	0.09		0.15
	Total assets			0.05		%	0.05		0.09
Nonperforming loans as a % of total loans				0.09		%	0.09		0.15
Annualized net charge-offs (recoveries) as a % of average loans				0.05		%	(0.01	)	(0.05	)
Selected average balances:
Securities			$	240,588			255,168		267,606
Loans, net of unearned income				566,082			567,634		560,757
Total assets				987,272			991,275		976,930
Total deposits				906,805			904,605		897,051
Total stockholders’ equity				78,158			83,325		76,948
Selected period end balances:
Securities			$	242,468			243,012		260,770
Loans, net of unearned income				560,650			564,017		567,520
Allowance for credit losses				6,750			6,871		7,215
Total assets				996,786			977,324		979,039
Total deposits				910,503			895,824		899,673
Total stockholders’ equity				83,115			78,292		74,489

(a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation
	of GAAP to non-GAAP Measures (unaudited).”
(b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and
	tax-equivalent net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.
(c) Calculated by dividing period end share price by earnings per share for the previous four quarters.

Reconciliation of GAAP to non-GAAP Measures (unaudited):
				Quarter ended
		March 31,	December 31,	March 31,
(Dollars in thousands, except per share amounts)		2025	2024	2024
Net interest income, as reported (GAAP)	$	7,045	6,969	6,657
Tax-equivalent adjustment		17	19	20
Net interest income (tax-equivalent)	$	7,062	6,988	6,677

The MIL Network –

April 23, 2025

MIL-OSI: MoneyHero Offers End-to-End Car Insurance Purchase Journey in Hong Kong through Strategic Partnership with bolttech

Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 22, 2025 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia, today announced the launch of its end-to-end car insurance purchasing journey in Hong Kong. In collaboration with global insurtech bolttech, this innovative enhancement enables customers to compare and receive real-time insurance quotes while seamlessly completing their entire car insurance purchase directly on MoneyHero’s platform—an industry milestone in Hong Kong.

Enhancing Car Insurance Experience with AI Capabilities

The enhanced platform allows customers to:

Compare real-time quotes from leading insurers

Customize coverage options based on their needs

Purchase policies instantly without redirection to third-party sites

Receive immediate confirmation and policy issuance

By integrating bolttech’s advanced insurance exchange technology, MoneyHero ensures accuracy, efficiency, and a fast, hassle-free experience for customers. This launch marks a major advancement for MoneyHero, building on its initial strategic partnership with bolttech previously announced on October 8, 2024, which introduced real-time car insurance pricing comparisons. With the introduction of a fully integrated purchasing experience, customers can now enjoy unparalleled convenience, a streamlined process, and expedited policy issuance.

Hong Kong’s motor vehicle business recorded gross written premiums of over HK$5 billion¹, with insurance penetration in Hong Kong reaching 17.2% in 2023² — offering a compelling opportunity for transformation through data-driven, embedded distribution. For insurers, this enhancement translates to a higher volume of policies sold and improved customer acquisition, solidifying MoneyHero’s position as a valuable digital distribution partner in the evolving insurance landscape.

A Stronger Digital Insurance Offering

The introduction of this fully integrated car insurance journey aligns with MoneyHero’s strategic pillars of leading the insurance brokerage and enhancing its conversion expertise. MoneyHero’s platform has already demonstrated impressive results with travel insurance, achieving conversion rates up to two times higher due to its seamless end-to-end purchasing model. MoneyHero anticipates similar success with car insurance, which will drive increased sales for insurers and contribute to robust revenue growth.

Strong Insurance Growth and Market Expansion

MoneyHero’s insurance business has emerged as a significant growth driver, with revenues from this vertical increasing by 54% year-over-year in the first nine months of 2024. The Company expects full-year 2024 growth in its insurance business surpassing its Q3 level of 9.5% of its group revenue, driven by the expansion of end-to-end purchasing journeys across multiple insurance categories.

This enhancement builds on the success of MoneyHero’s travel insurance platform, which has experienced strong adoption and improved conversion rates due to its streamlined purchasing process. In the upcoming quarters, the Company plans to further enhance insurance purchasing experience across other markets and product lines, ensuring the Company remains at the forefront of innovation in the industry.

Rohith Murthy, CEO of MoneyHero, said: “Customers increasingly seek a seamless experience where they can compare, select, and purchase insurance all in one place. With this launch in Hong Kong, we are not only streamlining the car insurance shopping process—we are fully embracing the entire purchasing journey. Our data indicates that end-to-end insurance transactions yield significantly higher conversion rates, and we anticipate strong adoption in Hong Kong. This initiative represents a natural evolution of our partnership with bolttech³, and we believe we have found the perfect partner to enhance our offerings. Together, we are taking a pivotal step toward positioning MoneyHero as the go-to destination for digital insurance in the region. With bolttech’s technological expertise and commitment to innovation, we are confident in our ability to significantly improve the purchase experience for our customers.”

Philip Weiner, CEO for Asia and Middle East of bolttech added: “Following our partnership announcement late last year, we are excited to be heading into the next stage with MoneyHero. Our insurance exchange platform will enable them to deliver a more intuitive and transparent user experience, enhancing the overall car insurance purchasing journey for consumers in Hong Kong. Together with MoneyHero, we look forward to bringing more value-added services to consumers.”

About MoneyHero Group

MoneyHero Limited (NASDAQ: MNY) is a leading personal finance aggregation and comparison platform, as well as a digital insurance brokerage provider in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero had over 270 commercial partner relationships as at September 30, 2024, and had approximately 7.4 million Monthly Unique Users across its platform for the three months ended September 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving Greater Southeast Asia’s digital economy, please visit www.MoneyHeroGroup.com.

About bolttech

bolttech is a global insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in more than 35 markets across Asia, Europe, North America, and Africa.

With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

For more information, please visit www.bolttech.io.

Forward Looking Statements

This document includes “forward-looking statements” within the meaning of the United States federal securities laws and also contains certain financial forecasts and projections. All statements other than statements of historical fact contained in this communication, including, but not limited to, statements as to the Group’s growth strategies, future results of operations and financial position, market size, industry trends and growth opportunities, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this communication, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. The forward-looking statements and financial forecasts and projections contained in this communication are subject to a number of factors, risks and uncertainties. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in business, market, financial, political and legal conditions; the Company’s ability to attract new and retain existing customers in a cost effective manner; competitive pressures in and any disruption to the industries in which the Company and its subsidiaries (the “Group”) operates; the Group’s ability to achieve profitability despite a history of losses; and the Group’s ability to implement its growth strategies and manage its growth; the Group’s ability to meet consumer expectations; the success of the Group’s new product or service offerings; the Group’s ability to attract traffic to its websites; the Group’s internal controls; fluctuations in foreign currency exchange rates; the Group’s ability to raise capital; media coverage of the Group; the Group’s ability to obtain adequate insurance coverage; changes in the regulatory environments (such as anti-trust laws, foreign ownership restrictions and tax regimes) and general economic conditions in the countries in which the Group operates; the Group’s ability to attract and retain management and skilled employees; the impact of the COVID-19 pandemic or any other pandemic on the business of the Group; the success of the Group’s strategic investments and acquisitions, changes in the Group’s relationship with its current customers, suppliers and service providers; disruptions to the Group’s information technology systems and networks; the Group’s ability to grow and protect its brand and the Group’s reputation; the Group’s ability to protect its intellectual property; changes in regulation and other contingencies; the Group’s ability to achieve tax efficiencies of its corporate structure and intercompany arrangements; potential and future litigation that the Group may be involved in; and unanticipated losses, write-downs or write-offs, restructuring and impairment or other charges, taxes or other liabilities that may be incurred or required and technological advancements in the Group’s industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s annual report for the year ended December 31, 2023 on Form 20-F (File No.: 001-41838), registration statement on Form F-1 (File No.: 333-275205), and other documents to be filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that the Company currently does not know, or that the Company currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect the Company’s expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. The Company anticipates that subsequent events and developments may cause their assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of the Company contained herein are not, and do not purport to be, appraisals of the securities, assets, or business of the Company.

For MoneyHero inquiries, please contact:

Investor Relations:
MoneyHero IR Team
IR@MoneyHeroGroup.com

Media Relations:
MoneyHero PR Team
Press@MoneyHeroGroup.com

For bolttech inquiries, please contact:
FTI Consulting on behalf of bolttech
bolttech@fticonsulting.com

_______________________________

¹ Insurance Authority, Market Overview, https://www.ia.org.hk/en/infocenter/statistics/files/GB_Market_Overview_2023_Eng_Final.pdf

² Financial Services and the Treasury Bureau, https://www.fstb.gov.hk/en/financial_ser/insurance-industry.htm

³ An affiliate of the Company.

The MIL Network –

April 23, 2025

MIL-OSI: Byrna Technologies Announces the Debut of the Byrna CL, the World’s Most Concealable Less-Lethal Launcher

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., April 22, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced the official launch of its highly anticipated Byrna Compact Launcher (“CL”). The Company will begin accepting orders for this revolutionary new launcher on April 24, with product shipments beginning May 1.

Weighing just 0.76 pounds and measuring only 6.81 inches in length – smaller than a smartphone – the Byrna CL is the most concealable less-lethal launcher ever made. Along with its compact form, the CL delivers the same powerful energy density on impact as Byrna’s most advanced model to date, the Byrna LE. Engineered for everyday carry, the CL offers a sleek, no-snag design for quick unholstering and is red dot compatible for enhanced accuracy.

“The Byrna Compact Launcher is a major step forward in less-lethal innovation,” said Bryan Ganz, CEO of Byrna. “Our team set out to design a product that would appeal to both new and experienced users who want maximum stopping power in a smaller, more concealable form factor. We’re proud to bring to market a launcher that is 38% smaller than our flagship Byrna SD and yet delivers the same force per square inch as our LE model.”

Key Features and Technical Specifications:

Size: 6.81″ L x 5.1″ H x 1.18″ W
Weight: 0.76 lbs
Projectile Speed: 400 feet per second
Effective Range: 60 feet
Caliber: Fires proprietary .61 caliber projectiles engineered to deliver the same energy density as .68 caliber rounds
Shot Capacity: 15 rounds per 8g CO₂ cartridge
Materials: Constructed from high-grade aluminum, steel, and brass
Compatibility: Red dot ready, customizable with accessories

The CL’s new .61 caliber projectile will be exclusive to Byrna and produced at the Company’s new ammunition facility in Fort Wayne, Indiana. Conceived, designed and manufactured in America from 90% U.S. content, the Byrna CL is the Company’s first truly All-American launcher and highlights Byrna’s progress to onshore manufacturing.

Pricing and Availability: The Byrna Compact Launcher has a base MSRP of $549.99. Customers can join the waitlist starting today here. Launchers will be available for order beginning April 24 and the Company and its dealers will begin shipping on May 1.

To experience the CL in person, customers can visit select Byrna stores and Premier Dealers nationwide. Use the store locator to find the nearest in-store demo experience.

About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “will,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will continue to.” Forward-looking statements in this news release include, but are not limited to, statements relating to the expected timing of orders and shipments of the Byrna CL, expected performance, Byrna’s progress to onshore manufacturing, and pricing. Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, potential cancellations of existing or future orders including as a result of any fulfillment delays, product rollout issues, introduction of competing products, negative publicity, supply chain constraints, other factors, changes in the markets for security products and non-lethal defense technology could have a material adverse impact on our business, financial condition and results of operations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b56d0767-d8bb-4ce7-9121-c175536afc18

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c16cc8ad-1bd0-4580-a20e-a57be1071da6

The MIL Network –

April 23, 2025

MIL-OSI: Teads Celebrates Major Milestone as CTV HomeScreen Powers 1,500 Campaigns

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — The new Teads (NASDAQ: OB), the omnichannel outcomes platform for the open internet, today announced a significant milestone for CTV HomeScreen (formerly CTV Native), an immersive way for advertisers to reach audiences on exclusive experiences at incremental moments of high attention. Since its launch in 2023, 1,500 CTV HomeScreen campaigns have been run by premium brands globally, including Cartier, Nestlé, and Air France.

As brands prioritize omnichannel strategies, CTV HomeScreen enables advertisers to place content directly on the first screen consumers see when turning on their connected televisions. By integrating within the operating systems of major television manufacturers such as LG and Hisense, Teads’ CTV HomeScreen ads provide brands with access to audiences that may not otherwise be reachable through ad-supported tiers on streaming platforms. CTV HomeScreen ads deliver high levels of attention through impactful, unique creative experiences. Teads’ programmatic advertiser platform, Teads Ad Manager (TAM) enables brands to connect the moments of the consumer journey across all screens — creating a continuity of advertising experiences from CTV to web and app.

“By placing high-impact native ads directly on smart TV home screens, we provide brands with premium, brand-safe placements that capture superior attention at the moment of content discovery,” said Jeremy Arditi, Co-President, Chief Business Officer of the Americas. “This approach ensures brands own the first moment on TV screens, maximizing both visibility and engagement in an uncluttered environment.”

Over the past year, Teads has strengthened its CTV offering through expanded access to premium HomeScreen inventory, including exclusive partnerships with VIDAA US and LG Ad Solutions covering 330 million TV screens worldwide, in over 50 countries. In addition to Homescreen, TAM enables advertisers to reach audiences across more than 7,000 CTV apps globally, optimizing performance through CTV instream video campaigns.

“The partnership between LG and Teads unlocks a powerful value proposition for advertisers,” said Serge Matta, President of Global Ad Sales at LG Ad Solutions. “From the moment a viewer powers on their TV, they’re met with stunning creatives, brought to life by Teads. It’s a seamless blend of innovation and scale.”

Capturing Audience Attention at Scale

CTV HomeScreen placements are displayed on the first screen viewers see when they turn on their smart TVs. This enhances ad effectiveness and extends audience reach beyond traditional commercial breaks. According to TVision (2024), viewers often spend time browsing for content—up to 10 minutes—before encountering ad clutter, making this window a high-attention moment. In fact, 74% of attention goes to the first ad seen on the home screen.

In 1,500 CTV HomeScreen campaigns, Teads has helped brands like Cartier, Nestlé, Air France, Bvlgari, and Nissan deliver impactful moments that drive measurable engagement. Cartier’s first-ever 3D CTV HomeScreen campaign generated over 12 million impressions, while Air France saw a 22% increase in recommendation intent by securing premium placements on Smart TV home screens. In addition, Nestlé achieved a 9% lift in ad recall, leveraging Teads’ high-attention CTV HomeScreen formats to enhance brand impact.

“This initiative showcases how advertising innovation and precise data can strengthen brand image and consumer engagement. Teads’support in this campaign allowed us to combine exclusive formats with rigorous measurement, demonstrating real value for the brand,” said Catherine Masson, Director of Brand Media Strategy and Media Buying at Air France.

Now Available in Teads Ad Manager

Brands can now seamlessly combine CTV HomeScreen with mobile and desktop formats within a single buying platform, making it easier to plan, execute, and optimize omnichannel campaigns and ensuring a more cohesive, data-driven approach to audience engagement.

