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Category: Finance

  • MIL-OSI: SUNation Energy Restructures $5.5 Million of Long-Term Debt, Improving Cash Flows and Enhancing Liquidity

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, today announced that it has amended the terms of a $5,486,000 Long Term Promissory Note (the “Note”) associated with the Company’s second acquisition dating from November 2022.

    Under the new terms of the Long-Term Note, as disclosed in our recent annual report on Form 10-K, the principal amount of the Note, previously due and payable as a one-time payment due in November 2025, together with all accrued and unpaid interest, has been extended and is to now due and payable in 36 monthly installments beginning in June 2025 through May 1, 2028.

    “The restructuring of this Note is the latest in a series of restructuring and debt reduction initiatives designed to incrementally improve the Company’s capital structure, enhance cash flows, and provide the necessary flexibility to allow us to execute our long-term growth objectives,” said James Brennan, Chief Financial Officer. “We appreciate the efforts of our independent board members in helping to reach these new terms with the Note holders, as well as for their confidence in the Company’s long term growth prospects.”

    In addition, under the terms of a newly created Senior Secured Contingent Note Instrument (the “Contingent Note”), payment of the unearned 2024 earnout has been rescheduled. In addition to certain other conditions set forth therein, it will now follow the earnout terms in the Contingent Note covering the 2024 and 2025 fiscal years. If 2025’s EBITDA is greater than that of 2024, then the earnout will have been earned, and it will be paid over a period of 24 months starting in 2026.

    “One of our focus points has, and will continue to be, ensuring that our commitments are honored and any of our outstanding obligations are satisfied,” said Scott Maskin, Chief Executive Officer. “Commencing repayment of this Note is a significant step towards that goal. We are creating an environment where SUNation’s value can be based on its business performance, rather than exclusively by its previously costly and challenging capital structure.”

    Copies of the amended and restated secured Long-Term Note and the Senior Secured Contingent Note Instrument, along with the accompanying Security Agreement, can be found as annexed exhibits to the Company’s most recent annual report on Form 10-K.

    About SUNation Energy, Inc.

    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    Forward Looking Statements 

    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement

    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, including, but not limited to, the risk that SUNation may not be able to enter into definitive agreements to commence these solar installations, and that the projects being contemplated will not generate the expected levels of energy or deliver the anticipated financial benefits. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:
    Scott Maskin
    Chief Executive Officer
    +1 (631) 823-7131
    smaskin@sunation.com

    SUNation Energy Investor Relations
    +1 (212) 836-9600
    IR@sunation.com

    The MIL Network –

  • MIL-OSI: XploraDEX $XPL Token Distribution Ongoing—Only 5 Days Left to Join Presale Before the Window Closes

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, April 24, 2025 (GLOBE NEWSWIRE) — With the $XPL token distribution in full swing, investors are now deep into the final countdown. Only 5 days remain for the public to join $XRP Presale and secure early access to what is rapidly being hailed as XRPL’s most groundbreaking decentralized exchange launch to date.

    [Buy $XPL Token]

    The XploraDEX token distribution began just days ago, and already thousands of wallets have received their $XPL allocations. Social feeds are buzzing. Whales are still buying. And every hour that passes brings us closer to the close of the presale window.

    Now is the final grace period. The clock is ticking—and so is the opportunity.

    XploraDEX is not just another decentralized exchange. It’s the first AI-powered DEX built on the XRP Ledger, offering traders intelligent automation, predictive trade signals, deep analytics, and one of the fastest user experiences in the DeFi world. The $XPL token is the gateway to accessing all of this—and much more.

    Participate in $XPL Presale

    Why This 5-Day Window Matters:

    • Token distribution is LIVE: Wallets are being funded in real time, with 76% of total supply already claimed.
    • Presale pricing is almost over: $XPL will be listed at a higher price after the 5-day grace period.
    • Utility goes live next: AI trading dashboards, staking rewards, and governance modules will roll out post-distribution.

    XploraDEX is already delivering. Token utility starts this week. And the last chance to get in at presale value is slipping away fast.

    Join $XPL Presale

    The XRP community is responding. From influencer shoutouts to wallet data spikes, it’s clear that this is more than hype—it’s a real-time wave of adoption. And with just five days left, it’s about to reach its final surge.

    If you’re still on the sidelines, the message is simple: you’re not too late, but you’re almost out of time.

    Join the $XPL Presale Before It Ends: https://sale.xploradex.io

    Live Updates on $XPL Token Launch: Website | $XPL Token Presale | X | Telegram

    $XPL is being distributed. XploraDEX is activating

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. 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.

    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/c6fb64c6-fa30-4083-b296-0804a5e11ff2

    The MIL Network –

  • MIL-OSI Africa: Adeeb Y. Al Aama Appointed as Chief Executive Officer of the International Islamic Trade Finance Corporation

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

    JEDDAH, Saudi Arabia, April 24, 2025/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the appointment of Engineer Adeeb Y. Al Aama as Chief Executive Officer (CEO) ITFC, effective April 20, 2025.   

    The appointment was approved by the ITFC Board of Directors, following the recommendation of H.E. Dr. Muhammad Al Jasser, Chairman of the ITFC Board and President of the IsDB Group. 

    Upon his appointment, Eng. Al Aama stated: “It is a great honor to assume leadership of ITFC as we embark on the next chapter of our growth journey. Building on the solid foundations laid over the years, I am committed to advancing ITFC’s mission of empowering our member countries through innovative trade financing and development solutions. Together with the dedication of our talented team and the steadfast support of our partners, I am confident that we will drive greater impact, foster strategic partnerships, and contribute to sustainable and inclusive economic growth across our member countries.” 

    Eng. Al Aama brings over three decades of leadership experience spanning international organizations, multinational corporations and government institutions. He has extensive experience in international trade, energy markets, strategic planning, and economics among others. His distinguished career includes serving as Saudi Arabia’s Governor for OPEC and Deputy Minister of Energy for Kingdom Affairs in OPEC and Global Oil Markets, where he played a pivotal role in shaping energy policies and strengthening economic cooperation. 

    Throughout his distinguished career, he has advised three Saudi Energy Ministers and held executive roles at Saudi Aramco and Saudi Petroleum Overseas Ltd., driving international trade partnerships and strategic initiatives. 

    MIL OSI Africa –

  • MIL-OSI Global: US colleges and universities have billions stashed away in endowments − a higher ed finance expert explains what they are

    Source: The Conversation – USA – By Todd L. Ely, Associate Professor of Public Administration; Director, Center for Local Government, University of Colorado Denver

    Prospective students tour Georgetown University’s campus in Washington in 2013. AP Photo/Jacquelyn Martin

    With the Trump administration seeking to cut federal funding for colleges and universities, you might be wondering whether the endowments of these institutions of higher education might be able to fill those gaps. Todd L. Ely, a professor of public administration at the University of Colorado Denver, explains what endowments are and the constraints placed on them.

    What’s an endowment?

    Endowments are pools of financial investments that belong to a nonprofit. These assets produce a revenue stream, typically from dividends, interest and realized capital gains. The funds endowments hold usually originate as charitable donations made to support an institution’s mission.

    In most cases with higher education endowments, this wealth, which helps buoy a nonprofit’s budget, is supposed to last forever.

    Contributions to endowments are tax-deductible for donors who itemize their tax returns. Once these funds are invested, they grow generally tax-free. But beginning in 2018, the federal government imposed a 1.4% excise tax on dozens of higher education institutions with relatively large endowments.

    Few colleges or universities have a single endowment fund.

    That’s because the donors who provide gifts large and small to the school over the years direct their donations to different funds reserved for specific purposes.

    Harvard University’s endowment, worth $53.2 billion at the end of its 2024 fiscal year, for example, consists of roughly 14,600 distinct funds.

    All told, money distributed from endowments covered more than 15%, on average, of college and university operating expenses in 2024. Some of America’s institutions of higher education, however, lean much more heavily than that on their endowments to pay their bills.

    People pose for photos in front of the iconic Tommy Trojan statue on the campus of the University of Southern California in Los Angeles in 2019.
    AP Photo/Reed Saxon

    How do endowments influence higher education?

    Endowments can serve multiple purposes.

    In 2024, nearly half of all higher education spending paid for with endowment revenue funded scholarships and other kinds of aid for students, while almost 18% supported academic programs. Just under 11% paid for professors’ compensation, and almost 7% helped pay for running and maintaining campus facilities.

    More broadly, endowments can help shield schools from financial hardships and maintain their long-term reputations.

    When they’re set up to carry on in perpetuity, endowments must benefit both current and future generations. So when donors give to an endowment, they are arguably investing in the long-term viability of the institution.

    This long-term focus suggests that endowments aren’t just rainy-day funds or financial reserves.

    Why can’t endowment funds be spent freely?

    At the end of the 2023 fiscal year, U.S. higher education endowments held a total of more than $907 billion. That is a lot of money, but it’s still less than the combined wealth of America’s five richest people.

    Like individual wealth, endowment assets are heavily concentrated in the U.S.

    Many colleges and universities have small or no endowments. Nearly 60% of them total less than $50 million. The top 25, which includes several public universities in states such as Michigan and Texas, account for more than half of all endowment assets.

    And even when schools have large endowments, the individual funds that compose them are bound by a wide array of restrictions. Some of that money can be spent however the school would like. Other funds are dedicated to a clearly defined purpose.

    When endowment funds are restricted, the school gets little discretion in how to spend them.

    At Harvard, for example, there’s a Hollis Professorship of Divinity at Harvard University. It was established in 1721 through a gift from a London merchant. Based on the terms of that long-ago donation, the earnings and growth of the donated funds continue to honor the donor’s intent by supporting the position, regardless of what the university needs.

    Alternatively, endowments may receive donations that are temporarily restricted. Known as “term” endowments, the assets they hold can be used once donor-imposed conditions are fulfilled.

    Institutions frequently designate some of their unrestricted funds as “quasi” endowments, usually earmarked for specific strategic purposes. This board-designated quasi-endowment does not carry legal restrictions and can be spent more freely.

    About 40% of higher education endowment assets are subject to permanent restrictions, 30% are temporarily restricted, and 29% are reserved for quasi-endowment use.

    People walk past the Ray and Maria Stata Center on the campus of the Massachusetts Institute of Technology in 2019.
    AP Photo/Steven Senne

    How are decisions over endowment funds made?

    The decision-making authority over endowments typically rests with a college or university’s governing board. Those boards establish endowment payout policies that guide how much of the endowment and its earnings can be spent each year, while attempting to preserve the purchasing power of the investments over the long term.

    The policies take expectations regarding investment earnings and inflation into account, while smoothing annual payouts by using a percentage of the value of the endowment over multiple years as opposed to a single point in time. This payout tends to amount to about 5% of all assets. That share averaged 4.8% in 2024.

    U.S. institutions of higher education spent nearly $35.5 billion derived from their endowments in the 2023 fiscal year.

    Colleges and universities that depend more heavily on their endowment funds to cover their current obligations may choose to invest more conservatively. In recent years, many higher education endowments have obtained more complex investments, such as private equity, real assets and stakes in hedge funds.

    Endowments of nonprofit colleges and universities are also governed in most states by a state law known as the Uniform Prudent Management of Institutional Funds Act. This law encourages cautious investments and restrained spending.

    These restrictions mean that annual payouts are generally modest. That leaves endowments ill-equipped to respond to abrupt and large shifts in their funding needs.

    The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.

    Todd Ely works for a university that has an endowment and receives federal research funding.

    – ref. US colleges and universities have billions stashed away in endowments − a higher ed finance expert explains what they are – https://theconversation.com/us-colleges-and-universities-have-billions-stashed-away-in-endowments-a-higher-ed-finance-expert-explains-what-they-are-254872

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: 24 April 2025 News release WHO calls for revitalized efforts to end malaria

    Source: World Health Organisation

    On World Malaria Day, the World Health Organization (WHO) is calling for revitalized efforts at all levels, from global policy to community action, to accelerate progress towards malaria elimination.

    In the late 1990s, world leaders laid the foundation for remarkable progress in global malaria control, including preventing more than 2 billion cases of malaria and nearly 13 million deaths since 2000.

    To date, WHO has certified 45 countries and 1 territory as malaria-free, and many countries with a low burden of malaria continue to move steadily towards the goal of elimination. Of the remaining 83 malaria-endemic countries, 25 reported fewer than 10 cases of the disease in 2023.

    However, as history has shown, these gains are fragile.

    “The history of malaria teaches us a harsh lesson: when we divert our attention, the disease resurges, taking its greatest toll on the most vulnerable,” said WHO Director-General Dr Tedros Adhanom Ghebreyesus. “But the same history also shows us what’s possible: with strong political commitment, sustained investment, multisectoral action and community engagement, malaria can be defeated.”

    Investments in new interventions drive progress

    Years of investment in the development and deployment of new malaria vaccines and next-generation tools to prevent and control malaria are paying off.

    On World Malaria Day, Mali will join 19 other African countries in introducing malaria vaccines—a vital step towards protecting young children from one of the continent’s most deadly diseases. The large-scale rollout of malaria vaccines in Africa is expected to save tens of thousands of young lives every year.

    Meanwhile, the expanded use of a new generation of insecticide-treated nets is poised to lower the disease burden. According to the latest World malaria report, these new nets—which have greater impact against malaria than the standard pyrethroid-only nets—accounted for nearly 80% of all nets delivered in sub-Saharan Africa in 2023, up from 59% the previous year.

    Progress against malaria under threat

    Despite significant gains, malaria remains a major public health challenge, with nearly 600 000 lives lost to the disease in 2023 alone. The African Region is hardest hit, shouldering an estimated 95% of the malaria burden each year.

    In many areas, progress has been hampered by fragile health systems and rising threats such as drug and insecticide resistance. Many at-risk groups continue to miss out on the services they need to prevent, detect and treat malaria. Climate change, conflict, poverty and population displacement are compounding these challenges.

    WHO recently warned that the 2025 funding cuts could further derail progress in many endemic countries, putting millions of additional lives at risk. Of the 64 WHO Country Offices in malaria-endemic countries that took part in a recent WHO stock take assessment, more than half reported moderate or severe disruptions to malaria services.

    Renewed call to protect hard-won gains

    World Malaria Day 2025 – under the theme, “Malaria ends with us: reinvest, reimagine, reignite” – is calling for stepped up political and financial commitment to protect the hard-won gains against malaria.

    To reinvest, WHO joins partners and civil society in calling on malaria-endemic countries to boost domestic spending, particularly in primary health care, so that all at-risk populations can access the services they need to prevent, detect and treat malaria. The successful replenishments of the Global Fund and Gavi, the Vaccine Alliance, are also critical to financing malaria programmes and interventions, and accelerating progress towards the targets set in the WHO Global technical strategy for malaria 2016-2030.

    Addressing current challenges in global malaria control will also require a reimagined response through innovative tools, strategies and partnerships. New and more effective antimalarial drugs are needed, as all well as advancements in service delivery, diagnostics, insecticides, vaccines and vector control methods.

    More countries are making malaria control and elimination a national priority, including through the Yaoundé Declaration, signed in March 2024 by African Ministers of Health from 11 high burden countries.

    “Ministers committed to strengthening their health systems, stepping up domestic resources, enhancing multisectoral action and ensuring a robust accountability mechanism,” notes Dr Daniel Ngamije, Director of the WHO Global Malaria Programme. “This is the kind of leadership the world must rally behind.”

    Reigniting commitment at all levels – from communities and frontline health workers to governments, researchers, the private sector innovators and donors – will be critical to curbing and, ultimately, ending malaria.

    Notes to the editor:

    For more information on the WHO World Malaria Day campaign, visit: https://www.who.int/campaigns/world-malaria-day/2025

    MIL OSI United Nations News –

  • MIL-OSI: Global Drone Usage and Adoption Continues to Skyrocket While Largely Benefiting the Agriculture Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones are being utilized in many markets and one of the ones that is expected to continue to rise is the agriculture drones market. The need to boost agricultural productivity and the labor shortage drive the agriculture drones market growth. Traditional farming faces labor shortages, increasing the demand for advanced agriculture technologies that enhance productivity and minimize manual labor. For instance, the USDA’s 2022 Census of Agriculture revealed a loss of 141,733 farms in the US from 2017 to 2022, highlighting the urgent need for solutions to improve efficiency and promote sustainable farming practices. According to a report from MarketsAndMarkets the global agriculture drones market which grew to from USD 2.01 billion in 2024 is expected to reach a CAGR of 32.0% during the forecast period (2029). The report said: “Partnerships and the introduction of new products will present profitable prospects for industry participants in the coming five years. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players drive the usage of digital agriculture tools like drones. The US FAA’s exemptions for the use of agriculture drones are anticipated to hold several opportunities for the market. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players to drive the usage of digital agriculture tools like drones are acting as drivers for the agriculture drone market. Public-private partnerships create innovation in developing tailored solutions to known problems, especially in agriculture, which receives research and development funding from government initiatives. Extension education and training are also brought about, which educates the farmer concerning the capabilities of the drones thus making the farmer able to utilize the tools appropriately.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Corteva, Inc. (NYSE: CTVA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI), AgEagle Aerial Systems Inc. (NYSE: UAVS).

    MarketsAndMarkets concluded: “Furthermore, governments’ propensity for sustainability in environmental matters helps the cause of drones meant to stretch resources applied in terms of water and fertilizers… Simplified regulatory frameworks facilitate easier adoption, enabling farmers to implement drone technology into their operations without extensive bureaucratic hurdles. Monetary benefits, such as subsidies and tax exemptions, greatly help reduce the input costs of drones, hence enabling more farmers to adopt the technology.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Puna Bio recently announced that it had closed a new round of founding led by Corteva, Inc., Corteva, Inc. (NYSE: CTVA) through its Corteva Catalyst platform. The investment from one of the world´s leading agricultural technology companies, and other investors, will support the further development of Puna Bio’s product portfolio based on extremophile organisms.

    Unlike traditional pesticides and fertilizers, Puna Bio’s innovative products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. Their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.

    “Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive,” explains Franco Martínez Levis, Puna Bio’s CEO and co-founder. “With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about April 11, 2025, subject to the satisfaction of customary closing conditions.

    The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets is acting as the exclusive placement agent for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its SpotlightAITM OnSite (OnSite) real-time, edge-based, small object threat detection technology, has successfully completed operations in active minefields in Ukraine. This successful deployment highlights the Company’s patented capability to rapidly identify and instantly map live explosive threats including small anti-personnel cluster munitions and landmines scattered over large areas. Building on over two years of real-world battlefield testing, this milestone in the Company’s development roadmap demonstrates the ability to deliver edge-based small object threat detection reducing a soldier’s cognitive load and representing the next generation of force protection. To view a video of SpotlightAITM Onsite please click here.

    “Evolving threats like remote mining where everyday drones are strategically delivering small mines is a new critical threat profile that our edge-based system is uniquely designed to address. Our recent operational success confirmed that our AI models can reduce the cognitive load on soldiers who are already heavily tasked and may not have the time to recognize explosive threats in their path. This a significant step forward on the Edge where drone-based small object threat detection for force protection is responding to the rapidly changing modern battlefield. Building upon our unmatched real-world experience in detecting, identifying and locating small explosive threats in Ukraine, we believe OnSite can deliver a new level of enhanced situational awareness that will allow military, government and humanitarian personnel to safely conduct their critical missions with greatly enhanced safety,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “The increasing number of countries exiting the Ottawa Convention on anti-personnel landmines will likely lead to an increased proliferation of deadly anti-personnel mines and that is why we are committed to the further development and deployment of our patented technology so that we can help protect our soldiers and our allies.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the launch of its eBee VISION next generation application software featuring a variety of critical updates. Of particular note, is the capability for manual position updates with map referencing to provide precise navigation even in GNSS-denied areas where satellite signals are unavailable or unreliable due to various factors.

    AgEagle CEO Bill Irby commented, “Of the many new features provided in our latest software update, overcoming GNSS-denied shortfalls marks a significant leap forward in drone operations especially for defense personnel, public safety agencies and industrial teams working in high-stakes, GNSS-denied environments. Whether operating in dense urban centers, near critical installations, or in contested zones with active signal interference, our global eBee VISION customers can now maintain full navigational command of their drone using only the camera and map-based interface. This feature directly addresses a core challenge faced by tactical and industrial drone operators in today’s complex mission environments. Our technical team will continue to work relentlessly on refinements and ongoing advancements to ensure AgEagle remains at the forefront of UAV innovation.”

    About FN Media Group:

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    The MIL Network –

  • MIL-OSI: Truxton Corporation Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., April 24, 2025 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended March 31, 2025. First quarter net income attributable to common shareholders was $5.1 million, or $1.75 per diluted share, compared to $4.3 million, or $1.48 per diluted share, for the same quarter in 2024. Net income and fully diluted earnings per share for the quarter rose by 17% and 18%, respectively, compared to the first quarter of 2024.

    “We are pleased to start 2025 with another quarter of financial growth lead by our core businesses,” said Chairman and CEO Tom Stumb. “Net Interest Income increased by 18% compared to the first quarter of 2024 while non-interest income increased by 23%. We achieved another quarterly earnings high-water mark while continuing to invest in technology and human capital to better serve our clients.”

    Key Highlights

    • Non-interest income totaled $6.4 million in the first quarter of 2025, which was $657 thousand higher than the fourth quarter of 2024 and $1.2 million over the first quarter of 2024. Wealth revenue in the first quarter of 2025 was $5.3 million, up 2% from the fourth quarter of 2024 and 8% from the first quarter of 2024. Other non-interest income was elevated due to capital advisory fee revenue associated with a successful sell-side engagement.
    • Loans increased by 5% to $702 million at quarter end compared to $670 million on December 31, 2024, and were up 6% compared to $660 million on March 31, 2024.
    • Total deposits increased by 19% from $866 million at December 31, 2024, to $1.03 billion at March 31, 2025, and were 21% higher in comparison to $850 million at March 31, 2024. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology.
    • Net interest margin for the first quarter of 2025 was 2.90%, an increase of 11 basis points from the 2.79% experienced in the quarter ended December 31, 2024, and an increase of 28 basis points from the 2.62% in the quarter ended March 31, 2024. Cost of funds was 2.91% in the first quarter of 2025, down from 3.08% for the quarter ended December 31, 2024, and down from 3.33% for the quarter ended March 31, 2024.
    • Allowance for credit losses, excluding that for unfunded commitments, was $6.7 million at quarter end March 31, 2025, compared to $6.4 million at December 31, 2024, and $6.3 million at March 31, 2024. For each of those three periods, such allowance amounts were 0.96% of gross loans outstanding at period end. For the same three periods, the Bank’s allowance for unfunded commitments was $589 thousand, $483 thousand, and $374 thousand, respectively.
    • The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.46% at March 31, 2025, compared to 10.63% at December 31, 2024, and 10.53% at March 31, 2024. Book value per common share was $34.46, $34.42, and $30.62 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    • During the three months ended March 31, 2025, Truxton Corporation paid dividends of $1.50 per common share, inclusive of a $1.00 special cash dividend, and repurchased 5,000 shares of its common stock for $400 thousand in aggregate, or an average price of $80.00 per share.

    About Truxton
    Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.

    Investor Relations
    Austin Branstetter 
    615-250-0783  
    austin.branstetter@truxtontrust.com    		 Media Relations
    Swan Burrus
    615-250-0773
    swan.burrus@truxtontrust.com
    Truxton Corporation
    Consolidated Balance Sheets
    (000’s)
    (Unaudited)
           
      March 31,
    2025*    		 December 31,
    2024    		 March 31,
    2024*
    ASSETS      
    Cash and due from financial institutions $ 10,704   $ 4,225   $ 4,909  
    Interest bearing deposits in other financial institutions   24,887     25,698     34,361  
    Federal funds sold   10,231     4,054     6,733  
    Cash and cash equivalents   45,822     33,977     46,003  
           
    Time deposits in other financial institutions   –     245     490  
    Securities available for sale   414,190     258,322     256,517  
           
    Gross loans, excluding Paycheck Protection Program   701,660     669,962     659,622  
    Allowance for credit losses**   (6,708 )   (6,433 )   (6,324 )
    Paycheck Protection Program Loans   –     20     48  
    Net loans   694,952     663,549     653,346  
           
    Bank owned life insurance   16,863     16,722     10,865  
    Restricted equity securities   3,718     2,272     1,822  
    Premises and equipment, net   3,176     3,293     2,089  
    Accrued interest receivable   4,989     4,567     4,522  
    Deferred tax asset, net   5,297     5,257     5,576  
    Other assets   14,440     15,577     16,484  
           
    Total assets $ 1,203,447   $ 1,003,781   $ 997,714  
           
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Deposits      
    Non-interest bearing $ 127,851   $ 126,016   $ 126,838  
    Interest bearing $ 900,489   $ 740,406   $ 723,645  
    Total deposits   1,028,340     866,422     850,483  
           
    Federal funds purchased   –     –     –  
    Swap counterparty cash collateral   2,790     4,230     5,570  
    Federal Home Loan Bank advances   45,000     8,250     3,250  
    Federal Reserve Bank borrowings   2,400     –     22,700  
    Subordinated debt   14,439     14,426     14,514  
    Other liabilities   11,154     11,747     11,706  
    Total liabilities   1,104,123     905,075     908,223  
           
    SHAREHOLDERS’ EQUITY      
    Common stock, $0.10 par value $ 284   $ 286   $ 290  
    Additional paid-in capital   28,957     28,945     31,881  
    Retained earnings   75,396     61,316     65,035  
    Accumulated other comprehensive income (loss)   (10,365 )   (10,252 )   (12,055 )
    Net Income $ 5,052   $ 18,411   $ 4,340  
    Total shareholders’ equity   99,324     98,706     89,491  
           
    Total liabilities and shareholders’ equity $ 1,203,447   $ 1,003,781   $ 997,714  
           
    *The information is preliminary, unaudited and based on company data available at the time of presentation. **Truxton adopted the Current Expected Credit Loss methodology as of January 1, 2023. The total excludes reserve for credit losses on unfunded commitments recorded in Other liabilities.
    Truxton Corporation
    Consolidated Statements of Net Income
    (000’s)
    (Unaudited)
               
      Three Months Ended
      March 31,
    2025*    		   December 31,
    2024*    		   March 31,
    2024*
    Non-interest income          
    Wealth management services $ 5,338   $ 5,242     $ 4,907  
    Capital advisory fees   555     70       40  
    Service charges on deposit accounts   45     85       91  
    Securities gains (losses), net   0     (122 )     0  
    Bank owned life insurance income   142     124       58  
    Other   297     321       68  
    Total non-interest income   6,377     5,720       5,164  
               
    Interest income          
    Loans, including fees $ 10,378   $ 10,354     $ 10,357  
    Taxable securities   3,371     3,039       2,599  
    Tax-exempt securities   182     217       188  
    Interest bearing deposits   331     348       231  
    Federal funds sold   34     75       41  
    Total interest income   14,296     14,033       13,414  
               
    Interest expense          
    Deposits   6,599     6,798       6,450  
    Short-term borrowings   60     90       618  
    Long-term borrowings   199     85       15  
    Subordinated debentures   188     188       188  
    Total interest expense   7,046     7,161       7,270  
               
    Net interest income   7,250     6,872       6,144  
               
    Provision for credit losses   390     145       (6 )
               
    Net interest income after provision for loan losses   6,860     6,727       6,150  
               
    Total revenue, net   13,237     12,447       11,314  
               
    Non interest expense          
    Salaries and employee benefits   5,127     4,635       4,076  
    Occupancy   351     326       453  
    Furniture and equipment   109     107       4  
    Data processing   407     282       418  
    Wealth management processing fees   215     195       214  
    Advertising and public relations   53     96       34  
    Professional services   222     247       209  
    FDIC insurance assessments   108     33       190  
    Other   391     291       278  
    Total non interest expense   6,983     6,212       5,877  
        0        
    Income before income taxes   6,254     6,235       5,438  
               
    Income tax expense   1,202     1,242       1,104  
               
    Net income $ 5,052   $ 4,993     $ 4,334  
               
    Earnings per share:          
    Basic $ 1.75   $ 1.74     $ 1.49  
    Diluted $ 1.75   $ 1.74     $ 1.48  
     
    *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.
    Truxton Corporation
    Selected Quarterly Financial data
    At Or For The Three Months Ended
    (000’s)
    (Unaudited)
           
      March 31,
    2024*    		 December 31,
    2024*    		 March 31,
    2024*
           
    Per Common Share Data      
    Net income attributable to shareholders, per share      
    Basic $1.75 $1.74 $1.49
    Diluted $1.75 $1.74 $1.48
    Book value per common share $34.46 $34.42 $30.62
    Tangible book value per common share $34.46 $34.42 $30.62
    Basic weighted average common shares 2,793,834 2,787,805 2,831,217
    Diluted weighted average common shares 2,797,388 2,792,363 2,838,003
    Common shares outstanding at period end 2,882,241 2,867,850 2,922,761
           
           
    Selected Balance Sheet Data      
    Tangible common equity (TCE) ratio 8.25% 9.83% 8.97%
    Average Loans $691,360 $667,957 $656,790
    Average earning assets (1) $1,047,778 $998,861 $958,138
    Average total assets $1,085,506 $1,025,415 $970,228
    Average shareholders’ equity $99,923 $97,026 $89,441
           
           
    Selected Asset Quality Measures      
    Nonaccrual loans $0 $0 $0
    90+ days past due still accruing $0 $11 $0
    Total nonperforming loans $0 $11 $0
    Total nonperforming assets $0 $11 $0
    Net charge offs (recoveries) $8 $4 $11
    Nonperforming loans to assets 0.00% 0.00% 0.00%
    Nonperforming assets to total assets 0.00% 0.00% 0.00%
    Nonperforming assets to total loans and other real estate 0.00% 0.00% 0.00%
    Allowance for credit losses to total loans** 0.96% 0.96% 0.96%
    Net charge offs to average loans 0.00% 0.00% 0.00%
           
           
    Capital Ratios (Bank Subsidiary Only)      
    Tier 1 leverage 10.46% 10.63% 10.53%
    Common equity tier 1 13.82% 15.19% 14.58%
    Total risk-based capital 14.73% 16.15% 15.53%
           
    Selected Performance Ratios      
    Efficiency ratio 51.2% 48.5% 51.5%
    Return on average assets (ROA) 1.89% 1.94% 1.80%
    Return on average shareholders’ equity (ROE) 20.50% 20.47% 19.52%
    Return on average tangible common equity (ROTCE) 20.50% 20.47% 19.52%
    Net interest margin 2.90% 2.79% 2.62%
           
    *The information is preliminary, unaudited and based on company data available at the time of presentation.
    (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities.
    Truxton Corporation  
    Yield Tables  
    For The Periods Indicated  
    (000’s)  
    (Unaudited)  
                             
    The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:  
      Three Months Ended   Three Months Ended   Three Months Ended  
      March 31, 2024*   December 31, 2024*   March 31, 2024*  
                             
      Average Balances Rates/ Yields (%) Interest Income/ Expense   Average Balances Rates/ Yields (%) Interest Income/ Expense   Average Balances Rates/ Yields (%) Interest Income/ Expense  
                             
    Earning Assets                        
    Loans $691,360   6.04 $10,300   $667,957   6.08 $10,215   $656,790   6.28 $10,261  
    Loan fees $0   0.16 $271   $0   0.09 $146   $0   0.06 $95  
    Loans with fees $691,360   6.2 $10,571     667,957   6.17 $10,361   $656,790   6.34 $10,356  
    Mortgage loans held for sale $0   0.00 $0   $0   0.00 $0   $0   0.00 $0  
    Federal funds sold $3,308   4.15 $34   $6,232   4.71 $75   $3,255   4.93 $41  
    Deposits with banks $29,756   4.51 $331   $28,570   4.85 $348   $19,536   4.75 $231  
    Investment securities – taxable $291,104   4.63 $3,371   $260,605   4.66 $3,039   $245,516   4.23 $2,599  
    Investment securities – tax-exempt $32,250   3.37 $182   $35,497   3.65 $217   $33,041   3.4 $188  
    Total Earning Assets $1,047,778   5.62 $14,489   $998,861   5.64 $14,040   $958,138   5.66 $13,415  
    Non interest earning assets                        
    Allowance for loan losses   (6,618)           (6,359)           (6,309)        
    Cash and due from banks $17,307         $5,985         $5,270        
    Premises and equipment $3,249         $3,305         $1,260        
    Accrued interest receivable $3,608         $3,721         $3,478        
    Other real estate $0         $0         $0        
    Other assets $37,447         $36,453         $30,494        
    Unrealized gain (loss) on inv. securities   (17,265)           (16,551)           (22,103)        
    Total Assets $1,085,506         $1,025,415         $970,228        
    Interest bearing liabilities                        
    Interest bearing demand $326,793   3.04 $2,448   $329,625   3.26 $2,703   $330,343   3.53 $2,898  
    Savings and money market $229,304   2.63 $1,486   $200,257   2.83 $1,427   $162,640   3.4 $1,375  
    Time deposits – retail $12,965   3.61 $115   $13,170   3.39 $112   $15,557   3.43 $133  
    Time deposits – wholesale $241,662   4.28 $2,550   $228,144   4.46 $2,556   $173,570   4.74 $2,044  
    Total interest bearing deposits $810,724   3.3 $6,599   $771,196   3.51 $6,798   $682,110   3.8 $6,450  
    Federal Home Loan Bank advances $20,369   3.9 $199   $9,554   3.48 $85   $3,401   1.7 $15  
    Subordinated debt $14,687   5.09 $188   $14,520   5.08 $188   $14,610   5.09 $188  
    Other borrowings $9,419   4.12 $60   $12,369   4.04 $90   $57,060   4.28 $618  
    Total borrowed funds $44,475   4.02 $447   $36,443   3.90 $363   $75,071   4.32 $821  
    Total interest bearing liabilities $855,199   3.34 $7,046   $807,639   3.52 $7,161   $757,181   3.85 $7,271  
    Net interest rate spread   2.28 $7,443     2.12 $6,879     1.81 $6,144  
    Non-interest bearing deposits $126,049         $115,593         $118,809        
    Other liabilities $4,335         $5,157         $4,797        
    Shareholder’s equity $99,923         $97,026         $89,441        
    Total Liabilities and Shareholder’s Equity $1,085,506         $1,025,415         $970,228        
    Cost of funds   2.91       3.08       3.33    
    Net interest margin   2.90       2.79       2.62    
                             
    *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.      
                             
    Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.  

    The MIL Network –

  • MIL-OSI Russia: “Themis of the 21st Century” united students from five universities

    Translation. Region: Russian Federal

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Winners and Prize Winners

    On April 21, at the Faculty of Forensic Science and Law in Construction and Transport of the St. Petersburg State University of Architecture and Civil Engineering, another “crime” was solved as part of the “Themis of the 21st Century” Olympiad.

    This year, the Olympiad “Themis of the 21st Century” became inter-university for the first time and was held in the format of a quest. Five teams participated in the quest: “Conclusions Don’t Burn” (SPbGASU), “Gatchina Gendarmes” (Gatchina State University), “Sledkom” (St. Petersburg Academy of the Investigative Committee), “Expert Element” (St. Petersburg University of the Ministry of Internal Affairs of Russia), “Veshdok” (second name – “Expert Five”, St. Petersburg University of the State Fire Service of the Ministry of Emergency Situations of Russia).

    The “Gatchina Gendarmes” were accompanied by fans who actively supported the guys throughout the event.

    “Today we are holding a knowledge festival, where you will be able to demonstrate your creative potential, ability to make unconventional decisions, team spirit and all those positive qualities that are not always possible to demonstrate during the educational process. I hope we will see a fair and beautiful game. May the strongest win!” – Dmitry Ivanov, Dean of the FSEiPST, encouraged the participants of the quest.

    Having exchanged traditional greetings, the teams began investigating the murder of an antique dealer and the mysterious disappearance of a 13th-century Byzantine icon. The students examined the crime scene, conducted a trace examination, questioned witnesses and built their own version of events. The quest resulted in the announcement of a verdict for the criminal, who fully acknowledged his guilt and repented.

    The announcement of the verdict allowed the teams to understand the correctness of the version put forward and, accordingly, the correctness of the completion of the final task.

    For each task, the jury awarded points to the teams. The jury included Associate Professor of the Forensic Science Department, Academic Secretary of the Faculty of the Federal Service for Economics and Social Development of the Russian Federation (FSESiPST) of St. Petersburg State University of Architecture and Civil Engineering Elena Kuzbagarova, Associate Professor of the Criminal Law Disciplines Department of Gatchina State University Albina Bachieva, Lecturer of the Forensic Science and Research Department of the St. Petersburg University of the Ministry of Internal Affairs of Russia Nadezhda Gorbunova, Senior Lecturer of the Forensic Science and Engineering and Technical Expertise Department of the St. Petersburg University of the State Fire Service of the Ministry of Emergency Situations of Russia Oleg Abramumov, Associate Professor of the Forensic Science Department of St. Petersburg State University of Architecture and Civil Engineering Alexey Kopanev.

    Based on the results of completing the tasks, the gap between the teams was minimal: they were separated by two or three points, which indicates good preparation and the active role of the leaders.

    The places were distributed as follows:

    fifth place – “Material Evidence”; fourth place – “Gatchina Gendarmes”; third place – “Conclusions Don’t Burn”; second place – “Expert Element”; first place – “Investigative Committee”.

    The organizers awarded valuable gifts to the participants of the quest and those who were involved in it as actors – students of the Faculty of Social and Economic Development and Social Sciences of St. Petersburg State University of Architecture and Civil Engineering Ekaterina Ryzhikova, Igor Stepanov, Maxim Semenov and Daria Kulabukhova.

    Students shared their opinions on what helped them solve the complex case and what the difficulties were.

    “Practical experience helped us. We had already been in practice, and felt more confident during interrogation. Theoretical knowledge, a good atmosphere at the event, and the team also helped – this is also important. We clearly understood who to assign what to, quickly distributed who does what,” said Sledkom team member Yuri Churintsev.

    “The main difficulty was that too little time was given to complete the tasks. But we will try to win next time,” promised the captain of the “Conclusions Don’t Burn” team, Ulyana Nasonova.

    The team leaders also expressed their gratitude for the invitation to participate in the Olympiad and the good organization. In particular, Albina Bachieva said: “Many thanks to the university for this wonderful day. We really liked the teams, each had its own highlight.”

    “We took an honorable fifth place. However, I think that next year we will participate in the Olympiad at the St. Petersburg University of the Ministry of Internal Affairs in the same composition and win a prize. Many thanks to the organizers of the quiz: everything went very well, at a high level of organization. You created a holiday for us and our cadets,” Oleg Abramumov noted.

    “Interesting format of the event, great teams, good preparation. I hope that in the future you will come to our events and invite us again,” said Nadezhda Gorbunova.

    Summing up the results, the jury chair Elena Kuzbagarova said that the Olympiad had become a kind of testing ground, allowing to identify the strengths of the participants and determine the directions for further development of science and practice: “Today’s Olympiad demonstrated the high level of preparedness of our students, demonstrated the best examples of a creative approach to solving complex professional problems. For students, participation in the Olympiad is an opportunity not only to test their knowledge in criminology, forensic examination, traceology, criminal procedure, but also to meet colleagues from other universities, expand their professional horizons, better prepare for future professional activity, increase self-esteem and self-confidence, and establish useful professional connections. I wish the participants success in their studies and future professional activity, new achievements and interesting discoveries. Let the knowledge gained become a solid foundation for your career and a guarantee of a successful future!”

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

    MIL OSI Russia News –

  • MIL-OSI Canada: Minister of Finance to hold a media callback following the G7 Finance Ministers and Central Bank Governors meeting in Washington, D.C.

    Source: Government of Canada News

    April 24, 2025

    Following a meeting of the G7 Finance Ministers and Central Bank Governors hosted by Canada, as part of its G7 presidency, the Minister of Finance, the Honourable François-Philippe Champagne, will hold a virtual callback and take questions from the media.  

    Date: April 24, 2025
    Time: 1:30 p.m. ET

    Media representatives who wish to participate are asked to pre-register by emailing mediare@fin.gc.ca. Details on how to participate will be provided upon registration.

    Contacts

    Media Relations
    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

    Stay Connected

    MIL OSI Canada News –

  • MIL-OSI: West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025.

    David Nelson, President and Chief Executive Officer of the Company, commented, “In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.”

    David Nelson added, “One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.”

    First Quarter 2025 Financial Highlights
               
      Quarter Ended
    March 31, 2025    		   Quarter Ended
    December 31, 2024    		   Quarter Ended
    March 31, 2024
    Net income (in thousands) $7,842   $7,097   $5,809  
    Return on average equity 13.84%   12.24%   10.63%  
    Return on average assets 0.81%   0.68%   0.61%  
    Efficiency ratio (a non-GAAP measure) 56.37%   60.79%   62.04%  
    Nonperforming assets to total assets 0.00%   0.00%   0.01%  

    First Quarter 2025 Compared to Fourth Quarter 2024 Overview

    • Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans.
    • No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment.
    • The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024.
    • Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve’s reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income.
    • The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio.
    • Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building.

    First Quarter 2025 Compared to First Quarter 2024 Overview

    • Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans.
    • Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth.
    • Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions.

    The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

    West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

    Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “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. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements.  Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    CONDENSED BALANCE SHEETS   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets                    
    Cash and due from banks   $ 39,253     $ 28,750     $ 34,157     $ 27,994     $ 27,071  
    Interest-bearing deposits     171,357       214,728       123,646       121,825       120,946  
    Securities available for sale, at fair value     546,619       544,565       597,745       588,452       605,735  
    Federal Home Loan Bank stock, at cost     15,216       15,129       17,195       21,065       26,181  
    Loans     3,016,471       3,004,860       3,021,221       2,998,774       2,980,133  
    Allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Loans, net     2,985,945       2,974,428       2,991,802       2,970,352       2,951,760  
    Premises and equipment, net     110,270       109,985       106,771       101,965       95,880  
    Bank-owned life insurance     45,272       44,990       44,703       44,416       44,138  
    Other assets     72,737       82,416       72,547       89,046       90,981  
    Total assets   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
    Federal funds purchased and other short-term borrowings     —       —       —       85,500       198,500  
    Other borrowings     391,445       392,629       438,814       439,998       441,183  
    Other liabilities     32,833       36,891       35,846       34,812       34,223  
    Stockholders’ equity     237,873       227,875       235,353       223,883       223,756  
    Total liabilities and stockholders’ equity   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
        For the Quarter Ended
    AVERAGE BALANCES   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets   $ 3,944,789     $ 4,135,049     $ 3,973,824     $ 3,964,109     $ 3,812,199  
    Loans     3,016,119       3,007,558       2,991,272       2,994,492       2,949,672  
    Deposits     3,284,394       3,434,234       3,258,669       3,123,282       2,956,635  
    Stockholders’ equity     229,874       230,720       227,513       219,771       219,835  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    LOANS   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Commercial   $ 531,267     $ 514,232     $ 512,884     $ 526,589     $ 544,293  
    Real estate:                    
    Construction, land and land development     451,230       508,147       520,516       496,864       465,247  
    1-4 family residential first mortgages     86,292       87,858       89,749       92,230       108,065  
    Home equity     21,961       19,294       17,140       15,264       14,020  
    Commercial     1,909,330       1,861,195       1,870,132       1,856,301       1,839,580  
    Consumer and other     19,323       17,287       14,261       15,234       12,844  
          3,019,403       3,008,013       3,024,682       3,002,482       2,984,049  
    Net unamortized fees and costs     (2,932 )     (3,153 )     (3,461 )     (3,708 )     (3,916 )
    Total loans   $ 3,016,471     $ 3,004,860     $ 3,021,221     $ 2,998,774     $ 2,980,133  
    Less: allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Net loans   $ 2,985,945     $ 2,974,428     $ 2,991,802     $ 2,970,352     $ 2,951,760  
                         
    CREDIT QUALITY                    
    Pass   $ 3,011,231     $ 2,999,531     $ 3,016,493     $ 2,994,310     $ 2,983,618  
    Watch     7,991       8,349       7,956       7,651       142  
    Substandard     181       133       233       521       289  
    Doubtful     —       —       —       —       —  
    Total loans   $ 3,019,403     $ 3,008,013     $ 3,024,682     $ 3,002,482     $ 2,984,049  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 519,771     $ 541,053     $ 525,332     $ 530,441     $ 521,377  
    Interest-bearing demand     517,409       543,855       438,402       443,658       449,946  
    Savings and money market – non-brokered     1,490,189       1,517,510       1,481,840       1,483,264       1,315,698  
    Money market – brokered     143,423       126,381       123,780       97,259       119,840  
    Total nonmaturity deposits     2,670,792       2,728,799       2,569,354       2,554,622       2,406,861  
    Time – non-brokered     461,655       488,760       407,109       353,269       381,646  
    Time – brokered     192,071       140,037       302,090       273,031       276,523  
    Total time deposits     653,726       628,797       709,199       626,300       658,169  
    Total deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $ —     $ —     $ —     $ 85,500     $ 198,500  
    Subordinated notes, net     79,959       79,893       79,828       79,762       79,697  
    Federal Home Loan Bank advances     270,000       270,000       315,000       315,000       315,000  
    Long-term debt     41,486       42,736       43,986       45,236       46,486  
    Total borrowings   $ 391,445     $ 392,629     $ 438,814     $ 525,498     $ 639,683  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     35,072       35,619       34,960       34,322       33,685  
    Retained earnings     282,247       278,613       275,724       273,981       272,997  
    Accumulated other comprehensive loss     (82,446 )     (89,357 )     (78,331 )     (87,420 )     (85,926 )
    Total stockholders’ equity   $ 237,873     $ 227,875     $ 235,353     $ 223,883     $ 223,756  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income:                    
    Loans, including fees   $ 40,988     $ 41,822     $ 42,504     $ 41,700     $ 40,196  
    Securities:                    
    Taxable     2,788       2,959       3,261       3,394       3,416  
    Tax-exempt     743       795       806       808       810  
    Interest-bearing deposits     1,617       3,740       2,041       1,666       148  
    Total interest income     46,136       49,316       48,612       47,568       44,570  
    Interest expense:                    
    Deposits     21,423       25,706       26,076       23,943       21,559  
    Federal funds purchased and other short-term borrowings     —       —       115       1,950       2,183  
    Subordinated notes     1,105       1,106       1,112       1,105       1,108  
    Federal Home Loan Bank advances     2,235       2,522       2,748       2,718       2,325  
    Long-term debt     518       560       601       622       645  
    Total interest expense     25,281       29,894       30,652       30,338       27,820  
    Net interest income     20,855       19,422       17,960       17,230       16,750  
    Credit loss expense     —       1,000       —       —       —  
    Net interest income after credit loss expense     20,855       18,422       17,960       17,230       16,750  
    Noninterest income:                    
    Service charges on deposit accounts     471       462       459       462       460  
    Debit card usage fees     446       471       500       490       458  
    Trust services     777       1,051       828       794       776  
    Increase in cash value of bank-owned life insurance     282       287       287       278       274  
    Realized securities losses, net     —       (1,172 )     —       —       —  
    Other income     267       331       285       322       331  
    Total noninterest income     2,243       1,430       2,359       2,346       2,299  
    Noninterest expense:                    
    Salaries and employee benefits     7,004       7,107       6,823       7,169       6,489  
    Occupancy and equipment     1,963       2,095       1,926       1,852       1,447  
    Data processing     617       752       771       754       714  
    Technology and software     786       743       722       731       700  
    FDIC insurance     587       699       711       631       519  
    Professional fees     308       301       239       244       257  
    Director fees     206       170       223       236       199  
    Other expenses     1,592       1,532       1,477       1,577       1,543  
    Total noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Income before income taxes     10,035       6,453       7,427       6,382       7,181  
    Income taxes     2,193       (644 )     1,475       1,190       1,372  
    Net income   $ 7,842     $ 7,097     $ 5,952     $ 5,192     $ 5,809  
                         
    Basic earnings per common share   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Diluted earnings per common share   $ 0.46     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
                         
        As of and for the Quarter Ended
    COMMON SHARE DATA   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Earnings per common share (basic)   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Earnings per common share (diluted)     0.46       0.42       0.35       0.31       0.35  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25  
    Book value per common share(1)     14.06       13.54       13.98       13.30       13.31  
    Closing stock price     19.94       21.65       19.01       17.90       17.83  
    Market price/book value(2)     141.82 %     159.90 %     135.98 %     134.59 %     133.96 %
    Price earnings ratio(3)     10.46       12.96       13.65       14.36       12.77  
    Annualized dividend yield(4)     5.02 %     4.62 %     5.26 %     5.59 %     5.61 %
                         
    REGULATORY CAPITAL RATIOS                    
    Consolidated:                    
    Total risk-based capital ratio     12.18 %     12.11 %     11.95 %     11.85 %     11.78 %
    Tier 1 risk-based capital ratio     9.59       9.51       9.39       9.30       9.23  
    Tier 1 leverage capital ratio     8.36       7.93       8.15       8.08       8.36  
    Common equity tier 1 ratio     9.02       8.95       8.83       8.74       8.67  
    West Bank:                    
    Total risk-based capital ratio     12.90 %     12.86 %     12.73 %     12.66 %     12.63 %
    Tier 1 risk-based capital ratio     11.99       11.96       11.86       11.79       11.76  
    Tier 1 leverage capital ratio     10.46       9.97       10.29       10.25       10.65  
    Common equity tier 1 ratio     11.99       11.96       11.86       11.79       11.76  
                         
    KEY PERFORMANCE RATIOS AND OTHER METRICS                    
    Return on average assets(5)     0.81 %     0.68 %     0.60 %     0.53 %     0.61 %
    Return on average equity(6)     13.84       12.24       10.41       9.50       10.63  
    Net interest margin(7)(13)     2.28       1.98       1.91       1.86       1.88  
    Yield on interest-earning assets(8)(13)     5.04       5.02       5.16       5.13       4.99  
    Cost of interest-bearing liabilities     3.25       3.57       3.84       3.83       3.70  
    Efficiency ratio(9)(13)     56.37       60.79       63.28       67.14       62.04  
    Nonperforming assets to total assets(10)     0.00       0.00       0.01       0.01       0.01  
    ACL ratio(11)     1.01       1.01       0.97       0.95       0.95  
    Loans/total assets     75.66       74.84       75.75       75.63       75.20  
    Loans/total deposits     90.73       89.49       92.15       94.27       97.23  
    Tangible common equity ratio(12)     5.97       5.68       5.90       5.65       5.65  

    (1) Includes accumulated other comprehensive loss.
    (2) Closing stock price divided by book value per common share.
    (3) Closing stock price divided by annualized earnings per common share (basic).
    (4) Annualized dividend divided by period end closing stock price.
    (5) Annualized net income divided by average assets.
    (6) Annualized net income divided by average stockholders’ equity.
    (7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
    (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
    (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
    (10) Total nonperforming assets divided by total assets.
    (11) Allowance for credit losses on loans divided by total loans.        
    (12) Common equity less intangible assets (none held) divided by tangible assets.
    (13) A non-GAAP measure.

    NON-GAAP FINANCIAL MEASURES

    This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

    (in thousands)   For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                    
    Net interest income (GAAP)   $ 20,855     $ 19,422     $ 17,960     $ 17,230     $ 16,750  
    Tax-equivalent adjustment (1)     66       16       29       55       82  
    Net interest income on a FTE basis (non-GAAP)     20,921       19,438       17,989       17,285       16,832  
    Average interest-earning assets     3,717,441       3,910,978       3,749,688       3,731,674       3,595,954  
    Net interest margin on a FTE basis (non-GAAP)     2.28 %     1.98 %     1.91 %     1.86 %     1.88 %
                         
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                    
    Net interest income on a FTE basis (non-GAAP)   $ 20,921     $ 19,438     $ 17,989     $ 17,285     $ 16,832  
    Noninterest income     2,243       1,430       2,359       2,346       2,299  
    Adjustment for realized securities losses, net     —       1,172       —       —       —  
    Adjustment for losses on disposal of premises and equipment, net     8       —       26       21       —  
    Adjusted income     23,172       22,040       20,374       19,652       19,131  
    Noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     56.37 %     60.79 %     63.28 %     67.14 %     62.04 %

    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

    For more information contact:
    Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

    The MIL Network –

  • MIL-OSI: Hanmi Financial Declares Cash Dividend of $0.27 per share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 24, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced that its Board of Directors declared a cash dividend on its common stock for the 2025 second quarter of $0.27 per share. The dividend will be paid on May 21, 2025, to stockholders of record as of the close of business on May 5, 2025.

    About Hanmi Financial Corporation

    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    Forward-Looking Statements

    This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about our anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital and strategic plans, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that our forward-looking statements to be reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

    Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:

    • a failure to maintain adequate levels of capital and liquidity to support our operations;
    • general economic and business conditions internationally, nationally and in those areas in which we operate, including any potential recessionary conditions;
    • volatility and deterioration in the credit and equity markets;
    • changes in consumer spending, borrowing and savings habits;
    • availability of capital from private and government sources;
    • demographic changes;
    • competition for loans and deposits and failure to attract or retain loans and deposits;
    • inflation and fluctuations in interest rates that reduce our margins and yields, the fair value of financial instruments, the level of loan originations or prepayments on loans we have made and make, the level of loan sales and the cost we pay to retain and attract deposits and secure other types of funding;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • the current or anticipated impact of military conflict, terrorism or other geopolitical events;
    • the effect of potential future supervisory action against us or Hanmi Bank and our ability to address any issues raised in our regulatory exams;
    • risks of natural disasters;
    • legal proceedings and litigation brought against us;
    • a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;
    • the failure to maintain current technologies;
    • risks associated with Small Business Administration loans;
    • failure to attract or retain key employees;
    • our ability to access cost-effective funding;
    • the imposition of tariffs or other domestic or international governmental policies;
    • changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
    • fluctuations in real estate values;
    • changes in accounting policies and practices;
    • changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
    • the ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests;
    • strategic transactions we may enter into;
    • the adequacy of and changes in the methodology for computing our allowance for credit losses;
    • our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses;
    • changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements;
    • our ability to control expenses; and
    • cyber security and fraud risks against our information technology and those of our third-party providers and vendors.

    In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

    Investor Contacts:
    Romolo (Ron) Santarosa
    Senior Executive Vice President & Chief Financial Officer
    213-427-5636

    Lisa Fortuna
    Investor Relations
    Financial Profiles, Inc.
    lfortuna@finprofiles.com
    310-622-8251

    Source: Hanmi Bank

    The MIL Network –

  • MIL-OSI: Quino Energy and Long Hill Energy Partners Awarded $10M in California Energy Commission Grant Funding to Demonstrate an 8 MWh Organic Flow Battery System

    Source: GlobeNewswire (MIL-OSI)

    SAN LEANDRO, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Quino Energy, a company developing water-based flow batteries, and Long Hill Energy Partners, a California-based clean energy developer, have been awarded $10M in grant funding through the California Energy Commission (CEC) Energy Research and Development Division’s Electric Program Investment Charge Program (EPIC). The funding will support a proposed 8 MWh flow battery energy storage project at the High Desert Regional Health Center (HDRHC) in Lancaster, CA.

    This project will be the first U.S. commercial deployment of Quino Energy’s proprietary organic flow battery technology and will demonstrate its viability in large-scale, long-duration storage in an application serving critical infrastructure. It falls within Project Group 2, which focuses on funding multiple use-case demonstrations for energy storage value stacking.

    Quino Energy and Long Hill Energy Partners will jointly develop this proposed project, with Quino leading technology development, integration, and testing and Long Hill serving as lead for project development, permitting and program management and reporting. The demonstration will be conducted in partnership with Los Angeles County, where the site is located, and the Clean Coalition Group, a community-based non-profit specializing in the development and testing of clean energy microgrids.

    Once operational, Quino Energy’s organic flow battery is expected to provide critical energy resiliency and back-up power capacity for up to 100% of HDRHC’s energy demand during peak and off-peak hours while maximizing safety due to the system’s completely non-flammable nature. Additionally, Quino’s flow battery will enable the HDRHC to save over $10 million in electricity costs over the flow battery’s estimated 20-year operating life. Further, the installation of an on-site flow battery will allow Los Angeles County to expand an existing solar carport installed at this site, dramatically increasing the percentage of clean and renewable solar power generated and consumed by the HDRHC and further reducing electricity costs.

    “Quino Energy is grateful to the CEC for its support to demonstrate the potential of scalable, reliable organic flow batteries in our home state of California,” said Eugene Beh, CEO of Quino Energy. “Our technology started as an invention at a lab at Harvard and has rapidly grown in scale by leveraging mature flow battery systems that have been proven over decades with vanadium electrolyte. Our low-cost, non-flammable, and Made in USA organic electrolyte in place of vanadium will allow flow batteries to dramatically come down in cost to be a serious alternative to lithium-ion batteries. We are very excited to work with Long Hill Energy Partners, Los Angeles County, the High Desert Regional Health Center, and the Clean Coalition to showcase our technology in a real-world setting.”

    “Long Hill is excited to partner with the CEC to scale-up and demonstrate Quino Energy’s innovative flow battery solution for LA County’s High Desert Regional Health Center,” said Ed Chiao, Managing Director of Long Hill Energy Partners. “The Clean Coalition Group, a Southern California-based non-profit energy consultancy, will lead community engagement and provide expertise in Microgrid design and implementation. Once installed, the flow battery will provide critical energy resiliency and is also projected to save up to $10 million in energy costs for LA County’s hospital.”

    “We are very pleased that Quino Energy and Long Hill Energy Partners have been awarded $10 million by the CEC,” added Masahiro Sameshima, General Partner at ANRI, a venture capital firm based in Tokyo and one of Quino Energy’s investors. “We believe this recognition reflects the high evaluation of their innovative flow battery technology and its great potential. We look forward to seeing them accelerate their R&D with this funding and contribute to the realization of a decarbonized society.”

    Project permitting is anticipated to begin in Q3 2025; the project is expected to break ground in the Fall of 2026, with the flow battery system coming online in early 2027.

    Quino Energy has previously received funding through the U.S. Department of Energy (DOE)’s Advanced Materials and Manufacturing Technologies Office (AMMTO) to support the development of its flow battery material production line as well as to demonstrate their innovative aqueous organic quinone redox flow battery (QRFB) technology in carbon steel tanks.

    About Quino Energy

    Formed in 2021, Quino Energy is a start-up company that is developing water-based flow batteries that store electrical energy in organic molecules called quinones, for commercial and grid applications. These batteries are predicted to enjoy a unique combination of low capital cost, true fire safety, rapid scalability, and local manufacturability. This is made possible by a number of technological breakthroughs, some of which were first discovered at Harvard University and later licensed by Quino Energy. Please visit quinoenergy.com for more details on the team and the technology.

    About Long Hill Energy Partners

    Long Hill Energy Partners is an energy development company which specializes in supporting the scale-up and commercialization of emerging clean energy technologies. Long Hill partners with innovative venture-stage companies to develop and demonstrate their technology at scale, proving out economic returns for real-world applications.

    Media inquiries:
    quino@fischtankpr.com

    The MIL Network –

  • MIL-OSI: Global Agriculture Drones Market Projected to Reach $8.03 Billion By 2029 with Significant Growth Still Expected

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Many experts see the global agriculture drones market to continue its substantial growth through this decade and maybe beyond. One such industry watcher, MarketsANDMarkets reported that: “The global agriculture drones market was projected to grow to $2.01 Billion in 2024 and reach $8.03 Billion by 2029. High adoption of aerial data collection tools in agriculture holds immense opportunity for the agriculture drones market. As farmers want to boost yields and their uses in resource optimization, precision agricultural tools are in increased demand; drones offer sensors and timely data for crop health and soil conditions. Efficiencies and accuracies increase the appealability of aerial data collection, and more farmers are adopting drone technology. Drones combined with emerging technologies in the form of machine learning and AI make them robust for position and to improve broadband agricultural data systems. Moreover, many industries use drones, and the adoption rate of tools required to collect aerial data is high in the construction, agriculture, and mining industries. Moreover, as farmers emphasize yield optimization and resource utilization more, the use of precision agriculture tools and drones increases. Drones have advanced sensors and real-time data for monitoring crop health and soil conditions. Their efficiency and accuracy appeal to more farmers who have become open to drone technology.”   Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Draganfly Inc. (NASDAQ: DPRO), Unusual Machines, Inc. (NYSE American: UMAC), Sidus Space (NASDAQ: SIDU), AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI).

    MarketsANDMarkets continued: “The cereals & grains segment is growing substantially in the agriculture drones market. Cereals like wheat, corn, and rice are staple crops that require precise management to optimize yields, which makes drones more important. Drones can perform aerial surveys, crop health monitoring, and soil condition assessment, thus supporting farmers in informed decisions that may yield maximum productivity and resource utilization. Moreover, precision agriculture development is quite useful for producing cereals and grains. Agriculture drones conduct aerial surveys; thorough data acquisition and actionable insight generation will assist farmers in undertaking focused interventions such as precise irrigation and fertilization. This is resource efficient, cost-reducing, and productivity-enhancing in absolute terms. Moreover, with environmental objectives driving this agenda, increasing the importance of sustainability works well for the cereals & grains segment, with drones monitoring inputs more efficiently for management. The rising trend of digital agriculture, whereby decisions are made based on data, also builds a case for drones in the segment. Thus, considering the above parameters, based on farm produce, the cereals & grains segment is estimated to grow at the highest CAGR during the studied period.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves.   Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Draganfly Inc. (NASDAQ: DPRO), an industry-leading developer of drone solutions and systems, recently announced the formation of its Public Safety Advisory Board. This new initiative reinforces Draganfly’s commitment to delivering cutting-edge, mission-critical technologies that support enforcement and public safety agencies worldwide. Renowned global public safety expert and Homeland Security advisor Paul Goldenberg will serve as the inaugural Chair of the Board.

    With more than 30 years of experience in law enforcement, global security, and national intelligence, Goldenberg brings unparalleled expertise to the role. Recently named America’s Most Influential Person in Homeland Security, he has advised U.S. Presidents, members of Congress, and international security bodies on counterterrorism, cybercrime, and public safety. As a former senior member of the U.S. Department of Homeland Security Advisory Council (HSAC), Goldenberg led pivotal initiatives, including the DHS Cybersecurity Task Force and the Countering Foreign Influence Task Force. He currently serves as Chief Advisor for Policy and International Policing at the Rutgers University Miller Center on Policing, a Distinguished Visiting Fellow for Transnational Security at the University of Ottawa, and a member of the National Sheriffs’ Association Southern Border Security Committee.

    Unusual Machines, Inc. (NYSE American: UMAC), a drone and drone components manufacturer, recently announced it filed its Form 10-K with the U.S. Securities and Exchange Commission (the “SEC”) for the fiscal year ended December 31, 2024 and provided the following letter to its shareholders from CEO Allan Evans.

    Dear Shareholders, This shareholder letter follows the completion of our fiscal year 2024. This is our first year being public. It has been an excellent fourth quarter and an incredible year. We continue to see great interest in the company and receive questions from shareholders. We would like to take this opportunity to provide context and deeper insights into our operations and what these represent for Unusual Machines’ future.

    Unusual Machines revenue for the fourth quarter revenue was over $2.0 million which represents a sequentially quarter over quarter increase of approximately 31%. This is our best revenue quarter of all time (again) and was done while improving gross margins slightly to 28%. With the launch of our Blue Framework products, approximately 15% of our Q4 revenue was from enterprise sales. Our total revenue of $5.65M for FY2024 exceeded our target of $5M for 2024 by 13%. This growth was achieved without customer concentration as no single customer represented more than 5% of our total revenue for 2024.

    Sidus Space (NASDAQ: SIDU) recently announced the unveiling of near real-time vessel detection and classification capability to be enabled by its hybrid 3D printed LizzieSat® satellite platform. Processing data directly onboard LizzieSat® through Sidus Orlaith™ AI Ecosystem, which includes FeatherEdge™ edge computing hardware, and the OrbitfyEdge software from Little Place Labs, represents a significant advancement in space-based maritime intelligence.

    In January 2025, Sidus and Little Place Labs (LPL) formed a strategic partnership and signed a Memorandum of Understanding (MOU) to develop integrated satellite solutions based on edge computing and AI applications. This collaboration aims to meet the growing needs of a global customer base and is expected to provide accurate vessel detection and classification within one hour of satellite observation.

    AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) recently announced significant progress in its Radical Clean Solutions (RCS) division, acquired in August 2024.   The RCS division has been awarded a U.S. patent (Patent No. 17/713,959), dated today, for its design of agricultural integrated systems for Radicals Hydroxyl generation units. This innovative technology provides growers of fruits, vegetables, and other plants with a chemical-free solution for reducing mold, viruses, and volatile organic compounds (VOCs). It can be integrated into existing heating and ventilation systems or used as a standalone unit. Additionally, the system helps lower levels of gases such as ethylene, thereby slowing the ripening process and extending the shelf life of produce.

    Roger M. Slotkin, founder of RCS and on behalf of our RCS division, stated:   “We have applied for multiple patents related to the application of our technologies across various sectors, including agriculture. Our solutions provide businesses with a chemical-free, safe, and effective method for mitigating viruses, mold, and other pathogens—without harm to people, pets, or plants. Over the coming months, we anticipate the approval of several additional patents.”

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    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI: Kearny Financial Corp. Announces Third Quarter Fiscal 2025 Results and Declaration of Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    FAIRFIELD, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended March 31, 2025 of $6.6 million, or $0.11 per diluted share, compared to $6.6 million, or $0.10 per diluted share, for the quarter ended December 31, 2024.

    The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025, to stockholders of record as of May 7, 2025.

