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MIL-OSI: TowneBank Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

SUFFOLK, Va., April 23, 2025 (GLOBE NEWSWIRE) — TowneBank (the “Company” or “Towne”) (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2025 of $50.59 million, or $0.67 per diluted share, compared to $34.69 million, or $0.46 per diluted share, for the quarter ended March 31, 2024. Excluding certain items affecting comparability, core earnings (non-GAAP) were $50.98 million, or $0.68 per diluted share, in the current quarter compared to $36.27 million, or $0.48 per diluted share, for the quarter ended March 31, 2024.

“Our Company had a very strong start to the year earning $0.67 per share and delivering nearly 7% annualized loan growth. Our continued focus on measured growth aligned with a deliberate strategy to maintain healthy liquidity and capital levels should position our Company well during periods of economic uncertainty. While growth could be challenged in the short run, we believe our conservative Main Street approach to relationship banking coupled with our diversified fee income businesses can serve as a pillar of strength for our members, shareholders and the communities we serve,” said G. Robert Aston, Jr., Executive Chairman.

Highlights for First Quarter 2025:

Total revenues were $192.04 million, an increase of $24.94 million, or 14.93%, compared to first quarter 2024. Net interest income increased $17.26 million, driven primarily by lower deposit costs, while noninterest income increased $7.68 million.
Total deposits were $14.61 billion, an increase of $482.47 million, or 3.42%, compared to first quarter 2024. Total deposits increased 1.19%, or $171.25 million, in comparison to December 31, 2024, 4.81% on an annualized basis.
Noninterest-bearing deposits increased 2.85%, to $4.31 billion, compared to first quarter 2024 and represented 29.53% of total deposits. Compared to the linked quarter, noninterest-bearing deposits increased 1.42%.
Loans held for investment were $11.65 billion, an increase of $200.40 million, or 1.75%, compared to March 31, 2024, and $193.69 million, 1.69%, or 6.86% on an annualized basis, compared to December 31, 2024.
Annualized return on common shareholders’ equity was 9.57% compared to 6.89% in first quarter 2024. Annualized return on average tangible common shareholders’ equity (non-GAAP) was 13.21% compared to 9.98% in first quarter 2024.
Net interest margin was 3.14% for the quarter and tax-equivalent net interest margin (non-GAAP) was 3.17%, including purchase accounting accretion of 3 basis points, compared to the prior year quarter net interest margin of 2.72% and tax-equivalent net interest margin (non-GAAP) of 2.75%, including purchase accounting accretion of 4 basis points.
Compared to the linked quarter, net interest margin increased 15 basis points and spread increased 26 basis points.
The effective tax rate was 13.95% in the quarter compared to 17.31% in first quarter 2024 and 13.92% in the linked quarter. The lower effective tax rate in the current quarter as compared to first quarter 2024 was primarily due to the impact on state and federal taxes from the increase in credits and losses related to tax advantaged investment properties placed in service over the past 12 months and purchase accounting adjustments for a prior partnership acquisition.

“We were pleased to close our partnership with Village Bank and Trust Financial Corp. on April 1, 2025 followed by our latest announcement of the signing of a definitive agreement with Old Point Financial Corporation. Both transactions are strategically important for our Company and follow our disciplined model of targeting partnerships that enhance shareholder returns with low execution risk,” stated William I. Foster III, President and Chief Executive Officer.

Quarterly Net Interest Income:

Net interest income was $120.48 million compared to $103.22 million for the quarter ended March 31, 2024.
On an average basis, loans held for investment, with a yield of 5.38%, represented 74.15% of earning assets at March 31, 2025 compared to a yield of 5.37% and 74.54% of earning assets at March 31, 2024.
The cost of interest-bearing deposits was 2.69% for the quarter ended March 31, 2025, compared to 3.24% in first quarter 2024. Interest expense on deposits decreased $11.26 million, or 14.36%, from the prior year quarter driven by decreases in rate.
Our total cost of deposits decreased to 1.89% from 2.26% for the quarter ended March 31, 2024 due to lower interest-bearing deposit rates. The Federal Reserve Open Market Committee lowered the overnight funds rate a total of 100 basis points in the last four months of 2024.
Average interest-earning assets totaled $15.55 billion at March 31, 2025 compared to $15.27 billion at March 31, 2024, an increase of 1.84%. The Company anticipates approximately $760 million of cash flows from its securities portfolio to be available for reinvestment in the next 24 months.
Average interest-bearing liabilities totaled $10.42 billion, an increase of $212.32 million, or 2.08%, from prior year, driven by demand and money market deposit growth. Borrowings have declined between periods. There were no short term FHLB borrowings in first quarter 2025, compared to an average of $174.73 million in the prior year quarter.

Quarterly Provision for Credit Losses:

The quarterly provision for credit losses was an expense of $2.42 million compared to a benefit of $0.88 million in the prior year quarter and an expense of $1.61 million in the linked quarter.
The allowance for credit losses on loans increased $2.21 million in first quarter 2025, compared to the linked quarter. The increase in the allowance was driven by increases in the loan portfolio combined with a continuation of our use of higher weightings of more adverse macroeconomic forecast scenarios utilized in our model.
Net loan charge-offs were $626 thousand in the quarter compared to $520 thousand in the prior year quarter and $382 thousand in the linked quarter.
The ratio of net charge-offs to average loans on an annualized basis was 0.02% in first quarter 2025, compared to 0.02% in first quarter 2024 and 0.01% in the linked quarter.
The allowance for credit losses on loans represented 1.08% of total loans at March 31, 2025, compared to 1.10% at March 31, 2024, and 1.08% at December 31, 2024. The allowance for credit losses on loans was 19.15 times nonperforming loans compared to 18.01 times at March 31, 2024 and 16.69 times at December 31, 2024.

Quarterly Noninterest Income:

Total noninterest income was $71.57 million compared to $63.88 million in 2024, an increase of $7.68 million, or 12.02%.
Total net insurance commissions increased $0.89 million, or 3.47%, to $26.42 million in first quarter 2025 compared to 2024. This increase was primarily attributable to increases in property and casualty commissions, which were driven by organic growth.
Property management fee revenue increased 16.26%, or $2.73 million, to $19.50 million in first quarter 2025 compared to 2024. Future reservations increased compared to the prior year, primarily driven by an acquisition in 2024.
Residential mortgage banking income was $10.36 million compared to $10.48 million in first quarter 2024. Loan volume increased to $445.19 million in first quarter 2025 from $424.39 million in first quarter 2024. Residential purchase activity was 89.94% of production volume in the first quarter of 2025 compared to 95.66% in first quarter 2024.
At 3.18% gross margins on residential mortgage sales decreased 7 basis points from the linked quarter and 16 basis points from 3.34% in first quarter 2024.

Quarterly Noninterest Expense:

Total noninterest expense was $130.54 million compared to $125.59 million in 2024, an increase of $4.95 million, or 3.94%. This increase was primarily attributable to growth in salaries and employee benefits of $3.70 million.
Salaries and benefits expense increases were driven by annual base salary adjustments that went into effect October 2024, an increase in banking personnel, and production incentives.

Consolidated Balance Sheet Highlights:

Total assets were $17.51 billion for the quarter ended March 31, 2025, a $264.99 million increase compared to $17.25 billion at December 31, 2024. Total assets increased $627.64 million, or 3.72%, from $16.88 billion at March 31, 2024.
Loans held for investment increased $193.69 million, or 1.69%, compared to the linked quarter and $200.40 million, or 1.75%, compared to prior year. Real estate construction and development loans declined, but were offset by growth in non owner occupied and multifamily commercial real estate. The Company continues to maintain a strong credit discipline.
Mortgage loans held for sale increased $17.78 million, or 11.80%, compared to prior year but decreased $31.95 million, or 15.94%, compared to the linked quarter, driven by production levels.
Total deposits increased $482.47 million, or 3.42%, driven by interest-bearing demand deposits, compared to prior year. In the linked quarter comparison, total deposits increased $171.25 million, or 4.81% on an annualized basis.
Noninterest-bearing deposits increased $119.42 million, or 2.85%, compared to prior year and $60.50 million, or 1.42%, or 5.77% on an annualized basis, compared to the linked quarter.
Total borrowings decreased $6.88 million, or 2.37%, compared to first quarter 2024 and $12.80 million, or 4.31%, compared to the linked quarter, due to declines in repurchase agreements and other borrowings.

Investment Securities:

Total investment securities were $2.70 billion compared to $2.59 billion at December 31, 2024 and $2.54 billion at March 31, 2024. The weighted average duration of the portfolio at March 31, 2025 was 3.3 years. The carrying value of the available-for-sale debt securities portfolio included net unrealized losses of $119.25 million at March 31, 2025, compared to $155.28 million at December 31, 2024 and $170.84 million at March 31, 2024, with the changes in fair value due to the change in interest rates.

Loans and Asset Quality:

Total loans held for investment were $11.65 billion at March 31, 2025, $11.46 billion at December 31, 2024, and $11.45 billion at March 31, 2024.
Nonperforming assets were $7.37 million, or 0.04% of total assets, compared to $7.77 million, or 0.05%, at March 31, 2024, and $7.87 million, or 0.05%, in the linked quarter end.
Nonperforming loans were 0.06% of period end loans at March 31, 2025, March 31, 2024, and the linked quarter end.
Foreclosed property consisted of $235 thousand in other real estate owned and $551 thousand in repossessed autos, for a total of $786 thousand in foreclosed property at March 31, 2025, compared to $175 thousand in other real estate owned and $605 thousand in repossessed autos, for a total of $780 thousand in foreclosed property at March 31, 2024.

Deposits and Borrowings:

Total deposits were $14.61 billion compared to $14.44 billion at December 31, 2024 and $14.13 billion at March 31, 2024.
The ratio of period end loans held for investment to deposits was 79.77% compared to 79.37% at December 31, 2024 and 81.07% at March 31, 2024.
Noninterest-bearing deposits were 29.53% of total deposits at March 31, 2025 compared to 29.46% at December 31, 2024 and 29.69% at March 31, 2024. Noninterest-bearing deposits increased $119.42 million, or 2.85%, compared to March 31, 2024, and $60.50 million, or 1.42%, or 5.77% on an annualized basis, compared to the linked quarter.
Total borrowings were $284.10 million compared to $296.90 million at December 31, 2024 and $290.98 million at March 31, 2024.

Capital:

Common equity tier 1 capital ratio of 12.75%⁽¹⁾.
Tier 1 leverage capital ratio of 10.61%⁽¹⁾.
Tier 1 risk-based capital ratio of 12.87%⁽¹⁾.
Total risk-based capital ratio of 15.65% ⁽¹⁾ .
Book value per common share was $29.19 compared to $28.43 at December 31, 2024 and $27.33 at March 31, 2024.
Tangible book value per common share (non-GAAP) was $22.36 compared to $21.55 at December 31, 2024 and $20.31 at March 31, 2024.

⁽¹⁾ Preliminary.

About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

Today, TowneBank operates over 55 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.51 billion as of March 31, 2025, TowneBank is one of the largest banks headquartered in Virginia.

Non-GAAP Financial Measures:
This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such non-GAAP financial measures include the following: fully tax-equivalent net interest margin, core operating earnings, core net income, tangible book value per common share, total risk-based capital ratio, tier one leverage ratio, tier one capital ratio, and the tangible common equity to tangible assets ratio. Management uses these non-GAAP financial measures to assess the performance of TowneBank’s core business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about TowneBank to assist investors in evaluating operating results, financial strength, and capitalization. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-GAAP financial measures used in this presentation are referenced in a footnote or in the appendix to this presentation.

Forward-Looking Statements:
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the use of such words as: “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional terms, such as “will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or “possibly.” These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, competitive pressures in the banking industry that may increase significantly; changes in the interest rate environment that may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize our overall liquidity or capitalization; changes in the creditworthiness of customers and the possible impairment of the collectability of loans; insufficiency of our allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; adverse developments in the financial industry generally, such as the 2023 bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; general economic conditions, either nationally or regionally, that may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; geopolitical instability, including wars, conflicts, trade restrictions and tariffs, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our business; the effects of weather-related or natural disasters, which may negatively affect our operations and/or our loan portfolio and increase our cost of conducting business; public health events (such as the COVID-19 pandemic) and governmental and societal responses to them; changes in the legislative or regulatory environment, including changes in accounting standards and tax laws, that may adversely affect our business; our ability to successfully integrate the businesses of Old Point Financial Corporation (“Old Point”), a pending merger, and Village Bank and Trust Financial Corp. (“Village”), a recently completed merger, to the extent that it may take longer or be more difficult, time-consuming, or costly to accomplish than expected, our ability to close the transaction with Old Point when expected or at all because required approvals and other conditions to closing are not received or satisfied on the proposed terms or on the anticipated schedule; deposit attrition, operating costs, customer losses, and business disruption associated with pending or recently completed acquisitions, including reputational risk and adverse effects on relationships with employees, customers or other business partners, that may be greater than expected; costs or difficulties related to the integration of the businesses we have acquired that may be greater than expected; expected growth opportunities or cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame; the diversion of management’s attention and time from ongoing business operations and opportunities on merger related matters; cybersecurity threats or attacks, whether directed at us or at vendors or other third parties with which we interact, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems; our competitors may have greater financial resources and develop products that enable them to compete more successfully; changes in business conditions; changes in the securities market; and changes in our local economy with regard to our market area, including any adverse impact of actual and proposed cuts to federal spending, including defense, security and military spending, on the Greater Hampton Roads economy. Any forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and we do not undertake any obligation to update forward-looking statements as a result of new information, future events, or otherwise. For additional information on factors that could materially influence forward-looking statements included in this report, see the “Risk Factors” in TowneBank’s Annual Report on Form 10-K for the year ended December 31, 2024 and related disclosures in other filings that have been, or will be, filed by TowneBank with the Federal Deposit Insurance Corporation.