With real-time attention measurement, contextual targeting, and planning and insight tools, Teads Ad Manager offers advertisers an all-in-one solution to maximize impact across every screen. This latest integration reflects Teads’ commitment to future-proofing CTV advertising by delivering premium placements, innovative ad formats, and advanced measurement tools.

Teads was recently announced as a finalist in the Best CTV Ad Tech Platform category by the Digiday Streaming and Video Awards. For more information on Teads’ CTV HomeScreen solutions, visit https://thenewteads.com/.

About The New Teads
Outbrain Inc. (Nasdaq: OB) and Teads S.A. combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

For more information, visit https://thenewteads.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition (the “Acquisition”) of TEADS, a private limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the Acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the Acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the Acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the Acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as tariffs and trade wars, U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have impacted and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the potential impact of artificial intelligence (“AI”) on our industry and our need to invest in AI-based solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations or countries; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements, including with respect to privacy; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2024and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

The MIL Network –

April 23, 2025

MIL-OSI: Hanover Bank Announces Core Banking System Conversion to Drive Digital Growth

Source: GlobeNewswire (MIL-OSI)

MINEOLA, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Hanover Bank, the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce its conversion to a new core banking system, a significant technological upgrade designed to improve the banking experience for our clients, streamline operations for employees, and drive greater value for all our stakeholders. Our core banking system conversion was successfully completed on Tuesday, February 18, 2025.

As the bank continues to evolve into a more business-focused financial institution, we remain committed to providing the best possible service to our customers. This upgrade strengthens Hanover Bank’s ability to offer digitally forward business banking solutions that are agile and expected to drive success in today’s economy.

Further, this transition will enhance our ability to offer innovative services and solutions while maintaining the security, reliability, and trust that our clients have come to expect. With a focus on improving our customer experience, the new system will offer:

Faster and More Efficient Services: Clients will benefit from improved user interfaces and digital banking tools, enabling us to provide an even higher level of convenience and responsiveness.
Enhanced Security: As digital banking continues to grow, security is of paramount importance, and our new core system features state-of-the-art security protocols, ensuring that client data and transactions are safeguarded at the highest level.
Customizable Business Solutions: Our new core banking system allows for more tailored product offerings and integrated banking solutions designed to streamline banking and financial management for our clients.

“Our core banking conversion is not just about technology – it’s about creating long-term value for our clients, helping them grow and succeed in an increasingly digital and competitive marketplace,” stated Michael P. Puorro, Chairman & Chief Executive Officer of Hanover Bank.

Hanover Bank’s employees have undergone comprehensive training to leverage the full capabilities of the new system, empowering them to serve clients with more speed and accuracy. With more automated and simplified back-office functions due to the efficiencies created by the conversion, our focus on delivering top-tier, unparalleled service will only continue to grow.

Better functionality on more competitive financial terms bolsters our sustained commitment to efficient operations. The conversion also brings advantages for all stakeholders, including:

Operational Efficiency: The new core system will allow for better management of resources, reduce operational costs, and improve profitability. This translates into a stronger, more sustainable financial institution poised for continued growth.
Improved Reporting and Insights: Enhanced reporting tools will provide real-time, actionable insights, supporting more informed decision-making and business strategies.

“We are proud to make this investment in the future of our bank. Our core conversion marks a significant milestone in Hanover Bank’s journey toward creating an even more efficient, secure, and client-focused banking experience. Our commitment to innovation means we are always seeking ways to increase our value to clients, employees, stakeholders, and the communities in which we operate. With this new system in place, we are poised for a future where banking is not only faster and more robust, but also more personalized and responsive to our clients’ needs,” concluded Mr. Puorro.

About Hanover Community Bank and Hanover Bancorp, Inc.

Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

Press Contact:
Ms. Annette Esposito
First VP – Director of Marketing
(516) 548-8500

The MIL Network –

April 23, 2025

MIL-OSI Global: Canada’s new immigration policy favours construction workers but leaves the rest behind

Source: The Conversation – Canada – By Shiva S. Mohan, Research Fellow, Canada Excellence Research Chair in Migration & Integration program, Toronto Metropolitan University

Migrant workers have long been recognized as essential to Canada’s economy. But that recognition rarely translates into meaningful inclusion. As Canada embarks on new immigration reforms, persistent inequalities continue to define who truly belongs, and who remains excluded.

In March, the federal government announced a new national pathway to permanent residence for up to 6,000 out-of-status construction workers.

Although framed as a recognition of essential labour, the new program highlights a deeper reality: Canada’s immigration reforms continue to prioritize business and industry needs. In this instance, those needs are in housing and construction.

This selective approach reveals deeper patterns in Canada’s immigration system, often described as a hierarchy of deservingness. This framework assigns greater value to certain types of labour, while sidelining others. This sidelining is often based on race, gender and class and limits access to recognition and rights for all essential workers.

Former Immigration Minister Marc Miller estimated that between 300,000 and 600,000 out-of-status people were living in Canada as of 2024. The new construction worker pathway, while important for some, will address only a tiny fraction of this population.

Political and industry priorities

With a federal election on the horizon, the construction worker pathway is as much a political move as a policy reform.

The program expands on a pilot that granted permanent residence to approximately 1,365 people and their families in the Greater Toronto Area before closing in December 2024.

The current national rollout of the program reflects public and industry pressure to address Canada’s housing crisis. Housing has become a top priority for governments across the country.

Developers and industry groups, such as the Canadian Home Builders’ Association, have long lobbied for faster housing construction and more skilled trades workers. Their advocacy, combined with widespread concern over affordability, made it politically attractive to prioritize construction labour rather than implement broader regularization efforts.

But this approach exposes who is left out. Sectors like caregiving, domestic work and agriculture, largely dominated by racialized and feminized labour continue to be excluded from clear and inclusive pathways to status.

Canada’s low-wage economy has historically depended on the labour of racialized and immigrant women. Migrants in these sectors, often work in private or hidden spaces, making their labour less visible and politically legible.

Caregiving and domestic work in Canada have historically been undervalued. It is often framed as natural extensions of women’s roles and systematically marginalized in immigration policy through programs like the Live-in Caregiver Program.

Fragmented, insufficient system

Research confirms that Canada’s approach remains fragmented and insufficient. As part of my work with MIrreM, an international project studying irregular migration and regularization policies, we found that Canadian programs are often small, sector-specific and constrained by narrow eligibility criteria.

New federal government Home Care Worker Immigration pilots offer another highly competitive pathway to residency.

But these programs remain narrowly targeted, restricted and quickly capped, with application limits often reached on the same day they open. They also provide little relief for the many out-of-status caregivers already living and working in Canada.

Other countries have demonstrated that large-scale, inclusive reforms are possible, offering Canada a model to follow.

Spain’s 2005 regularization program successfully granted legal status to 700,000 people. The Spanish assessment recognized employment records, community ties and long-term residence. This model shows that broad, fair regularization strategies can balance administrative efficiency with political feasibility.

Meanwhile, Canada’s fragmented reforms exclude most out-of-status critical workers. And it leaves them without any sustainable pathway to status, prolonging their vulnerability and insecurity.

A comprehensive immigration strategy needed

Canada urgently needs a transparent, fair and scaleable immigration strategy. It must be one that values people’s contributions, not just the immediate needs of businesses.

Cleaners, caregivers, farm labourers, food service workers and others deserve the same recognition and opportunity as those in construction.

A comprehensive regularization strategy would not only uphold dignity and fairness. It would also strengthen Canada’s economy, improve labour protections and promote social inclusion.

As Canadians prepare to head to the polls, the incoming government faces a critical choice.

It can continue with piecemeal, politically convenient reforms that leave most out-of-status workers behind. Or it can commit to a broad, rights-based regularization strategy that recognizes the full social fabric of those who sustain this country.

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

– ref. Canada’s new immigration policy favours construction workers but leaves the rest behind – https://theconversation.com/canadas-new-immigration-policy-favours-construction-workers-but-leaves-the-rest-behind-253792

MIL OSI – Global Reports –

April 23, 2025

MIL-OSI: Admiral Group agrees to sell its U.S. motor business to JC Flowers

Source: GlobeNewswire (MIL-OSI)

Admiral Group agrees to sell its U.S. motor business to JC Flowers

Admiral Group plc announces that it has entered into an agreement to sell its U.S. motor insurance business, including Elephant Insurance Company and Elephant Insurance Services (“Elephant”), to J.C. Flowers & Co. (“J.C. Flowers”), a global private investment firm dedicated to investing in the financial services industry, for an undisclosed cash consideration (before customary adjustments and transaction and related expenses) representing approximately the net asset value of Elephant. The transaction is subject to regulatory approval and is expected to close in Q4 2025.

Headquartered in Richmond, Virginia, Elephant Insurance offers U.S. customers simple and affordable car insurance. The company’s tools allow customers to find the best protection for their needs and budget, with tools that are easy to use and understand.

Costantino Moretti, Head of International Insurance, Admiral Group said:
“In Elephant, we have built a business with a great foundation, and selling the company to J.C. Flowers is the right decision to ensure its future success. J.C. Flowers and Elephant have a shared ambition for generating growth and value. This partnership will allow the business to continue to deliver the high-quality insurance products and services that US motorists need.”

“This is a good outcome not only for Elephant and its employees, but also the Group and our shareholders. This transaction will enable us to focus on the opportunities we see for delivering long-term sustainable growth in our businesses in the UK and Mainland Europe.”

Eric Rahe, Managing Director and Co-President, J.C. Flowers said:
“J.C. Flowers has a long, distinguished history of investing in the insurance industry, and we will leverage our experience to help Elephant Insurance generate new opportunities as a standalone company. We are excited to partner with the Elephant team as the business enters this new stage of development.”

Alberto Schiavon, CEO of Elephant Insurance said: “We are very excited to be joining forces with J.C. Flowers. This partnership will enable us to benefit from their extensive expertise which will play a critical role for the next phase of our growth strategy and add value for our customers, whilst maintaining our distinctive culture.”

ENDS

Notes to Editors
Admiral’s corporate broker, BofA Securities, is acting as exclusive financial advisor and Sidley Austin LLP as legal advisor to Admiral Group in connection with this transaction. Keefe, Bruyette & Woods, A Stifel Company, is acting as exclusive financial advisor and Debevoise & Plimpton LLP as legal advisor to J.C. Flowers in connection with this transaction.

Enquiries

Media:
For Admiral:
Addy Frederick
addy.frederick@admiralgroup.co.uk
+44 (0) 7500 171 810

Analysts and investors:
Diane Michelberger
diane.michelberger@admiralgroup.co.uk
+44 (0) 7881 305 063

For J.C. Flowers:
Jennifer Hurson
Lambert by LLYC
jhurson@lambert.com

About Admiral Group
Admiral Group plc is a leading FTSE 100 Financial Services company offering motor, household, travel and pet insurance as well as personal lending products. Established in 1993 in the UK, the Group now has offices in Canada, France, Gibraltar, India, Italy, Spain, and the US.

About J.C. Flowers & Co
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $18 billion of capital, including co-investment, in 67 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, specialty finance, business and insurance services, wealth management and capital markets, payments and software. With approximately $4 billion of assets under management, J.C. Flowers has offices in New York, London and Palm Beach. For more information, please visit www.jcfco.com.

The MIL Network –

April 22, 2025

MIL-OSI: Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

Source: GlobeNewswire (MIL-OSI)

Correction to stock exchange release: Siili Solutions Plc: Business review, 1 January – 31 March 2025

Siili Solutions Plc Stock exchange release 22 April 2025 at 14:10 EEST

This is a correction to the stock exchange release published by Siili Solutions Plc on 22 April 2025 at 9:30 am by which the company published its business review for the period 1 January – 31 March 2025. In the key figures table there was “Total full-time employees and subcontractors (FTE) at the end of the period” instead of two separate key figures “Number of full-time employees (FTE) at the end of the period” and “Number of full-time subcontractors (FTE) at the end of the period”.

The corrected release is stated below as a whole and the revised report is attached to this release.

Q1 2025 for Siili: Siili continued AI strategy implementation and actions for profitability improvements, revenue at the previous year’s level

January-March 2025

We completed the acquisition of a majority stake in Intergrations Group Oy
We launched an Advisory service to accelerate our clients’ digital business and use of artificial intelligence
We adjusted our competence profile to match our strategy and the current market situation
The revenue for the first quarter was EUR 29.9 (29.8) million, representing increase of 0.3% year on year. Organically, revenue decreased by 1.6% from the comparison period.
Adjusted EBITA for the first quarter was EUR 1.3 (1.6) million, which corresponds to 4.2% (5.3%) of revenue

EUR million	Q1/2025	Q1/2024
Revenue	29.9	29.8
Revenue growth, %	0.3%	-11.3%
Organic revenue growth, %	-1.6%	-11.3%
Share of international revenue, %	27.1%	27.7%
Adjusted EBITA	1.3	1.6
Adjusted EBITA, % of revenue	4.2%	5.3%
EBITA	1.2	1.4
EBIT	0.9	1.1
Earnings per share, EUR	0.05	0.07
Number of employees at the end of the period	957	973
Average number of employees during the period	950	990
Number of full-time employees (FTE) at the end of the period	931	950
Number of full-time subcontractors (FTE) at the end of the period	144	137

Outlook of 2025

Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

CEO Tomi Pienimäki:

The first quarter of this year was challenging for Siili as the sluggish market conditions prevailed, and we took concrete steps to improve the profitability of our operations. However, many positive developments also occurred during the initial months of the year while we focused with determination on the implementation of our strategy.

The Group’s revenue in January-March amounted to just under EUR 30 million, broadly at the previous year’s level. Adjusted EBITA for the first quarter amounted to EUR 1.3 million, 4.2% of revenue. Profitability came in slightly weaker than last year, in line with our expectations. However, when comparing to the previous year’s result, it is worth noting that the adjusted EBITA for the comparison period was improved by the temporary layoffs implemented during Q1 2024.

During the initial months of the year, we have seen encouraging developments in the market, with our customers moving from testing artificial intelligence to firm transition programmes. In March, we launched a new Advisory service to accelerate our customers’ digital business and adoption of AI.

An example of how we support our customers on their AI journey is an AI-assisted training programme we delivered for Alma Media at the beginning of the year. It is a tailored solution that helps Alma Media to integrate AI seamlessly into its operations and culture.

Siili also worked with Varma to modernise a key system. The objective of the modernisation was to simplify the maintenance of the system and improve its scalability and development potential, ensuring it continues to meet Varma’s business needs reliably into the future. The work was carried out in stages and in close cooperation with the client, ensuring the continuous operability of the system.

During the opening months of the year, we have also built new cooperation networks that allow extensive utilisation of Siii’s expertise. In March, Siili was accepted as a member in the Digital Defence Ecosystem, which brings together Finland’s leading technology companies to support national defence capabilities and the security of supply. Siili also became an NVIDIA partner earlier this year as part of the NVIDIA Partner Network (NPN), which significantly supports us in bringing scalable, production-ready AI solutions to our customers.

In February–March, we adjusted our competence profile to align with the strategy we released last year, and current market conditions. Following change negotiations started in February, we will reduce 25 roles from Siili Finland’s functions and 8 from Siili Auto Finland. Actions affecting personnel are always difficult for the organisation, but we believe these adjustments will strengthen Siili’s competitiveness and profitability. With these measures, we estimate that we will achieve a total of 2.2 million euros in annual cost savings.