    Craig L. Montanaro, President and Chief Executive Officer, commented, “Quarter over quarter net interest income grew by $1.4 million, resulting in eight basis points of net interest margin expansion. Contributing to this expansion was growth in net loans and deposits, coupled with a 24 basis point decrease in our cost of funds. We anticipate continued strong margin expansion into the June quarter, the final of our 2025 fiscal year.”

    Mr. Montanaro continued, “Despite recent fluctuations in US Treasury rates and broader market indices, our core business continues to perform exceedingly well and we are confident in our ability to sustain and enhance our performance in spite of the volatile environment.”

    Balance Sheet

    • Total assets were $7.73 billion at March 31, 2025, a increase of $1.8 million from December 31, 2024.
    • Investment securities totaled $1.13 billion at March 31, 2025, a decrease of $17.3 million, or 1.5%, from December 31, 2024.
    • Loans receivable totaled $5.85 billion at March 31, 2025, an increase of $54.4 million, or 0.9%, from December 31, 2024, primarily reflecting growth in non-residential mortgage loans.
    • Deposits were $5.71 billion at March 31, 2025, an increase of $36.3 million, or 0.6%, from December 31, 2024. This increase was primarily driven by increases in interest bearing demand deposits and consumer savings deposits, partially offset by a decrease in non-interest bearing demand deposits. The decrease in non-interest bearing deposits was primarily attributable to a $29.3 million outflow from a single depositor who used the funds to finance the construction of a building. Excluding this single account, non-interest bearing deposits increased $14.9 million, or 2.5%.
    • Borrowings were $1.21 billion at March 31, 2025, a decrease of $45.0 million, or 3.6%, from December 31, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) overnight borrowings.
    • At March 31, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.42 billion, representing 31.3% of total assets.

    Earnings

    Net Interest Income and Net Interest Margin

    • Net interest margin expanded eight basis points from the quarter ended December 31, 2024 to 1.90% for the quarter ended March 31, 2025. The increase for the quarter was driven by the paydown of borrowings resulting from growth in lower cost deposits and broad based decreases in deposit rates, partially offset by reduced yields on interest-earning assets.
    • For the quarter ended March 31, 2025, net interest income increased $1.4 million to $34.0 million from $32.6 million for the quarter ended December 31, 2024. Included in net interest income for the quarters ended March 31, 2025 and December 31, 2024, respectively, was purchase accounting accretion of $511,000 and $685,000, and loan prepayment penalty income of $226,000 and $288,000.

    Non-Interest Income

    • For the quarter ended March 31, 2025, non-interest income decreased $311,000, or 6.4%, to $4.6 million from $4.9 million for the quarter ended December 31, 2024, primarily driven by decreases in gain on sale of loans and electronic banking fees and charges.
    • Gain on sale of loans decreased $192,000 to $112,000 for the quarter ended March 31, 2025 from $304,000 for the quarter ended December 31, 2024. The decrease largely reflected a seasonal decrease in the volume of residential mortgage loans sold during the period.
    • Electronic banking fees and charges decreased $102,000 to $391,000 for the quarter March 31, 2025 from $493,000 for the quarter ended December 31, 2024. The decrease largely reflected the absence of a non-recurring increase recorded in the prior period.

    Non-Interest Expense

    • For the quarter ended March 31, 2025, non-interest expense increased $829,000, or 2.8%, to $30.4 million from $29.6 million for the quarter ended December 31, 2024, primarily driven by increases in salary and benefits, net occupancy, advertising, and other expense.
    • Salary and benefits expense increased $121,000 to $17.7 million primarily driven by an increase of $546,000 in payroll taxes and employee benefits associated with the start of a new calendar year, partially offset by a $427,000 non-recurring decrease in stock-based compensation.
    • Net occupancy expense of premises increased $244,000 to $3.1 million primarily driven by seasonally higher snow removal expenses, partially offset by a decrease in repairs and other maintenance expenses.
    • Advertising and marketing expense increased $298,000 to $609,000. This increase was primarily due to higher advertising expenses across various formats, driven by marketing campaigns supporting our loan and deposit growth initiatives.
    • Other expense increased $225,000 primarily driven by a $37,000 provision for credit losses related to off balance sheet commitments compared to a reversal for credit losses on off balance sheet commitments of $116,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

    Income Taxes

    • Income tax expense totaled $1.2 million for the quarter ended March 31, 2025 compared to $1.3 million for the quarter ended December 31, 2024, resulting in an effective tax rate of 15.3% and 16.0%, respectively.

    Asset Quality

    • The balance of non-performing assets remained steady at $37.7 million, or 0.49% of total assets, at March 31, 2025 and December 31, 2024, respectively.
    • Net charge-offs totaled $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025, compared to $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024.
    • For the quarter ended March 31, 2025, the Company recorded a provision for credit losses of $366,000, compared to $107,000 for the quarter ended December 31, 2024. The provision for credit loss expense for the quarter ended March 31, 2025 was primarily driven by the charge-offs described above.
    • The ACL was $44.5 million, or 0.76% of total loans, at March 31, 2025, a decrease of $2,000 from $44.5 million, or 0.77% of total loans, at December 31, 2024.

    Capital

    • For the quarter ended March 31, 2025, book value per share increased $0.05, or 0.4%, to $11.58 while tangible book value per share increased $0.05, or 0.5%, to $9.80.
    • At March 31, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $80.1 million, partially offset by after-tax unrealized gains on derivatives of $10.7 million. After-tax net unrecognized losses on securities held to maturity of $9.9 million were not reflected in total stockholders’ equity.
    • At March 31, 2025, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

    This earnings release should be read in conjunction with Kearny Financial Corp.’s Q3 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

    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 due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

    Category: Earnings

    Linked-Quarter Comparative Financial Analysis
    Kearny Financial Corp.
    Consolidated Balance Sheets
    (Unaudited)
     
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 Variance
    or Change    		 Variance
    or Change Pct.
    Assets        
    Cash and cash equivalents $ 126,095   $ 141,554   $ (15,459 ) -10.9 %
    Securities available for sale   1,003,393     1,018,279     (14,886 ) -1.5 %
    Securities held to maturity   124,859     127,266     (2,407 ) -1.9 %
    Loans held-for-sale   6,187     5,695     492   8.6 %
    Loans receivable   5,846,175     5,791,758     54,417   0.9 %
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (2 ) -0.0 %
    Net loans receivable   5,801,720     5,747,301     54,419   0.9 %
    Premises and equipment   44,192     45,127     (935 ) -2.1 %
    Federal Home Loan Bank stock   62,261     64,443     (2,182 ) -3.4 %
    Accrued interest receivable   28,521     27,772     749   2.7 %
    Goodwill   113,525     113,525     —   — %
    Core deposit intangible   1,554     1,679     (125 ) -7.4 %
    Bank owned life insurance   303,629     301,339     2,290   0.8 %
    Deferred income taxes, net   52,913     53,325     (412 ) -0.8 %
    Other assets   64,292     84,080     (19,788 ) -23.5 %
    Total assets $ 7,733,141   $ 7,731,385   $ 1,756   0.0 %
             
    Liabilities        
    Deposits:        
    Non-interest-bearing $ 587,118   $ 601,510   $ (14,392 ) -2.4 %
    Interest-bearing   5,120,230     5,069,550     50,680   1.0 %
    Total deposits   5,707,348     5,671,060     36,288   0.6 %
    Borrowings   1,213,976     1,258,949     (44,973 ) -3.6 %
    Advance payments by borrowers for taxes   19,981     17,986     1,995   11.1 %
    Other liabilities   43,723     38,537     5,186   13.5 %
    Total liabilities   6,985,028     6,986,532     (1,504 ) -0.0 %
             
    Stockholders’ Equity        
    Common stock   646     646     —   — %
    Paid-in capital   494,131     494,092     39   0.0 %
    Retained earnings   341,921     342,155     (234 ) -0.1 %
    Unearned ESOP shares   (19,457 )   (19,943 )   486   2.4 %
    Accumulated other comprehensive loss   (69,128 )   (72,097 )   2,969   4.1 %
    Total stockholders’ equity   748,113     744,853     3,260   0.4 %
    Total liabilities and stockholders’ equity $ 7,733,141   $ 7,731,385   $ 1,756   0.0 %
             
    Consolidated capital ratios        
    Equity to assets   9.67 %   9.63 %   0.04 %  
    Tangible equity to tangible assets(1)   8.31 %   8.27 %   0.04 %  
             
    Share data        
    Outstanding shares   64,580     64,580     —   — %
    Book value per share $ 11.58   $ 11.53   $ 0.05   0.4 %
    Tangible book value per share(2) $ 9.80   $ 9.75   $ 0.05   0.5 %

    _________________________

    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
    Kearny Financial Corp.
    Consolidated Statements of Income
    (Unaudited)
     
      Three Months Ended    
    (Dollars and Shares in Thousands, 
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 Variance 
    or Change          		 Variance
    or Change Pct. 
    Interest income        
    Loans $ 64,768   $ 65,408   $ (640 ) -1.0 %
    Taxable investment securities   12,738     13,803     (1,065 ) -7.7 %
    Tax-exempt investment securities   55     59     (4 ) -6.8 %
    Other interest-earning assets   1,773     2,215     (442 ) -20.0 %
    Total interest income   79,334     81,485     (2,151 ) -2.6 %
             
    Interest expense        
    Deposits   34,912     36,721     (1,809 ) -4.9 %
    Borrowings   10,380     12,152     (1,772 ) -14.6 %
    Total interest expense   45,292     48,873     (3,581 ) -7.3 %
    Net interest income   34,042     32,612     1,430   4.4 %
    Provision for credit losses   366     107     259   242.1 %
    Net interest income after provision for credit losses   33,676     32,505     1,171   3.6 %
             
    Non-interest income        
    Fees and service charges   573     627     (54 ) -8.6 %
    Gain on sale of loans   112     304     (192 ) -63.2 %
    Income from bank owned life insurance   2,617     2,619     (2 ) -0.1 %
    Electronic banking fees and charges   391     493     (102 ) -20.7 %
    Other income   869     830     39   4.7 %
    Total non-interest income   4,562     4,873     (311 ) -6.4 %
             
    Non-interest expense        
    Salaries and employee benefits   17,700     17,579     121   0.7 %
    Net occupancy expense of premises   3,075     2,831     244   8.6 %
    Equipment and systems   3,921     3,892     29   0.7 %
    Advertising and marketing   609     311     298   95.8 %
    Federal deposit insurance premium   1,450     1,503     (53 ) -3.5 %
    Directors’ compensation   326     361     (35 ) -9.7 %
    Other expense   3,309     3,084     225   7.3 %
    Total non-interest expense   30,390     29,561     829   2.8 %
    Income before income taxes   7,848     7,817     31   0.4 %
    Income taxes   1,200     1,251     (51 ) -4.1 %
    Net income $ 6,648   $ 6,566   $ 82   1.2 %
             
    Net income per common share (EPS)        
    Basic $ 0.11   $ 0.11   $ —    
    Diluted $ 0.11   $ 0.10   $ 0.01    
             
    Dividends declared        
    Cash dividends declared per common share $ 0.11   $ 0.11   $ —    
    Cash dividends declared $ 6,933   $ 6,933   $ —    
    Dividend payout ratio   104.3 %   105.6 %   -1.3 %  
             
    Weighted average number of common shares outstanding        
    Basic   62,548     62,443     105    
    Diluted   62,713     62,576     137    
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
      Three Months Ended        
    (Dollars in Thousands)  March 31,
    2025    		 December 31,
    2024    		  Variance
    or Change         		 Variance
    or Change Pct. 
    Assets        
    Interest-earning assets:        
    Loans receivable, including loans held for sale $ 5,805,045   $ 5,762,053   $ 42,992   0.7 %
    Taxable investment securities   1,251,612     1,285,800     (34,188 ) -2.7 %
    Tax-exempt investment securities   9,135     9,711     (576 ) -5.9 %
    Other interest-earning assets   110,736     116,354     (5,618 ) -4.8 %
    Total interest-earning assets   7,176,528     7,173,918     2,610   0.0 %
    Non-interest-earning assets   457,206     459,982     (2,776 ) -0.6 %
    Total assets $ 7,633,734   $ 7,633,900   $ (166 ) -0.0 %
             
    Liabilities and Stockholders’ Equity        
    Interest-bearing liabilities:        
    Deposits:        
    Interest-bearing demand $ 2,405,974   $ 2,314,378   $ 91,596   4.0 %
    Savings   751,243     711,801     39,442   5.5 %
    Certificates of deposit (retail)   1,215,767     1,216,948     (1,181 ) -0.1 %
    Certificates of deposit (brokered)   730,612     730,773     (161 ) -0.0 %
    Total interest-bearing deposits   5,103,596     4,973,900     129,696   2.6 %
    Borrowings:        
    Federal Home Loan Bank advances   1,028,958     1,085,455     (56,497 ) -5.2 %
    Other borrowings   93,389     156,522     (63,133 ) -40.3 %
    Total borrowings   1,122,347     1,241,977     (119,630 ) -9.6 %
    Total interest-bearing liabilities   6,225,943     6,215,877     10,066   0.2 %
    Non-interest-bearing liabilities:        
    Non-interest-bearing deposits   602,647     604,915     (2,268 ) -0.4 %
    Other non-interest-bearing liabilities   59,919     65,258     (5,339 ) -8.2 %
    Total non-interest-bearing liabilities   662,566     670,173     (7,607 ) -1.1 %
    Total liabilities   6,888,509     6,886,050     2,459   0.0 %
    Stockholders’ equity   745,225     747,850     (2,625 ) -0.4 %
    Total liabilities and stockholders’ equity $ 7,633,734   $ 7,633,900   $ (166 ) -0.0 %
             
    Average interest-earning assets to average interest-bearing liabilities   115.27 %   115.41 %   -0.14 % -0.1 %
    Kearny Financial Corp.
    Performance Ratio Highlights
    (Unaudited)
     
      Three Months Ended  
      March 31,
    2025    		 December 31,
    2024    		 Variance
    or Change     
    Average yield on interest-earning assets:      
    Loans receivable, including loans held for sale 4.46 % 4.54 % -0.08 %
    Taxable investment securities 4.07 % 4.29 % -0.22 %
    Tax-exempt investment securities(1) 2.43 % 2.42 % 0.01 %
    Other interest-earning assets 6.40 % 7.62 % -1.22 %
    Total interest-earning assets 4.42 % 4.54 % -0.12 %
           
    Average cost of interest-bearing liabilities:      
    Deposits:      
    Interest-bearing demand 2.73 % 2.96 % -0.23 %
    Savings 1.30 % 1.29 % 0.01 %
    Certificates of deposit (retail) 3.73 % 4.06 % -0.33 %
    Certificates of deposit (brokered) 2.58 % 2.70 % -0.12 %
    Total interest-bearing deposits 2.74 % 2.95 % -0.21 %
    Borrowings:      
    Federal Home Loan Bank advances 3.63 % 3.78 % -0.15 %
    Other borrowings 4.41 % 4.88 % -0.47 %
    Total borrowings 3.70 % 3.91 % -0.21 %
    Total interest-bearing liabilities 2.91 % 3.15 % -0.24 %
           
    Interest rate spread(2) 1.51 % 1.39 % 0.12 %
    Net interest margin(3) 1.90 % 1.82 % 0.08 %
           
    Non-interest income to average assets (annualized) 0.24 % 0.26 % -0.02 %
    Non-interest expense to average assets (annualized) 1.59 % 1.55 % 0.04 %
           
    Efficiency ratio(4) 78.72 % 78.86 % -0.14 %
           
    Return on average assets (annualized) 0.35 % 0.34 % 0.01 %
    Return on average equity (annualized) 3.57 % 3.51 % 0.06 %
    Return on average tangible equity (annualized)(5) 4.28 % 4.21 % 0.07 %

    _________________________

    (1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3) Net interest income divided by average interest-earning assets.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income.
    (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
    Five-Quarter Financial Trend Analysis
    Kearny Financial Corp.
    Consolidated Balance Sheets
               
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
      (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)
    Assets          
    Cash and cash equivalents $ 126,095   $ 141,554   $ 155,574   $ 63,864   $ 71,027  
    Securities available for sale   1,003,393     1,018,279     1,070,811     1,072,833     1,098,655  
    Securities held to maturity   124,859     127,266     132,256     135,742     139,643  
    Loans held-for-sale   6,187     5,695     8,866     6,036     4,117  
    Loans receivable   5,846,175     5,791,758     5,784,246     5,732,787     5,758,336  
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (44,923 )   (44,939 )   (44,930 )
    Net loans receivable   5,801,720     5,747,301     5,739,323     5,687,848     5,713,406  
    Premises and equipment   44,192     45,127     45,189     44,940     45,053  
    Federal Home Loan Bank stock   62,261     64,443     57,706     80,300     81,347  
    Accrued interest receivable   28,521     27,772     29,467     29,521     31,065  
    Goodwill   113,525     113,525     113,525     113,525     210,895  
    Core deposit intangible   1,554     1,679     1,805     1,931     2,057  
    Bank owned life insurance   303,629     301,339     300,186     297,874     296,493  
    Deferred income taxes, net   52,913     53,325     50,131     50,339     47,225  
    Other assets   64,292     84,080     67,540     98,708     100,989  
    Total assets $ 7,733,141   $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972  
               
    Liabilities          
    Deposits:          
    Non-interest-bearing $ 587,118   $ 601,510   $ 592,099   $ 598,366   $ 586,089  
    Interest-bearing   5,120,230     5,069,550     4,878,413     4,559,757     4,622,961  
    Total deposits   5,707,348     5,671,060     5,470,512     5,158,123     5,209,050  
    Borrowings   1,213,976     1,258,949     1,479,888     1,709,789     1,722,178  
    Advance payments by borrowers for taxes   19,981     17,986     17,824     17,409     17,387  
    Other liabilities   43,723     38,537     52,618     44,569     44,279  
    Total liabilities   6,985,028     6,986,532     7,020,842     6,929,890     6,992,894  
               
    Stockholders’ Equity          
    Common stock   646     646     646     644     644  
    Paid-in capital   494,131     494,092     493,523     493,680     493,187  
    Retained earnings   341,921     342,155     342,522     343,326     440,308  
    Unearned ESOP shares   (19,457 )   (19,943 )   (20,430 )   (20,916 )   (21,402 )
    Accumulated other comprehensive loss   (69,128 )   (72,097 )   (64,724 )   (63,163 )   (63,659 )
    Total stockholders’ equity   748,113     744,853     751,537     753,571     849,078  
    Total liabilities and stockholders’ equity $ 7,733,141   $ 7,731,385   $ 7,772,379   $ 7,683,461   $ 7,841,972  
               
    Consolidated capital ratios          
    Equity to assets   9.67 %   9.63 %   9.67 %   9.81 %   10.83 %
    Tangible equity to tangible assets(1)   8.31 %   8.27 %   8.31 %   8.43 %   8.34 %
               
    Share data          
    Outstanding shares   64,580     64,580     64,580     64,434     64,437  
    Book value per share $ 11.58   $ 11.53   $ 11.64   $ 11.70   $ 13.18  
    Tangible book value per share(2) $ 9.80   $ 9.75   $ 9.85   $ 9.90   $ 9.87  

    _________________________

    (1) Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
    (2) Tangible book value equals total stockholders’ equity reduced by goodwill and core deposit intangible assets.
     
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
               
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Loan portfolio composition:          
    Commercial loans:          
    Multi-family mortgage $ 2,733,406   $ 2,722,623   $ 2,646,187   $ 2,645,851   $ 2,645,195  
    Nonresidential mortgage   988,074     950,194     950,771     948,075     965,539  
    Commercial business   140,224     135,740     145,984     142,747     147,326  
    Construction   174,722     176,704     227,327     209,237     229,457  
    Total commercial loans   4,036,426     3,985,261     3,970,269     3,945,910     3,987,517  
    One- to four-family residential mortgage   1,761,465     1,765,160     1,768,230     1,756,051     1,741,644  
    Consumer loans:          
    Home equity loans   49,699     47,101     44,741     44,104     42,731  
    Other consumer   2,859     2,778     2,965     2,685     3,198  
    Total consumer loans   52,558     49,879     47,706     46,789     45,929  
    Total loans, excluding yield adjustments   5,850,449     5,800,300     5,786,205     5,748,750     5,775,090  
    Unaccreted yield adjustments   (4,274 )   (8,542 )   (1,959 )   (15,963 )   (16,754 )
    Loans receivable, net of yield adjustments   5,846,175     5,791,758     5,784,246     5,732,787     5,758,336  
    Less: allowance for credit losses on loans   (44,455 )   (44,457 )   (44,923 )   (44,939 )   (44,930 )
    Net loans receivable $ 5,801,720   $ 5,747,301   $ 5,739,323   $ 5,687,848   $ 5,713,406  
               
    Asset quality:          
    Nonperforming assets:          
    Accruing loans – 90 days and over past due $ —   $ —   $ —   $ —   $ —  
    Nonaccrual loans   37,683     37,697     39,854     39,882     39,546  
    Total nonperforming loans   37,683     37,697     39,854     39,882     39,546  
    Nonaccrual loans held-for-sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total nonperforming assets $ 37,683   $ 37,697   $ 39,854   $ 39,882   $ 39,546  
               
    Nonperforming loans (% total loans)   0.64 %   0.65 %   0.69 %   0.70 %   0.69 %
    Nonperforming assets (% total assets)   0.49 %   0.49 %   0.51 %   0.52 %   0.50 %
               
    Classified loans $ 125,790   $ 132,216   $ 119,534   $ 118,700   $ 115,772  
               
    Allowance for credit losses on loans (ACL):          
    ACL to total loans   0.76 %   0.77 %   0.78 %   0.78 %   0.78 %
    ACL to nonperforming loans   117.97 %   117.93 %   112.72 %   112.68 %   113.61 %
    Net charge-offs $ 368   $ 573   $ 124   $ 3,518   $ 286  
    Average net charge-off rate (annualized)   0.03 %   0.04 %   0.01 %   0.25 %   0.02 %
    Kearny Financial Corp.
    Supplemental Balance Sheet Highlights
    (Unaudited)
     
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Funding composition:          
    Deposits:          
    Non-interest-bearing deposits $ 587,118   $ 601,510   $ 592,099   $ 598,367   $ 586,089  
    Interest-bearing demand   2,410,925     2,380,408     2,247,685     2,308,915     2,349,032  
    Savings   758,239     742,266     681,709     643,481     630,456  
    Certificates of deposit (retail)   1,218,479     1,213,887     1,215,746     1,199,127     1,235,261  
    Certificates of deposit (brokered)   732,587     732,989     733,273     408,234     408,212  
    Interest-bearing deposits   5,120,230     5,069,550     4,878,413     4,559,757     4,622,961  
    Total deposits   5,707,348     5,671,060     5,470,512     5,158,124     5,209,050  
               
    Borrowings:          
    Federal Home Loan Bank advances   1,028,976     1,028,949     1,209,888     1,534,789     1,457,178  
    Overnight borrowings   185,000     230,000     270,000     175,000     265,000  
    Total borrowings   1,213,976     1,258,949     1,479,888     1,709,789     1,722,178  
               
    Total funding $ 6,921,324   $ 6,930,009   $ 6,950,400   $ 6,867,913   $ 6,931,228  
               
    Loans as a % of deposits   101.8 %   101.4 %   105.1 %   110.4 %   109.8 %
    Deposits as a % of total funding   82.5 %   81.8 %   78.7 %   75.1 %   75.2 %
    Borrowings as a % of total funding   17.5 %   18.2 %   21.3 %   24.9 %   24.8 %
               
    Uninsured deposits:          
    Uninsured deposits (reported)(1) $ 1,959,070   $ 1,935,607   $ 1,799,726   $ 1,772,623   $ 1,760,740  
    Uninsured deposits (adjusted)(2) $ 799,238   $ 797,721   $ 773,375   $ 764,447   $ 718,026  

    _________________________

    (1) Uninsured deposits of Kearny Bank.
    (2) Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
     
    Kearny Financial Corp.
    Consolidated Statements of Income (Loss)
    (Unaudited)
       
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Interest income          
    Loans $ 64,768   $ 65,408   $ 66,331   $ 65,819   $ 64,035  
    Taxable investment securities   12,738     13,803     14,384     14,802     15,490  
    Tax-exempt investment securities   55     59     71     80     85  
    Other interest-earning assets   1,773     2,215     2,466     2,289     2,475  
    Total interest income   79,334     81,485     83,252     82,990     82,085  
               
    Interest expense          
    Deposits   34,912     36,721     35,018     32,187     32,320  
    Borrowings   10,380     12,152     15,788     17,527     15,446  
    Total interest expense   45,292     48,873     50,806     49,714     47,766  
    Net interest income   34,042     32,612     32,446     33,276     34,319  
    Provision for credit losses   366     107     108     3,527     349  
    Net interest income after provision for credit losses   33,676     32,505     32,338     29,749     33,970  
               
    Non-interest income          
    Fees and service charges   573     627     635     580     657  
    Gain (loss) on sale of loans   112     304     200     111     (712 )
    Income from bank owned life insurance   2,617     2,619     2,567     3,209     3,039  
    Electronic banking fees and charges   391     493     391     1,130     464  
    Other income   869     830     833     776     755  
    Total non-interest income   4,562     4,873     4,626     5,806     4,203  
               
    Non-interest expense          
    Salaries and employee benefits   17,700     17,579     17,498     17,266     16,911  
    Net occupancy expense of premises   3,075     2,831     2,798     2,738     2,863  
    Equipment and systems   3,921     3,892     3,860     3,785     3,823  
    Advertising and marketing   609     311     342     480     387  
    Federal deposit insurance premium   1,450     1,503     1,563     1,532     1,429  
    Directors’ compensation   326     361     361     360     360  
    Goodwill impairment   —     —     —     97,370     —  
    Other expense   3,309     3,084     3,364     3,020     3,286  
    Total non-interest expense   30,390     29,561     29,786     126,551     29,059  
    Income (loss) before income taxes   7,848     7,817     7,178     (90,996 )   9,114  
    Income taxes   1,200     1,251     1,086     (917 )   1,717  
    Net income (loss) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
               
    Net income (loss) per common share (EPS)          
    Basic $ 0.11   $ 0.11   $ 0.10   $ (1.45 ) $ 0.12  
    Diluted $ 0.11   $ 0.10   $ 0.10   $ (1.45 ) $ 0.12  
               
    Dividends declared          
    Cash dividends declared per common share $ 0.11   $ 0.11   $ 0.11   $ 0.11   $ 0.11  
    Cash dividends declared $ 6,933   $ 6,933   $ 6,896   $ 6,903   $ 6,844  
    Dividend payout ratio   104.3 %   105.6 %   113.2 %   -7.7 %   92.5 %
               
    Weighted average number of common shares outstanding          
    Basic   62,548     62,443     62,389     62,254     62,205  
    Diluted   62,713     62,576     62,420     62,330     62,211  
    Kearny Financial Corp.
    Average Balance Sheet Data
    (Unaudited)
     
      Three Months Ended
    (Dollars in Thousands) March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Assets          
    Interest-earning assets:          
    Loans receivable, including loans held-for-sale $ 5,805,045   $ 5,762,053   $ 5,761,593   $ 5,743,008   $ 5,752,477  
    Taxable investment securities   1,251,612     1,285,800     1,314,945     1,343,541     1,382,064  
    Tax-exempt investment securities   9,135     9,711     12,244     13,737     14,614  
    Other interest-earning assets   110,736     116,354     131,981     128,257     125,155  
    Total interest-earning assets   7,176,528     7,173,918     7,220,763     7,228,543     7,274,310  
    Non-interest-earning assets   457,206     459,982     467,670     466,537     577,411  
    Total assets $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Liabilities and Stockholders’ Equity          
    Interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand $ 2,405,974   $ 2,314,378   $ 2,282,608   $ 2,310,521   $ 2,378,831  
    Savings   751,243     711,801     668,240     631,622     635,226  
    Certificates of deposit (retail)   1,215,767     1,216,948     1,203,770     1,208,101     1,257,362  
    Certificates of deposit (brokered)   730,612     730,773     551,819     405,697     448,151  
    Total interest-bearing deposits   5,103,596     4,973,900     4,706,437     4,555,941     4,719,570  
    Borrowings:          
    Federal Home Loan Bank advances   1,028,958     1,085,455     1,325,583     1,507,192     1,428,801  
    Other borrowings   93,389     156,522     237,011     228,461     210,989  
    Total borrowings   1,122,347     1,241,977     1,562,594     1,735,653     1,639,790  
    Total interest-bearing liabilities   6,225,943     6,215,877     6,269,031     6,291,594     6,359,360  
    Non-interest-bearing liabilities:          
    Non-interest-bearing deposits   602,647     604,915     599,095     589,438     581,870  
    Other non-interest-bearing liabilities   59,919     65,258     69,629     62,978     65,709  
    Total non-interest-bearing liabilities   662,566     670,173     668,724     652,416     647,579  
    Total liabilities   6,888,509     6,886,050     6,937,755     6,944,010     7,006,939  
    Stockholders’ equity   745,225     747,850     750,678     751,070     844,782  
    Total liabilities and stockholders’ equity $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Average interest-earning assets to average
    interest-bearing liabilities    		   115.27 %   115.41 %   115.18 %   114.89 %   114.39 %
    Kearny Financial Corp.
    Performance Ratio Highlights
     
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Average yield on interest-earning assets:          
    Loans receivable, including loans held-for-sale 4.46 % 4.54 % 4.61 % 4.58 % 4.45 %
    Taxable investment securities 4.07 % 4.29 % 4.38 % 4.41 % 4.48 %
    Tax-exempt investment securities(1) 2.43 % 2.42 % 2.32 % 2.32 % 2.32 %
    Other interest-earning assets 6.40 % 7.62 % 7.47 % 7.14 % 7.91 %
    Total interest-earning assets 4.42 % 4.54 % 4.61 % 4.59 % 4.51 %
               
    Average cost of interest-bearing liabilities:          
    Deposits:          
    Interest-bearing demand 2.73 % 2.96 % 3.13 % 3.06 % 3.08 %
    Savings 1.30 % 1.29 % 1.05 % 0.63 % 0.46 %
    Certificates of deposit (retail) 3.73 % 4.06 % 4.12 % 3.95 % 3.52 %
    Certificates of deposit (brokered) 2.58 % 2.70 % 2.18 % 1.59 % 1.97 %
    Total interest-bearing deposits 2.74 % 2.95 % 2.98 % 2.83 % 2.74 %
    Borrowings:          
    Federal Home Loan Bank advances 3.63 % 3.78 % 3.82 % 3.86 % 3.55 %
    Other borrowings 4.41 % 4.88 % 5.28 % 5.24 % 5.22 %
    Total borrowings 3.70 % 3.91 % 4.04 % 4.04 % 3.77 %
    Total interest-bearing liabilities 2.91 % 3.15 % 3.24 % 3.16 % 3.00 %
               
    Interest rate spread(2) 1.51 % 1.39 % 1.37 % 1.43 % 1.51 %
    Net interest margin(3) 1.90 % 1.82 % 1.80 % 1.84 % 1.89 %
               
    Non-interest income to average assets (annualized) 0.24 % 0.26 % 0.24 % 0.30 % 0.21 %
    Non-interest expense to average assets (annualized) 1.59 % 1.55 % 1.55 % 6.58 % 1.48 %
               
    Efficiency ratio(4) 78.72 % 78.86 % 80.35 % 323.81 % 75.43 %
               
    Return on average assets (annualized) 0.35 % 0.34 % 0.32 % -4.68 % 0.38 %
    Return on average equity (annualized) 3.57 % 3.51 % 3.25 % -47.97 % 3.50 %
    Return on average tangible equity (annualized)(5) 4.28 % 4.21 % 3.89 % 3.33 % 4.68 %

    _________________________

    (1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
    (2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
    (3) Net interest income divided by average interest-earning assets.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income.
    (5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
       

    The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.

