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  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI USA: Crapo, Wyden Introduce Legislation to Modernize Short Line and Regional Railroad Tax Credit

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) today reintroduced bipartisan legislation to expand the Short Line Railroad Tax Credit that would help equip operators with essential resources to provide regional communities with safe, reliable rail infrastructure.

    “Short line railroads are critical infrastructure that connect Idaho’s farmers, ranchers and manufacturers to national and global markets, supporting local jobs and driving economic growth in rural Idaho,” said Crapo.  “Modernizing the Short Line Railroad Tax Credit will provide railroads with necessary certainty and resources to invest in safety, efficiency and long-term infrastructure improvements in our regional areas.” 

    “Short line and regional railroads are not just a mode of transportation, but they are also a vital economic tool that connects local businesses with Oregonians and other people all across the nation,” said Wyden.  “For years, Senator Crapo and I worked together to make railroad tax credits permanent, and the next step is to make these tax credits better for our operators.  Our bipartisan bill will provide railroads with much needed resources to make vital upgrades that will bring our rural, suburban and urban communities and their local economies together.”

    The legislation (S. 1532) would:

    • Increase the per mile credit cap from $3,500 to $6,100;
    • Index the per mile credit cap for inflation; and
    • Update the track eligible for the credit to match modern maps.

    Crapo and Wyden have a proven track record of supporting short line railroad service, having previously secured a permanent extension of the tax credit for short line track maintenance, which had previously been a temporary credit, hampering long-term investments. 

    Find the legislative text here.

    Representatives Mike Kelly (R-Pennsylvania) and Mike Thompson (D-California) introduced companion legislation (H.R. 516) in the U.S. House of Representatives.

    MIL OSI USA News –

  • MIL-OSI Security: Louisiana Man Sentenced to 97 Months in Prison for Traveling to New Jersey to Engage in Sexual Activity with Minor

    Source: Office of United States Attorneys

    TRENTON, N.J. – A Louisiana man was sentenced today to 97 months in prison for traveling to New Jersey for the purpose of engaging in sexual conduct with a minor, U.S. Attorney Alina Habba announced.

    Spencer W. Caudle, 36, of Prairieville, Louisiana, previously pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court to an information charging him with travel with intent to engage in illicit sexual conduct.

    According to documents filed in this case and statements made in court:

    In or around April 2023, Caudle began interacting on online social media applications with the then-14-year-old victim. Caudle’s communications with the victim were sexual in nature despite the victim informing Caudle of the victim’s minor status.  Caudle even expressed nervousness about being on the show “To Catch a Predator,” but continued informing the victim of his desire to have sex with the victim.  On May 26, 2023, Caudle drove from Louisiana to meet and have sex with the victim in Toms River, New Jersey the following day. On May 27, 2023, Caudle, in fact, committed sexual acts on the victim.  Later that night, Caudle left New Jersey to drive back to Louisiana.

    Local law enforcement became aware of Caudle’s prohibited sexual activity with the victim and began an investigation.  In June 2023, an undercover law enforcement officer assumed the victim’s online and cellular presence and communicated with Caudle.  During these conversations, Caudle confirmed his prior sexual acts with the victim and expressed a desire for further sexual activity.  While communicating with the undercover officer, Caudle made plans to return to New Jersey to commit additional sexual acts on the victim.  On June 16, 2023, Caudle flew from Louisiana to New Jersey, and law enforcement arrested him upon his arrival at the Newark Liberty International Airport.

    U.S. Attorney Habba credited special agents of the U.S. Department of Homeland Security, Homeland Security Investigations Newark, under the direction of Special Agent in Charge Ricky J. Patel; the Ocean County Prosecutor’s Office, under the direction of Prosecutor Bradley D. Billhimer; and the Toms River Police Department, under the direction of Police Chief Peter Sundack, with the investigation.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit Justice.gov/PSC.

    The government is represented by Assistant U.S. Attorney Richard G. Shephard of the U.S. Attorney’s Office’s Criminal Division in Trenton. 

                                                                                                                ###

    MIL Security OSI –

  • MIL-OSI Security: Wethersfield Woman Admits Role in Scheme that Defrauded Connecticut’s Medicaid Program of More Than $1.8 Million

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that SUHAIL APONTE, 38, of Wethersfield, waived her right to be indicted and pleaded guilty today before U.S. District Judge Stefan R. Underhill in Bridgeport to a health care fraud offense related to a Medicaid fraud scheme.

    The Connecticut Medical Assistance Program (CTMAP) is a Connecticut Department of Social Services-administered program that provides medical assistance to low income persons.  CTMAP’s benefit packages, referred to as “HUSKY” or “Connecticut Medicaid,” are jointly funded by the State of Connecticut and the federal government.

    According to court documents and statements made in court, Aponte was the sole principal and registered agent of Minds Cornerstone LLC, dba Minds Cornerstone Behavior Therapy Services (“Minds Cornerstone”), an Autism Specialist Group, which was registered with the State of Connecticut in June 2021.  Beginning in approximately November 2021, Aponte, who is not a licensed provider, was involved in a scheme in which she and a co-conspirator used Minds Cornerstone to defraud the Connecticut Medicaid Program by submitting fraudulent claims for applied behavior analysis (“ABA”) services to children diagnosed with Autism Spectrum Disorder (“ASD”).  The scheme involved billing for Medicaid for services purportedly rendered to patients when company payroll records indicate employees were not compensated for the associated services; direct supervision services purportedly provided by a Board Certified Behavior Analyst (“BCBA”) of a behavioral technician, when the corresponding procedure code for behavioral technician services was not billed; services purportedly rendered to patients who were actually in an inpatient hospital; and services purportedly rendered when parents of patients and former employees of Minds Cornerstone confirmed those services did not occur.

    Between November 2021 and January 2025, Aponte and her co-conspirator submitted or caused to be submitted to Medicaid fraudulent claims that resulted in a loss of approximately $1,876,617 to the Connecticut Department of Social Services.

    From approximately May 2022 until November 2024, Aponte was also employed by the State of Connecticut in the Office of Policy and Management.

    Aponte pleaded guilty to conspiracy to commit health care fraud, which carries a maximum term of imprisonment of 10 years.

    As part of her plea, Aponte has agreed to the forfeiture of approximately $459,000 in funds seized from various bank accounts she controlled, as well as her interest in additional bank accounts and two parcels of land in Hartford.

    Judge Underhill scheduled sentencing for July 30.

    Aponte has been released on a $100,000 bond since her arrest on January 16, 2025.

    This investigation is being conducted by the Federal Bureau of Investigation, the U.S. Department of Health and Human Services, Office of the Inspector General (HHS-OIG), and the Medicaid Fraud Control Unit of the Connecticut Chief State’s Attorney’s Office, with the assistance of the Connecticut Department of Social Services.  The case is being prosecuted by Assistant U.S. Attorney David T. Huang.

    MIL Security OSI –

  • MIL-OSI Security: Eight-time illegal reentry felon imprisoned for unlawfully reentering U.S. again

    Source: Office of United States Attorneys

    HOUSTON – A 30-year-old Mexican citizen with a felony criminal history has been sentenced for illegally reentering the United States after eight previous removals, announced U.S. Attorney Nicholas J. Ganjei.

    Julio Cesar Corona-Corona pleaded guilty Oct. 7, 2024.

    U.S. District Judge Yvonne Ho has now ordered Corona-Corona to serve 37 months in federal prison. Not a U.S. citizen, he is expected to again face removal proceedings following his imprisonment.

    At the hearing, the court heard how Corona-Corona was arrested in 2022 for smuggling aliens after he fled from police in a vehicle carrying eight others, creating dangerous conditions for the vehicle occupants as well as the community. In handing down the sentence, Judge Ho noted Corona-Corona’s motivation to come to the United States, be it for work or family residing here – is not unique. The court added that, despite prior court warnings not to do so, Corona-Corona was determined to unlawfully reenter the United States, as evidenced by his repeated encounters with immigration authorities. Corona-Corona also received a three-year-term of supervised released to commence after completion of his prison sentence as an added deterrent to unlawful reentry into the United States. 

    Corona-Corona has felony convictions for illegal reentry as well as human smuggling. He was first removed from the United States Jan. 25, 2014, and returned illegally eight times between 2014 and April 2020. In fact, authorities had removed him six times alone between 2017-2018.

    Corona-Corona will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    “What those outside our country need to understand is that despite what they may have heard in the past, our immigration laws are being strictly enforced,” said Ganjei. “If somebody breaks our laws by sneaking across the border, they are going to be prosecuted, jailed, and then deported. The sooner that message spreads, the better it will be for everyone.”

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Houston Police Department. Assistant U.S. Attorney Carrie Wirsing prosecuted the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    MIL Security OSI –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

    Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

    Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due. 

    Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

    Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

    Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

    In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

    Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

    Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits.  The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

    Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes. 

    Liquidity

    Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

    Forward Looking Information

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

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 67,555     $ 38,330  
    Investment securities available-for-sale, at fair value   615,350       624,779  
                   
    Loans:              
    Commercial and industrial   134,095       136,732  
    Secured by real estate:              
    Commercial mortgages   1,929,881       1,963,107  
    Residential mortgages   1,065,380       1,084,090  
    Home equity lines   33,452       36,468  
    Consumer and other   1,126       1,210  
        3,163,934       3,221,607  
    Allowance for credit losses   (28,308 )     (28,331 )
        3,135,626       3,193,276  
                   
    Restricted stock, at cost   24,329       27,712  
    Bank premises and equipment, net   28,411       29,135  
    Right-of-use asset – operating leases   18,358       18,951  
    Bank-owned life insurance   117,471       117,075  
    Pension plan assets, net   11,693       11,806  
    Deferred income tax benefit   35,022       36,192  
    Other assets   22,491       22,080  
      $ 4,076,306     $ 4,119,336  
    Liabilities:              
    Deposits:              
    Checking $ 1,072,766     $ 1,074,671  
    Savings, NOW and money market   1,587,030       1,574,160  
    Time   635,789       616,027  
        3,295,585       3,264,858  
                   
    Overnight advances   —       —  
    Other borrowings   360,000       435,000  
    Operating lease liability   20,348       21,964  
    Accrued expenses and other liabilities   17,533       18,648  
        3,693,466       3,740,470  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,635,724 and 22,595,349 shares   2,264       2,260  
    Surplus   79,866       79,731  
    Retained earnings   353,043       354,051  
        435,173       436,042  
    Accumulated other comprehensive loss, net of tax   (52,333 )     (57,176 )
        382,840       378,866  
      $ 4,076,306     $ 4,119,336  
                   
                   
         
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
         
      Three Months Ended  
      3/31/2025     3/31/2024  
      (dollars in thousands)  
    Interest and dividend income:              
    Loans $ 33,785     $ 33,543  
    Investment securities:              
    Taxable   5,374       6,993  
    Nontaxable   956       960  
        40,115       41,496  
    Interest expense:              
    Savings, NOW and money market deposits   10,318       10,083  
    Time deposits   6,403       6,977  
    Overnight advances   71       263  
    Other borrowings   4,501       6,012  
        21,293       23,335  
    Net interest income   18,822       18,161  
    Provision for credit losses   168       —  
    Net interest income after provision for credit losses   18,654       18,161  
                   
    Noninterest income:              
    Bank-owned life insurance   912       840  
    Service charges on deposit accounts   829       880  
    Net loss on sales of securities   —       —  
    Other   976       1,054  
        2,717       2,774  
    Noninterest expense:              
    Salaries and employee benefits   9,711       9,974  
    Occupancy and equipment   3,233       3,214  
    Merger expenses   230       —  
    Other   3,954       3,018  
        17,128       16,206  
    Income before income taxes   4,243       4,729  
    Income tax expense   487       294  
    Net income $ 3,756     $ 4,435  
                   
    Share and Per Share Data:              
    Weighted Average Common Shares   22,625,117       22,520,568  
    Dilutive restricted stock units   86,270       73,827  
    Dilutive weighted average common shares   22,711,387       22,594,395  
                   
    Basic EPS $ 0.17     $ 0.20  
    Diluted EPS   0.17       0.20  
    Cash Dividends Declared per share   0.21       0.21  
                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.37 %     0.42 %
    ROE   3.98       4.72  
    Net Interest Margin   1.91       1.79  
                   
                   
               
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 419     $ 421  
    Past due 30 through 89 days   7,452       270  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   3,510       3,229  
        11,381       3,920  
    Other real estate owned   —       —  
      $ 11,381     $ 3,920  
                   
    Allowance for credit losses $ 28,308     $ 28,331  
    Allowance for credit losses as a percentage of total loans   0.89 %     0.88 %
    Allowance for credit losses as a multiple of nonaccrual loans   8.1 x     8.8 x
                   
                   
         
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
      Average     Interest/   Average     Average     Interest/   Average  
    (dollars in thousands) Balance     Dividends   Rate     Balance     Dividends   Rate  
    Assets:                                      
    Interest-earning bank balances $ 28,537     $ 313   4.45 %   $ 55,117     $ 751   5.48 %
    Investment securities:                                      
    Taxable (1)   568,162       5,061   3.56       638,857       6,242   3.91  
    Nontaxable (1) (2)   151,745       1,210   3.19       153,417       1,215   3.17  
    Loans (1)   3,185,771       33,785   4.24       3,243,445       33,543   4.14  
    Total interest-earning assets   3,934,215       40,369   4.10       4,090,836       41,751   4.08  
    Allowance for credit losses   (28,399 )                 (28,947 )            
    Net interest-earning assets   3,905,816                   4,061,889              
    Cash and due from banks   28,197                   31,703              
    Premises and equipment, net   28,912                   31,257              
    Other assets   130,528                   120,884              
      $ 4,093,453                 $ 4,245,733              
    Liabilities and Stockholders’ Equity:                                      
    Savings, NOW & money market deposits $ 1,572,109       10,318   2.66     $ 1,534,081       10,083   2.64  
    Time deposits   612,730       6,403   4.24       643,854       6,977   4.36  
    Total interest-bearing deposits   2,184,839       16,721   3.10       2,177,935       17,060   3.15  
    Overnight advances   6,322       71   4.55       18,846       263   5.61  
    Other borrowings   416,944       4,501   4.38       504,258       6,012   4.80  
    Total interest-bearing liabilities   2,608,105       21,293   3.31       2,701,039       23,335   3.47  
    Checking deposits   1,067,804                   1,126,593              
    Other liabilities   35,260                   40,014              
        3,711,169                   3,867,646              
    Stockholders’ equity   382,284                   378,087              
      $ 4,093,453                 $ 4,245,733              
                                           
    Net interest income (2)         $ 19,076                 $ 18,416      
    Net interest spread (2)               0.79 %                 0.61 %
    Net interest margin (2)               1.91 %                 1.79 %
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

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

    The MIL Network –

  • MIL-OSI: Element Reports Solid First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted

    • Solid Q1 2025 performance in uncertain market conditions reflects the strength of the Company’s business model and financial and operational resilience
    • Net revenues grew 5% year-over-year driven by growth across all categories despite an unfavourable foreign currency translation impact of $17 million and Q1 2024 services revenue benefitting from $7 million in certain items (as previously disclosed)
    • Q1 2025 adjusted operating expense2,3 growth moderated to 5% year-over-year
    • Excluding the $7 million in services revenue noted above, net revenue grew 8% year-over-year, and adjusted operating margin expanded 125 basis points with positive operating leverage of 290 basis points
    • On an adjusted basis3, diluted EPS of $0.28 in Q1 2025 represented a 8% year-over-year increase, diluted free cash flow per share of $0.36 grew 9%, and the Company generated a return of equity of 16.7%; up from 15.4% in Q1 2024
    • The Company is effectively navigating the challenges posed by global trade tensions to support its clients and business
    • Client order volume remains resilient, with global order backlog rising to $2 billion in Q1 2025
    • Repurchased 2.2 million common shares under its normal course issuer bid in Q1 2025 for total consideration of approximately $40 million

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended March 31, 2025. The following table presents Element’s selected financial results.

               
      Q1 20251 Q4 20241 Q1 20241 QoQ YoY
    In US$ millions, except percentages and per share amount       % %
    Selected results – as reported          
    Net revenue 275.7   270.9   262.5   2%   5%  
    Pre-tax income 136.5   121.4   123.0   12%   11%  
    Pre-tax income margin 49.5 % 44.8 %   46.9 %   470 bps 260 bps
    Earnings per share (EPS) [diluted]         0.25   0.23   0.23   9%   9%  
    Adjusted results1,2,3          
    Adjusted net revenue1,3 275.7   270.9   262.5   2%   5%  
    Adjusted operating income (AOI)3 150.8   143.3   143.6   5%   5%  
    Adjusted operating margin3 54.7 % 52.9 %   54.7 %   180 bps — bps
    Adjusted EPS3 [diluted]         0.28   0.27   0.26   4%   8%  
    Other highlights:          
    Adjusted free cash flow per share3(FCF/sh) – diluted 0.36   0.30   0.33   20%   9%  
    Originations 1,509   1,498   1,542   1%   (2)%  
    Vehicles under management 1.514   1.517   1.490   —%   2%  
    Adjusted ROE3 16.7 % 15.4 %   15.4 %   130 bps   130 bps  
    1. Q1 2024 services revenue benefitted from $7 million in certain items, as previously disclosed.
    2. Q1 2024 also includes $2 million in strategic project costs (nil in Q4 2024) attributable to the Company’s leasing initiative in Ireland. These strategic costs were completed in Q3 2024 and, in aggregate, were $2 million below planned investment as previously communicated.
    3. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.
       

    “Our solid Q1 results highlight the financial stability and operational resilience of our business,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “This has enabled us to effectively manage potential disruptions from global trade tensions while staying committed to our clients’ success. By leveraging our deep industry expertise, we remain focused on guiding clients through market uncertainties and continuing to support them in achieving their strategic objectives.”

    Dottori-Attanasio continued, “Strong client demand, combined with our business’ proven ability to adapt and self-correct, enables us to consistently deliver value for shareholders across dynamic market environments. At the same time, we continue to innovate, digitize, and evolve to sustain long-term success and lead the way in defining the future of mobility. We are also encouraged by the moderation in expense growth — a trend we expect to continue through 2025 and will help to generate adjusted operating margin expansion in line with our 2025 guidance.”

    Net revenue growth

    Element grew Q1 2025 net revenue 5% over Q1 2024 (“year-over-year”) to $276 million, with increases delivered across all categories. As previously disclosed, Q1 2024 net revenue benefitted from $7 million in services revenue from certain items. Excluding these items, net revenue grew 8% compared to Q1 2024. Additionally, the impact of foreign exchange translation was material year-over-year, particularly the Mexican Peso and Australian dollar, which depreciated against the U.S. dollar by approximately 20% and 5%, respectively, reducing net revenue by $17 million.

    Q1 2025 net revenue increased $5 million or 2% from Q4 2024 (“quarter-over-quarter”) led largely by higher net financing revenue, higher syndication revenue and higher Gains on Sale (“GOS”) due to seasonal factors. This was partly offset by lower services revenue, which benefitted from certain timing-related factors in Q4 2024.

    Service revenue

    Element’s largely unlevered services revenue is an important driver of the Company’s growth and the key pillar of its capital-light business model, which has improved the return on equity profile.

    Q1 2025 services revenue increased 4% year-over-year to $152 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients. As previously disclosed, Q1 2024 services revenue benefitted from $7 million in certain items. Excluding this amount, services revenue grew by 9% year-over-year. Partly offsetting this increase was the impact of foreign currency exchange translation, which reduced services revenue by $6 million.

    Q1 2025 services revenue decreased 6% quarter-over-quarter from a record Q4 2024, which benefitted from certain timing-related factors referenced above under ‘Net revenue growth’.

    Net financing revenue

    Q1 2025 net financing revenue grew $4 million or 4% year-over-year, primarily due to strong growth in financing income driven by both pricing and funding initiatives. Partly offsetting this was higher funding costs associated with financing the redemptions of our preferred shares (previously recorded below the AOI line) and the impact of incremental debt due to the acquisition of Autofleet. The year-over-year decrease in GOS resulted from unfavourable foreign currency translation, as on an underlying basis higher vehicle volume more than offset used vehicle price normalization. The aggregate impact of foreign currency exchange translation reduced net financing revenue by $11 million year-over-year.

    Q1 2025 net financing revenue increased $8 million or 8% from Q4 2024. This quarter-over-quarter increase was materially led by higher yield on assets, higher GOS relative to a seasonally weaker fourth quarter, and lower funding costs.

    Syndication volume

    The Company syndicated $574 million of assets in Q1 2025, an increase of $101 million or 21% year-over-year. Q1 2025 syndicated assets decreased $461 million or 45% quarter-over-quarter largely as a result of the bulk sale of a Canadian lease portfolio to Blackstone in December 2024 in the amount of $346 million (CAD$474 million).

    In Q1 2025, the Company made the strategic decision to delay the syndication of certain assets to the second half of 2025 pending the outcome of proposed U.S. tax legislation changes. Overall, the demand for Element’s assets remains strong and this postponement underscores a targeted approach to capital management.

    Q1 2025 syndication revenue increased $3 million or 41% year-over-year largely attributable to higher net yields and higher syndicated volume. This higher net yield largely reflects the Company’s syndication mix and a more favourable interest rate environment, which more than offset the scheduled reduction in bonus depreciation in 2025, which reduces net yields.

    Q1 2025 syndication increased $6 million or 95% quarter-over-quarter largely due to higher net yields from syndication mix, which compared favourably to Q4 2024 net yields that were negatively impacted by the setup costs associated with the bulk sale of the Canadian lease portfolio.

    Adjusted operating expenses

    Q1 2025 adjusted operating expenses of $125 million were $6 million or 5% higher year-over-year. largely due to higher general and administrative expenses related to business development, higher professional fees and Autofleet operating expenses of $3 million in Q1 2025. Excluding Autofleet, adjusted operating expenses increased by 2%, compared to Q1 2024. The impact of foreign currency exchange translation was a $4 million tailwind.

    Adjusted operating expenses decreased by $3 million or 2% quarter-over-quarter, largely due to lower general and administrative expenses.