To strengthen Siili’s competence profile, we concluded the acquisition of a majority stake in Integrations Group Oy at the beginning of the year. Integrations Group is now part of Siili, and the collaboration has started strongly. We continue to strengthen our competence profile in line with the strategy also through recruitment and human resources development.

I want to thank all our customers and partners for the past few months, but above all, I extend my thanks to the Siili team for their commitment and outstanding work during the quarter.

—

This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

Further information:
CEO Tomi Pienimäki
Tel: +358 40 834 1399, email: tomi.pienimaki(at)siili.com
CFO Aleksi Kankainen
Tel: +358 40 534 2709, email: aleksi.kankainen(at)siili.com

Distribution:
Nasdaq Helsinki Ltd
Main media
www.siili.com/en

Siili Solutions in brief:
Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

Attachment

Siili Solutions_Q1_2025_corrected_EN

The MIL Network –

April 22, 2025

MIL-OSI: Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

Source: GlobeNewswire (MIL-OSI)

Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis

Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

Year-to-date Recruiting Update

Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

Highlights for the First Quarter of 2025 included:

Total deposits increased $717.0 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
The cost of total deposits declined by 19 basis points versus the prior quarter;
The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.


(Dollars in thousands)	Q1 2025				Q4 2024				Q1 2024
Net interest income	$	94,213			$	91,098			$	71,530
Purchase accounting amortization (accretion) on loans (“PAA”)		(124	)			(1,268	)			(82	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	94,089			$	89,830			$	71,448

Average interest-earning assets	$	12,963,320			$	12,974,958			$	13,015,755

NIM⁽¹⁾		2.95		%		2.79		%		2.21		%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.94		%		2.75		%		2.21		%

⁽¹⁾NIM represents net interest income divided by average interest-earning assets.
⁽²⁾Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

Loan Portfolio

The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

Outlined below are loan balances and WARs for the quarter ended as indicated.


	March 31, 2025				December 31, 2024				March 31, 2024
(Dollars in thousands)	Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾		Balance		WAR⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,788,848	6.55	%	$	2,726,602	6.56	%	$	2,327,403	6.90	%
One-to-four family residential, including condominium and cooperative apartment		961,562	4.77			952,195	4.72			873,671	4.48
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,780,078	4.46			3,820,492	4.49			3,996,654	4.57
Non-owner-occupied commercial real estate		3,191,536	5.07			3,231,398	5.13			3,386,333	5.24
Acquisition, development, and construction		140,309	7.96			136,172	7.95			175,352	8.40
Other loans		6,402	10.39			5,084	10.51			5,170	7.10
Loans held for investment	$	10,868,735	5.25	%	$	10,871,943	5.26	%	$	10,764,583	5.34	%

⁽¹⁾ WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
⁽²⁾ Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
⁽³⁾ Includes loans underlying multifamily cooperatives.
⁽⁴⁾ While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

Outlined below are the loan originations, for the quarter ended as indicated.


(Dollars in millions)	Q1 2025		Q4 2024		Q1 2024
Loan originations	$	71.5	$	187.5	$	98.3

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

Non-Interest Income

Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

Non-Interest Expense

Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Income Tax Expense

Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

Credit Quality

Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

Capital Management

Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Earnings Call Information

The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/cbadbvnq.

ABOUT DIME COMMUNITY BANCSHARES, INC.
Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

⁽¹⁾ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

This news release contains a number of 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 (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contact: Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)


	March 31,			December 31,			March 31,
	2025			2024			2024
Assets:
Cash and due from banks	$	1,030,702		$	1,283,571		$	370,852
Securities available-for-sale, at fair value		710,579			690,693			859,216
Securities held-to-maturity		631,334			637,339			589,331
Loans held for sale		2,527			22,625			8,973
Loans held for investment, net:
Business loans⁽¹⁾		2,788,848			2,726,602			2,327,403
One-to-four family and cooperative/condominium apartment		961,562			952,195			873,671
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,780,078			3,820,492			3,996,654
Non-owner-occupied commercial real estate		3,191,536			3,231,398			3,386,333
Acquisition, development and construction		140,309			136,172			175,352
Other loans		6,402			5,084			5,170
Allowance for credit losses		(90,455	)		(88,751	)		(76,068	)
Total loans held for investment, net		10,778,280			10,783,192			10,688,515
Premises and fixed assets, net		33,650			34,858			44,501
Restricted stock		66,987			69,106			74,346
BOLI		389,167			290,665			352,277
Goodwill		155,797			155,797			155,797
Other intangible assets		3,644			3,896			4,753
Operating lease assets		45,657			46,193			51,988
Derivative assets		98,740			116,496			135,162
Accrued interest receivable		56,044			55,970			55,369
Other assets		94,574			162,857			110,012
Total assets	$	14,097,682		$	14,353,258		$	13,501,092
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,245,409		$	3,355,829		$	2,819,481
Interest-bearing checking		950,090			1,079,823			635,640
Savings (excluding mortgage escrow deposits)		1,939,852			1,927,903			2,347,114
Money market		4,271,363			4,198,784			3,440,083
Certificates of deposit		1,121,068			1,069,081			1,555,157
Deposits (excluding mortgage escrow deposits)		11,527,782			11,631,420			10,797,475
Non-interest-bearing mortgage escrow deposits		88,138			54,715			101,229
Interest-bearing mortgage escrow deposits		4			6			173
Total mortgage escrow deposits		88,142			54,721			101,402
FHLBNY advances		508,000			608,000			773,000
Other short-term borrowings		—			50,000			—
Subordinated debt, net		272,370			272,325			200,174
Derivative cash collateral		85,230			112,420			132,900
Operating lease liabilities		48,432			48,993			54,727
Derivative liabilities		92,516			108,347			122,112
Other liabilities		63,197			70,515			79,931
Total liabilities		12,685,669			12,956,741			12,261,721
Stockholders’ equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			416
Additional paid-in capital		623,305			624,822			492,834
Retained earnings		803,202			794,526			819,130
Accumulated other comprehensive loss (“AOCI”), net of deferred taxes		(39,045	)		(45,018	)		(85,466	)
Unearned equity awards		(12,909	)		(7,640	)		(10,191	)
Treasury stock, at cost		(79,570	)		(87,203	)		(93,921	)
Total stockholders’ equity		1,412,013			1,396,517			1,239,371
Total liabilities and stockholders’ equity	$	14,097,682		$	14,353,258		$	13,501,092

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
⁽²⁾ Includes loans underlying multifamily cooperatives.
⁽³⁾ While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts)

	Three Months Ended
	March 31,		December 31,			March 31,
	2025		2024			2024
Interest income:
Loans	$	142,705	$	148,000		$	143,565
Securities		11,323		10,010			7,880
Other short-term investments		7,837		7,473			9,564
Total interest income		161,865		165,483			161,009
Interest expense:
Deposits and escrow		58,074		64,773			73,069
Borrowed funds		8,381		8,542			14,697
Derivative cash collateral		1,197		1,070			1,713
Total interest expense		67,652		74,385			89,479
Net interest income		94,213		91,098			71,530
Provision for credit losses		9,626		13,715			5,210
Net interest income after provision		84,587		77,383			66,320
Non-interest income:
Service charges and other fees		4,643		3,942			4,544
Title fees		98		226			133
Loan level derivative income		61		491			406
BOLI income		3,993		2,825			2,461
Gain on sale of Small Business Administration (“SBA”) loans		82		22			253
Gain on sale of residential loans		32		83			77
Fair value change in equity securities and loans held for sale		18		15			(842	)
Net loss on sale of securities		—		(42,810	)		—
Gain on sale of other assets		—		554			2,968
Other		706		791			467
Total non-interest income (loss)		9,633		(33,861	)		10,467
Non-interest expense:
Salaries and employee benefits		35,651		35,761			32,037
Severance		76		1,254			42
Occupancy and equipment		8,002		7,569			7,368
Data processing costs		4,794		4,483			4,313
Marketing		1,666		1,897			1,497
Professional services		2,116		2,345			1,467
Federal deposit insurance premiums⁽¹⁾		2,047		2,116			2,239
Loss on extinguishment of debt		—		—			453
Loss due to pension settlement		7,231		1,215			—
Amortization of other intangible assets		252		285			307
Other		3,676		3,688			2,788
Total non-interest expense		65,511		60,613			52,511
Income (loss) before taxes		28,709		(17,091	)		24,276
Income tax expense⁽²⁾		7,251		3,322			6,585
Net income (loss)		21,458		(20,413	)		17,691
Preferred stock dividends		1,822		1,821			1,821
Net income (loss) available to common stockholders	$	19,636	$	(22,234	)	$	15,870
Earnings (loss) per common share (“EPS”):
Basic	$	0.45	$	(0.54	)	$	0.41
Diluted	$	0.45	$	(0.54	)	$	0.41

Average common shares outstanding for diluted EPS		42,948,690		40,767,161			38,255,559

⁽¹⁾ Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
⁽²⁾ Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts)

	At or For the Three Months Ended
	March 31,			December 31,				March 31,
	2025			2024				2024
Per Share Data:
Reported EPS (Diluted)	$	0.45		$	(0.54	)		$	0.41
Cash dividends paid per common share		0.25			0.25				0.25
Book value per common share		29.58			29.34				28.84
Tangible common book value per share⁽¹⁾		25.94			25.68				24.72
Common shares outstanding		43,799			43,622				38,932
Dividend payout ratio		55.56	%		(46.30	)	%		60.98	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.62	%		(0.59	)	%		0.51	%
Return on average equity		6.04			(6.02	)			5.68
Return on average tangible common equity⁽¹⁾		6.92			(8.16	)			6.64
Net interest margin		2.95			2.79				2.21
Non-interest expense to average assets		1.90			1.76				1.52
Efficiency ratio		63.1			105.9				64.0
Effective tax rate		25.26			(19.44	)			27.13

Balance Sheet Data:
Average assets	$	13,777,665		$	13,759,002			$	13,794,924
Average interest-earning assets		12,963,320			12,974,958				13,015,755
Average tangible common equity⁽¹⁾		1,145,915			1,080,177				968,719
Loan-to-deposit ratio at end of period⁽²⁾		93.6			93.0				98.8

Capital Ratios and Reserves – Consolidated:⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.15	%		7.89		%		7.21	%
Tangible equity to tangible assets⁽¹⁾		8.99			8.71				8.09
Tier 1 common equity ratio		11.12			11.06				10.00
Tier 1 risk-based capital ratio		12.23			12.17				11.11
Total risk-based capital ratio		15.71			15.65				13.78
Tier 1 leverage ratio		9.46			9.38				8.48
Consolidated CRE concentration ratio⁽⁴⁾		442			447				534
Allowance for credit losses/ Total loans		0.83			0.82				0.71
Allowance for credit losses/ Non-performing loans		155.85			179.37				218.42

⁽¹⁾ See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
⁽²⁾ Total deposits include mortgage escrow deposits, which fluctuate seasonally.
⁽³⁾ March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.
⁽⁴⁾ The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands)

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,748,142	$	45,047	6.65	%	$	2,681,953	$	46,791	6.94	%	$	2,308,319	$	39,224	6.83	%
One-to-four family residential, including condo and coop		962,046		11,069	4.67			943,319		11,061	4.66			886,588		9,770	4.43
Multifamily residential and residential mixed-use		3,796,754		42,329	4.52			3,848,579		44,152	4.56			4,000,510		46,019	4.63
Non-owner-occupied commercial real estate		3,214,758		41,326	5.21			3,265,906		42,865	5.22			3,371,438		44,776	5.34
Acquisition, development, and construction		138,428		2,906	8.51			139,440		3,101	8.85			169,775		3,692	8.75
Other loans		5,740		28	1.98			4,781		30	2.50			5,420		84	6.23
Securities		1,372,563		11,323	3.35			1,455,449		10,010	2.74			1,578,330		7,880	2.01
Other short-term investments		724,889		7,837	4.38			635,531		7,473	4.68			695,375		9,564	5.53
Total interest-earning assets		12,963,320		161,865	5.06	%		12,974,958		165,483	5.07	%		13,015,755		161,009	4.98	%
Non-interest-earning assets		814,345						784,044						779,169
Total assets	$	13,777,665					$	13,759,002					$	13,794,924

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	912,852	$	4,164	1.85	%	$	912,645	$	5,115	2.23	%	$	582,047	$	1,223	0.85	%
Money market		4,076,612		31,294	3.11			3,968,793		33,695	3.38			3,359,884		30,638	3.67
Savings⁽²⁾		1,970,338		14,185	2.92			1,905,866		14,828	3.10			2,368,946		22,810	3.87
Certificates of deposit		973,108		8,431	3.51			1,126,859		11,135	3.93			1,655,882		18,398	4.47
Total interest-bearing deposits		7,932,910		58,074	2.97			7,914,163		64,773	3.26			7,966,759		73,069	3.69
FHLBNY advances		509,111		4,066	3.24			509,630		4,241	3.31			1,094,209		12,143	4.46
Subordinated debt, net		272,341		4,302	6.41			272,311		4,301	6.28			200,188		2,553	5.13
Other short-term borrowings		633		13	8.33			543		—	—			77		1	5.22
Total borrowings		782,085		8,381	4.35			782,484		8,542	4.34			1,294,474		14,697	4.57
Derivative cash collateral		104,126		1,197	4.66			99,560		1,070	4.28			130,166		1,713	5.29
Total interest-bearing liabilities		8,819,121		67,652	3.11	%		8,796,207		74,385	3.36	%		9,391,399		89,479	3.83	%
Non-interest-bearing checking⁽²⁾		3,322,583						3,396,457						2,909,776
Other non-interest-bearing liabilities		213,876						209,712						247,717
Total liabilities		12,355,580						12,402,376						12,548,892
Stockholders’ equity		1,422,085						1,356,626						1,246,032
Total liabilities and stockholders’ equity	$	13,777,665					$	13,759,002					$	13,794,924
Net interest income			$	94,213					$	91,098					$	71,530
Net interest rate spread					1.95	%					1.71	%					1.15	%
Net interest margin					2.95	%					2.79	%					2.21	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,255,493	$	58,074	2.09	%	$	11,310,620	$	64,773	2.28	%	$	10,876,535	$	73,069	2.70	%

⁽¹⁾Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Includes mortgage escrow deposits.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
Asset Quality Detail	2025			2024			2024
Non-performing loans (“NPLs”)
Business loans⁽¹⁾	$	21,944		$	22,624		$	18,213
One-to-four family residential, including condominium and cooperative apartment		3,763			3,213			3,689
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		31,677			22,960			15
Acquisition, development, and construction		657			657			12,910
Other loans		—			25			—
Total Non-accrual loans	$	58,041		$	49,479		$	34,827
Total Non-performing assets (“NPAs”)	$	58,041		$	49,479		$	34,827

Total loans 90 days delinquent and accruing (“90+ Delinquent”)	$	—		$	—		$	—

NPAs and 90+ Delinquent	$	58,041		$	49,479		$	34,827

NPAs and 90+ Delinquent / Total assets		0.41	%		0.34	%		0.26	%
Net charge-offs (“NCOs”)	$	7,058		$	10,611		$	739
NCOs / Average loans⁽²⁾		0.26	%		0.39	%		0.03	%