     
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Adjusted net income:          
    Net income (loss) (GAAP) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
    Non-recurring transactions – net of tax:          
    Net effect of bank-owned life insurance restructure   —     —     —     392     —  
    Goodwill impairment   —     —     —     95,283     —  
    Adjusted net income $ 6,648   $ 6,566   $ 6,092   $ 5,596   $ 7,397  
               
    Calculation of pre-tax, pre-provision net revenue:          
    Net income (loss) (GAAP) $ 6,648   $ 6,566   $ 6,092   $ (90,079 ) $ 7,397  
    Adjustments to net income (GAAP):          
    Provision for income taxes   1,200     1,251     1,086     (917 )   1,717  
    Provision for credit losses   366     107     108     3,527     349  
    Pre-tax, pre-provision net revenue (non-GAAP) $ 8,214   $ 7,924   $ 7,286   $ (87,469 ) $ 9,463  
               
    Adjusted earnings per share:          
    Weighted average common shares – basic   62,548     62,443     62,389     62,254     62,205  
    Weighted average common shares – diluted   62,713     62,576     62,420     62,330     62,211  
               
    Earnings per share – basic (GAAP) $ 0.11   $ 0.11   $ 0.10   $ (1.45 ) $ 0.12  
    Earnings per share – diluted (GAAP) $ 0.11   $ 0.10   $ 0.10   $ (1.45 ) $ 0.12  
               
    Adjusted earnings per share – basic (non-GAAP) $ 0.11   $ 0.11   $ 0.10   $ 0.09   $ 0.12  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.11   $ 0.10   $ 0.10   $ 0.09   $ 0.12  
               
    Pre-tax, pre-provision net revenue per share:          
    Pre-tax, pre-provision net revenue per share – basic
    (non-GAAP)    		 $ 0.13   $ 0.13   $ 0.12   $ (1.41 ) $ 0.15  
    Pre-tax, pre-provision net revenue per share – diluted
    (non-GAAP)    		 $ 0.13   $ 0.13   $ 0.12   $ (1.41 ) $ 0.15  
               
    Adjusted return on average assets:          
    Total average assets $ 7,633,734   $ 7,633,900   $ 7,688,433   $ 7,695,080   $ 7,851,721  
               
    Return on average assets (GAAP)   0.35 %   0.34 %   0.32 %   -4.68 %   0.38 %
    Adjusted return on average assets (non-GAAP)   0.35 %   0.34 %   0.32 %   0.29 %   0.38 %
               
    Adjusted return on average equity:          
    Total average equity $ 745,225   $ 747,850   $ 750,678   $ 751,070   $ 844,782  
               
    Return on average equity (GAAP)   3.57 %   3.51 %   3.25 %   -47.97 %   3.50 %
    Adjusted return on average equity (non-GAAP)   3.57 %   3.51 %   3.25 %   2.98 %   3.50 %
    Kearny Financial Corp.
    Reconciliation of GAAP to Non-GAAP
    (Unaudited)
     
      Three Months Ended
    (Dollars and Shares in Thousands,
    Except Per Share Data)    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024    		 March 31,
    2024
    Adjusted return on average tangible equity:          
    Total average equity $ 745,225   $ 747,850   $ 750,678   $ 751,070   $ 844,782  
    Less: average goodwill   (113,525 )   (113,525 )   (113,525 )   (113,525 )   (210,895 )
    Less: average other intangible assets   (1,636 )   (1,761 )   (1,886 )   (2,006 )   (2,138 )
    Total average tangible equity $ 630,064   $ 632,564   $ 635,267   $ 635,539   $ 631,749  
               
    Return on average tangible equity (non-GAAP)   4.28 %   4.21 %   3.89 %   3.33 %   4.68 %
    Adjusted return on average tangible equity (non-GAAP)   4.28 %   4.21 %   3.89 %   3.58 %   4.68 %
               
    Adjusted non-interest expense ratio:          
    Non-interest expense (GAAP) $ 30,390   $ 29,561   $ 29,786   $ 126,551   $ 29,059  
    Non-recurring transactions:          
    Goodwill impairment   —     —     —     (97,370 )   —  
    Non-interest expense (non-GAAP) $ 30,390   $ 29,561   $ 29,786   $ 29,181   $ 29,059  
               
    Non-interest expense ratio (GAAP)   1.59 %   1.55 %   1.55 %   6.58 %   1.48 %
    Adjusted non-interest expense ratio (non-GAAP)   1.59 %   1.55 %   1.55 %   1.52 %   1.48 %
               
    Adjusted efficiency ratio:          
    Non-interest expense (non-GAAP) $ 30,390   $ 29,561   $ 29,786   $ 29,181   $ 29,059  
               
    Net interest income (GAAP) $ 34,042   $ 32,612   $ 32,446   $ 33,276   $ 34,319  
    Total non-interest income (GAAP)   4,562     4,873     4,626     5,806     4,203  
    Non-recurring transactions:          
    Net effect of bank-owned life insurance restructure   —     —     —     392     —  
    Total revenue (non-GAAP) $ 38,604   $ 37,485   $ 37,072   $ 39,474   $ 38,522  
               
    Efficiency ratio (GAAP)   78.72 %   78.86 %   80.35 %   323.81 %   75.43 %
    Adjusted efficiency ratio (non-GAAP)   78.72 %   78.86 %   80.35 %   73.92 %   75.43 %

    For further information contact:
    Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
    Sean Byrnes, Executive Vice President and Chief Financial Officer
    Kearny Financial Corp.
    (973) 244-4500

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.60 Per Share for Q1 2025; Net Interest Margin Improves For Fourth Consecutive Quarter

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., April 24, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported first quarter earnings ending March 31, 2025 of $0.60 per common share on net income of $2.4 million, compared to $0.73 per common share on net income of $3.0 million during the fourth quarter ending December 31, 2024, and $0.39 per common share on net income of $1.6 million during the first quarter ending March 31, 2024.

    PSB’s first quarter 2025 operating results reflected the following changes from the fourth quarter of 2024: (1) a stronger net interest margin as asset yields rose and funding costs declined; (2) the addition of a provision for loan losses due to loan growth; (3) higher non-interest income due to lower losses on the sale of securities and an increase in investment and insurance sale commissions; (4) higher non-interest expenses due to higher salaries and employee benefit expenses associated with commercial loan growth incentives and the addition of wealth management personnel; and (5) loan growth of 2% during the quarter.

    “We are encouraged with the steady improvements in our net interest margin while also continuing solid loan growth as customers are seeing value in our relationship. We expect operating expenses to decline in the coming quarter and are cautiously optimistic for earnings growth for the remainder of 2025,” stated Scott Cattanach, President and CEO.

    March 31, 2025, Highlights:

    • Net interest income decreased $121,000 to $10.3 million for the quarter ended March 31, 2025, from $10.4 million for the quarter ended December 31, 2024, due in part to two fewer days during the quarter. Meanwhile, asset and loan yields increased while funding costs declined slightly.
    • Noninterest income increased $589,000 to $1.9 million for the quarter ended March 31, 2025, compared to $1.3 million the prior quarter due to a smaller loss on the sale of securities and an increase in investment and insurance sales commissions.
    • Noninterest expenses increased to $967,000 to $9.0 million during the quarter ended March 31, 2025 from $8.0 million for the quarter ended December 31, 2024, reflecting higher salary and benefit expenses associated with growth incentive payments and the addition of wealth management personnel in the purchase of the Larson Financial Group, LLC.
    • Loans increased $18.2 million, or 2% in the first quarter ended March 31, 2025, to $1.10 billion largely due to new commercial & industrial, commercial real estate and construction and development loans. Allowance for credit losses was 1.12% of gross loans.
    • Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 compared to the previous quarter, from addition of commercial rental real estate units undergoing a sale process.
    • Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025 from $1.15 billion at December 31, 2024, with the decrease largely consisting of normal commercial money market deposit outflows and seasonal municipal deposit outflows.
    • Return on average tangible common equity was 9.21% for the quarter ended March 31, 2025, compared to 11.07% the prior quarter and 6.57% in the year ago quarter.
    • Tangible book value per common share was up 11.3% over the past year to $26.94 at March 31, 2025, compared to $24.21 at March 31, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.
    • On January 21, 2025, the Bank acquired Larson Financial Group, LLC, a financial advisory company based in Wausau, WI.

    Balance Sheet and Asset Quality Review

    Total assets decreased $6.2 million during the first quarter to $1.46 billion at March 31, 2025, compared to $1.47 billion at December 31, 2024. Cash and cash equivalents decreased $17.8 million to $22.7 million at March 31, 2025 from $40.5 million at December 31, 2024 as funds were used to originate new loans and fund the outflow of seasonal municipal deposits and normal commercial customer treasury management operations. Cash and cash equivalents increased $6.8 million from one year earlier. Investment securities available for sale decreased $6.5 million to $182.6 million at March 31, 2025, from $189.1 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $323 million at March 31, 2025, with an additional $323 million that could be raised in a short time frame from the brokered CDs market.

    Gross loans receivable increased $19.3 million to $1.14 billion at March 31, 2025, compared to one quarter earlier, due primarily to increased commercial real estate, construction & development and commercial & industrial lending. Commercial real estate loans increased $11.3 million to $562.9 million at March 31, 2025 and gross construction and development lending increased $7.7 million to $87.1 million at March 31, 2025, compared to one quarter earlier. Commercial & industrial loans increased $7.2 million to $124.1 million at March 31, 2025. Offsetting gross loan growth, residential real estate loans decreased $3.7 million from the prior quarter to $333.7 million, municipal loans decreased $2.8 million to $12.9 million and consumer installment loans decreased $0.4 million to $4.7 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 57.2% of gross loans, followed by residential real estate loans at 29.3% of gross loans, commercial non-real estate loans at 13.1% and consumer loans at 0.4%.

    The allowance for credit losses decreased slightly to 1.12% of gross loans at March 31, 2025, from 1.13% the prior quarter. Annualized net charge-offs to average loans were 0.02% for the quarter ended March 31, 2025. Non-performing assets increased $2.6 million to $13.0 million, or 0.89% of total assets at March 31, 2025 from 0.71% at December 31, 2024. The increase reflects a loan relationship we expect to have $1.5 million in repayment in the next 6 months as collateral undergoes a sales process. No specific reserves have been established on the loan as ample collateral currently appears available. Approximately 80% of the non-performing assets consisted of four loan relationships.

    Goodwill and other intangibles increased slightly during the quarter ended March 31, 2025 to $3.8 million from $2.7 million one quarter earlier. The increase in intangibles relates to the acquisition of Larson Financial Group, LLC in January 2025.

    Total deposits decreased $17.3 million to $1.13 billion at March 31, 2025, from $1.15 billion at December 31, 2024. The decrease in deposits reflects a $22.9 million decrease in uninsured deposits during the first quarter composed primarily of money market deposits, consisting of normal commercial customer operation outflows, particularly with one customer accounting for $18 million of the decline who reinvested following the sale of their business in 2024. Meanwhile, brokered deposits increased $22.9 million and insured and collateralized deposits increased $5.6 million in the quarter ended March 31, 2025.

    At March 31, 2025, non-interest bearing demand deposits decreased to 21.8% of total deposits from 22.6% the prior quarter, while interest-bearing demand and savings deposits remained at 29.4% of deposits.

    FHLB advances increased $8.0 million to $170.3 million at March 31, 2025, compared to $162.3 million at December 31, 2024.

    Tangible stockholder equity as a percentage of total tangible assets increased to 8.05% at March 31, 2025, compared to 7.76% at December 31, 2024, and 7.60% at March 31, 2024.

    Tangible net book value per common share increased $2.73 to $26.94, at March 31, 2025, compared to $24.21 one year earlier, an increase of 11.3% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $25.98, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value in the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $16.7 million at March 31, 2025, compared to $19.3 million one quarter earlier.

    Operations Review

    Net interest income decreased to $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, from $10.4 million (on a net margin of 2.96%) for the fourth quarter of 2024, and increased from $9.3 million (on a net margin of 2.80%) for the first quarter of 2024. The lower net interest income in the current period while net margin also increased primarily relates to a lower level of earnings assets during the quarter. Meanwhile, earning asset yields increased to 5.35% during the first quarter of 2025 from 5.29% the prior period and interest bearing deposit and borrowing costs decreased four basis points to 3.02% compared to 3.06% during the fourth quarter of 2024. Relative to one year earlier, earning asset yields were up 23 basis points while interest bearing deposit and borrowing costs increased two basis points.

    The increase in earning asset yields was due to higher yields on loan originations, loan renewals, security purchases and security repricing. Loan yields increased during the first quarter of 2025 to 5.82% from 5.80% for the fourth quarter of 2024. Taxable security yields were 3.35% for the quarter ended March 31, 2025, compared to 3.16% for the quarter ended December 31, 2024, while tax-exempt security yields increased to 3.35% for the quarter ended March 31, 2025 from 3.31% the previous quarter. The increase in taxable security yields reflects some security restructuring activity from security sales in the prior quarter more fully realized in the current quarter.

    The cost of all deposits increased slightly to 2.09% for the quarter ended March 31, 2025, compared to 2.08% the prior quarter, while the overall cost of funds decreased four basis points to 3.02% from 3.06% during the same time period. Deposit costs for time deposits decreased during the first quarter with time deposits decreasing five basis points to 3.97% and money market deposits decreasing 12 basis points to 2.44%. Savings and demand deposits increased three basis points to 1.87%. FHLB advances increased one basis point to 4.41% for the quarter ended March 31, 2025.

    Total noninterest income increased $589,000 during the first quarter of 2025 to $1.9 million, from $1.3 million for the fourth quarter of 2024 due primarily to a lower net loss on sale of securities and increased investment and insurance sales commissions of $100,000. Mortgage banking income decreased to $250,000 in the first quarter from $414,000 the prior quarter while various increases in nominal revenue sources accounted for the remaining increase in noninterest income. At March 31, 2025, the Bank serviced $373.4 million in secondary market residential mortgage loans for others which provide fee income.

    Noninterest expenses increased $967,000 to $9.0 million for the first quarter of 2025, compared to $8.0 million for the fourth quarter of 2024, and increased $644,000 from $8.3 million for the first quarter of 2024. On a linked quarter basis, December 2024 quarter salary and benefits expense was reduced from year-end final adjustments to incentive estimates, while March 2025 quarterly salary and benefits increased as commercial growth, and related incentives, were greater than budgeted. The LFG acquisition also increased wage and benefit expense. Intangible amortization increased slightly during the first quarter related to the acquisition. Occupancy and facilities costs increased $95,000, data processing and other office operation expenses increased $90,000 and various other noninterest expenses increased $177,000 during the first quarter ended March 31, 2025.

    Taxes decreased $51,000 during the first quarter to $473,000, from $524,000 one quarter earlier. The effective tax rate for the quarter ended March 31, 2025, was 15.6% compared to 14.4% for the fourth quarter ended December 31, 2024.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

     
    PSB Holdings, Inc.
    Consolidated Balance Sheets
    March 31, 2025, September 30, June 30, and March 31, 2024, unaudited, December 31, 2024 derived from audited financial statements
                 
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data)     2025     2024     2024     2024     2024  
                 
    Assets            
                 
    Cash and due from banks   $ 19,628   $ 21,414   $ 23,554   $ 16,475   $ 13,340  
    Interest-bearing deposits     702     3,724     5,126     251     105  
    Federal funds sold     2,351     15,360     58,434     69,249     2,439  
                 
    Cash and cash equivalents     22,681     40,498     87,114     85,975     15,884  
    Securities available for sale (at fair value)     182,594     189,086     174,911     165,177     165,566  
    Securities held to maturity (fair values of $77,375, $79,654, $82,389, $79,993 and $81,234 respectively)     85,373     86,748     86,847     86,825     87,104  
    Equity securities     2,847     2,782     1,752     1,661     1,474  
    Loans held for sale     734     217     –     2,268     865  
    Loans receivable, net (allowance for credit losses of $12,392, $12,342, $12,598, $12,597 and $12,494 respectively)     1,096,422     1,078,204     1,057,974     1,074,844     1,081,394  
    Accrued interest receivable     5,184     5,042     4,837     5,046     5,467  
    Foreclosed assets     300     –     –     –     –  
    Premises and equipment, net     13,522     13,805     14,065     14,048     13,427  
    Mortgage servicing rights, net     1,717     1,742     1,727     1,688     1,657  
    Federal Home Loan Bank stock (at cost)     8,825     8,825     8,825     8,825     7,006  
    Cash surrender value of bank-owned life insurance     24,897     24,732     24,565     24,401     24,242  
    Other intangibles     353     195     212     229     249  
    Goodwill     3,495     2,541     2,541     2,541     2,541  
    Other assets     10,828     11,539     10,598     12,111     11,682  
                 
    TOTAL ASSETS   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
                 
    Liabilities            
                 
    Non-interest-bearing deposits   $ 245,672   $ 259,515   $ 265,078   $ 250,435   $ 247,608  
    Interest-bearing deposits     884,364     887,834     874,035     901,886     865,744  
                 
    Total deposits     1,130,036     1,147,349     1,139,113     1,152,321     1,113,352  
                 
    Federal Home Loan Bank advances     170,250     162,250     181,250     184,900     158,250  
    Other borrowings     6,343     6,872     6,128     5,775     8,096  
    Senior subordinated notes     4,783     4,781     4,779     4,778     4,776  
    Junior subordinated debentures     13,049     13,023     12,998     12,972     12,947  
    Allowance for credit losses on unfunded commitments     672     672     477     477     477  
    Accrued expenses and other liabilities     13,554     14,723     12,850     13,069     10,247  
                 
    Total liabilities     1,338,687     1,349,670     1,357,595     1,374,292     1,308,145  
                 
    Stockholders’ equity            
                 
    Preferred stock – no par value:            
    Authorized – 30,000 shares; Issued – 7,200 shares            
    Outstanding – 7,200 shares, respectively     7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:            
    Authorized – 18,000,000 shares; Issued – 5,490,798 shares            
    Outstanding – 4,084,708, 4,092,977, 4,105,594, 4,128,382 and 4,147,649 shares, respectively     1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital     8,608     8,610     8,567     8,527     8,466  
    Retained earnings     142,277     139,838     138,142     135,276     134,271  
    Accumulated other comprehensive income (loss), net of tax     (16,692 )   (19,314 )   (15,814 )   (20,503 )   (20,775 )
    Treasury stock, at cost – 1,406,090, 1,397,821, 1,385,204, 1,362,416 and 1,343,149 shares, respectively     (22,138 )   (21,878 )   (21,552 )   (20,983 )   (20,579 )
                 
    Total stockholders’ equity     121,085     116,286     118,373     111,347     110,413  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639   $ 1,418,558  
    PSB Holdings, Inc.
    Consolidated Statements of Income
     
        Quarter Ended  
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands, except per share data – unaudited)     2025     2024     2024     2024     2024  
                 
    Interest and dividend income:            
    Loans, including fees   $ 15,782   $ 15,646   $ 15,634   $ 15,433   $ 15,109  
    Securities:            
    Taxable     1,641     1,545     1,345     1,295     1,197  
    Tax-exempt     517     522     522     521     526  
    Other interest and dividends     345     948     699     265     343  
                 
    Total interest and dividend income     18,285     18,661     18,200     17,514     17,175  
                 
    Interest expense:            
    Deposits     5,884     6,027     5,905     5,838     6,082  
    FHLB advances     1,792     1,890     2,038     1,860     1,450  
    Other borrowings     47     57     57     58     60  
    Senior subordinated notes     59     59     59     58     59  
    Junior subordinated debentures     248     252     252     255     251  
                 
    Total interest expense     8,030     8,285     8,311     8,069     7,902  
                 
    Net interest income     10,255     10,376     9,889     9,445     9,273  
    Provision for credit losses     117     –     –     100     95  
                 
    Net interest income after provision for credit losses     10,138     10,376     9,889     9,345     9,178  
                 
    Noninterest income:            
    Service fees     358     362     367     350     336  
    Mortgage banking income     250     414     433     433     308  
    Investment and insurance sales commissions     326     226     230     222     121  
    Net loss on sale of securities     (1 )   (511 )   –     –     (495 )
    Increase in cash surrender value of life insurance     163     166     165     159     157  
    Other noninterest income     770     620     648     742     617  
                 
    Total noninterest income     1,866     1,277     1,843     1,906     1,044  
                 
    Noninterest expense:            
    Salaries and employee benefits     5,302     4,691     4,771     5,167     5,123  
    Occupancy and facilities     786     691     757     733     721  
    Loss (gain) on foreclosed assets     –     –     1     –     –  
    Data processing and other office operations     1,201     1,111     1,104     1,047     1,022  
    Advertising and promotion     129     141     164     171     129  
    Amortization of intangibles     23     17     17     20     24  
    Other noninterest expenses     1,528     1,351     1,337     1,257     1,306  
                 
    Total noninterest expense     8,969     8,002     8,151     8,395     8,325  
                 
    Income before provision for income taxes     3,035     3,651     3,581     2,856     1,897  
    Provision for income taxes     473     524     593     410     169  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
    Preferred stock dividends declared   $ 122   $ 122   $ 122   $ 122   $ 122  
                 
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
    Basic earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    PSB Holdings, Inc.
    Quarterly Financial Summary
    (dollars in thousands, except per share data)   Quarter ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    Earnings and dividends:     2025     2024     2024     2024     2024  
                 
    Interest income   $ 18,285   $ 18,661   $ 18,200   $ 17,514   $ 17,175  
    Interest expense   $ 8,030   $ 8,285   $ 8,311   $ 8,069   $ 7,902  
    Net interest income   $ 10,255   $ 10,376   $ 9,889   $ 9,445   $ 9,273  
    Provision for credit losses   $ 117   $ –   $ –   $ 100   $ 95  
    Other noninterest income   $ 1,866   $ 1,277   $ 1,843   $ 1,906   $ 1,044  
    Other noninterest expense   $ 8,969   $ 8,002   $ 8,151   $ 8,395   $ 8,325  
    Net income available to common shareholders   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 1,606  
                 
    Basic earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Diluted earnings per common share (3)   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 0.39  
    Dividends declared per common share (3)   $ –   $ 0.32   $ –   $ 0.32   $ –  
    Tangible net book value per common share (4)   $ 26.94   $ 25.98   $ 26.41   $ 24.55   $ 24.21  
                 
    Semi-annual dividend payout ratio     n/a     23.27 %   n/a     33.61 %   n/a  
    Average common shares outstanding     4,088,824     4,094,360     4,132,218     4,139,456     4,154,702  
                 
    Balance sheet – average balances:            
    Loans receivable, net of allowances for credit loss   $ 1,091,533   $ 1,064,619   $ 1,066,795   $ 1,088,013   $ 1,081,936  
    Assets   $ 1,462,862   $ 1,479,812   $ 1,445,613   $ 1,433,749   $ 1,429,437  
    Deposits   $ 1,140,397   $ 1,151,450   $ 1,110,854   $ 1,111,240   $ 1,138,010  
    Stockholders’ equity   $ 118,576   $ 118,396   $ 114,458   $ 110,726   $ 109,473  
                 
    Performance ratios:            
    Return on average assets (1)     0.71 %   0.84 %   0.82 %   0.69 %   0.49 %
    Return on average common stockholders’ equity (1)     8.88 %   10.75 %   10.63 %   9.03 %   6.32 %
    Return on average tangible common stockholders’ equity (1)(4)     9.21 %   11.07 %   10.96 %   9.34 %   6.57 %
    Net loan charge-offs to average loans (1)     0.02 %   0.02 %   0.00 %   0.00 %   0.00 %
    Nonperforming loans to gross loans     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Nonperforming assets to total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses to gross loans     1.12 %   1.13 %   1.18 %   1.16 %   1.14 %
    Nonperforming assets to tangible equity plus the allowance for credit losses (4)     10.71 %   8.85 %   8.71 %   11.09 %   10.59 %
    Net interest rate margin (1)(2)     3.03 %   2.96 %   2.90 %   2.84 %   2.80 %
    Net interest rate spread (1)(2)     2.33 %   2.23 %   2.16 %   2.15 %   2.12 %
    Service fee revenue as a percent of average demand deposits (1)     0.58 %   0.53 %   0.56 %   0.56 %   0.54 %
    Noninterest income as a percent of gross revenue     9.26 %   6.40 %   9.20 %   9.81 %   5.73 %
    Efficiency ratio (2)     72.88 %   67.59 %   68.43 %   72.52 %   78.93 %
    Noninterest expenses to average assets (1)     2.49 %   2.15 %   2.24 %   2.35 %   2.34 %
    Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets     9.22 %   9.08 %   9.06 %   9.03 %   8.98 %
    Tangible equity to tangible assets (4)     8.05 %   7.76 %   7.85 %   7.32 %   7.60 %
                 
    Stock price information:            
                 
    High   $ 26.50   $ 27.90   $ 25.00   $ 21.40   $ 22.50  
    Low   $ 25.60   $ 25.00   $ 20.30   $ 19.75   $ 20.05  
    Last trade value at quarter-end   $ 25.70   $ 26.50   $ 25.00   $ 20.40   $ 21.25  
                 
    (1) Annualized
    (2) The yield on tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
    (4) Tangible stockholders’ equity excludes goodwill and other intangibles.
    PSB Holdings, Inc.
    Consolidated Statements of Comprehensive Income
                 
        Quarter Ended
        Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
    (dollars in thousands – unaudited)     2025     2024     2024     2024     2024  
                 
    Net income   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 1,728  
                 
    Other comprehensive income, net of tax:            
                 
    Unrealized gain (loss) on securities available for sale     2,551     (3,955 )   4,738     184     (615 )
                 
    Reclassification adjustment for security loss included in net income     1     404     –     –     391  
                 
    Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19     –     (76 )   –     –     (35 )
                 
    Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity     89     90     90     89     91  
                 
    Unrealized gain (loss) on interest rate swap     (6 )   65     (101 )   39     122  
                 
    Reclassification adjustment of interest rate swap settlements included in earnings     (13 )   (27 )   (38 )   (40 )   (41 )
                 
                 
    Other comprehensive income (loss)     2,622     (3,499 )   4,689     272     (87 )
                 
    Comprehensive income (loss)   $ 5,184   $ (372 ) $ 7,677   $ 2,718   $ 1,641  
    PSB Holdings, Inc.            
    Nonperforming Assets as of:            
        Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
    (dollars in thousands)     2025     2024     2024     2024     2024  
                 
    Nonaccrual loans (excluding restructured loans)   $ 12,404   $ 10,109   $ 10,116   $ 12,184   $ 11,498  
    Nonaccrual restructured loans     17     18     25     28     30  
    Restructured loans not on nonaccrual     280     286     292     299     304  
    Accruing loans past due 90 days or more     –     –     –     –     –  
                 
    Total nonperforming loans     12,701     10,413     10,433     12,511     11,832  
    Other real estate owned     300     –     –     –     –  
                 
    Total nonperforming assets   $ 13,001   $ 10,413   $ 10,433   $ 12,511   $ 11,832  
                 
    Nonperforming loans as a % of gross loans receivable     1.15 %   0.95 %   0.97 %   1.15 %   1.08 %
    Total nonperforming assets as a % of total assets     0.89 %   0.71 %   0.71 %   0.84 %   0.83 %
    Allowance for credit losses as a % of nonperforming loans     97.57 %   118.52 %   120.75 %   100.69 %   105.59 %
    PSB Holdings, Inc.
    Nonperforming Assets >= $500,000 net book value before specific reserves
    At March 31, 2025
    (dollars in thousands)
          Gross Specific
    Collateral Description   Asset Type Principal Reserves
             
    Real estate – Recreational Facility   Nonaccrual   4,051     148  
    Real estate – Independent Auto Repair   Nonaccrual   514     0  
    Real estate – Dealership   Nonaccrual   2,708     560  
    Real estate – Rental Units   Nonaccrual   3,077     0  
             
             
    Total listed nonperforming assets     $ 10,350   $ 708  
    Total bank wide nonperforming assets     $ 13,001   $ 1,055  
    Listed assets as a % of total nonperforming assets       80 %   67 %
    PSB Holding, Inc.            
    Loan Composition by Collateral Type            
    Quarter-ended (dollars in thousands)   Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                 
    Commercial:            
    Commercial and industrial   $ 124,074   $ 116,864   $ 115,234   $ 125,508   $ 118,821  
    Agriculture     11,632     11,568     11,203     11,480     12,081  
    Municipal     12,878     15,733     12,596     11,190     28,842  
                 
    Total Commercial     148,584     144,165     139,033     148,178     159,744  
                 
    Commercial Real Estate:            
    Commercial real estate     562,901     551,641     541,577     544,171     546,257  
    Construction and development     87,080     79,377     60,952     70,540     63,375  
                 
    Total Commercial Real Estate     649,981     631,018     602,529     614,711     609,632  
                 
    Residential real estate:            
    Residential     268,490     271,643     269,954     270,944     274,300  
    Construction and development     26,884     28,959     34,655     36,129     34,158  
    HELOC     38,364     36,887     36,734     33,838     31,357  
                 
    Total Residential Real Estate     333,738     337,489     341,343     340,911     339,815  
                 
    Consumer installment     4,683     5,060     4,770     4,423     4,867  
                 
    Subtotals – Gross loans     1,136,986     1,117,732     1,087,675     1,108,223     1,114,058  
    Loans in process of disbursement     (28,752 )   (27,791 )   (17,836 )   (21,484 )   (20,839 )
                 
    Subtotals – Disbursed loans     1,108,234     1,089,941     1,069,839     1,086,739     1,093,219  
    Net deferred loan costs     580     605     733     702     669  
    Allowance for credit losses     (12,392 )   (12,342 )   (12,598 )   (12,597 )   (12,494 )
                 
    Total loans receivable   $ 1,096,422   $ 1,078,204   $ 1,057,974   $ 1,074,844   $ 1,081,394  
    PSB Holding, Inc.
    Selected Commercial Real Estate Loans by Purpose
                   
      Mar 31, Dec 31, Sept 30, June 30, Mar 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
                         
      Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1)
    Multi Family $ 143,674 13.9 % $ 140,087 14.0 % $ 140,307 14.7 % $ 146,873 15.2 % $ 142,001 14.4 %
    Industrial and Warehousing   100,494 9.7     88,297 8.8     86,818 9.1     86,025 8.9     85,409 8.6  
    Retail   40,779 3.9     33,991 3.4     33,020 3.5     34,846 3.6     33,177 3.4  
    Hotels   30,928 3.0     31,101 3.1     31,611 3.3     34,613 3.6     35,105 3.6  
    Office   7,254 0.7     6,234 0.6     6,378 0.7     6,518 0.7     6,655 0.7  
                         
    (1) Percentage of commercial and commercial real estate portfolio and commitments.          
    PSB Holdings, Inc.
    Deposit Composition
                         
    Insured and Collateralized Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 206,562 18.3 % $ 204,167 17.8 % $ 210,534 18.5 % $ 202,343 17.5 % $ 199,076 17.8 %
    Interest-bearing demand and savings   314,957 27.9 %   315,900 27.6 %   305,631 26.8 %   304,392 26.5 %   318,673 28.7 %
    Money market deposits   118,047 10.4 %   141,024 12.3 %   138,376 12.2 %   137,637 12.0 %   143,167 12.9 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   797,632 70.6 %   816,190 71.2 %   810,529 71.2 %   793,670 69.0 %   809,320 72.7 %
    Retail and local time deposits > $250   26,750 2.3 %   25,500 2.2 %   23,500 2.1 %   22,500 2.0 %   24,508 2.3 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 904,713 80.0 % $ 899,095 78.4 % $ 891,434 78.3 % $ 873,988 76.0 % $ 897,809 80.7 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Uninsured Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 39,110 3.5 % $ 55,348 4.8 % $ 54,544 4.8 % $ 48,092 4.1 % $ 48,532 4.4 %
    Interest-bearing demand and savings   17,262 1.5 %   20,934 1.8 %   18,317 1.6 %   32,674 2.8 %   20,535 1.8 %
    Money market deposits   150,222 13.3 %   153,334 13.4 %   157,489 13.8 %   177,954 15.4 %   124,766 11.2 %
    Retail and local time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Total core deposits   206,594 18.3 %   229,616 20.0 %   230,350 20.2 %   258,720 22.3 %   193,833 17.4 %
    Retail and local time deposits > $250   18,729 1.7 %   18,638 1.6 %   17,329 1.5 %   19,613 1.7 %   21,710 1.9 %
    Broker & national time deposits <= $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
    Broker & national time deposits > $250   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %   – 0.0 %
                         
    Totals $ 225,323 20.0 % $ 248,254 21.6 % $ 247,679 21.7 % $ 278,333 24.0 % $ 215,543 19.3 %
                         
    PSB Holdings, Inc.                    
    Deposit Composition                    
                         
    Total Deposits March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands) 2025 2024 2024 2024 2024
      $ % $ % $ % $ % $ %
                         
    Non-interest bearing demand $ 245,672 21.8 % $ 259,515 22.6 % $ 265,078 23.3 % $ 250,435 21.6 % $ 247,608 22.2 %
    Interest-bearing demand and savings   332,219 29.4 %   336,834 29.4 %   323,948 28.4 %   337,066 29.3 %   339,208 30.5 %
    Money market deposits   268,269 23.7 %   294,358 25.7 %   295,865 26.0 %   315,591 27.4 %   267,933 24.1 %
    Retail and local time deposits <= $250   158,066 14.0 %   155,099 13.5 %   155,988 13.7 %   149,298 13.0 %   148,404 13.3 %
                         
    Total core deposits   1,004,226 88.9 %   1,045,806 91.2 %   1,040,879 91.4 %   1,052,390 91.3 %   1,003,153 90.1 %
    Retail and local time deposits > $250   45,479 4.0 %   44,138 3.8 %   40,829 3.6 %   42,113 3.7 %   46,218 4.2 %
    Broker & national time deposits <= $250   1,241 0.1 %   1,241 0.1 %   1,241 0.1 %   1,490 0.1 %   2,229 0.2 %
    Broker & national time deposits > $250   79,090 7.0 %   56,164 4.9 %   56,164 4.9 %   56,328 4.9 %   61,752 5.5 %
                         
    Totals $ 1,130,036 100.0 % $ 1,147,349 100.0 % $ 1,139,113 100.0 % $ 1,152,321 100.0 % $ 1,113,352 100.0 %
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)
                           
                           
      Quarter ended March 31, 2025   Quarter ended December 31, 2024   Quarter ended March 31, 2024
      Average   Yield /   Average   Yield /   Average   Yield /
      Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                      
    Interest-earning assets:                      
    Loans (1)(2) $ 1,103,895   $ 15,830 5.82 %   $ 1,077,242   $ 15,693 5.80 %   $ 1,094,321   $ 15,199 5.59 %
    Taxable securities   198,426     1,641 3.35 %     194,272     1,545 3.16 %     171,788     1,197 2.80 %
    Tax-exempt securities (2)   79,282     654 3.35 %     79,475     661 3.31 %     80,434     666 3.33 %
    FHLB stock   8,825     241 11.08 %     8,825     227 10.23 %     6,499     165 10.21 %
    Other   8,960     104 4.71 %     58,405     721 4.91 %     12,885     178 5.56 %
                           
    Total (2)   1,399,388     18,470 5.35 %     1,418,219     18,847 5.29 %     1,365,927     17,405 5.12 %
                           
    Non-interest-earning assets:                          
    Cash and due from banks   16,292           15,500           17,367      
    Premises and equipment, net   13,728           14,001           13,183      
    Cash surrender value ins   24,795           24,625           24,144      
    Other assets   21,021           20,090           21,201      
    Allowance for credit losses   (12,362 )         (12,623 )         (12,385 )    
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Liabilities & stockholders’ equity                          
    Interest-bearing liabilities:                          
    Savings and demand deposits $ 339,909   $ 1,567 1.87 %   $ 319,777   $ 1,479 1.84 %   $ 350,497   $ 1,672 1.92 %
    Money market deposits   280,396     1,685 2.44 %     304,897     1,961 2.56 %     274,186     1,897 2.78 %
    Time deposits   268,821     2,632 3.97 %     256,201     2,587 4.02 %     264,657     2,513 3.82 %
    FHLB borrowings   164,968     1,792 4.41 %     170,701     1,890 4.40 %     142,926     1,450 4.08 %
    Other borrowings   6,321     47 3.02 %     6,848     57 3.31 %     8,554     60 2.82 %
    Senior sub. notes   4,782     59 5.00 %     4,780     59 4.91 %     4,775     59 4.97 %
    Junior sub. debentures   13,036     248 7.72 %     13,011     252 7.71 %     12,934     251 7.81 %
                           
    Total   1,078,233     8,030 3.02 %     1,076,215     8,285 3.06 %     1,058,529     7,902 3.00 %
                           
    Non-interest-bearing liabilities:                          
    Demand deposits   251,271           270,575           248,670      
    Other liabilities   14,782           14,626           12,765      
    Stockholders’ equity   118,576           118,396           109,473      
                           
    Total $ 1,462,862           $ 1,479,812           $ 1,429,437        
                           
    Net interest income   $ 10,440       $ 10,562       $ 9,503  
    Rate spread     2.33 %       2.23 %       2.12 %
    Net yield on interest-earning assets         3.03 %       2.96 %       2.80 %
                           
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

  • MIL-OSI: Smackover Lithium’s South West Arkansas Project Receives Unanimous Vote of Approval to Establish the Phase I Brine Production Unit from the Arkansas Oil and Gas Commission

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., April 24, 2025 (GLOBE NEWSWIRE) — Smackover Lithium, a Joint Venture (“JV”) between Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:A:SLI) and Equinor, is pleased to announce that the brine production unit, now formally named the Reynolds Unit, for Phase I of its South West Arkansas (“SWA”) Project has been unanimously approved by the Arkansas Oil and Gas Commission (“AOGC”) with no objections or opposition in a hearing that was open to all stakeholders from the community.