Media contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, President and Chief Executive Officer, 757-417-6482

Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813


TOWNEBANK
Selected Financial Highlights (unaudited)
(dollars in thousands, except per share data)

		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
			2025			2024			2024			2024			2024
Income and Performance Ratios:
	Total revenue	$	192,044		$	177,160		$	174,518		$	174,970		$	167,102
	Net income		50,887			41,441			43,126			43,039			35,127
	Net income available to common shareholders		50,592			41,265			42,949			42,856			34,687
	Net income per common share – diluted		0.67			0.55			0.57			0.57			0.46
	Book value per common share		29.19			28.43			28.59			27.62			27.33
	Book value per common share – tangible ^(non-GAAP)		22.36			21.55			21.65			20.65			20.31
	Return on average assets		1.19	%		0.95	%		1.00	%		1.01	%		0.83	%
	Return on average assets – tangible ^(non-GAAP)		1.29	%		1.03	%		1.09	%		1.11	%		0.92	%
	Return on average equity		9.50	%		7.64	%		8.12	%		8.43	%		6.84	%
	Return on average equity – tangible ^(non-GAAP)		13.08	%		10.68	%		11.42	%		12.03	%		9.87	%
	Return on average common equity		9.57	%		7.70	%		8.18	%		8.49	%		6.89	%
	Return on average common equity – tangible ^(non-GAAP)		13.21	%		10.79	%		11.54	%		12.16	%		9.98	%
	Noninterest income as a percentage of total revenue		37.27	%		33.36	%		35.66	%		37.68	%		38.23	%
Regulatory Capital Ratios (1):
	Common equity tier 1		12.75	%		12.77	%		12.63	%		12.43	%		12.20	%
	Tier 1		12.87	%		12.89	%		12.76	%		12.55	%		12.32	%
	Total		15.65	%		15.68	%		15.54	%		15.34	%		15.10	%
	Tier 1 leverage ratio		10.61	%		10.36	%		10.38	%		10.25	%		10.15	%
Asset Quality:
	Allowance for credit losses on loans to nonperforming loans	19.15x			16.69x			18.70x			19.08x			18.01x
	Allowance for credit losses on loans to period end loans		1.08	%		1.08	%		1.08	%		1.10	%		1.10	%
	Nonperforming loans to period end loans		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%
	Nonperforming assets to period end assets		0.04	%		0.05	%		0.04	%		0.04	%		0.05	%
	Net charge-offs (recoveries) to average loans (annualized)		0.02	%		0.01	%		0.02	%		—	%		0.02	%
	Net charge-offs (recoveries)	$	626		$	382		$	677		$	(19	)	$	520

	Nonperforming loans	$	6,586		$	7,424		$	6,588		$	6,582		$	6,987
	Foreclosed property		786			443			884			581			780
	Total nonperforming assets	$	7,372		$	7,867		$	7,472		$	7,163		$	7,767
	Loans past due 90 days and still accruing interest	$	15		$	1,264		$	510		$	368		$	323
	Allowance for credit losses on loans	$	126,131		$	123,923		$	123,191		$	125,552		$	125,835
Mortgage Banking:
	Loans originated, mortgage	$	300,699		$	385,238		$	421,571		$	430,398		$	289,191
	Loans originated, joint venture		144,495			180,188			176,612			196,583			135,197
	Total loans originated	$	445,194		$	565,426		$	598,183		$	626,981		$	424,388
	Number of loans originated		1,181			1,489			1,637			1,700			1,247
	Number of originators		161			160			159			169			176
	Purchase %		89.94	%		89.46	%		91.49	%		94.85	%		95.66	%
	Loans sold	$	475,518		$	629,120		$	526,998		$	605,134		$	410,895
	Rate lock asset	$	1,880		$	1,150		$	1,548		$	1,930		$	1,681
	Gross realized gain on sales and fees as a % of loans originated		3.18	%		3.25	%		3.28	%		3.28	%		3.34	%
Other Ratios:
	Net interest margin		3.14	%		2.99	%		2.90	%		2.86	%		2.72	%
	Net interest margin-fully tax-equivalent ^(non-GAAP)		3.17	%		3.02	%		2.93	%		2.89	%		2.75	%
	Average earning assets/total average assets		90.32	%		90.57	%		90.43	%		90.36	%		90.52	%
	Average loans/average deposits		80.01	%		78.71	%		80.07	%		80.80	%		81.48	%
	Average noninterest deposits/total average deposits		29.68	%		30.14	%		30.19	%		30.06	%		30.25	%
	Period end equity/period end total assets		12.66	%		12.50	%		12.58	%		12.24	%		12.24	%
	Efficiency ratio ^(non-GAAP)		67.10	%		70.28	%		70.93	%		68.98	%		73.25	%
	(1) Current reporting period regulatory capital ratios are preliminary.

TOWNEBANK
Selected Data (unaudited)
(dollars in thousands)

Investment Securities										% Change
	Q1			Q1			Q4			Q1 25 vs.		Q1 25 vs.
*Available-for-sale securities, at fair value*		2025			2024			2024		Q1 24		Q4 24
U.S. agency securities	$	320,190		$	294,723		$	293,917		8.64	%	8.94	%
U.S. Treasury notes		78,184			27,534			28,429		183.95	%	175.01	%
Municipal securities		439,379			447,323			439,115		(1.78	)%	0.06	%
Trust preferred and other corporate securities		98,463			87,983			95,279		11.91	%	3.34	%
Mortgage-backed securities issued by GSEs and GNMA		1,535,217			1,347,920			1,497,951		13.90	%	2.49	%
Allowance for credit losses		(1,262	)		(1,382	)		(1,326	)	(8.68	)%	(4.83	)%
Total	$	2,470,171		$	2,204,101		$	2,353,365		12.07	%	4.96	%
*Gross unrealized gains (losses) reflected in financial statements*
Total gross unrealized gains	$	5,909		$	1,868		$	2,572		216.33	%	129.74	%
Total gross unrealized losses		(125,156	)		(172,708	)		(157,851	)	(27.53	)%	(20.71	)%
Net unrealized gains (losses) and other adjustments on AFS securities	$	(119,247	)	$	(170,840	)	$	(155,279	)	(30.20	)%	(23.20	)%
*Held-to-maturity securities, at amortized cost*
U.S. agency securities	$	92,805		$	102,042		$	102,622		(9.05	)%	(9.57	)%
U.S. Treasury notes		96,481			197,356			96,710		(51.11	)%	(0.24	)%
Municipal securities		5,390			5,294			5,366		1.81	%	0.45	%
Trust preferred corporate securities		2,107			2,159			2,121		(2.41	)%	(0.66	)%
Mortgage-backed securities issued by GSEs		5,235			5,659			5,533		(7.49	)%	(5.39	)%
Allowance for credit losses		(68	)		(82	)		(77	)	(17.07	)%	(11.69	)%
Total	$	201,950		$	312,428		$	212,275		(35.36	)%	(4.86	)%

Total gross unrealized gains	$	176		$	265		$	178		(33.58	)%	(1.12	)%
Total gross unrealized losses		(6,563	)		(14,262	)		(8,647	)	(53.98	)%	(24.10	)%
Net unrealized gains (losses) in HTM securities	$	(6,387	)	$	(13,997	)	$	(8,469	)	(54.37	)%	(24.58	)%
Total unrealized gains (losses) on AFS and HTM securities	$	(125,634	)	$	(184,837	)	$	(163,748	)	(32.03	)%	(23.28	)%
										% Change
Loans Held For Investment	Q1			Q1			Q4			Q1 25 vs.		Q1 25 vs.
		2025			2024			2024		Q1 24		Q4 24
Real estate – construction and development	$	1,006,086		$	1,255,741		$	1,082,161		(19.88	)%	(7.03	)%
Commercial real estate – owner occupied		1,654,401			1,700,753			1,628,731		(2.73	)%	1.58	%
Commercial real estate – non owner occupied		3,329,728			3,178,947			3,196,665		4.74	%	4.16	%
Real estate – multifamily		841,330			595,075			801,079		41.38	%	5.02	%
Residential 1-4 family		1,886,107			1,882,296			1,891,470		0.20	%	(0.28	)%
HELOC		429,152			386,361			410,594		11.08	%	4.52	%
Commercial and industrial business (C&I)		1,337,254			1,288,550			1,280,394		3.78	%	4.44	%
Government		511,676			528,341			513,039		(3.15	)%	(0.27	)%
Indirect		570,795			555,482			567,245		2.76	%	0.63	%
Consumer loans and other		86,217			80,797			87,677		6.71	%	(1.67	)%
Total	$	11,652,746		$	11,452,343		$	11,459,055		1.75	%	1.69	%

										% Change
Deposits	Q1			Q1			Q4			Q1 25 vs.		Q1 25 vs.
		2025			2024			2024		Q1 24		Q4 24
Noninterest-bearing demand	$	4,313,553		$	4,194,132		$	4,253,053		2.85	%	1.42	%
Interest-bearing:
Demand and money market accounts		7,463,355			6,916,701			7,329,669		7.90	%	1.82	%
Savings		312,151			326,179			311,841		(4.30	)%	0.10	%
Certificates of deposits		2,519,489			2,689,062			2,542,735		(6.31	)%	(0.91	)%
Total		14,608,548			14,126,074			14,437,298		3.42	%	1.19	%

TOWNEBANK
Average Balances, Yields and Rate Paid (unaudited)
(dollars in thousands)

	Three Months Ended								Three Months Ended								Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
				Interest			Average					Interest			Average					Interest			Average
	Average			Income/			Yield/		Average			Income/			Yield/		Average			Income/			Yield/
	Balance			Expense			Rate (1)		Balance			Expense			Rate (1)		Balance			Expense			Rate (1)
Assets:
Loans (net of unearned income and deferred costs)	$	11,527,915		$	153,068		5.38	%	$	11,455,253		$	155,710		5.41	%	$	11,379,323		$	151,811		5.37	%
Taxable investment securities		2,478,048			21,301		3.44	%		2,421,253			20,722		3.42	%		2,440,652			18,716		3.07	%
Tax-exempt investment securities		176,081			1,860		4.23	%		176,266			1,832		4.16	%		161,538			1,549		3.84	%
Total securities		2,654,129			23,161		3.49	%		2,597,519			22,554		3.47	%		2,602,190			20,265		3.12	%
Interest-bearing deposits		1,199,650			11,801		3.99	%		1,451,121			15,796		4.33	%		1,167,322			14,234		4.90	%
Mortgage loans held for sale		164,358			2,653		6.46	%		209,315			3,088		5.90	%		116,868			1,716		5.87	%
Total earning assets		15,546,052			190,683		4.97	%		15,713,208			197,148		4.99	%		15,265,703			188,026		4.95	%
Less: allowance for loan losses		(124,265	)							(123,068	)							(127,413	)
Total nonearning assets		1,790,075								1,758,988								1,725,945
Total assets	$	17,211,862							$	17,349,128							$	16,864,235
Liabilities and Equity:
Interest-bearing deposits
Demand and money market	$	7,279,365		$	40,606		2.26	%	$	7,157,076		$	43,894		2.44	%	$	6,828,053		$	47,985		2.83	%
Savings		312,118			714		0.93	%		315,414			777		0.98	%		329,036			881		1.08	%
Certificates of deposit		2,540,438			25,813		4.12	%		2,694,236			31,214		4.61	%		2,583,938			29,522		4.60	%
Total interest-bearing deposits		10,131,921			67,133		2.69	%		10,166,726			75,885		2.97	%		9,741,027			78,388		3.24	%
Borrowings		29,606			(300	)	(4.05	)%		36,708			(151	)	(1.61	)%		212,375			3,078		5.73	%
Subordinated debt, net		260,070			2,304		3.54	%		257,667			2,261		3.51	%		255,878			2,236		3.50	%
Total interest-bearing liabilities		10,421,597			69,137		2.69	%		10,461,101			77,995		2.97	%		10,209,280			83,702		3.30	%
Demand deposits		4,276,586								4,386,911								4,224,104
Other noninterest-bearing liabilities		353,665								353,005								390,576
Total liabilities		15,051,848								15,201,017								14,823,960
Shareholders’ equity		2,160,014								2,148,111								2,040,275
Total liabilities and equity	$	17,211,862							$	17,349,128							$	16,864,235
Net interest income (tax-equivalent basis) (4)				$	121,546							$	119,153							$	104,324
Reconciliation of Non-GAAP Financial Measures
Tax-equivalent basis adjustment					(1,068	)							(1,096	)							(1,106	)
Net interest income (GAAP)				$	120,478							$	118,057							$	103,218

Interest rate spread (2)(4)							2.28	%							2.02	%							1.65	%
Interest expense as a percent of average earning assets							1.80	%							1.97	%							2.21	%
Net interest margin (tax-equivalent basis) (3)(4)							3.17	%							3.02	%							2.75	%
Total cost of deposits							1.89	%							2.07	%							2.26	%

(1) Yields and interest income are presented on a tax-equivalent basis using the federal statutory tax rate of 21%.
(2) Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities. Fully tax-equivalent.
(3) Net interest margin is net interest income expressed as a percentage of average earning assets. Fully tax-equivalent.
(4) Non-GAAP.

TOWNEBANK
Consolidated Balance Sheets
(dollars in thousands, except share data)


	March 31,			December 31,
		2025			2024
	(unaudited)			(audited)
ASSETS
Cash and due from banks	$	126,526		$	108,750
Interest-bearing deposits at FRB		1,090,555			1,127,878
Interest-bearing deposits in financial institutions		100,249			102,847
Total Cash and Cash Equivalents		1,317,330			1,339,475
Securities available for sale, at fair value (amortized cost of $2,590,680 and $2,509,970, and allowance for credit losses of $1,262 and $1,326 at March 31, 2025 and December 31, 2024, respectively)		2,470,171			2,353,365
Securities held to maturity, at amortized cost (fair value of $195,631 and $203,883 at March 31, 2025 and December 31, 2024, respectively)		202,018			212,352
Less: allowance for credit losses		(68	)		(77	)
Securities held to maturity, net of allowance for credit losses		201,950			212,275
Other equity securities		12,223			12,100
FHLB stock		12,425			12,136
Total Securities		2,696,769			2,589,876
Mortgage loans held for sale		168,510			200,460
Loans, net of unearned income and deferred costs		11,652,746			11,459,055
Less: allowance for credit losses		(126,131	)		(123,923	)
Net Loans		11,526,615			11,335,132
Premises and equipment, net		373,111			368,876
Goodwill		457,619			457,619
Other intangible assets, net		57,145			60,171
BOLI		280,344			279,802
Other assets		634,437			615,479
TOTAL ASSETS	$	17,511,880		$	17,246,890

LIABILITIES AND EQUITY
Deposits:
Noninterest-bearing demand	$	4,313,553		$	4,253,053
Interest-bearing:
Demand and money market accounts		7,463,355			7,329,669
Savings		312,151			311,841
Certificates of deposit		2,519,489			2,542,735
Total Deposits		14,608,548			14,437,298
Advances from the FHLB		3,029			3,218
Subordinated debt, net		260,198			260,001
Repurchase agreements and other borrowings		20,875			33,683
Total Borrowings		284,102			296,902
Other liabilities		402,252			357,063
TOTAL LIABILITIES		15,294,902			15,091,263
Preferred stock, authorized and unissued shares – 2,000,000		—			—
Common stock, $1.667 par value: 150,000,000 shares authorized;
75,392,225 and 75,255,205 shares issued at
March 31, 2025 and December 31, 2024, respectively		125,679			125,455
Capital surplus		1,123,330			1,122,147
Retained earnings		1,039,518			1,007,775
Common stock issued to deferred compensation trust, at cost:
1,049,002 and 1,046,121 shares at March 31, 2025 and December 31, 2024, respectively		(21,969	)		(21,868	)
Deferred compensation trust		21,969			21,868
Accumulated other comprehensive income (loss)		(87,869	)		(116,045	)
TOTAL SHAREHOLDERS’ EQUITY		2,200,658			2,139,332
Noncontrolling interest		16,320			16,295
TOTAL EQUITY		2,216,978			2,155,627
TOTAL LIABILITIES AND EQUITY	$	17,511,880		$	17,246,890

TOWNEBANK
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)


	Three Months Ended
	March 31,
		2025			2024
INTEREST INCOME:
Loans, including fees	$	152,322		$	150,974
Investment securities		22,839			19,996
Interest-bearing deposits in financial institutions and federal funds sold		11,801			14,234
Mortgage loans held for sale		2,653			1,716
Total interest income		189,615			186,920
INTEREST EXPENSE:
Deposits		67,133			78,388
Advances from the FHLB		25			2,438
Subordinated debt, net		2,304			2,236
Repurchase agreements and other borrowings		(325	)		640
Total interest expense		69,137			83,702
Net interest income		120,478			103,218
PROVISION FOR CREDIT LOSSES		2,420			(877	)
Net interest income after provision for credit losses		118,058			104,095
NONINTEREST INCOME:
Residential mortgage banking income, net		10,361			10,477
Insurance commissions and related income, net		26,424			25,539
Property management income, net		19,500			16,773
Service charges on deposit accounts		3,327			3,079
Credit card merchant fees, net		1,697			1,551
Investment commissions, net		3,075			2,343
BOLI		1,872			1,842
Gain on sale of equity investment		2,000			—
Other income		3,310			2,206
Net gain on investment securities		—			74
Total noninterest income		71,566			63,884
NONINTEREST EXPENSE:
Salaries and employee benefits		75,078			71,377
Occupancy		9,333			9,422
Furniture and equipment		4,621			4,478
Amortization – intangibles		3,026			3,246
Software		6,293			6,100
Data processing		3,835			3,916
Professional fees		2,653			3,180
Advertising and marketing		4,472			4,582
FDIC and other insurance		2,860			4,358
Acquisition related expenses		420			595
Other expenses		17,945			14,337
Total noninterest expense		130,536			125,591
Income before income tax expense and noncontrolling interest		59,088			42,388
Provision for income tax expense		8,201			7,261
Net income	$	50,887		$	35,127
Net income attributable to noncontrolling interest		(295	)		(440	)
Net income attributable to TowneBank	$	50,592		$	34,687
Per common share information
Basic earnings	$	0.67		$	0.46
Diluted earnings	$	0.67		$	0.46
Cash dividends declared	$	0.25		$	0.25