⁽¹⁾ Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Calculated based on annualized NCOs to average loans, excluding loans held for sale.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)

The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders
Reported net income (loss) available to common stockholders	$	19,636			$	(22,234	)		$	15,870
Adjustments to net income^(1):
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Severance		76				1,254				42
FDIC special assessment		—				126				—
Loss on extinguishment of debt		—				—				453
Loss due to pension settlement		7,231				1,215				—
Income tax effect of adjustments noted above⁽¹⁾		(2,237	)			(14,258	)			518
BOLI tax adjustment^(2):		—				9,073				—
Adjusted net income available to common stockholders (non-GAAP)	$	24,688			$	17,417			$	14,757

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)
Adjusted EPS (Diluted)	$	0.57			$	0.42			$	0.38
Adjusted return on average assets		0.77		%		0.56		%		0.48		%
Adjusted return on average equity		7.46				5.67				5.32
Adjusted return on average tangible common equity		8.68				6.52				6.18
Adjusted non-interest expense to average assets		1.68				1.68				1.50
Adjusted efficiency ratio		55.8				58.0				64.7

⁽¹⁾ Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
⁽²⁾ Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):


	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Operating expense as a % of average assets – as reported	1.90		%	1.76		%	1.52		%
Severance	—			(0.04	)		—
FDIC special assessment	—			—			—
Loss on extinguishment of debt	—			—			(0.01	)
Loss due to pension settlement	(0.21	)		(0.04	)		—
Amortization of other intangible assets	(0.01	)		—			(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)	1.68		%	1.68		%	1.50		%

The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Efficiency ratio – as reported (non-GAAP) ⁽¹⁾		63.1		%		105.9		%		64.0		%
Non-interest expense – as reported	$	65,511			$	60,613			$	52,511
Severance		(76	)			(1,254	)			(42	)
FDIC special assessment		—				(126	)			—
Loss on extinguishment of debt		—				—				(453	)
Loss due to pension settlement		(7,231	)			(1,215	)			—
Amortization of other intangible assets		(252	)			(285	)			(307	)
Adjusted non-interest expense (non-GAAP)	$	57,952			$	57,733			$	51,709
Net interest income – as reported	$	94,213			$	91,098			$	71,530
Non-interest income (loss) – as reported	$	9,633			$	(33,861	)		$	10,467
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Adjusted non-interest income (non-GAAP)	$	9,615			$	8,380			$	8,341
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	103,828			$	99,478			$	79,871
Adjusted efficiency ratio (non-GAAP) ⁽²⁾		55.8		%		58.0		%		64.7		%

⁽¹⁾The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
⁽²⁾The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):


	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Tangible Assets:
Total assets	$	14,097,682			$	14,353,258			$	13,501,092
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible assets (non-GAAP)	$	13,938,241			$	14,193,565			$	13,340,542

Reconciliation of Tangible Common Equity – Consolidated:
Total stockholders’ equity	$	1,412,013			$	1,396,517			$	1,239,371
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible equity (non-GAAP)		1,252,572				1,236,824				1,078,821
Preferred stock, net		(116,569	)			(116,569	)			(116,569	)
Tangible common equity (non-GAAP)	$	1,136,003			$	1,120,255			$	962,252

Common shares outstanding		43,799				43,622				38,932

Tangible common equity to tangible assets (non-GAAP)		8.15		%		7.89		%		7.21		%
Tangible equity to tangible assets (non-GAAP)		8.99				8.71				8.09

Book value per common share	$	29.58			$	29.34			$	28.84
Tangible common book value per share (non-GAAP)		25.94				25.68				24.72

The MIL Network –

April 22, 2025

MIL-OSI: United Community Banks, Inc. Reports First Quarter Earnings

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

First Quarter 2025 Financial Highlights:

EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis
Total revenue improved $8.9 million, or 3.7%, year-over-year
Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds
Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter
Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits
Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains
Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago
Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis
Efficiency ratio of 56.7%, or 56.2% on an operating basis
Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million
Return on assets of 1.02%, or 1.04% on an operating basis
Pre-tax, pre-provision return on assets of 1.55% on an operating basis
Return on common equity of 7.9%
Return on tangible common equity of 11.2% on an operating basis
Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans
Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans
Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets
Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%
Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

Conference Call
United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.

UNITED COMMUNITY BANKS, INC.
Selected Financial Information
(in thousands, except per share data)

		2025			2024											First Quarter 2025–2024 Change
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			First Quarter 2025–2024 Change
INCOME SUMMARY
Interest revenue	$	335,357		$	344,962		$	349,086		$	346,965		$	336,728
Interest expense		123,336			134,629			139,900			138,265			137,579
Net interest revenue		212,021			210,333			209,186			208,700			199,149		6	%
Noninterest income		35,656			40,522			8,091			36,556			39,587		(10	)
Total revenue		247,677			250,855			217,277			245,256			238,736		4
Provision for credit losses		15,419			11,389			14,428			12,235			12,899
Noninterest expenses		141,099			143,056			143,065			147,044			145,002		(3	)
Income before income tax expense		91,159			96,410			59,784			85,977			80,835		13
Income tax expense		19,746			20,606			12,437			19,362			18,204		8
Net income		71,413			75,804			47,347			66,615			62,631		14
Non-operating items		1,297			2,203			29,385			6,493			2,187
Income tax benefit of non-operating items		(281	)		(471	)		(6,276	)		(1,462	)		(493	)
Net income – operating ⁽¹⁾	$	72,429		$	77,536		$	70,456		$	71,646		$	64,325		13
Pre-tax pre-provision income ⁽⁵⁾	$	106,578		$	107,799		$	74,212		$	98,212		$	93,734		14
PERFORMANCE MEASURES
Per common share:
Diluted net income – GAAP	$	0.58		$	0.61		$	0.38		$	0.54		$	0.51		14
Diluted net income – operating ⁽¹⁾		0.59			0.63			0.57			0.58			0.52		13
Cash dividends declared		0.24			0.24			0.24			0.23			0.23		4
Book value		28.42			27.87			27.68			27.18			26.83		6
Tangible book value ⁽³⁾		20.58			20.00			19.66			19.13			18.71		10
Key performance ratios:
Return on common equity – GAAP ⁽²⁾⁽⁴⁾		7.89	%		8.40	%		5.20	%		7.53	%		7.14	%
Return on common equity – operating ^(1)(2)(4)		8.01			8.60			7.82			8.12			7.34
Return on tangible common equity – operating ^(1)(2)(3)(4)		11.21			12.12			11.17			11.68			10.68
Return on assets – GAAP ⁽⁴⁾		1.02			1.06			0.67			0.97			0.90
Return on assets – operating ⁽¹⁾⁽⁴⁾		1.04			1.08			1.01			1.04			0.93
Return on assets – pre-tax pre-provision, excluding non-operating items ^(1)(4)(5)		1.55			1.55			1.50			1.54			1.40
Net interest margin (fully taxable equivalent) ⁽⁴⁾		3.36			3.26			3.33			3.37			3.20
Efficiency ratio – GAAP		56.74			56.05			65.51			59.70			60.47
Efficiency ratio – operating ⁽¹⁾		56.22			55.18			57.37			57.06			59.15
Equity to total assets		12.56			12.38			12.45			12.35			12.06
Tangible common equity to tangible assets ⁽³⁾		9.18			8.97			8.93			8.78			8.49
ASSET QUALITY
Nonperforming assets (“NPAs”)	$	93,290		$	115,635		$	114,960		$	116,722		$	107,230		(13	)
Allowance for credit losses – loans		211,974			206,998			205,290			213,022			210,934		—
Allowance for credit losses – total		223,201			217,389			215,517			224,740			224,119		—
Net charge-offs		9,607			9,517			23,651			11,614			12,908
Allowance for credit losses – loans to loans		1.15	%		1.14	%		1.14	%		1.17	%		1.15	%
Allowance for credit losses – total to loans		1.21			1.20			1.20			1.23			1.22
Net charge-offs to average loans ⁽⁴⁾		0.21			0.21			0.52			0.26			0.28
NPAs to total assets		0.33			0.42			0.42			0.43			0.39
AT PERIOD END ($ in millions)
Loans	$	18,425		$	18,176		$	17,964		$	18,211		$	18,375		—
Investment securities		6,661			6,804			6,425			6,038			5,859		14
Total assets		27,874			27,720			27,373			27,057			27,365		2
Deposits		23,762			23,461			23,253			22,982			23,332		2
Shareholders’ equity		3,501			3,432			3,407			3,343			3,300		6
Common shares outstanding (thousands)		119,514			119,364			119,283			119,175			119,137		—

^{(1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.}

UNITED COMMUNITY BANKS, INC.
Non-GAAP Performance Measures Reconciliation
(in thousands, except per share data)

		2025			2024
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter

Noninterest income reconciliation
Noninterest income (GAAP)	$	35,656		$	40,522		$	8,091		$	36,556		$	39,587
Loss on sale of manufactured housing loans		—			—			27,209			—			—
Gain on lease termination		—			—			—			—			(2,400	)
Noninterest income – operating	$	35,656		$	40,522		$	35,300		$	36,556		$	37,187

Noninterest expense reconciliation
Noninterest expenses (GAAP)	$	141,099		$	143,056		$	143,065		$	147,044		$	145,002
Loss on FinTrust (goodwill impairment)		—			—			—			(5,100	)		—
FDIC special assessment		—			—			—			764			(2,500	)
Merger-related and other charges		(1,297	)		(2,203	)		(2,176	)		(2,157	)		(2,087	)
Noninterest expenses – operating	$	139,802		$	140,853		$	140,889		$	140,551		$	140,415

Net income to operating income reconciliation
Net income (GAAP)	$	71,413		$	75,804		$	47,347		$	66,615		$	62,631
Loss on sale of manufactured housing loans		—			—			27,209			—			—
Gain on lease termination		—			—			—			—			(2,400	)
Loss on FinTrust (goodwill impairment)		—			—			—			5,100			—
FDIC special assessment		—			—			—			(764	)		2,500
Merger-related and other charges		1,297			2,203			2,176			2,157			2,087
Income tax benefit of non-operating items		(281	)		(471	)		(6,276	)		(1,462	)		(493	)
Net income – operating	$	72,429		$	77,536		$	70,456		$	71,646		$	64,325

Net income to pre-tax pre-provision income reconciliation
Net income (GAAP)	$	71,413		$	75,804		$	47,347		$	66,615		$	62,631
Income tax expense		19,746			20,606			12,437			19,362			18,204
Provision for credit losses		15,419			11,389			14,428			12,235			12,899
Pre-tax pre-provision income	$	106,578		$	107,799		$	74,212		$	98,212		$	93,734

Diluted income per common share reconciliation
Diluted income per common share (GAAP)	$	0.58		$	0.61		$	0.38		$	0.54		$	0.51
Loss on sale of manufactured housing loans		—			—			0.18			—			—
Gain on lease termination		—			—			—			—			(0.02	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.03			—
FDIC special assessment		—			—			—			—			0.02
Merger-related and other charges		0.01			0.02			0.01			0.01			0.01
Diluted income per common share – operating	$	0.59		$	0.63		$	0.57		$	0.58		$	0.52

Book value per common share reconciliation
Book value per common share (GAAP)	$	28.42		$	27.87		$	27.68		$	27.18		$	26.83
Effect of goodwill and other intangibles		(7.84	)		(7.87	)		(8.02	)		(8.05	)		(8.12	)
Tangible book value per common share	$	20.58		$	20.00		$	19.66		$	19.13		$	18.71

Return on tangible common equity reconciliation
Return on common equity (GAAP)		7.89	%		8.40	%		5.20	%		7.53	%		7.14	%
Loss on sale of manufactured housing loans		—			—			2.43			—			—
Gain on lease termination		—			—			—			—			(0.22	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.46			—
FDIC special assessment		—			—			—			(0.07	)		0.23
Merger-related and other charges		0.12			0.20			0.19			0.20			0.19
Return on common equity – operating		8.01			8.60			7.82			8.12			7.34
Effect of goodwill and other intangibles		3.20			3.52			3.35			3.56			3.34
Return on tangible common equity – operating		11.21	%		12.12	%		11.17	%		11.68	%		10.68	%

Return on assets reconciliation
Return on assets (GAAP)		1.02	%		1.06	%		0.67	%		0.97	%		0.90	%
Loss on sale of manufactured housing loans		—			—			0.31			—			—
Gain on lease termination		—			—			—			—			(0.03	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.06			—
FDIC special assessment		—			—			—			(0.01	)		0.03
Merger-related and other charges		0.02			0.02			0.03			0.02			0.03
Return on assets – operating		1.04	%		1.08	%		1.01	%		1.04	%		0.93	%

Return on assets to return on assets – pre-tax pre-provision reconciliation
Return on assets (GAAP)		1.02	%		1.06	%		0.67	%		0.97	%		0.90	%
Income tax expense		0.29			0.30			0.19			0.29			0.27
Provision for credit losses		0.23			0.16			0.21			0.18			0.19
Loss on sale of manufactured housing loans		—			—			0.40			—			—
Gain on lease termination		—			—			—			—			(0.04	)
Loss on FinTrust (goodwill impairment)		—			—			—			0.08			—
FDIC special assessment		—			—			—			(0.01	)		0.04
Merger-related and other charges		0.01			0.03			0.03			0.03			0.04
Return on assets – pre-tax pre-provision – operating		1.55	%		1.55	%		1.50	%		1.54	%		1.40	%

Efficiency ratio reconciliation
Efficiency ratio (GAAP)		56.74	%		56.05	%		65.51	%		59.70	%		60.47	%
Loss on sale of manufactured housing loans		—			—			(7.15	)		—			—
Gain on lease termination		—			—			—			—			0.60
Loss on FinTrust (goodwill impairment)		—			—			—			(2.07	)		—
FDIC special assessment		—			—			—			0.31			(1.05	)
Merger-related and other charges		(0.52	)		(0.87	)		(0.99	)		(0.88	)		(0.87	)
Efficiency ratio – operating		56.22	%		55.18	%		57.37	%		57.06	%		59.15	%

Tangible common equity to tangible assets reconciliation
Equity to total assets (GAAP)		12.56	%		12.38	%		12.45	%		12.35	%		12.06	%
Effect of goodwill and other intangibles		(3.06	)		(3.09	)		(3.20	)		(3.24	)		(3.25	)
Effect of preferred equity		(0.32	)		(0.32	)		(0.32	)		(0.33	)		(0.32	)
Tangible common equity to tangible assets		9.18	%		8.97	%		8.93	%		8.78	%		8.49	%