    “We thank the AOGC for their due diligence in reviewing our application and for their swift approval,” said Standard Lithium’s President and COO, Dr. Andy Robinson, who provided testimony at the hearing. “The establishment of the Reynolds brine unit is another key milestone our team has now successfully completed as we march towards a final investment decision for the SWA Project, and also a necessary statutory requirement as we look to set a royalty for the unit in late May.”

    “Gaining regulatory approval for our first brine unit is an important step in our project timeline. We look forward to working with the AOGC and community stakeholders to establish a competitive royalty rate for this unit and continue momentum with the SWA Project,” said Allison Kennedy Thurmond, VP of US Lithium at Equinor.

    The Reynolds unit is 20,854 acres in size and is planned to produce 22,500 tonnes per year of battery-quality lithium carbonate once in full commercial production, expected in 2028. For more information about the SWA Project and Smackover Lithium, please visit www.smackoverlithium.com

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Investor and Media Inquiries

    Chris Lang
    Standard Lithium Ltd.
    +1 604 409 8154
    investors@standardlithium.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: Northern Horizon Capital AS 2024 Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The general meeting of shareholders of Northern Horizon Capital AS, the management company of Baltic Horizon Fund, has approved the management company’s audited annual report of year 2024. The report, together with the independent auditors’ report is available on the Baltic Horizon Fund webpage.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI: Wearable Devices Unveils Revolutionary Gesture Mapper for Mudra Link, Ushering in a New Era of Personalized Neural Control

    Source: GlobeNewswire (MIL-OSI)

    The new feature empowers users to customize intuitive and touchless interactions, transforming the way they control their digital world.

    YOKNEAM ILLIT, ISRAEL, April 24, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced a major update to its Mudra Link product – transforming it into a personalized neural wristband controller worn on the wrist.

    The new Mudra Link Gesture Mapper feature allows users to assign personalized input commands to specific gestures, enabling intuitive, touchless control across multiple compatible devices and operating systems. By customizing their interaction experience, users can streamline workflows, enhance accessibility, and enjoy more natural, hands-free operation.

    The Mudra Link gesture mapper offers both computer mouse functionality and directional pad functionality. Users may configure a tap gesture to be a left or right mouse button click, and gestures like pinch and slide or double-tap to any keyboard key. This flexibility allows users to replace or augment traditional input methods, enabling more efficient, accessible, and personalized control across a wide range of devices and applications.

    “The Mudra Link is heralding an era of wearable brain-computer interface, as it is an established product in the neural wristband product category for user input and interaction,” said Asher Dahan, Chief Executive Officer of Wearable Devices. “With Gesture Mapper, we set out to make neural input as intuitive and accessible as possible. This feature not only delivers immediate value through customizable gestures but also invites a growing community to explore new ways of interacting with technology.”

    A video of the new Mudra Link Gesture Mapper feature is available here: https://www.youtube.com/shorts/5H9RrflYjOY.

    About Wearable Devices

    Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) is a growth company pioneering human-computer interaction through its AI-powered neural input touchless technology. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s consumer products – the Mudra Band and Mudra Link – are defining the neural input category both for wrist-worn devices and for brain-computer interfaces. These products enable touch-free, intuitive control of digital devices using gestures across multiple operating systems.

    Operating through a dual-channel model of direct-to-consumer sales and enterprise licensing and collaborations, Wearable Devices empowers consumers with stylish, functional wearables for enhanced experiences in gaming, productivity, and extended reality (XR). In the business sector, the Company provides enterprise partners with advanced input solutions for immersive and interactive environments, from AR/VR/XR to smart environments.

    By setting the standard for neural input in the XR ecosystem, Wearable Devices is shaping the future of seamless, natural user experiences across some of the world’s fastest-growing tech markets. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq Capital Market under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our products and technology, our aim to make neural input as intuitive and accessible as possible, and our future new updates. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact
    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI: CALIFORNIA BANCORP REPORTS NET INCOME OF $16.9 MILLION FOR THE FIRST QUARTER OF 2025

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., April 24, 2025 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2025.

    The Company reported net income of $16.9 million, or $0.52 per diluted share, for the first quarter of 2025, compared to $16.8 million, or $0.51 per diluted share for the fourth quarter of 2024, and net income of $4.9 million, or $0.26 per diluted share for the first quarter of 2024.

    “I’m pleased to report our strong first quarter earnings of $16.9 million, the second strong quarter of combined financial results since the close of our merger last July,” said David Rainer, Executive Chairman of the Company and Bank. “We continue to execute on our strategy of derisking the consolidated balance sheet through decreasing our exposure in the Sponsor Finance portfolio, and reducing our reliance on brokered deposits. We remain focused on building tangible book value, which increased to $12.29 per common share in the first quarter, up $0.58 from the prior quarter and $1.37 in the eight months since the merger closed.”

    “We continue with our successful integration, as demonstrated by the strong performance achieved in our first two quarters of combined operations,” said Steven Shelton, CEO of the Company and Bank. “Markets have been volatile lately with the recent changes in tariff policies and given the fluid dynamics of the situation we are reaching out to our clients to assess the potential impact of these changing policies on their businesses. As always, we continue to focus on providing them the highest level of outstanding service, and on building shareholder value.”

    First Quarter 2025 Highlights

      ● Net income of $16.9 million or $0.52 diluted earnings per share for the first quarter.
      ● Net interest margin of 4.65%, compared with 4.61% in the prior quarter; average total loan yield of 6.61% compared with 6.84% in the prior quarter.
      ● Reversal of credit losses of $3.8 million for the first quarter, compared with $3.8 million for the prior quarter.
      ● Return on average assets of 1.71%, compared with 1.60% in the prior quarter.
      ● Return on average common equity of 13.18%, compared with 13.21% in the prior quarter.
      ● Efficiency ratio (non-GAAP1) of 55.6% compared with 57.4% in the prior quarter; excluding merger related expenses the efficiency ratio was 55.6%, compared with 55.9% in the prior quarter.
      ● Tangible book value per common share (non-GAAP1) of $12.29 at March 31, 2025, up $0.58 from $11.71 at December 31, 2024.
      ● Total assets of $3.98 billion at March 31, 2025, compared with $4.03 billion at December 31, 2024.
      ● Total loans, including loans held for sale of $3.07 billion at March 31, 2025, compared with $3.16 billion at December 31, 2024.
      ● Nonperforming assets to total assets ratio of 0.68% at March 31, 2025, compared with 0.76% at December 31, 2024.
      ● Allowance for credit losses (“ACL”) was 1.57% of total loans held for investment at March 31, 2025; allowance for loan losses (“ALL”) was 1.49% of total loans held for investment at March 31, 2025.
      ● Total deposits of $3.34 billion at March 31, 2025, decreased $56.3 million or 1.7% compared with $3.40 billion at December 31, 2024.
      ● Noninterest-bearing demand deposits of $1.29 billion at March 31, 2025, an increase of $35.7 million or 2.8% from December 31, 2024; noninterest bearing deposits represented 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024.
      ● Total brokered deposits of $13.8 million, a decrease of $107.4 million from December 31, 2024.
      ● Cost of deposits was 1.59%, compared with 1.87% in the prior quarter.
      ● Cost of funds was 1.72%, compared with 1.99% in the prior quarter.
      ● The Company’s preliminary capital ratios at March 31, 2025 exceed the minimums required to be “well-capitalized,” the highest regulatory capital category.
         

    First Quarter Operating Results

    Net Income

    Net income for the first quarter of 2025 was $16.9 million, or $0.52 per diluted share, compared to $16.8 million, or $0.51 per diluted share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, an increase of $481 thousand from the prior quarter. Excluding the merger and related expenses, the adjusted pre-tax, pre-provision income (non-GAAP1) for the first quarter was $19.9 million, a decrease of $162 thousand from the prior quarter. The net income and diluted earnings per share increases were largely driven by the merger with predecessor California BanCorp (the “Merger”) and the operating results since the closing date of the Merger.

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $42.3 million, compared with $44.5 million in the prior quarter. The decrease in net interest income was primarily due to a $5.7 million decrease in total interest and dividend income, partially offset by a $3.4 million decrease in total interest expense in the first quarter of 2025, as compared to the prior quarter. During the first quarter of 2025, loan interest income decreased by $4.1 million, including a decrease of $421 thousand of accretion income from the net purchase accounting discounts on acquired loans, total debt securities income decreased $174 thousand, and interest and dividend income from other financial institutions decreased $1.5 million. The decrease in interest income was mainly due to decreases in average loan balances and average deposits in other financial institutions. Average total interest-earning assets decreased $160.8 million in the first quarter of 2025, the result of a $75.2 million decrease in average total loans, a $8.5 million decrease in average total debt securities, a $105.5 million decrease in average deposits in other financial institutions, partially offset by a $27.1 million increase in average Fed funds sold/resale agreements and a $1.3 million increase in average restricted stock investments and other bank stock. The decrease in interest expense for the first quarter of 2025 was primarily due to a $3.4 million decrease in interest expense on interest-bearing deposits, the result of a $151.1 million decrease in average interest-bearing deposits and a 39 basis point decrease in average interest-bearing deposit costs in the first quarter of 2025.

    Net interest margin for the first quarter of 2025 was 4.65%, compared with 4.61% in the prior quarter. The increase was primarily related to a 27 basis point decrease in the cost of funds, partially offset by a 22 basis point decrease in the total interest-earning assets yield. The yield on total average interest-earning assets in the first quarter of 2025 was 6.26%, compared with 6.48% in the prior quarter. The yield on average total loans in the first quarter of 2025 was 6.61%, a decrease of 23 basis points from 6.84% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $5.7 million, increasing the yield on average total loans by 62 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $526 thousand, the combination of which increased the net interest margin by 57 basis points in the first quarter of 2025. In the prior quarter, accretion income from the net purchase accounting discounts on acquired loans was $6.1 million, increasing the yield on average total loans by 76 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $467 thousand, the combination of which increased the net interest margin by 58 basis points.

    Cost of funds for the first quarter of 2025 was 1.72%, a decrease of 27 basis points from 1.99% in the prior quarter. The decrease was primarily driven by a 39 basis point decrease in the cost of average interest-bearing deposits, partially offset by an increase of 9 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $559 thousand from the purchase accounting discounts on acquired subordinated debt which increased the cost on total borrowings by 7 basis points. Average noninterest-bearing demand deposits decreased $27.7 million to $1.26 billion and represented 37.4% of total average deposits for the first quarter of 2025, compared with $1.28 billion and 36.3%, respectively, in the prior quarter; average interest-bearing deposits decreased $151.1 million to $2.10 billion during the first quarter of 2025. The total cost of deposits in the first quarter of 2025 was 1.59%, a decrease of 28 basis points from 1.87% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and the ongoing pay off of high cost brokered deposits in the first quarter of 2025.

    Average total borrowings increased $607 thousand to $70.0 million in the first quarter of 2025, primarily due to the amortization related to the purchase accounting discounts on acquired subordinated debt. The average cost of total borrowings was 8.06% for the first quarter of 2025, up from 7.97% in the prior quarter.

    Reversal of Credit Losses

    The Company recorded a reversal of credit losses of $3.8 million in both the first quarter of 2025 and the prior quarter. Total net charge-offs were $1.5 million in the first quarter of 2025, which included $273 thousand from an acquired consumer solar loan portfolio, $1.2 million from commercial and industrial dental loans acquired from the Merger and $1.7 million from a purchase credit deteriorated (“PCD”) commercial real-estate loan, partially offset by a $1.6 million recovery from a PCD commercial and industrial loan. The reversal of credit losses in the first quarter of 2025 included a $618 thousand reversal of credit losses for unfunded loan commitments related to the decrease in unfunded loan commitments during the first quarter of 2025, coupled with lower loss rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments decreased $33.2 million to $892.1 million at March 31, 2025, compared to $925.3 million in unfunded loan commitments at December 31, 2024.

    The reversal of credit losses for loans held for investment in the first quarter of 2025 was $3.2 million, an increase of $291 thousand from a reversal of credit losses of $2.9 million in the prior quarter. The increase was driven primarily by changes in the composition of the loans held for investment portfolio, coupled with changes in qualitative factors and the reasonable and supportable forecast, primarily related to the economic outlook for California. The Company’s management continues to monitor macroeconomic variables related to changes in interest rates and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

    Noninterest Income

    The Company recorded noninterest income of $2.6 million in the first quarter of 2025, an increase of $1.6 million compared to $1.0 million in the fourth quarter of 2024. The Company reported a gain on sale of loans of $577 thousand from SBA 7A loan sales, in the first quarter of 2025, compared to a loss on sale of loans of $1.1 million related to the sale of certain Sponsor Finance loans in the prior quarter. Service charges and fees on deposit accounts of $1.2 million in the first quarter of 2025 increased $275 thousand from the prior quarter, related to the one-time waiver of analysis charges for certain deposit accounts in light of the core system conversion in the prior quarter. Bank owned life insurance income of $463 thousand in the first quarter of 2025 decreased $360 thousand from the prior quarter, primarily related to a $368 thousand death benefit income recorded in the prior quarter. No comparable death benefit income was recorded in the first quarter of 2025.

    Noninterest Expense

    Total noninterest expense for the first quarter of 2025 was $24.9 million, a decrease of $1.2 million from total noninterest expense of $26.1 million in the prior quarter, which was largely due to the decrease in merger related expenses.

    Salaries and employee benefits decreased $210 thousand during the quarter to $15.9 million. The decrease in salaries and employee benefits was primarily related to the decrease in average headcount. There were no merger related expenses in the first quarter of 2025, compared to $643 thousand in the prior quarter. Regulatory assessments of $722 thousand increased $286 thousand due to an increase in the FDIC assessment rates. Other real estate owned expense of $68 thousand in the first quarter of 2025 decreased by $152 thousand, due primarily to lower receivership expenses and property tax. Other expenses of $2.0 million in the first quarter of 2025 decreased by $175 thousand, due primarily to lower loan related expenses, customer service related expenses, travel expenses and insurance expenses.

    Efficiency ratio (non-GAAP1) for the first quarter of 2025 was 55.6%, compared to 57.4% in the prior quarter. Excluding the merger and related expenses of zero and $643 thousand, the efficiency ratio (non-GAAP1) for the first quarter of 2025 and fourth quarter of 2024 would have been 55.6% and 55.9%, respectively.

    Income Tax

    In the first quarter of 2025, the Company’s income tax expense was $6.8 million, compared with $6.5 million in the fourth quarter of 2024. The effective rate was 28.8% for the first quarter of 2025 and 27.9% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter of 2025 was primarily attributable to the impact of the non-tax deductible portion of the merger expenses and the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, partially offset by the impact of the tax on the excess executive compensation.

    Balance Sheet

    Assets

    Total assets at March 31, 2025 were $3.98 billion, a decrease of $48.6 million or 1.2% from December 31, 2024. The decrease in total assets from the prior quarter was primarily related to a decrease in loans, including loans held for sale, of $82.9 million, partially offset by an increase in cash and cash equivalents of $51.1 million as compared to the prior quarter. The decrease in assets primarily relates to the decreases in wholesale funding sources and loan sales and payoffs.

    Loans

    Total loans held for investment were $3.07 billion at March 31, 2025, a decrease of $70.4 million, compared to December 31, 2024. During the first quarter of 2025, there were new originations of $69.4 million, offset by net paydowns of $21.5 million, loan sales and payoffs of $115.1 million, and the partial charge-offs of loans in the amount of $3.2 million. Total loans secured by real estate decreased by $30.7 million, of which construction and land development loans decreased by $5.9 million, commercial real estate and other loans decreased by $11.8 million, 1-4 family residential loans decreased by $7.0 million and multifamily loans decreased by $6.1 million. Commercial and industrial loans decreased by $38.5 million, and consumer loans decreased by $1.2 million. The Company had $4.6 million in loans held for sale at March 31, 2025, compared to $17.2 million at December 31, 2024.

    Deposits

    Total deposits at March 31, 2025 were $3.34 billion, a decrease of $56.3 million from December 31, 2024. The decrease primarily consisted of $107.4 million of brokered time deposits, partially offset by a $35.7 million increase in noninterest-bearing demand deposits, $10.9 million in interest-bearing non-maturity deposits, and $4.5 million of non-brokered time deposits. Noninterest-bearing demand deposits at March 31, 2025, were $1.29 billion, or 38.7% of total deposits, compared with $1.26 billion, or 37.0% of total deposits at December 31, 2024. At March 31, 2025, total interest-bearing deposits were $2.05 billion, compared to $2.14 billion at December 31, 2024. At March 31, 2025, total brokered time deposits were $13.8 million, compared to $121.1 million at December 31, 2024. The Company offers the Insured Cash Sweep (ICS) product, Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, all of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At March 31, 2025, total reciprocal deposits were $763.6 million, or 22.8% of total deposits at March 31, 2025, compared to $754.4 million, or 22.2% of total deposits at December 31, 2024.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    At March 31, 2025 and December 31, 2024, the Company had no overnight FHLB borrowings. There were no outstanding Federal Reserve Discount Window borrowings at March 31, 2025 or December 31, 2024.

    At March 31, 2025, the Company had available borrowing capacity from an FHLB secured line of credit of approximately $687.8 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $353.0 million. The Company also had available borrowing capacity from four unsecured credit lines from correspondent banks of approximately $90.5 million at March 31, 2025, with no outstanding borrowings. Total available borrowing capacity was $1.13 billion at March 31, 2025. Additionally, the Company had unpledged liquid securities at fair value of approximately $118.5 million and cash and cash equivalents of $439.2 million at March 31, 2025.

    Asset Quality

    Total non-performing assets decreased to $26.9 million, or 0.68% of total assets at March 31, 2025, compared with $30.6 million, or 0.76% of total assets at December 31, 2024. Total non-performing loans decreased to $22.8 million, or 0.74% of total loans held for investment at March 31, 2025, compared with $26.5 million, or 0.85% of total loans held for investment at December 31, 2024.

    There were four loans totaling $6.8 million downgraded to nonaccrual, partially offset by one 1-4 family residential loan of $2.9 million upgraded to accrual status and one commercial real estate loan of $7.2 million sold with an additional charge-off of $1.7 million during the first quarter of 2025. Non-performing assets in the first quarter of 2025 included OREO, net of valuation allowance, of $4.1 million related to a multifamily building, the same balance as the prior quarter.

    Special mention loans increased by $5.1 million during the first quarter of 2025 to $74.4 million at March 31, 2025. The increase in the special mention loans was due mostly to $18.9 million in downgrades from Pass loans and $8.6 million in net advances, partially offset by $15.9 million in downgrades to substandard loans, $2.1 million upgrades to Pass loans, and $4.5 million in payoffs. Substandard loans decreased by $5.8 million during the first quarter of 2025 to $111.8 million at March 31, 2025. The decrease in the substandard loans was due primarily to a 1-4 family residential loan and a commercial real estate nonaccrual PCD loan totaling $11.6 million that were both sold, $16.0 million in paydowns and payoffs, and $1.2 million in net charge-offs, partially offset by $7.2 million in downgrades from Pass loans, and $15.9 million in downgrades from special mention loans.

    The Company had $45 thousand in consumer solar loans that were over 90 days past due and still accruing interest at March 31, 2025, compared to $150 thousand in such delinquencies at December 31, 2024.

    There were $5.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at March 31, 2025, compared to $12.1 million in such loan delinquencies at December 31, 2024.

    The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $48.3 million at March 31, 2025, compared to $53.6 million at December 31, 2024. The decrease in the allowance for credit losses included a $3.2 million and $618 thousand reversal of provision for credit losses for the loan portfolio and reserve for unfunded loan commitments, respectively, coupled with total net charge-offs of $1.5 million for the quarter ended March 31, 2025.

    The ALL was $45.8 million, or 1.49% of total loans held for investment at March 31, 2025, compared with $50.5 million, or 1.61% at December 31, 2024.

    Capital

    Tangible book value per common share (non-GAAP1) at March 31, 2025, was $12.29, compared with $11.71 at December 31, 2024. In the first quarter of 2025, tangible book value was primarily impacted by net income of $16.9 million for the first quarter, stock-based compensation expense, coupled with a decrease in net of tax unrealized losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $2.2 million to $4.4 million at March 31, 2025, from $6.6 million at December 31, 2024. The decrease in the net of tax unrealized losses on available-for-sale debt securities was attributable to non-credit related factors, including an increase in bond prices at the long end of the yield curve and the general interest rate environment. Tangible common equity (non-GAAP1) as a percentage of total tangible assets (non-GAAP1) at March 31, 2025, increased to 10.34% from 9.69% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1) at March 31, 2025 decreased to 1.1% from 1.8% in the prior quarter.

    The Company’s preliminary capital ratios exceed the minimums required to be “well-capitalized” at March 31, 2025.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Merger, as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to the Merger, including the risks that cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended    		  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands except share and per share data)  
    EARNINGS                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Reversal of credit losses   $ (3,776 )   $ (3,835 )   $ (331 )
    Noninterest income   $ 2,566     $ 1,004     $ 1,413  
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Income tax expense   $ 6,824     $ 6,483     $ 2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Pre-tax pre-provision income (1)   $ 19,901     $ 19,420     $ 6,926  
    Adjusted pre-tax pre-provision income (1)   $ 19,901     $ 20,063     $ 7,475  
    Diluted earnings per share   $ 0.52     $ 0.51     $ 0.26  
    Shares outstanding at period end     32,402,140       32,265,935       18,527,178  
                             
    PERFORMANCE RATIOS                        
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (1)     1.71 %     1.64 %     0.95 %
    Return on average common equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average common equity (1)     13.18 %     13.57 %     7.61 %
    Yield on total loans     6.61 %     6.84 %     6.02 %
    Yield on interest earning assets     6.26 %     6.48 %     5.79 %
    Cost of deposits     1.59 %     1.87 %     2.05 %
    Cost of funds     1.72 %     1.99 %     2.17 %
    Net interest margin     4.65 %     4.61 %     3.80 %
    Efficiency ratio (1)     55.60 %     57.36 %     68.38 %
    Adjusted efficiency ratio (1)     55.60 %     55.95 %     65.88 %
        As of  
        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands except share and per share data)  
    CAPITAL                
    Tangible equity to tangible assets (1)     10.34 %     9.69 %
    Book value (BV) per common share   $ 16.40     $ 15.86  
    Tangible BV per common share (1)   $ 12.29     $ 11.71  
                     
    ASSET QUALITY                
    Allowance for loan losses (ALL)   $ 45,839     $ 50,540  
    Reserve for unfunded loan commitments   $ 2,485     $ 3,103  
    Allowance for credit losses (ACL)   $ 48,324     $ 53,643  
    Allowance for loan losses to nonperforming loans     2.01 x     1.90 x
    ALL to total loans held for investment     1.49 %     1.61 %
    ACL to total loans held for investment     1.57 %     1.71 %
    30-89 days past due, excluding nonaccrual loans   $ 5,103     $ 12,082  
    Over 90 days past due, excluding nonaccrual loans   $ 45     $ 150  
    Special mention loans   $ 74,421     $ 69,339  
    Special mention loans to total loans held for investment     2.43 %     2.21 %
    Substandard loans   $ 111,786     $ 117,598  
    Substandard loans to total loans held for investment     3.64 %     3.75 %
    Nonperforming loans   $ 22,825     $ 26,536  
    Nonperforming loans to total loans held for investment     0.74 %     0.85 %
    Other real estate owned, net   $ 4,083     $ 4,083  
    Nonperforming assets   $ 26,908     $ 30,619  
    Nonperforming assets to total assets     0.68 %     0.76 %
                     
    END OF PERIOD BALANCES                
    Total loans, including loans held for sale   $ 3,073,399     $ 3,156,345  
    Total assets   $ 3,983,090     $ 4,031,654  
    Deposits   $ 3,342,503     $ 3,398,760  
    Loans to deposits     91.9 %     92.9 %
    Shareholders’ equity   $ 531,384     $ 511,836  


    (1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

        At or for the
    Three Months Ended    		  
    ALLOWANCE for CREDIT LOSSES   March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands)  
    Allowance for loan losses                        
    Balance at beginning of period   $ 50,540     $ 53,552     $ 22,569  
    Reversal of credit losses     (3,158 )     (2,867 )     (314 )
    Charge-offs     (3,159 )     (154 )     (1 )
    Recoveries     1,616       9       —  
    Net charge-offs     (1,543 )     (145 )     (1 )
    Balance, end of period   $ 45,839     $ 50,540     $ 22,254  
    Reserve for unfunded loan commitments (1)                        
    Balance, beginning of period   $ 3,103     $ 4,071     $ 933  
    Reversal of credit losses     (618 )     (968 )     (17 )
    Balance, end of period     2,485       3,103       916  
    Allowance for credit losses   $ 48,324     $ 53,643     $ 23,170  
                             
    ALL to total loans held for investment     1.49 %     1.61 %     1.18 %
    ACL to total loans held for investment     1.57 %     1.71 %     1.23 %
    Net charge-offs to average total loans     (0.20 )%     (0.02 )%     0.00 %


    (1)     Included in “Accrued interest and other liabilities” on the consolidated balance sheet.