TOWNEBANK
Consolidated Balance Sheets – Five Quarter Trend
(dollars in thousands, except share data)


	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
	(unaudited)			(audited)			(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	126,526		$	108,750		$	131,068		$	140,028		$	75,802
Interest-bearing deposits at FRB		1,090,555			1,127,878			1,061,596			1,062,115			926,635
Interest-bearing deposits in financial institutions		100,249			102,847			103,400			99,303			98,673
Total Cash and Cash Equivalents		1,317,330			1,339,475			1,296,064			1,301,446			1,101,110
Securities available for sale		2,470,171			2,353,365			2,363,176			2,250,679			2,204,101
Securities held to maturity		202,018			212,352			212,422			212,488			312,510
Less: allowance for credit losses		(68	)		(77	)		(77	)		(79	)		(82	)
Securities held to maturity, net of allowance for credit losses		201,950			212,275			212,345			212,409			312,428
Other equity securities		12,223			12,100			12,681			13,566			13,661
FHLB stock		12,425			12,136			12,134			12,134			12,139
Total Securities		2,696,769			2,589,876			2,600,336			2,488,788			2,542,329
Mortgage loans held for sale		168,510			200,460			264,320			200,762			150,727
Loans, net of unearned income and deferred costs		11,652,746			11,459,055			11,412,518			11,451,747			11,452,343
Less: allowance for credit losses		(126,131	)		(123,923	)		(123,191	)		(125,552	)		(125,835	)
Net Loans		11,526,615			11,335,132			11,289,327			11,326,195			11,326,508
Premises and equipment, net		373,111			368,876			365,764			340,348			342,569
Goodwill		457,619			457,619			457,619			457,619			457,619
Other intangible assets, net		57,145			60,171			63,265			65,460			68,758
BOLI		280,344			279,802			279,325			277,434			279,293
Other assets		634,437			615,479			572,000			610,791			615,324
TOTAL ASSETS	$	17,511,880		$	17,246,890		$	17,188,020		$	17,068,843		$	16,884,237
LIABILITIES AND EQUITY
Deposits:
Noninterest-bearing demand	$	4,313,553		$	4,253,053		$	4,267,628		$	4,303,773		$	4,194,132
Interest-bearing:
Demand and money market accounts		7,463,355			7,329,669			6,990,103			6,940,086			6,916,701
Savings		312,151			311,841			319,970			312,881			326,179
Certificates of deposit		2,519,489			2,542,735			2,785,469			2,715,848			2,689,062
Total Deposits		14,608,548			14,437,298			14,363,170			14,272,588			14,126,074
Advances from the FHLB		3,029			3,218			3,405			3,591			3,775
Subordinated debt, net		260,198			260,001			256,444			256,227			256,011
Repurchase agreements and other borrowings		20,875			33,683			30,970			35,351			31,198
Total Borrowings		284,102			296,902			290,819			295,169			290,984
Other liabilities		402,252			357,063			371,316			411,770			401,307
TOTAL LIABILITIES		15,294,902			15,091,263			15,025,305			14,979,527			14,818,365

Preferred stock		—			—			—			—			—
Common stock, $1.667 par value		125,679			125,455			125,139			125,090			125,009
Capital surplus		1,123,330			1,122,147			1,117,279			1,115,759			1,114,038
Retained earnings		1,039,518			1,007,775			985,343			961,162			937,065
Common stock issued to deferred compensation
trust, at cost		(21,969	)		(21,868	)		(22,224	)		(22,756	)		(20,915	)
Deferred compensation trust		21,969			21,868			22,224			22,756			20,915
Accumulated other comprehensive income (loss)		(87,869	)		(116,045	)		(81,482	)		(129,224	)		(126,586	)
TOTAL SHAREHOLDERS’ EQUITY		2,200,658			2,139,332			2,146,279			2,072,787			2,049,526
Noncontrolling interest		16,320			16,295			16,436			16,529			16,346
TOTAL EQUITY		2,216,978			2,155,627			2,162,715			2,089,316			2,065,872
TOTAL LIABILITIES AND EQUITY	$	17,511,880		$	17,246,890		$	17,188,020		$	17,068,843		$	16,884,237

TOWNEBANK
Consolidated Statements of Income – Five Quarter Trend (unaudited)
(dollars in thousands, except share data)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
INTEREST INCOME:
Loans, including fees	$	152,322		$	154,933		$	155,792		$	154,549		$	150,974
Investment securities		22,839			22,236			22,334			22,928			19,996
Interest-bearing deposits in financial institutions and federal funds sold		11,801			15,796			15,249			14,512			14,234
Mortgage loans held for sale		2,653			3,087			3,247			2,945			1,716
Total interest income		189,615			196,052			196,622			194,934			186,920
INTEREST EXPENSE:
Deposits		67,133			75,885			82,128			82,023			78,388
Advances from the FHLB		25			26			29			942			2,438
Subordinated debt, net		2,304			2,261			2,237			2,236			2,236
Repurchase agreements and other borrowings		(325	)		(177	)		(54	)		685			640
Total interest expense		69,137			77,995			84,340			85,886			83,702
Net interest income		120,478			118,057			112,282			109,048			103,218
PROVISION FOR CREDIT LOSSES		2,420			1,606			(1,100	)		(177	)		(877	)
Net interest income after provision for credit losses		118,058			116,451			113,382			109,225			104,095
NONINTEREST INCOME:
Residential mortgage banking income, net		10,361			11,272			11,786			13,422			10,477
Insurance commissions and related income, net		26,424			23,265			25,727			24,031			25,539
Property management income, net		19,500			8,186			11,221			14,312			16,773
Service charges on deposit accounts		3,327			3,289			3,117			3,353			3,079
Credit card merchant fees, net		1,697			1,486			1,830			1,662			1,551
Investment commissions, net		3,075			3,195			2,835			2,580			2,343
BOLI		1,872			4,478			1,886			3,238			1,842
Other income		5,310			3,932			3,834			3,324			2,206
Net gain on investment securities		—			—			—			—			74
Total noninterest income		71,566			59,103			62,236			65,922			63,884
NONINTEREST EXPENSE:
Salaries and employee benefits		75,078			74,399			72,123			71,349			71,377
Occupancy		9,333			9,819			9,351			9,717			9,422
Furniture and equipment		4,621			4,850			4,657			4,634			4,478
Amortization – intangibles		3,026			3,095			3,130			3,298			3,246
Software		6,293			6,870			6,790			7,056			6,100
Data processing		3,835			3,788			4,701			4,606			3,916
Professional fees		2,653			3,446			4,720			3,788			3,180
Advertising and marketing		4,472			3,359			4,162			3,524			4,582
Other expenses		21,225			17,815			17,266			16,012			19,290
Total noninterest expense		130,536			127,441			126,900			123,984			125,591
Income before income tax expense and noncontrolling interest		59,088			48,113			48,718			51,163			42,388
Provision for income tax expense		8,201			6,672			5,592			8,124			7,261
Net income		50,887			41,441			43,126			43,039			35,127
Net income attributable to noncontrolling interest		(295	)		(176	)		(177	)		(183	)		(440	)
Net income attributable to TowneBank	$	50,592		$	41,265		$	42,949		$	42,856		$	34,687
Per common share information
Basic earnings	$	0.67		$	0.55		$	0.57		$	0.57		$	0.46
Diluted earnings	$	0.67		$	0.55		$	0.57		$	0.57		$	0.46
Basic weighted average shares outstanding		75,149,668			75,034,688			74,940,827			74,925,877			74,816,420
Diluted weighted average shares outstanding		75,527,713			75,309,989			75,141,661			75,037,955			74,979,501
Cash dividends declared	$	0.25		$	0.25		$	0.25		$	0.25		$	0.25

TOWNEBANK
Banking Segment Financial Information (unaudited)
(dollars in thousands)


	Three Months Ended									Increase/(Decrease)
	March 31,						December 31,			YTD 2025 over 2024
		2025			2024			2024		Amount			Percent
Revenue
Net interest income	$	119,584		$	102,682		$	117,137		$	16,902		16.46	%
Service charges on deposit accounts		3,327			3,079			3,289			248		8.05	%
Credit card merchant fees		1,697			1,551			1,486			146		9.41	%
Investment commissions, net		3,075			2,343			3,195			732		31.24	%
Other income		6,495			3,429			6,456			3,066		89.41	%
Subtotal		14,594			10,402			14,426			4,192		40.30	%
Net gain/(loss) on investment securities		—			74			—			(74	)	N/M
Total noninterest income		14,594			10,476			14,426			4,118		39.31	%
Total revenue		134,178			113,158			131,563			21,020		18.58	%

Provision for credit losses		2,367			(976	)		1,525			3,343		(342.52	)%

Expenses
Salaries and employee benefits		49,684			46,474			50,130			3,210		6.91	%
Occupancy		6,979			7,061			7,362			(82	)	(1.16	)%
Furniture and equipment		3,808			3,648			4,087			160		4.39	%
Amortization of intangible assets		981			1,162			1,027			(181	)	(15.58	)%
Software		4,022			4,054			4,548			(32	)	(0.79	)%
Data processing		2,609			2,548			2,581			61		2.39	%
Accounting and professional fees		2,010			2,659			2,649			(649	)	(24.41	)%
Advertising and marketing		2,897			3,008			1,985			(111	)	(3.69	)%
FDIC and other insurance		2,590			4,122			2,244			(1,532	)	(37.17	)%
Acquisition related		420			147			268			273		185.71	%
Other expenses		11,971			10,415			11,315			1,556		14.94	%
Total expenses		87,971			85,298			88,196			2,673		3.13	%
Income before income tax, corporate allocation and noncontrolling interest		43,840			28,836			41,842			15,004		52.03	%
Corporate allocation		1,396			1,069			1,172			327		30.59	%
Income before income tax provision and noncontrolling interest		45,236			29,905			43,014			15,331		51.27	%
Provision for income tax expense		4,681			4,105			5,275			576		14.03	%
Net income		40,555			25,800			37,739			14,755		57.19	%
Noncontrolling interest		42			120			(63	)		(78	)	(65.00	)%
Net income attributable to TowneBank	$	40,597		$	25,920		$	37,676		$	14,677		56.62	%

Efficiency ratio ^(non-GAAP)		64.83	%		74.40	%		66.26	%	(9.57		)%	(12.86	)%

TOWNEBANK
Mortgage Segment Financial Information (unaudited)
(dollars in thousands)


	Three Months Ended									Increase/(Decrease)
	March 31,						December 31,			YTD 2025 over 2024
		2025			2024			2024		Amount			Percent
Revenue
Residential mortgage brokerage income, net	$	10,580		$	10,798		$	11,580		$	(218	)	(2.02	)%
Income (loss) from unconsolidated subsidiary		42			30			68			12		40.00	%
Net interest and other income		1,110			768			1,661			342		44.53	%
Total revenue		11,732			11,596			13,309			136		1.17	%

Provision for credit losses		53			99			81			(46	)	(46.46	)%

Expenses
Salaries and employee benefits		7,031			6,656			6,712			375		5.63	%
Occupancy		939			1,061			981			(122	)	(11.50	)%
Furniture and equipment		195			178			158			17		9.55	%
Amortization of intangible assets		—			144			—			(144	)	(100.00	)%
Software		727			787			719			(60	)	(7.62	)%
Data processing		163			148			194			15		10.14	%
Accounting and professional fees		226			234			252			(8	)	(3.42	)%
Advertising and marketing		389			382			406			7		1.83	%
FDIC and other insurance		96			102			112			(6	)	(5.88	)%
Acquisition related		—			—			—			—		N/M
Other expenses		2,461			2,222			2,652			239		10.76	%
Total expenses		12,227			11,914			12,186			313		2.63	%

Income before income tax, corporate allocation and noncontrolling interest		(548	)		(417	)		1,042			(131	)	31.41	%
Corporate allocation		(350	)		(348	)		(437	)		(2	)	0.57	%
Income before income tax provision and noncontrolling interest		(898	)		(765	)		605			(133	)	17.39	%
Provision for income tax expense		(240	)		(202	)		121			(38	)	18.81	%
Net income		(658	)		(563	)		484			(95	)	16.87	%
Noncontrolling interest		(117	)		(115	)		(156	)		(2	)	1.74	%
Net income attributable to TowneBank	$	(775	)	$	(678	)	$	328		$	(97	)	14.31	%

Efficiency ratio excluding gain on equity investment ^(non-GAAP)		104.22	%		101.50	%		91.56	%		2.72	%	2.68	%

TOWNEBANK
Resort Property Management Segment Financial Information (unaudited)
(dollars in thousands)


	Three Months Ended									Increase/(Decrease)
	March 31,						December 31,			YTD 2025 over 2024
		2025			2024			2024		Amount			Percent
Revenue
Property management fees, net	$	19,500		$	16,773		$	8,186		$	2,727		16.26	%
Net interest and other income		13			16			3			(3	)	(18.75	)%
Total revenue		19,513			16,789			8,189			2,724		16.22	%

Expenses
Salaries and employee benefits		5,448			5,532			4,796			(84	)	(1.52	)%
Occupancy		614			508			640			106		20.87	%
Furniture and equipment		405			416			435			(11	)	(2.64	)%
Amortization of intangible assets		637			533			637			104		19.51	%
Software		859			608			939			251		41.28	%
Data processing		944			1,102			896			(158	)	(14.34	)%
Accounting and professional fees		126			152			304			(26	)	(17.11	)%
Advertising and marketing		892			1,038			807			(146	)	(14.07	)%
FDIC and other insurance		67			35			70			32		91.43	%
Acquisition related		—			447			—			(447	)	(100.00	)%
Other expenses		2,613			942			466			1,671		177.39	%
Total expenses		12,605			11,313			9,990			1,292		11.42	%

Income before income tax, corporate allocation and noncontrolling interest		6,908			5,476			(1,801	)		1,432		26.15	%
Corporate allocation		(320	)		—			—			(320	)	N/M
Income before income tax provision and noncontrolling interest		6,588			5,476			(1,801	)		1,112		20.31	%
Provision for income tax expense		1,629			1,358			(337	)		271		19.96	%
Net income		4,959			4,118			(1,464	)		841		20.42	%
Noncontrolling interest		(220	)		(445	)		43			225		(50.56	)%
Net income attributable to TowneBank	$	4,739		$	3,673		$	(1,421	)	$	1,066		29.02	%

Efficiency ratio excluding gain on equity investment ^(non-GAAP)		61.33	%		64.21	%		114.21	%	(2.88		)%	(4.49	)%

TOWNEBANK
Insurance Segment Financial Information (unaudited)
(dollars in thousands)


	Three Months Ended									Increase/(Decrease)
	March 31,						December 31,			YTD 2025 over 2024
		2025			2024			2024		Amount			Percent
Commission and fee income
Property and casualty	$	23,322		$	20,722		$	20,576		$	2,600		12.55	%
Employee benefits		4,725			4,826			4,335			(101	)	(2.09	)%
Specialized benefit services		—			9			1			(9	)	(100.00	)%
Total commissions and fees		28,047			25,557			24,912			2,490		9.74	%

Contingency and bonus revenue		3,620			4,503			2,924			(883	)	(19.61	)%
Other income		4			11			221			(7	)	(63.64	)%
Total revenue		31,671			30,071			28,057			1,600		5.32	%

Employee commission expense		5,050			4,512			3,958			538		11.92	%
Revenue, net of commission expense		26,621			25,559			24,099			1,062		4.16	%