UNITED COMMUNITY BANKS, INC.
Loan Portfolio Composition at Period-End

		2025	2024									Linked Quarter Change			Year over Year Change
(in millions)	First Quarter		Fourth Quarter		Third Quarter		Second Quarter			First Quarter		Linked Quarter Change			Year over Year Change
LOANS BY CATEGORY
Owner occupied commercial RE	$	3,419	$	3,398	$	3,323	$	3,297		$	3,310	$	21		$	109
Income producing commercial RE		4,416		4,361		4,259		4,058			4,206		55			210
Commercial & industrial		2,506		2,428		2,313		2,299			2,405		78			101
Commercial construction		1,681		1,656		1,785		2,014			1,936		25			(255	)
Equipment financing		1,723		1,663		1,603		1,581			1,544		60			179
Total commercial		13,745		13,506		13,283		13,249			13,401		239			344
Residential mortgage		3,218		3,232		3,263		3,266			3,240		(14	)		(22	)
Home equity		1,099		1,065		1,015		985			969		34			130
Residential construction		171		178		189		211			257		(7	)		(86	)
Manufactured housing ⁽¹⁾		—		2		2		321			328		(2	)		(328	)
Consumer		183		186		188		183			180		(3	)		3
Other		9		7		24		(4	)		—		2			9
Total loans	$	18,425	$	18,176	$	17,964	$	18,211		$	18,375	$	249		$	50

LOANS BY MARKET
Georgia	$	4,484	$	4,447	$	4,470	$	4,411		$	4,356	$	37		$	128
South Carolina		2,821		2,815		2,782		2,779			2,804		6			17
North Carolina		2,666		2,644		2,586		2,591			2,566		22			100
Tennessee		1,880		1,799		1,848		2,144			2,209		81			(329	)
Florida		2,572		2,527		2,423		2,407			2,443		45			129
Alabama		1,009		996		996		1,021			1,068		13			(59	)
Commercial Banking Solutions		2,993		2,948		2,859		2,858			2,929		45			64
Total loans	$	18,425	$	18,176	$	17,964	$	18,211		$	18,375	$	249		$	50

^{(1) At March 31, 2025, manufactured housing loans are included with consumer loans.}

UNITED COMMUNITY BANKS, INC.
Credit Quality
(in thousands)

		2025	2024
	First Quarter		Fourth Quarter		Third Quarter
NONACCRUAL LOANS
Owner occupied RE	$	8,949	$	11,674	$	7,783
Income producing RE		16,536		25,357		31,222
Commercial & industrial		22,396		29,339		28,856
Commercial construction		5,558		7,400		7,356
Equipment financing		8,818		8,925		9,123
Total commercial		62,257		82,695		84,340
Residential mortgage		22,756		24,615		21,851
Home equity		4,091		4,630		4,111
Residential construction		811		57		118
Manufactured housing ⁽²⁾		—		1,444		1,808
Consumer		1,423		138		152
Total nonaccrual loans		91,338		113,579		112,380
OREO and repossessed assets		1,952		2,056		2,580
Total NPAs	$	93,290	$	115,635	$	114,960

		2025				2024
	First Quarter					Fourth Quarter					Third Quarter
(in thousands)	Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾		Net Charge- Offs			Net Charge- Offs to Average Loans ⁽¹⁾
NET CHARGE-OFFS (RECOVERIES) BY CATEGORY
Owner occupied RE	$	126		0.02	%	$	(184	)	(0.02	)%	$	(184	)	(0.02	)%
Income producing RE		718		0.07			(1,001	)	(0.09	)		1,409		0.13
Commercial & industrial		2,447		0.40			4,075		0.69			4,577		0.79
Commercial construction		(138	)	(0.03	)		2		—			36		0.01
Equipment financing		5,042		1.21			5,812		1.43			5,268		1.32
Total commercial		8,195		0.24			8,704		0.26			11,106		0.33
Residential mortgage		(1	)	—			145		0.02			32		—
Home equity		(62	)	(0.02	)		(33	)	(0.01	)		36		0.01
Residential construction		219		0.51			7		0.02			111		0.22
Manufactured housing ⁽²⁾		—		—			114		23.41			11,556		28.51
Consumer		1,256		2.76			580		1.24			810		1.74
Total	$	9,607		0.21		$	9,517		0.21		$	23,651		0.52

^{(1) Annualized.}
^{(2) At March 31, 2025, manufactured housing loans are included with consumer loans.}

UNITED COMMUNITY BANKS, INC.
Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)	March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	198,287		$	296,161
Interest-bearing deposits in banks		438,425			223,712
Cash and cash equivalents		636,712			519,873
Debt securities available-for-sale		4,322,644			4,436,291
Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)		2,338,571			2,368,107
Loans held for sale		37,344			57,534
Loans and leases held for investment		18,425,365			18,175,980
Less allowance for credit losses – loans and leases		(211,974	)		(206,998	)
Loans and leases, net		18,213,391			17,968,982
Premises and equipment, net		391,020			394,264
Bank owned life insurance		346,410			346,234
Goodwill and other intangible assets, net		953,357			956,643
Other assets		634,269			672,330
Total assets	$	27,873,718		$	27,720,258
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Noninterest-bearing demand	$	6,257,032		$	6,211,182
NOW and interest-bearing demand		6,155,141			6,141,342
Money market		6,637,506			6,398,144
Savings		1,105,374			1,100,591
Time		3,446,567			3,441,424
Brokered		160,785			168,292
Total deposits		23,762,405			23,460,975
Short-term borrowings		—			195,000
Long-term debt		254,287			254,152
Accrued expenses and other liabilities		356,130			378,004
Total liabilities		24,372,822			24,288,131
Shareholders’ equity:
Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference		88,266			88,266
Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively		119,514			119,364
Common stock issuable; 584,083 and 600,168 shares, respectively		12,983			12,999
Capital surplus		2,711,721			2,710,279
Retained earnings		754,971			714,138
Accumulated other comprehensive loss		(186,559	)		(212,919	)
Total shareholders’ equity		3,500,896			3,432,127
Total liabilities and shareholders’ equity	$	27,873,718		$	27,720,258

UNITED COMMUNITY BANKS, INC.
Consolidated Statements of Income (Unaudited)

	Three Months Ended March 31,
(in thousands, except per share data)		2025		2024
Interest revenue:
Loans, including fees	$	274,056	$	283,983
Investment securities, including tax exempt of $1,678 and $1,721, respectively		58,850		46,436
Deposits in banks and short-term investments		2,451		6,309
Total interest revenue		335,357		336,728

Interest expense:
Deposits:
NOW and interest-bearing demand		37,390		46,211
Money market		49,541		50,478
Savings		624		706
Time		31,379		36,389
Deposits		118,934		133,784
Short-term borrowings		1,107		—
Federal Home Loan Bank advances		433		—
Long-term debt		2,862		3,795
Total interest expense		123,336		137,579
Net interest revenue		212,021		199,149

Noninterest income:
Service charges and fees		9,535		9,264
Mortgage loan gains and other related fees		6,122		7,511
Wealth management fees		4,465		6,313
Net gains from sales of other loans		1,396		1,537
Lending and loan servicing fees		4,165		4,210
Securities gains, net		6		—
Other		9,967		10,752
Total noninterest income		35,656		39,587

Provision for credit losses		15,419		12,899

Noninterest expenses:
Salaries and employee benefits		84,267		84,985
Communications and equipment		13,699		11,920
Occupancy		10,929		11,099
Advertising and public relations		1,881		1,901
Postage, printing and supplies		2,561		2,648
Professional fees		5,931		5,988
Lending and loan servicing expense		1,987		1,827
Outside services – electronic banking		2,763		2,918
FDIC assessments and other regulatory charges		4,642		7,566
Amortization of intangibles		3,286		3,887
Merger-related and other charges		1,297		2,087
Other		7,856		8,176
Total noninterest expenses		141,099		145,002
Income before income taxes		91,159		80,835
Income tax expense		19,746		18,204
Net income		71,413		62,631
Preferred stock dividends		1,573		1,573
Earnings allocated to participating securities		411		345
Net income available to common shareholders	$	69,429	$	60,713

Net income per common share:
Basic	$	0.58	$	0.51
Diluted		0.58		0.51
Weighted average common shares outstanding:
Basic		120,043		119,662
Diluted		120,201		119,743

UNITED COMMUNITY BANKS, INC.
Average Consolidated Balance Sheets and Net Interest Analysis
For the Three Months Ended March 31,

		2025							2024
*(dollars in thousands, fully taxable equivalent (FTE))*	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (FTE) ⁽¹⁾⁽²⁾	$	18,213,501		$	273,930	6.10	%	$	18,299,739		$	283,960	6.24	%
Taxable securities ⁽³⁾		6,737,658			57,172	3.39			5,828,391			44,715	3.07
Tax-exempt securities (FTE) ⁽¹⁾⁽³⁾		356,712			2,245	2.52			366,350			2,311	2.52
Federal funds sold and other interest-earning assets		400,592			3,001	3.04			674,594			6,805	4.06
Total interest-earning assets (FTE)		25,708,463			336,348	5.29			25,169,074			337,791	5.39

Noninterest-earning assets:
Allowance for credit losses		(210,169	)						(212,996	)
Cash and due from banks		219,540							221,203
Premises and equipment		396,443							386,021
Other assets ⁽³⁾		1,610,104							1,618,315
Total assets	$	27,724,381						$	27,181,617

Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Interest-bearing deposits:
NOW and interest-bearing demand	$	6,134,004			37,390	2.47		$	6,078,090			46,211	3.06
Money market		6,583,963			49,541	3.05			5,864,217			50,478	3.46
Savings		1,096,308			624	0.23			1,192,828			706	0.24
Time		3,446,048			30,831	3.63			3,596,486			35,944	4.02
Brokered time deposits		50,447			548	4.41			50,343			445	3.56
Total interest-bearing deposits		17,310,770			118,934	2.79			16,781,964			133,784	3.21
Federal funds purchased and other borrowings		80,760			1,107	5.56			13			—	—
Federal Home Loan Bank advances		38,900			433	4.51			4			—	—
Long-term debt		254,220			2,862	4.57			324,838			3,795	4.70
Total borrowed funds		373,880			4,402	4.77			324,855			3,795	4.70
Total interest-bearing liabilities		17,684,650			123,336	2.83			17,106,819			137,579	3.23

Noninterest-bearing liabilities:
Noninterest-bearing deposits		6,194,217							6,398,079
Other liabilities		369,939							390,451
Total liabilities		24,248,806							23,895,349
Shareholders’ equity		3,475,575							3,286,268
Total liabilities and shareholders’ equity	$	27,724,381						$	27,181,617

Net interest revenue (FTE)				$	213,012						$	200,212
Net interest-rate spread (FTE)						2.46	%						2.16	%
Net interest margin (FTE) ⁽⁴⁾						3.36	%						3.20	%

^{(1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.}
^{(2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.}
^{(3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.}
^{(4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.}

About United Community Banks, Inc.
United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

Non-GAAP Financial Measures
This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

Caution About 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. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

United qualifies all forward-looking statements by these cautionary statements.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

The MIL Network –

April 22, 2025

MIL-OSI Economics: Authority seeking to raise awareness of licensing and registration requirements

Source: Isle of Man

Published on: 22 April 2025

Anyone who is considering starting a business or conducting a business or service in the Island that might be linked to financial services activity (including designated business activity) is urged to ensure they have the appropriate authorisations in place.

Firms planning to undertake financial services activity must hold the relevant licence issued under the Financial Services Act 2008 or authorisation/registration under the Insurance Act 2008, while those classed as a designated business are required to be registered under the Designated Businesses (Registration and Oversight) Act 2015 in order to trade.

Designated Non-Financial Businesses and Professions (“DNFBPs”) include accountants, bookkeepers, estate agents, payroll agents, moneylenders, tax advisers and virtual asset service providers (VASPs). The definition also applies to businesses dealing in goods or services of any description that involve cash transactions equivalent to €15,000 or more in any currency.

DNFBPs are registered and overseen by the Isle of Man Financial Services Authority for compliance with anti-money laundering and countering the financing of terrorism (“AML/CFT”) legislation.

Anyone who is unsure whether an activity falls under the definition of a designated business or financial services activity is encouraged to contact the Authority at the earliest opportunity. Information and guidance, including frequently asked questions, are available on the Authority’s website, while officers can assist applicants through the registration, authorisation or licensing process.

Businesses are also reminded that providing, or advertising as offering, certain services without first being registered as a DNFBP could result in a penalty of up to £5,000 or prosecution.

Dan Johnson, Senior Manager in the Portfolio Supervision Division, said: ‘We are focused on working with relevant parties to ensure they have a thorough understanding of their licensing and registration requirements. People must not carry out or even start marketing a financial services or designated business activity without first being licensed or registered. If you are thinking of launching a new service and aren’t sure of your requirements, please talk to us or visit our website.’

MIL OSI Economics –

April 22, 2025

MIL-OSI United Kingdom: One year until Making Tax Digital for Income Tax launches

Source: United Kingdom – Executive Government & Departments

Press release

One year until Making Tax Digital for Income Tax launches

Making Tax Digital for Income Tax starts in April 2026 for sole traders and landlords with qualifying income over £50,000.

Making Tax Digital for Income Tax goes live on 6 April 2026 – supporting the government’s Plan for Change to deliver economic growth
Eligible taxpayers encouraged to sign up to a testing programme now to get ahead of the changes
Digital record-keeping will deliver time-saving benefits for taxpayers

There is less than a year to go until sole traders and landlords with an income over £50,000 will be required to use Making Tax Digital (MTD) for Income Tax.

The launch on 6 April 2026 marks a significant and ultimately time-saving change in how these individuals will need to keep digital records and report their income to HM Revenue and Customs (HMRC).

By keeping digital records throughout the year, sole traders and landlords can save hours previously spent gathering information at tax return time – allowing them to spend more time focusing on their business activities and in turn, driving economic growth as part of the government’s Plan for Change.

Quarterly updates will spread the workload more evenly throughout the year, bring the tax system closer to real-time reporting and help businesses stay on top of their finances and avoid the last-minute rush.

HMRC is urging eligible customers to sign up to a testing programme on GOV.UK and start preparing now. Agents can also register their clients via GOV.UK.

James Murray MP, Exchequer Secretary to the Treasury, said:

MTD for Income Tax is an essential part of our plan to transform the UK’s tax system into one that supports economic growth.

By modernising how people manage their tax, we’re helping businesses work more efficiently and productively while ensuring everyone pays their fair share.

This is a crucial step in this government’s decade of national renewal and our Plan for Change, as we clear away barriers that hold back growth.

Craig Ogilvie, HMRC’s Director of Making Tax Digital, said:

MTD for Income Tax is the most significant change to the Self Assessment regime since its introduction in 1997. It will make it easier for self-employed people and landlords to stay on top of their tax affairs and help ensure they pay the right amount of tax.

By signing up to our testing programme now, self-employed people and landlords will be able to familiarise themselves with the new process and access dedicated support from our MTD Customer Support Team, before it becomes compulsory next year.

From April 2026, individuals with qualifying income above £50,000 will need to keep digital records, use MTD-compatible software and submit quarterly summaries of their income and expenses to HMRC. These digital requirements will help businesses save time through more efficient record-keeping, reduce errors in tax calculations, and provide a clearer picture of their tax obligations throughout the year.

Qualifying income includes gross income from self-employment and property before any tax allowances or expenses are deducted. Those with qualifying income above £30,000 will also be required to use MTD for Income Tax from April 2027. The threshold will then decrease to £20,000 from April 2028.

The phased introduction of MTD for Income Tax follows the successful implementation of MTD for VAT, which now helps more than two million businesses reduce errors and save time on their tax affairs. Businesses which joined the MTD for VAT testing phase were better prepared for the move to quarterly reporting.