    We expect operating expense growth to continue to moderate for the remainder of 2025 as the benefits of our investments made in 2024 begin to materialize.

    Adjusted operating income and adjusted operating margins

    Q1 2025 AOI was $151 million, an increase of $7 million or 5% year-over-year notwithstanding foreign currency translation impacts. Excluding the $7 million in certain service revenue items in Q1 2024, AOI grew 11% year-over-year. The impact on AOI resulting from unfavourable foreign exchange movements was $13 million on a year-over-year basis.

    Q1 2025 AOI increased $8 million or 5% quarter-over-quarter due to the favourable combination of higher revenue and reduced expenses.

    Q1 2025 adjusted operating margin was 54.7%, unchanged year-over-year. Excluding the impact of the $7 million in certain service revenue items in Q1 2024, operating margin expanded 125 basis points.

    Originations

    Element originated $1.5 billion of assets in Q1 2025, which is a $33 million or 2% decrease year-over-year reflecting foreign exchange translation headwinds impacting our Mexico and Australia and New Zealand originations, partially offset by increased volumes in the U.S. and Canada.

    Q1 2025 originations increased $11 million or 1% quarter-over-quarter led largely by higher originations in the U.S. and Canada.

    Order volumes have increased significantly over the past two quarters amid rising global trade tensions. The Company continues to expect this client order momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, to drive solid origination volumes in the coming quarters.

    The table below sets out the geographic distribution of Element’s originations for 2025 and 2024:

    (in US$000’s for stated values) March 31, 2025 March 31, 2024
      $ % $ %
    United States and Canada 1,195,391 79.23 % 1,182,987 76.72 %
    Mexico 214,752 14.23 % 259,143 16.81 %
    Australia and New Zealand 98,726 6.54 % 99,753 6.47 %
    Total 1,508,869 100.00 % 1,541,883 100.00 %
             

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $0.36 of diluted adjusted free cash flow (“FCF”) per share in Q1 2025; up 9% year-over-year. Q1 2025 diluted adjusted FCF per share was 20% higher quarter-over-quarter.

    During Q1 2025, Element returned $77 million of cash to shareholders through common share dividends ($37 million) and common share repurchases ($40 million).

    Common dividend and share repurchases

    On April 30, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the second quarter of 2025. The dividend will be payable on July 15, 2025 to shareholders of record as at the close of business on June 30, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During Q1 2025, the Company purchased 2,178,000 Common Shares for cancellation under its NCIB at a volume weighted average price of CAD$28.55. The Company has remained active on the NCIB during April 2025, and have repurchased approximately 561,000 shares for total consideration of approximately $11 million.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Debt-to-capital leverage ratio

    Commencing Q4 2024, the Company changed its banking covenants from tangible leverage ratio (“TLR”) to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. At March 31, 2025, the Company’s debt-to-capital ratio was 74.9% (March 31, 2024 73.2%). The Company targets a range between 73% to 77%.

    The Company remains committed to maintaining a strong investment grade balance sheet.

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, May 1, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through June 1, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 2285919.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at March 31, 2025 and March 31, 2024, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended March 31, 2025 and March 31, 2024.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
    period ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Key annualized operating ratios        
             
    Leverage ratios        
    Financial leverage ratio P/(P+R)   74.9 %   74.1 %   73.2 %
    Average financial leverage ratio Q/(Q+V)   75.4 %   75.0 %   73.8 %
             
    Other key operating ratios        
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.09 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.92 %   7.31 %   7.34 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   42.23 %   39.34 %   32.37 %
             
    Per share information        
    Number of shares outstanding W   402,350     404,502     388,926  
    Weighted average number of shares outstanding [basic] X   403,502     404,578     389,161  
    Weighted average number of shares outstanding [diluted] Y   403,686     404,726     404,118  
    Cumulative preferred share dividends during the period Z   —     —     2,919  
    Other effects of dilution on an adjusted operating income basis AA $ —     —   $ 1,222  
    Net income per share [basic] (A-Z)/X $ 0.25   $ 0.23   $ 0.23  
    Net income per share [diluted]   $ 0.25   $ 0.23   $ 0.23  
             
    Adjusted EPS [basic] (D1)/X $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.28   $ 0.27   $ 0.26  
                         

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Reported results US$ US$ US$
    Services income, net   152,482     161,461     147,053  
    Net financing revenue   111,556     103,453     107,178  
    Syndication revenue, net   11,633     5,976     8,226  
    Net revenue   275,671     270,890     262,457  
    Operating expenses   135,007     141,234     132,499  
    Operating income   140,664     129,656     129,958  
    Operating margin   51.0 %   47.9 %   49.5 %
    Total expenses   139,200     149,463     139,478  
    Income before income taxes   136,471     121,427     122,979  
    Net income   102,250     92,057     93,817  
    EPS [basic] $ 0.25   $ 0.23   $ 0.23  
    EPS [diluted] $ 0.25   $ 0.23   $ 0.23  
    Adjusting items      
    Impact of adjusting items on operating expenses:      
    Strategic initiatives costs – Salaries, wages, and benefits   —     —     485  
    Strategic initiatives costs – General and administrative expenses   —     —     1,640  
    Share-based compensation   10,183     13,687     10,731  
    Amortization of convertible debenture discount   —     —     793  
    Total impact of adjusting items on operating expenses   10,183     13,687     13,649  
    Total pre-tax impact of adjusting items   10,183     13,687     13,649  
    Total after-tax impact of adjusting items   7,612     10,265     10,305  
    Total impact of adjusting items on EPS [basic]   0.02     0.03     0.03  
    Total impact of adjusting items on EPS [diluted]   0.02     0.03     0.03  
                       
      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Adjusted results US$ US$ US$
    Adjusted net revenue   275,671     270,890     262,457  
    Adjusted operating expenses   124,824     127,547     118,850  
    Adjusted operating income   150,847     143,343     143,607  
    Adjusted operating margin   54.7 %   52.9 %   54.7 %
    Provision for income taxes   34,221     29,370     29,162  
    Adjustments:      
    Pre-tax income   3,750     5,481     5,390  
    Foreign tax rate differential and other   118     985     632  
    Provision for taxes applicable to adjusted results   38,089     35,836     35,184  
    Adjusted net income   112,758     107,507     108,423  
    Adjusted EPS [basic] $ 0.28   $ 0.27   $ 0.27  
    Adjusted EPS [diluted] $ 0.28   $ 0.27   $ 0.26  
                       

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts   For the three-month period ended
    (in US$000’s unless otherwise noted)   March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,699,109   7,576,386   7,478,974  
    Allowance for credit losses F 7,137   6,168   5,794  
    Net investment in finance receivable G 5,148,688   4,968,294   5,349,038  
    Equipment under operating leases H 2,428,013   2,435,430   2,685,015  
    Net earning assets I=G+H 7,576,701   7,403,724   8,034,053  
    Average net earning assets J 7,618,350   7,848,023   7,825,155  
    Goodwill and intangible assets K 1,660,009   1,672,701   1,587,465  
    Average goodwill and intangible assets L 1,663,050   1,675,336   1,588,981  
    Borrowings M 9,045,885   8,463,789   9,021,567  
    Unsecured convertible debentures N —   —   126,108  
    Less: continuing involvement liability O (136,932 ) (132,683 ) (87,199 )
    Total debt P=M+N-O 8,908,953   8,331,106   9,060,476  
    Cash and restricted funds P1 780,531   408,621   1,031,951  
    Total net debt P2 = P-P1 8,128,422   7,922,485   8,028,525  
    Average debt Q 8,363,864   8,313,527   8,239,147  
    Total shareholders’ equity R 2,720,616   2,774,315   2,944,588  
    Preferred shares S —   —   181,077  
    Common shareholders’ equity T=R-S 2,720,616   2,774,315   2,763,511  
    Average common shareholders’ equity U 2,730,985   2,768,504   2,747,716  
    Average total shareholders’ equity V 2,730,985   2,768,504   2,928,793  
                   

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Reported Expenses 139,200   149,463   139,478  
    Less:          
    Amortization of intangible assets from acquisitions 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Operating expenses 135,007   141,234   132,499  
    Less:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total adjustments 10,183   13,687   13,649  
    Adjusted operating expenses 124,824   127,547   118,850  
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$   US$  
    Income before income taxes 136,471   121,427   122,979  
    Adjustments:          
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Total pre-tax impact of adjusting items —   —   2,125  
    Adjusted operating income 150,847   143,343   143,607  
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

      For the three-month period ended
    (in US$000’s except per share amounts or unless otherwise noted) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
      US$ US$ US$
    Net income 102,250   92,057   93,817  
    Amortization of convertible debenture discount —   —   793  
    Share-based compensation 10,183   13,687   10,731  
    Amortization of intangible assets from acquisition 7,799   7,819   6,979  
    Loss (gain) on investments (3,606 ) 410   —  
    Strategic initiatives costs – Salaries, wages and benefits —   —   485  
    Strategic initiatives costs – General and administrative expenses —   —   1,640  
    Provision for income taxes 34,221   29,370   29,162  
    Provision for taxes applicable to adjusted results (38,089 ) (35,836 ) (35,184 )
    Adjusted net income 112,758   107,507   108,423  
                 

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management
    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: AGF Investments Announces Fee Reductions and Risk Rating Changes for Certain Funds

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) is pleased to announce today lower management and administration fees and risk ratings for certain funds. These changes build on the firm’s commitment to continually reviewing its product line-up to ensure its offerings are responsive to market trends and competitively priced.

    Management Fee Changes

    AGF Investments is reducing management fees on the following funds/series effective May 1.

    Fund Series Current
    Management Fee    		 Updated
    Management Fee
    AGF Equity Income Fund F 0.85 0.80
    AGF European Equity Class MF 2.50 1.90
    AGF European Equity Class T 2.50 1.90
    AGF European Equity Class F 1.00 0.90
    AGF Global Strategic Income Fund MF 2.25 2.00
    AGF Global Strategic Income Fund T 2.25 2.00
    AGF Global Strategic Income Fund V 2.25 2.00
           

    Fixed Administration Fee Changes

    AGF Investments is reducing administration fees on the following funds/series effective May 1.

    Fund Series Current
    Admin     Fee    		 Updated
    Admin Fee
    AGF European Equity Class MF 0.38 0.17
    AGF European Equity Class T 0.38 0.17
    AGF European Equity Class F 0.32 0.02
           

    Risk Rating Changes

    The following risk rating changes are effective today.  

    Fund Current Risk Rating Updated Risk Rating
    AGF European Equity Class Medium-High Medium
    AGF European Equity Fund Medium-High Medium
         

    These risk rating changes are the result of an annual review conducted by AGF Investments using the prescribed risk classification methodology. No material changes have been made to the investment objectives, strategies or management of AGF European Equity Class/Fund.

    Further information about the AGF Funds can be found at AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com  

    The MIL Network –

  • MIL-OSI: Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2024

    Source: GlobeNewswire (MIL-OSI)

    Tel-Aviv, Israel, April 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2024 with the Securities and Exchange Commission.

    A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of the Company’s website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company’s complete audited financial statements, free of charge to its shareholders upon request.

    The financial statements included in the Annual Report on Form 20-F present a decrease of approximately €0.6 million in depreciation and amortization costs and a decrease of approximately €0.1 million in tax benefit for the year ended December 31, 2024, compared to the unaudited financial results for the year ended and as of December 31, 2024 published by the Company on March 31, 2025.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

      ● Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
         
      ● 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
         
      ● Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
         
      ● 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
         
      ● Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
         
      ● Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Contact:

    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: kaliaw@ellomay.com

    The MIL Network –

  • MIL-OSI: Wellchange Holdings Company Limited Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

    Source: GlobeNewswire (MIL-OSI)

    New York, April 30, 2025 (GLOBE NEWSWIRE) — Wellchange Holdings Company Limited (NASDAQ: WCT) (“Wellchange Holdings Company” or the “Company”) is an enterprise software solution services provider headquartered in Hong Kong with diversified expansion strategies, today announced that it has received a notification letter from the Nasdaq Stock Market LLC (“Nasdaq”) on April 28, 2025, indicating that the Company is not in compliance with Nasdaq’s minimum bid price requirement.

    Nasdaq Listing Rule 5550(a)(2) requires that listed securities maintain a minimum bid price of $1.00 per share. The notification letter stated that the Company’s ordinary shares have failed to maintain this minimum bid price for the last 33 consecutive business days, from March 11, 2025, to April 25, 2025.

    The notification does not immediately impact the listing or trading of the Company’s ordinary shares on Nasdaq. Under Nasdaq rules, the Company has been granted a compliance period of 180 calendar days, until October 27, 2025, to regain compliance. If, at any time during this period, the closing bid price of the Company’s stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will confirm compliance, and the matter will be resolved.

    If the Company is unable to regain compliance by October 27, 2025, it may be eligible for additional time. To qualify, the Company will be required to meet continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period, which may include implementing a reverse stock split if necessary.

    The Company is actively monitoring the bid price of its ordinary shares and is considering all available options to regain compliance with Nasdaq’s requirements. The Company remains committed to delivering value to its shareholders and maintaining its listing on Nasdaq.

    About Wellchange Holdings Company Limited

    Wellchange Holdings Company Limited is an enterprise software solution services provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Wching Tech Ltd Co. The Company provides customized software solutions, cloud-based software-as-a-service (“SaaS”) platforms, and “white-label” software design and development services. The Company’s mission is to empower our customers and users, in particular, small and medium businesses, to accelerate their digital transformation, optimize productivity, improve customer experiences, and enable resource-efficient growth with our low-cost, user-friendly, reliable and integrated all-in-one Enterprise Resource Planning software solutions.

    For more information, please visit the Company’s website: https://www.wchingtech.com/

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the closing of the Offering, and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to read the risk factors contained in the Company’s reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    For investor and media inquiries, please contact:

    Wellchange Holdings Company Limited

    Shek Kin Pong, CEO

    Email: contactus@wchingtech.com 

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

    While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

    As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

    Preliminary 2025 First Quarter Results

    • Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
    • Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

    “Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

    “Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

    Key Points for First Quarter and Outlook

    Continued Credit Clean-up; Tightened Credit Standards

    • The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
    • Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
    • Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

    (in thousands)   As of and for the
    Three Months Ended
    March 31, 2025
    Asset Quality    
    Loans 30-89 days past due   $ 43,522  
    Nonperforming loans     140,020  
    Nonperforming assets     146,080  
    Substandard accruing loans     75,668  
    Net charge-offs     16,878  
    Loans 30-89 days past due to total loans     0.87 %
    Nonperforming loans to total loans     2.79 %
    Nonperforming assets to total assets     1.96 %
    Allowance for credit losses to total loans     1.80 %
    Allowance for credit losses to nonperforming loans     64.60 %
    Net charge-offs to average loans     1.35 %
             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
      • Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
      • Noninterest-bearing deposits increased $35.1 million in the quarter.
      • Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
      • Brokered deposits, including both money market and time deposits decreased by $115.4 million.
      • Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
      • Servicing deposits decreased by $53.9 million.
    • Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   March 31, 2025
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 68,671   $ 718   4.24 %
    Investment securities(1)     1,311,887     15,517   4.80  
    Loans(1)(2)     5,057,394     78,014   6.26  
    Loans held for sale     326,348     4,563   5.67  
    Nonmarketable equity securities     35,614     647   7.37  
    Total interest-earning assets     6,799,914     99,459   5.93  
    Noninterest-earning assets     687,870        
    Total assets   $ 7,487,784        
                 
    Interest-Bearing Liabilities            
    Interest-bearing deposits   $ 5,074,007   $ 34,615   2.77 %
    Short-term borrowings     73,767     700   3.85  
    FHLB advances & other borrowings     299,578     3,163   4.28  
    Subordinated debt     77,752     1,387   7.23  
    Trust preferred debentures     51,283     1,200   9.49  
    Total interest-bearing liabilities     5,576,387     41,065   2.99  
    Noninterest-bearing deposits     1,052,181        
    Other noninterest-bearing liabilities     124,638        
    Shareholders’ equity     734,578        
    Total liabilities and shareholder’s equity   $ 7,487,784        
                 
    Net Interest Margin       $ 58,394   3.48 %
                 
    Cost of Deposits           2.29 %
    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
       

    Trends in Noninterest Income and Expense

    • Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
    • As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
    • Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
    • As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

    First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the
    Three Months Ended
    March 31, 2025
    Return on average assets     0.80 %
    Pre-tax, pre-provision return on average assets(1)     1.46 %
    Net interest margin     3.48 %
    Efficiency ratio (1)     64.24 %
    Noninterest expense to average assets     2.65 %
    Net charge-offs to average loans     1.35 %
    Tangible book value per share at period end (1)   $ 21.43  
    Diluted earnings per common share   $ 0.57  
    Common shares outstanding at period end     21,503,036  
    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
       

    Capital

    At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of March 31, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory Requirements (2)
    Total capital to risk-weighted assets 13.10%   13.77%   10.50%
    Tier 1 capital to risk-weighted assets 11.84%   11.43%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 11.84%   8.60%   7.00%
    Tier 1 leverage ratio 9.90%   9.55%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.32%   N/A
    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.
       

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank. 

    Non-GAAP Financial Measures

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

    These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

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

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
         
    (dollars in thousands)   As of March 31, 2025
    Assets    
    Cash and cash equivalents   $ 102,006  
    Investment securities     1,368,405  
    Loans     5,018,053  
    Allowance for credit losses on loans     (90,458 )
    Total loans, net     4,927,595  
    Loans held for sale     287,821  
    Premises and equipment, net     86,719  
    Other real estate owned     4,669  
    Loan servicing rights, at lower of cost or fair value     17,278  
    Goodwill     161,904  
    Other intangible assets, net     11,189  
    Company-owned life insurance     212,336  
    Credit enhancement asset     5,614  
    Other assets     272,217  
    Total assets   $ 7,457,753  
         
    Liabilities and Shareholders’ Equity    
    Noninterest-bearing demand deposits   $ 1,090,707  
    Interest-bearing deposits     4,845,727  
    Total deposits     5,936,434  
    Short-term borrowings     40,224  
    FHLB advances and other borrowings     498,000  
    Subordinated debt     77,754  
    Trust preferred debentures     51,358  
    Other liabilities     109,599  
    Total liabilities     6,713,369  
    Total shareholders’ equity     744,384  
    Total liabilities and shareholders’ equity   $ 7,457,753  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
         
    (in thousands, except per share data)   For the Three Months
    Ended     March 31, 2025
    Net interest income:    
    Interest income   $ 99,251  
    Interest expense     41,065  
    Net interest income     58,186  
    Provision for credit losses on loans     8,250  
    Net interest income after provision for credit losses     49,936  
    Noninterest income:    
    Wealth management revenue     7,350  
    Service charges on deposit accounts     3,305  
    Interchange revenue     3,151  
    Residential mortgage banking revenue     676  
    Income on company-owned life insurance     2,334  
    Credit enhancement (loss) income     (578 )
    Other income     1,525  
    Total noninterest income     17,763  
    Noninterest expense:    
    Salaries and employee benefits     26,416  
    Occupancy and equipment     4,498  
    Data processing     6,919  
    Professional services     2,741  
    Amortization of intangible assets     911  
    FDIC insurance     1,463  
    Other expense     5,977  
    Total noninterest expense     48,925  
    Income before income taxes     18,774  
    Income tax expense     3,975  
    Net income     14,799  
    Preferred stock dividends     2,228  
    Net income available to common shareholders   $ 12,571  
         
    Basic earnings per common share   $ 0.57  
    Diluted earnings per common share   $ 0.57  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
         
    (in thousands)   As of March 31, 2025
    Loan Portfolio Mix    
    Commercial loans   $ 869,009
    Equipment finance loans     390,276
    Equipment finance leases     373,168
    Total commercial loans and leases     1,632,453
    Commercial real estate     2,592,325
    Construction and land development     264,966
    Residential real estate     373,095
    Consumer     155,214
    Total loans   $ 5,018,053
         
    Loan Portfolio Segment    
    Regions    
    Eastern   $ 897,792
    Northern     747,028
    Southern     711,787
    St. Louis     902,743
    Total Community Bank     3,259,350
    Specialty finance     865,401
    Equipment finance     763,444
    Non-core consumer and other(1)     129,858
    Total loans   $ 5,018,053
         
    Deposit Portfolio Mix    
    Noninterest-bearing demand   $ 1,090,707
    Interest-bearing:    
    Checking     2,161,282
    Money market     1,154,403
    Savings     522,663
    Time     818,732
    Brokered time     188,647
    Total deposits   $ 5,936,434
         
    Deposit Portfolio by Channel    
    Retail   $ 2,846,494
    Commercial     1,074,837
    Public Funds     490,374
    Wealth & Trust     301,251
    Servicing     842,567
    Brokered Deposits     358,063
    Other     22,848
    Total deposits   $ 5,936,434
    (1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.
       
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
         
    Pre-Tax, Pre-Provision Earnings Reconciliation
         
        For the Three Months
    Ended March 31, 2025
    Income before income taxes   $ 18,774  
    Provision for credit losses     8,250  
    Pre-tax, pre-provision earnings   $ 27,024  
    Pre-tax, pre-provision earnings per diluted share   $ 1.12  
    Pre-tax, pre-provision return on average assets     1.46 %
         
    Efficiency Ratio Reconciliation
         
    (dollars in thousands)   For the Three Months
    Ended     March 31, 2025
    Noninterest expense – GAAP   $ 48,925  
         
    Net interest income – GAAP   $ 58,186  
    Effect of tax-exempt income     208  
    Adjusted net interest income     58,394  
         
    Noninterest income – GAAP     17,763  
         
    Adjusted total revenue   $ 76,157  
         
    Efficiency ratio     64.24 %
             
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
         
    (dollars in thousands, except per share data)   As of March 31, 2025
    Shareholders’ Equity to Tangible Common Equity
    Total shareholders’ equity—GAAP   $ 744,384  
    Adjustments:    
    Preferred Stock     (110,548 )
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible common equity     460,743  
         
    Total Assets to Tangible Assets:    
    Total assets—GAAP   $ 7,457,753  
    Adjustments:    
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible assets   $ 7,284,660  
         
    Common Shares Outstanding     21,503,036  
         
    Tangible Common Equity to Tangible Assets     6.32 %
    Tangible Book Value Per Share   $ 21.43  

    The MIL Network –

  • MIL-OSI: First Mid Bancshares, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025.