Salaries and employee benefits		12,915			12,715			12,761			200		1.57	%
Occupancy		801			792			836			9		1.14	%
Furniture and equipment		213			236			170			(23	)	(9.75	)%
Amortization of intangible assets		1,408			1,407			1,431			1		0.07	%
Software		685			651			664			34		5.22	%
Data processing		119			118			117			1		0.85	%
Accounting and professional fees		291			135			241			156		115.56	%
Advertising and marketing		294			154			161			140		90.91	%
FDIC and other insurance		107			99			108			8		8.08	%
Acquisition related		—			1			—			(1	)	(100.00	)%
Other expenses		900			758			580			142		18.73	%
Total operating expenses		17,733			17,066			17,069			667		3.91	%
Income before income tax, corporate allocation and noncontrolling interest		8,888			8,493			7,030			395		4.65	%
Corporate allocation		(726	)		(721	)		(735	)		(5	)	0.69	%
Income before income tax provision and noncontrolling interest		8,162			7,772			6,295			390		5.02	%
Provision for income tax expense		2,131			2,000			1,613			131		6.55	%
Net income		6,031			5,772			4,682			259		4.49	%
Noncontrolling interest		—			—			—			—		N/M
Net income attributable to TowneBank	$	6,031		$	5,772		$	4,682		$	259		4.49	%
											0
Provision for income taxes		2,131			2,000			1,613			131		6.55	%
Depreciation, amortization and interest expense		1,527			1,553			1,550			(26	)	(1.67	)%
EBITDA ^(non-GAAP)	$	9,689		$	9,325		$	7,845		$	364		3.90	%

Efficiency ratio ^(non-GAAP)		61.32	%		61.27	%		65.48	%		0.05	%	0.08	%

TOWNEBANK
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands)

	Three Months Ended
	March 31,			March 31,			December 31,
		2025			2024			2024

Return on average assets (GAAP)		1.19	%		0.83	%		0.95	%
Impact of excluding average goodwill and other intangibles and amortization		0.10	%		0.09	%		0.08	%
Return on average tangible assets (non-GAAP)		1.29	%		0.92	%		1.03	%

Return on average equity (GAAP)		9.50	%		6.84	%		7.64	%
Impact of excluding average goodwill and other intangibles and amortization		3.58	%		3.03	%		3.04	%
Return on average tangible equity (non-GAAP)		13.08	%		9.87	%		10.68	%

Return on average common equity (GAAP)		9.57	%		6.89	%		7.70	%
Impact of excluding average goodwill and other intangibles and amortization		3.64	%		3.09	%		3.09	%
Return on average tangible common equity (non-GAAP)		13.21	%		9.98	%		10.79	%

Book value (GAAP)	$	29.19		$	27.33		$	28.43
Impact of excluding average goodwill and other intangibles and amortization		(6.83	)		(7.02	)		(6.88	)
Tangible book value (non-GAAP)	$	22.36		$	20.31		$	21.55

Efficiency ratio (GAAP)		67.97	%		75.16	%		71.94	%
Impact of exclusions	(0.87		)%	(1.91		)%	(1.66		)%
Efficiency ratio (non-GAAP)		67.10	%		73.25	%		70.28	%

Average assets (GAAP)	$	17,211,862		$	16,864,235		$	17,349,128
Less: average goodwill and intangible assets		516,661			522,675			519,691
Average tangible assets (non-GAAP)	$	16,695,201		$	16,341,560		$	16,829,437

Average equity (GAAP)	$	2,160,014		$	2,040,275		$	2,148,111
Less: average goodwill and intangible assets		516,661			522,675			519,691
Average tangible equity (non-GAAP)	$	1,643,353		$	1,517,600		$	1,628,420

Average common equity (GAAP)	$	2,143,806		$	2,024,169		$	2,131,778
Less: average goodwill and intangible assets		516,661			522,675			519,691
Average tangible common equity (non-GAAP)	$	1,627,145		$	1,501,494		$	1,612,087

Net income (GAAP)	$	50,592		$	34,687		$	41,265
Amortization of intangibles, net of tax		2,391			2,564			2,445
Tangible net income (non-GAAP)	$	52,983		$	37,251		$	43,710

Total revenue (GAAP)	$	192,044		$	167,102		$	177,160
Net (gain)/loss on investment securities/equity investments		(2,000	)		(74	)		(218	)
Total revenue for efficiency calculation (non-GAAP)	$	190,044		$	167,028		$	176,942

Noninterest expense (GAAP)	$	130,536		$	125,591		$	127,441
Less: amortization of intangibles		3,026			3,246			3,095
Noninterest expense net of amortization (non-GAAP)	$	127,510		$	122,345		$	124,346

TOWNEBANK
Reconciliation of Non-GAAP Financial Measures
(dollars in thousands, except per share data)


Reconciliation of GAAP Earnings to Operating Earnings Excluding Certain Items Affecting Comparability	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Net income available to common shareholders (GAAP)	$	50,592		$	41,265		$	42,949		$	42,856		$	34,687

Adjustments
Plus: Acquisition-related expenses, net of tax		389			250			460			18			564
Plus: Initial provision for acquired loans, net of tax		—			—			—			—			—
Plus: FDIC special assessment, net of tax		—			—			—			(310	)		1,021
Less: Gain on sale of equity investments, net of noncontrolling interest		—			(99	)		(16	)		—			—
Core operating earnings, excluding certain items affecting comparability (non-GAAP)	$	50,981		$	41,416		$	43,393		$	42,564		$	36,272
Annualized interest impact of Series IV Notes, net of tax		42			—			—			—			—
Core net income for diluted earnings (non-GAAP)	$	51,023		$	41,416		$	43,393		$	42,564		$	36,272

Weighted average diluted shares		75,527,713			75,309,989			75,141,661			75,037,955			74,979,501
Diluted EPS (GAAP)	$	0.67		$	0.55		$	0.57		$	0.57		$	0.46
Diluted EPS, excluding certain items affecting comparability (non-GAAP)	$	0.68		$	0.55		$	0.58		$	0.57		$	0.48
Average assets	$	17,211,862		$	17,349,128		$	17,028,141		$	16,982,482		$	16,864,235
Average tangible equity	$	1,643,353		$	1,628,420		$	1,582,830		$	1,520,500		$	1,517,600
Average common tangible equity	$	1,627,145		$	1,612,087		$	1,566,455		$	1,504,028		$	1,501,494
Return on average assets, excluding certain items affecting comparability (non-GAAP)		1.20	%		0.95	%		1.01	%		1.01	%		0.87	%
Return on average tangible equity, excluding certain items affecting comparability (non-GAAP)		13.17	%		10.72	%		11.53	%		11.95	%		10.29	%
Return on average common tangible equity, excluding certain items affecting comparability (non-GAAP)		13.30	%		10.82	%		11.65	%		12.08	%		10.40	%
Efficiency ratio, excluding certain items affecting comparability (non-GAAP)		66.87	%		70.12	%		70.67	%		68.96	%		72.89	%

The MIL Network –

April 24, 2025

MIL-OSI: H&R Block to Release Fiscal 2025 Third Quarter Results on May 7, 2025

Source: GlobeNewswire (MIL-OSI)

KANSAS CITY, Mo., April 23, 2025 (GLOBE NEWSWIRE) — H&R Block, Inc. (NYSE: HRB) will report fiscal 2025 third quarter results on Wednesday, May 7, 2025, after the New York Stock Exchange market close. At that time, a copy of the press release and presentation will be available on the company’s investor relations website at https://investors.hrblock.com/.

A conference call for analysts, institutional investors, and shareholders will be held at 4:30 p.m. Eastern time on Wednesday, May 7, 2025. During the conference call the company will discuss fiscal 2025 third quarter results, outlook, and give a general business update. To join live, participants must register at https://register-conf.media-server.com/register/BI6c8ca5ffb9a24eecba80c3c3a79d2043. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.

The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/wfx9997r and will be available for replay 2 hours after the call is concluded and continuing for 90 days.

About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

For Further Information
Investor Relations:	Jordyn Eskijian, (816) 854-5674, jordyn.eskijian@hrblock.com
Media Relations:		Media Desk, mediadesk@hrblock.com

The MIL Network –

April 24, 2025

MIL-OSI Security: Former U.S. Army Intelligence Analyst Sentenced for Selling Sensitive Military Information to Individual Tied to Chinese Government

Source: United States Attorneys General 1

A former U.S. Army intelligence analyst was sentenced today to 84 months in prison for conspiring to collect and transmit national defense information, including sensitive, non-public U.S. military information, to an individual he believed was affiliated with the Chinese government.

Korbein Schultz, 25, of Wills Point, Texas, pleaded guilty in August 2024 to conspiring to collect and transmit national defense information, unlawfully exporting controlled information to China, and accepting bribes in exchange of sensitive, non-public U.S. government information.

“This defendant swore an oath to defend the United States — instead, he betrayed it for a payout and put America’s military and service members at risk,” said Attorney General Pamela Bondi. “The Justice Department remains vigilant against China’s efforts to target our military and will ensure that those who leak military secrets spend years behind bars.”

“This sentencing is a stark warning to those who betray our country: you will pay a steep price for it,” said FBI Director Kash Patel. “The People’s Republic of China is relentless in its efforts to steal our national defense information, and service members are a prime target. The FBI and our partners will continue to root out espionage and hold those accountable who abandon their obligation to safeguard defense information from hostile foreign governments.”

“Those who collaborate with America’s foreign adversaries put our country, and those who defend it, at grave risk and we will do whatever it takes to hold them accountable for their crimes,” said Acting U.S. Attorney Robert E. McGuire for the Middle District of Tennessee. “We will proudly stand in support of our men and women in uniform and work diligently to protect them from people like the defendant who would sell them out for a few bucks.”

“Protecting classified information is paramount to our national security, and this sentencing reflects the ramifications when there is a breach of that trust,” said Brigadier General Rhett R. Cox, Commanding General of the Army Counterintelligence Command. “This Soldier’s actions put Army personnel at risk placing individual gain above personal honor. Army Counterintelligence Command, in close collaboration with the Department of Justice, the Federal Bureau of Investigation, and the Intelligence Community, remains steadfast in our commitment to safeguarding our nation’s secrets and urges all current and former Army personnel to report any suspicious contact immediately.”

According to court documents, between May 2022 until his arrest in March 2024, Schultz engaged in an ongoing conspiracy to provide dozens of sensitive U.S. military documents — many containing export-controlled tactical and technical information — directly to a foreign national residing in the People’s Republic of China. Despite clear indications that this individual, who is referenced in the Indictment as Conspirator A, was likely connected to the Chinese government, the defendant continued the relationship in exchange for financial compensation. In exchange for approximately $42,000, Schultz provided documents and data related to U.S. military capabilities, including:

His Army unit’s operational order before it was deployed to Eastern Europe in support of NATO operations;
Lessons learned by the U.S. Army from the Ukraine/Russia conflict applicable to Taiwan’s defense;
Technical manuals for the HH-60 helicopter, F-22A fighter aircraft, and Intercontinental Ballistic Missile systems;
Information on Chinese military tactics and the People’s Liberation Army Rocket Force;
Details on U.S. military exercises in the Republic of Korea and the Philippines;
Documents concerning U.S. military satellites and missile defense systems like the High Mobility Artillery Rocket System (HIMARS) and Terminal High Altitude Area Defense (THAAD).
Tactics for countering unmanned aerial systems in large-scale combat operations.

Conspirator A first contacted the defendant through a freelance web-based work platform shortly after the defendant received his Top Secret/Sensitive Compartmented Information (TS/SCI) clearance. Masquerading as a client from a geopolitical consulting firm, Conspirator A solicited the defendant to produce detailed analyses on U.S. military capabilities and planning, particularly in relation to Taiwan and the Russia-Ukraine conflict.

As the relationship progressed, Conspirator A’s demands grew increasingly specific and sensitive — requesting technical manuals, operational procedures, and intelligence assessments. Conspirator A made explicit his interest in materials that were not publicly available and encouraged the defendant to seek out higher levels of classification, emphasizing “exclusiveness” and “CUI and better.” Schultz agreed to obtain higher levels of classified information for Conspirator A in exchange for money.

The defendant, fully aware of the grave national security implications, used his position and access to restricted databases — including closed U.S. government computer networks — to download and transmit at least 92 sensitive U.S. military documents.

The case also revealed attempts by the defendant to recruit his friend and fellow Army intelligence analyst into the conspiracy. At the time, Schultz’s friend was assigned to the U.S. Department of Defense’s Indo-Pacific Command (INDOPACOM), which is the combatant command that covers China and its regional areas of influence. Schultz and Conspirator A discussed the need to recruit another person into their scheme who had better access to classified material. They agreed that such recruitment needed to be done in a “nice and slow fashion.”

The FBI’s Nashville Field Office investigated the case, with valuable assistance from the U.S. Army Counterintelligence Command and the Department of Defense.

Assistant U.S. Attorney Josh Kurtzman for the Middle District of Tennessee and Trial Attorneys Adam Barry and Christopher Cook of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL Security OSI –

April 24, 2025

MIL-OSI Security: Jury convicts illegal alien for unlawfully being in United States

Source: Office of United States Attorneys

HOUSTON – A Guatemalan national has been found guilty of illegally reentering the country without authorization, announced U.S. Attorney Nicholas J. Ganjei.

The jury deliberated for less than one hour before finding Leonardo Fernando Batz guilty as charged following a three-day trial.

On Nov. 23, 2023, authorities found Batz in Harris County. At that time, the investigation revealed he was not a citizen of the United States and had a previous removal order from an immigration judge.

Testimony revealed Batz had been previously removed in 2007 and in 2020.

The jury heard from a Border Patrol agent who described his encounter with Batz in the Rio Grande Valley in September 2019. Batz had illegally entered the United States by raft on the Rio Grande River and subsequently pleaded guilty.

A deportation officer also described how he rode with Batz when he was removed via plane from the United States to Guatemala in 2020.

The jury saw evidence including Batz’s Guatemalan passport, a travel pass the Guatemalan consulate had issued and various other documents from Batz’s alien file. A fingerprint expert also identified Batz as the same person documented in various deportation materials.

The defense attempted to question the trustworthiness of the government’s evidence. The jury did not believe those claims and found Batz guilty as charged.

U.S. District Judge Kenneth Hoyt presided over trial and set sentencing for May 1, 2025. At that time, Batz faces up to two years in federal prison and a possible $250,000 maximum fine.

He will remain in custody pending that hearing.

Immigration Customs Enforcement – Homeland Security Investigations conducted the investigation. Assistant U.S. Attorneys Lauren Valenti and Carrie Law prosecuted the case.

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

MIL Security OSI –

April 24, 2025

MIL-OSI Security: New York Attorney and Administrative Officer Pleads Guilty to Attempted Smuggling of Firearms, Ammunition to Haiti

Source: Office of United States Attorneys

MIAMI – On April 18, 2025, Marcel Pierre Denis, 58, pled guilty to a two-count information charging him with April 2022 and October 2022 attempts to smuggle firearms from Miami to Haiti.

In connection with the plea, Denis admitted that, in April 2022, law enforcement conducted an inspection of outbound cargo at a shipping warehouse in Miami-Dade County and discovered an AR-15-style semiautomatic rifle, a rifle magazine, and rifle ammunition in a cargo box manifested for shipment to Haiti. Denis was listed as the shipper on a shipping invoice for the box. Employees of the shipping carrier otherwise identified and recognized Denis as a frequent customer who had previously submitted cargo for shipment to Haiti. In a May 2022 interview, Denis acknowledged that he had attempted to ship the firearm and ammunition for Haiti and that he had not obtained any export permit or license for the shipment.

In October 2022, law enforcement again conducted an inspection of outbound cargo at a shipping warehouse in Miami-Dade County. During this inspection, law enforcement encountered a cargo box manifested for shipment to Haiti that contained, among other items, a semiautomatic pistol that had been wrapped in duct tape and then concealed inside of a coffee container. Denis was again listed as the shipper on the shipping invoice for the box. Employees of the shipping carrier again identified Denis as the individual who had dropped off the cargo for shipment and filled out the shipping forms. Law enforcement conducted a trace and obtained purchase records for the pistol, which reflected that Denis had purchased the pistol from a retailer in the Southern District of Florida.