An independent report published in 2021 found that 69% of mandated businesses experienced at least one benefit from MTD for VAT, while 67% reported that it reduced the potential for mistakes in their record keeping.

Further information

MTD was first introduced for VAT-registered businesses in April 2019, with all qualifying businesses required to join from April 2022.

Penalties for late quarterly updates will not apply during the testing phase, providing an ideal opportunity to get used to the new process without risk.

Around 780,000 self-employed individuals and landlords will be required to use MTD for Income Tax from April 2026, with a further 970,000 joining from April 2027.

More information on MTD for Income Tax

More information on finding compatible software

Published 22 April 2025

MIL OSI United Kingdom –

April 22, 2025

MIL-OSI Russia: The capital’s center “Professions of the Future” and the Republic of Tatarstan intend to cooperate in the areas of career guidance for schoolchildren and personnel training

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

Head of the Republic of Tatarstan Rustam Minnikhanov and Deputy Mayor of Moscow for Social Development Anastasia Rakova visited the capital’s “Professions of the Future” center. They familiarized themselves with the work of the institution, with special attention paid to key areas of career guidance and interaction with employers.

“The capital’s personnel center “Professions of the Future” is a response to the demands of the time and the challenges of the labor market. We are building a system in which everyone can consciously choose a profession and quickly master a sought-after specialty. Short training programs are available for adults; last year alone, more than 20 thousand people completed them with the support of the city, and 85 percent of them chose blue-collar jobs. And for Moscow ninth-graders, a unique comprehensive career guidance program is presented to help them choose their model of success and build a future career. More than 100 thousand schoolchildren have already completed the program. We are confident that such projects are an investment in a sustainable economy and a stable labor market. And Moscow is ready to share this experience with other regions of our country,” said Anastasia Rakova.

Rustam Minnikhanov emphasized the importance of early career guidance and expressed interest in cooperation with Moscow.

“A modern career guidance system is very important today, when children can try themselves in different professions and decide on their future already at school. I am sure that such centers as “Professions of the Future” in Moscow are in demand and relevant. We will definitely cooperate with our Moscow colleagues. We have already agreed to exchange experience both in the field of career guidance for schoolchildren and in terms of training and retraining of personnel,” said the head of Tatarstan.

The guests got acquainted with the key services that help schoolchildren and adults choose a profession and build a career. Thus, the Deputy Mayor of Moscow and the head of Tatarstan were shown a 5D cinema, where they can try themselves in different professions, VR simulators for 13 working specialties, and an interactive quiz. The tour participants also talked to career mentors.

The Professions of the Future Center opened in the capital in 2023 and became the fulcrum of the city’s career guidance system. It helps schoolchildren not only get acquainted with in-demand professions, but also build a real route for their future career.

Thus, at the center, ninth-graders from Moscow schools undergo the first stage of the comprehensive career guidance program. The next stage is professional trials at colleges and excursions to employers’ sites. Over the past year and a half, more than 100 thousand Moscow ninth-graders have become participants in this program.

The center offers short retraining programs for adults. In 3.5 months, you can master one of 75 professions in industry, construction, logistics, information technology, hospitality and other areas. Last year, more than 20 thousand Muscovites took advantage of this opportunity. According to statistics, 85 percent of them chose blue-collar jobs. Many applicants received job offers while still studying. Internships take place at real production facilities, including Roscosmos, Rostec and other flagships of the capital’s industry.

The project is being implemented with the support of Moscow’s largest employers. The Professions of the Future Center cooperates with more than three thousand companies, and its aggregated database contains over 500 thousand current vacancies.

The project is already attracting interest from other regions. The capital’s authorities are ready for cooperation and exchange of best practices in the field of career guidance and personnel training.

Get the latest news quicklyofficial telegram channel the city of Moscow.

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

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

https: //vv.mos.ru/nevs/ite/152979073/

MIL OSI Russia News –

April 22, 2025

MIL-OSI: Devon Energy Unveils Value Enhancing Business Optimization Plan

Source: GlobeNewswire (MIL-OSI)

HIGHLIGHTS

Targeting $1 billion in annual pre-tax free cash flow improvements
Business optimization plan underway to improve margins and capital efficiency
Plan includes improvements to base production performance, midstream commercial terms and corporate costs
Expected to be completed by the end of 2026, with 30 percent achieved by year-end 2025

OKLAHOMA CITY, April 22, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced its business optimization plan to improve margins and capital efficiency, growing free cash flow generation and driving significant shareholder value.

“I’m excited to announce the details of our business optimization plan, set to enhance margins and deliver $1 billion in annual pre-tax free cash flow improvements by year end 2026,” said Clay Gaspar, president and CEO. “This milestone reflects the commitment, ingenuity, and talent of our employees, whose hard work and ongoing efforts continue to drive Devon’s success. This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas. Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability. Importantly, this effort will create significant shareholder value by expanding our free cash flow generation and enhancing the durability of our business.”

“Our organization has been diligently advancing this initiative and has already secured marketing agreements to drive a material margin improvement through year-end 2026. Concurrently, we have implemented technological advancements, including advanced analytics and process automation, that are further enhancing our operating performance. These combined efforts are anticipated to achieve approximately $300 million of cash flow uplift by the end of 2025, reinforcing our financial resilience. We have clear visibility into the remaining objectives and are highly confident in our ability to execute this plan effectively,” Gaspar added.

PLAN PATHWAY AND TIMING TO DELIVER

Devon is committed to improving its pre-tax free cash flow generation by taking steps to deliver $1.0 billion in annual improvements. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. Approximately 30 percent of the estimated improvements are expected to be accomplished by year-end 2025, with the remaining savings realized by year-end 2026.

The business optimization plan includes improvements in the following categories:

Capital Efficiency – $300 million
Capture efficiencies through design optimization, cycle time reductions, facility standardization and vendor management.

Production Optimization –$250 million
Use advanced analytics to minimize maintenance events, reduce downtime, flatten production declines and optimize operating cost structure.

Commercial Opportunities – $300 million
Leverage scale to enhance commercial contracts to increase realizations, improve recoveries and lower GP&T cost structure.

Corporate Cost Reductions – $150 million
Reduce interest expense and streamline corporate cost structure.

“We are committed to transparency and accountability and will provide stakeholders with periodic updates on our progress,” Gaspar concluded.

The company will provide additional details around the optimization plan during its scheduled first-quarter 2025 earnings conference call on Wednesday, May 7, 2025, at 10 a.m. CDT (11 a.m. EDT). Also provided with today’s release is a supplemental presentation, which is available on the company’s website at www.devonenergy.com.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

FORWARD LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the risk that we are unable to successfully implement the improvements discussed in this release on the anticipated timeline or at all, which could delay or prevent us from realizing any benefits from the business optimization plan; commodity prices, cost structures and the other assumptions underlying our forecasted value uplift from the business optimization plan could differ materially from actual results; market and geopolitical uncertainty as a result of changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries; and any of the other risks and uncertainties discussed in Devon’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”) or other filings with the SEC.

The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2024 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2024 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

The MIL Network –

April 22, 2025

MIL-OSI: FundThrough Acquires Ampla, Strengthening its Digital-First Invoice Funding Solution

Source: GlobeNewswire (MIL-OSI)

HOUSTON and TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — FundThrough, the leading fintech invoice factoring platform for small and medium-sized businesses (SMBs), today announced its acquisition of Ampla, the leading provider of financial technology solutions for consumer brands offering working capital, business banking, corporate cards, and analytics. Ampla surpassed +$2B of loan originations and handled +$5T of transaction volume through its platform. This strategic acquisition strengthens FundThrough’s digital-first ecosystem, creating an unrivaled platform explicitly designed for small businesses that sell to larger companies and wait to get paid after invoicing.

Building on its successful acquisition of Bluevine’s factoring business in 2021, FundThrough again demonstrates its ability to identify and seamlessly integrate game-changing SMB technologies. Today, FundThrough’s expanding footprint now delivers crucial invoice factoring solutions across diverse B2B sectors, including retail, manufacturing, oil and gas, technology, professional services, and food supply and agriculture, with 85 percent of its funding helping American clients.

“Business owners have increasingly been forced to act like banks for their much larger customers who extend invoice payment terms beyond reasonable lengths. They need a seamless way to bridge the cash flow gap, and FundThrough provides a tech-enabled financial solution,” said Steven Uster, FundThrough’s CEO. “Now, Ampla’s technology significantly enhances FundThrough’s AI-powered model, enabling us to level the playing field further. With Ampla, we can scale faster, enhance our credit underwriting and monitoring processes, and help even more businesses solve their number one pain point, cash flow. I’m excited to work with Anthony, a proven entrepreneur with vast knowledge in this space.”

Ampla’s CEO, Anthony Santomo, will remain a strategic advisor to FundThrough and will be joined by his core team. “I’m excited about Ampla’s acquisition by FundThrough and the potential of the combined platform to support small businesses. This strategic move enhances commerce capabilities and provides operators with greater resources to succeed,” said Santomo.

In addition to the acquisition, FundThrough also raised $25 million in its Series B round, led by existing investor Klister Credit Corp., an early and large investor in both Shopify and FundThrough. This strategic investment fuels aggressive expansion into key growth areas, including further acquisitions, investments in technology and AI, enhanced UX, and accelerated product innovation.

“Steven’s leadership has firmly established FundThrough as a bellwether in the fintech and specialty finance industry. FundThrough’s track record over the past years of uncertainty is impressive. FundThrough has stayed tightly focused on robustly serving the needs of small businesses forced to hold receivables from their much larger, better-capitalized customers,” said John Phillips, President of Klister. “The outlook for small business growth continues to be positive, and my increased investment reflects my confidence in the FundThrough team’s continuing focus on serving this important market through the best service and continual product innovation.”

“As small businesses navigate the evolving global tariffs, the best thing they can do is preserve their cash flow. FundThrough helps bridge the gap by providing peace of mind for business owners during these uncertain times,” concluded Uster.

FundThrough continues to earn recognition for its growth and technology, landing spots on the Deloitte Fast 500 and Globe & Mail’s Report on Business Top Growing Companies List.

About FundThrough
FundThrough is the leading fintech invoice factoring platform for small and medium-sized businesses (SMBs). Based in Houston and Toronto, FundThrough’s digital-first ecosystem leverages real-time financial data and predictive analytics, offering flexible, tailored financing solutions for growing businesses. Since its founding, the award-winning organization has funded over $2.7 billion of invoices. For more information, visit fundthrough.com.

FundThrough Media Contact
Nadia Milani
VP, Marketing
nmilani@fundthrough.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9db241c8-59f7-4131-97fd-ac2b75586f4a

The MIL Network –

April 22, 2025

MIL-OSI: InStride’s Hybrid Clinical Cohorts Fill High-Need Roles in Healthcare

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — InStride, a human capital management company providing strategic education benefits, today announced a hybrid education model that empowers healthcare organizations to fill critical roles by developing talent from within. InStride’s hybrid clinical cohorts combine online learning with in-hospital training, enabling providers to rapidly fill critical roles such as medical assistants, surgical technologists, and radiologic technologists. With over 400 employee participants across multiple states, InStride’s model is operating at an unprecedented scale in the industry—delivering both workforce and financial impact. Already, two major healthcare systems have saved over $10 million by using this model to train surgical technologists, cutting contingent labor costs.

“Healthcare systems find their hands tied, as they can’t hire their way out of today’s clinical workforce shortages,” said Craig Maloney, CEO at InStride. “Together with our partners, we’re changing that by making it easier than ever to identify and develop that talent from within. Our hybrid clinical cohorts are a scalable and cost-effective way to fill these high-need roles, and our hands-on program support ensures both employees and organizations see results.”

Addressing critical healthcare workforce shortages

Allied health professionals make up over 60% of the healthcare workforce, yet many of these roles face significant shortages. For example, radiology technologist vacancies have surged to 18%, nearly triple the rate from three years ago, delaying imaging services and prolonging hospital stays. Healthcare organizations must find solutions to train and retain this talent internally rather than relying solely on external hiring.

InStride’s hybrid, cohort-based approach

Unlike traditional training models, InStride partners with healthcare providers to develop clinical cohorts tailored to address specific workforce needs. By combining structured online learning with hands-on experience, these programs are designed for efficiency, higher completion rates, and real-world impact.

Key features of hybrid clinical cohorts include:

Cohort-based learning: Employees progress through structured programs together, fostering peer support and improved completion rates.
Custom pathways for high-demand roles: Programs cover medical assistants, surgical technologists, and emerging pathways for radiologic technologists and cytologists.
On-the-job training: Integration with onsite hospital training programs ensures learners gain real-world experience while earning credentials.

Unmatched support from start to finish

InStride’s clinical cohorts ease strain on healthcare teams by delivering end-to-end support that sets employees up for success. From cohort design to clinical training, InStride works closely with healthcare leaders and academic partners to ensure the right participants are enrolled and fully supported. With clear visibility into employee progress, organizations can confidently fill high-need roles with employees who are ready to step in and make an impact.

Proven impact

Franklin University, one of InStride’s academic partners collaborating to deliver clinical cohorts, offers a clear view of the model’s success:

“We have seen firsthand how these clinical cohorts drive stronger learner outcomes,” said Jonathan McCombs, Ph.D., Dean of the College of Health and Public Administration at Franklin University. “Learners consistently achieve higher pass rates on certification exams—23 percentage points above the national average on the NCCT TS-C exam—thanks to the combined strength of the program’s structure, practitioner faculty, close support, and our close alignment with workforce needs.”

By providing a clear pathway to certification, InStride’s cohort-based approach bridges the gap between education and employment in high-demand clinical fields. With stronger outcomes and ongoing support, healthcare providers build a steady pipeline of skilled professionals, reducing turnover, lowering hiring costs, and addressing workforce shortages in roles like surgical technology and beyond.

About InStride

InStride is a human capital management company that solves corporate talent challenges through strategic education benefits and skills development solutions. By breaking down barriers to learning, fostering career growth aligned with organizational goals, and simplifying program management, InStride delivers lasting impact. Partnering with forward-thinking companies like Labcorp, Adidas, and SSM Health, InStride drives meaningful social and business outcomes by providing access to life-changing education. Visit instride.com or follow InStride on LinkedIn for more information and up-to-date news.

Contact:

Sophia Puglisi
sophia.puglisi@instride.com
805.889.6273
Communications Specialist at InStride

The MIL Network –

April 22, 2025

MIL-OSI: Next Hydrogen receives $5M working capital debt financing

Source: GlobeNewswire (MIL-OSI)

MISSISSAUGA, Ontario, April 22, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (“Next Hydrogen” or “Company”) (TSXV:NXH, OTC:NXHSF) is pleased to announce it has received a $5M working capital debt facility from Export Development Canada (“EDC”).

“We are grateful for this very meaningful support from EDC to help support our growth opportunities. We have a world class electrolyser design with a revolutionary cell architecture which enables highly efficient, large scale and low-cost green hydrogen production,” said Raveel Afzaal, President & CEO of Next Hydrogen. “With 75% of the world GDP having policies to grow the hydrogen economy, EDC is providing us with the opportunity to make a global impact to decarbonize hard-to-abate sectors.”