    Highlights

    • Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13
    • Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarter
    • Net interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest income
    • Tangible book value per share (non-GAAP*) increased 4.4% during the quarter
    • Board of Directors declares regular quarterly dividend of $0.24 per share

    “We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.”

    “Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded.

    Net Interest Income
    Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter.

    In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year.

    Net Interest Margin
    Net interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024.

    In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income.

    Loan Portfolio
    Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period.   The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025.

    In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans.

    Asset Quality
    The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million.

    Deposits
    Total deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs.

    Noninterest Income
    Noninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024.   The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period.   Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending.

    In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025.

    Noninterest Expenses
    Noninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses.

    In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% for the same period last year.

    Capital Levels and Dividend
    The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

    Total capital to risk-weighted assets 15.59%
    Tier 1 capital to risk-weighted assets 13.13%
    Common equity tier 1 capital to risk-weighted assets 12.73%
    Leverage ratio 10.73%
       

    Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.

    The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025.

    About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

    *Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

    Forward Looking Statements
    This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends 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. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Austin Frank
    SVP, Shareholder Relations
    217-258-5522
    afrank@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, unaudited)
     
      As of
      March 31,   December 31,   March 31,
      2025   2024   2024
               
    Assets          
    Cash and cash equivalents $ 201,470     $ 121,216     $ 355,701  
    Investment securities   1,049,003       1,073,510       1,149,752  
    Loans (including loans held for sale)   5,698,858       5,672,462       5,499,295  
    Less allowance for credit losses   (70,051 )     (70,182 )     (67,936 )
    Net loans   5,628,807       5,602,280       5,431,359  
    Premises and equipment, net   97,446       100,234       101,666  
    Goodwill and intangibles, net   258,671       261,906       260,699  
    Bank Owned Life Insurance   171,127       170,854       167,247  
    Other assets   166,164       189,734       211,822  
    Total assets $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    Liabilities and Stockholders’ Equity          
    Deposits:          
    Non-interest bearing $ 1,394,590     $ 1,329,155     $ 1,448,299  
    Interest bearing   4,735,790       4,727,941       4,794,637  
    Total deposits   6,130,380       6,057,096       6,242,936  
    Repurchase agreements with customers   219,772       204,122       210,719  
    Other borrowings   195,000       242,520       238,761  
    Junior subordinated debentures   24,335       24,280       24,113  
    Subordinated debt   79,535       87,472       106,862  
    Other liabilities   52,717       57,853       56,903  
    Total liabilities   6,701,739       6,673,343       6,880,294  
               
    Total stockholders’ equity   870,949       846,391       797,952  
    Total liabilities and stockholders’ equity $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
           
      Three Months Ended
      March 31,
      2025   2024
    Interest income:      
    Interest and fees on loans $ 79,918     $ 77,823  
    Interest on investment securities   6,777       7,405  
    Interest on federal funds sold & other deposits   864       2,444  
    Total interest income   87,559       87,672  
    Interest expense:      
    Interest on deposits   23,722       26,096  
    Interest on securities sold under agreements to repurchase   1,180       2,056  
    Interest on other borrowings   1,831       2,314  
    Interest on jr. subordinated debentures   468       542  
    Interest on subordinated debt   949       1,194  
    Total interest expense   28,150       32,202  
    Net interest income   59,409       55,470  
    Provision for credit losses   1,652       (357 )
    Net interest income after provision for credit losses   57,757       55,827  
    Non-interest income:      
    Wealth management revenues   5,800       5,322  
    Insurance commissions   9,925       9,213  
    Service charges   2,901       2,956  
    Net securities gains/(losses)   (181 )     0  
    Mortgage banking revenues   711       706  
    ATM/debit card revenue   3,646       4,055  
    Other   2,062       2,226  
    Total non-interest income   24,864       24,478  
    Non-interest expense:      
    Salaries and employee benefits   31,748       30,448  
    Net occupancy and equipment expense   8,479       7,560  
    Net other real estate owned (income) expense   101       (21 )
    FDIC insurance   849       869  
    Amortization of intangible assets   3,231       3,497  
    Stationary and supplies   431       391  
    Legal and professional expense   3,076       2,449  
    ATM/debit card expense   1,831       1,191  
    Marketing and donations   852       862  
    Other   3,874       6,116  
    Total non-interest expense   54,472       53,362  
    Income before income taxes   28,149       26,943  
    Income taxes   5,978       6,440  
    Net income $ 22,171     $ 20,503  
           
    Per Share Information      
    Basic earnings per common share $ 0.93     $ 0.86  
    Diluted earnings per common share   0.93       0.86  
           
    Weighted average shares outstanding   23,858,817       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,960,335  
           
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
                       
      For the Quarter Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025     2024     2024   2024   2024
    Interest income:                  
    Interest and fees on loans $ 79,918     $ 81,288     $ 81,775     $ 79,560     $ 77,823  
    Interest on investment securities   6,777       6,990       7,036       7,405       7,405  
    Interest on federal funds sold & other deposits   864       1,564       2,371       1,718       2,444  
    Total interest income   87,559       89,842       91,182       88,683       87,672  
    Interest expense:                  
    Interest on deposits   23,722       26,144       28,341       26,338       26,096  
    Interest on securities sold under agreements to repurchase   1,180       1,333       1,444       1,615       2,056  
    Interest on other borrowings   1,831       1,917       2,195       2,248       2,314  
    Interest on jr. subordinated debentures   468       510       567       537       542  
    Interest on subordinated debt   949       988       1,092       1,180       1,194  
    Total interest expense   28,150       30,892       33,639       31,918       32,202  
    Net interest income   59,409       58,950       57,543       56,765       55,470  
    Provision for credit losses   1,652       3,643       1,266       1,083       (357 )
    Net interest income after provision for credit losses   57,757       55,307       56,277       55,682       55,827  
    Non-interest income:                  
    Wealth management revenues   5,800       6,275       5,816       5,405       5,322  
    Insurance commissions   9,925       6,805       6,003       6,531       9,213  
    Service charges   2,901       3,058       3,121       3,227       2,956  
    Net securities gains/(losses)   (181 )     0       (277 )     (156 )     0  
    Mortgage banking revenues   711       1,104       1,109       1,038       706  
    ATM/debit card revenue   3,646       4,204       4,267       4,281       4,055  
    Other   2,062       4,917       2,984       2,096       2,226  
    Total non-interest income   24,864       26,363       23,023       22,422       24,478  
    Non-interest expense:                  
    Salaries and employee benefits   31,748       31,957       31,565       30,164       30,448  
    Net occupancy and equipment expense   8,479       7,285       8,055       7,507       7,560  
    Net other real estate owned (income) expense   101       240       107       85       (21 )
    FDIC insurance   849       863       829       902       869  
    Amortization of intangible assets   3,231       3,314       3,405       3,340       3,497  
    Stationary and supplies   431       642       482       370       391  
    Legal and professional expense   3,076       5,386       2,573       2,536       2,449  
    ATM/debit card expense   1,831       2,043       1,869       1,281       1,191  
    Marketing and donations   852       906       836       814       862  
    Other   3,874       3,661       4,212       4,392       6,116  
    Total non-interest expense   54,472       56,297       53,933       51,391       53,362  
    Income before income taxes   28,149       25,373       25,367       26,713       26,943  
    Income taxes   5,978       6,205       5,885       6,968       6,440  
    Net income $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
                       
    Per Share Information                  
    Basic earnings per common share $ 0.93     $ 0.80     $ 0.81     $ 0.83     $ 0.86  
    Diluted earnings per common share   0.93       0.80       0.81       0.82       0.86  
                       
    Weighted average shares outstanding   23,858,817       23,818,806       23,905,099       23,896,210       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,908,340       24,006,647       23,998,152       23,960,335  
                       
    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
     
        As of and for the Quarter Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
                         
    Loan Portfolio                    
    Construction and land development   $ 269,148     $ 236,093     $ 190,857     $ 195,389     $ 186,851  
    Farm real estate loans     373,413       390,760       384,620       387,015       388,941  
    1-4 Family residential properties     488,139       496,597       505,342       507,517       518,641  
    Multifamily residential properties     356,858       332,644       338,167       334,446       312,758  
    Commercial real estate     2,397,985       2,417,585       2,440,120       2,406,955       2,396,092  
    Loans secured by real estate     3,885,543       3,873,679       3,859,106       3,831,322       3,803,283  
    Agricultural operating loans     296,811       239,671       233,414       213,997       213,217  
    Commercial and industrial loans     1,303,712       1,335,920       1,283,631       1,268,646       1,227,906  
    Consumer loans     47,220       53,960       63,222       70,841       79,569  
    All other loans     165,572       169,232       175,218       175,811       175,320  
    Total loans     5,698,858       5,672,462       5,614,591       5,560,617       5,499,295  
                         
    Deposit Portfolio                    
    Non-interest bearing demand deposits   $ 1,394,590     $ 1,329,155     $ 1,387,290     $ 1,393,336     $ 1,448,299  
    Interest bearing demand deposits     1,814,427       1,907,733       1,834,123       1,909,993       1,974,857  
    Savings deposits     643,289       636,427       648,582       673,381       704,777  
    Money Market     1,215,420       1,196,537       1,183,594       1,127,699       1,107,177  
    Time deposits     1,062,654       987,244       1,035,245       1,011,370       1,007,826  
    Total deposits     6,130,380       6,057,096       6,088,834       6,115,779       6,242,936  
                         
    Asset Quality                    
    Non-performing loans   $ 26,598     $ 29,835     $ 18,242     $ 19,079     $ 20,064  
    Non-performing assets     28,703       32,030       20,076       20,557       21,471  
    Net charge-offs (recoveries)     1,783       2,235       804       708       381  
    Allowance for credit losses to non-performing loans     263.36 %     235.23 %     377.01 %     358.05 %     338.60 %
    Allowance for credit losses to total loans outstanding     1.23 %     1.24 %     1.22 %     1.23 %     1.24 %
    Nonperforming loans to total loans     0.47 %     0.53 %     0.32 %     0.34 %     0.36 %
    Nonperforming assets to total assets     0.38 %     0.43 %     0.27 %     0.27 %     0.28 %
    Special Mention loans     74,019       57,848       38,151       30,767       65,693  
    Substandard and Doubtful loans     33,884       35,516       29,037       27,594       29,296  
                         
    Common Share Data                    
    Common shares outstanding     23,981,916       23,895,807       23,904,051       23,895,868       23,888,929  
    Book value per common share   $ 36.32     $ 35.42     $ 35.91     $ 34.05     $ 33.40  
    Tangible book value per common share (1)     25.53       24.46       24.82       23.28       22.49  
    Tangible book value per common share excluding other comprehensive income at period end (1)     31.21       30.42       29.70       29.43       28.67  
    Market price of stock     34.90       36.82       38.91       32.88       32.68  
                         
    Key Performance Ratios and Metrics                    
    End of period earning assets   $ 6,844,096     $ 6,775,075     $ 6,786,458     $ 6,812,574     $ 6,923,742  
    Average earning assets     6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Average rate on average earning assets (tax equivalent)     5.29 %     5.24 %     5.35 %     5.27 %     5.16 %
    Average rate on cost of funds     1.74 %     1.83 %     2.00 %     1.91 %     1.91 %
    Net interest margin (tax equivalent) (1)(2)     3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
    Return on average assets     1.19 %     1.01 %     1.03 %     1.05 %     1.07 %
    Adjusted return on average assets (1)     1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Return on average common equity     10.35 %     9.04 %     9.40 %     9.92 %     10.37 %
    Adjusted return on average common equity (1)     10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
    Efficiency ratio (tax equivalent) (1)     58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
    Full-time equivalent employees     1,194       1,198       1,207       1,185       1,188  
                         
                         
    1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
    2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.
                     
    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited)
     
      For the Quarter Ended March 31, 2025
      QTD Average       Average
      Balance   Interest   Rate
    INTEREST EARNING ASSETS          
    Interest bearing deposits $ 70,701     $ 827       4.74 %
    Federal funds sold   75       1       5.41 %
    Certificates of deposits investments   3,162       36       4.62 %
    Investment Securities   1,090,099       7,254       2.66 %
    Loans (net of unearned income)   5,605,821       80,194       5.80 %
               
    Total interest earning assets   6,769,858       88,312       5.29 %
               
    NONEARNING ASSETS          
    Other nonearning assets   777,177          
    Allowance for loan losses   (70,620 )        
               
    Total assets $ 7,476,415          
               
    INTEREST BEARING LIABILITIES          
    Demand deposits $ 3,039,621     $ 14,900       1.99 %
    Savings deposits   640,687       164       0.10 %
    Time deposits   1,022,200       8,658       3.44 %
    Total interest bearing deposits   4,702,508       23,722       2.05 %
    Repurchase agreements   201,679       1,180       2.37 %
    FHLB advances   194,324       1,807       3.77 %
    Federal funds purchased   –       –       0.00 %
    Subordinated debt   82,608       949       4.66 %
    Jr. subordinated debentures   24,306       468       7.81 %
    Other debt   1,467       24       6.63 %
    Total borrowings   504,384       4,428       3.56 %
    Total interest bearing liabilities   5,206,892       28,150       2.19 %
               
    NONINTEREST BEARING LIABILITIES          
    Demand deposits   1,370,107     Average cost of funds   1.74 %
    Other liabilities   42,946          
    Stockholders’ equity   856,470          
               
    Total liabilities & stockholders’ equity $ 7,476,415          
               
    Net Interest Earnings / Spread     $ 60,162       3.10 %
               
    Tax effected yield on interest earning assets         3.60 %
               
    Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
               
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30,
    		   June 30,   March 31,
      2025   2024   2024   2024   2024
                       
    Net interest income as reported $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Net interest income, (tax equivalent)   60,162       59,717       58,627       57,361       56,086  
    Average earning assets   6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Net interest margin (tax equivalent)   3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
                       
                       
    Common stockholder’s equity $ 870,949     $ 846,391     $ 858,497     $ 813,645     $ 797,952  
    Goodwill and intangibles, net   258,671       261,906       265,139       257,377       260,699  
    Common shares outstanding   23,982       23,896       23,904       23,896       23,889  
    Tangible Book Value per common share $ 25.53     $ 24.46     $ 24.82     $ 23.28     $ 22.49  
    Accumulated other comprehensive loss (AOCI)   (136,097 )     (142,383 )     (116,692 )     (146,998 )     (147,667 )
    Adjusted tangible book value per common share $ 31.21     $ 30.42     $ 29.70     $ 29.43     $ 28.67  
                       
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, except per share data, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30, June 30,   March 31,
      2025   2024   2024   2024   2024
    Adjusted earnings Reconciliation                  
    Net Income – GAAP $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
    Adjustments (post-tax): (1)                  
    Nonrecurring technology project expenses   728       1,710       –       –       –  
    Net (gain)/loss on securities sales   143       –       219       123       –  
    Integration and acquisition expenses   41       –       137       250       1,804  
    Total non-recurring adjustments (non-GAAP) $ 912     $ 1,710     $ 356     $ 373     $ 1,804  
                       
    Adjusted earnings – non-GAAP $ 23,083     $ 20,878     $ 19,838     $ 20,118     $ 22,307  
    Adjusted diluted earnings per share (non-GAAP) $ 0.96     $ 0.87     $ 0.83     $ 0.84     $ 0.93  
    Adjusted return on average assets – non-GAAP   1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Adjusted return on average common equity – non-GAAP   10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
                       
                       
    Efficiency Ratio Reconciliation                  
    Noninterest expense – GAAP $ 54,472     $ 56,297     $ 53,933     $ 51,391     $ 53,362  
    Other real estate owned property income (expense)   (101 )     (240 )     (107 )     (85 )     21  
    Amortization of intangibles   (3,231 )     (3,314 )     (3,405 )     (3,340 )     (3,497 )
    Nonrecurring technology project expense   (921 )     (2,164 )     –       –       –  
    Integration and acquisition expenses   (52 )     –       (174 )     (316 )     (2,283 )
    Adjusted noninterest expense (non-GAAP) $ 50,167     $ 50,579     $ 50,247     $ 47,650     $ 47,603  
                       
    Net interest income -GAAP $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Effect of tax-exempt income (1)   753       767       1,084       596       616  
    Adjusted net interest income (non-GAAP) $ 60,162     $ 59,717     $ 58,627     $ 57,361     $ 56,086  
                       
    Noninterest income – GAAP $ 24,864     $ 26,363     $ 23,023     $ 22,422     $ 24,478  
    Net (gain)/loss on securities sales   181       0       277       156       0  
    Adjusted noninterest income (non-GAAP) $ 25,045     $ 26,363     $ 23,300     $ 22,578     $ 24,478  
                       
    Adjusted total revenue (non-GAAP) $ 85,207     $ 86,080     $ 81,927     $ 79,939     $ 80,564  
                       
    Efficiency ratio (non-GAAP)   58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
                       
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

    Summary of 2025 First Quarter Results

    (Comparison with fourth and first quarter of 2024)

      1Q 2025 4Q 2024 1Q 2024 
    Net sales ($ million) 2,922 2,845 3% 3,442 (15%)
    Operating income ($ million) 550 558 (2%) 812 (32%)
    Net income ($ million) 518 519 0% 750 (31%)
    Shareholders’ net income ($ million) 507 516 (2%) 737 (31%)
    Earnings per ADS ($) 0.94 0.94 0% 1.27 (26%)
    Earnings per share ($) 0.47 0.47 0% 0.64 (26%)
    EBITDA* ($ million) 696 726 (4%) 987 (29%)
    EBITDA margin (% of net sales) 23.8% 25.5%   28.7%  
     
    *EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.
     

    In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

    During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

    Market Background and Outlook

    Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

    US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

    For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

    Analysis of 2025 First Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 1Q 2025 4Q 2024
    		 1Q 2024
    Seamless 775 748 4% 777 0%
    Welded 212 164 29% 269 (21%)
    Total 987 913 8% 1,046 (6%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 1Q 2025 4Q 2024
    		 1Q 2024
    Net sales ($ million)          
    North America 1,244 1,131 10% 1,590 (22%)
    South America 552 595 (7%) 617 (11%)
    Europe 208 341 (39%) 253 (17%)
    Asia Pacific, Middle East and Africa 761 629 21% 833 (9%)
    Total net sales ($ million) 2,765 2,695 3% 3,292 (16%)
    Services performed on third party tubes ($ million) 101 93 9% 192 (47%)
    Operating income ($ million) 514 533 (4%) 785 (35%)
    Operating margin (% of sales) 18.6% 19.8%   23.9%  
               

    Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

    Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 1Q 2025 4Q 2024 1Q 2024
    Net sales ($ million) 157 150 5% 150 4%
    Operating income ($ million) 36 25 44% 26 38%
    Operating margin (% of sales) 23.1% 16.8%   17.5%  
               

    Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

    Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

    Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

    Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

    Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

    Cash Flow and Liquidity of 2025 First Quarter

    Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

    With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/gu6ip3ag/

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

     
    Consolidated Condensed Interim Income Statement
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      Unaudited
    Net sales 2,922,212 3,441,544
    Cost of sales (1,920,855) (2,134,052)
    Gross profit 1,001,357 1,307,492
    Selling, general and administrative expenses (457,065) (508,132)
    Other operating income 11,788 16,024
    Other operating expenses (6,167) (3,720)
    Operating income 549,913 811,664
    Finance Income 78,444 56,289
    Finance Cost (11,745) (20,583)
    Other financial results, net (31,441) (60,468)
    Income before equity in earnings of non-consolidated companies and income tax 585,171 786,902
    Equity in earnings of non-consolidated companies 14,035 48,179
    Income before income tax 599,206 835,081
    Income tax (81,342) (84,856)
    Income for the period 517,864 750,225
         
    Attributable to:    
    Shareholders’ equity 506,931 736,980
    Non-controlling interests 10,933 13,245
      517,864 750,225
     
    Consolidated Condensed Interim Statement of Financial Position
     
    (all amounts in thousands of U.S. dollars) At March 31, 2025   At December 31, 2024
      Unaudited    
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,183,251     6,121,471  
    Intangible assets, net 1,359,463     1,357,749  
    Right-of-use assets, net 147,606     148,868  
    Investments in non-consolidated companies 1,574,156     1,543,657  
    Other investments 1,014,502     1,005,300  
    Deferred tax assets 838,912     831,298  
    Receivables, net 197,411 11,315,301   205,602 11,213,945
    Current assets          
    Inventories, net 3,519,237     3,709,942  
    Receivables and prepayments, net 174,294     179,614  
    Current tax assets 360,416     332,621  
    Contract assets 51,736     50,757  
    Trade receivables, net 1,842,313     1,907,507  
    Derivative financial instruments 4,083     7,484  
    Other investments 2,581,761     2,372,999  
    Cash and cash equivalents 770,208 9,304,048    675,256 9,236,180
    Total assets   20,619,349     20,450,125
    EQUITY          
    Shareholders’ equity   17,164,683     16,593,257
    Non-controlling interests   231,994     220,578
    Total equity   17,396,677     16,813,835
    LIABILITIES          
    Non-current liabilities          
    Borrowings 7,437     11,399  
    Lease liabilities 91,148     100,436  
    Deferred tax liabilities 472,789     503,941  
    Other liabilities 300,116     301,751  
    Provisions 68,969 940,459   82,106 999,633
    Current liabilities          
    Borrowings 345,183     425,999  
    Lease liabilities 54,061     44,490  
    Derivative financial instruments 1,945     8,300  
    Current tax liabilities 304,019     366,292  
    Other liabilities 377,238     585,775  
    Provisions 139,965     119,344  
    Customer advances 228,086     206,196  
    Trade payables 831,716 2,282,213   880,261 2,636,657
    Total liabilities   3,222,672     3,636,290
    Total equity and liabilities   20,619,349     20,450,125
     
    Consolidated Condensed Interim Statement of Cash Flows
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      (Unaudited)
    Cash flows from operating activities    
    Income for the period 517,864 750,225
    Adjustments for:    
    Depreciation and amortization 146,406 175,442
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas 9,877 –
    Income tax accruals less payments (54,133) (29,222)
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Interest accruals less payments, net (8,423) 11,938
    Changes in provisions (2,393) 1,545
    Changes in working capital 223,817 (9,548)
    Others, including net foreign exchange 2,020 34,776
    Net cash provided by operating activities 821,000 886,977
         
    Cash flows from investing activities    
    Capital expenditures (173,838) (172,097)
    Changes in advances to suppliers of property, plant and equipment 12,916 2,952
    Loan to joint ventures (1,359) (1,354)
    Proceeds from disposal of property, plant and equipment and intangible assets 900 5,412
    Changes in investments in securities (225,636) (759,667)
    Net cash used in investing activities (387,017) (924,754)
         
    Cash flows from financing activities    
    Changes in non-controlling interests – 1,120
    Acquisition of treasury shares (237,188) (311,064)
    Payments of lease liabilities (14,655) (16,768)
    Proceeds from borrowings 347,570 829,947
    Repayments of borrowings (429,126) (754,078)
    Net cash used in financing activities (333,399) (250,843)
         
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
         
    Movement in cash and cash equivalents    
    At the beginning of the period 660,798 1,616,597
    Effect of exchange rate changes (2,430) (4,921)
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
    At March 31, 758,952 1,323,056
         

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Income for the period 517,864 750,225
    Income tax charge 81,342 84,856
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Financial Results (35,258) 24,762
    Depreciation and amortization 146,406 175,442
    EBITDA 696,319 987,106
         

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Net cash provided by operating activities 821,000 886,977
    Capital expenditures (173,838) (172,097)
    Free cash flow 647,162 714,880
         

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Cash and cash equivalents 770,208 1,323,350
    Other current investments 2,581,761 2,248,863
    Non-current investments 1,007,444 976,206
    Current borrowings (345,183) (608,278)
    Non-current borrowings (7,437) (28,122)
    Net cash / (debt) 4,006,793 3,912,019
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Inventories 3,519,237 3,911,719
    Trade receivables 1,842,313 2,303,293
    Customer advances (228,086) (239,342)
    Trade payables (831,716) (1,041,434)
    Operating working capital 4,301,748 4,934,236
    Annualized quarterly sales 11,688,848 13,766,176
    Operating working capital days 134 131
         

    Giovanni Sardagna
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Second Quarter Earnings on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 second quarter results after the market close on Wednesday, May 7, 2025. Management will host a conference call on Thursday, May 8, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal second quarter results.