In a November 2022 interview, Denis acknowledged his interactions with law enforcement after the April 2022 shipment, acknowledged his purchase of the pistol concealed among the October 2022 shipment, and stated that he intended to ship the firearms to an associate in Haiti for protection of a retail business.

In connection with the plea, Denis admitted that he was aware of his need for an export license or permit to ship firearms or ammunition to Haiti, and that he was otherwise licensed to practice law and serving as an administrative hearing officer in the State of New York at the time of each shipment.

U.S. District Judge Jose E. Martinez is presiding over the case. Denis faces a maximum term of ten years’ imprisonment as to each count. The sentencing hearing has been set for July 7, 2025. Judge Martinez will sentence Denis after a review of the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Acting Special Agent in Charge José R. Figueroa of the Department of Homeland Security, Homeland Security Investigations (HSI), Miami Field Division, announced the guilty plea.

HSI investigated the case. Customs and Border Protection provided valuable assistance. Assistant U.S. Attorney Sterling M. Paulson is prosecuting the case.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr- 20139.

###

MIL Security OSI –

April 24, 2025

MIL-OSI Security: April Federal Grand Jury 2024-B Indictments Announced

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

United States Attorney Clint Johnson today announced the results of the April Federal Grand Jury 2024-B Indictments.

The following individuals have been charged with violations of United States law in indictments returned by the Grand Jury. The return of an indictment is a method of informing a defendant of alleged violations of federal law, which must be proven in a court of law beyond a reasonable doubt to overcome a defendant’s presumption of innocence.

Jose Alvizo-Ramirez. Unlawful Reentry of a Removed Alien; Failure to Register as a Sex Offender. Alvizo-Ramirez, 38, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in May 2022. He is further charged with knowingly failing to register as a sex offender from January 6, 2025, to on or about March 26, 2025. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney William Dill is prosecuting the case. 25-CR-143

Richard Glenn Bexfield. Drug Conspiracy; Felon in Possession of a Firearm and Ammunition; Destruction and Removal of Property to Prevent Seizure; Possession of a Firearm in Furtherance of a Drug Trafficking Crime. Bexfield, 32, of Tulsa, is charged with conspiring to distribute methamphetamine from Jan. 2025 through Apr. 2025. He knowingly destroyed and disposed of property in an effort to prevent law enforcement from seizing the property. Further, Bexfield is charged with possessing a firearm and ammunition, knowing he was previously convicted of felonies and possessing a firearm in furtherance of drug trafficking. The Drug Enforcement Administration Tulsa Resident Office, the Bureau of Indian Affairs, the Tulsa County Sheriff’s Office, the Oklahoma Highway Patrol, and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Attila Bogdan is prosecuting the case. 25-CR-136

Cesar Castorena-Dondiego. Unlawful Reentry of a Removed Alien. Castorena-Dondiego, 44, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in Sep. 2018. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Tara Heign is prosecuting the case. 25-CR-145

Clint Allen Hubble. Attempted Coercion and Enticement of a Minor. Hubble, 46, of Afton, is charged with attempting to persuade and entice a minor child to engage in sexually explicit activity. The Homeland Security Investigations and the Owasso Police Department are the investigative agencies. Assistant U.S. Attorney Kate Brandon is prosecuting the case. 25-CR-146

Wilber Martinez-Bonilla. Unlawful Reentry of a Removed Alien. Martinez-Bonilla, 39, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in May 2014. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Augustus Forster is prosecuting the case.
25-CR-147

Paul Eugene McClain. Felon in Possession of a Firearm and Ammunition. McClain, 56, of Tulsa, is charged with possessing a firearm and ammunition, knowing he was previously convicted of several felonies. The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Stephanie Ihler is prosecuting the case. 25-CR-148

Aaron Wilkie Murphy; Hong Thoa Thi Nguyen; Joshua Clay Murphy; Toymeka Louise Shackleford. Continuing Criminal Enterprise (Count 1); Drug Conspiracy (Count 2); Possession of Fentanyl with Intent to Distribute (Count 3); Possession of Methamphetamine with Intent to Distribute (Count 4); Maintaining a Drug-Involved Premises (Counts 5 & 6); International Travel to Promote, Manage, Establish, Carry On, and Facilitate Drug Conspiracy (Count 7) (superseding). Aaron Murphy, 51, of Broken Arrow, is charged with organizing, leading, and profiting from the distribution of methamphetamine and fentanyl. He knowingly conspired with several others to possess and distribute methamphetamine and fentanyl, while maintaining a residence for the purpose of drug distribution, and traveled to Mexico to manage and further promote his enterprise drug conspiracy. Nguyen, 45, of Tulsa, Joshua Murphy, 47, of Milfay, Shackleford, 49, of Tulsa, are charged with conspiring to possess and distribute methamphetamine and fentanyl from Mar. 2022 through Feb. 2025. Nguyen is additionally charged with maintaining a residence for the purpose of narcotics distribution. The Drug Enforcement Administration Tulsa Resident Office, the U.S. Marshal Service Tulsa Field Office, and the Tulsa Police Department are investigating the case. The DEA Mexico City Country Office, along with the Hermosillo Mexico Resident Office, the U.S. Marshal Service Mexico City Field Office, Mexican Marines, and the Mexico Federal Police, assisted in the arrest and return of Aaron Murphy and Nguyen. Assistant U.S. Attorney Adam Bailey is prosecuting the case. 23-CR-199

Roberto Perez-Cruz. Unlawful Reentry of a Removed Alien. Perez-Cruz, 21, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in Oct. 2021. ICE Enforcement and Removal Operations Dallas Field Office is the investigative agency. Assistant U.S. Attorney Tyson McCoy is prosecuting the case. 25-CR-149

Carlos Alberto Vazquez Parra. Possession of Fentanyl with Intent to Distribute. Vazquez Parra, 33, of Tulsa, is charged with knowingly possessing more than 40 grams of fentanyl with intent to distribute. The Drug Enforcement Administration Tulsa Resident Office and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Tyson McCoy is prosecuting the case. 25-CR-150

MIL Security OSI –

April 24, 2025

MIL-OSI: United Fire Group, Inc. announces its first quarter 2025 earnings call

Source: GlobeNewswire (MIL-OSI)

CEDAR RAPIDS, Iowa, April 23, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (Nasdaq: UFCS) (UFG) announced today that its first quarter 2025 earnings results will be released after the market closes on Tuesday, May 6, 2025. An earnings call will be held on Wednesday, May 7, 2025, at 10 a.m. CT to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s first quarter 2025 results.

Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). Participants should request to join the United Fire Group call. The event will be archived and available for digital replay through May 14, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); access code no. 3846830.

Webcast: A webcast of the teleconference can be accessed at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=7fXL6O7k. The archived audio webcast will be available for one year.

Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

About UFG:

Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance. The company is licensed as a property and casualty insurer in 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

Contact: Investor relations at ir@unitedfiregroup.com.

The MIL Network –

April 24, 2025

MIL-OSI: Goosehead Insurance, Inc. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Total Revenue Increased 17% and Core Revenue* Grew 17% over the Prior-Year Period –

– Total Written Premium increased 22% to $1.0 billion over the Prior-Year Period –

– Net Income of $2.6 million versus Net Income of $1.8 million a year ago –

– Adjusted EBITDA* of $15.5 million versus $11.7 million in the Prior-Year Period –

– Company Announces new $100 million Share Repurchase Authorization through May 1, 2026 –

WESTLAKE, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

Total Revenues grew 17% over the prior-year period to $75.6 million in the first quarter of 2025
First quarter Core Revenues* of $69.1 million increased 17% over the prior-year period
First quarter net income of $2.6 million improved from net income of $1.8 million a year ago
EPS of $0.09 per share increased from $0.07 in the prior-year period, and Adjusted EPS* of $0.26 per share decreased 5% over the prior-year period
Net Income Margin for the first quarter was 4%
Adjusted EBITDA* of $15.5 million increased from $11.7 million in the prior-year period
Adjusted EBITDA Margin* increased versus the prior-year period to 21%
Total Written Premiums placed for the first quarter increased 22% over the prior-year period to $1.0 billion.
Policies in Force increased 13% from the prior-year period to approximately 1,729,000
Corporate agent headcount of 426 was up 46% compared to the prior-year period
Total franchise producers of 2,097 increased 7% from the prior-year period

“At Goosehead, our strong growth comes from delivering exceptional value to clients, agents and partners,” said Mark Miller, President and CEO. “For the first quarter we drove premium growth of 22% with total and core revenue* up 17%. Net Income increased 46% for the quarter and Adjusted EBITDA* for the quarter increased 32%. Net Income Margin was 4% and adjusted EBITDA margin* expanded 300 basis points to 21%. During the quarter we invested meaningfully in our production force, service function, technology initiatives, and AI-driven tools to enhance the personal lines experience across all our key stakeholders. We currently place roughly $4 billion in annual premium—still less than 1% of the over $500 billion U.S. personal lines market. We believe our runway is enormous and our competitive moat in the marketplace continues to expand. I could not be more excited for our company’s future as we progress towards our goal of becoming the largest distributor of personal lines in the US.”

^*Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

First Quarter 2025 Results
For the first quarter of 2025, revenues were $75.6 million, an increase of 17% compared to the corresponding period in 2024. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $69.1 million, a 17% increase from $58.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by improved franchise productivity and client retention of 84%, and rising premium rates. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 22% in the first quarter.

Total operating expenses for the first quarter of 2025 were $69.0 million, up from $63.0 million in the prior-year period. Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses* for the first quarter of 2025 were $60.1 million, up 14% from $52.7 million in the prior-year period. Employee compensation and benefits increased to $48.3 million from $42.1 million in the prior-year period. Employee compensation and benefits, excluding equity-based compensation* increased to $42.1 million from $34.8 million in the prior-year period. The increases were primarily due to investments in corporate producers and our service and technology functions. Equity-based compensation decreased to $6.2 million for the period, compared to $7.4 million in the prior-year period. General and administrative expenses increased to $17.6 million from $17.2 million in the prior-year period. General and administrative expenses, excluding impairment*, increased to $17.6 million from $16.8 million in the prior-year period. The increases were primarily due to increases in professional services and investments in technology and systems to drive growth and continue to improve the client experience. Bad debt expense of $0.4 million decreased from $1.1 million in the prior-year period.

Net income in the first quarter of 2025 was $2.6 million versus net income of $1.8 million in the prior-year period. Earnings per share and Net Income Margin for the first quarter of 2025 were $0.09 and 4%, respectively. Adjusted EPS for the first quarter of 2025, which excludes equity-based compensation and impairment expense, was $0.26 per share. Total Adjusted EBITDA was $15.5 million for the first quarter of 2025 compared to $11.7 million in the prior-year period. Adjusted EBITDA Margin of 21% increased compared to the prior-year period.

*Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses; Employee compensation and benefits, excluding equity-based compensation; and General and administrative expenses, excluding impairment are non-GAAP measures. For the definition and reconciliation of each non-GAAP measure, see “Reconciliation of Non-GAAP Measures to GAAP” below.

Liquidity and Capital Resources
As of March 31, 2025, the Company had cash and cash equivalents of $70.2 million. We had an unused line of credit of $75.0 million as of March 31, 2025. Total outstanding term note payable balance was $300.0 million as of March 31, 2025. During the quarter ended March 31, 2025, the Company did not repurchase any shares of Class A common stock. As of March 31, 2025, the share repurchase authorization expired.

The Company’s board of directors authorized a new share repurchase program after the prior repurchase authorization expired on March 31, 2025. The new authorization is for repurchases of up to $100 million of Class A common stock through May 1, 2026. The share repurchase program does not require the Company to acquire any dollar amount or number of shares and may be modified, suspended, or discontinued at any time.

2025 Outlook
The Company is reiterating its guidance for full year 2025 as follows:

Total written premiums placed for 2025 are expected to be between $4.65 billion and $4.88 billion, representing growth of 22% on the low end of the range to 28% on the high end of the range.
Total revenues for 2025 are expected to be between $350 million and $385 million, representing growth of 11% on the low end of the range to 22% on the high end of the range.

Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.

In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.goosehead.com.

A webcast replay of the call will be available at http://ir.goosehead.com for one year following the call.

About Goosehead

Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance – VP Capital Markets
Phone: (214) 838-5290
Email: dan.farrell@goosehead.com; IR@goosehead.com

PR Contact:
Mission North for Goosehead Insurance
Email: goosehead@missionnorth.com; PR@goosehead.com

Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended March 31,
		2025			2024
Revenues:
Commissions and agency fees	$	29,423		$	26,221
Franchise revenues		45,971			37,989
Interest income		189			250
Total revenues		75,583			64,460
Operating Expenses:
Employee compensation and benefits		48,334			42,130
General and administrative expenses		17,559			17,180
Bad debts		406			1,127
Depreciation and amortization		2,670			2,568
Total operating expenses		68,969			63,005
Income from operations		6,614			1,455
Other Income:
Interest expense		(5,823	)		(1,487	)
Other income (expense)		168			(6,727	)
Income (loss) before taxes		959			(6,759	)
Tax benefit		(1,687	)		(8,568	)
Net income		2,646			1,809
Less: net income (loss) attributable to noncontrolling interests		304			(5	)
Net income attributable to Goosehead Insurance, Inc.	$	2,342		$	1,814
Earnings per share:
Basic	$	0.09		$	0.07
Diluted	$	0.09		$	0.05
Weighted average shares of Class A common stock outstanding
Basic		24,791			25,087
Diluted		25,943			38,839

Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended March 31,
		2025			2024
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	16,952		$	15,961
Renewal Royalty Fees⁽²⁾		37,244			29,053
New Business Commissions⁽¹⁾		5,755			5,681
New Business Royalty Fees⁽²⁾		6,929			6,234
Agency Fees⁽¹⁾		2,240			1,911
Total Core Revenue		69,120			58,839
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾		1,342			2,245
Interest Income		189			250
Total Cost Recovery Revenue		1,531			2,495
Ancillary Revenue:
Contingent Commissions⁽¹⁾		4,476			2,668
Other Franchise Revenues⁽²⁾		456			458
Total Ancillary Revenue		4,932			3,126
Total Revenues		75,583			64,460
Operating Expenses:
Employee compensation and benefits, excluding equity-based compensation		42,098			34,773
General and administrative expenses, excluding impairment		17,559			16,833
Bad debts		406			1,127
Total		60,063			52,733
Adjusted EBITDA		15,520			11,727
Adjusted EBITDA Margin		21	%		18	%

Interest expense		(5,823	)		(1,487	)
Depreciation and amortization		(2,670	)		(2,568	)
Tax benefit		1,687			8,568
Equity-based compensation		(6,236	)		(7,357	)
Impairment expense		—			(347	)
Other income (expense)		168			(6,727	)
Net Income	$	2,646		$	1,809
Net Income Margin		4	%		3	%
_{(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three months ended March 31, 2025 and 2024.}
_{(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q for the three months ended March 31, 2025 and 2024.}

Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share amounts)

	March 31,			December 31,
		2025			2024
Assets
Current Assets:
Cash and cash equivalents	$	70,208		$	54,280
Restricted cash		2,363			3,693
Commissions and agency fees receivable, net		8,156			31,375
Receivable from franchisees, net		12,178			11,077
Prepaid expenses		22,498			8,139
Total current assets		115,403			108,564
Receivable from franchisees, net of current portion		3,583			3,469
Property and equipment, net of accumulated depreciation		23,455			24,101
Right-of-use asset		36,111			37,420
Intangible assets, net of accumulated amortization		27,094			25,075
Deferred income taxes, net		200,574			193,478
Other assets		6,336			5,546
Total assets	$	412,556		$	397,653
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses	$	20,377		$	22,891
Premiums payable		2,363			3,693
Lease liability		5,901			6,535
Contract liabilities		2,743			3,275
Note payable		3,000			10,063
Liabilities under tax receivable agreement		6,993			—
Total current liabilities		41,377			46,457
Lease liability, net of current portion		53,116			54,536
Note payable, net of current portion		290,333			82,251
Contract liabilities, net of current portion		15,677			15,191
Liabilities under tax receivable agreement, net of current portion		157,568			160,142
Total liabilities		558,071			358,577
Class A common stock, $0.01 par value per share – 300,000 shares authorized, 25,055 shares issued and outstanding as of March 31, 2025, 24,668 shares issued and outstanding as of December 31, 2024		251			247
Class B common stock, $0.01 par value per share – 50,000 shares authorized, 12,475 issued and outstanding as of March 31, 2025, 12,620 shares issued and outstanding as of December 31, 2024		125			126
Additional paid in capital		69,925			58,917
Accumulated deficit		(158,845	)		(15,401	)
Total stockholders’ equity		(88,544	)		43,889
Non-controlling interests		(56,971	)		(4,813	)
Total equity		(145,515	)		39,076
Total liabilities and equity	$	412,556		$	397,653

.
Goosehead Insurance, Inc.
Reconciliation of Non-GAAP Measures to GAAP

This release includes certain financial performance measures that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors.