“EDC is thrilled to support Next Hydrogen’s ambitions for large scale adoption of green hydrogen solutions,” said Tushar Handiekar, group head and VP, Structured and Project Finance at EDC. “The deployment of its innovative electrolyser, combined with Next Hydrogen’s technical expertise and global partnerships can position the company as leader of Canadian innovation on the global stage, and EDC views this as the beginning of an important strategic relationship.”

About Next Hydrogen Solutions Inc.
Founded in 2007, Next Hydrogen Solutions Inc. is a designer and manufacturer of innovative water electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as a green energy source or a green industrial feedstock. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors. For further information: www.nexthydrogen.com

Contact Information

Raveel Afzaal, President and Chief Executive Officer
Next Hydrogen Solutions Inc.
Email: rafzaal@nexthydrogen.com
Phone: 647-961-6620
www.nexthydrogen.com

Cautionary Statements
This news release contains “forward-looking information” and “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; the uncertainty of estimates and projections relating to costs and expenses; failure to obtain necessary regulatory approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

The MIL Network –

April 22, 2025

MIL-OSI: Old National Bancorp Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., April 22, 2025 (GLOBE NEWSWIRE) —

Old National Bancorp (NASDAQ: ONB) reports 1Q25 net income applicable to common shares of $140.6 million, diluted EPS of $0.44; $145.5 million and $0.45 on an adjusted¹basis, respectively.

CEO COMMENTARY:

“Old National reported better-than-expected first-quarter results driven by our peer-leading deposit franchise, solid loan growth and disciplined expense management,” said Chairman and CEO Jim Ryan. “These results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and, importantly, as we prepare for our partnership with Bremer Bank which we anticipate closing on May 1, 2025.”

FIRST QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $140.6 million; adjusted net income applicable to common shares¹ of $145.5 million
Net Income	Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS¹ of $0.45

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $393.0 million
Net Interest Income/NIM	Net interest margin on a fully taxable equivalent basis¹ (“NIM”) of 3.27%, down 3 basis points (“bps”)

Operating Performance	Pre-provision net revenue¹ (“PPNR”) of $218.3 million; adjusted PPNR¹ of $224.3 million
	Noninterest expense of $268.5 million; adjusted noninterest expense¹ of $262.6 million
	Efficiency ratio¹ of 53.7%; adjusted efficiency ratio¹ of 51.8%

Deposits and Funding	Period-end total deposits of $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized
Deposits and Funding	Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps

Loans and Credit Quality	End-of-period total loans³ of $36.5 billion, up 1.5% annualized
	Provision for credit losses⁴ (“provision”) of $31.4 million
	Net charge-offs of $21.6 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
	30+ day delinquencies of 0.22% and nonaccrual loans of 1.29% of total loans

Return Profile & Capital	Return on average tangible common equity¹ (“ROATCE”) of 15.0%; adjusted ROATCE¹ of 15.5% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.62%, up 24 bps

Notable Items	$5.9 million of pre-tax merger-related charges

¹Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ²Comparisons are on a linked-quarter basis, unless otherwise noted ³Includes loans held-for-sale ⁴Includes the provision for unfunded commitments

RESULTS OF OPERATIONS²
Old National Bancorp (“Old National”) reported first quarter 2025 net income applicable to common shares of $140.6 million, or $0.44 per diluted common share.

Included in first quarter results were pre-tax charges of $5.9 million for merger-related expenses. Excluding these charges and realized debt securities losses from the current quarter, adjusted net income¹ was $145.5 million, or $0.45 per diluted common share.

DEPOSITS AND FUNDING
Growth in core deposits driven by normal seasonal patterns in business checking and public funds, along with growth in community deposits.

Period-end total deposits were $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized.
On average, total deposits for the first quarter were $40.5 billion, down 6.2% annualized.
Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS
Balanced commercial loan production, growth and pipeline.

Period-end total loans³ were $36.5 billion, up 1.5% annualized; up 2.3% annualized excluding $71 million of commercial real estate loan sales.
Total commercial loan production in the first quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion.
Average total loans in the first quarter were $36.3 billion, a decrease of $128.2 million, or down 1.4% annualized.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $31.4 million compared to $27.0 million.
Net charge-offs were $21.6 million, or 24 bps of average loans compared to 21 bps.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps compared to 17 bps.
30+ day delinquencies as a percentage of loans were 0.22% compared to 0.27%.
Nonaccrual loans as a percentage of total loans were 1.29% compared to 1.23%.
Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $119.2 million.
The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $424.0 million, or 1.16% of total loans, compared to $414.2 million, or 1.14% of total loans.

NET INTEREST INCOME AND MARGIN
Lower reflective of lower accretion and number of days.

Net interest income on a fully taxable equivalent basis¹ decreased to $393.0 million compared to $400.0 million, driven by lower accretion, fewer days in the quarter and earning asset mix, partly offset by lower funding costs.
Net interest margin on a fully taxable equivalent basis¹ decreased 3 bps to 3.27%.
Accretion income on loans and borrowings was $12.3 million, or 10 bps of net interest margin¹, compared to $18.5 million, or 15 bps of net interest margin¹.
Cost of total deposits was 1.91%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 25 bps to 2.46%.

NONINTEREST INCOME
Impacted by seasonally lower bank fees and lower company-owned life insurance.

Total noninterest income was $93.8 million compared to $95.8 million.
Noninterest income decreased 2.1% driven by seasonally lower bank fees and lower company-owned life insurance.
- Other income was impacted by $4.8 million of gains on the sale of $71 million of commercial real estate loans in the first quarter of 2025 and $8 million of equity investments recoveries in the fourth quarter of 2024.

NONINTEREST EXPENSE
Disciplined expense management.

Noninterest expense was $268.5 million and included $5.9 million of merger-related charges.
- Excluding merger-related charges, adjusted noninterest expense¹ was $262.6 million, compared to $268.7 million; decrease driven by lower FDIC assessment expense and tax credit amortization.
The efficiency ratio¹ was 53.7%, while the adjusted efficiency ratio¹ was 51.8% compared to 54.4% and 51.8%, respectively.

INCOME TAXES

Income tax expense was $36.9 million, resulting in an effective tax rate of 20.3% compared to 17.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 22.6% compared to 19.8%.
- The effective tax rate for the first quarter of 2025 was impacted by $1.2 million for the vesting of employee stock compensation and the fourth quarter of 2024 was impacted by $5.9 million for the resolution of tax matters.
Income tax expense included $5.3 million of tax credit benefit compared to $5.2 million.

CAPITAL
Capital ratios remain strong.

Preliminary total risk-based capital up 31 bps to 13.68% and preliminary regulatory Tier 1 capital up 25 bps to 12.23%, as strong retained earnings drive capital.
Tangible common equity to tangible assets was 7.76%, up 4.7%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 22, 2025, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 5176690. A replay of the call will also be available from approximately noon Central Time on April 22, 2025 through May 6, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 5176690.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $29 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES
The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, separation expense, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the possibility that the merger (the “Merger”) between Old National and Bremer Financial Corporation (“Bremer”) does not close when expected; the expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; risks relating to the potential dilutive effect of shares of Old National’s common stock to be issued in the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

CONTACTS:
Media: Rick Vach		Investors: Lynell Durchholz
(904) 535-9489		(812) 464-1366
Rick.Vach@oldnational.com		Lynell.Durchholz@oldnational.com


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Income Statement
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
FTE adjustment^1,3		5,360			5,777			6,144			6,340			6,253
Net interest income – tax equivalent basis³		393,003			399,957			397,868			394,761			362,711
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Noninterest income		93,794			95,766			94,138			87,271			77,522
Noninterest expense		268,471			276,824			272,283			282,999			262,317
Net income available to common shareholders	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Per Common Share Data
Weighted average diluted shares		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Cash dividends		0.14			0.14			0.14			0.14			0.14
Dividend payout ratio²		32	%		30	%		32	%		38	%		35	%
Book value	$	19.71		$	19.11		$	19.20		$	18.28		$	18.24
Stock price		21.19			21.71			18.66			17.19			17.41
Tangible book value³		12.54			11.91			11.97			11.05			11.10
Performance Ratios
ROAA		1.08	%		1.14	%		1.08	%		0.92	%		0.98	%
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROATCE³		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
NIM (FTE)³		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%
Efficiency ratio³		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
NCOs to average loans		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
ACL on loans to EOP loans		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL⁴ to EOP loans		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
NPLs to EOP loans		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
Balance Sheet (EOP)
Total loans	$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513		$	33,623,319
Total assets		53,877,944			53,552,272			53,602,293			53,119,645			49,534,918
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Capital Ratios³
Risk-based capital ratios (EOP):
Tier 1 common equity		11.62	%		11.38	%		11.00	%		10.73	%		10.76	%
Tier 1 capital		12.23	%		11.98	%		11.60	%		11.33	%		11.40	%
Total capital		13.68	%		13.37	%		12.94	%		12.71	%		12.74	%
Leverage ratio (average assets)		9.44	%		9.21	%		9.05	%		8.90	%		8.96	%
Equity to assets (averages)		12.01	%		11.78	%		11.60	%		11.31	%		11.32	%
TCE to TA		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Nonfinancial Data
Full-time equivalent employees		4,028			4,066			4,105			4,267			3,955
Banking centers		280			280			280			280			258
¹ Calculated using the federal statutory tax rate in effect of 21% for all periods.
² Cash dividends per common share divided by net income per common share (basic).
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. March 31, 2025 capital ratios are preliminary.
⁴ Includes the allowance for credit losses on loans and unfunded loan commitments.

FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Interest income	$	630,399		$	662,082		$	679,925		$	663,663		$	595,981
Less: interest expense		242,756			267,902			288,201			275,242			239,523
Net interest income		387,643			394,180			391,724			388,421			356,458
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Net interest income after provision for credit losses		356,240			367,163			363,227			352,207			337,567
Wealth and investment services fees		29,648			30,012			29,117			29,358			28,304
Service charges on deposit accounts		21,156			20,577			20,350			19,350			17,898
Debit card and ATM fees		9,991			10,991			11,362			10,993			10,054
Mortgage banking revenue		6,879			7,026			7,669			7,064			4,478
Capital markets income		4,506			5,244			7,426			4,729			2,900
Company-owned life insurance		5,381			6,499			5,315			5,739			3,434
Other income		16,309			15,539			12,975			10,036			10,470
Debt securities gains (losses), net		(76	)		(122	)		(76	)		2			(16	)
Total noninterest income		93,794			95,766			94,138			87,271			77,522
Salaries and employee benefits		148,305			146,605			147,494			159,193			149,803
Occupancy		29,053			29,733			27,130			26,547			27,019
Equipment		8,901			9,325			9,888			8,704			8,671
Marketing		11,940			12,653			11,036			11,284			10,634
Technology		22,020			21,429			23,343			24,002			20,023
Communication		4,134			4,176			4,681			4,480			4,000
Professional fees		7,919			11,055			7,278			10,552			6,406
FDIC assessment		9,700			11,970			11,722			9,676			11,313
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Amortization of tax credit investments		3,424			4,556			3,277			2,747			2,749
Other expense		16,245			18,085			19,023			18,389			16,244
Total noninterest expense		268,471			276,824			272,283			282,999			262,317
Income before income taxes		181,563			186,105			185,082			156,479			152,772
Income tax expense		36,904			32,232			41,280			35,250			32,488
Net income	$	144,659		$	153,873		$	143,802		$	121,229		$	120,284
Preferred dividends		(4,034	)		(4,034	)		(4,034	)		(4,033	)		(4,034	)
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250

EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Weighted Average Common Shares Outstanding
Basic		315,925			315,673			315,622			315,585			290,980
Diluted		321,016			318,803			317,331			316,461			292,207
Common shares outstanding (EOP)		319,236			318,980			318,955			318,969			293,330


End of Period Balance Sheet (unaudited)
($ in thousands)
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	486,061		$	394,450		$	498,120		$	428,665		$	350,990
Money market and other interest-earning investments		753,719			833,518			693,450			804,381			588,509
Investments:
Treasury and government-sponsored agencies		2,364,170			2,289,903			2,335,716			2,207,004			2,243,754
Mortgage-backed securities		6,458,023			6,175,103			6,085,826			5,890,371			5,566,881
States and political subdivisions		1,589,555			1,637,379			1,665,128			1,678,597			1,672,061
Other securities		755,348			781,656			783,079			775,623			760,847
Total investments		11,167,096			10,884,041			10,869,749			10,551,595			10,243,543
Loans held-for-sale, at fair value		40,424			34,483			62,376			66,126			19,418
Loans:
Commercial		10,650,615			10,288,560			10,408,095			10,332,631			9,648,269
Commercial and agriculture real estate		16,135,327			16,307,486			16,356,216			16,016,958			14,653,958
Residential real estate		6,771,694			6,797,586			6,757,896			6,894,957			6,661,379
Consumer		2,856,308			2,892,255			2,878,436			2,905,967			2,659,713
Total loans		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
Allowance for credit losses on loans		(401,932	)		(392,522	)		(380,840	)		(366,335	)		(319,713	)
Premises and equipment, net		584,664			588,970			599,528			601,945			564,007
Goodwill and other intangible assets		2,289,268			2,296,098			2,305,084			2,306,204			2,095,511
Company-owned life insurance		859,211			859,851			863,723			862,032			767,423
Accrued interest receivable and other assets		1,685,489			1,767,496			1,690,460			1,714,519			1,601,911
Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918

Liabilities and Equity
Noninterest-bearing demand deposits	$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042		$	9,257,709
Interest-bearing:
Checking and NOW accounts		7,736,014			7,538,987			7,314,245			7,680,865			7,236,667
Savings accounts		4,715,329			4,753,279			4,781,447			4,983,811			5,020,095
Money market accounts		11,638,653			11,807,228			11,601,461			10,485,491			10,234,113
Other time deposits		6,212,898			5,819,970			6,010,070			5,688,432			4,760,659
Total core deposits		39,489,208			39,318,483			39,136,508			38,174,641			36,509,243
Brokered deposits		1,545,364			1,505,077			1,709,238			1,824,587			1,190,175
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418