    A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BIcee2351db2614b049aa108c318550f21 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    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 to 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-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 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.

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-OSI Economics: Microsoft Cloud and AI strength drives third quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength drives third quarter results

    Microsoft Cloud and AI Strength Drives Third Quarter Results

    REDMOND, Wash. — April 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended March 31, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $70.1 billion and increased 13% (up 15% in constant currency)

    ·        Operating income was $32.0 billion and increased 16% (up 19% in constant currency)

    ·        Net income was $25.8 billion and increased 18% (up 19% in constant currency)

    ·        Diluted earnings per share was $3.46 and increased 18% (up 19% in constant currency)

    “Cloud and AI are the essential inputs for every business to expand output, reduce costs, and accelerate growth,” said Satya Nadella, chairman and chief executive officer of Microsoft. “From AI infra and platforms to apps, we are innovating across the stack to deliver for our customers.”

    “We delivered a strong quarter with Microsoft Cloud revenue of $42.4 billion, up 20% (up 22% in constant currency) year-over-year driven by continued demand for our differentiated offerings,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

    Business Highlights

    Revenue in Productivity and Business Processes was $29.9 billion and increased 10% (up 13% in constant currency), with the following business highlights:

    ·        Microsoft 365 Commercial products and cloud services revenue increased 11% (up 14% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 12% (up 15% in constant currency)

    ·        Microsoft 365 Consumer products and cloud services revenue increased 10% (up 12% in constant currency) driven by Microsoft 365 Consumer cloud revenue growth of 10% (up 12% in constant currency)

    ·        LinkedIn revenue increased 7% (up 8% in constant currency)

    ·        Dynamics products and cloud services revenue increased 11% (up 13% in constant currency) driven by Dynamics 365 revenue growth of 16% (up 18% in constant currency)

    Revenue in Intelligent Cloud was $26.8 billion and increased 21% (up 22% in constant currency), with the following business highlights:

    ·        Server products and cloud services revenue increased 22% (up 24% in constant currency) driven by Azure and other cloud services revenue growth of 33% (up 35% in constant currency)

    Revenue in More Personal Computing was $13.4 billion and increased 6% (up 7% in constant currency), with the following business highlights:

    ·        Windows OEM and Devices revenue increased 3%

    ·        Xbox content and services revenue increased 8% (up 9% in constant currency)

    ·        Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 23% in constant currency)

    Microsoft returned $9.7 billion to shareholders in the form of dividends and share repurchases in the third quarter of fiscal year 2025.

    Business Outlook

    Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

    Quarterly Highlights, Product Releases, and Enhancements 

    Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

    Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

    Environmental, Social, and Governance (ESG)

    To learn more about Microsoft’s corporate governance and our environmental and social practices, please visit our investor relations Board and ESG website and reporting at Microsoft.com/transparency. 

    Webcast Details

    Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on April 30, 2026.

    Constant Currency

    Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

    Financial Performance Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $61,858

    $27,581

    $21,939

    $2.94

    2025 As Reported (GAAP)

    $70,066

    $32,000

    $25,824

    $3.46

    Percentage Change Y/Y (GAAP)

    13%

    16%

    18%

    18%

    Constant Currency Impact

    $(1,059)

    $(703)

    $(392)

    $(0.05)

    Percentage Change Y/Y Constant Currency

    15%

    19%

    19%

    19%

     

    Segment Revenue Constant Currency Reconciliation

     

    Three Months Ended March 31,

     ($ in millions)

    Productivity and Business Processes

    Intelligent Cloud

    More Personal Computing

    2024 As Reported (GAAP)

    $27,113

    $22,141

    $12,604

    2025 As Reported (GAAP)

    $29,944

    $26,751

    $13,371

    Percentage Change Y/Y (GAAP)

    10%

    21%

    6%

    Constant Currency Impact

    $(626)

    $(308)

    $(125)

    Percentage Change Y/Y Constant Currency

    13%

    22%

    7%

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

    Selected Product and Service Revenue Constant Currency Reconciliation           

     

    Three Months Ended March 31, 2025

    Percentage Change Y/Y (GAAP)

    Constant Currency Impact

    Percentage Change Y/Y Constant Currency

    Microsoft Cloud

    20%

    2%

    22%

    Microsoft 365 Commercial products and cloud services

    11%

    3%

    14%

    Microsoft 365 Commercial cloud

    12%

    3%

    15%

    Microsoft 365 Consumer products and cloud services

    10%

    2%

    12%

    Microsoft 365 Consumer cloud

    10%

    2%

    12%

    LinkedIn

    7%

    1%

    8%

    Dynamics products and cloud services

    11%

    2%

    13%

    Dynamics 365

    16%

    2%

    18%

    Server products and cloud services

    22%

    2%

    24%

    Azure and other cloud services

    33%

    2%

    35%

    Windows OEM and Devices

    3%

    0%

    3%

    Xbox content and services

    8%

    1%

    9%

    Search and news advertising excluding traffic acquisition costs

    21%

    2%

    23%

     

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

    ·        intense competition in all of our markets that may adversely affect our results of operations;

    ·        focus on cloud-based and AI services presenting execution and competitive risks;

    ·        significant investments in products and services that may not achieve expected returns;

    ·        acquisitions, joint ventures, and strategic alliances that may have an adverse effect on our business;

    ·        impairment of goodwill or amortizable intangible assets causing a significant charge to earnings;

    ·        cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

    ·        disclosure and misuse of personal data that could cause liability and harm to our reputation;

    ·        the possibility that we may not be able to protect information stored in our products and services from use by others;

    ·        abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

    ·        products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

    ·        issues about the use of AI in our offerings that may result in reputational or competitive harm, or legal liability;

    ·        excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

    ·        supply or quality problems;

    ·        government enforcement under competition laws and new market regulation may limit how we design and market our products;

    ·        potential consequences of trade and anti-corruption laws;

    ·        potential consequences of existing and increasing legal and regulatory requirements;

    ·        laws and regulations relating to the handling of personal data that may impede the adoption of our services or result in increased costs, legal claims, fines, or reputational damage;

    ·        claims against us that may result in adverse outcomes in legal disputes;

    ·        uncertainties relating to our business with government customers;

    ·        additional tax liabilities;

    ·        sustainability regulations and expectations that may expose us to increased costs and legal and reputational risk;

    ·        an inability to protect and utilize our intellectual property may harm our business and operating results;

    ·        claims that Microsoft has infringed the intellectual property rights of others;

    ·        damage to our reputation or our brands that may harm our business and results of operations;

    ·        adverse economic or market conditions that may harm our business;

    ·        catastrophic events or geo-political conditions, such as the COVID-19 pandemic, that may disrupt our business;

    ·        exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

    ·        the dependence of our business on our ability to attract and retain talented employees.

    For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

    All information in this release is as of March 31, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

    For more information, financial analysts and investors only:

    Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

    Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.


     

    MICROSOFT CORPORATION

    INCOME STATEMENTS

    (In millions, except per share amounts) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue:

    Product

     $15,319

     $17,080

     $46,810

     $51,556

    Service and other

    54,747

     

    44,778

     

    158,473

     

    128,839

    Total revenue

    70,066

     

    61,858

     

    205,283

     

    180,395

    Cost of revenue:

    Product

    3,037

    4,339

    10,187

    13,834

    Service and other

    18,882

     

    14,166

     

    53,630

     

    40,596

    Total cost of revenue

    21,919

     

    18,505

     

    63,817

     

    54,430

    Gross margin

    48,147

    43,353

    141,466

    125,965

    Research and development

    8,198

    7,653

    23,659

    21,454

    Sales and marketing

    6,212

    6,207

    18,369

    17,640

    General and administrative

    1,737

    1,912

    5,233

    5,363

    Operating income

    32,000

     

    27,581

     

    94,205

     

    81,508

    Other expense, net

    (623)

     

    (854)

     

    (3,194)

     

    (971)

    Income before income taxes

    31,377

    26,727

    91,011

    80,537

    Provision for income taxes

    5,553

     

    4,788

     

    16,412

     

    14,437

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Earnings per share:

    Basic

     $3.47

     $2.95

     $10.03

     $8.90

    Diluted

     $3.46

     $2.94

     $9.99

     $8.85

    Weighted average shares outstanding:

    Basic

    7,434

    7,431

    7,434

    7,431

    Diluted

    7,461

     

    7,472

     

    7,466

     

    7,467

     


     

    COMPREHENSIVE INCOME STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Net income

     $25,824

     

     $21,939

     

     $74,599

     

     $66,100

    Other comprehensive income (loss), net of tax:

    Net change related to derivatives

    (20)

    10

    4

    28

    Net change related to investments

    450

    (202)

    1,130

    869

    Translation adjustments and other

    353

     

    (294)

     

    (377)

     

    11

    Other comprehensive income (loss)

    783

     

    (486)

     

    757

     

    908

    Comprehensive income

     $26,607

     

     $21,453

     

     $75,356

     

     $67,008

     


     

    BALANCE SHEETS

    (In millions) (Unaudited)

     

    March 31,

    2025

    June 30,

     2024

    Assets

    Current assets:

    Cash and cash equivalents

     $28,828

     $18,315

    Short-term investments

    50,790

    57,228

    Total cash, cash equivalents, and short-term investments

    79,618

    75,543

    Accounts receivable, net of allowance for doubtful accounts of $695 and $830

    51,700

    56,924

    Inventories

    848

    1,246

    Other current assets

    24,478

    26,021

    Total current assets

    156,644

    159,734

    Property and equipment, net of accumulated depreciation of $87,074 and $76,421

    183,939

    135,591

    Operating lease right-of-use assets

    24,475

    18,961

    Equity and other investments

    16,035

    14,600

    Goodwill

    119,329

    119,220

    Intangible assets, net

    23,968

    27,597

    Other long-term assets

    38,234

    36,460

    Total assets

     $562,624

     $512,163

    Liabilities and stockholders’ equity

    Current liabilities:

    Accounts payable

     $26,250

     $21,996

    Short-term debt

    0

    6,693

    Current portion of long-term debt

    2,999

    2,249

    Accrued compensation

    10,579

    12,564

    Short-term income taxes

    6,805

    5,017

    Short-term unearned revenue

    44,636

    57,582

    Other current liabilities

    22,937

    19,185

    Total current liabilities

    114,206

    125,286

    Long-term debt

    39,882

    42,688

    Long-term income taxes

    25,061

    27,931

    Long-term unearned revenue

    2,840

    2,602

    Deferred income taxes

    2,522

    2,618

    Operating lease liabilities

    17,686

    15,497

    Other long-term liabilities

    38,536

    27,064

    Total liabilities

    240,733

    243,686

    Commitments and contingencies

    Stockholders’ equity:

    Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434

    106,965

    100,923

    Retained earnings

    219,759

    173,144

    Accumulated other comprehensive loss

    (4,833)

    (5,590)

    Total stockholders’ equity

    321,891

    268,477

    Total liabilities and stockholders’ equity

     $562,624

     $512,163

     


     

    CASH FLOWS STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     March 31,

    Nine Months Ended

     March 31,

     

    2025

     

    2024

     

    2025

     

    2024

    Operations

    Net income

     $25,824

     $21,939

     $74,599

     $66,100

    Adjustments to reconcile net income to net cash from operations:

    Depreciation, amortization, and other

    8,740

    6,027

    22,950

    15,907

    Stock-based compensation expense

    2,980

    2,703

    8,901

    8,038

    Net recognized losses (gains) on investments and derivatives

    (298)

    49

    553

    261

    Deferred income taxes

    (2,244)

    (1,323)

    (4,835)

    (3,593)

    Changes in operating assets and liabilities:

    Accounts receivable

    (2,461)

    (2,028)

    5,598

    6,055

    Inventories

    52

    260

    390

    1,229

    Other current assets

    1,076

    951

    642

    880

    Other long-term assets

    (518)

    (2,137)

    (3,368)

    (5,577)

    Accounts payable

    1,179

    648

    1,221

    (659)

    Unearned revenue

    (1,032)

    (645)

    (12,923)

    (10,309)

    Income taxes

    1,298

    2,622

    (1,081)

    2,493

    Other current liabilities

    2,839

    2,803

    576

    215

    Other long-term liabilities

    (391)

     

    48

     

    292

     

    313

    Net cash from operations

    37,044

     

    31,917

     

    93,515

     

    81,353

    Financing

    Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

    0

    (3,810)

    (5,746)

    6,392

    Proceeds from issuance of debt

    0

    6,352

    0

    24,198

    Repayments of debt

    (2,250)

    (11,589)

    (3,216)

    (16,005)

    Common stock issued

    546

    522

    1,508

    1,468

    Common stock repurchased

    (4,781)

    (4,213)

    (13,874)

    (13,044)

    Common stock cash dividends paid

    (6,169)

    (5,572)

    (17,913)

    (16,197)

    Other, net

    (382)

     

    (498)

     

    (1,614)

     

    (1,006)

    Net cash used in financing

    (13,036)

     

    (18,808)

     

    (40,855)

     

    (14,194)

    Investing

    Additions to property and equipment

    (16,745)

    (10,952)

    (47,472)

    (30,604)

    Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets

    (981)

    (1,575)

    (4,235)

    (67,790)

    Purchases of investments

    (4,474)

    (2,183)

    (8,144)

    (14,901)

    Maturities of investments

    6,721

    3,350

    11,461

    23,218

    Sales of investments

    2,161

    1,941

    6,688

    8,871

    Other, net

    604

    (1,281)

    (325)

    (916)

    Net cash used in investing

    (12,714)

     

    (10,700)

     

    (42,027)

     

    (82,122)

    Effect of foreign exchange rates on cash and cash equivalents

    52

     

    (80)

     

    (120)

     

    (107)

    Net change in cash and cash equivalents

    11,346

    2,329

    10,513

    (15,070)

    Cash and cash equivalents, beginning of period

    17,482

     

    17,305

     

    18,315

     

    34,704

    Cash and cash equivalents, end of period

     $28,828

     

     $19,634

     

     $28,828

     

     $19,634

     


     

    SEGMENT REVENUE AND OPERATING INCOME

    (In millions) (Unaudited)

     

    Three Months Ended

     March 31,

     

    Nine Months Ended

     March 31,

     

     

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue

     

     

     

     

     

     

     

    Productivity and Business Processes

     $29,944

     

     $27,113

     

     $87,698

     

     $78,193

    Intelligent Cloud

    26,751

     

    22,141

     

    76,387

     

    63,679

    More Personal Computing

    13,371

     

    12,604

     

    41,198

     

    38,523

    Total

     $70,066

     

     $61,858

     

     $205,283

     

     $180,395

    Operating Income

     

     

     

     

     

     

     

    Productivity and Business Processes

     $17,379

     

     $15,143

     

     $50,780

     

     $43,955

    Intelligent Cloud

    11,095

     

    9,515

     

    32,449

     

    27,978

    More Personal Computing

    3,526

     

    2,923

     

    10,976

     

    9,575

    Total

     $32,000

     

     $27,581

     

     $94,205

     

     $81,508

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

    MIL OSI Economics –

  • MIL-OSI USA: 04.30.2025 Sens. Cruz, Ossoff Introduce Bill to Extend Civil Rights Cold Case Review Board Term

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), a member of the Judiciary Committee, and Jon Ossoff (D-GA) introduced The Civil Rights Cold Cases Records Collection Reauthorization Act. This bill would extend the term of the Civil Rights Cold Case Review Board by four years. The board is tasked with investigating criminal investigations from the Civil Rights Era, led by a panel of private citizens appointed by the President.
    Sen. Cruz said, “Civil Rights cold case victims and their families deserve justice. Giving the review board more time to investigate these unsolved cases is essential to delivering long-overdue accountability. I urge my colleagues to move quickly to pass this bill so the review board can continue its work.”
    Sen. Ossoff said, “For too long, families of Civil Rights cold case victims have waited for answers and justice. Our bipartisan bill is an opportunity to pursue justice and truth on behalf of those who were killed. There’s no expiration date on justice; that’s why this effort must continue.”
    Companion legislation was introduced in the House by Reps. Bonnie Watson Coleman (D-N.J.-12), Brian Fitzpatrick (R-Pa.-01), and Rep. Mike Lawler (R-N.Y.-17).
    Read the full text of the bill here.
    BACKGROUND
    In 2019, Sen. Cruz and former Democrat Sen. Doug Jones of Alabama wrote and passed into law a bill, requiring federal agencies to turn over any remaining cold case records to the Civil Rights Cold Case Records Review Board, established by the National Archives and Records Administration, to help shed light on these unsolved cases.
    In 2022, Sens. Cruz and Ossoff wrote and passed into law the Civil Rights Cold Case Investigations Support Act of 2022, which extended the board.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Speaks on His Bipartisan Legislation to Repeal Trump’s Tariffs 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, today urged the Senate to pass his bipartisan legislation to repeal Donald Trump’s global tariffs and reassert Congress’s trade authority. The resolution, led by Senators Welch (D-Vt.), Ron Wyden (D-Ore.), Rand Paul (R-Ky.), Tim Kaine (D-Va.), Jeanne Shaheen (D-N.H.), Elizabeth Warren (D-Mass.), and Senate Democratic Leader Chuck Schumer (D-N.Y.), would terminate the emergency authority President Trump has used to apply tariffs on products Americans imports. In the wake of President Trump’s tariff declaration, markets have cratered, manufacturers have laid off thousands of workers, and foreign countries have retaliated by imposing their own tariffs on U.S. agricultural and manufactured goods.    
    Senator Welch spoke ahead of the Senate’s vote, which is expected this evening. Watch his remarks below:  
    “We have a collective responsibility to do everything we can to maintain the constitutional structure of three independent branches of government, each a counterweight to the other. And that’s not just an abstract concept. That’s the wisdom that has served us well, for well over 200 years. That those checks and balances give all our citizens an opportunity to have a seat at the table when major decisions about their lives and their futures are being made.  
    “That is why this decision that we’re about to make is not just about the tariffs. It’s not just about, in my view, how recklessly they’re being applied and imposed. It’s not just how they infect our economy with corruption, where it’s who you know rather than how hard you work, that’s going to get you ahead. It’s about the basic structure of our constitutional order. And every single one of us has the responsibility to protect that, because that’s not about us; it’s not about who we represent; it’s about how our country can operate with a democratic system where every single person, through their representatives, has a seat at the table. 
    “I urge all of us to take a look at what our constitutional responsibility is and whether we agree or not on so many different issues of vital concern to the future of this country, we each have a responsibility to act in a way that protects the constitutional system. And that means that we exercise the authority over tariffs—we don’t give that away to an executive branch decision.” 
    If enacted, the resolution would terminate the emergency that Trump declared, reverse Trump’s new taxes of 10% on all imported goods and end his threat of additional tariffs up to 49% on products Americans buy from other countries. In the wake of Trump’s tariff standoff, manufacturers have laid off thousands of workers, and foreign countries have retaliated by slapping their own tariffs on U.S. agricultural and manufactured goods. 
    Senator Welch was joined on the floor by Ranking Member of the Finance Committee, Ron Wyden (D-Ore.), and Senators Rand Paul (R-Ky.), Tim Kaine (D-Va.), Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.). 
    Read and download the full text of the bipartisan resolution. 

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Colleagues Introduce Bipartisan Bill to Tackle Housing Affordability Crisis

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    April 30, 2025

    Washington D.C.—U.S. Senator Ron Wyden, D-Ore today joined Senate colleagues in reintroducing a bipartisan bill that would expand the existing, successful Low-Income Housing Tax Credit and increase the supply of affordable housing units in Oregon and nationwide.