These non-GAAP financial measures are defined by the Company as follows:

“Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
“Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
“Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
“Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment expense, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
“Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
“Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management and our investors because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.
“Total operating expenses, excluding equity-based compensation, depreciation and amortization, and impairment expenses” is defined as total operating expenses (the most directly comparable GAAP measure) before equity-based compensation, depreciation and amortization, and impairment expenses. This measure is useful to management and our investors as it eliminates the impact of certain non-cash charges.
“Employee compensation and benefits, excluding equity-based compensation” is defined as Employee compensation and benefits (the most directly comparable GAAP measure) before equity-based compensation. This measure is useful to management and our investors as it eliminates the impact of certain non-cash compensation charges.
“General and administrative expenses, excluding impairment” is defined as general and administrative expenses (the most directly comparable GAAP measure) before impairment expense. This measure is useful to management and our investors as it eliminates the impact of certain non-cash charges.

While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
		2025		2024
Total Revenues	$	75,583	$	64,460

Core Revenue:
Renewal Commissions⁽¹⁾	$	16,952	$	15,961
Renewal Royalty Fees⁽²⁾		37,244		29,053
New Business Commissions⁽¹⁾		5,755		5,681
New Business Royalty Fees⁽²⁾		6,929		6,234
Agency Fees⁽¹⁾		2,240		1,911
Total Core Revenue		69,120		58,839
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾		1,342		2,245
Interest Income		189		250
Total Cost Recovery Revenue		1,531		2,495
Ancillary Revenue:
Contingent Commissions⁽¹⁾		4,476		2,668
Other Franchise Revenues⁽²⁾		456		458
Total Ancillary Revenue		4,932		3,126
Total Revenues	$	75,583	$	64,460
_{(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Condensed Consolidated Statements of Operations.}
_{(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in “Franchise revenues” as shown on the Condensed Consolidated Statements of Operations.}

The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
		2025			2024
Net Income	$	2,646		$	1,809
Interest expense		5,823			1,487
Depreciation and amortization		2,670			2,568
Tax benefit		(1,687	)		(8,568	)
Equity-based compensation		6,236			7,357
Impairment expense		—			347
Other (income) expense		(168	)		6,727
Adjusted EBITDA	$	15,520		$	11,727
Net Income Margin⁽¹⁾		4	%		3	%
Adjusted EBITDA Margin⁽²⁾		21	%		18	%
_{(1) Net Income Margin is calculated as Net Income divided by Total Revenue ($2,646/$75,583) and ($1,809/$64,460) for the three months ended March 31, 2025 and 2024.}
_{(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($15,520/$75,583), and ($11,727/$64,460) for the three months ended March 31, 2025 and 2024.}

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three months ended March 31, 2025 and 2024. Note that totals may not sum due to rounding:

	Three Months Ended March 31,
		2025		2024
Earnings per share – basic (GAAP)	$	0.09	$	0.07
Add: equity-based compensation⁽¹⁾		0.17		0.19
Add: impairment expense⁽²⁾		—		0.01
Adjusted EPS (non-GAAP)	$	0.26	$	0.28
_{(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [$6.2 million/(24.8 million + 12.6 million)] for the three months ended March 31, 2025 and [$7.4 million/ (25.1 million + 12.9 million)] for the three months ended March 31, 2024.}
_{(2) Calculated as impairment expense divided by sum of weighted average Class A and Class B shares [$0.3 million/(25.1 million + 12.9 million)] for the three months ended March 31, 2024. No impairment was recorded for the three months ended March 31, 2025.}

Goosehead Insurance, Inc.
Key Performance Indicators

	March 31, 2025			December 31, 2024			March 31, 2024
Corporate sales agents < 1 year tenured		254			253			138
Corporate sales agents > 1 year tenured		172			164			154
Operating franchises < 1 year tenured		100			90			133
Operating franchises > 1 year tenured		998			1,013			1,022
Total Franchise Producers		2,097			2,092			1,963
QTD Corporate Agent Productivity < 1 Year ⁽¹⁾	$	14,960		$	12,787		$	16,520
QTD Corporate Agent Productivity > 1 Year ⁽¹⁾	$	27,793		$	26,788		$	27,261
QTD Franchise Productivity < 1 Year ⁽²⁾	$	13,904		$	17,861		$	16,736
QTD Franchise Productivity > 1 Year ⁽²⁾	$	30,551		$	29,089		$	25,109
Policies in Force		1,729,000			1,674,000			1,528,000
Client Retention		84	%		84	%		85	%
Premium Retention		98	%		98	%		100	%
QTD Written Premium (in thousands)	$	1,000,231		$	965,596		$	818,785
Net Promoter Score (“NPS”)		87			89			91
_{(1) – Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.}
_{(2) – Franchise Productivity is New Business Production per Franchise: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, divided by the average number of franchises for the same period, prior to paying Royalty Fees to the Company.}

The MIL Network –

April 24, 2025

MIL-OSI: Credit Acceptance Announces Timing of First Quarter 2025 Earnings Release and Webcast

Source: GlobeNewswire (MIL-OSI)

Southfield, Michigan, April 23, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we expect to issue a news release with our first quarter 2025 earnings on Wednesday, April 30, 2025, after the market closes. A webcast is scheduled for Wednesday, April 30, 2025, at 5:00 p.m. Eastern Time to discuss first quarter 2025 earnings.

Conference Call and Webcast Information:
Date: Wednesday, April 30, 2025
Time: 5:00 p.m. Eastern Time

Telephone Access:

Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. To participate by telephone, you must pre-register using the following link:

https://register.vevent.com/register/BI27a0a72b8917474a9a1c5c1f1a465ad7

or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registering you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

Webcast Access:
The webcast can also be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com.

Additionally, a replay and transcript of the webcast will be archived in the “Investor Relations” section of our website.

Description of Credit Acceptance Corporation

We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

The MIL Network –

April 24, 2025

MIL-OSI: Dragonfly Energy Announces First Quarter 2025 Preliminary Net Sales and Adjusted EBITDA

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., April 23, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today announced preliminary first quarter 2025 Net Sales and Adjusted EBITDA.

The Company anticipates first quarter 2025 Net Sales of $13.4 million and Adjusted EBITDA of $(3.6) million, above the guidance provided in the fourth quarter of 2024.

“First quarter results represent our second consecutive quarter of year over year growth as we continue to execute on a number of important growth initiatives while focusing on driving profitability.” said Dr. Denis Phares, Chief Executive Officer.

Adjusted EBITDA is a non-GAAP measure and should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the reconciliation of Adjusted EBITDA to its nearest GAAP measure in this release.

The first quarter 2025 Net Sales and Adjusted EBITDA are preliminary and are subject to finalization in connection with the preparation of the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025.

First Quarter 2025 Webcast Information

The Dragonfly Energy management team will host a conference call to discuss its first quarter 2025 financial and operational results on Thursday, May 15^th at 4:30 PM Eastern Time. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 76172. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for first quarter 2025 preliminary Net Sales and Adjusted EBITDA, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: the closing of the offerings, the use of proceeds from the offerings, the ability to successfully achieve the thresholds for the additional funding from the offerings, the impact of the offering and the conversion and sale of the shares of common stock underlying the preferred stock on the Company’s stock price, improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Financial Tables

Dragonfly Energy Holdings Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(U.S. Dollars in Thousands)
		Three Months Ended
		March 31,			March 31,
		2025			2024
EBITDA Calculation
Net (Loss) Income Before Taxes		$	(6,797	)	$	(10,367	)
	Interest Expense		4,701			4,760
	Taxes		–			–
	Depreciation and Amortization		859			332
EBITDA		$	(1,237	)	$	(5,275	)

Adjustments to EBITDA
	Stock Based Compensation		220			266
	Preferred Stock Financing expenses		631			–
	Litigation Fees and Loss on Settlement		543			–
	Reverse Stock Split		15			–
	Change in fair market value of warrant liability		(3,818	)		(236	)
Adjusted EBITDA		$	(3,646	)	$	(5,245	)

Investor Relations:
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com

The MIL Network –

April 24, 2025

MIL-OSI: Remitly to Report First Quarter Financial Results on May 7, 2025

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 23, 2025 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that it will report first quarter financial results after the market close on Wednesday, May 7, 2025. Management will host a conference call and live webcast to present the Company’s financial results and answer questions from the financial analyst community at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time that same evening. Conference call and webcast information can be found below.

Remitly First Quarter Financial Results Conference Call and Webcast Information:
When: Wednesday, May 7^th, 2025
Time: 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time

Toll-Free Dial-in: To access the call, please use the following link: Remitly 1Q 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

Live Webcast and Replay: A live webcast and replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.remitly.com/. For those not planning to ask a question of management, the Company recommends listening via the webcast.

About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.

Investor Relations Contact:

Stephen Shulstein
Vice President of Investor Relations
stephens@remitly.com

Media Contact:

Kendall Sadler
Director of Communications
kendall@remitly.com
SOURCE Remitly Global, Inc.

The MIL Network –

April 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., April 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended March 31, 2025.

“Horizon’s first quarter earnings displayed continued positive momentum in our core financial metrics and management’s commitment to deliver long term value to its shareholders. Our results were highlighted by a sixth consecutive quarter of margin expansion, now above 3%, strong loan growth with exceptional credit metrics and a core funding base that continues to deliver value, even in an uncertain economic environment. The team also delivered a more efficient expense base entering 2025 and added optionality to our capital position through the successful sale of our mortgage warehouse business”, President and CEO, Thomas Prame stated. “We are pleased with our first quarter results and the positive momentum across our community banking model. The core franchise remains strong and our investments in expanding our local relationship banking model is paying dividends”.

Net income for the three months ended March 31, 2025 was $23.9 million, or $0.54 per diluted share, compared to net loss of $10.9 million, or $0.25, for the fourth quarter of 2024 and compared to $14.0 million, or $0.32 per diluted share, for the first quarter of 2024.

First Quarter 2025 Highlights

Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the sixth consecutive quarter, to 3.04% compared with 2.97% for the three months ended December 31, 2024 and 2.50% for the three months ended March 31, 2024.

Total loans held for investment (“HFI”) increased 5% linked quarter annualized, with strong organic commercial loan growth of $103.3 million, or 14% annualized. This growth was partially funded by the continued strategic runoff of lowering yielding indirect auto loans of approximately $36 million.

Core deposits continued to be stable, with non-interest-bearing balances growing $62.5 million during the period, or 24% annualized.

Credit quality remained strong, with annualized net charge offs of 0.07% of average loans during the first quarter. Non-performing assets remain well within expected ranges, with no material change from the prior quarter.

On January 17, 2025, the Company completed the sale of its mortgage warehouse business to an unrelated third party, resulting in a pre-tax gain of $7.0 million.

Expenses were down $5.6 million from the fourth quarter of 2024, reflecting management’s commitment to creating a more efficient expense base in 2025.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


Financial Highlights
(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Income statement:
Net interest income	$	52,267		$	53,127		$	46,910		$	45,279		$	43,288
Credit loss expense		1,376			1,171			1,044			2,369			805
Non-interest income (loss)		16,499			(28,954	)		11,511			10,485			9,929
Non-interest expense		39,306			44,935			39,272			37,522			37,107
Income tax expense (benefit)		4,141			(11,051	)		(75	)		1,733			1,314
Net income (loss)	$	23,943		$	(10,882	)	$	18,180		$	14,140		$	13,991

Per share data:
Basic earnings (loss) per share	$	0.55		$	(0.25	)	$	0.42		$	0.32		$	0.32
Diluted earnings (loss) per share		0.54			(0.25	)		0.41			0.32			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		17.72			17.46			17.27			16.62			16.49
Market value – High		17.76			18.76			16.57			12.74			14.44
Market value – Low		15.00			14.57			11.89			11.29			11.75
Weighted average shares outstanding – Basic		43,777,109			43,721,211			43,712,059			43,712,059			43,663,610
Weighted average shares outstanding – Diluted		43,954,164			43,721,211			44,112,321			43,987,187			43,874,036
Common shares outstanding (end of period)		43,785,932			43,722,086			43,712,059			43,712,059			43,726,380

Key ratios:
Return on average assets		1.25	%	(0.55		)%		0.92	%		0.73	%		0.72	%
Return on average stockholders’ equity		12.44			(5.73	)		9.80			7.83			7.76
Total equity to total assets		10.18			9.79			9.52			9.18			9.18
Total loans to deposit ratio		85.21			87.75			83.92			85.70			82.78
Allowance for credit losses to HFI loans		1.07			1.07			1.10			1.08			1.09
Annualized net charge-offs of average total loans⁽¹⁾		0.07			0.05			0.03			0.05			0.04
Efficiency ratio		57.16			185.89			67.22			67.29			69.73

Key metrics (Non-GAAP)⁽²⁾:
Net FTE interest margin		3.04	%		2.97	%		2.66	%		2.64	%		2.50	%
Return on average tangible common equity		15.79			(7.35	)		12.65			10.18			10.11
Tangible common equity to tangible assets		8.20			7.83			7.58			7.22			7.20
Tangible book value per common share	$	13.96		$	13.68		$	13.46		$	12.80		$	12.65


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $52.3 million in the first quarter of 2025, compared to $53.1 million in the fourth quarter of 2024. Continued expansion of the Company’s net FTE interest margin was offset by a decline in average interest earning asset balances and two fewer days when compared with the prior quarter. Horizon’s net FTE interest margin² was 3.04% for the first quarter of 2025, compared to 2.97% for the fourth quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. Additionally, as previously noted, the fourth quarter net FTE interest margin included approximately five basis points related to interest recoveries on specific commercial loans that did not recur.

Provision for Credit Losses

During the first quarter of 2025, the Company recorded a provision for credit losses of $1.4 million. This compares to a provision for credit losses of $1.2 million during the fourth quarter of 2024, and $0.8 million during the first quarter of 2024. The increase in the provision for credit losses during the first quarter of 2025 when compared with the fourth quarter of 2024 was primarily attributable to increased net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the first quarter of 2025, the allowance for credit losses included net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding, compared to net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding for the fourth quarter of 2024, and net charge-offs of $0.3 million, or an annualized 0.04% of average loans outstanding, in the first quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.07% at March 31, 2025, compared to 1.07% at December 31, 2024 and 1.09% at March 31, 2024.