    California BanCorp and Subsidiary
    Balance Sheets (Unaudited)

        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands)  
    ASSETS                
    Cash and due from banks   $ 80,441     $ 60,471  
    Federal funds sold & interest-bearing balances     358,800       327,691  
    Total cash and cash equivalents     439,241       388,162  
                     
    Debt securities available-for-sale, at fair value (amortized cost of $137,855, and $151,429 at March 31, 2025 and December 31, 2024)     131,593       142,001  
    Debt securities held-to-maturity, at cost (fair value of $47,329 and $47,823 at March 31, 2025 and December 31, 2024)     53,194       53,280  
    Loans held for sale     4,625       17,180  
    Loans held for investment:                
    Construction & land development     221,437       227,325  
    1-4 family residential     157,442       164,401  
    Multifamily     237,896       243,993  
    Other commercial real estate     1,755,962       1,767,727  
    Commercial & industrial     672,468       710,970  
    Other consumer     23,569       24,749  
    Total loans held for investment     3,068,774       3,139,165  
    Allowance for credit losses – loans     (45,839 )     (50,540 )
    Total loans held for investment, net     3,022,935       3,088,625  
                     
    Restricted stock at cost     30,845       30,829  
    Premises and equipment     13,154       13,595  
    Right of use asset     13,384       14,350  
    Other real estate owned, net     4,083       4,083  
    Goodwill     111,780       111,787  
    Intangible assets     21,323       22,271  
    Bank owned life insurance     66,867       66,636  
    Deferred taxes, net     36,473       43,127  
    Accrued interest and other assets     33,593       35,728  
    Total assets   $ 3,983,090     $ 4,031,654  
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Deposits:                
    Noninterest-bearing demand   $ 1,292,689     $ 1,257,007  
    Interest-bearing NOW accounts     674,460       673,589  
    Money market and savings accounts     1,192,960       1,182,927  
    Time deposits     182,394       285,237  
    Total deposits     3,342,503       3,398,760  
                     
    Borrowings     70,308       69,725  
    Operating lease liability     17,142       18,310  
    Accrued interest and other liabilities     21,753       33,023  
    Total liabilities     3,451,706       3,519,818  
                     
    Shareholders’ Equity:                
    Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,402,140 and 32,265,935 at March 31, 2025 and December 31, 2024     442,934       442,469  
    Retained earnings     92,861       76,008  
    Accumulated other comprehensive loss – net of taxes     (4,411 )     (6,641 )
    Total shareholders’ equity     531,384       511,836  
    Total liabilities and shareholders’ equity   $ 3,983,090     $ 4,031,654  

    California BanCorp and Subsidiary
    Income Statements – Quarterly and Year-to-Date (Unaudited)

        Three Months Ended  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands except share and per share data)  
    INTEREST AND DIVIDEND INCOME                        
    Interest and fees on loans   $ 50,686     $ 54,791     $ 28,584  
    Interest on debt securities     1,524       1,698       1,213  
    Interest on tax-exempted debt securities     305       305       306  
    Interest and dividends from other institutions     4,310       5,764       1,161  
    Total interest and dividend income     56,825       62,558       31,264  
                             
    INTEREST EXPENSE                        
    Interest on NOW, savings, and money market accounts     11,116       12,447       6,770  
    Interest on time deposits     2,063       4,179       3,021  
    Interest on borrowings     1,391       1,391       979  
    Total interest expense     14,570       18,017       10,770  
    Net interest income     42,255       44,541       20,494  
    Reversal of credit losses (1)     (3,776 )     (3,835 )     (331 )
    Net interest income after reversal of credit losses     46,031       48,376       20,825  
                             
    NONINTEREST INCOME                        
    Service charges and fees on deposit accounts     1,186       911       525  
    Gain (loss) on sale of loans     577       (1,095 )     415  
    Bank owned life insurance income     463       823       261  
    Servicing and related income on loans     142       157       73  
    Other charges and fees     199       208       139  
    Total noninterest income     2,566       1,004       1,413  
                             
    NONINTEREST EXPENSE                        
    Salaries and employee benefits     15,864       16,074       9,610  
    Occupancy and equipment expenses     2,152       2,314       1,452  
    Data processing     1,935       1,960       1,150  
    Legal, audit and professional     859       817       516  
    Regulatory assessments     722       436       387  
    Director and shareholder expenses     404       458       203  
    Merger and related expenses     —       643       549  
    Intangible assets amortization     948       1,060       65  
    Other real estate owned expense     68       220       88  
    Other expense     1,968       2,143       961  
    Total noninterest expense     24,920       26,125       14,981  
    Income before income taxes     23,677       23,255       7,257  
    Income tax expense     6,824       6,483       2,322  
    Net income   $ 16,853     $ 16,772     $ 4,935  
                             
    Net income per share – basic   $ 0.52     $ 0.52     $ 0.27  
    Net income per share – diluted   $ 0.52     $ 0.51     $ 0.26  
    Weighted average common shares-diluted     32,698,227       32,698,714       18,801,716  
    Pre-tax, pre-provision income (2)   $ 19,901     $ 19,420     $ 6,926  


    (1) Included reversal of credit losses on unfunded loan commitments of $618 thousand, $968.0 thousand and $17 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    (2) Non-GAAP measure. See — GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
        ($ in thousands)  
    Assets                                                                        
    Interest-earning assets:                                                                        
    Total loans   $ 3,109,722     $ 50,686       6.61 %   $ 3,184,918     $ 54,791       6.84 %   $ 1,909,271     $ 28,584       6.02 %
    Taxable debt securities     139,481       1,524       4.43 %     147,895       1,698       4.57 %     126,803       1,213       3.85 %
    Tax-exempt debt securities (1)     53,522       305       2.93 %     53,607       305       2.87 %     53,842       306       2.89 %
    Deposits in other financial institutions     316,582       3,468       4.44 %     422,032       5,123       4.83 %     54,056       716       5.33 %
    Fed funds sold/resale agreements     30,413       335       4.47 %     3,353       38       4.51 %     9,771       134       5.52 %
    Restricted stock investments and other bank stock     31,657       507       6.50 %     30,341       603       7.91 %     16,412       311       7.62 %
    Total interest-earning assets     3,681,377       56,825       6.26 %     3,842,146       62,558       6.48 %     2,170,155       31,264       5.79 %
    Total noninterest-earning assets     318,132                       326,601                       139,672                  
    Total assets   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Liabilities and Shareholders’ Equity                                                                        
    Interest-bearing liabilities:                                                                        
    Interest-bearing NOW accounts   $ 735,209     $ 3,366       1.86 %   $ 704,017     $ 3,784       2.14 %   $ 359,784     $ 2,045       2.29 %
    Money market and savings accounts     1,161,960       7,750       2.70 %     1,192,692       8,663       2.89 %     648,640       4,725       2.93 %
    Time deposits     207,519       2,063       4.03 %     359,111       4,179       4.63 %     255,474       3,021       4.76 %
    Total interest-bearing deposits     2,104,688       13,179       2.54 %     2,255,820       16,626       2.93 %     1,263,898       9,791       3.12 %
    Borrowings:                                                                        
    FHLB advances     —       —       — %     —       —       — %     50,593       708       5.63 %
    Subordinated debt     70,027       1,391       8.06 %     69,420       1,391       7.97 %     17,878       271       6.10 %
    Total borrowings     70,027       1,391       8.06 %     69,420       1,391       7.97 %     68,471       979       5.75 %
    Total interest-bearing liabilities     2,174,715       14,570       2.72 %     2,325,240       18,017       3.08 %     1,332,369       10,770       3.25 %
                                                                             
    Noninterest-bearing liabilities:                                                                        
    Noninterest-bearing deposits (2)     1,255,883                       1,283,591                       661,265                  
    Other liabilities     50,368                       55,007                       26,430                  
    Shareholders’ equity     518,543                       504,909                       289,763                  
    Total Liabilities and Shareholders’ Equity   $ 3,999,509                     $ 4,168,747                     $ 2,309,827                  
                                                                             
    Net interest spread                     3.54 %                     3.40 %                     2.54 %
    Net interest income and margin           $ 42,255       4.65 %           $ 44,541       4.61 %           $ 20,494       3.80 %
    Cost of deposits   $ 3,360,571     $ 13,179       1.59 %   $ 3,539,411     $ 16,626       1.87 %   $ 1,925,163     $ 9,791       2.05 %
    Cost of funds   $ 3,430,598     $ 14,570       1.72 %   $ 3,608,831     $ 18,017       1.99 %   $ 1,993,634     $ 10,770       2.17 %


    (1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2) Average noninterest-bearing deposits represent 37.37%, 36.27% and 34.35% of average total deposits for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    California BanCorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income (loss), (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per common share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        Three Months Ended  
        March 31,
    2025    		     December 31,
    2024    		     March 31,
    2024    		  
        ($ in thousands)  
    Adjusted net income                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Add: After-tax merger and related expenses (1)     —       453       547  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Efficiency Ratio                        
    Noninterest expense   $ 24,920     $ 26,125     $ 14,981  
    Deduct: Merger and related expenses     —       643       549  
    Adjusted noninterest expense     24,920       25,482       14,432  
                             
    Net interest income     42,255       44,541       20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income   $ 44,821     $ 45,545     $ 21,907  
    Efficiency ratio (non-GAAP)     55.6 %     57.4 %     68.4 %
    Adjusted efficiency ratio (non-GAAP)     55.6 %     55.9 %     65.9 %
                             
    Pre-tax pre-provision income                        
    Net interest income   $ 42,255     $ 44,541     $ 20,494  
    Noninterest income     2,566       1,004       1,413  
    Total net interest income and noninterest income     44,821       45,545       21,907  
    Less: Noninterest expense     24,920       26,125       14,981  
    Pre-tax pre-provision income (non-GAAP)     19,901       19,420       6,926  
    Add: Merger and related expenses     —       643       549  
    Adjusted pre-tax pre-provision income (non-GAAP)   $ 19,901     $ 20,063     $ 7,475  


    (1) After-tax merger and related expenses are presented using a 29.56% tax rate.

    Return on Average Assets, Equity, and Tangible Equity                        
    Net income   $ 16,853     $ 16,772     $ 4,935  
    Adjusted net income (non-GAAP)   $ 16,853     $ 17,225     $ 5,482  
                             
    Average assets   $ 3,999,509     $ 4,168,747     $ 2,309,827  
    Average shareholders’ equity     518,543       504,909       289,763  
    Less: Average intangible assets     133,567       135,064       38,964  
    Average tangible common equity (non-GAAP)   $ 384,976     $ 369,845     $ 250,799  
                             
    Return on average assets     1.71 %     1.60 %     0.86 %
    Adjusted return on average assets (non-GAAP)     1.71 %     1.64 %     0.95 %
    Return on average equity     13.18 %     13.21 %     6.85 %
    Adjusted return on average equity (non-GAAP)     13.18 %     13.57 %     7.61 %
    Return on average tangible common equity (non-GAAP)     17.75 %     18.04 %     7.91 %
    Adjusted return on average tangible common equity (non-GAAP)     17.75 %     18.53 %     8.79 %
        March 31,
    2025    		     December 31,
    2024    		  
        ($ in thousands except share and per share data)  
    Tangible Common Equity Ratio/Tangible Book Value Per Share                
    Shareholders’ equity   $ 531,384     $ 511,836  
    Less: Intangible assets     133,103       134,058  
    Tangible common equity (non-GAAP)   $ 398,281     $ 377,778  
                     
    Total assets   $ 3,983,090     $ 4,031,654  
    Less: Intangible assets     133,103       134,058  
    Tangible assets (non-GAAP)   $ 3,849,987     $ 3,897,596  
                     
    Equity to asset ratio     13.34 %     12.70 %
    Tangible common equity to tangible asset ratio (non-GAAP)     10.34 %     9.69 %
    Book value per share   $ 16.40     $ 15.86  
    Tangible book value per share (non-GAAP)   $ 12.29     $ 11.71  
    Shares outstanding     32,402,140       32,265,935  


    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce, N.A.
    kmccabe@bankcbc.com
    818.637.7065 

    The MIL Network –

  • MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

    Dear Fellow Shareholders,

    Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

    Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

    Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

    Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

    We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

    I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

    Sincerely,
    Gary Seaton
    Chairman and Chief Executive Officer

    About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Amarjeet Singh, CFO
    Email: amarjeet.s@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network –

  • MIL-OSI: Independent Bank Corporation Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    Highlights for the first quarter of 2025 include:

    • Increase in net interest income of $0.8 million (or 1.9% ) over the fourth quarter of 2024;
    • Increase in tangible book value per share of $2.43 (13.2%) from March 31, 2024;
    • Net growth in core deposits of $9.1 million (or 0.8% annualized) from December 31, 2024;
    • Net growth in loans of $33.9 million (or 3.4% annualized) from December 31, 2024; and
    • The payment of a 26 cent per share dividend on common stock on February 14, 2025.

    GRAND RAPIDS, Mich., April 24, 2025 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2025 net income of $15.6 million, or $0.74 per diluted share, versus net income of $16.0 million, or $0.76 per diluted share, in the prior-year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am proud of our team and very pleased to see us continue our positive trends with our first quarter 2025 results. Overall loans increased 3.4% (annualized), while core deposits are up 0.8% (annualized). We were able to generate net interest income growth on both a linked quarter basis and on a year over year quarterly basis and produce four basis points in margin expansion. We believe that our expenses continue to be well managed, and we continue to see improved operational scale from strategic investments we have made in recent years. These fundamentals continue to drive positive growth in tangible book value per share (13.2%) compared to the prior year quarter. Our credit metrics continue to be very good, with a low level of watch credits, 14 basis points of non-performing assets to total assets, and 0.01% net charge-offs for the quarter to average loans annualized. The allowance for credit losses, factoring in the recent market uncertainty, was 1.47% of total loans. We are staying in close contact with our client base during this volatile period and keeping abreast of what they are experiencing and how they are adjusting if needed. Based on a robust commercial loan pipeline, the past record of our core group of professionals and the ongoing strategic initiative to add talented bankers to our team, we continue to be focused on what we can control and optimistic on the long-term future of the IBC franchise.”

    Significant items impacting comparable first quarter 2025 and 2024 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of $(1.5) million ($(0.06) per diluted share, after taxes) for the three-month period ended March 31, 2025, as compared to $1.3 million ($0.05 per diluted share, after taxes) for the three-months ended March 31, 2024.

    Operating Results

    The Company’s net interest income totaled $43.7 million during the first quarter of 2025, an increase of $3.5 million, or 8.7% from the year-ago period, and an increase of $0.8 million, or 1.9%, from the fourth quarter of 2024. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.49% during the first quarter of 2025, compared to 3.30% in the year-ago period, and 3.45% in the fourth quarter of 2024. The year-over-year and linked quarterly increase in net interest income was due to an increase in average interest-earning assets and the net interest margin. Average interest-earning assets were $5.08 billion in the first quarter of 2025, compared to $4.91 billion in the year ago quarter and $5.01 billion in the fourth quarter of 2024.

    Non-interest income totaled $10.4 million for the first quarter of 2025, compared to $12.6 million in the comparable prior year period. This change was primarily due to variances in mortgage banking related revenues.

    Net gains on mortgage loans in the first quarters of 2025 and 2024 were approximately $2.3 million and $1.4 million, respectively. The comparative quarterly increase in net gains on mortgage loans was primarily due to an increase in both gain on sale margin on mortgage loans sold and an increase in the volume of mortgage loans sold.

    Mortgage loan servicing, net, generated income (expense) of $(0.6) million and $2.7 million in the first quarters of 2025 and 2024, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in interest rates and the associated expected future prepayment levels and expected float rates as well as a decline in servicing revenue. The decline in servicing revenue is attributed to the sale of approximately $931 million of mortgage servicing rights on January 31, 2025. Capitalized mortgage loan servicing rights totaled $32.2 million and $46.8 million at March 31, 2025 and December 31, 2024, respectively. The decline during the first quarter was primarily attributed to aforementioned mortgage servicing right sale. This transaction was executed in part to reduce the amount of exposure the bank had to rate variances that may impact the mortgage servicing right asset valuation in future periods. While the magnitude of fair value adjustments would also be expected to decrease, those adjustments are dependent upon factors that are harder to predict.

    Mortgage loan servicing, net activity is summarized in the following table:

      Three months ended
      3/31/2025   3/31/2024
      (In thousands)
    Mortgage loan servicing, net:      
    Revenue, net $ 1,882     $ 2,219  
    Fair value change due to price   (1,533 )     1,265  
    Fair value change due to pay-downs   (891 )     (759 )
    Loss on sale of originated servicing rights   (94 )     —  
    Total $ (636 )   $ 2,725  
     

    Non-interest expenses totaled $34.3 million in the first quarter of 2025, compared to $32.2 million in the year-ago period.

    The Company recorded income tax expense of $3.5 million in the first quarter of 2025. This compares to an income tax expense of $3.8 million in the first quarter of 2024. The change in income tax expense principally reflects changes in pre-tax earnings in 2025 relative to 2024.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows (1):

      3/31/2025   12/31/2024   3/31/2024
    Loan Type (Dollars in thousands)
    Commercial $ 127     $ 54     $ 25  
    Mortgage   8,080       7,005       4,620  
    Installment   819       733       710  
    Sub total   9,026       7,792       5,355  
    Less – government guaranteed loans   1,940       1,790       1,665  
    Total non-performing loans $ 7,086     $ 6,002     $ 3,690  
    Ratio of non-performing loans to total portfolio loans   0.17 %     0.15 %     0.10 %
    Ratio of non-performing assets to total assets   0.14 %     0.13 %     0.09 %
    Ratio of allowance for credit losses to total non-performing loans   847.23 %     989.32 %     1526.10 %

    (1) Non performing loans include non-accrual loans and loans 90 days or more past due and still accruing interest.

    The provision for credit losses was an expense of $0.72 million and $0.74 million in the first quarters of 2025 and 2024, respectively. We recorded loan net charge offs of $0.07 million and $0.22 million in the first quarters of 2025 and 2024, respectively. At March 31, 2025, the allowance for credit losses for loans totaled $60.0 million, or 1.47% of total portfolio loans compared to $59.4 million, or 1.47% of total portfolio loans at December 31, 2024.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.33 billion at March 31, 2025, a decrease of $9.7 million from December 31, 2024. Loans, excluding loans held for sale, were $4.07 billion at March 31, 2025, compared to $4.04 billion at December 31, 2024.  Deposits totaled $4.63 billion at March 31, 2025, a decrease of $20.2 million from December 31, 2024. This decrease is primarily due to decreases in non-interest bearing deposits and brokered time deposits that were partially offset by increases in savings and interest-bearing checking, reciprocal and time deposits.

    Cash and cash equivalents totaled $128.1 million at March 31, 2025, versus $119.9 million at December 31, 2024. Securities available for sale (“AFS”) totaled $529.7 million at March 31, 2025, versus $559.2 million at December 31, 2024.

    Total shareholders’ equity was $467.3 million at March 31, 2025, or 8.77% of total assets compared to $454.7 million or 8.52% at December 31, 2024. Tangible common equity totaled $437.6 million at March 31, 2025, or $20.87 per share compared to $424.9 million or $20.33 per share at December 31, 2024. The increase in shareholder equity as well as tangible common equity are primarily the result of earnings retention and a decrease in accumulated other comprehensive loss.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios 3/31/2025   12/31/2024   Well
    Capitalized
    Minimum
               
    Tier 1 capital to average total assets 9.56 %   9.58 %   5.00 %
    Tier 1 common equity to risk-weighted assets 11.93 %   11.74 %   6.50 %
    Tier 1 capital to risk-weighted assets 11.93 %   11.74 %   8.00 %
    Total capital to risk-weighted assets 13.19 %   12.99 %   10.00 %
     

    At March 31, 2025, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $1.10 billion and $486.1 million, respectively. We also had approximately $501.0 million in fair value of unpledged securities AFS and HTM at March 31, 2025 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $469.7 million.

    Share Repurchase Plan

    On December 17, 2024, the Board of Directors of the Company authorized the 2025 share repurchase plan. Under the terms of the 2025 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2025. During the three month period ended March 31, 2025, there were 1,093 shares of common stock repurchased, for an aggregate purchase price of $0.03 million. Subsequent to quarter end, from April 3, 2025 through April 22, 2025, there were 249,482 additional shares of common stock repurchased, for an aggregate purchase price of $7.2 million.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 24, 2025.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 706949). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/106805636.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 746507). The replay will be available through May 1, 2025.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2024 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
     
        March 31,
    2025    		   December 31,
    2024
        (Unaudited)
        (In thousands, except share
    amounts)
    Assets        
    Cash and due from banks   $ 60,566     $ 56,984  
    Interest bearing deposits     67,579       62,898  
    Cash and Cash Equivalents     128,145       119,882  
    Securities available for sale     529,676       559,182  
    Securities held to maturity (fair value of $302,579 at March 31, 2025 and $301,860 at December 31, 2024)     336,928       339,436  
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost     15,587       16,099  
    Loans held for sale, carried at fair value     9,514       7,643  
    Loans        
    Commercial     1,992,187       1,937,364  
    Mortgage     1,512,807       1,516,726  
    Installment     567,697       584,735  
    Total Loans     4,072,691       4,038,825  
    Allowance for credit losses     (60,035 )     (59,379 )
    Net Loans     4,012,656       3,979,446  
    Other real estate and repossessed assets, net     413       938  
    Property and equipment, net     37,369       37,492  
    Bank-owned life insurance     53,721       53,855  
    Capitalized mortgage loan servicing rights, carried at fair value     32,171       46,796  
    Other intangibles     1,366       1,488  
    Goodwill     28,300       28,300  
    Accrued income and other assets     142,582       147,547  
    Total Assets   $ 5,328,428     $ 5,338,104  
    Liabilities and Shareholders’ Equity        
    Deposits        
    Non-interest bearing   $ 989,928     $ 1,013,647  
    Savings and interest-bearing checking     2,017,800       1,995,314  
    Reciprocal     910,526       907,031  
    Time     635,172       628,285  
    Brokered time     80,505       109,811  
    Total Deposits     4,633,931       4,654,088  
    Other borrowings     45,014       45,009  
    Subordinated debt     39,605       39,586  
    Subordinated debentures     39,813       39,796  
    Accrued expenses and other liabilities     102,788       104,939  
    Total Liabilities     4,861,151       4,883,418  
             
    Shareholders’ Equity        
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding     —       —  
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,970,115 shares at March 31, 2025 and 20,895,714 shares at December 31, 2024     318,365       318,777  
    Retained earnings     215,995       205,853  
    Accumulated other comprehensive loss     (67,083 )     (69,944 )
    Total Shareholders’ Equity     467,277       454,686  
    Total Liabilities and Shareholders’ Equity   $ 5,328,428     $ 5,338,104  
     
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations
     
        Three Months Ended
          March 31,
    2025    		       December 31,
    2024    		       March 31,
    2024    		  
        (Unaudited)
    Interest Income   (In thousands, except per share amounts)
    Interest and fees on loans   $ 57,768     $ 58,346     $ 55,043  
    Interest on securities            
    Taxable     4,036       4,417       5,251  
    Tax-exempt     2,770       2,905       3,391  
    Other investments     1,570       1,310       1,441  
    Total Interest Income     66,144       66,978       65,126  
    Interest Expense            
    Deposits     20,955       22,546       22,810  
    Other borrowings and subordinated debt and debentures     1,504       1,581       2,119  
    Total Interest Expense     22,459       24,127       24,929  
    Net Interest Income     43,685       42,851       40,197  
    Provision for credit losses     721       2,217       744  
    Net Interest Income After Provision for Credit Losses     42,964       40,634       39,453  
    Non-interest Income            
    Interchange income     3,127       3,294       3,151  
    Service charges on deposit accounts     2,814       2,976       2,872  
    Net gains (losses) on assets            
    Mortgage loans     2,303       1,705       1,364  
    Securities available for sale     (330 )     (14 )     (269 )
    Mortgage loan servicing, net     (636 )     7,761       2,725  
    Other     3,146       3,399       2,718  
    Total Non-interest Income     10,424       19,121       12,561  
    Non-interest Expense            
    Compensation and employee benefits     20,383       22,886       20,770  
    Data processing     3,729       3,688       3,255  
    Occupancy, net     2,223       1,953       2,074  
    Interchange expense     1,119       1,131       1,097  
    Furniture, fixtures and equipment     885       928       954  
    Advertising     861       1,198       491  
    Loan and collection     786       606       512  
    FDIC deposit insurance     711       729       782  
    Communications     591       462       615  
    Legal and professional     479       849       486  
    Costs (recoveries) related to unfunded lending commitments     196       303       (652 )
    Other     2,299       2,254       1,809  
    Total Non-interest Expense     34,262       36,987       32,193  
    Income Before Income Tax     19,126       22,768       19,821  
    Income tax expense     3,536       4,307       3,830  
    Net Income   $ 15,590     $ 18,461     $ 15,991  
    Net Income Per Common Share            
    Basic   $ 0.74     $ 0.88     $ 0.77  
    Diluted   $ 0.74     $ 0.87     $ 0.76  
    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data
     
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (unaudited)
      (Dollars in thousands except per share data)
    Three Months Ended                  
    Net interest income $ 43,685     $ 42,851     $ 41,854     $ 41,346     $ 40,197  
    Provision for credit losses   721       2,217       1,488       19       744  
    Non-interest income   10,424       19,121       9,508       15,172       12,561  
    Non-interest expense   34,262       36,987       32,583       33,333       32,193  
    Income before income tax   19,126       22,768       17,291       23,166       19,821  
    Income tax expense   3,536       4,307       3,481       4,638       3,830  
    Net income $ 15,590     $ 18,461     $ 13,810     $ 18,528     $ 15,991  
                       
    Basic earnings per share $ 0.74     $ 0.88     $ 0.66     $ 0.89     $ 0.77  
    Diluted earnings per share   0.74       0.87       0.65       0.88       0.76  
    Cash dividend per share   0.26       0.24       0.24       0.24       0.24  
                       
    Average shares outstanding   20,943,094       20,893,820       20,896,019       20,901,741       20,877,067  
    Average diluted shares outstanding   21,150,550       21,122,096       21,115,273       21,105,387       21,079,607  
                       
    Performance Ratios                  
    Return on average assets   1.18 %     1.39 %     1.04 %     1.44 %     1.24 %
    Return on average equity   13.71       16.31       12.54       17.98       15.95  
    Efficiency ratio (1)   62.20       59.09       62.82       61.49       60.26  
                       
    As a Percent of Average Interest-Earning Assets (1)                
    Interest income   5.28 %     5.37 %     5.48 %     5.45 %     5.34 %
    Interest expense   1.79       1.92       2.11       2.05       2.04  
    Net interest income   3.49       3.45       3.37       3.40       3.30  
                       
    Average Balances                  
    Loans $ 4,060,941     $ 3,994,661     $ 3,909,954     $ 3,849,199     $ 3,810,526  
    Securities   883,676       912,073       933,750       944,435       999,140  
    Total earning assets   5,078,596       5,007,566       4,985,842       4,893,367       4,910,669  
    Total assets   5,378,022       5,300,368       5,275,623       5,181,317       5,201,452  
    Deposits   4,715,331       4,655,091       4,616,119       4,531,917       4,561,645  
    Interest bearing liabilities   3,799,852       3,717,483       3,689,684       3,611,972       3,627,446  
    Shareholders’ equity   461,291       450,214       438,077       414,549       403,225  

    (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)
     
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (unaudited)
      (Dollars in thousands except per share data)
    End of Period                  
    Capital                  
    Tangible common equity ratio   8.26 %     8.00 %     8.08 %     7.63 %     7.41 %
    Tangible common equity ratio excluding accumulated other comprehensive loss   9.31       9.10       8.99       8.76       8.57  
    Average equity to average assets   8.58       8.49       8.30       8.00       7.75  
    Total capital to risk-weighted assets (2)   14.51       14.22       14.25       14.21       13.85  
    Tier 1 capital to risk-weighted assets (2)   12.34       12.06       12.06       12.01       11.65  
    Common equity tier 1 capital to risk-weighted assets (2)   11.46       11.17       11.16       11.09       10.73  
    Tier 1 capital to average assets (2)   9.88       9.85       9.63       9.59       9.29  
    Common shareholders’ equity per share of common stock $ 22.28     $ 21.76     $ 21.65     $ 20.60     $ 19.88  
    Tangible common equity per share of common stock   20.87       20.33       20.22       19.16       18.44  
    Total shares outstanding   20,970,115       20,895,714       20,893,800       20,899,358       20,903,677  
                       
    Selected Balances                  
    Loans $ 4,072,691     $ 4,038,825     $ 3,942,287     $ 3,851,889     $ 3,839,965  
    Securities   866,604       898,618       932,312       936,194       963,577  
    Total earning assets   5,031,975       5,024,083       4,964,784       4,979,555       4,949,496  
    Total assets   5,328,428       5,338,104       5,259,268       5,277,500       5,231,255  
    Deposits   4,633,931       4,654,088       4,626,875       4,614,328       4,582,414  
    Interest bearing liabilities   3,768,435       3,764,832       3,682,482       3,694,025       3,677,060  
    Shareholders’ equity   467,277       454,686       452,369       430,459       415,570  

    (2) March 31, 2025 are Preliminary.

    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

      Three Months Ended March 31,
        2025       2024  
      (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent (“FTE”)      
           
    Net interest income $ 43,685     $ 40,197  
    Add:  taxable equivalent adjustment   452       180  
    Net interest income – taxable equivalent $ 44,137     $ 40,377  
    Net interest margin (GAAP) (1)   3.46 %     3.28 %
    Net interest margin (FTE) (1)   3.49 %     3.30 %

    (1) Annualized.

    Tangible Common Equity Ratio

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (Dollars in thousands)
    Common shareholders’ equity $ 467,277     $ 454,686     $ 452,369     $ 430,459     $ 415,570  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,366       1,488       1,617       1,746       1,875  
    Tangible common equity   437,611       424,898       422,452       400,413       385,395  
    Addition:                  
    Accumulated other comprehensive loss for regulatory purposes   61,285       64,146       52,454       65,030       65,831  
    Tangible common equity excluding accumulated other comprehensive loss adjustments $ 498,896     $ 489,044     $ 474,906     $ 465,443     $ 451,226  
                       
    Total assets $ 5,328,428     $ 5,338,104     $ 5,259,268     $ 5,277,500     $ 5,231,255  
    Less:                  
    Goodwill   28,300       28,300       28,300       28,300       28,300  
    Other intangibles   1,366       1,488       1,617       1,746       1,875  
    Tangible assets   5,298,762       5,308,316       5,229,351       5,247,454       5,201,080  
    Addition:                  
    Net unrealized losses on available for sale securities and derivatives, net of tax   61,285       64,146       52,454       65,030       65,831  
    Tangible assets excluding accumulated other comprehensive loss adjustments $ 5,360,047     $ 5,372,462     $ 5,281,805     $ 5,312,484     $ 5,266,911  
                       
    Common equity ratio   8.77 %     8.52 %     8.60 %     8.16 %     7.94 %
    Tangible common equity ratio   8.26 %     8.00 %     8.08 %     7.63 %     7.41 %
    Tangible common equity ratio excluding accumulated other comprehensive loss   9.31 %     9.10 %     8.99 %     8.76 %     8.57 %
                       
    Tangible Common Equity per Share of Common Stock:
                       
    Common shareholders’ equity $ 467,277     $ 454,686     $ 452,369     $ 430,459     $ 415,570  
    Tangible common equity $ 437,611     $ 424,898     $ 422,452     $ 400,413     $ 385,395  
    Shares of common stock outstanding (in thousands)   20,970       20,896       20,894       20,899       20,904  
                       
    Common shareholders’ equity per share of common stock $ 22.28     $ 21.76     $ 21.65     $ 20.60     $ 19.88  
    Tangible common equity per share of common stock $ 20.87     $ 20.33     $ 20.22     $ 19.16     $ 18.44  
     

    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.

    Contact: William B. Kessel, President and CEO, 616.447.3933
    Gavin A. Mohr, Chief Financial Officer, 616.447.3929

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    First Quarter 2025 Highlights:

    • Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share1of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
    • Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
    • Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
    • Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
    • Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
    • Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
    • The efficiency ratio totaled 54.54% for the quarter.

    “The first quarter was a strong start to the year with healthy loan growth and increasing profitability,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress.”

    First Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.

    Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

    Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

    Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

    Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

    Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

    Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

    The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

           
    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) March 31,
      2025   2024
    ASSETS      
    Cash and due from banks $ 86,113     $ 100,514  
    Interest-bearing deposits   331,534       410,497  
    Investment securities available for sale   1,378,489       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,163,361  
    Loans held for sale   23,004       15,118  
    Loans   13,004,905       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (204,681 )
    Net loans   12,812,874       12,260,901  
    Premises and equipment   128,749       132,706  
    Federal Home Loan Bank stock   45,006       41,758  
    Interest receivable   88,352       92,550  
    Goodwill   712,002       712,002  
    Other intangibles   18,302       25,142  
    Cash surrender value of life insurance   304,918       306,028  
    Other real estate owned   4,966       4,886  
    Tax asset, deferred and receivable   87,665       101,121  
    Other assets   369,181       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,317,803  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,185,057     $ 2,338,364  
    Interest-bearing   12,276,921       12,546,220  
    Total Deposits   14,461,978       14,884,584  
    Borrowings:      
    Federal funds purchased   185,000       —  
    Securities sold under repurchase agreements   122,947       130,264  
    Federal Home Loan Bank advances   972,478       612,778  
    Subordinated debentures and other borrowings   62,619       118,612  
    Total Borrowings   1,343,044       861,654  
    Interest payable   13,304       19,262  
    Other liabilities   289,247       327,500  
    Total Liabilities   16,107,573       16,093,000  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,810,232 and 58,564,819 shares   7,226       7,321  
    Additional paid-in capital   1,183,263       1,208,447  
    Retained earnings   1,306,911       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,317,803  
       
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
    (Dollars In Thousands, Except Per Share Amounts) March 31,
      2025   2024
    INTEREST INCOME      
    Loans:      
    Taxable $ 187,728     $ 198,023  
    Tax-exempt   10,532       8,190  
    Investment securities:      
    Taxable   8,372       8,748  
    Tax-exempt   12,517       13,611  
    Deposits with financial institutions   2,372       6,493  
    Federal Home Loan Bank stock   997       835  
    Total Interest Income   222,518       235,900  
    INTEREST EXPENSE      
    Deposits   80,547       98,285  
    Federal funds purchased   812       —  
    Securities sold under repurchase agreements   742       1,032  
    Federal Home Loan Bank advances   9,364       6,773  
    Subordinated debentures and other borrowings   783       2,747  
    Total Interest Expense   92,248       108,837  
    NET INTEREST INCOME   130,270       127,063  
    Provision for credit losses   4,200       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       125,063  
    NONINTEREST INCOME      
    Service charges on deposit accounts   8,072       7,907  
    Fiduciary and wealth management fees   8,644       8,200  
    Card payment fees   4,526       4,500  
    Net gains and fees on sales of loans   5,022       3,254  
    Derivative hedge fees   404       263  
    Other customer fees   415       427  
    Earnings on cash surrender value of life insurance   2,179       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (2 )
    Other income   793       497  
    Total Noninterest Income   30,048       26,638  
    NONINTEREST EXPENSES      
    Salaries and employee benefits   54,982       58,293  
    Net occupancy   7,216       7,312  
    Equipment   7,008       6,226  
    Marketing   1,353       1,198  
    Outside data processing fees   5,929       6,889  
    Printing and office supplies   347       353  
    Intangible asset amortization   1,526       1,957  
    FDIC assessments   3,648       4,287  
    Other real estate owned and foreclosure expenses   600       534  
    Professional and other outside services   3,261       3,952  
    Other expenses   7,032       5,934  
    Total Noninterest Expenses   92,902       96,935  
    INCOME BEFORE INCOME TAX   63,216       54,766  
    Income tax expense   7,877       6,825  
    NET INCOME   55,339       47,941  
    Preferred stock dividends   469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 47,472  
    Per Share Data:      
    Basic Net Income Available to Common Stockholders $ 0.95     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       59,273  
           
    FINANCIAL HIGHLIGHTS      
    (Dollars in thousands) Three Months Ended
      March 31,
      2025   2024
    NET CHARGE-OFFS $ 4,926     $ 2,253  
           
    AVERAGE BALANCES:      
    Total Assets $ 18,341,738     $ 18,430,521  
    Total Loans   12,941,353       12,477,066  
    Total Earning Assets   16,960,475       17,123,851  
    Total Deposits   14,419,338       14,881,205  
    Total Stockholders’ Equity   2,340,874       2,242,139  
           
    FINANCIAL RATIOS:      
    Return on Average Assets   1.21 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       13.21  
    Average Earning Assets to Average Assets   92.47       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.65  
    Interest Expense/Average Earning Assets   2.17       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.10  
    Efficiency Ratio   54.54       59.21  
                       
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccrual Loans $ 81,922     $ 73,773     $ 59,088     $ 61,906     $ 62,478  
    Other Real Estate Owned and Repossessions   4,966       4,948       5,247       4,824       4,886  
    Nonperforming Assets (NPA)   86,888       78,721       64,335       66,730       67,364  
    90+ Days Delinquent   4,280       5,902       14,105       1,686       2,838  
    NPAs & 90 Day Delinquent $ 91,168     $ 84,623     $ 78,440     $ 68,416     $ 70,202  
                       