    “It’s time for Congress to meet the housing crisis with the bold solutions it demands and that starts with increasing housing supply,” said Wyden, Ranking Member of the Senate Finance Committee. “Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code.” 

    Since 1986, the Housing Credit has paid for 90% of the federally-funded affordable housing construction across the country, and has financed 4 million affordable homes. The National Association of Homebuilders reports that building materials have increased in cost by an average of 5.5% due to enacted or anticipated tariffs since January 2025, underscoring the urgent need for this legislation.  Moreover, according to the association, 60% of builders reported that as a result of tariffs, their suppliers have already increased or announced increases of material prices – with tariffs increasing the cost of a typical home by $10,900.

    The Affordable Housing Credit Improvement Act would support the financing of new affordable homes by:

    • Increasing the amount of credits allocated to each state. The legislation would increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018 —which has already helped build more than 59,000 additional affordable housing units nationwide. 
    • Increasing the number of affordable housing projects that can be built using private activity bonds. This provision would stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure the Housing Credit. As a result, projects would have to carry less debt, and more projects would be eligible to receive the credit. 
    • Improving the Housing Credit program to better serve at-risk and underserved communities. The legislation would also make improvements to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans. 

    This legislation builds on Wyden’s long history of working to address the national housing crisis. In 2023, he introduced his comprehensive Decent, Affordable, Safe Housing for All (DASH) Act, which would expand essential services to ensure permanent housing stability, create a new down payment tax credit for first-time homebuyers, and expand the production of affordable housing for low-income and middle-income families.

    In addition to Wyden, the bill was co-led by Sens. Maria Cantwell, D-Wash., Todd Young, R-Ind., and Marsha Blackburn, R-Tenn. It has 30 total original cosponsors, with an equal split of Democrats and Republicans.

    MIL OSI USA News –

  • MIL-OSI Security: Former Salem County Resident Admits Filing False Tax Returns

    Source: Office of United States Attorneys

    CAMDEN, N.J. – A former resident of Salem County admitted to filing false tax returns and causing a tax loss of approximately $590,000, U.S. Attorney Alina Habba announced.

    Michael DiPaolo, Jr., 47, of Newtown Square, Pennsylvania, pleaded guilty before U.S. District Judge Edward S. Kiel to an information charging him with one count of filing a false income tax return.

    According to documents filed in this case and statements made in court:                                                                               

    From 2018 through 2022, DiPaolo was the manager of a restaurant in Salem County, New Jersey, and received income from the restaurant.  DiPaolo received and failed to report more than $1,700,000 in income from 2018 through 2022.  By failing to report the income, DiPaolo avoided approximately $590,000 in federal income taxes.

    The count of filing a false tax return is punishable by a maximum of 3 years in prison and a maximum fine of $250,000, or twice the gross loss or gain, whichever is greatest.

    Sentencing is scheduled for September 3, 2025.

    U.S. Attorney Habba credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, with the investigation leading to this guilty plea.

    The government is represented by Assistant U.S. Attorney Daniel A. Friedman of the U.S. Attorney’s Office’s Criminal Division.

                                                                           ###

    Defense counsel:

    Michael S. Adelman, Esq., Cherry Hill, New Jersey

    MIL Security OSI –

  • MIL-OSI Security: Real Estate Developer Sentenced to More Than Six Years in Prison for Embezzling Millions From the Failed Washington Federal Bank in Chicago

    Source: Office of United States Attorneys

    CHICAGO — A federal judge in Chicago has sentenced a real estate developer to more than six years in prison for participating in a conspiracy that embezzled millions of dollars from the failed Washington Federal Bank for Savings in Chicago.

    Washington Federal, which was based in Chicago’s Bridgeport neighborhood, was shut down in 2017 after the Office of the Comptroller of the Currency determined that the bank was insolvent and had at least $66 million in nonperforming loans. For more than a decade, developer MIROSLAW KREJZA was part of a conspiracy that embezzled millions of dollars in bank funds.  The embezzled funds were disguised as purported real estate development loan disbursements to Krejza and others.  The conspirators were not required to repay these purported loans, and they never did.

    A federal jury in 2023 convicted Krejza, 67, of Chicago, of conspiring to commit embezzlement and falsify bank records, and aiding and abetting embezzlement by bank employees.  On Tuesday, U.S. District Judge Virginia M. Kendall sentenced Krejza to six years and eight months in prison and ordered him to pay more than $2 million in restitution.

    The sentence was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois; Vincent R. Zehme, Special Agent-in-Charge of the Chicago Region of the FDIC’s Office of Inspector General; Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI; Machelle L. Jindra, Special Agent-in-Charge of the U.S. Department of Housing and Urban Development’s Office of Inspector General in Chicago; Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago; Korey Brinkman, Special Agent-in-Charge of the Central Region of the Federal Housing Finance Agency, Office of Inspector General; Andrea Peacock, Special Agent-in-Charge of the Department of the Treasury, Office of Inspector General; Deborah Witzburg, City of Chicago Inspector General; and Kathryn B. Richards, Chicago Housing Authority Inspector General.  Valuable assistance was provided by the U.S. Trustee Program.  The government was represented by Assistant U.S. Attorneys Michelle Petersen, Kristin Pinkston, and Jeffrey Snell, and Special Assistant U.S. Attorney Brian Netols.

    The federal investigation into the collapse of Washington Federal led to criminal charges against 16 defendants, including the bank’s Chief Financial Officer, Treasurer, and other high-ranking employees, for conspiring to embezzle at least $31 million in bank funds.   Krejza and three others were convicted after jury trials, while ten defendants pleaded guilty and two entered into deferred prosecution agreements.

    Much of the embezzled money was transferred to Chicago attorney ROBERT M. KOWALSKI, real estate developer MAREK MATCZUK, and other individuals outside the bank without all of the required documentation and often without any documentation whatsoever.  A jury convicted Robert Kowalski on bankruptcy fraud, bank embezzlement, and tax charges, while Matczuk was convicted of conspiring to commit embezzlement and falsify bank records, as well as aiding and abetting embezzlement by bank employees.  Judge Kendall last year sentenced Robert Kowalski to 25 years in federal prison and Matczuk to nearly 13 years.

    Robert Kowalski’s sister, JAN R. KOWALSKI, also an attorney, pleaded guilty and was sentenced to more than three years in prison for fraudulently enabling her brother to conceal more than $357,000 from creditors and the trustee in his bankruptcy case.

    Three former members of Washington Federal’s Board of Directors pleaded guilty to conspiring to falsify bank records to deceive the OCC.  WILLIAM M. MAHON was sentenced to 18 months in prison; GEORGE F. KOZDEMBA was sentenced to a year in prison; and JANICE M. WESTON was sentenced to three months in prison.

    MIL Security OSI –

  • MIL-OSI: Goodwood Inc. Extends Termination of Goodwood Capital Fund and Announces Extension of Suspension of Redemptions and Suspension of NAV Calculation

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Goodwood Inc. (“Goodwood”), the manager of Goodwood Capital Fund (the “Fund”), announced today that the termination of the Fund will be extended until no later than December 31, 2025. On April 16, 2025, Goodwood convened a special meeting of unitholders of the Fund at which the unitholders voted to approve the termination of the Fund. As part of the termination process, Goodwood has commenced the liquidation of certain assets of the Fund and will distribute the proceeds of this liquidation (less a cash reserve for Fund expenses) to unitholders on or before April 30, 2025. Goodwood estimates such distribution will represent approximately 83% of the current net asset value of the Fund.

    Following the distribution, the Fund’s portfolio will consist only of investments that constitute illiquid assets (as such term is defined in National Instrument 81-102 Investment Funds). Goodwood is actively working to liquidate or otherwise monetize the illiquid assets and will continue to distribute any proceeds received from the disposition of the illiquid assets and any residual cash to unitholders of the Fund. However, the date on which Goodwood will be able to dispose of the illiquid assets or the amount that can be realized from the disposition, if any, is unknown.

    Pursuant to an exemptive relief decision obtained from the Ontario Securities Commission, the Fund has received (a) approval to permit the Fund to suspend the right of its unitholders to request that the Fund redeem their units of the Fund until December 31, 2025 (or such earlier date as the Fund is terminated and liquidated) (the Suspension of Redemptions); (b) an exemption from the requirement for the Fund to calculate its net asset value once a week during the period of suspension (the Suspension of NAV Calculations); and (c) an exemption to permit the Fund to hold illiquid assets making up more than 15% of its net asset value until December 31, 2025 (or such earlier date as the Fund is terminated and liquidated). Goodwood previously obtained an exemptive relief decision dated January 30, 2025 to permit the Fund to suspend the redemption of units of the Fund and the calculation of the net asset value of the Fund for a period of 90 days until April 30, 2025.

    In order to protect the interests and ensure the equal treatment of the unitholders of the Fund, Goodwood believes that the Suspension of Redemptions at this time is in the best interests of unitholders of the Fund and it will ensure that all current unitholders are treated in a similar manner in connection with the termination of the Fund.

    Goodwood will not earn or collect management fees from the Fund while the Suspension of Redemptions and the Suspension of NAV Calculations remains in effect. Goodwood will continue to determine the net asset value of the Fund for purposes of processing distributions and otherwise on an as needed basis.

    Additional information about Goodwood is available at www.goodwoodfunds.com.

    Curt Cumming
    President, Goodwood Inc.
    (416) 203-2522, cscumming@goodwoodfunds.com
    Website: www.goodwoodfunds.com

    The MIL Network –

  • MIL-OSI: Solomon Ponniah to Join Dime as Group Leader

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”) announced that it has hired Solomon Ponniah as Senior Vice President and Group Leader. Solomon comes to Dime with over 15 years of experience in Commercial Lending, most recently as Director of Business Banking at Popular Bank.

    “I am excited to join Dime and be a part of their growth story. Dime’s ability to respond to customers quickly, their flat organizational structure, and their growth trajectory attracted me to join the Bank,” said Solomon.

    Stuart H. Lubow, President and Chief Executive Officer of Dime, said “Hiring Solomon to our Commercial Lending division is consistent with our stated goal of growing our presence in the NYC metro area. Solomon is a well-regarded banker and bringing him on board is a solid win for Dime.”

    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).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

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

    FORWARD-LOOKING STATEMENTS

    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

  • MIL-OSI: National Fuel Reports Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

    FISCAL 2025 SECOND QUARTER SUMMARY

    • GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
    • Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
    • Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
    • Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
    • Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
    • The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

    MANAGEMENT COMMENTS

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

    “Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

    “National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

                   
      Three Months Ended March 31,
      (Thousands)   (Per Share)
        2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 2.37     $ 1.80  
    Items impacting comparability:              
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       0.03       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (0.01 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     0.00       0.00  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       0.00       0.00  
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     0.00       (0.01 )
    Tax impact of unrealized (gain) loss on other investments   4       162       0.00       0.00  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 2.39     $ 1.79  

    FISCAL 2025 GUIDANCE UPDATE

    National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

    The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

    NYMEX Assumption
    Remaining 6 months
    ($/MMBtu)    		 Fiscal 2025
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.50 – $6.80
    $3.50 $6.75 – $7.05
    $4.00 $7.05 – $7.35

    The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

    FINANCING ACTIVITIES UPDATE

    In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

    DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 97,828     $ 62,065     $ 35,763  
                           
    Premiums paid on early redemption of debt, net of tax   1,045       —       1,045  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax   245       (389 )     634  
    Adjusted Operating Results $ 99,118     $ 61,676     $ 37,442  
               
    Adjusted EBITDA $ 214,350     $ 172,068     $ 42,282  
                           

    Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

    During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

      Three Months Ended
      March 31,
    (Cost per Mcf)   2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”) $ 0.67     $ 0.68     $ (0.01 )
    General and Administrative Expense (“G&A”) $ 0.18     $ 0.17     $ 0.01  
    Taxes and Other $ 0.07     $ 0.06     $ 0.01  
    Total Cash Operating Costs $ 0.92     $ 0.91     $ 0.01  
    Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.61     $ 0.71     $ (0.10 )
    Total Operating Costs $ 1.53     $ 1.62     $ (0.09 )
                           

    On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 31,707     $ 30,737     $ 970  
               
    Adjusted EBITDA $ 70,169     $ 70,033     $ 136  
                           

    The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

    Empire Rate Case Update

    On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 26,342     $ 28,706     $ (2,364 )
    Premiums paid on early redemption of debt, net of tax   698       —       698  
    Adjusted Operating Results $ 27,040     $ 28,706     $ (1,666 )
               
    Adjusted EBITDA $ 52,748     $ 53,103     $ (355 )
                           

    The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 63,544     $ 44,739     $ 18,805  
               
    Adjusted EBITDA $ 95,270     $ 78,326     $ 16,944  
                           

    The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    GUIDANCE SUMMARY
     

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

      Previous FY 2025 Guidance   Updated FY 2025 Guidance
           
    Consolidated Adjusted Earnings per Share $6.50 to $7.00   $6.75 to $7.05
    Consolidated Effective Tax Rate ~ 25%   ~ 25%
           
    Capital Expenditures (Millions)      
    Exploration and Production $495 – $515   $495 – $515
    Pipeline and Storage $130 – $150   $130 – $150
    Gathering $95 – $110   $95 – $110
    Utility $165 – $185   $165 – $185
    Consolidated Capital Expenditures $885 – $960   $885 – $960
           
    Exploration and Production Segment Guidance      
           
    Commodity Price Assumptions (remaining six months)      
    NYMEX natural gas price $3.50 /MMBtu   $3.50 /MMBtu
    Appalachian basin spot price $2.90 /MMBtu   $2.60 /MMBtu
    Realized natural gas prices, after hedging ($/Mcf) $2.77 – $2.81   $2.72 – $2.76
           
    Production (Bcf) 410 to 425   415 to 425
           
    E&P Operating Costs($/Mcf)      
    LOE $0.68 – $0.70   $0.68 – $0.69
    G&A $0.18 – $0.19   $0.18 – $0.19
    DD&A $0.63 – $0.67   $0.63 – $0.65
           
    Other Business Segment Guidance(Millions)      
    Gathering Segment Revenues $250 – $260   $250 – $260
    Pipeline and Storage Segment Revenues $415 – $435   $415 – $435
           
    Utility Segment Guidance(Millions)      
    Customer Margin* $445 – $465   $445 – $465
    O&M Expense $240 – $250   $240 – $245
    Non-Service Pension & OPEB Income $23 – $27   $23 – $27
           
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings $ 62,065     $ 30,737     $ 28,706     $ 44,739     $ 25     $ 166,272  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   (536 )                     (536 )
    Tax impact of unrealized (gain) loss on derivative asset   147                       147  
    Unrealized (gain) loss on other investments                   (769 )     (769 )
    Tax impact of unrealized (gain) loss on other investments                   162       162  
    Second quarter 2024 adjusted operating results   61,676       30,737       28,706       44,739       (582 )     165,276  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   5,322                       5,322  
    Higher (lower) realized natural gas prices, after hedging   31,956                       31,956  
    Midstream Revenues                      
    Higher (lower) operating revenues       1,227       819               2,046  
    Downstream Margins***                      
    Impact of usage and weather               3,011           3,011  
    Impact of new rates in New York               14,577           14,577  
    Higher (lower) other operating revenues               (924 )         (924 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (1,196 )                     (1,196 )
    Lower (higher) operating expenses   (1,855 )     (1,248 )     (1,168 )     (3,330 )         (7,601 )
    Lower (higher) property, franchise and other taxes   (948 )                     (948 )
    Lower (higher) depreciation / depletion   6,973       745       (966 )     (685 )         6,067  
    Other Income (Expense)                      
    Higher (lower) other income               8,545       612       9,157  
    (Higher) lower interest expense       331       (891 )     (1,895 )     (2,902 )     (5,357 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,331 )     241       463       (545 )     (159 )     (2,331 )
    All other / rounding   (479 )     (326 )     77       51       (45 )     (722 )
    Second quarter 2025 adjusted operating results   99,118       31,707       27,040       63,544       (3,076 )     218,333  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (335 )                     (335 )
    Tax impact of unrealized gain (loss) on derivative asset   90                       90  
    Unrealized gain (loss) on other investments                   17       17  
    Tax impact of unrealized gain (loss) on other investments                   (4 )     (4 )
    Second quarter 2025 GAAP earnings $ 97,828     $ 31,707     $ 26,342     $ 63,544     $ (3,063 )   $ 216,358  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings per share $ 0.67     $ 0.33     $ 0.31     $ 0.48     $ 0.01     $ 1.80  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   —                       —  
    Unrealized (gain) loss on other investments, net of tax                   (0.01 )     (0.01 )
    Second quarter 2024 adjusted operating results per share   0.67       0.33       0.31       0.48       —       1.79  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   0.06                       0.06  
    Higher (lower) realized natural gas prices, after hedging   0.35                       0.35  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.01       0.01               0.02  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.16           0.16  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (0.01 )                     (0.01 )
    Lower (higher) operating expenses   (0.02 )     (0.01 )     (0.01 )     (0.04 )         (0.08 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.09       0.01       (0.01 )     (0.01 )         0.08  
    Other Income (Expense)                      
    Higher (lower) other income               0.09       0.01       0.10  
    (Higher) lower interest expense       —       (0.01 )     (0.02 )     (0.03 )     (0.06 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   (0.02 )     0.01       —       0.03       (0.02 )     —  
    Second quarter 2025 adjusted operating results per share   1.08       0.35       0.30       0.70       (0.04 )     2.39  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   —                       —  
    Unrealized gain (loss) on other investments, net of tax                   —       —  
    Second quarter 2025 GAAP earnings per share $ 1.07     $ 0.35     $ 0.29     $ 0.70     $ (0.04 )   $ 2.37  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings $ 114,548     $ 54,792     $ 57,531     $ 71,289     $ 1,132     $ 299,292  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   3,662                       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (1,004 )                     (1,004 )
    Unrealized (gain) loss on other investments                   (1,818 )     (1,818 )
    Tax impact of unrealized (gain) loss on other investments                   382       382  
    Six months ended March 31, 2024 adjusted operating results   117,206       54,792       57,531       71,289       (304 )     300,514  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (817 )                     (817 )
    Higher (lower) realized natural gas prices, after hedging   33,964                       33,964  
    Midstream Revenues                      
    Higher (lower) operating revenues       10,865       (332 )             10,533  
    Downstream Margins***                      
    Impact of usage and weather               2,685           2,685  
    Impact of new rates in New York               22,442           22,442  
    Higher (lower) other operating revenues               (1,364 )         (1,364 )
    Operating Expenses                      
    Lower (higher) operating expenses   (1,742 )     (2,105 )     (1,108 )     (4,575 )         (9,530 )
    Lower (higher) property, franchise and other taxes   (746 )                     (746 )
    Lower (higher) depreciation / depletion   13,816       452       (1,802 )     (1,309 )         11,157  
    Other Income (Expense)                      
    Higher (lower) other income   (1,888 )     (603 )         11,720       2,300       11,529  
    (Higher) lower interest expense       328       (1,271 )     (3,679 )     (3,165 )     (7,787 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,338 )     (246 )     905       (1,128 )     43       (2,764 )
    All other / rounding   (226 )     679       262       (38 )     (219 )     458  
    Six months ended March 31, 2025 adjusted operating results   157,229       64,162       54,185       96,043       (1,345 )     370,274  
    Items impacting comparability:                      
    Impairment of assets   (141,802 )                     (141,802 )
    Tax impact of impairment of assets   37,169                       37,169  
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (684 )                     (684 )
    Tax impact of unrealized gain (loss) on derivative asset   184                       184  
    Unrealized gain (loss) on other investments                   (2,600 )     (2,600 )
    Tax impact of unrealized gain (loss) on other investments                   546       546  
    Six months ended March 31, 2025 GAAP earnings $ 51,051     $ 64,162     $ 53,487     $ 96,043     $ (3,399 )   $ 261,344  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings per share $ 1.24     $ 0.59     $ 0.62     $ 0.77     $ 0.02     $ 3.24  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   0.03                       0.03  
    Unrealized (gain) loss on other investments, net of tax                   (0.02 )     (0.02 )
    Six months ended March 31, 2024 adjusted operating results per share   1.27       0.59       0.62       0.77       —       3.25  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (0.01 )                     (0.01 )
    Higher (lower) realized natural gas prices, after hedging   0.37                       0.37  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.12       —               0.12  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.25           0.25  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) operating expenses   (0.02 )     (0.02 )     (0.01 )     (0.05 )         (0.10 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.15       —       (0.02 )     (0.01 )         0.12  
    Other Income (Expense)                      
    Higher (lower) other income   (0.02 )     (0.01 )         0.13       0.03       0.13  
    (Higher) lower interest expense       —       (0.01 )     (0.04 )     (0.03 )     (0.08 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   0.02       0.02       0.01       (0.01 )     (0.01 )     0.03  
    Six months ended March 31, 2025 adjusted operating results per share   1.72       0.70       0.60       1.05       (0.01 )     4.06  
    Items impacting comparability:                      
    Impairment of assets, net of tax   (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                   (0.02 )     (0.02 )
    Rounding                   (0.01 )     (0.01 )
    Six months ended March 31, 2025 GAAP earnings per share $ 0.56     $ 0.70     $ 0.59     $ 1.05     $ (0.04 )   $ 2.86  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                   
    (Thousands of Dollars, except per share amounts)              
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS   2025       2024       2025       2024  
    Operating Revenues:              
    Utility Revenues $ 343,574     $ 290,198     $ 571,998     $ 492,119  
    Exploration and Production and Other Revenues   311,958       264,614       560,818       518,633  
    Pipeline and Storage and Gathering Revenues   74,418       75,127       146,616       144,549  
        729,950       629,939       1,279,432       1,155,301  
    Operating Expenses:              
    Purchased Gas   135,338       105,940       200,675       162,491  
    Operation and Maintenance:              
    Utility   63,447       59,288       118,691       112,993  
    Exploration and Production and Other   35,059       32,794       68,600       67,620  
    Pipeline and Storage and Gathering   42,363       39,340       78,304       74,303  
    Property, Franchise and Other Taxes   25,214       23,019       47,270       45,434  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Impairment of Assets   —       —       141,802       —  
        412,698       379,316       875,989       697,566  
                   