Non-Interest Income

For the Quarter Ended	March 31,			December 31,			September 30,		June 30,		March 31,
(Dollars in Thousands)	2025			2024			2024		2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208		$	3,276		$	3,320	$	3,130	$	3,214
Wire transfer fees		71			124			123		113		101
Interchange fees		3,241			3,353			3,511		3,826		3,109
Fiduciary activities		1,326			1,313			1,394		1,372		1,315
Loss on sale of investment securities		(407	)		(39,140	)		—		—		—
Gain on sale of mortgage loans		1,076			1,071			1,622		896		626
Mortgage servicing income net of impairment		385			376			412		450		439
Increase in cash value of bank owned life insurance		335			335			349		318		298
Other income		7,264			338			780		380		827
Total non-interest income (loss)	$	16,499		$	(28,954	)	$	11,511	$	10,485	$	9,929

Total non-interest income was $16.5 million in the first quarter of 2025, compared to non-interest loss of $29.0 million in the fourth quarter of 2024. The increase in non-interest income of $45.5 million is primarily due to a pre-tax loss on sale of investment securities of $39.1 million from the completion of the repositioning of $332.2 million of available-for-sale securities during the fourth quarter of 2024, compared to a loss on the sale of investment securities of $0.4 million in the first quarter of 2025. In addition, the Company completed the sale of its mortgage warehouse business to an unrelated third party in the current period, resulting in a pre-tax gain of $7.0 million.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in Thousands)	2025		2024		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,414	$	25,564	$	21,829	$	20,583	$	20,268
Net occupancy expenses		3,702		3,431		3,207		3,192		3,546
Data processing		2,872		2,841		2,977		2,579		2,464
Professional fees		826		736		676		714		607
Outside services and consultants		3,265		4,470		3,677		3,058		3,359
Loan expense		689		1,285		1,034		1,038		719
FDIC insurance expense		1,288		1,193		1,204		1,315		1,320
Core deposit intangible amortization		816		843		844		844		872
Merger related expenses		305		—		—		—		—
Other losses		228		371		297		515		16
Other expense		2,901		4,201		3,527		3,684		3,936
Total non-interest expense	$	39,306	$	44,935	$	39,272	$	37,522	$	37,107

Total non-interest expense was $39.3 million in the first quarter of 2025, compared with $44.9 million in the fourth quarter of 2024. The current period included $0.3 million of direct expenses related to the sale of the mortgage warehouse business. The decrease in non-interest expense during the first quarter of 2025 when compared with the prior period was primarily driven by a $3.2 million decrease in salaries and employee benefits expense, which is attributable to expenses incurred in the fourth quarter of 2024 related to the termination of legacy compensation and benefits programs that did not recur in the current period, and lower incentive compensation expense. Additionally, outside services and consultants expense decreased by $1.2 million, partially attributable to expense related to specific corporate initiatives in the fourth quarter of 2024 that did not recur in the current period. Other expenses decreased $1.3 million, partially attributable to a decrease in marketing expense.

Income Taxes

Horizon recorded a net tax expense of $4.1 million for the first quarter of 2025, representing an effective tax rate of 14.8%. Net tax expense in the fourth quarter of 2024 was impacted by the realized securities loss and the reversal of the $5.2 million tax valuation allowance.

Balance Sheet Highlights

Total assets decreased by $175.5 million, or 2.2%, to $7.6 billion as of March 31, 2025, from $7.8 billion as of December 31, 2024. The decrease in total assets is primarily due to the sale of the mortgage warehouse portfolio and a decrease in interest-bearing cash related to the payoff of FHLB advances and deposit outflows.

Total investment securities decreased by $26.1 million, or 1.2%, to $2.1 billion as of March 31, 2025.

Total loans were $4.9 billion at March 31, 2025, a decrease of $1.6 million from December 31, 2024 balances. The decrease is primarily due to the sale of the mortgage warehouse business during the quarter, which was offset by continued organic commercial loan growth.

Total deposits increased by $165.1 million, or 2.9%, to $5.8 billion as of March 31, 2025 when compared to balances as of December 31, 2024. Time deposits increased by $155.9 million, or 14.3% during the quarter, while non-interest bearing deposits grew by $62.5 million, or 5.9%. Total borrowings decreased by $330.1 million during the quarter, to $812.2 million as of March 31, 2025, due to the pay down of FHLB advances. Balances subject to repurchase agreements declined by $2.1 million, to $87.9 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended March 31, 2025:

For the Quarter Ended	March 31,			December 31,			September 30,			June 30,
	2025*			2024			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.28	%		13.91	%		13.45	%		13.41	%
Tier 1 capital (to risk-weighted assets)		12.35			12.00			11.63			11.59
Common equity tier 1 capital (to risk-weighted assets)		11.34			11.00			10.68			10.63
Tier 1 capital (to average assets)		9.25			8.88			9.02			9.02
*Preliminary estimate – may be subject to change

As of March 31, 2025, the ratio of total stockholders’ equity to total assets is 10.18%. Book value per common share was $17.72, increasing $0.26 during the first quarter of 2025.

Tangible common equity³ totaled $611.4 million at March 31, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.20% at March 31, 2025, up from 7.83% at December 31, 2024. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $13.96, increasing $0.28 during the first quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of March 31, 2025, total non-accrual loans increased by $3.0 million, or 12%, from December 31, 2024, to 0.59% of total loans HFI. Total non-performing assets increased $4.0 million, or 15%, to $31.4 million, compared to $27.4 million as of December 31, 2024. The ratio of non-performing assets to total assets increased to 0.41% compared to 0.35% as of December 31, 2024.

As of March 31, 2025, net charge-offs increased by $0.2 million to $0.9 million, compared to $0.6 million as of December 31, 2024 and remain just 0.07% annualized of average loans.

_________________________________
^¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its first quarter financial results and operating performance.

Participants may access the live conference call on April 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through May 2, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 6313653.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $8 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. We believe that this shows the impact of such events as acquisition-related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,		March 31,
	2025			2024			2024			2024		2024
Interest Income
Interest and fees on loans	$	74,457		$	76,747		$	75,488		$	71,880	$	66,954
Investment securities – taxable		6,039			6,814			8,133			7,986		7,362
Investment securities – tax-exempt		6,192			6,301			6,310			6,377		6,451
Other		2,487			3,488			957			738		4,497
Total interest income		89,175			93,350			90,888			86,981		85,264
Interest Expense
Deposits		25,601			27,818			30,787			28,447		27,990
Short and long-term borrowings		9,188			10,656			11,131			11,213		11,930
Subordinated notes		829			829			830			829		831
Junior subordinated debentures issued to capital trusts		1,290			920			1,230			1,213		1,225
Total interest expense		36,908			40,223			43,978			41,702		41,976
Net Interest Income		52,267			53,127			46,910			45,279		43,288
Provision for loan losses		1,376			1,171			1,044			2,369		805
Net Interest Income after Credit Loss Expense		50,891			51,956			45,866			42,910		42,483
Non-interest Income
Service charges on deposit accounts		3,208			3,276			3,320			3,130		3,214
Wire transfer fees		71			124			123			113		101
Interchange fees		3,241			3,353			3,511			3,826		3,109
Fiduciary activities		1,326			1,313			1,394			1,372		1,315
Loss on sale of investment securities		(407	)		(39,140	)		—			—		—
Gain on sale of mortgage loans		1,076			1,071			1,622			896		626
Mortgage servicing income net of impairment		385			376			412			450		439
Increase in cash value of bank owned life insurance		335			335			349			318		298
Other income		7,264			338			780			380		827
Total non-interest (loss) income		16,499			(28,954	)		11,511			10,485		9,929
Non-interest Expense
Salaries and employee benefits		22,414			25,564			21,829			20,583		20,268
Net occupancy expenses		3,702			3,431			3,207			3,192		3,546
Data processing		2,872			2,841			2,977			2,579		2,464
Professional fees		826			736			676			714		607
Outside services and consultants		3,265			4,470			3,677			3,058		3,359
Loan expense		689			1,285			1,034			1,038		719
FDIC insurance expense		1,288			1,193			1,204			1,315		1,320
Core deposit intangible amortization		816			843			844			844		872
Merger related expenses		305			—			—			—		—
Other losses		228			371			297			515		16
Other expense		2,901			4,201			3,527			3,684		3,936
Total non-interest expense		39,306			44,935			39,272			37,522		37,107
Income (Loss) Before Income Taxes		28,084			(21,933	)		18,105			15,873		15,305
Income tax expense (benefit)		4,141			(11,051	)		(75	)		1,733		1,314
Net Income (Loss)	$	23,943		$	(10,882	)	$	18,180		$	14,140	$	13,991
Basic Earnings (Loss) Per Share	$	0.55		$	(0.25	)	$	0.42		$	0.32	$	0.32
Diluted Earnings (Loss) Per Share		0.54			(0.25	)		0.41			0.32		0.32

	Condensed Consolidated Balance Sheet
	(Dollar in Thousands)

	Three Months Ended for the Period
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Interest earning assets
Federal funds sold	$	—		$	—		$	113,912		$	34,453		$	161,704
Interest-bearing deposits in banks		80,023			201,131			12,107			4,957			9,178
Interest earning time deposits		—			735			735			1,715			1,715
Federal Home Loan Bank stock		45,412			53,826			53,826			53,826			53,826
Investment securities, available for sale		231,431			233,677			541,170			527,054			535,319
Investment securities, held to maturity		1,843,851			1,867,690			1,888,379			1,904,281			1,925,725
Loans held for sale		3,253			67,597			2,069			2,440			922
Gross loans held for investment (HFI)		4,909,815			4,847,040			4,803,996			4,822,840			4,618,175
Total Interest earning assets		7,113,785			7,271,696			7,416,194			7,351,566			7,306,564
Non-interest earning assets
Allowance for credit losses		(52,654	)		(51,980	)		(52,881	)		(52,215	)		(50,387	)
Cash and due from banks		89,643			92,300			108,815			106,691			100,206
Cash value of life insurance		37,409			37,450			37,115			36,773			36,455
Other assets		140,672			152,635			119,026			165,656			160,593
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		9,407			10,223			11,067			11,910			12,754
Premises and equipment, net		93,499			93,864			93,544			93,695			94,303
Interest receivable		38,663			39,747			39,366			43,240			40,008
Total non-interest earning assets		511,850			529,450			511,263			560,961			549,143
Total assets	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707
Liabilities
Savings and money market deposits	$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726		$	3,350,673
Time deposits		1,245,088			1,089,153			1,220,653			1,178,389			1,136,121
Short and long-term borrowings		812,218			1,142,340			1,142,744			1,229,165			1,219,812
Repurchase agreements		87,851			89,912			122,399			128,169			139,309
Subordinated notes		55,772			55,738			55,703			55,668			55,634
Junior subordinated debentures issued to capital trusts		57,531			57,477			57,423			57,369			57,315
Total interest earning liabilities		5,651,831			5,881,301			6,019,749			6,013,486			5,958,864
Non-interest bearing deposits		1,127,324			1,064,818			1,085,535			1,087,040			1,093,076
Interest payable		11,441			11,137			11,400			11,240			7,853
Other liabilities		58,978			80,308			55,951			74,096			74,664
Total liabilities		6,849,574			7,037,564			7,172,635			7,185,862			7,134,457
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,522			363,761			358,453			357,673			356,599
Retained earnings		452,945			436,122			454,050			442,977			435,927
Accumulated other comprehensive loss		(37,406	)		(36,301	)		(57,681	)		(73,985	)		(71,276	)
Total stockholders’ equity		776,061			763,582			754,822			726,665			721,250
Total liabilities and stockholders’ equity	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707

	Loans and Deposits
	(Dollars in Thousands)
	March 31,		December 31,		September 30,		June 30,		March 31,		% Change
	2025		2024		2024		2024		2024		Q1’25 vs Q4’24			Q1’25 vs Q1’24
Loans:
Commercial real estate	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772	$	1,984,723		3	%		14	%
Commercial & Industrial		918,541		875,297		808,600		786,788		765,043		5	%		20	%
Total commercial		3,181,451		3,078,155		2,914,059		2,904,560		2,749,766		3	%		16	%
Residential Real estate		801,726		802,909		801,356		797,956		782,071		—	%		3	%
Mortgage warehouse		—		—		80,437		68,917		56,548		—	%		(100	)%
Consumer		926,638		965,976		1,008,144		1,051,407		1,029,790		(4	)%		(10	)%
Total loans held for investment		4,909,815		4,847,040		4,803,996		4,822,840		4,618,175		1	%		6	%
Loans held for sale		3,253		67,597		2,069		2,440		922		(95	)%		253	%
Total loans	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280	$	4,619,097		—	%		6	%

Deposits:
Interest-bearing demand deposits	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508	$	1,613,806		(3	)%		6	%
Savings and money market deposits		1,679,380		1,678,697		1,731,830		1,711,218		1,736,866		—	%		(3	)%
Time deposits		1,245,088		1,089,153		1,220,653		1,178,389		1,136,121		14	%		10	%
Total Interest bearing deposits		4,638,459		4,535,833		4,641,481		4,543,115		4,486,793		2	%		3	%
Non-interest bearing deposits
Non-interest bearing deposits		1,127,324		1,064,819		1,085,534		1,087,040		1,093,077		6	%		3	%
Total deposits	$	5,765,783	$	5,600,652	$	5,727,015	$	5,630,155	$	5,579,870		3	%		3	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest-bearing deposits in banks	$	223,148		$	2,487		4.52	%	$	290,693		$	3,488		4.77	%	$	331,083			4,497		5.46	%
Federal Home Loan Bank stock		51,769			1,012		7.93	%		53,826			1,516		11.20	%		37,949			784		8.31	%
Investment securities – taxable ⁽¹⁾		974,109			5,027		2.09	%		1,079,377			5,298		1.95	%		1,326,246			6,578		1.99	%
Investment securities – non-taxable ⁽¹⁾		1,120,249			7,838		2.84	%		1,129,622			7,976		2.81	%		1,149,957			8,166		2.86	%
Total investment securities		2,094,358			12,865		2.49	%		2,208,999			13,274		2.39	%		2,476,203			14,744		2.39	%
Loans receivable ^{(2) (3)}		4,865,449			74,840		6.24	%		4,842,660			77,142		6.34	%		4,448,324			67,307		6.09	%
Total interest earning assets		7,234,724			91,204		5.11	%		7,396,178			95,420		5.13	%		7,293,559			87,332		4.82	%
Non-interest earning assets
Cash and due from banks		88,624								85,776								105,795
Allowance for credit losses		(51,863	)							(52,697	)							(49,960	)
Other assets		483,765								409,332								486,652
Total average assets	$	7,755,250							$	7,838,589							$	7,836,046

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest-bearing demand deposits	$	1,750,446		$	6,491		1.50	%	$	1,716,598		$	6,861		1.59	%	$	1,658,709		$	6,516		1.58	%
Savings and money market deposits		1,674,590			8,263		2.00	%		1,701,012			9,336		2.18	%		1,664,518			9,373		2.26	%
Time deposits		1,212,386			10,847		3.63	%		1,160,527			11,621		3.98	%		1,176,921			12,101		4.14	%
Total interest bearing deposits		4,637,422			25,601		2.24	%		4,578,137			27,818		2.42	%		4,500,148			27,990		2.50	%
Borrowings		971,496			8,772		3.66	%		1,130,301			10,138		3.57	%		1,200,728			10,904		3.65	%
Repurchase agreements		88,469			416		1.91	%		91,960			518		2.24	%		138,052			1,026		2.99	%
Subordinated notes		55,750			829		6.03	%		55,717			829		5.92	%		55,558			831		6.02	%
Junior subordinated debentures issued to capital trusts		57,497			1,290		9.10	%		57,443			920		6.37	%		57,279			1,225		8.60	%
Total interest bearing liabilities		5,810,634			36,908		2.58	%		5,913,558			40,223		2.71	%		5,951,765			41,976		2.84	%
Non-interest bearing liabilities
Demand deposits		1,085,826								1,099,574								1,077,183
Accrued interest payable and other liabilities		78,521								70,117								82,015
Stockholders’ equity		780,269								755,340								725,083
Total average liabilities and stockholders’ equity	$	7,755,250							$	7,838,589							$	7,836,046
Net FTE interest income (non-GAAP) ⁽⁵⁾				$	54,296							$	55,197							$	45,356
Less FTE adjustments ⁽⁴⁾					2,029								2,070								2,068
Net Interest Income				$	52,267							$	53,127							$	43,288
Net FTE interest margin (Non-GAAP) ⁽⁴⁾⁽⁵⁾							3.04	%							2.97	%							2.50	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios)
	Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			% Change
	2025			2024			2024			2024			2024			1Q25 vs 4Q24			1Q25 vs 1Q24
Non-accrual loans
Commercial	$	8,172		$	5,658		$	6,830		$	4,321		$	5,493			44	%		49	%
Residential Real estate		12,763			11,215			9,529			8,489			8,725			14	%		46	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,875			8,919			7,208			5,453			4,835		(12		)%		63	%
Total non-accrual loans		28,810			25,792			23,567			18,263			19,053			12	%		22	%
90 days and greater delinquent – accruing interest		1,582			1,166			819			1,039			108			36	%		1365	%
Total non-performing loans	$	30,392		$	26,958		$	24,386		$	19,302		$	19,161			13	%		59	%