    Allowance for Credit Losses – Loans $ 192,031     $ 192,757     $ 187,828     $ 189,537     $ 204,681  
    Quarterly Net Charge-offs   4,926       771       6,709       39,644       2,253  
    NPAs / Actual Assets %   0.47 %     0.43 %     0.35 %     0.36 %     0.37 %
    NPAs & 90 Day / Actual Assets %   0.49 %     0.46 %     0.43 %     0.37 %     0.38 %
    NPAs / Actual Loans and OREO %   0.67 %     0.61 %     0.51 %     0.53 %     0.54 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.47 %     1.50 %     1.48 %     1.50 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.15 %     0.02 %     0.21 %     1.26 %     0.07 %
                       
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    ASSETS                  
    Cash and due from banks $ 86,113     $ 87,616     $ 84,719     $ 105,372     $ 100,514  
    Interest-bearing deposits   331,534       298,891       359,126       168,528       410,497  
    Investment securities available for sale   1,378,489       1,386,475       1,553,496       1,618,893       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,074,220       2,108,649       2,134,195       2,163,361  
    Loans held for sale   23,004       18,663       40,652       32,292       15,118  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    Net loans   12,812,874       12,661,602       12,458,980       12,450,113       12,260,901  
    Premises and equipment   128,749       129,743       129,582       133,245       132,706  
    Federal Home Loan Bank stock   45,006       41,690       41,716       41,738       41,758  
    Interest receivable   88,352       91,829       92,055       97,546       92,550  
    Goodwill   712,002       712,002       712,002       712,002       712,002  
    Other intangibles   18,302       19,828       21,599       23,371       25,142  
    Cash surrender value of life insurance   304,918       304,906       304,613       306,379       306,028  
    Other real estate owned   4,966       4,948       5,247       4,824       4,886  
    Tax asset, deferred and receivable   87,665       92,387       86,732       107,080       101,121  
    Other assets   369,181       387,169       348,384       367,845       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,185,057     $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364  
    Interest-bearing   12,276,921       12,196,047       12,030,903       12,265,757       12,546,220  
    Total Deposits   14,461,978       14,521,626       14,365,100       14,569,070       14,884,584  
    Borrowings:                  
    Federal funds purchased   185,000       99,226       30,000       147,229       —  
    Securities sold under repurchase agreements   122,947       142,876       124,894       100,451       130,264  
    Federal Home Loan Bank advances   972,478       822,554       832,629       832,703       612,778  
    Subordinated debentures and other borrowings   62,619       93,529       93,562       93,589       118,612  
    Total Borrowings   1,343,044       1,158,185       1,081,085       1,173,972       861,654  
    Deposits and other liabilities held for sale   —       —       288,476       —       —  
    Interest payable   13,304       16,102       18,089       18,554       19,262  
    Other liabilities   289,247       311,073       292,429       329,302       327,500  
    Total Liabilities   16,107,573       16,006,986       16,045,179       16,090,898       16,093,000  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,226       7,247       7,265       7,256       7,321  
    Additional paid-in capital   1,183,263       1,188,768       1,192,683       1,191,193       1,208,447  
    Retained earnings   1,306,911       1,272,528       1,229,125       1,200,930       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (188,685 )     (151,825 )     (211,979 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,304,983       2,302,373       2,212,525       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 187,728     $ 197,536     $ 206,680     $ 201,413     $ 198,023  
    Tax-exempt   10,532       9,020       8,622       8,430       8,190  
    Investment securities:                  
    Taxable   8,372       9,024       9,263       9,051       8,748  
    Tax-exempt   12,517       12,754       13,509       13,613       13,611  
    Deposits with financial institutions   2,372       5,350       2,154       2,995       6,493  
    Federal Home Loan Bank stock   997       958       855       879       835  
    Total Interest Income   222,518       234,642       241,083       236,381       235,900  
    INTEREST EXPENSE                  
    Deposits   80,547       89,835       98,856       99,151       98,285  
    Federal funds purchased   812       26       329       126       —  
    Securities sold under repurchase agreements   742       680       700       645       1,032  
    Federal Home Loan Bank advances   9,364       8,171       8,544       6,398       6,773  
    Subordinated debentures and other borrowings   783       1,560       1,544       1,490       2,747  
    Total Interest Expense   92,248       100,272       109,973       107,810       108,837  
    NET INTEREST INCOME   130,270       134,370       131,110       128,571       127,063  
    Provision for credit losses   4,200       4,200       5,000       24,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       130,170       126,110       104,071       125,063  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,072       8,124       8,361       8,214       7,907  
    Fiduciary and wealth management fees   8,644       8,665       8,525       8,825       8,200  
    Card payment fees   4,526       4,957       5,121       4,739       4,500  
    Net gains and fees on sales of loans   5,022       5,681       6,764       5,141       3,254  
    Derivative hedge fees   404       1,594       736       489       263  
    Other customer fees   415       316       344       460       427  
    Earnings on cash surrender value of life insurance   2,179       2,188       2,755       1,929       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (11,592 )     (9,114 )     (49 )     (2 )
    Gain on branch sale   —       19,983       —       —       —  
    Other income   793       2,826       1,374       1,586       497  
    Total Noninterest Income   30,048       42,742       24,866       31,334       26,638  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   54,982       55,437       55,223       52,214       58,293  
    Net occupancy   7,216       7,335       6,994       6,746       7,312  
    Equipment   7,008       7,028       6,949       6,599       6,226  
    Marketing   1,353       2,582       1,836       1,773       1,198  
    Outside data processing fees   5,929       6,029       7,150       7,072       6,889  
    Printing and office supplies   347       377       378       354       353  
    Intangible asset amortization   1,526       1,771       1,772       1,771       1,957  
    FDIC assessments   3,648       3,744       3,720       3,278       4,287  
    Other real estate owned and foreclosure expenses   600       227       942       373       534  
    Professional and other outside services   3,261       3,777       3,035       3,822       3,952  
    Other expenses   7,032       7,982       6,630       7,411       5,934  
    Total Noninterest Expenses   92,902       96,289       94,629       91,413       96,935  
    INCOME BEFORE INCOME TAX   63,216       76,623       56,347       43,992       54,766  
    Income tax expense   7,877       12,274       7,160       4,067       6,825  
    NET INCOME   55,339       64,349       49,187       39,925       47,941  
    Preferred stock dividends   469       469       468       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 0.95     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 26.78     $ 26.64     $ 25.10     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.21 %     1.39 %     1.07 %     0.87 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       11.05       8.66       7.16       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       16.75       13.39       11.29       13.21  
    Average Earning Assets to Average Assets   92.47       92.48       92.54       92.81       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.50       1.48       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.02       0.21       1.26       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.51       12.26       12.02       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.63       5.82       5.69       5.65  
    Interest Expense/Average Earning Assets   2.17       2.35       2.59       2.53       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.28       3.23       3.16       3.10  
    Efficiency Ratio   54.54       48.48       53.76       53.84       59.21  
                       
    LOANS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Commercial and industrial loans $ 4,306,597     $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365  
    Agricultural land, production and other loans to farmers   243,864       256,312       238,743       239,926       234,431  
    Real estate loans:                  
    Construction   793,175       792,144       814,704       823,267       941,726  
    Commercial real estate, non-owner occupied   2,177,869       2,274,016       2,251,351       2,323,533       2,368,360  
    Commercial real estate, owner occupied   1,214,739       1,157,944       1,152,751       1,174,195       1,137,894  
    Residential   2,389,852       2,374,729       2,366,943       2,370,905       2,316,490  
    Home equity   650,499       659,811       641,188       631,104       618,258  
    Individuals’ loans for household and other personal expenditures   140,954       166,028       158,480       162,089       161,459  
    Public finance and other commercial loans   1,087,356       1,059,083       981,431       964,814       964,599  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    NET LOANS $ 12,812,874     $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901  
    DEPOSITS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Demand deposits $ 7,786,554   $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976
    Savings deposits   4,791,874     4,522,758     4,302,236     4,339,161     4,679,593
    Certificates and other time deposits of $100,000 or more   896,143     1,043,068     1,277,833     1,415,131     1,451,443
    Certificates and other time deposits of $100,000 or less   625,203     692,068     802,949     889,949     901,280
    Brokered certificates of deposits1   362,204     283,671     303,572     167,150     80,292
    TOTAL DEPOSITS $ 14,461,978   $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584
     
    1 – Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.
                 
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      March 31, 2025   March 31, 2024
      Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate    		   Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 294,016   $ 2,372   3.23 %   $ 575,699   $ 6,493   4.51 %
    Federal Home Loan Bank stock   43,980     997   9.07       41,764     835   8.00  
    Investment Securities: (1)                      
    Taxable   1,634,452     8,372   2.05       1,783,057     8,748   1.96  
    Tax-exempt (2)   2,046,674     15,844   3.10       2,246,265     17,229   3.07  
    Total Investment Securities   3,681,126     24,216   2.63       4,029,322     25,977   2.58  
    Loans held for sale   20,965     319   6.09       21,782     328   6.02  
    Loans: (3)                      
    Commercial   8,770,282     147,772   6.74       8,598,110     159,209   7.41  
    Real estate mortgage   2,191,384     24,446   4.46       2,130,947     22,357   4.20  
    HELOC and installment   828,874     15,191   7.33       821,815     16,129   7.85  
    Tax-exempt (2)   1,129,848     13,332   4.72       904,412     10,367   4.59  
    Total Loans   12,941,353     201,060   6.21       12,477,066     208,390   6.68  
    Total Earning Assets   16,960,475     228,645   5.39 %     17,123,851     241,695   5.65 %
    Total Non-Earning Assets   1,381,263             1,306,670        
    TOTAL ASSETS $ 18,341,738           $ 18,430,521        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,522,434   $ 34,606   2.51 %   $ 5,419,821   $ 39,491   2.91 %
    Money market deposits   3,437,998     25,952   3.02       3,045,478     27,383   3.60  
    Savings deposits   1,299,405     2,445   0.75       1,559,877     3,801   0.97  
    Certificates and other time deposits   1,947,854     17,544   3.60       2,427,859     27,610   4.55  
    Total Interest-Bearing Deposits   12,207,691     80,547   2.64       12,453,035     98,285   3.16  
    Borrowings   1,262,926     11,701   3.71       1,011,812     10,552   4.17  
    Total Interest-Bearing Liabilities   13,470,617     92,248   2.74       13,464,847     108,837   3.23  
    Noninterest-bearing deposits   2,211,647             2,428,170        
    Other liabilities   318,600             295,365        
    Total Liabilities   16,000,864             16,188,382        
    STOCKHOLDERS’ EQUITY   2,340,874             2,242,139        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,341,738     92,248       $ 18,430,521     108,837    
    Net Interest Income (FTE)     $ 136,397           $ 132,858    
    Net Interest Spread (FTE) (4)         2.65 %           2.42 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.39 %           5.65 %
    Interest Expense / Average Earning Assets         2.17 %           2.55 %
    Net Interest Margin (FTE) (5)         3.22 %           3.10 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
    (3) Non accruing loans have been included in the average balances.
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Income Available to Common Stockholders – GAAP $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   7       11,592       9,114       49       2  
    Gain on branch sale   —       (19,983 )     —       —       —  
    Non-core expenses1,2   —       762       —       —       3,481  
    Tax on adjustments   (2 )     1,851       (2,220 )     (12 )     (848 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 54,875     $ 58,102     $ 55,613     $ 39,493     $ 50,107  
                       
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
                       
    Diluted Earnings Per Common Share – GAAP $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   —       0.20       0.15       —       —  
    Gain on branch sale   —       (0.34 )     —       —       —  
    Non-core expenses1,2   —       0.01       —       —       0.06  
    Tax on adjustments   —       0.03       (0.04 )     —       (0.01 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 0.94     $ 1.00     $ 0.95     $ 0.68     $ 0.85  
     
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
             
    NET INTEREST MARGIN (“NIM”), ADJUSTED
    (Dollars in Thousands)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Fully Taxable Equivalent (“FTE”) Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income (FTE) (non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Average Earning Assets (GAAP) $ 16,960,475     $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851  
    Net Interest Margin (GAAP)   3.07 %     3.15 %     3.09 %     3.02 %     2.97 %
    Net Interest Margin (FTE) (non-GAAP)   3.22 %     3.28 %     3.23 %     3.16 %     3.10 %
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Total Average Stockholders’ Equity (GAAP) $ 2,340,874     $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (726,917 )     (728,218 )     (729,581 )     (730,980 )     (732,432 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,588,832     $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582  
                       
    Net Income Available to Common Stockholders (GAAP) $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Plus: Intangible Asset Amortization, Net of Tax   1,206       1,399       1,399       1,399       1,546  
    Tangible Net Income (Non-GAAP) $ 56,076     $ 65,279     $ 50,118     $ 40,855     $ 49,018  
                       
    Return on Tangible Common Equity (Non-GAAP)   14.12 %     16.75 %     13.39 %     11.29 %     13.21 %
    EFFICIENCY RATIO – NON-GAAP                  
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Non Interest Expense (GAAP) $ 92,902     $ 96,289     $ 94,629     $ 91,413     $ 96,935  
    Less: Intangible Asset Amortization   (1,526 )     (1,771 )     (1,772 )     (1,771 )     (1,957 )
    Less: OREO and Foreclosure Expenses   (600 )     (227 )     (942 )     (373 )     (534 )
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
                       
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Plus: Fully Taxable Equivalent Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Non Interest Income (GAAP) $ 30,048     $ 42,742     $ 24,866     $ 31,334     $ 26,638  
    Less: Investment Securities (Gains) Losses   7       11,592       9,114       49       2  
    Adjusted Non Interest Income (Non-GAAP) $ 30,055     $ 54,334     $ 33,980     $ 31,383     $ 26,640  
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Efficiency Ratio (Non-GAAP)   54.54 %     48.48 %     53.76 %     53.84 %     59.21 %
                       
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
    Less: Non-core Expenses1,2   —       (762 )     —       —       (3,481 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 90,776     $ 93,529     $ 91,915     $ 89,269     $ 90,963  
                       
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Less: Gain on Branch Sale   —       (19,983 )     —       —       —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 166,452     $ 174,509     $ 170,973     $ 165,813     $ 159,498  
    Adjusted Efficiency Ratio (Non-GAAP)   54.54 %     53.60 %     53.76 %     53.84 %     57.03 %
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
     

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network –

  • MIL-OSI: FTC Solar to Announce First Quarter 2025 Financial Results Thursday, May 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 24, 2025 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software, and engineering services, today announced it will report its first quarter 2025 financial results before market open on Thursday, May 1, 2025.

    A conference call for members of the investment community will be held at 8:30 a.m. E.T. that same day, during which the Company will discuss its first quarter 2025 results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of the FTC Solar corporate website at investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

    About FTC Solar, Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage. 

    FTC Solar Investor Contact:
    Bill Michalek
    Vice President, Investor Relations
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

    The MIL Network –

  • MIL-OSI: CERo Therapeutics Holdings, Inc. Announces Sarah Cannon Research Institute at Colorado Blood Cancer Institute as Key Clinical Trial Site for its Phase 1 Clinical Trial of CER-1236 in Acute Myeloid Leukemia

    Source: GlobeNewswire (MIL-OSI)

    SOUTH SAN FRANSCISCO, Calif, April 24, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces that Sarah Cannon Research Institute (SCRI) at Colorado Blood Cancer Institute (CBCI) in Denver, Colorado will be a key clinical trial site for the Company’s Phase 1 clinical trial of CER-1236. Partnering with SCRI to advance cancer research, CBCI is the region’s leader in blood cancer care and serves a seven-state region. The trial is focused on patients with acute myeloid leukemia (AML), and patient enrollment is underway with first dosing of the initial cohort of patients expected by June.

    Dr. Yazan Migdady, Co-Director, Research and Clinical Innovation for the Myeloid Disease & Allogeneic Stem Cell Program at Colorado Blood Cancer Institute, an investigator in the trial, commented, “The use of chimeric engulfment receptor technology in cellular therapy for AML offers new hope for patients battling aggressive leukemia. This trial represents a crucial step forward in developing innovative therapies, enhancing patient clinical and survival outcomes by improving treatment efficacy, reducing relapse rates, and ultimately bringing a brighter future to AML patients and their families.”

    The first-in-human, multi-center, open label, Phase 1/1b study is designed to evaluate the safety and preliminary efficacy of CER-1236 in patients with acute myeloid leukemia that is either relapsed/refractory, has measurable residual disease, or has a mutation of the TP53 gene. The two-part study will begin with dose escalation to determine highest tolerated dose and recommended dose for Phase 2, followed by an expansion phase to evaluate safety and efficacy. Primary outcome measures include incidence of adverse events (AEs) and serious adverse events (SAEs), incidence of dose limited toxicities and estimation of overall response rate (ORR), complete response (CR), composite complete response (cCR), and measurable residual disease (MRD). Secondary outcome measures include pharmacokinetics (PK).

    Chris Ehrlich, CERo Therapeutics CEO added, “CBCI is a world-renowned cancer center, and we believe their participation in our AML trial is continued validation of the scientific work performed to date with CER-1236. We look forward to announcing enrollment and initial dosing in the near term for this trial and to progress in launching our solid tumor study.”

    About CERo Therapeutics Holdings, Inc.

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

    Forward-Looking Statements

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

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

    Contact:
    Chris Ehrlich
    Chief Executive Officer
    chris@cero.bio

    Investors:
    CORE IR
    investors@cero.bio

    The MIL Network –

  • MIL-OSI: Diginex and Baker Tilly Singapore Announce Strategic Alliance to Deliver diginexESG Platform to Baker Tilly ’s Clients

    Source: GlobeNewswire (MIL-OSI)

    LONDON, April 24, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company specializing in environmental, social, and governance (ESG) solutions, and Baker Tilly Singapore (“Baker Tilly”), a globally recognized advisory, tax, and assurance firm, today announced a strategic alliance to integrate Diginex’s innovative diginexESG platform into Baker Tilly’s client offerings. This collaboration will empower Baker Tilly’s diverse client base to streamline ESG reporting, enhance compliance, and drive sustainable growth in response to increasing global demand for transparency and accountability.

    The diginexESG platform, an award-winning cloud-based solution compatible with major frameworks such as GRI, SASB, and ISSB, provides end-to-end tools for topic discovery, data collection, and collaborative report publishing. Through this alliance, Baker Tilly’s clients across industries will gain access to diginexESG’s intuitive technology, supported by Baker Tilly’s deep expertise in ESG advisory, risk management, and business strategy. The strategic relationship aims to simplify the complexities of sustainability reporting while enabling clients to meet evolving regulatory requirements and investor expectations.

    “We are excited to work with Baker Tilly, a trusted leader in professional services, to bring diginexESG to their clients,” said Mark Blick, CEO of Diginex. “This alliance aligns with our mission to democratize access to advanced ESG tools, helping organizations of all sizes achieve their sustainability goals while driving measurable impact.”

    Joshua Ong, Managing Partner at Baker Tilly Singapore, said, “We are committed to delivering innovative solutions that add value to our clients’ businesses, while solving challenges that they may face with fragmented systems and resources. This alliance with Diginex provides a new platform that enhances our clients’ daily operations and helps them to make informed decisions in building resilient, future-ready businesses.”

    “There is growing pressure in the Asia-Pacific region for companies to produce high-quality ESG data that meets global standards,” added Tina Thomas, Head of ESG & Sustainability at Baker Tilly Singapore.

    The alliance comes at a critical time as businesses face heightened scrutiny from regulators, investors, and stakeholders to demonstrate robust ESG performance. Baker Tilly’s global network, combined with Diginex’s cutting-edge technology, positions both firms to set a new standard for ESG reporting and compliance.

    About Diginex Limited

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

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

    About Baker Tilly Singapore
    Baker Tilly Singapore is a full-service accounting and business advisory firm that offers industry-specialised services in assurance, tax and advisory. With a focus on serving entrepreneurs, family-owned businesses, not-for-profits, and listed companies, we help our clients plan for the future. Baker Tilly Singapore is an independent member of Baker Tilly International, one of the world’s 10 largest accounting and business advisory networks.

    Baker Tilly Singapore offers a full suite of ESG services, including ESG assessment, strategy development, reporting and disclosure, stakeholder engagement, risk management, sustainability certification, ESG integration in investments, as well as training and education.

    For more information on Baker Tilly Singapore’s services, visit www.bakertilly.sg.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties 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 identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. 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. 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, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    Media Contacts:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de

    IR Contact – US
    Kincade Ayers
    Lambert by LLYC
    Phone: +1 (616) 258-5794
    Email: kincade.ayers@llyc.global

    IR Contact – Asia
    Shelly Cheng
    Strategic Public Relations Group Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk

    Baker Tilly Singapore Contact
    Darrick Chew
    Marketing Manager
    darrick.chew@bakertilly.sg

    The MIL Network –

  • MIL-OSI Economics: Independent Directors of Phillips 66 Issue Letter to Investors and Their Stewardship Teams

    Source: Phillips

    Encourages Honest, Independent Interrogation of Facts
    Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company’s shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics.
    In conjunction with today’s letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company’s strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term value for Phillips 66 shareholders.
    The full text of the Board’s letter to investors and their stewardship teams follows:
    Dear Phillips 66 Shareholders,
    Due to the unique nature of shareholder engagement in 2025 and our concerns with the agenda Elliott is pushing, this letter is written directly to the stewardship teams, proxy advisers and all shareholders who prioritize strong corporate governance. This letter is intended to highlight critical areas for consideration that uniquely pertain to corporate governance, independence and transparency.
    It is our strongly held view that two core tenets of best-in-class corporate governance are transparency and independence. Transparency allows shareholders to make informed decisions with full, complete and straight-forward information. Independence ensures that a Board is impartial, unbiased and objective in its pursuit of protecting the interests of all shareholders.
    We have been surprised and concerned by the actions taken by Elliott in pursuit of its campaign to break-up Phillips 66. These actions, in our view, reveal a concerning disregard for good corporate governance, raise important questions of independence and demonstrate an alarming pattern of opaque disclosure.
    There are serious questions about Elliott’s expectation of director loyalty.
    Elliott is seeking to replace Bob Pease, a Board member it supported only one year ago.
    Does this sudden switch in support, and Elliott’s own acknowledgment of its effort to have one-on-one conversations with Bob during the time he has been on our Board, suggest an expectation of loyalty to the activist and its thesis instead of fair evaluation of what is in the best interest of all shareholders?
    Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott’s nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself.
    Does this action further reveal an expectation of loyalty rather than true independence?
    Elliott’s competitive interests merit careful attention.
    Elliott’s subsidiary, Amber Energy, is in pursuit of a direct Phillips 66 competitor, CITGO. That pursuit has been ongoing for more than a year, and Elliott’s most recent bid for CITGO is valued meaningfully above the amount of Elliott’s investment in Phillips 66.
    Elliott’s public solicitation materials do not clearly mention its pursuit of CITGO, or that multiple members of the Amber Energy leadership team have been directly involved in soliciting Phillips 66 shareholders.
    On Elliott’s recent podcast episode, John Pike confirmed that the same Elliott professionals on their energy team invest in public equities and private situations. In other words, the same team that is investing in Phillips 66 is also leading the CITGO process.
    At what point does pursuit of control of a company while trying influence the strategy of a direct competitor raise conflicts of interest concerns? Has Elliott adequately disclosed this competitive position to Phillips 66 shareholders? Should shareholders have legitimate concerns about how Elliott’s interests may differ from those of other Phillips 66 shareholders?
    Elliott and affiliated parties have provided misleading, incomplete disclosure.
    The CEO of Elliott’s Amber Energy, Gregory Goff, issued a public letter claiming to be merely an investor in Phillips 66 in support of Elliott’s campaign. The day prior to this letter, Mr. Goff had entered into an agreement with Elliott where Mr. Goff’s solicitation expenses would be paid for by Elliott. Mr. Goff’s letter does not mention Amber Energy or its ongoing pursuit of CITGO, and it does not mention this agreement with Elliott.
    Why is Mr. Goff misleadingly soliciting Phillips 66 shareholders in his capacity as “a 40-year energy industry veteran and shareholder of Phillips 66” and not in his capacity as an interested Elliott employee? More importantly, why was that relationship not fully and clearly disclosed to Phillips 66 shareholders in the letter?
    A number of Elliott’s nominees have close personal ties to Mr. Goff, including decades of direct work experience. Much like everything related to Elliott’s Amber Energy, these relationships call into question Elliott’s nominees’ independence.
    Given Amber Energy’s role in the campaign against Phillips 66 and Mr. Goff’s highly misleading public solicitation, should shareholders have concerns about the honesty of Elliott’s disclosures or the independence of Elliott’s nominees?
    Elliott has put forth illegal corporate governance demands, masked by misleading communications.
    As you know, we are fully committed to declassifying the Board so that each of our directors is up for election each year. Our last attempt to do so received approval from 73% of outstanding shares. With the attention this annual meeting is receiving, we are hoping that voter turnout will be higher than ever to achieve this important governance milestone.
    But unlike Elliott, we want to do so legally, completely and without subjecting the Company to litigation and reputational harm.
    Elliott is asking us to devise a slipshod workaround to declassify the Board in a de facto manner, without obtaining the required stockholder vote to do so. Put simply, if implemented, Elliott’s annual resignation proposal would contravene Delaware law, our Company’s charter and by-laws and our Board’s fiduciary duty to shareholders. Some resignation policies are acceptable, but not those with the specific purpose of evading a corporate charter. We will not establish the dangerous precedent of conveniently disregarding and circumventing our fundamental governing documents.
    Don’t just take our word for it – a leading academic has said the proposal is “certainly creative; it is also, for three distinct reasons, illegal.”1We also received an advisory letter from a top Delaware law firm stating that, by implementing Elliott’s proposal, the Board would violate Delaware law and be exposed to potential claims for breaches of fiduciary duty. This leading law firm advised the Board not to implement Elliott’s proposal if passed.
    Legal experts have also commented that shareholders are not accustomed to seeing proposals that violate state law because the SEC allows companies to exclude shareholder proposals submitted under Exchange Act Rule 14a-8 that would, if implemented, cause the company to violate applicable law. The difference, here, is that Elliott has included its proposal withinits ownproxy solicitation, which bypasses the SEC’s Rule 14a-8 vetting process and allows Elliott to present its proposal and the 2025 Annual Meeting. The Company never had a chance to exclude the proposal, which we believe we would have achieved under Rule 14a-8 based on the legal advice given by a leading Delaware law firm that the Company does not have the power to implement the proposal.
    Do not be misled by Elliott’s claims that its mandatory resignation policy is legal because directors are already free to resign at any time, or its statements that its proposal is just voluntary. Any director canchooseto resign at any time, but a company policyrequiringsuch resignations to achieve de facto declassification is plainly illegal under well-settled Delaware law and our charter.Read for yourself – the plain text of Elliott’s proposal is arequirement, and the fact that directors can refuse to comply with it does not make it legitimate:“RESOLVED, that stockholders request that the Board adopt an annual election policy for directors, requiring each incumbent director (including directors with terms not set to expire at the next annual meeting) to deliver to the Board a letter of resignation effective at the next annual meeting of stockholders, each year prior to the nomination of director candidates for election at the annual meeting.”
    Why is Elliott distracting from our actual efforts to declassify in a legal manner? Why does Elliott feel that companies should treat their governing documents as optional? Why does Elliott want shareholders to act as lawyers, rather than submitting its proposal in a manner that would have allowed the SEC to review it for illegality? What Pandora’s box would be opened if shareholders approved proposals that companies would have to breach their duties to implement?
    Elliott’s lawsuit further exhibits its lack of transparency and preference for theatrics over engagement.
    Do not believe Elliott’s misleading claims that this Board ever intended to reduce the size of the class standing for election. Unlike Elliott’s proposal, which treats our charter as an option, we respect our governing documents and their requirement that our classes be as nearly equal as possible.
    Had Elliott waited just one more day – until March 26, the date Elliott was entitled to learn about our slate under the universal proxy rules – they would have seen that. Instead, they sought selective disclosure from us about our slate and then filed a lawsuit to compel what we were always planning to do – have four seats up for election this year.
    Why did Elliott knowingly file a distracting lawsuit when it knew we would reveal our slate the next day in accordance with the universal proxy rules? Why did Elliott think it was entitled to selective disclosure?
    In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions.
    Sincerely,
    Independent Directors of the Phillips 66 Board of Directors
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Forward-Looking Statements
    This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
    Additional Information
    On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
    Certain Information Regarding Participants
    Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
    1 Andrew Verstein, “How Not to De‑Classify a Board,” The CLS Blue Sky Blog, April 22, 2025. https://clsbluesky.law.columbia.edu/2025/04/22/how-not-to-de%E2%80%91classify-a-board/

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI Australia: Fatal Crash – Lake Bennett

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is investigating after a fatal crash occurred near Lake Bennett overnight.

    Around 8pm, the Joint Emergency Services Communication Centre received reports of a collision between two vehicles travelling in opposite directions on the Stuart Highway between Bachelor and Acacia Hills.

    Emergency services attended and initial first aid was provided before both drivers, a 25-year-old female and 35-year-old male, were both declared deceased.

    A crime scene was established, and the Major Crash Investigation Unit is investigating. Traffic diversions were in place for most of the night and the highway has since re-opened.

    Police urge anyone with information or with dash cam footage in the area to make contact on 131 444. Please quote reference number P25111702.

    Anonymous reports can be made through Crime Stoppers on 1800 333 000.

    The Lives lost on Territory roads for 2025 now stands at 8.

    MIL OSI News –

  • MIL-OSI USA: Statement on Jury’s Verdict in Trial of Cutter Financial Group LLC and Jeffrey Cutter

    Source: Securities and Exchange Commission

    Yesterday, after a seven day trial and just over 5 hours of deliberation, a jury in the U.S. District Court for the District of Massachusetts found investment adviser Jeffrey Cutter and his advisory firm, Cutter Financial Group, LLC, liable for violating Section 206(2) of the Investment Advisers Act of 1940, which prohibits “engag[ing] in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client.” The jury found for the defendants on claims the SEC alleged under Sections 206(1) and (4) of the Act. The jury found that Cutter and his firm, who marketed his services to current and future retirees, failed to disclose to their clients significant upfront commissions, among other conflicts of interest.

    Statement of SEC Division of Enforcement Acting Director Samuel J. Waldon:

    “We are pleased with the jury verdict holding Jeffrey Cutter and Cutter Financial Group, LLC accountable for breaching their fiduciary duties to their clients. As the hard work of the SEC team demonstrates, we will continue to hold investment advisers responsible when they engage in wrongdoing.” 

    MIL OSI USA News –

  • MIL-OSI Security: The FBI Released Its Internet Crime Report 2024

    Source: Federal Bureau of Investigation FBI Crime News (b)

    TLANTA—The FBI released its Internet Crime Report 2024. It shows Internet-related complaints and crimes continued to increase significantly in Georgia and across the country.

    In 2024, the FBI’s Internet Crime Complaint Center (IC3) received 859,532 complaints with related losses topping $16.6 billion. That is a 33% increase in losses from 2023.

    Georgia ranked 11th in complaints filed by state in 2024 (13th in 2023) with reported potential losses at $420 million. That is a 40% increase year to year.

    Nationally, the top three cybercrimes, by the number of complaints reported in 2024, were: phishing/spoofing, extortion, and personal data breaches. In terms of losses, cryptocurrency-related losses by far exceed any other category.

    “While the top threats facing Georgia and the nation from cyber criminals and fraudsters continue to evolve, their main goal remains stealing your hard-earned money,” said FBI Atlanta Special Agent in Charge Paul Brown. “The cornerstone of the FBI’s mission remains to protect American citizens. The men and women of FBI Atlanta will not stop working to prevent losses and minimize the harm to Georgia residents.”

    Criminals continue to target the elderly (Age 60+) at a high rate. In Georgia, complaints by seniors increased 71% year over year (2114 to 3622). Reported losses in Georgia by seniors increased 89% ($92 million in 2023 to $174 million in 2024). Georgia’s rank in reported losses by state rose from 10th to 7th.

    Reports of cryptocurrency-related crimes jumped in Georgia by 122% (1590 in 2023 to 3533 in 2024). Estimated losses to cryptocurrency-related crimes in the state increased by 66 % ($118,750,468 in 2023 to $197,647,537 in 2024).

    The 2024 IC3 annual report can be found at IC3.gov.

    In the fight against increasingly savvy criminals, the FBI also relies on you. Without the information you report to us through IC3, we simply cannot piece together the puzzle of this ever-shifting threat landscape. If ever you suspect you’re a victim of cyber-enabled crime, do not hesitate to let us know. We want to be there for you, and what you report will help us help others.