    Operating Income   317,252       250,623       403,443       457,735  
                   
    Other Income (Expense):              
    Other Income (Deductions)   15,232       6,070       22,952       9,801  
    Interest Expense on Long-Term Debt   (39,662 )     (28,453 )     (73,024 )     (56,915 )
    Other Interest Expense   (5,095 )     (6,636 )     (9,476 )     (12,910 )
                   
    Income Before Income Taxes   287,727       221,604       343,895       397,711  
                   
    Income Tax Expense   71,369       55,332       82,551       98,419  
                   
    Net Income Available for Common Stock $ 216,358     $ 166,272     $ 261,344     $ 299,292  
                   
    Earnings Per Common Share              
    Basic $ 2.39     $ 1.81     $ 2.88     $ 3.25  
    Diluted $ 2.37     $ 1.80     $ 2.86     $ 3.24  
                   
    Weighted Average Common Shares:              
    Used in Basic Calculation   90,500,162       92,114,415       90,640,333       92,011,772  
    Used in Diluted Calculation   91,176,327       92,512,447       91,312,334       92,478,604  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
       
      March 31,   September 30,
    (Thousands of Dollars)   2025       2024  
    ASSETS      
    Property, Plant and Equipment $ 14,834,817     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization   7,487,618       7,185,593  
    Net Property, Plant and Equipment   7,347,199       7,339,205  
    Current Assets:      
    Cash and Temporary Cash Investments   39,954       38,222  
    Cash Held in Trust for Bondholders   51,352       —  
    Receivables – Net   291,132       127,222  
    Unbilled Revenue   49,077       15,521  
    Gas Stored Underground   6,413       35,055  
    Materials and Supplies – at average cost   48,451       47,670  
    Unrecovered Purchased Gas Costs   3,562       —  
    Other Current Assets   78,532       92,229  
    Total Current Assets   568,473       355,919  
    Other Assets:      
    Recoverable Future Taxes   88,623       80,084  
    Unamortized Debt Expense   7,166       5,604  
    Other Regulatory Assets   118,800       108,022  
    Deferred Charges   69,572       69,662  
    Other Investments   71,958       81,705  
    Goodwill   5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs   194,325       180,230  
    Fair Value of Derivative Financial Instruments   45       87,905  
    Other   8,326       5,958  
    Total Other Assets   564,291       624,646  
    Total Assets $ 8,479,963     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES      
    Capitalization:      
    Comprehensive Shareholders’ Equity      
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and      
    Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively $ 90,398     $ 91,006  
    Paid in Capital   1,042,822       1,045,487  
    Earnings Reinvested in the Business   1,855,366       1,727,326  
    Accumulated Other Comprehensive Loss   (222,975 )     (15,476 )
    Total Comprehensive Shareholders’ Equity   2,765,611       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs   2,381,126       2,188,243  
    Total Capitalization   5,146,737       5,036,586  
    Current and Accrued Liabilities:      
    Notes Payable to Banks and Commercial Paper   208,400       90,700  
    Current Portion of Long-Term Debt   350,000       500,000  
    Accounts Payable   127,611       165,068  
    Amounts Payable to Customers   34,393       42,720  
    Dividends Payable   46,555       46,872  
    Interest Payable on Long-Term Debt   19,454       27,247  
    Customer Advances   —       19,373  
    Customer Security Deposits   30,358       36,265  
    Other Accruals and Current Liabilities   184,925       162,903  
    Fair Value of Derivative Financial Instruments   201,464       4,744  
    Total Current and Accrued Liabilities   1,203,160       1,095,892  
    Other Liabilities:      
    Deferred Income Taxes   1,072,436       1,111,165  
    Taxes Refundable to Customers   302,293       305,645  
    Cost of Removal Regulatory Liability   300,256       292,477  
    Other Regulatory Liabilities   140,828       151,452  
    Other Post-Retirement Liabilities   3,404       3,511  
    Asset Retirement Obligations   193,802       203,006  
    Other Liabilities   117,047       120,036  
    Total Other Liabilities   2,130,066       2,187,292  
    Commitments and Contingencies   —       —  
    Total Capitalization and Liabilities $ 8,479,963     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Six Months Ended
      March 31,
    (Thousands of Dollars)   2025       2024  
           
    Operating Activities:      
    Net Income Available for Common Stock $ 261,344     $ 299,292  
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
    Impairment of Assets   141,802       —  
    Depreciation, Depletion and Amortization   220,647       234,725  
    Deferred Income Taxes   25,787       65,187  
    Premiums Paid on Early Redemption of Debt   2,385       —  
    Stock-Based Compensation   10,487       10,477  
    Other   14,317       11,874  
    Change in:      
    Receivables and Unbilled Revenue   (197,553 )     (50,123 )
    Gas Stored Underground and Materials and Supplies   27,861       25,675  
    Unrecovered Purchased Gas Costs   (3,562 )     —  
    Other Current Assets   13,737       15,201  
    Accounts Payable   17,322       (15,641 )
    Amounts Payable to Customers   (8,327 )     13,327  
    Customer Advances   (19,373 )     (21,003 )
    Customer Security Deposits   (5,907 )     1,836  
    Other Accruals and Current Liabilities   21,528       26,927  
    Other Assets   (20,282 )     (22,165 )
    Other Liabilities   (28,343 )     (9,328 )
    Net Cash Provided by Operating Activities $ 473,870     $ 586,261  
           
    Investing Activities:      
    Capital Expenditures $ (434,260 )   $ (481,958 )
    Other   8,881       (1,189 )
    Net Cash Used in Investing Activities $ (425,379 )   $ (483,147 )
           
    Financing Activities:      
    Changes in Notes Payable to Banks and Commercial Paper   117,700       (8,600 )
    Shares Repurchased Under Repurchase Plan   (50,471 )     (4,230 )
    Reduction of Long-Term Debt   (954,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt   989,019       —  
    Dividends Paid on Common Stock   (93,543 )     (91,048 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans   (4,026 )     (3,914 )
    Net Cash Provided by (Used in) Financing Activities $ 4,593     $ (107,792 )
           
    Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   53,084       (4,678 )
    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period   38,222       55,447  
    Cash, Cash Equivalents, and Restricted Cash at March 31 $ 91,306     $ 50,769  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    UPSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    EXPLORATION AND PRODUCTION SEGMENT   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ 311,958     $ 264,614     $ 47,344     $ 560,818     $ 518,633     $ 42,185  
    Operating Expenses:                  
    Operation and Maintenance:                  
    General and Administrative Expense   18,847       17,165       1,682       38,173       34,958       3,215  
    Lease Operating and Transportation Expense   71,176       69,662       1,514       136,816       136,736       80  
    All Other Operation and Maintenance Expense   3,310       2,644       666       7,178       8,188       (1,010 )
    Property, Franchise and Other Taxes   4,275       3,075       1,200       7,657       6,713       944  
    Depreciation, Depletion and Amortization   64,622       73,448       (8,826 )     127,925       145,413       (17,488 )
    Impairment of Assets   —       —       —       141,802       —       141,802  
        162,230       165,994       (3,764 )     459,551       332,008       127,543  
                       
    Operating Income   149,728       98,620       51,108       101,267       186,625       (85,358 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   37       100       (63 )     74       201       (127 )
    Interest and Other Income (Deductions)   101       1,170       (1,069 )     373       (342 )     715  
    Interest Expense on Long-Term Debt   (1,949 )     —       (1,949 )     (1,949 )     —       (1,949 )
    Other Interest Expense   (15,091 )     (15,108 )     17       (30,291 )     (30,377 )     86  
    Income Before Income Taxes   132,826       84,782       48,044       69,474       156,107       (86,633 )
    Income Tax Expense   34,998       22,717       12,281       18,423       41,559       (23,136 )
    Net Income $ 97,828     $ 62,065     $ 35,763     $ 51,051     $ 114,548     $ (63,497 )
    Net Income Per Share (Diluted) $ 1.07     $ 0.67     $ 0.40     $ 0.56     $ 1.24     $ (0.68 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    MIDSTREAM BUSINESSES
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    PIPELINE AND STORAGE SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 71,185     $ 71,210     $ (25 )   $ 139,935     $ 136,036     $ 3,899  
    Intersegment Revenues   38,388       36,810       1,578       76,251       66,397       9,854  
    Total Operating Revenues   109,573       108,020       1,553       216,186       202,433       13,753  
    Operating Expenses:                  
    Purchased Gas   162       325       (163 )     121       926       (805 )
    Operation and Maintenance   30,642       29,062       1,580       57,677       55,013       2,664  
    Property, Franchise and Other Taxes   8,600       8,600       —       17,266       17,320       (54 )
    Depreciation, Depletion and Amortization   18,547       19,490       (943 )     37,132       37,704       (572 )
        57,951       57,477       474       112,196       110,963       1,233  
                       
    Operating Income   51,622       50,543       1,079       103,990       91,470       12,520  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   952       1,257       (305 )     1,905       2,515       (610 )
    Interest and Other Income   1,794       2,046       (252 )     3,833       3,978       (145 )
    Interest Expense   (11,700 )     (12,119 )     419       (23,428 )     (23,843 )     415  
    Income Before Income Taxes   42,668       41,727       941       86,300       74,120       12,180  
    Income Tax Expense   10,961       10,990       (29 )     22,138       19,328       2,810  
    Net Income $ 31,707     $ 30,737     $ 970     $ 64,162     $ 54,792     $ 9,370  
    Net Income Per Share (Diluted) $ 0.35     $ 0.33     $ 0.02     $ 0.70     $ 0.59     $ 0.11  
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    GATHERING SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 3,233     $ 3,917     $ (684 )   $ 6,681     $ 8,513     $ (1,832 )
    Intersegment Revenues   61,797       60,076       1,721       119,480       118,068       1,412  
    Total Operating Revenues   65,030       63,993       1,037       126,161       126,581       (420 )
    Operating Expenses:                  
    Operation and Maintenance   12,275       10,796       1,479       21,703       20,300       1,403  
    Property, Franchise and Other Taxes   7       94       (87 )     (227 )     117       (344 )
    Depreciation, Depletion and Amortization   10,834       9,611       1,223       21,349       19,068       2,281  
        23,116       20,501       2,615       42,825       39,485       3,340  
                       
    Operating Income   41,914       43,492       (1,578 )     83,336       87,096       (3,760 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)   —       9       (9 )     (1 )     19       (20 )
    Interest and Other Income   93       72       21       152       143       9  
    Interest Expense on Long-Term Debt   (1,334 )     —       (1,334 )     (1,334 )     —       (1,334 )
    Other Interest Expense   (4,450 )     (3,701 )     (749 )     (8,661 )     (7,431 )     (1,230 )
    Income Before Income Taxes   36,223       39,872       (3,649 )     73,492       79,827       (6,335 )
    Income Tax Expense   9,881       11,166       (1,285 )     20,005       22,296       (2,291 )
    Net Income $ 26,342     $ 28,706     $ (2,364 )   $ 53,487     $ 57,531     $ (4,044 )
    Net Income Per Share (Diluted) $ 0.29     $ 0.31     $ (0.02 )   $ 0.59     $ 0.62     $ (0.03 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    DOWNSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    UTILITY SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 343,574     $ 290,198     $ 53,376     $ 571,998     $ 492,119     $ 79,879  
    Intersegment Revenues   119       306       (187 )     203       393       (190 )
    Total Operating Revenues   343,693       290,504       53,189       572,201       492,512       79,689  
    Operating Expenses:                  
    Purchased Gas   171,777       140,836       30,941       273,249       224,886       48,363  
    Operation and Maintenance   64,444       60,229       4,215       120,704       114,913       5,791  
    Property, Franchise and Other Taxes   12,202       11,113       1,089       22,313       21,019       1,294  
    Depreciation, Depletion and Amortization   17,135       16,268       867       33,962       32,305       1,657  
        265,558       228,446       37,112       450,228       393,123       57,105  
                       
    Operating Income   78,135       62,058       16,077       121,973       99,389       22,584  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   12,299       857       11,442       18,170       1,327       16,843  
    Interest and Other Income   714       1,340       (626 )     1,242       3,250       (2,008 )
    Interest Expense   (10,927 )     (8,528 )     (2,399 )     (21,643 )     (16,986 )     (4,657 )
    Income Before Income Taxes   80,221       55,727       24,494       119,742       86,980       32,762  
    Income Tax Expense   16,677       10,988       5,689       23,699       15,691       8,008  
    Net Income $ 63,544     $ 44,739     $ 18,805     $ 96,043     $ 71,289     $ 24,754  
    Net Income Per Share (Diluted) $ 0.70     $ 0.48     $ 0.22     $ 1.05     $ 0.77     $ 0.28  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    ALL OTHER   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                  
    Operation and Maintenance   —       —       —       —       —       —  
        —       —       —       —       —       —  
                       
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Income (Deductions)   (222 )     (41 )     (181 )     (358 )     (119 )     (239 )
    Interest Expense   (131 )     (84 )     (47 )     (248 )     (165 )     (83 )
    Loss before Income Taxes   (353 )     (125 )     (228 )     (606 )     (284 )     (322 )
    Income Tax Benefit   (82 )     (29 )     (53 )     (141 )     (67 )     (74 )
    Net Loss $ (271 )   $ (96 )   $ (175 )   $ (465 )   $ (217 )   $ (248 )
    Net Loss Per Share (Diluted) $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
               
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    CORPORATE   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues   1,341       1,286       55       2,683       2,571       112  
    Total Operating Revenues   1,341       1,286       55       2,683       2,571       112  
    Operating Expenses:                  
    Operation and Maintenance   5,219       5,121       98       9,266       8,916       350  
    Property, Franchise and Other Taxes   130       137       (7 )     261       265       (4 )
    Depreciation, Depletion and Amortization   139       118       21       279       235       44  
        5,488       5,376       112       9,806       9,416       390  
                       
    Operating Loss   (4,147 )     (4,090 )     (57 )     (7,123 )     (6,845 )     (278 )
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Costs   (212 )     (387 )     175       (423 )     (774 )     351  
    Interest and Other Income   41,785       40,234       1,551       82,846       81,262       1,584  
    Interest Expense on Long-Term Debt   (36,379 )     (28,453 )     (7,926 )     (69,741 )     (56,915 )     (12,826 )
    Other Interest Expense   (4,905 )     (7,683 )     2,778       (10,066 )     (15,767 )     5,701  
    Income (Loss) before Income Taxes   (3,858 )     (379 )     (3,479 )     (4,507 )     961       (5,468 )
    Income Tax Benefit   (1,066 )     (500 )     (566 )     (1,573 )     (388 )     (1,185 )
    Net Income (Loss) $ (2,792 )   $ 121     $ (2,913 )   $ (2,934 )   $ 1,349     $ (4,283 )
    Net Income (Loss) Per Share (Diluted) $ (0.04 )   $ 0.01     $ (0.05 )   $ (0.03 )   $ 0.02     $ (0.05 )
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    INTERSEGMENT ELIMINATIONS   2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues $ (101,645 )   $ (98,478 )   $ (3,167 )   $ (198,617 )   $ (187,429 )   $ (11,188 )
    Operating Expenses:                  
    Purchased Gas   (36,601 )     (35,221 )     (1,380 )     (72,695 )     (63,321 )     (9,374 )
    Operation and Maintenance   (65,044 )     (63,257 )     (1,787 )     (125,922 )     (124,108 )     (1,814 )
        (101,645 )     (98,478 )     (3,167 )     (198,617 )     (187,429 )     (11,188 )
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Deductions   (42,109 )     (40,587 )     (1,522 )     (84,861 )     (81,659 )     (3,202 )
    Interest Expense   42,109       40,587       1,522       84,861       81,659       3,202  
    Net Income $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted) $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Capital Expenditures:                      
    Exploration and Production $ 108,384   (1) $ 124,184   (3) $ (15,800 )   $ 230,986   (1)(2) $ 285,141   (3)(4) $ (54,155 )
    Pipeline and Storage   15,626   (1)   18,025   (3)   (2,399 )     35,417   (1)(2)   42,579   (3)(4)   (7,162 )
    Gathering   18,499   (1)   19,949   (3)   (1,450 )     31,526   (1)(2)   39,518   (3)(4)   (7,992 )
    Utility   41,867   (1)   37,741   (3)   4,126       78,298   (1)(2)   68,251   (3)(4)   10,047  
    Total Reportable Segments   184,376       199,899       (15,523 )     376,227       435,489       (59,262 )
    All Other   —       —       —       —       —       —  
    Corporate   174       121       53       378       182       196  
    Eliminations   (3,520 )     —       (3,520 )     (3,520 )     —       (3,520 )
    Total Capital Expenditures $ 181,030     $ 200,020     $ (18,990 )   $ 373,085     $ 435,671     $ (62,586 )
    (1)   Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
    (2)   Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
    (3)   Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
    (4)   Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.
         
    DEGREE DAYS                                  
                              Percent Colder
                              (Warmer) Than:
    Three Months Ended March 31,   Normal       2025       2024     Normal(1)     Last Year(1)  
    Buffalo, NY(2)   3,226       3,116       2,705       (3.4 )     15.2  
    Erie, PA   3,023       3,017       2,576       (0.2 )     17.1  
                                       
    Six Months Ended March 31,                                  
    Buffalo, NY(2)   5,352       5,000       4,563       (6.6 )     9.6  
    Erie, PA   4,917       4,714       4,240       (4.1 )     11.2  
                                       
    (1)   Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2)   Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                           
    EXPLORATION AND PRODUCTION INFORMATION
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Gas Production/Prices:                      
    Production (MMcf)                      
    Appalachia   105,514       102,883       2,631       203,232       203,640       (408 )
                           
    Average Prices (Per Mcf)                      
    Weighted Average $ 3.02     $ 1.98     $ 1.04     $ 2.64     $ 2.14     $ 0.50  
    Weighted Average after Hedging $ 2.94     $ 2.56     $ 0.38     $ 2.74     $ 2.53     $ 0.21  
                           
    Selected Operating Performance Statistics:                      
    General and Administrative Expense per Mcf(1) $ 0.18     $ 0.17     $ 0.01     $ 0.19     $ 0.17     $ 0.02  
    Lease Operating and Transportation Expense per Mcf(1)(2) $ 0.67     $ 0.68     $ (0.01 )   $ 0.67     $ 0.67     $ —  
    Depreciation, Depletion and Amortization per Mcf(1) $ 0.61     $ 0.71     $ (0.10 )   $ 0.63     $ 0.71     $ (0.08 )
                           
    (1)   Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2)   Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)            
                                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Firm Transportation – Affiliated   49,240       42,561       6,679       81,110       74,056       7,054  
    Firm Transportation – Non-Affiliated   185,490       179,697       5,793       356,502       348,303       8,199  
    Interruptible Transportation   454       1,271       (817 )     515       1,389       (874 )
        235,184       223,529       11,655       438,127       423,748       14,379  
                                           
    Gathering Volume – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Gathered Volume   129,771       125,565       4,206       250,732       249,388       1,344  
                                           
                                           
    Utility Throughput – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Retail Sales:                                      
    Residential Sales   32,111       27,063       5,048       50,587       45,045       5,542  
    Commercial Sales   5,420       4,293       1,127       8,339       7,093       1,246  
    Industrial Sales   302       190       112       501       327       174  
        37,833       31,546       6,287       59,427       52,465       6,962  
    Transportation   25,086       22,637       2,449       42,028       40,166       1,862  
        62,919       54,183       8,736       101,455       92,631       8,824  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
     

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands except per share amounts)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Items impacting comparability:              
    Impairment of assets (E&P)   —       —       141,802       —  
    Tax impact of impairment of assets   —       —       (37,169 )     —  
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     684       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       (184 )     (1,004 )
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     2,600       (1,818 )
    Tax impact of unrealized (gain) loss on other investments   4       162       (546 )     382  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 370,274     $ 300,514  
                   
    Reported GAAP Earnings Per Share $ 2.37     $ 1.80     $ 2.86     $ 3.24  
    Items impacting comparability:              
    Impairment of assets, net of tax (E&P)   —       —       1.14       —  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)   0.02       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)   —       —       0.01       0.03  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)   —       (0.01 )     0.02       (0.02 )
    Rounding   —       —       0.01       —  
    Adjusted Operating Results Per Share $ 2.39     $ 1.79     $ 4.06     $ 3.25  
     

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Other (Income) Deductions   (15,232 )     (6,070 )     (22,952 )     (9,801 )
    Interest Expense   44,757       35,089       82,500       69,825  
    Income Taxes   71,369       55,332       82,551       98,419  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
                   
    Adjusted EBITDA by Segment              
    Pipeline and Storage Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
    Gathering Adjusted EBITDA   52,748       53,103       104,685       106,164  
    Total Midstream Businesses Adjusted EBITDA   122,917       123,136       245,807       235,338  
    Exploration and Production Adjusted EBITDA   214,350       172,068       370,994       332,038  
    Utility Adjusted EBITDA   95,270       78,326       155,935       131,694  
    Corporate and All Other Adjusted EBITDA   (4,008 )     (3,972 )     (6,844 )     (6,610 )
    Total Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
     
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Exploration and Production Segment              
    Reported GAAP Earnings $ 97,828     $ 62,065     $ 51,051     $ 114,548  
    Depreciation, Depletion and Amortization   64,622       73,448       127,925       145,413  
    Other (Income) Deductions   (138 )     (1,270 )     (447 )     141  
    Interest Expense   17,040       15,108       32,240       30,377  
    Income Taxes   34,998       22,717       18,423       41,559  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 214,350     $ 172,068     $ 370,994     $ 332,038  
                   
    Pipeline and Storage Segment              
    Reported GAAP Earnings $ 31,707     $ 30,737     $ 64,162     $ 54,792  
    Depreciation, Depletion and Amortization   18,547       19,490       37,132       37,704  
    Other (Income) Deductions   (2,746 )     (3,303 )     (5,738 )     (6,493 )
    Interest Expense   11,700       12,119       23,428       23,843  
    Income Taxes   10,961       10,990       22,138       19,328  
    Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
                   
    Gathering Segment              
    Reported GAAP Earnings $ 26,342     $ 28,706     $ 53,487     $ 57,531  
    Depreciation, Depletion and Amortization   10,834       9,611       21,349       19,068  
    Other (Income) Deductions   (93 )     (81 )     (151 )     (162 )
    Interest Expense   5,784       3,701       9,995       7,431  
    Income Taxes   9,881       11,166       20,005       22,296  
    Adjusted EBITDA $ 52,748     $ 53,103     $ 104,685     $ 106,164  
                   
    Utility Segment              
    Reported GAAP Earnings $ 63,544     $ 44,739     $ 96,043     $ 71,289  
    Depreciation, Depletion and Amortization   17,135       16,268       33,962       32,305  
    Other (Income) Deductions   (13,013 )     (2,197 )     (19,412 )     (4,577 )
    Interest Expense   10,927       8,528       21,643       16,986  
    Income Taxes   16,677       10,988       23,699       15,691  
    Adjusted EBITDA $ 95,270     $ 78,326     $ 155,935     $ 131,694  
                   
    Corporate and All Other              
    Reported GAAP Earnings $ (3,063 )   $ 25     $ (3,399 )   $ 1,132  
    Depreciation, Depletion and Amortization   139       118       279       235  
    Other (Income) Deductions   758       781       2,796       1,290  
    Interest Expense   (694 )     (4,367 )     (4,806 )     (8,812 )
    Income Taxes   (1,148 )     (529 )     (1,714 )     (455 )
    Adjusted EBITDA $ (4,008 )   $ (3,972 )   $ (6,844 )   $ (6,610 )
     

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

  • MIL-OSI: CLIMATEROCK ANNOUNCES ADJOURNMENT OF SHAREHOLDER MEETING TO 11:00 AM EASTERN TIME MAY 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    London, April 30, 2025 (GLOBE NEWSWIRE) — ClimateRock (“ClimateRock” or the “Company”) (OTC: “CLRCF”, “CLRUF”, “CLRWF”, “CLRRF”) announced today that, in connection with the Company’s extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve, among other things, an extension of time for the Company to consummate an initial business combination from May 2, 2025 to November 2, 2025, or such earlier date as determined by the Company’s board of directors (the “Extension”), the Company is adjourning the Special Meeting from 12:00 p.m. Eastern time on Wednesday, April 30, 2025, to 11:00 a.m. Eastern time on Thursday, May 1, 2025. 