Federal funds purchased and interbank borrowings		170			385			135,263			250,154			50,416
Securities sold under agreements to repurchase		290,256			268,975			244,626			240,713			274,493
Federal Home Loan Bank advances		4,514,354			4,452,559			4,471,153			4,744,560			4,193,039
Other borrowings		642,274			689,618			598,054			849,777			813,213
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Accrued expenses and other liabilities		861,664			976,825			940,153			960,141			908,931
Total liabilities		47,343,290			47,211,922			47,234,995			47,044,573			43,939,510
Preferred stock, common stock, surplus, and retained earnings		7,183,163			7,086,393			6,971,054			6,866,480			6,375,036
Accumulated other comprehensive income (loss), net of tax		(648,509	)		(746,043	)		(603,756	)		(791,408	)		(779,628	)
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Total liabilities and shareholders’ equity	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended							Three Months Ended							Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	791,067		$	8,815	4.52	%	$	1,072,509		$	12,843	4.76	%	$	757,244		$	9,985	5.30	%
Investments:
Treasury and government-sponsored agencies		2,318,869			20,019	3.45	%		2,325,120			20,841	3.59	%		2,362,477			23,266	3.94	%
Mortgage-backed securities		6,287,825			54,523	3.47	%		6,149,775			50,416	3.28	%		5,357,085			38,888	2.90	%
States and political subdivisions		1,610,819			13,242	3.29	%		1,654,591			13,698	3.31	%		1,680,175			13,976	3.33	%
Other securities		770,839			10,512	5.45	%		783,708			10,518	5.37	%		770,438			12,173	6.32	%
Total investments		10,988,352			98,296	3.58	%		10,913,194			95,473	3.50	%		10,170,175			88,303	3.47	%
Loans:²
Commercial		10,397,991			165,595	6.37	%		10,401,056			176,996	6.81	%		9,540,385			167,263	7.01	%
Commercial and agriculture real estate		16,213,606			245,935	6.07	%		16,326,802			263,062	6.44	%		14,368,370			230,086	6.41	%
Residential real estate loans		6,815,091			67,648	3.97	%		6,814,829			68,346	4.01	%		6,693,814			63,003	3.76	%
Consumer		2,871,213			49,470	6.99	%		2,883,413			51,139	7.06	%		2,645,091			43,594	6.63	%
Total loans		36,297,901			528,648	5.83	%		36,426,100			559,543	6.14	%		33,247,660			503,946	6.07	%

Total earning assets	$	48,077,320		$	635,759	5.30	%	$	48,411,803		$	667,859	5.52	%	$	44,175,079		$	602,234	5.46	%

Less: Allowance for credit losses on loans		(398,765	)						(382,799	)						(313,470	)

Non-earning Assets:
Cash and due from banks	$	372,428						$	370,932						$	362,676
Other assets		5,394,600							5,402,359							4,961,595

Total assets	$	53,445,583						$	53,802,295						$	49,185,880

Interest-Bearing Liabilities:
Checking and NOW accounts	$	7,526,294		$	23,850	1.29	%	$	7,338,532		$	23,747	1.29	%	$	7,141,201		$	25,252	1.42	%
Savings accounts		4,692,239			3,608	0.31	%		4,750,387			4,467	0.37	%		5,025,400			5,017	0.40	%
Money market accounts		11,664,650			88,381	3.07	%		11,900,305			103,818	3.47	%		9,917,572			94,213	3.82	%
Other time deposits		5,996,108			56,485	3.82	%		5,985,911			61,679	4.10	%		4,689,136			47,432	4.07	%
Total interest-bearing core deposits		29,879,291			172,324	2.34	%		29,975,135			193,711	2.57	%		26,773,309			171,914	2.58	%
Brokered deposits		1,546,756			18,171	4.76	%		1,662,698			21,579	5.16	%		1,047,140			13,525	5.19	%
Total interest-bearing deposits		31,426,047			190,495	2.46	%		31,637,833			215,290	2.71	%		27,820,449			185,439	2.68	%

Federal funds purchased and interbank borrowings		148,130			1,625	4.45	%		433			23	21.13	%		69,090			961	5.59	%
Securities sold under agreements to repurchase		272,961			551	0.82	%		249,133			584	0.93	%		296,236			917	1.25	%
Federal Home Loan Bank advances		4,464,590			41,896	3.81	%		4,461,733			43,788	3.90	%		4,386,492			41,167	3.77	%
Other borrowings		675,759			8,189	4.91	%		669,580			8,217	4.88	%		825,846			11,039	5.38	%
Total borrowed funds		5,561,440			52,261	3.81	%		5,380,879			52,612	3.89	%		5,577,664			54,084	3.90	%

Total interest-bearing liabilities	$	36,987,487		$	242,756	2.66	%	$	37,018,712		$	267,902	2.88	%	$	33,398,113		$	239,523	2.88	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	9,096,676						$	9,509,446						$	9,258,136
Other liabilities		944,935							935,184							964,089
Shareholders’ equity		6,416,485							6,338,953							5,565,542

Total liabilities and shareholders’ equity	$	53,445,583						$	53,802,295						$	49,185,880

Net interest rate spread						2.64	%						2.64	%						2.58	%

Net interest margin (GAAP)						3.23	%						3.26	%						3.23	%

Net interest margin (FTE)³						3.27	%						3.30	%						3.28	%

FTE adjustment				$	5,360						$	5,777						$	6,253

¹ Interest income is reflected on a FTE basis.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	392,522		$	380,840		$	366,335		$	319,713		$	307,610
Allowance established for acquired PCD loans		—			—			2,803			23,922			—
Provision for credit losses on loans		31,026			30,417			29,176			36,745			23,853
Gross charge-offs		(24,540	)		(21,278	)		(18,965	)		(17,041	)		(14,020	)
Gross recoveries		2,924			2,543			1,491			2,996			2,270
NCOs		(21,616	)		(18,735	)		(17,474	)		(14,045	)		(11,750	)
Ending allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713
Beginning allowance for credit losses on unfunded commitments	$	21,654		$	25,054		$	25,733		$	26,264		$	31,226
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Ending allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264
Allowance for credit losses	$	423,963		$	414,176		$	405,894		$	392,068		$	345,977
Provision for credit losses on loans	$	31,026		$	30,417		$	29,176		$	36,745		$	23,853
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Provision for credit losses	$	31,403		$	27,017		$	28,497		$	36,214		$	18,891
NCOs / average loans¹		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
Average loans¹	$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845		$	33,242,739
EOP loans¹		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
ACL on loans / EOP loans¹		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL / EOP loans¹		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	6,757		$	4,060		$	1,177		$	5,251		$	2,172
Nonaccrual loans		469,211			447,979			443,597			340,181			328,645
Foreclosed assets		6,301			4,294			4,077			8,290			9,344
Total underperforming assets	$	482,269		$	456,333		$	448,851		$	353,722		$	340,161
Classified and Criticized Assets:
Nonaccrual loans	$	469,211		$	447,979		$	443,597		$	340,181		$	328,645
Substandard loans (still accruing)		1,479,630			1,073,413			1,074,243			841,087			626,157
Loans 90 days and over (still accruing)		6,757			4,060			1,177			5,251			2,172
Total classified loans – “problem loans”		1,955,598			1,525,452			1,519,017			1,186,519			956,974
Other classified assets		53,239			58,954			59,485			60,772			54,392
Special Mention		828,314			908,630			837,543			967,655			827,419
Total classified and criticized assets	$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946		$	1,838,785
Loans 30-89 days past due (still accruing)	$	72,517		$	93,141		$	91,750		$	51,712		$	53,112
Nonaccrual loans / EOP loans¹		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
ACL / nonaccrual loans		90	%		92	%		92	%		115	%		105	%
Under-performing assets/EOP loans¹		1.32	%		1.26	%		1.23	%		0.98	%		1.01	%
Under-performing assets/EOP assets		0.90	%		0.85	%		0.84	%		0.67	%		0.69	%
30+ day delinquencies/EOP loans¹		0.22	%		0.27	%		0.26	%		0.16	%		0.16	%

¹ Excludes loans held-for-sale.


Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Earnings Per Share:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Adjustments:
Merger-related charges		5,856			8,117			6,860			19,440			2,908
Tax effect¹		(1,089	)		(2,058	)		(1,528	)		(4,413	)		(710	)
Merger-related charges, net		4,767			6,059			5,332			15,027			2,198
Debt securities (gains) losses		76			122			76			(2	)		16
Tax effect¹		(14	)		(31	)		(17	)		1			(4	)
Debt securities (gains) losses, net		62			91			59			(1	)		12
Separation expense		—			—			2,646			—			—
Tax effect¹		—			—			(589	)		—			—
Separation expense, net		—			—			2,057			—			—
CECL Day 1 non-PCD provision expense		—			—			—			15,312			—
Tax effect¹		—			—			—			(3,476	)		—
CECL Day 1 non-PCD provision expense, net		—			—			—			11,836			—
Distribution of excess pension assets		—			—			—			—			13,318
Tax effect¹		—			—			—			—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			10,068
FDIC special assessment		—			—			—			—			2,994
Tax effect¹		—			—			—			—			(731	)
FDIC special assessment, net		—			—			—			—			2,263
Total adjustments, net		4,829			6,150			7,448			26,862			14,541
Net income applicable to common shares, adjusted	$	145,454		$	155,989		$	147,216		$	144,058		$	130,791
Weighted average diluted common shares outstanding		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Adjusted EPS, diluted	$	0.45		$	0.49		$	0.46		$	0.46		$	0.45
NIM:
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
Add: FTE adjustment²		5,360			5,777			6,144			6,340			6,253
Net interest income (FTE)	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Average earning assets	$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849		$	44,175,079
NIM (GAAP)		3.23	%		3.26	%		3.27	%		3.28	%		3.23	%
NIM (FTE)		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
PPNR:
Net interest income (FTE)²	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Add: Noninterest income		93,794			95,766			94,138			87,271			77,522
Total revenue (FTE)		486,797			495,723			492,006			482,032			440,233
Less: Noninterest expense		(268,471	)		(276,824	)		(272,283	)		(282,999	)		(262,317	)
PPNR	$	218,326		$	218,899		$	219,723		$	199,033		$	177,916
Adjustments:
Debt securities (gains) losses	$	76		$	122		$	76		$	(2	)	$	16
Noninterest income adjustments		76			122			76			(2	)		16
Adjusted noninterest income		93,870			95,888			94,214			87,269			77,538
Adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Adjustments:
Merger-related charges	$	5,856		$	8,117		$	6,860		$	19,440		$	2,908
Separation expense		—			—			2,646			—			—
Distribution of excess pension assets		—			—			—			—			13,318
FDIC Special Assessment		—			—			—			—			2,994
Noninterest expense adjustments		5,856			8,117			9,506			19,440			19,220
Adjusted total noninterest expense		(262,615	)		(268,707	)		(262,777	)		(263,559	)		(243,097	)
Adjusted PPNR	$	224,258		$	227,138		$	229,305		$	218,471		$	197,152
Efficiency Ratio:
Noninterest expense	$	268,471		$	276,824		$	272,283		$	282,999		$	262,317
Less: Amortization of intangibles		(6,830	)		(7,237	)		(7,411	)		(7,425	)		(5,455	)
Noninterest expense, excl. amortization of intangibles		261,641			269,587			264,872			275,574			256,862
Less: Amortization of tax credit investments		(3,424	)		(4,556	)		(3,277	)		(2,747	)		(2,749	)
Less: Noninterest expense adjustments		(5,856	)		(8,117	)		(9,506	)		(19,440	)		(19,220	)
Adjusted noninterest expense, excluding amortization	$	252,361		$	256,914		$	252,089		$	253,387		$	234,893
Total revenue (FTE)²	$	486,797		$	495,723		$	492,006		$	482,032		$	440,233
Less: Debt securities (gains) losses		76			122			76			(2	)		16
Total adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Efficiency Ratio		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
Adjusted Efficiency Ratio		51.8	%		51.8	%		51.2	%		52.6	%		53.4	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
ROAE and ROATCE:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Tax effect¹		(1,708	)		(1,809	)		(1,853	)		(1,856	)		(1,364	)
Amortization of intangibles, net		5,122			5,428			5,558			5,569			4,091
Net income applicable to common shares, excluding intangibles amortization		145,747			155,267			145,326			122,765			120,341
Total adjustments, net (see pg.12)		4,829			6,150			7,448			26,862			14,541
Adjusted net income applicable to common shares, excluding intangibles amortization	$	150,576		$	161,417		$	152,774		$	149,627		$	134,882
Average shareholders’ equity	$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976		$	5,565,542
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Average shareholders’ common equity	$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257		$	5,321,823
Average goodwill and other intangible assets		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)		(2,098,338	)
Average tangible shareholder’s common equity	$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852		$	3,223,485
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROAE, adjusted		9.4	%		10.2	%		9.9	%		10.0	%		9.8	%
ROATCE		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
ROATCE, adjusted		15.5	%		17.0	%		16.8	%		17.1	%		16.7	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Tangible Common Equity:
Shareholders’ equity	$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072		$	5,595,408
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders’ common equity	$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353		$	5,351,689
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible shareholders’ common equity	$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149		$	3,256,178

Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible assets	$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441		$	47,439,407

Risk-weighted assets³	$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117		$	37,845,139

Tangible common equity to tangible assets		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Tangible common equity to risk-weighted assets³		9.94	%		9.43	%		9.41	%		8.68	%		8.60	%
Tangible Common Book Value:
Common shares outstanding		319,236			318,980			318,955			318,969			293,330
Tangible common book value	$	12.54		$	11.91		$	11.97		$	11.05		$	11.10

¹ Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
² Calculated using the federal statutory tax rate in effect of 21% for all periods.
³ March 31, 2025 figures are preliminary.

The MIL Network –

April 22, 2025

MIL-OSI: StoneX Precious Metals Vault in New York is granted CME Registered Depository status for Gold, Silver, Platinum, and Palladium

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) has received approval from CME Group for its New York vault, authorizing it to store and deliver gold (including enhanced delivery), silver, platinum, and palladium under COMEX and NYMEX contracts. The designation enables clients to make and take delivery of CME-eligible metals directly through StoneX—enhancing the firm’s vertically integrated offering in precious metals.

This approval allows StoneX clients to access the COMEX and NYMEX delivery network via the firm’s New York vault, streamlining the process for institutional traders, banks, refiners, and bullion dealers seeking secure, regulated storage and direct access to the exchange. This development comes amid a record influx of physical metal into New York, with COMEX inventories surpassing 43 million ounces of gold in Q1 2025. As global demand for U.S.-based storage grows, StoneX’s new depository enhances market infrastructure, expands client delivery options, and reinforces the firm’s global capabilities in physical metals logistics.

Notably, the StoneX New York vault is now one of only 11 depositories in the United States approved to facilitate COMEX and NYMEX deliveries, positioning it as a critical logistical hub for the movement and settlement of exchange-traded metals across the world. It is also the only non-bank futures commission merchant (FCM) to operate such a facility—underscoring StoneX’s distinctive role in bridging exchange access, financial services, and physical delivery. The new facility strengthens the company’s position in North America while complementing existing global vault operations in London and Frankfurt.

“Our approval as a CME-Approved Depository is a natural extension of our long-term strategy to build a fully integrated global metals platform,” said Philip Smith, Chief Executive Officer of StoneX Group Inc. “We have made significant investments to serve our clients end-to-end—from trade execution and inventory hedging to physical settlement—and this move enhances our ability to meet that need at scale. As markets evolve, we are positioning StoneX to be not just a participant but a builder of infrastructure that supports transparency, access, and resiliency across the commodities space.”

Highlighting the significance of the certification, Michael Skinner, Global Head of Metals at StoneX, emphasized the firm’s expanded capabilities: “This milestone further deepens our ability to deliver seamless, end-to-end solutions for our precious metals clients,” said Skinner. “Whether clients are seeking to trade futures, manage physical inventories, or make and take delivery through the exchange, we’re uniquely positioned to support their needs across the full trade lifecycle—with the reliability and credibility that comes from being both a regulated FCM and an exchange-approved depository.”

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner for its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

For more information, contact Alex DeMarzi, Alex.DeMarzi@StoneX.com

For press inquiries, contact StoneX@CognitoMedia.com

SNEX-G

The MIL Network –

April 22, 2025

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