    MIL Security OSI –

  • MIL-OSI: ConnectOne Bancorp, Inc. Reports First Quarter 2025 Results; Declares Common and Preferred Dividends

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD CLIFFS, N.J., April 24, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $18.7 million for the first quarter of 2025 compared with $18.9 million for the fourth quarter of 2024 and $15.7 million for the first quarter of 2024. Diluted earnings per share were $0.49 for the first quarter of 2025 compared with $0.49 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Return on average assets was 0.84%, 0.84% and 0.70% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Return on average tangible common equity was 8.25%, 8.27% and 7.15% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    Operating net income available to common stockholders, which excludes non-operating items (primarily merger and branch closure related expenses), was $19.7 million for the first quarter of 2025, $20.2 million for the fourth quarter of 2024 and $15.9 million for the first quarter of 2024. Operating diluted earnings per share were $0.51 for the first quarter of 2025, $0.52 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Operating return on average assets was 0.88%, 0.90% and 0.71% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Operating return on average tangible common equity was 8.59%, 8.77% and 7.12% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.
        
    Net income available to common stockholders and diluted earnings per share during the first quarter of 2025 were essentially flat when compared to the fourth quarter of 2024, reflecting modest changes in all statement of income categories. The increase of $3.0 million in net income available to common stockholders versus the first quarter of 2024 was primarily due to a $5.5 million increase in net interest income, a $0.5 million decrease in provision for credit losses and a $0.6 million increase in noninterest income, partially offset by a $2.2 million increase in noninterest expenses and a $1.3 million increase in income tax expense.

    “We are pleased with ConnectOne’s solid performance to start the year, demonstrating disciplined execution across the organization,” said Frank Sorrentino, Chairman and Chief Executive Officer of ConnectOne. “We look forward to finalizing our planned merger with The First of Long Island Corporation in the second quarter- bringing together two highly compatible relationship focused institutions to create a premier New York Metro community bank, providing attractive opportunities for our combined client base and the markets we serve.”

    “Our net interest margin widened meaningfully again as expected — increasing 7 basis points during the 2025 first quarter — driven by a strengthened balance sheet and favorable interest rate positioning.  We anticipate this positive momentum to carry through the remainder of the year and into 2026, supporting continued margin expansion.” Mr. Sorrentino commented, “Although the loan portfolio contracted slightly since year-end, our loan pipeline is robust, backed by solid credits at attractive spreads, and continues to reflect steady, diversified growth.”

    “Credit quality trends remained stable during the first quarter with nonaccrual loans decreasing to 0.61% of total loans and annualized quarterly charge-offs remaining below 0.18% for the fifth consecutive quarter,” Mr. Sorrentino added. “In addition, our tangible book value per share continues to build ahead of the merger, increasing by more than 3% since announcing the transaction, our loan to deposit ratio declined to 105.6%, and our regulatory CRE concentration ratio improved by 15 percentage points to 420%.”

    Mr. Sorrentino concluded, “Although there is an increasing industry-wide focus on the impact of potential tariff policy on borrower health in various loan segments, our direct exposure to import/export-dependent segments is very limited. Our ongoing portfolio reviews have shown very limited disruption to date, and we remain confident in the stability and resilience of our credit portfolio.”

    Dividend Declarations

    The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on June 2, 2025, to common stockholders of record on May 15, 2025. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on June 2, 2025 to holders of record on May 15, 2025.

    Operating Results

    Fully taxable equivalent net interest income for the first quarter of 2025 was $65.8 million, an increase of $1.0 million, or 1.6%, from the fourth quarter of 2024, due to a seven basis-point widening of the net interest margin to 2.93% from 2.86%, and a 1.2% increase in average interest earning assets, partially offset by a lower day-count. The widening of the net interest margin was primarily due to a 21 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, partially offset by an 11 basis-point decline in the rate earned on interest-earning assets.

    Fully taxable equivalent net interest income for the first quarter of 2025 increased by $5.5 million, or 9.0%, from the first quarter of 2024. The increase from the first quarter of 2024 resulted primarily from a 29 basis-point widening in the net interest margin to 2.93% from 2.64%. During the first quarter of 2025, average total loans decreased by $123.8 million, or 1.5% when compared to the first quarter of 2024. The widening of the net interest margin for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a 42 basis-point decrease in the average cost of total funds, including noninterest-bearing deposits, partially offset by a nine basis-point decrease in the loan portfolio yield.

    Noninterest income was $4.5 million in the first quarter of 2025, $3.7 million in the fourth quarter of 2024 and $3.8 million in the first quarter of 2024. The $0.7 million increase in noninterest income for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.8 million increase in net gains on equity securities, including a $0.4 million gain on the sale of a strategic equity investment, and a $0.3 million decrease in net gains on sale of loans held-for-sale. The $0.6 million increase in noninterest income for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $0.4 million increase in deposit, loan and other income and a $0.4 million gain on the sale of a strategic equity investment, partially offset by a $0.2 million decrease in net gains on sale of loans held-for-sale.

    Noninterest expenses were $39.3 million for the first quarter of 2025, $38.5 million for the fourth quarter of 2024 and $37.1 million for the first quarter of 2024. The $0.8 million increase in noninterest expenses for the first quarter of 2025 when compared to the fourth quarter of 2024 was primarily due to a $0.5 million increase in merger expenses, a $0.3 million increase in salaries and employee benefits and a $0.3 million bank owned life insurance (“BOLI”) restructuring charge in the first quarter of 2025, partially offset by a $0.5 million decrease in charges related to a branch closing in the fourth quarter of 2024. The $2.2 million increase in noninterest expenses for the first quarter of 2025 when compared to the first quarter of 2024 was primarily due to a $1.3 million increase in merger expenses, a $0.5 million increase in salaries and employee benefits and the aforementioned $0.3 million BOLI restructuring charge. The increases in merger expenses when compared to the fourth quarter of 2024 and the first quarter of 2024 are due to the planned merger with The First of Long Island Corporation.

    Income tax expense was $7.2 million for the first quarter of 2025, $6.1 million for the fourth quarter of 2024 and $5.9 million for the first quarter of 2024. The effective tax rates for the first quarter of 2025, fourth quarter of 2024 and first quarter of 2024 were 26.1%, 23.0% and 25.5%, respectively. The effective tax rate for the fourth quarter of 2024 reflects year-end adjustments for the effective tax rate for the full-year 2024. The overall increase in the effective tax rate during the first quarter of 2025 when compared to the fourth quarter of 2024 and the first quarter of 2024 was due to an increase in income before income tax expense and a decrease in tax-free adjustments.

    Asset Quality

    The provision for credit losses was $3.5 million for the first quarter of 2025, $3.5 million for the fourth quarter of 2024 and $4.0 million for the first quarter of 2024. In each of the quarters presented, the provision for credit losses reflected net portfolio growth, charges related to individually evaluated loans, and changing economic forecasts and conditions.

    Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $49.9 million as of March 31, 2025, $57.3 million as of December 31, 2024 and $47.4 million as of March 31, 2024. Nonperforming assets as a percentage of total assets were 0.51% as of March 31, 2025, 0.58% as of December 31, 2024 and 0.48% as of March 31, 2024. The ratio of nonaccrual loans to loans receivable was 0.61%, 0.69% and 0.57%, as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The annualized net loan charge-offs ratio was 0.17% for the first quarter of 2025, 0.16% for the fourth quarter of 2024 and 0.15% for the first quarter of 2024. The allowance for credit losses represented 1.00% of loans receivable as of March 31, 2025, December 31, 2024, and March 31, 2024. The allowance for credit losses as a percentage of nonaccrual loans was 165.3% as of March 31, 2025, 144.3% as of December 31, 2024 and 174.7% as of March 31, 2024. Criticized and classified loans as a percentage of loans receivable was 2.79% as of March 31, 2025, up slightly from 2.68% as of December 31, 2024 and up from 1.30% as of March 31, 2024. Loans delinquent 30 to 89 days were 0.18% of loans receivable as of March 31, 2025, up from 0.04% as of December 31, 2024 and up from 0.04% as of March 31, 2024. The overall credit quality metrics of the Bank’s loan portfolio are sound, reflecting charge-offs, nonaccruals, delinquencies and classified loans all remaining within historical ranges.

    Selected Balance Sheet Items

    The Company’s total assets were $9.759 billion as of March 31, 2025, compared to $9.880 billion as of December 31, 2024. Loans receivable were $8.201 billion as of March 31, 2025 and $8.275 billion as of December 31, 2024. Total deposits were $7.767 billion as of March 31, 2025 and $7.820 billion as of December 31, 2024.

    The Company’s total stockholders’ equity was $1.253 billion as of March 31, 2025 and $1.242 billion as of December 31, 2024. The increase in total stockholders’ equity was primarily due to an increase in retained earnings of $11.8 million. As of March 31, 2025, the Company’s tangible common equity ratio and tangible book value per share were 9.73% and $24.16, respectively, compared to 9.49% and $23.92, respectively, as of December 31, 2024. Total goodwill and other intangible assets were $212.7 million as of March 31, 2025, and $213.0 million as of December 31, 2024.

    Use of Non-GAAP Financial Measures

    In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

    First Quarter 2025 Results Conference Call

    Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 24, 2025 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 5043609. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com. 

    A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, April 24, 2025 and ending on Thursday, May 1, 2025 by dialing 1 (609) 800-9909, access code 5043609. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

    About ConnectOne Bancorp, Inc.

    ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

    This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/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 the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which 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.

    Investor Contact:
    William S. Burns
    Senior Executive Vice President & CFO
    201.816.4474; bburns@cnob.com

    Media Contact:
    Shannan Weeks 
    MikeWorldWide
    732.299.7890; sweeks@mww.com 

    CONNECTONE BANCORP, INC. AND SUBSIDIARIES          
    CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION        
    (in thousands)          
               
      March 31,   December 31,   March 31,
        2025       2024       2024  
      (unaudited)       (unaudited)
    ASSETS          
    Cash and due from banks $ 49,759     $ 57,816     $ 45,322  
    Interest-bearing deposits with banks   242,844       298,672       232,261  
         Cash and cash equivalents   292,603       356,488       277,583  
               
    Investment securities   636,806       612,847       619,397  
    Equity securities   18,859       20,092       19,457  
               
    Loans held-for-sale   202       743       –  
               
    Loans receivable   8,201,134       8,274,810       8,297,957  
    Less: Allowance for credit losses – loans   82,403       82,685       82,869  
         Net loans receivable   8,118,731       8,192,125       8,215,088  
               
    Investment in restricted stock, at cost   37,031       40,449       48,931  
    Bank premises and equipment, net   27,624       28,447       29,827  
    Accrued interest receivable   46,740       45,498       49,731  
    Bank owned life insurance   244,651       243,672       239,308  
    Right of use operating lease assets   13,755       14,489       11,725  
    Goodwill   208,372       208,372       208,372  
    Core deposit intangibles   4,360       4,639       5,553  
    Other assets   109,521       111,739       128,992  
         Total assets $ 9,759,255     $ 9,879,600     $ 9,853,964  
               
    LIABILITIES          
    Deposits:          
         Noninterest-bearing $ 1,319,196     $ 1,422,044     $ 1,290,523  
         Interest-bearing   6,448,034       6,398,070       6,298,131  
              Total deposits   7,767,230       7,820,114       7,588,654  
    Borrowings   613,053       688,064       877,568  
    Subordinated debentures, net   80,071       79,944       79,566  
    Operating lease liabilities   14,737       15,498       12,843  
    Other liabilities   31,225       34,276       78,724  
         Total liabilities   8,506,316       8,637,896       8,637,355  
               
    COMMITMENTS AND CONTINGENCIES          
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock   110,927       110,927       110,927  
    Common stock   586,946       586,946       586,946  
    Additional paid-in capital   36,007       36,347       32,866  
    Retained earnings   643,265       631,446       600,118  
    Treasury stock   (76,116 )     (76,116 )     (76,116 )
    Accumulated other comprehensive loss   (48,090 )     (47,846 )     (38,132 )
       Total stockholders’ equity   1,252,939       1,241,704       1,216,609  
       Total liabilities and stockholders’ equity $ 9,759,255     $ 9,879,600     $ 9,853,964  
               
    CONNECTONE BANCORP, INC. AND SUBSIDIARIES            
    CONSOLIDATED STATEMENTS OF INCOME            
    (dollars in thousands, except for per share data)            
                 
      Three Months Ended  
      03/31/25   12/31/24   03/31/24  
    Interest income            
         Interest and fees on loans $ 115,351   $ 118,346     $ 120,088  
         Interest and dividends on investment securities:            
             Taxable   4,987     4,804       4,334  
             Tax-exempt   1,097     1,109       1,154  
             Dividends   889     959       1,125  
         Interest on federal funds sold and other short-term investments   2,465     2,815       2,906  
              Total interest income   124,789     128,033       129,607  
    Interest expense            
         Deposits   53,992     58,568       60,407  
         Borrowings   5,041     4,754       8,900  
              Total interest expense   59,033     63,322       69,307  
                 
    Net interest income   65,756     64,711       60,300  
        Provision for credit losses   3,500     3,500       4,000  
    Net interest income after provision for credit losses   62,256     61,211       56,300  
                 
    Noninterest income            
         Deposit, loan and other income   2,006     1,798       1,592  
         Income on bank owned life insurance   1,584     1,656       1,664  
         Net gains on sale of loans held-for-sale   332     597       506  
         Net gains (losses) on equity securities   529     (307 )     86  
              Total noninterest income   4,451     3,744       3,848  
                 
    Noninterest expenses            
         Salaries and employee benefits   22,578     22,244       22,131  
         Occupancy and equipment   2,680     2,818       3,009  
         FDIC insurance   1,800     1,800       1,800  
         Professional and consulting   2,366     2,449       1,928  
         Marketing and advertising   595     495       677  
         Information technology and communications   4,604     4,523       4,389  
         Merger expenses   1,320     863       –  
         Branch closing expenses   –     477       –  
         Bank owned life insurance restructuring charge   327     –       –  
         Amortization of core deposit intangibles   279     296       321  
         Other expenses   2,756     2,533       2,810  
              Total noninterest expenses   39,305     38,498       37,065  
                 
    Income before income tax expense   27,402     26,457       23,083  
         Income tax expense   7,160     6,086       5,878  
    Net income   20,242     20,371       17,205  
         Preferred dividends   1,509     1,509       1,509  
    Net income available to common stockholders $ 18,733   $ 18,862     $ 15,696  
                 
    Earnings per common share:            
         Basic $ 0.49   $ 0.49     $ 0.41  
         Diluted   0.49     0.49       0.41  
                 
    ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.
                       
    CONNECTONE BANCORP, INC.                  
    SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES                  
                       
      As of
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Selected Financial Data (dollars in thousands)
    Total assets $ 9,759,255     $ 9,879,600     $ 9,639,603     $ 9,723,731     $ 9,853,964  
    Loans receivable:                  
      Commercial   1,483,392     $ 1,522,308     $ 1,505,743     $ 1,491,079     $ 1,561,063  
      Commercial real estate   3,356,943       3,384,319       3,261,160       3,274,941       3,333,488  
      Multifamily   2,490,256       2,506,782       2,482,258       2,499,581       2,507,893  
      Commercial construction   617,593       616,246       616,087       639,168       646,593  
      Residential   256,555       249,691       250,249       256,786       254,214  
      Consumer   1,604       1,136       835       945       850  
      Gross loans   8,206,343       8,280,482       8,116,332       8,162,500       8,304,101  
    Net deferred loan fees   (5,209 )     (5,672 )     (4,356 )     (4,597 )     (6,144 )
       Loans receivable   8,201,134       8,274,810       8,111,976       8,157,903       8,297,957  
       Loans held-for-sale   202       743       –       435       –  
    Total loans $ 8,201,336     $ 8,275,553     $ 8,111,976     $ 8,158,338     $ 8,297,957  
                       
    Investment and equity securities $ 655,665     $ 632,939     $ 667,112     $ 640,322     $ 638,854  
    Goodwill and other intangible assets   212,732       213,011       213,307       213,604       213,925  
    Deposits:                  
      Noninterest-bearing demand $ 1,319,196     $ 1,422,044     $ 1,262,568     $ 1,268,882     $ 1,290,523  
      Time deposits   2,550,223       2,557,200       2,614,187       2,593,165       2,623,391  
      Other interest-bearing deposits   3,897,811       3,840,870       3,647,350       3,713,967       3,674,740  
    Total deposits $ 7,767,230     $ 7,820,114     $ 7,524,105     $ 7,576,014     $ 7,588,654  
                       
    Borrowings $ 613,053     $ 688,064     $ 742,133     $ 756,144     $ 877,568  
    Subordinated debentures (net of debt issuance costs)   80,071       79,944       79,818       79,692       79,566  
    Total stockholders’ equity   1,252,939       1,241,704       1,239,496       1,224,227       1,216,609  
                       
    Quarterly Average Balances                  
    Total assets $ 9,748,605     $ 9,563,446     $ 9,742,853     $ 9,745,853     $ 9,860,753  
    Loans receivable:                  
      Commercial $ 1,488,962     $ 1,487,850     $ 1,485,777     $ 1,517,446     $ 1,552,360  
      Commercial real estate (including multifamily)   5,852,342       5,733,188       5,752,467       5,789,498       5,890,853  
      Commercial construction   610,859       631,022       628,740       652,227       637,993  
      Residential   256,430       250,589       252,975       254,284       252,965  
      Consumer   5,687       5,204       7,887       5,155       5,091  
      Gross loans   8,214,280       8,107,853       8,127,846       8,218,610       8,339,262  
    Net deferred loan fees   (5,525 )     (4,727 )     (4,513 )     (5,954 )     (6,533 )
       Loans receivable   8,208,755       8,103,126       8,123,333       8,212,656       8,332,729  
       Loans held-for-sale   259       498       83       169       99  
    Total loans $ 8,209,014     $ 8,103,624     $ 8,123,416     $ 8,212,825     $ 8,332,828  
                       
    Investment and equity securities $ 655,191     $ 653,988     $ 650,897     $ 637,551     $ 633,270  
    Goodwill and other intangible assets   212,915       213,205       213,502       213,813       214,133  
    Deposits:                  
      Noninterest-bearing demand $ 1,305,722     $ 1,304,699     $ 1,259,912     $ 1,256,251     $ 1,254,201  
      Time deposits   2,480,990       2,478,163       2,625,329       2,587,706       2,567,767  
      Other interest-bearing deposits   3,888,131       3,838,575       3,747,427       3,721,167       3,696,374  
    Total deposits $ 7,674,843     $ 7,621,437     $ 7,632,668     $ 7,565,124     $ 7,518,342  
                       
    Borrowings $ 686,391     $ 648,300     $ 717,586     $ 787,256     $ 947,003  
    Subordinated debentures (net of debt issuance costs)   79,988       79,862       79,735       79,609       79,483  
    Total stockholders’ equity   1,254,373       1,241,738       1,234,724       1,220,621       1,220,818  
                       
      Three Months Ended
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
      (dollars in thousands, except for per share data)
    Net interest income $ 65,756     $ 64,711     $ 60,887     $ 61,439     $ 60,300  
     Provision for credit losses   3,500       3,500       3,800       2,500       4,000  
    Net interest income after provision for credit losses   62,256       61,211       57,087       58,939       56,300  
    Noninterest income                  
     Deposit, loan and other income   2,006       1,798       1,817       1,654       1,592  
     Income on bank owned life insurance   1,584       1,656       2,145       1,677       1,664  
     Net gains on sale of loans held-for-sale   332       597       343       1,277       506  
     Net gains (losses) on equity securities   529       (307 )     432       (209 )     86  
           Total noninterest income   4,451       3,744       4,737       4,399       3,848  
    Noninterest expenses                  
     Salaries and employee benefits   22,578       22,244       22,957       22,721       22,131  
     Occupancy and equipment   2,680       2,818       2,889       2,899       3,009  
     FDIC insurance   1,800       1,800       1,800       1,800       1,800  
     Professional and consulting   2,366       2,449       2,147       1,923       1,928  
     Marketing and advertising   595       495       635       613       677  
     Information technology and communications   4,604       4,523       4,464       4,198       4,389  
     Merger expenses   1,320       863       742       –       –  
     Branch closing expenses   –       477       –       –       –  
     Bank owned life insurance restructuring charge   327       –       –       –       –  
     Amortization of core deposit intangible   279       296       297       321       321  
     Other expenses   2,756       2,533       2,710       3,119       2,810  
           Total noninterest expenses   39,305       38,498       38,641       37,594       37,065  
                       
    Income before income tax expense   27,402       26,457       23,183       25,744       23,083  
     Income tax expense   7,160       6,086       6,022       6,688       5,878  
    Net income   20,242       20,371       17,161       19,056       17,205  
     Preferred dividends   1,509       1,509       1,509       1,509       1,509  
    Net income available to common stockholders $ 18,733     $ 18,862     $ 15,652     $ 17,547     $ 15,696  
                       
    Weighted average diluted common shares outstanding   38,511,237       38,519,581       38,525,484       38,448,594       38,511,747  
    Diluted EPS $ 0.49     $ 0.49     $ 0.41     $ 0.46     $ 0.41  
                       
    Reconciliation of GAAP Net Income to Operating Net Income:                  
    Net income $ 20,242     $ 20,371     $ 17,161     $ 19,056     $ 17,205  
    Merger expenses   1,320       863       742       –       –  
    Branch closing expenses   –       477       –       –       –  
    Bank owned life insurance restructuring charge   327       –       –       –       –  
    Amortization of core deposit intangibles   279       296       297       321       321  
    Net (gains) losses on equity securities   (529 )     307       (432 )     209       (86 )
    Tax impact of adjustments   (420 )     (585 )     (171 )     (149 )     (66 )
    Operating net income $ 21,219     $ 21,729     $ 17,597     $ 19,437     $ 17,374  
     Preferred dividends   1,509       1,509       1,509       1,509       1,509  
    Operating net income available to common stockholders $ 19,710     $ 20,220     $ 16,088     $ 17,928     $ 15,865  
                       
    Operating diluted EPS (non-GAAP) (1) $ 0.51     $ 0.52     $ 0.42     $ 0.47     $ 0.41  
                       
    Return on Assets Measures                  
    Average assets $ 9,748,605     $ 9,653,446     $ 9,742,853     $ 9,745,853     $ 9,860,753  
    Return on avg. assets   0.84 %      0.84 %      0.70 %     0.79 %     0.70  
    Operating return on avg. assets (non-GAAP) (2)   0.88       0.90       0.72       0.80       0.71  
                       
    (1) Operating net income available to common stockholders divided by weighted average diluted shares outstanding.                
    (2) Operating net income divided by average assets.                  
                       
      Three Months Ended
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Return on Equity Measures (dollars in thousands)
    Average stockholders’ equity $ 1,254,373     $ 1,241,738     $ 1,234,724     $ 1,220,621     $ 1,220,818  
    Less: average preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )
    Average common equity $ 1,143,446     $ 1,130,811     $ 1,123,797     $ 1,109,694     $ 1,109,891  
    Less: average intangible assets   (212,915 )     (213,205 )     (213,502 )     (213,813 )     (214,133 )
    Average tangible common equity $ 930,531     $ 917,606     $ 910,295     $ 895,881     $ 895,758  
    Return on avg. common equity (GAAP)   6.64   %   6.64   %   5.54   %   6.36   %   5.69  
    Operating return on avg. common equity (non-GAAP) (3)   6.99       7.11       5.70       6.50       5.75  
    Return on avg. tangible common equity (non-GAAP) (4)   8.25       8.27       6.93       7.98       7.15  
    Operating return on avg. tangible common equity (non-GAAP) (5)   8.59       8.77       7.03       8.05       7.12  
                       
    Efficiency Measures                  
    Total noninterest expenses $ 39,305     $ 38,498     $ 38,641     $ 37,594     $ 37,065  
    Merger expenses   (1,320 )     (863 )     (742 )     –       –  
    Branch closing expenses   –       (477 )     –       –       –  
    Bank owned life insurance restructuring charge   (327 )     –       –       –       –  
    Amortization of core deposit intangibles   (279 )     (296 )     (297 )     (321 )     (321 )
    Operating noninterest expense $ 37,379     $ 36,862     $ 37,602     $ 37,273     $ 36,744  
                       
    Net interest income (tax equivalent basis) $ 66,580     $ 65,593     $ 61,710     $ 62,255     $ 61,111  
    Noninterest income   4,451       3,744       4,737       4,399       3,848  
    Net (gains) losses on equity securities   (529 )     307       (432 )     209       (86 )
    Operating revenue $ 70,502     $ 69,644     $ 66,015     $ 66,863     $ 64,873  
                       
    Operating efficiency ratio (non-GAAP) (6)   53.0 %      52.9 %     57.0 %     55.7 %      56.6  
                       
    Net Interest Margin                  
    Average interest-earning assets $ 9,224,712     $ 9,117,201     $ 9,206,038     $ 9,210,050     $ 9,323,291  
    Net interest income (tax equivalent basis)   66,580       65,593       61,710       62,255       61,111  
    Net interest margin (GAAP)   2.93 %      2.86 %      2.67 %     2.72 %      2.64  
                       
    (3) Operating net income available to common stockholders divided by average common equity.                  
    (4) Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.          
    (5) Operating net income available to common stockholders, divided by average tangible common equity.                
    (6) Operating noninterest expense divided by operating revenue.                  
                       
      As of
      Mar. 31,   Dec. 31,   Sept. 30,   Jun. 30,   Mar. 31,
        2025       2024       2024       2024       2024  
    Capital Ratios and Book Value per Share (dollars in thousands, except for per share data)
    Stockholders equity $ 1,252,939     $ 1,241,704     $ 1,239,496     $ 1,224,227     $ 1,216,609  
    Less: preferred stock   (110,927 )     (110,927 )     (110,927 )     (110,927 )     (110,927 )
    Common equity $ 1,142,012     $ 1,130,777     $ 1,128,569     $ 1,113,300     $ 1,105,682  
    Less: intangible assets   (212,732 )     (213,011 )     (213,307 )     (213,604 )     (213,925 )
    Tangible common equity $ 929,280     $ 917,766     $ 915,262     $ 899,696     $ 891,757  
                       
    Total assets $ 9,759,255     $ 9,879,600     $ 9,639,603     $ 9,723,731     $ 9,853,964  
    Less: intangible assets   (212,732 )     (213,011 )     (213,307 )     (213,604 )     (213,925 )
    Tangible assets $ 9,546,523     $ 9,666,589     $ 9,426,296     $ 9,510,127     $ 9,640,039  
                       
    Common shares outstanding   38,469,975       38,370,317       38,368,217       38,365,069       38,333,053  
                       
    Common equity ratio (GAAP)   11.70 %      11.45 %      11.71 %      11.45 %      11.22  
    Tangible common equity ratio (non-GAAP) (7)   9.73       9.49       9.71       9.46       9.25  
                       
    Regulatory capital ratios (Bancorp):                  
      Leverage ratio   11.33 %      11.33 %      11.10 %      10.97 %      10.73  
      Common equity Tier 1 risk-based ratio   11.14       10.97       11.07       10.90       10.70  
      Risk-based Tier 1 capital ratio   12.46       12.29       12.42       12.25       12.03  
      Risk-based total capital ratio   14.29       14.11       14.29       14.10       13.88  
                       
    Regulatory capital ratios (Bank):                  
      Leverage ratio   11.67 %      11.66 %      11.43 %      11.29 %      11.10  
      Common equity Tier 1 risk-based ratio   12.82       12.63       12.79       12.60       12.43  
      Risk-based Tier 1 capital ratio   12.82       12.63       12.79       12.60       12.43  
      Risk-based total capital ratio   13.79       13.60       13.77       13.58       13.41  
                       
    Book value per share (GAAP) $ 29.69     $ 29.47     $ 29.41     $ 29.02     $ 28.84  
    Tangible book value per share (non-GAAP) (8)   24.16       23.92       23.85       23.45       23.26  
                       
    Net Loan Charge-offs (Recoveries):                  
    Net loan charge-offs (recoveries):                  
      Charge-offs $ 3,555     $ 3,363     $ 3,559     $ 3,595     $ 3,185  
      Recoveries   (155 )     (29 )     (53 )     (324 )     (23 )
       Net loan charge-offs $ 3,400     $ 3,334     $ 3,506     $ 3,271     $ 3,162  
       Net loan charge-offs as a % of average loans receivable (annualized)   0.17 %      0.16 %      0.17 %      0.16 %      0.15  
                       
    Asset Quality                  
    Nonaccrual loans $ 49,860     $ 57,310     $ 51,300     $ 46,026     $ 47,438  
    Other real estate owned   –       –       –       –       –  
    Nonperforming assets $ 49,860     $ 57,310     $ 51,300     $ 46,026     $ 47,438  
                       
    Allowance for credit losses – loans (“ACL”) $ 82,403     $ 82,685     $ 82,494     $ 82,077     $ 82,869  
    Loans receivable   8,201,134       8,274,810       8,111,976       8,157,903       8,297,957  
                       
    Nonaccrual loans as a % of loans receivable   0.61   %   0.69   %   0.63   %   0.56 %     0.57  
    Nonperforming assets as a % of total assets   0.51       0.58       0.53       0.47       0.48  
    ACL as a % of loans receivable   1.00       1.00       1.02       1.01       1.00  
    ACL as a % of nonaccrual loans   165.3       144.3       160.8       178.3       174.7  
                       
    (7) Tangible common equity divided by tangible assets                  
    (8) Tangible common equity divided by common shares outstanding at period-end                  
                       
    CONNECTONE BANCORP, INC.                            
    NET INTEREST MARGIN ANALYSIS                            
    (dollars in thousands)                              
                                       
            For the Quarter Ended  
            March 31, 2025 December 31, 2024 March 31, 2024
            Average         Average         Average      
    Interest-earning assets:   Balance Interest Rate (7)     Balance Interest Rate (7)     Balance Interest Rate (7)  
    Investment securities (1) (2)   $ 745,873   $ 6,375   3.47 %   $ 736,131   $ 6,207   3.35 %   $ 720,303   $ 5,794   3.24 %
    Loans receivable and loans held-for-sale (2) (3) (4)   8,209,014     115,883   5.73       8,103,624     118,934   5.84       8,332,828     120,592   5.82  
    Federal funds sold and interest-                              
      bearing deposits with banks     229,491     2,466   4.36       238,957     2,815   4.69       218,212     2,906   5.36  
    Restricted investment in bank stock   40,334     889   8.94       38,489     959   9.91       51,948     1,126   8.72  
         Total interest-earning assets   9,224,712     125,613   5.52       9,117,201     128,915   5.63       9,323,291     130,418   5.63  
    Allowance for loan losses     (84,027 )           (83,938 )           (84,005 )      
    Noninterest-earning assets     607,920             620,183             621,467        
         Total assets     $ 9,748,605           $ 9,653,446           $ 9,860,753        
                                       
    Interest-bearing liabilities:                              
     Money market deposits     1,572,287     11,287   2.91       1,642,737     12,694   3.07       1,571,640     13,191   3.38  
     Savings deposits       656,789     5,227   3.23       559,450     4,710   3.35       441,551     3,385   3.08  
     Time deposits       2,480,990     25,154   4.11       2,478,163     27,374   4.39       2,567,767     28,038   4.39  
     Other interest-bearing deposits     1,659,055     12,324   3.01       1,636,388     13,790   3.35       1,683,183     15,793   3.77  
         Total interest-bearing deposits   6,369,121     53,992   3.44       6,316,738     58,568   3.69       6,264,141     60,407   3.88  
                                       
    Borrowings       686,391     3,725   2.20       648,300     3,430   2.10       947,003     7,567   3.21  
    Subordinated debentures     79,988     1,298   6.58       79,862     1,305   6.50       79,483     1,311   6.63  
    Finance lease       1,210     18   6.03       1,280     19   5.91       1,483     22   5.97  
         Total interest-bearing liabilities   7,136,710     59,033   3.35       7,046,180     63,322   3.58       7,292,110     69,307   3.82  
                                       
    Noninterest-bearing demand deposits   1,305,722             1,304,699             1,254,201        
    Other liabilities       51,800             60,829             93,624        
         Total noninterest-bearing liabilities   1,357,522             1,365,528             1,347,825        
    Stockholders’ equity       1,254,373             1,241,738             1,220,818        
         Total liabilities and stockholders’ equity $ 9,748,605           $ 9,653,446           $ 9,860,753        
                                       
    Net interest income (tax equivalent basis)     66,580             65,593             61,111      
    Net interest spread (5)       2.17 %       2.05 %       1.80 %
                                       
    Net interest margin (6)       2.93 %       2.86 %       2.64 %
                                       
    Tax equivalent adjustment       (824 )           (882 )           (811 )    
    Net interest income       $ 65,756           $ 64,711           $ 60,300      
                                       
    (1) Average balances are calculated on amortized cost.                            
    (2) Interest income is presented on a tax equivalent basis using 21% federal tax rate.                        
    (3) Includes loan fee income.                              
    (4) Loans include nonaccrual loans.                            
    (5) Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing                
          liabilities and is presented on a tax equivalent basis.                            
    (6) Represents net interest income on a tax equivalent basis divided by average total interest-earning                       
         assets.                              
    (7) Rates are annualized.                              
                                       

    The MIL Network –