    As a result of this change, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 9:00 a.m., Eastern time, on Thursday, May 1, 2025.

    About ClimateRock

    ClimateRock is a special purpose acquisition company led by Chairman, Charles Ratelband, and CEO, Per Regnarsson, and is incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry or geographic location, but it is focused on acquiring a target within the sustainable energy industry in the Organization for Economic Co-operation and Development countries, including climate change, environment, renewable energy and emerging, clean technologies. For more information, please visit Driving The Energy Transition – ClimateRock (climate-rock.com).

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Participants in the Solicitation

    ClimateRock and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the proposals to be presented to shareholders at the Special Meeting. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on April 17, 2025 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation

    This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Additional Information and Where to Find It

    ClimateRock urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.

    INVESTOR RELATIONS CONTACT

    ClimateRock
    Phone number: +44 208 050 7820
    Email: info@climate-rock.com 

    The MIL Network –

  • MIL-OSI: XRP News: Buy XDX Token As XenDex Fills Its Soft Cap Ahead of Exchange Listing

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 30, 2025 (GLOBE NEWSWIRE) — XenDex has officially filled its presale soft cap, and the clock is now ticking for those who still want in. As the crypto world celebrates Brazil’s first XRP Spot ETF, the SEC’s lawsuit against Ripple gets withdrawn, and ProShares’ XRP Futures ETF receives approval, XRP sentiment has never been stronger, and XenDex is right at the heart of it.

    With the presale now entering its final stretch, the price of $XDX is getting higher, and with token supply shrinking fast, many believe this is the last chance to buy before full sellout and major listings go live.

    Buy $XDX Now Before Presale Ends

    XenDex Is Listing on Top Exchanges Soon

    Following the presale, $XDX will be listed on major centralized exchanges, opening the door to global access and deep liquidity. Confirmed exchange partners include:

    • Binance
    • Gate.io
    • BitMart
    • MEXC
    • FirstLedger
    • MagneticX

    These listings are expected to significantly drive up demand, making current entry points even more valuable.

    Buy Before It Sells Out Completely: https://xendex.net/presale

    Why $XDX Is In High Demand

    XenDex is solving some of XRPL’s biggest gaps by delivering a first-of-its-kind decentralized exchange with:

    • AI-Powered Copy Trading – Mirror the trades of top-performing investors
    • Non-Custodial Lending & Borrowing – Borrow and lend XRP and XDX tokens to earn rewards
    • Cross-Chain Trading – Swap XRP tokens across chains like Solana and BNB
    • Staking and Yield Farming – Earn rewards by supplying liquidity to our liquidity pool
    • DAO Governance – Use $XDX to vote on new features, upgrades, and token listings

    Buy $XDX Now & Earn Rewards

    Thousands of XRP holders have already joined XenDex’s Telegram and Twitter communities. Now that the soft cap is filled, attention is turning to the final phase of the presale, and tokens are vanishing quickly.

    “We’ve passed our soft cap, locked in listings, and entered our final presale pricing. The next step is sellout,” said a XenDex spokesperson. “Those who wait will pay more, if there’s even any left to buy.”

    Final Opportunity Before Full Sellout

    With listings locked in, token supply diminishing, and price pressure mounting, now is the moment to act. Every minute you wait could mean paying more, or missing out completely.

    Visit Official XenDex Links

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91d8ec49-9b74-4631-a137-5362249fa888

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2025.

    Highlights of 2025‘s First Quarter

    • Higher natural gas prices in the first quarter drove improved financial results in the quarter.
      • Natural gas and oil sales, including realized hedging gains, were $405 million for the quarter.
      • Operating cash flow was $239 million or $0.81 per diluted share.
      • Adjusted EBITDAX for the quarter was $293 million.
      • Adjusted net income was $53.8 million or $0.18 per diluted share for the quarter.
    • Comstock resumed completion activity in late 2024 allowing it to turn fourteen (11.3 net) operated wells to sales since the last update with an average per well initial production rate of 25 MMcf per day.
    • The successful results of Comstock’s step out Western Haynesville well drilled in Freestone County, Texas substantially extended the success the Company has had in proving up its Western Haynesville acreage.

    Financial Results for the Three Months Ended March 31, 2025

    Natural gas prices improved substantially in the first quarter of 2025 and Comstock realized $3.58 per Mcf before hedging and $3.52 per Mcf after hedging for its natural gas production of 115 Bcf in the quarter. Comstock’s natural gas and oil sales in the first quarter of 2025 increased to $405.0 million (including realized hedging losses of $8.0 million). Operating cash flow (excluding changes in working capital) generated in the first quarter of 2025 was $239.0 million, and net loss for the first quarter was $115.4 million or $0.40 per share. The net loss in the quarter included a pre-tax $322.4 million unrealized loss on hedging contracts held for price risk management resulting from the rise in future natural gas prices since the end of 2024. Excluding this item and exploration expense, adjusted net income for the first quarter of 2025 was $53.8 million, or $0.18 per diluted share.

    Comstock’s production cost per Mcfe in the first quarter averaged $0.83 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.30 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock’s unhedged operating margin was 77% in the first quarter of 2025 and 76% after hedging.

    Drilling Results

    Comstock drilled seven (6.9 net) operated horizontal Haynesville/Bossier shale wells in the first quarter of 2025, which had an average lateral length of 11,660 feet. Comstock turned eleven (8.3 net) operated wells to sales in the first quarter of 2025.

    Since its last operational update in February, Comstock has turned fourteen (11.3 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 25 MMcf per day. The completed lateral length of these wells averaged 12,220 feet. Included in the wells turned to sales was our first Western Haynesville well drilled in Freestone county, the Olajuwon Pickens #1, which had a 10,306 foot completed lateral. This well is 24.4 miles away from the closest producing Western Haynesville well and represents a major milestone in Comstock’s progress in delineating its Western Haynesville acreage. The Olajuwon Pickens #1 was turned to sales at an initial production rate of 41 MMcf per day.

    Other

    On April 29, 2025, Comstock also announced that its bank group reaffirmed the $2.0 billion borrowing base under its $1.5 billion revolving credit facility.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on May 1, 2025, to discuss the first quarter 2025 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register-conf.media-server.com/register/BIe794f2ba5583499f970858176fd39094.
    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/99m3j47q.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on May 1, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/99m3j47q.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    March 31,    		  
        2025     2024  
    Revenues:            
    Natural gas sales   $ 412,286     $ 287,083  
    Oil sales     702       876  
    Total natural gas and oil sales     412,988       287,959  
    Gas services     99,866       47,813  
    Total revenues     512,854       335,772  
    Operating expenses:            
    Production and ad valorem taxes     11,179       17,908  
    Gathering and transportation     42,617       47,099  
    Lease operating     35,000       35,072  
    Exploration     2,150       —  
    Depreciation, depletion and amortization     167,891       190,689  
    Gas services     116,769       48,680  
    General and administrative     11,080       9,171  
    Total operating expenses     386,686       348,619  
    Operating income (loss)     126,168       (12,847 )
    Other income (expenses):            
    Gain (loss) from derivative financial instruments     (330,339 )     39,307  
    Other income     339       331  
    Interest expense     (54,837 )     (49,557 )
    Total other expenses     (384,837 )     (9,919 )
    Loss before income taxes     (258,669 )     (22,766 )
    Benefit from income taxes     143,276       8,292  
    Net loss     (115,393 )     (14,474 )
    Net income attributable to noncontrolling interest     (5,885 )     (1,847 )
    Net loss available to the Company   $ (121,278 )   $ (16,321 )
                 
    Net loss per share            
    Basic   $ (0.40 )   $ (0.05 )
    Diluted   $ (0.40 )   $ (0.05 )
    Weighted average shares outstanding:            
    Basic     290,303       277,962  
    Diluted     290,303       277,962  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended March 31,  
        2025     2024  
    Natural gas production (MMcf)     115,029       139,443  
    Oil production (Mbbls)     10       12  
    Total production (MMcfe)     115,091       139,515  
                 
    Natural gas sales   $ 412,286     $ 287,083  
    Natural gas hedging settlements (1)     (7,959 )     47,995  
    Total natural gas including hedging     404,327       335,078  
    Oil sales     702       876  
    Total natural gas and oil sales including hedging   $ 405,029     $ 335,954  
                 
    Average natural gas price (per Mcf)   $ 3.58     $ 2.06  
    Average natural gas price including hedging (per Mcf)   $ 3.52     $ 2.40  
    Average oil price (per barrel)   $ 70.20     $ 73.00  
    Average price (per Mcfe)   $ 3.59     $ 2.06  
    Average price including hedging (per Mcfe)   $ 3.52     $ 2.41  
                 
    Production and ad valorem taxes   $ 11,179     $ 17,908  
    Gathering and transportation     42,617       47,099  
    Lease operating     35,000       35,072  
    Cash general and administrative (2)     6,640       5,755  
    Total production costs   $ 95,436     $ 105,834  
                 
    Production and ad valorem taxes (per Mcfe)   $ 0.10     $ 0.13  
    Gathering and transportation (per Mcfe)     0.37       0.34  
    Lease operating (per Mcfe)     0.30       0.25  
    Cash general and administrative (per Mcfe)     0.06       0.04  
    Total production costs (per Mcfe)   $ 0.83     $ 0.76  
                 
    Unhedged operating margin     77 %     63 %
    Hedged operating margin     76 %     68 %
                 
    Gas services revenue   $ 99,866     $ 47,813  
    Gas services expenses     116,769       48,680  
    Gas services margin   $ (16,903 )   $ (867 )
                 
    Natural Gas and Oil Capital Expenditures:            
    Unproved property acquisitions   $ 9,684     $ 69,444  
    Total natural gas and oil properties acquisitions   $ 9,684     $ 69,444  
    Exploration and Development:            
    Development leasehold   $ 3,556     $ 3,938  
    Exploratory drilling and completion     100,107       106,456  
    Development drilling and completion     145,578       145,793  
    Other development costs     515       37  
    Total exploration and development capital expenditures   $ 249,756     $ 256,224  

    (1)    Included in gain (loss) from derivative financial instruments in operating results.

    (2)    Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    March 31,    		  
        2025     2024  
    ADJUSTED NET INCOME (LOSS):            
    Net loss   $ (115,393 )   $ (14,474 )
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Exploration expense     2,150       —  
    Adjustment to income taxes     (155,292 )     (2,752 )
    Adjusted net income (loss)   $ 53,845     $ (8,538 )
                 
    Adjusted net income (loss) per share (2)   $ 0.18     $ (0.03 )
    Diluted shares outstanding     293,633       277,962  
                 
                 
    ADJUSTED EBITDAX:            
    Net loss   $ (115,393 )   $ (14,474 )
    Interest expense     54,837       49,557  
    Income taxes     (143,276 )     (8,292 )
    Depreciation, depletion, and amortization     167,891       190,689  
    Exploration     2,150       —  
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Stock-based compensation     4,442       3,415  
    Total Adjusted EBITDAX (3)   $ 293,031     $ 229,583  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    March 31,    		  
        2025     2024  
    OPERATING CASH FLOW (1):            
    Net loss   $ (115,393 )   $ (14,474 )
    Reconciling items:            
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Deferred income taxes     (143,276 )     (8,287 )
    Depreciation, depletion and amortization     167,891       190,689  
    Amortization of debt discount and issuance costs     2,944       1,984  
    Stock-based compensation     4,442       3,415  
    Operating cash flow   $ 238,988     $ 182,015  
    (Increase) decrease in accounts receivable     (33,660 )     99,418  
    Decrease in other current assets     559       5,576  
    Decrease in accounts payable and accrued expenses     (31,141 )     (115,470 )
    Net cash provided by operating activities   $ 174,746     $ 171,539  
        Three Months Ended
    March 31,    		  
        2025     2024  
    FREE CASH FLOW (DEFICIT)(2):            
    Operating cash flow   $ 238,988     $ 182,015  
    Less:            
    Exploration and development capital expenditures     (249,756 )     (256,224 )
    Midstream capital expenditures     (48,668 )     (5,298 )
    Other capital expenditures     (86 )     (29 )
    Contributions from midstream partner     59,500       6,000  
    Free cash deficit from operations   $ (22 )   $ (73,536 )
    Acquisitions     (9,684 )     (69,444 )
    Free cash deficit after acquisitions   $ (9,706 )   $ (142,980 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash deficit from operations and free cash deficit after acquisitions are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        March 31,
    2025    		     December 31,
    2024    		  
    ASSETS            
    Cash and cash equivalents   $ 32,875     $ 6,799  
    Accounts receivable     208,506       174,846  
    Derivative financial instruments     —       4,865  
    Other current assets     97,595       97,524  
    Total current assets     338,976       284,034  
    Property and equipment, net     5,828,842       5,688,389  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     97,832       73,777  
        $ 6,601,547     $ 6,382,097  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 433,797     $ 421,814  
    Accrued costs     113,231       146,173  
    Operating leases     47,256       35,927  
    Derivative financial instruments     263,796       8,940  
    Total current liabilities     858,080       612,854  
    Long-term debt     3,050,034       2,952,090  
    Deferred income taxes     201,841       345,116  
    Derivative financial instruments     129,416       66,757  
    Long-term operating leases     50,485       37,740  
    Asset retirement obligation     34,507       33,996  
    Total liabilities     4,324,363       4,048,553  
    Stockholders’ Equity:            
    Common stock     146,460       146,130  
    Additional paid-in capital     1,367,696       1,366,274  
    Accumulated earnings     607,341       728,619  
    Total stockholders’ equity attributable to Comstock     2,121,497       2,241,023  
    Noncontrolling interest     155,687       92,521  
    Total stockholders’ equity     2,277,184       2,333,544  
        $ 6,601,547     $ 6,382,097  

    The MIL Network –

  • MIL-OSI: BKV Corp. and Comstock Resources Announce Collaboration Agreement to Accelerate Deployment of Carbon Capture Projects

    Source: GlobeNewswire (MIL-OSI)

    DENVER, CO AND FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) — BKV Corporation (NYSE: BKV) (“BKV”) and Comstock Resources, Inc. (NYSE: CRK) (“Comstock”) today announced an exclusive, non-binding agreement for BKV to develop carbon capture, utilization and sequestration (“CCUS”) projects at two of Comstock’s natural gas processing facilities in its Western Haynesville operating area.

    As part of the agreement, the companies plan to develop CCUS injection wells to permanently sequester carbon dioxide waste produced at Comstock’s Bethel and Marquez natural gas processing and production facilities in Texas, as well as other locations. The terms of the prospective projects are subject to further negotiation and execution of one or more definitive agreements.

    The agreement seeks to combine BKV’s proven and innovative CCUS capabilities with Comstock’s position as a leading producer in the Haynesville shale, a premier natural gas basin in Northwest Louisiana and East Texas with direct access to the high value Gulf Coast markets and LNG corridor.

    “BKV is proud to bring our proven track record to the table as we deliver innovative solutions that meet rising energy demand while managing carbon emissions,” said Chris Kalnin, CEO of BKV. “Collaborating with a premier partner like Comstock is a compelling opportunity to showcase how our CCUS portfolio can enable other natural gas producers to utilize low-carbon infrastructure and operate more sustainably. We view carbon capture as essential to the future of responsible energy, and this collaboration reflects a shared commitment to innovation, sustainability, and the long-term viability of natural gas. We’re excited about what we can achieve together.”

    “Industrial customers desire scalable, low-carbon energy solutions, and enhancing Comstock’s infrastructure with innovative CCUS partnerships will deliver exactly that,” said M. Jay Allison, CEO of Comstock Resources. “We are excited about the opportunity to collaborate on carbon capture projects that align with Comstock’s commitment to innovation and sustainability. BKV’s leadership in carbon capture and storage innovation makes them the ideal partner for executing our vision.”

    About BKV Corporation
    Headquartered in Denver, Colorado, BKV Corporation (BKV) is a forward-thinking, growth-driven energy company focused on creating value for its stockholders. BKV’s core business is to produce natural gas from its owned and operated upstream assets. BKV’s overall business is organized into four business lines: natural gas production; natural gas gathering, processing and transportation; power generation; and carbon capture, utilization and sequestration. BKV (and its predecessor entity) was founded in 2015, and BKV and its employees are committed to building a different kind of energy company. BKV is one of the top 20 gas-weighted natural gas producers in the United States and the largest natural gas producer by gross operated volume in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies.

    About Comstock Resources
    Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    Forward-Looking Statements
    The information in this press release includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are not historical facts, include statements regarding BKV and Comstock’s strategy, future operations, prospects, plans and objectives of management, and often contain words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “budget,” “plan,” “seek,” “envision,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, such as the negotiation and execution of definitive agreements. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed in BKV and Comstock’s filings with the United States Securities and Exchange Commission (the “SEC”). Except as required by applicable law, BKV and Comstock undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

    For BKV:

    Media Contact

    Becky Escott
    BKV Corporation
    Senior Director, Corporate Communications
    media@bkvcorp.com

    Investor Contacts

    David Tameron
    BKV Corporation
    Chief Financial Officer
    investorrelations@bkvcorp.com

    Caldwell Bailey
    ICR, Inc.

    BKVIR@icrinc.com

    For Comstock:
    Ron Mills
    VP – Finance & Investor Relations
    Comstock Resources
    972-668-8834
    rmills@comstockresources.com  

    SOURCE: BKV Corporation 

    The MIL Network –

  • MIL-OSI: Great Elm Capital Corp. (“GECC”) Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH GARDENS, Fla., April 30, 2025 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced that it will release its financial results for the first quarter ended March 31, 2025, after the close of market trading on Monday, May 5, 2025. The results will be discussed in a conference call on Tuesday, May 6, 2025, at 8:30 a.m. ET.

    Date/Time: Tuesday, May 6, 2025 – 8:30 a.m. ET
       
    Participant Dial-In Numbers:  
    (United States): (877) 407-0789
    (International): (201) 689-8562

    To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.

    Webcast
    The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.

    About Great Elm Capital Corp.
    GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

    Media & Investor Contact:
    Investor Relations
    investorrelations@greatelmcap.com

    Source: Great Elm Capital Corp.

    The MIL Network –

  • MIL-OSI: Orange County Bancorp, Inc. Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Highlights include:

    • Net interest margin of 3.95% for the quarter ended March 31, 2025 increased 31 basis points, or 8.5%, versus 3.64% for the quarter ended March 31, 2024
    • Total Deposits grew $128.3 million, or 6.0%, reaching $2.3 billion at March 31, 2025 as compared to $2.2 billion at December 31, 2024
    • Total Loans of $1.9 billion at March 31, 2025 increased $38.5 million, or 2.1%, from $1.8 billion at December 31, 2024
    • Net Income reached $8.7 million for the three months ended March 31, 2025 representing a decrease of $586 thousand, or 6.3%, as compared to $9.3 million for the three months ended March 31, 2024
    • Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025 from $2.9 million for the quarter ended March 31, 2024
    • Book value per share increased $1.34, or 8.2%, reaching $17.69 at March 31, 2025 as compared to $16.35 at December 31, 2024

    MIDDLETOWN, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $8.7 million, or $0.77 per basic and diluted share, for the quarter ended March 31, 2025. This represents a $586 thousand, or 6.3%, decrease in net income as compared to $9.3 million, or $0.82 per basic and diluted share, for the quarter ended March 31, 2024. The year-over-year comparison reflects a reduction in provision for credit losses on loans and increases in net interest income and total noninterest income in the most recent quarter, while the same period last year benefitted from a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt previously written off. The prior year’s gain had an approximately $.17 per share impact on first quarter earnings.   Non-interest income for the quarter ended March 31, 2025 rose $670 thousand, or 18.2%, to $4.4 million, as compared to $3.7 million for the quarter ended March 31, 2024.

    Book value per share rose $1.34, or 8.2%, from $16.35 at December 31, 2024 to $17.69 at March 31, 2025. Tangible book value per share also increased $1.35, or 8.5%, from $15.80 at December 31, 2024 to $17.15 at March 31, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were the result of earnings growth during the quarter combined with a decrease in unrealized losses in the investment portfolio attributed to interest rate changes during the first quarter of 2025.

    “2025 began with anticipation of a deregulatory, pro-business agenda from the incoming administration that would accelerate economic growth, but saw the quarter marked instead by uncertainty and market volatility stemming from government cost cutting and tariff policy,” said Orange Bank President and CEO, Michael Gilfeather. “Despite this unexpected shift, I am pleased to announce Orange Bank posted another excellent quarterly performance. For the three months ended March 31, 2025, the Company earned $8.7 million. This was a $586 thousand, or 6.3%, decrease versus the same quarter in 2024, but reflects solid growth in net interest income and noninterest income and a meaningful reduction in our provision for credit losses excluding a $1.9 million gain we realized last year as the result of recovery from the sale of Signature Bank subordinated debt previously written off. Excluding last year’s one-time gain, earnings for Q1 2025 would have exceeded Q1 2024.

    While we hope for the return of more stable, predictable markets, for the benefit of local economic activity and businesses, our clients continue to identify compelling long-term investment opportunities for us to finance. Total loans grew $38.5 million, or 2.1%, for the quarter, from $1.8 billion at December 31, 2024. As discussed in prior quarters, we continue to employ a conservative underwriting posture that guides the prioritization, sizing, and pricing of loans to ensure we thoughtfully manage risk while providing our clients with access to capital.

    The quarter also saw strong deposit growth; up $128.3 million, or 6.0%, to $2.3 billion at March 31, 2025 from $2.2 billion at December 31, 2024. Growth in deposits remains a priority for the Bank, and effective management of their costs has long been a strategic and differentiating strength of our organization. Our cost of deposits for the first quarter of 2025 was 1.29%, down compared to 1.34% for the first quarter of 2024.  

    Also embedded in our operational results is solid expansion of net interest margin, which ended the quarter at 3.95%. This is a 31 basis points, or 8.5%, increase, over the same quarter last year, once again reflecting management of our overall process and drive to source appropriately priced deposits.

    Our Wealth Management division also continued its strong recent performance in the quarter. Trust and investment advisory income rose $553 thousand, or 19.2%, to $3.4 million, for the quarter ended March 31, 2025, from $2.9 million for the quarter ended March 31, 2024. This division not only provides the Bank an important, diversified source of revenue, but also offers clients additional, value-added service that leads to stronger, longer-lasting business relationships.

    Though it’s difficult to predict when the current period of market volatility and uncertainty will subside, I remain confident in our team and Company’s ability to adapt and meet our clients’ needs. This is a testament to strategic initiatives and execution we’ve committed to the past several years and is only possible through the dedication of our employees, the continued trust of our clients, and the support of our stockholders. I thank you all.”

    First Quarter 2025 Financial Review

    Net Income

    Net income for the first quarter of 2025 was $8.7 million, a decrease of $586 thousand, or 6.3%, from net income of $9.3 million for the first quarter of 2024. This decrease was the result of a one-time recovery of $1.9 million from the sale of Signature Bank subordinated debt in the first quarter of 2024 offset by higher net interest income and noninterest income as well as a reduced provision for credit losses on loans during the first quarter of 2025 as compared to the first quarter of 2024.  

    Net Interest Income

    For the three months ended March 31, 2025, net interest income rose $2.0 million, or 9.4%, to $23.6 million versus $21.6 million during the same period last year reflecting an increase in total interest income of $834 thousand and a decrease in total interest expense of $1.2 million mainly due to lower borrowing costs during the current period.

    Total interest income rose $834 thousand, or 2.7%, to $31.9 million for the three months ended March 31, 2025, compared to $31.1 million for the three months ended March 31, 2024. The increase reflected 6.6% growth in interest and fees associated with loans which was offset by decreases in interest income associated with investment securities, fed funds, and balances held at correspondent banks.

    Total interest expense decreased $1.2 million during the first quarter of 2025, to $8.3 million, as compared to $9.5 million in the first quarter of 2024. Interest expense from FHLB advances and borrowings during the current quarter totaled $931 thousand as compared to $2.3 million during the first quarter of 2024. The decrease primarily represented the effect of lower average balances and costs associated with FHLB borrowings. Interest expense associated with savings and NOW accounts totaled $4.9 million during the first quarter of 2025 as compared to $4.6 million during the first quarter of 2024. Interest expense related to brokered deposits totaled $2.1 million during the first quarter of 2025 as compared to $2.3 million during the first quarter of 2024.

    Provision for Credit Losses

    Provision for credit losses amounted to $202 thousand for the three months ended March 31, 2025 and a net credit of $1.6 million for the three months ended March 31, 2024. The increase in the provision for credit losses was primarily attributable to the investment recovery during 2024. The allowance for credit losses to total loans was 1.42% as of March 31, 2025 versus 1.44% as of December 31, 2024. No additional reserves for investment securities were recorded during 2025 or 2024, respectively.

    Non-Interest Income

    Non-interest income rose $670 thousand, or 18.2%, to $4.4 million for the three months ended March 31, 2025 as compared to $3.7 million for the three months ended March 31, 2024. This growth was related to increased fee income within each of the Company’s fee income categories, including investment advisory, trust, and service charges on deposit accounts.

    Non-Interest Expense

    Non-interest expense was $16.5 million for the first quarter of 2025, reflecting an increase of $1.2 million, or 7.7%, as compared to $15.3 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s investment in growth. This investment consists primarily of increases in compensation, occupancy, and information technology. Our efficiency ratio, which is a non-GAAP measurement, decreased to 58.9% for the three months ended March 31, 2025, from 60.5% for the same period in 2024.  

    Income Tax Expense

    Provision for income taxes for the three months ended March 31, 2025 was $2.6 million, representing an increase of $257 thousand, or 11.0%, as compared to $2.3 million for the three months ended March 31, 2024. The amount was directly related to provisions associated with the Company’s earnings as well as the effect of certain tax adjustments for the quarter. Our effective tax rate for the three-month period ended March 31, 2025 was 22.9%, as compared to 20.0% for the same period in 2024.  

    Financial Condition

    Total consolidated assets increased by $50.2 million, or 2.0%, and grew from $2.5 billion at December 31, 2024 to $2.6 billion at March 31, 2025. The increase reflected increases in cash and loans during the first quarter of 2025.

    Total cash and due from banks increased from $150.3 million at December 31, 2024, to $164.2 million at March 31, 2025, an increase of approximately $13.8 million, or 9.2%. This increase resulted mainly from higher levels of deposit balances.

    Total investment securities fell $4.2 million, or 0.9%, from $453.4 million at December 31, 2024 to $449.3 million at March 31, 2025. The decrease was driven primarily by investment securities maturities during the first three months of 2025.

    Total loans increased $38.5 million, or 2.1%, to $1.9 billion at March 31, 2025 from $1.8 billion at December 31, 2024. The increase was due primarily to growth of $19.7 million in CRE loans, including additional growth of $16.7 million in CRE Construction loans as well as $4.9 million in commercial and industrial loans.

    Total deposits increased $128.3 million, to $2.3 billion at March 31, 2025 from approximately $2.2 billion at December 31, 2024. This increase was due primarily to $50.8 million of growth in interest bearing demand deposits; $24.3 million increase in money market accounts; $11.5 million growth in savings accounts; and $38.8 million increase in time deposits mainly associated with brokered deposits which the Bank utilized to increase cash balances and reduce borrowings during the first quarter. The increases in deposits also included a $2.9 million increase in noninterest-bearing demand deposit accounts during the quarter. Deposit composition at March 31, 2025 included 45.4% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 39% at March 31, 2025 and December 31, 2024, respectively.

    FHLBNY short-term borrowings were $20.5 million at March 31, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings was driven mainly by increased deposits which outpaced loan growth during the quarter and allowed for paydowns of borrowings while maintaining consistent levels of cash at March 31, 2025.

    Stockholders’ equity increased $15.8 million, or 8.5%, to $201.3 million at March 31, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of $8.7 million in net income and a decrease in unrealized losses of approximately $7.7 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes during the first quarter of 2025 offset by dividends of $1.5 million.

    At March 31, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital-to-average-assets ratio was 10.41%, both common equity and Tier 1 capital-to-risk-weighted-assets were 14.16%, and total-capital-to-risk-weighted-assets was 15.42%.  

    Wealth Management

    At March 31, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.7 billion in assets under management or advisory as compared to $1.8 billion at December 31, 2024, reflecting a decrease of $43.0 million, or 2.4%. Trust and investment advisory income for the quarter ended March 31, 2025 totaled $3.4 million and represented an increase of 19.2%, or $553 thousand, as compared to $2.9 million for the quarter ended March 31, 2024.

    The breakdown of trust and investment advisory assets as of March 31, 2025 and December 31, 2024, respectively, is as follows:

    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $ 1,105,692     63.55 %   $ 1,105,143     61.99 %
    Trust Asset Under Administration & Management   634,177     36.45 %     677,723     38.01 %
    Total $ 1,739,869     100.00 %   $ 1,782,866     100.00 %
                   

    Loan Quality

    At March 31, 2025, the Bank had total non-performing loans of $6.2 million, or 0.33% of total loans. Total non-accrual loans represented approximately $6.2 million of loans at March 31, 2025, compared to $6.3 million at December 31, 2024.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of March 31, 2025, the Bank’s cash and due from banks totaled $164.2 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of March 31, 2025, the Bank’s investment in securities available for sale was $443.8 million, of which $80.3 million was not pledged as collateral. Additionally, as of March 31, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $631.0 million, of which $96.4 million was used to collateralize municipal deposits and $10.0 million was utilized for overnight and long term FHLBNY advances. As of March 31, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $524.6 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At March 31, 2025, the Bank also held $91.0 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

    The Bank also considers brokered deposits as an element of its deposit strategy. As of March 31, 2025, the Bank had brokered deposit arrangements with various terms totaling $220.0 million.

     
    Non-GAAP Financial Measure Reconciliations
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
           
      March 31, 2025   December 31, 2024
      (Dollars in thousands except for share data)
    Tangible Common Equity:      
    Total stockholders’ equity $ 201,324     $ 185,531  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (750 )     (821 )
    Tangible common equity $ 195,215     $ 179,351  
    Common shares outstanding   11,383,738       11,350,158  
    Book value per common share $ 17.69     $ 16.35  
    Tangible book value per common share $ 17.15     $ 15.80  
           
    Tangible Assets      
    Total assets $ 2,560,128     $ 2,509,927  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (750 )     (821 )
    Tangible assets $ 2,554,019     $ 2,503,747  
    Tangible common equity to tangible assets   7.64 %     7.16 %
           
    NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
           

    About Orange County Bancorp, Inc.

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
      (Dollar Amounts in thousands except per share data)
               
          March 31, 2025   December 31, 2024
               
        ASSETS      
               
    Cash and due from banks $ 164,173     $ 150,334  
    Investment securities – available-for-sale   443,797       443,775  
    (Amortized cost $509,906 at March 31, 2025 and $519,567 at December 31, 2024)    
    Restricted investment in bank stocks   5,525       9,716  
    Loans   1,854,254       1,815,751  
    Allowance for credit losses   (26,373 )     (26,077 )
      Loans, net   1,827,881       1,789,674  
               
    Premises and equipment, net   15,904       15,808  
    Accrued interest receivable   11,002       6,680  
    Bank owned life insurance   42,516       42,257  
    Goodwill   5,359       5,359  
    Intangible assets   750       821  
    Other assets   43,221       45,503  
               
        TOTAL ASSETS $ 2,560,128     $ 2,509,927  
               
        LIABILITIES AND STOCKHOLDERS’ EQUITY      
               
    Deposits:      
      Noninterest bearing $ 654,061     $ 651,135  
      Interest bearing   1,627,637       1,502,224  
        Total deposits   2,281,698       2,153,359  
               
    FHLB advances, short term   20,500       113,500  
    FHLB advances, long term   10,000       10,000  
    Subordinated notes, net of issuance costs   19,609       19,591  
    Accrued expenses and other liabilities   26,997       27,946  
               
        TOTAL LIABILITIES   2,358,804       2,324,396  
               
        STOCKHOLDERS’ EQUITY      
               
    Common stock, $0.25 par value; 30,000,000 shares authorized;      
      11,391,755 and 11,366,608 issued; 11,383,738 and 11,350,158 outstanding,    
      at March 31, 2025 and December 31, 2024, respectively   2,848       2,842  
    Surplus   121,546       120,896  
    Retained Earnings   137,148       129,919  
    Accumulated other comprehensive income (loss), net of taxes   (60,019 )     (67,751 )
    Treasury stock, at cost; 8,017 and 16,450 shares at March 31,      
      2025 and December 31, 2024, respectively   (199 )     (375 )
        TOTAL STOCKHOLDERS’ EQUITY   201,324       185,531  
               
        TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,560,128     $ 2,509,927  
               
     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
            For Three Months Ended March 31,
            2025   2024
    INTEREST INCOME      
      Interest and fees on loans $ 27,314     $ 25,614  
      Interest on investment securities:      
        Taxable   2,664       3,226  
        Tax exempt   576       568  
      Interest on Federal funds sold and other   1,353       1,665  
                 
        TOTAL INTEREST INCOME   31,907       31,073  
                 
    INTEREST EXPENSE      
      Savings and NOW accounts   4,894       4,577  
      Time deposits   2,224       2,414  
      FHLB advances and borrowings   931       2,251  
      Subordinated notes   230       230  
        TOTAL INTEREST EXPENSE   8,279       9,472  
                 
        NET INTEREST INCOME   23,628       21,601  
                 
    Provision for credit losses   202       (1,640 )
        NET INTEREST INCOME AFTER      
          PROVISION FOR CREDIT LOSSES   23,426       23,241  
                 
    NONINTEREST INCOME      
      Service charges on deposit accounts   290       235  
      Trust income   1,674       1,312  
      Investment advisory income   1,766       1,575  
      Earnings on bank owned life insurance   259       242  
      Other   367       322  
        TOTAL NONINTEREST INCOME   4,356       3,686  
                 
    NONINTEREST EXPENSE      
      Salaries   6,905       6,738  
      Employee benefits   2,450       2,122  
      Occupancy expense   1,277       1,161  
      Professional fees   1,347       1,436  
      Directors’ fees and expenses   306       322  
      Computer software expense   1,982       1,235  
      FDIC assessment   330       418  
      Advertising expenses   389       364  
      Advisor expenses related to trust income   22       33  
      Telephone expenses   207       187  
      Intangible amortization   71       72  
      Other   1,208       1,222  
        TOTAL NONINTEREST EXPENSE   16,494       15,310  
                 
      Income before income taxes   11,288       11,617  
                 
    Provision for income taxes   2,584       2,327  
        NET INCOME $ 8,704     $ 9,290  
                 
    Basic and diluted earnings per share $ 0.77     $ 0.82  
                 
    Weighted average shares outstanding   11,331,884       11,269,874  
                 
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended March 31,
      2025   2024
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,829,917     $ 27,311     6.05 %   $ 1,738,199     $ 25,611     5.91 %
    PPP Loans   163       3     7.46 %     209       3     5.76 %
    Investment securities   441,776       3,123     2.87 %     481,530       3,432     2.86 %
    Due from banks   146,657       1,353     3.74 %     149,596       1,665     4.46 %
    Other   7,979       117     5.95 %     10,894       362     13.33 %
    Total interest earning assets   2,426,492       31,907     5.33 %     2,380,428       31,073     5.24 %
    Non-interest earning assets   101,960               94,647          
    Total assets $ 2,528,452             $ 2,475,075          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 357,057     $ 403     0.46 %   $ 360,287     $ 437     0.49 %
    Money market accounts   685,827       3,634     2.15 %     620,028       3,355     2.17 %
    Savings accounts   269,019       857     1.29 %     235,829       785     1.34 %
    Certificates of deposit   222,992       2,224     4.04 %     209,642       2,414     4.62 %
    Total interest-bearing deposits   1,534,895       7,118     1.88 %     1,425,786       6,991     1.97 %
    FHLB Advances and other borrowings   85,011       931     4.44 %     167,484       2,251     5.39 %
    Subordinated notes   19,597       230     4.76 %     19,526       230     4.72 %
    Total interest bearing liabilities   1,639,503       8,279     2.05 %     1,612,796       9,472     2.36 %
    Non-interest bearing demand accounts   667,564               668,439          
    Other non-interest bearing liabilities   29,907               28,446          
    Total liabilities   2,336,974               2,309,681          
    Total shareholders’ equity   191,478               165,394          
    Total liabilities and shareholders’ equity $ 2,528,452             $ 2,475,075          
                           
    Net interest income     $ 23,628             $ 21,601      
    Interest rate spread1         3.28 %           2.88 %
    Net interest margin2         3.95 %           3.64 %
    Average interest earning assets to interest-bearing liabilities   148.0 %             147.6 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets
                           
                   
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
          Three Months Ended March 31,
          2025   2024
    Performance Ratios:      
    Return on average assets (1) 1.38 %   1.50 %
    Return on average equity (1) 18.18 %   22.47 %
    Interest rate spread (2) 3.28 %   2.88 %
    Net interest margin (3) 3.95 %   3.64 %
    Dividend payout ratio (4) 16.92 %   13.95 %
    Non-interest income to average total assets 0.17 %   0.15 %
    Non-interest expenses to average total assets 0.65 %   0.62 %
    Average interest-earning assets to average interest-bearing liabilities 148.00 %   147.60 %
               
          At   At
          March 31, 2025   March 31, 2024
    Asset Quality Ratios:      
    Non-performing assets to total assets 0.24 %   0.24 %
    Non-performing loans to total loans 0.33 %   0.33 %
    Allowance for credit losses to non-performing loans 425.03 %   440.86 %
    Allowance for credit losses to total loans 1.42 %   1.47 %
               
    Capital Ratios (5):      
    Total capital (to risk-weighted assets) 15.42 %   14.74 %
    Tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
    Common equity tier 1 capital (to risk-weighted assets) 14.16 %   13.49 %
    Tier 1 capital (to average assets) 10.41 %   9.72 %
               
    Notes:        
    (1)   Annualized for the three month periods ended March 31, 2025 and 2024, respectively.
    (2)   Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3)   The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4)   The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5)   Ratios are for the Bank only.
               
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended March 31,
      2025   2024
    Interest income $ 31,907     $ 31,073  
    Interest expense   8,279       9,472  
    Net interest income   23,628       21,601  
    Provision for credit losses   202       (1,640 )
    Net interest income after provision for credit losses   23,426       23,241  
    Noninterest income   4,356       3,686  
    Noninterest expenses   16,494       15,310  
    Income before income taxes   11,288       11,617  
    Provision for income taxes   2,584       2,327  
    Net income $ 8,704     $ 9,290  
           
    Basic and diluted earnings per share $ 0.77     $ 0.82  
    Weighted average common shares outstanding   11,331,884       11,269,874  
           
      At   At
      March 31, 2025   December 31, 2024
    Book value per share $ 17.69     $ 16.35  
    Net tangible book value per share (1) $ 17.15     $ 15.80  
    Outstanding common shares   11,383,738       11,350,158  
           
    Notes:      
    (1)      Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $750, and $821 in other intangible assets for March 31, 2025 and December 31, 2024, respectively.
           
     
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $ 247,284     13.34 %   $ 242,390     13.35 %
    Commercial real estate   1,381,719     74.52 %     1,362,054     75.01 %
    Commercial real estate construction   97,703     5.27 %     80,993     4.46 %
    Residential real estate   73,090     3.94 %     74,973     4.13 %
    Home equity   18,211     0.98 %     17,365     0.96 %
    Consumer   36,247     1.95 %     37,976     2.09 %
    Total loans   1,854,254     100.00 %     1,815,751     100.00 %
    Allowance for loan losses   26,373           26,077      
    Total loans, net $ 1,827,881         $ 1,789,674      
                   
    (a) – Includes PPP loans of: $ 159         $ 170      
                   
     
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At March 31, 2025   At December 31, 2024
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $ 654,061     28.66 %   0.00 %   $ 651,135     30.24 %   0.00 %
    Interest bearing demand accounts   381,878     16.74 %   0.48 %     331,115     15.38 %   0.42 %
    Money market accounts   703,384     30.83 %   2.14 %     679,082     31.54 %   2.15 %
    Savings accounts   282,563     12.38 %   1.23 %     271,014     12.59 %   1.25 %
    Certificates of Deposit   259,812     11.39 %   3.93 %     221,013     10.26 %   3.97 %
    Total $ 2,281,698     100.00 %   1.34 %   $ 2,153,359     100.00 %   1.31 %
                           
     
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
      (Dollar Amounts in thousands)
           
      March 31, 2025   December 31, 2024
           
    Non-accrual loans:      
    Commercial and industrial $ 200     $ 293  
    Commercial real estate   6,000       6,000  
    Commercial real estate construction   –       –  
    Residential real estate   5       6  
    Home equity   –       –  
    Consumer   –       –  
    Total non-accrual loans   6,205       6,299  
    Accruing loans 90 days or more past due:      
    Commercial and industrial   –       –  
    Commercial real estate   –       –  
    Commercial real estate construction   –       –  
    Residential real estate   –       –  
    Home equity   –       –  
    Consumer   –       –  
    Total loans 90 days or more past due   –       –  
    Total non-performing loans   6,205       6,299  
    Other real estate owned   –       –  
    Other non-performing assets   –       –  
    Total non-performing assets $ 6,205     $ 6,299  
           
    Ratios:      
    Total non-performing loans to total loans   0.33 %     0.35 %
    Total non-performing loans to total assets   0.24 %     0.25 %
    Total non-performing assets to total assets   0.24 %     0.25 %
    Net-chargeoffs to total loans   0.00 %     0.00 %
           

    The MIL Network –