Other real estate owned
Commercial		360			407			1,158			1,111			1,124		(12		)%	(68		)%
Residential Real estate		641			—			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		34			17			36			57			50			98	%	(32		)%
Total other real estate owned		1,035			424			1,194			1,168			1,174			144	%	(12		)%

Total non-performing assets	$	31,427		$	27,382		$	25,580		$	20,470		$	20,335			14.8	%		55	%

Loan data:
Accruing 30 to 89 days past due loans	$	19,034		$	23,075		$	18,087		$	19,785		$	15,154		(18		)%		26	%
Substandard loans		66,714			64,535			59,775			51,221			47,469			3	%		41	%
Net charge-offs (recoveries)
Commercial	$	(47	)	$	(32	)	$	(52	)	$	57		$	(171	)	(47		)%		73	%
Residential Real estate		(47	)		(10	)		(9	)		(4	)		(5	)	(370		)%	(840		)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		963			668			439			534			488			44	%		97	%
Total net charge-offs	$	869		$	626		$	378		$	587		$	312			39	%		179	%

Allowance for credit losses
Commercial	$	32,640		$	30,953		$	32,854		$	31,941		$	30,514			5	%		7	%
Residential Real estate		3,167			2,715			2,675			2,588			2,655			17	%		19	%
Mortgage warehouse		—			—			862			736			659			—	%	(100		)%
Consumer		16,847			18,312			16,490			16,950			16,559		(8		)%		2	%
Total allowance for credit losses	$	52,654		$	51,980		$	52,881		$	52,215		$	50,387			1	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.59	%		0.53	%		0.49	%		0.38	%		0.41	%
Non-performing assets to total assets		0.41	%		0.35	%		0.32	%		0.26	%		0.26	%
Annualized net charge-offs of average total loans		0.07	%		0.05	%		0.03	%		0.05	%		0.04	%
Allowance for credit losses to HFI loans		1.07	%		1.07	%		1.10	%		1.08	%		1.09	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Interest income (GAAP)	(A)	$	89,175		$	93,350		$	90,888		$	86,981		$	85,264
Taxable-equivalent adjustment:
Investment securities – tax exempt ⁽¹⁾			1,646			1,675			1,677			1,695			1,715
Loan receivable ⁽²⁾			383			395			340			328			353
Interest income (non-GAAP)	(B)		91,204			95,420			92,905			89,004			87,332
Interest expense (GAAP)	(C)		36,908			40,223			43,978			41,702			41,976
Net interest income (GAAP)	(D) =(A) – (C)	$	52,267		$	53,127		$	46,910		$	45,279		$	43,288
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	54,296		$	55,197		$	48,927		$	47,302		$	45,356
Average interest earning assets	(F)		7,234,724			7,396,178			7,330,263			7,212,788			7,293,559
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.04	%		2.97	%		2.66	%		2.64	%		2.50	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	23,943		$	(10,882	)	$	18,180		$	14,140		$	13,991

Average stockholders’ equity	(B)	$	780,269		$	755,340		$	738,372		$	726,332		$	725,083
Average intangible assets	(C)		165,138			165,973			166,819			167,659			168,519
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	615,131		$	589,367		$	571,553		$	558,673		$	556,564
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		15.79	%	(7.35		)%		12.65	%		10.18	%		10.11	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	776,061		$	763,582		$	754,822		$	726,665		$	721,250
Intangible assets (end of period)	(B)		164,618			165,434			166,278			167,121			167,965
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	611,443		$	598,148		$	588,544		$	559,544		$	553,285

Total assets (GAAP)	(D)	$	7,625,635		$	7,801,146		$	7,927,457		$	7,912,527		$	7,855,707
Intangible assets (end of period)	(B)		164,618			165,434			166,278			167,121			167,965
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,461,017		$	7,635,712		$	7,761,179		$	7,745,406		$	7,687,742

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.20	%		7.83	%		7.58	%		7.22	%		7.20	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	776,061	$	763,582	$	754,822	$	726,665	$	721,250
Intangible assets (end of period)	(B)		164,618		165,434		166,278		167,121		167,965
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	611,443	$	598,148	$	588,544	$	559,544	$	553,285
Common shares outstanding	(D)		43,785,932		43,722,086		43,712,059		43,712,059		43,726,380

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	13.96	$	13.68	$	13.46	$	12.80	$	12.65

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	April 23, 2025

The MIL Network –

April 24, 2025

MIL-OSI: Brookline Bancorp Announces First Quarter Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $19.1 million, EPS of $0.21

Operating Earnings of $20.0 million, Operating EPS of $0.22

Quarterly Dividend of $0.135

BOSTON, April 23, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, compared to net income of $17.5 million, or $0.20 per basic and diluted share, for the fourth quarter of 2024, and $14.7 million, or $0.16 per basic and diluted share, for the first quarter of 2024. The Company reported operating earnings after tax (non-GAAP) of $20.0 million, or $0.22 per basic and diluted share, for the first quarter of 2025, compared to operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share, for the fourth quarter of 2024, and $14.7 million, or $0.16 per basic and diluted share, for the first quarter of 2024.

Commenting on the first quarter’s performance, Mr. Perrault stated, “We are pleased to report solid earnings for the first quarter of the year. Despite external economic headwinds, our bankers continue to perform well and grow deposits. The contraction in our loan portfolios is intentional as we reduce our commercial real estate exposure while increasing our participation in the C&I markets.”

BALANCE SHEET

Total assets at March 31, 2025 were $11.5 billion, representing a decrease of $385.5 million from $11.9 billion at December 31, 2024, primarily driven by a reduction of cash and cash equivalents and loans and leases. Total assets decreased $22.9 million from March 31, 2024.

At March 31, 2025, total loans and leases were $9.6 billion, representing a decrease of $136.6 million from December 31, 2024, and a decrease of $12.4 million from March 31, 2024.

Total investment securities at March 31, 2025 decreased $12.7 million to $882.4 million from $895.0 million at December 31, 2024, and increased $16.6 million from $865.8 million at March 31, 2024. Total cash and cash equivalents at March 31, 2025 decreased $186.1 million to $357.5 million from $543.7 million at December 31, 2024, and increased $55.7 million from $301.9 million at March 31, 2024. As of March 31, 2025, total investment securities and total cash and cash equivalents represented 10.8 percent of total assets, compared to 12.1 percent and 10.1 percent as of December 31, 2024 and March 31, 2024, respectively.

Total deposits at March 31, 2025 increased $9.8 million to $8.9 billion from December 31, 2024, primarily driven by an increase of $113.8 million in customer deposits partially offset by a decline of $104.0 million in brokered deposits. Total deposits increased $192.8 million from $8.7 billion at March 31, 2024, primarily driven by an increase of $398.8 million in customer deposits partially offset by a decline of $206.0 million in brokered deposits.

Total borrowed funds at March 31, 2025 decreased $364.0 million to $1.2 billion from December 31, 2024, and decreased $206.1 million from $1.4 billion at March 31, 2024.

The ratio of stockholders’ equity to total assets was 10.77 percent at March 31, 2025, as compared to 10.26 percent at December 31, 2024, and 10.35 percent at March 31, 2024. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.73 percent at March 31, 2025, as compared to 8.27 percent at December 31, 2024, and 8.25 percent at March 31, 2024. Tangible book value per common share (non-GAAP) increased $0.22 from $10.81 at December 31, 2024 to $11.03 at March 31, 2025, and increased $0.56 from $10.47 at March 31, 2024.

NET INTEREST INCOME

Net interest income increased $0.8 million to $85.8 million during the first quarter of 2025 from $85.0 million for the quarter ended December 31, 2024. The net interest margin increased 10 basis points to 3.22 percent for the three months ended March 31, 2025 from 3.12 percent for the three months ended December 31, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.

NON-INTEREST INCOME

Total non-interest income for the quarter ended March 31, 2025 decreased $0.9 million to $5.7 million from $6.6 million for the quarter ended December 31, 2024. The decrease was primarily driven by a decline of $1.0 million in loan level derivative income, net.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $6.0 million for the quarter ended March 31, 2025, compared to $4.1 million for the quarter ended December 31, 2024. The increase in provision was largely driven by deterioration in a single commercial credit that required a specific reserve.

Total net charge-offs for the first quarter of 2025 were $7.6 million, compared to $7.3 million in the fourth quarter of 2024. The $7.6 million in net charge-offs was driven by one large $7.1 million charge-off in commercial loans, the majority of which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 31 basis points for the first quarter of 2025 from 30 basis points for the fourth quarter of 2024.

The allowance for loan and lease losses represented 1.29 percent of total loans and leases at March 31, 2025, compared to 1.28 percent at December 31, 2024, and 1.24 percent at March 31, 2024.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.65 percent at March 31, 2025, a decrease from 0.71 percent at December 31, 2024. Total nonaccrual loans and leases decreased $6.2 million to $63.1 million at March 31, 2025 from $69.3 million at December 31, 2024. The ratio of nonperforming assets to total assets was 0.56 percent at March 31, 2025, a decrease from 0.59 percent at December 31, 2024. Total nonperforming assets decreased $6.4 million to $64.0 million at March 31, 2025 from $70.5 million at December 31, 2024.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended March 31, 2025 decreased $3.7 million to $60.0 million from $63.7 million for the quarter ended December 31, 2024. The decrease was primarily driven by a decrease of $2.4 million in merger and acquisition expense related to the previously announced proposed merger of the Company with Berkshire Hills Bancorp, Inc. (“Berkshire”), and a decrease of $1.3 million in compensation and employee benefits expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 25.0 percent for the three months ended March 31, 2025 compared to 26.4 percent for the three months ended December 31, 2024 and 24.7 percent for the three months ended March 31, 2024.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 0.66 percent during the first quarter 2025 from 0.61 percent for the fourth quarter of 2024.

The annualized return on average stockholders’ equity increased to 6.19 percent during the first quarter of 2025 from 5.69 percent for the fourth quarter of 2024. The annualized return on average tangible stockholders’ equity (non-GAAP) increased to 7.82 percent for the first quarter of 2025 from 7.21 percent for the fourth quarter of 2024.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended March 31, 2025. The dividend will be paid on May 23, 2025 to stockholders of record on May 9, 2025.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, April 24, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/955891780. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 941481). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode:324302.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $11.5 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the “banks”). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:
Contact:	Carl M. Carlson Brookline Bancorp, Inc. Co-President and Chief Financial and Strategy Officer (617) 425-5331 carl.carlson@brkl.com


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	85,830		$	84,988		$	83,008		$	80,001		$	81,588
Provision for credit losses on loans	5,974			4,141			4,832			5,607			7,423
Provision (recovery) of credit losses on investments	12			(104		)	(172		)	(39		)	(44		)
Non-interest income	5,660			6,587			6,348			6,396			6,284
Non-interest expense	60,022			63,719			57,948			59,184			61,014
Income before provision for income taxes	25,482			23,819			26,748			21,645			19,479
Net income	19,100			17,536			20,142			16,372			14,665

Performance Ratios:
Net interest margin (1)	3.22		%	3.12		%	3.07		%	3.00		%	3.06		%
Interest-rate spread (1)	2.38		%	2.35		%	2.26		%	2.14		%	2.21		%
Return on average assets (annualized)	0.66		%	0.61		%	0.70		%	0.57		%	0.51		%
Return on average tangible assets (annualized) (non-GAAP)	0.68		%	0.62		%	0.72		%	0.59		%	0.53		%
Return on average stockholders’ equity (annualized)	6.19		%	5.69		%	6.63		%	5.49		%	4.88		%
Return on average tangible stockholders’ equity (annualized) (non-GAAP)	7.82		%	7.21		%	8.44		%	7.04		%	6.26		%
Efficiency ratio (2)	65.60		%	69.58		%	64.85		%	68.50		%	69.44		%

Per Common Share Data:
Net income — Basic	$	0.21		$	0.20		$	0.23		$	0.18		$	0.16
Net income — Diluted	0.21			0.20			0.23			0.18			0.16
Cash dividends declared	0.135			0.135			0.135			0.135			0.135
Book value per share (end of period)	13.92			13.71			13.81			13.48			13.43
Tangible book value per share (end of period) (non-GAAP)	11.03			10.81			10.89			10.53			10.47
Stock price (end of period)	10.90			11.80			10.09			8.35			9.96

Balance Sheet:
Total assets	$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731
Total loans and leases	9,642,722			9,779,288			9,755,236			9,721,137			9,655,086
Total deposits	8,911,452			8,901,644			8,732,271			8,737,036			8,718,653
Total stockholders’ equity	1,240,182			1,221,939			1,230,362			1,198,480			1,194,231

Asset Quality:
Nonperforming assets	$	64,021		$	70,452		$	72,821		$	62,683		$	42,489
Nonperforming assets as a percentage of total assets	0.56		%	0.59		%	0.62		%	0.54		%	0.37		%
Allowance for loan and lease losses	$	124,145		$	125,083		$	127,316		$	121,750		$	120,124
Allowance for loan and lease losses as a percentage of total loans and leases	1.29		%	1.28		%	1.31		%	1.25		%	1.24		%
Net loan and lease charge-offs	$	7,597		$	7,252		$	3,808		$	8,387		$	8,781
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)	0.31		%	0.30		%	0.16		%	0.35		%	0.36		%

Capital Ratios:
Stockholders’ equity to total assets	10.77		%	10.26		%	10.54		%	10.30		%	10.35		%
Tangible stockholders’ equity to tangible assets (non-GAAP)	8.73		%	8.27		%	8.50		%	8.23		%	8.25		%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	78,741		$	64,673		$	82,168		$	60,067		$	45,708
Short-term investments		278,805			478,997			325,721			283,017			256,178
Total cash and cash equivalents		357,546			543,670			407,889			343,084			301,886
Investment securities available-for-sale		882,353			895,034			855,391			856,439			865,798
Total investment securities		882,353			895,034			855,391			856,439			865,798
Allowance for investment security losses		(94	)		(82	)		(186	)		(359	)		(398	)
Net investment securities		882,259			894,952			855,205			856,080			865,400
Loans and leases held-for-sale		—			—			—			—			6,717
Loans and leases:
Commercial real estate loans		5,580,982			5,716,114			5,779,290			5,782,111			5,755,239
Commercial loans and leases		2,512,912			2,506,664			2,453,038			2,443,530			2,416,904
Consumer loans		1,548,828			1,556,510			1,522,908			1,495,496			1,482,943
Total loans and leases		9,642,722			9,779,288			9,755,236			9,721,137			9,655,086
Allowance for loan and lease losses		(124,145	)		(125,083	)		(127,316	)		(121,750	)		(120,124	)
Net loans and leases		9,518,577			9,654,205			9,627,920			9,599,387			9,534,962
Restricted equity securities		67,537			83,155			82,675			78,963			74,709
Premises and equipment, net of accumulated depreciation		84,439			86,781			86,925			88,378			89,707
Right-of-use asset operating leases		44,144			43,527			41,934			35,691			33,133
Deferred tax asset		52,176			56,620			50,827			60,032			60,484
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		16,030			17,461			19,162			20,830			22,499
Other real estate owned and repossessed assets		917			1,103			1,579			1,974			1,817
Other assets		255,022			282,630			261,383			309,651			310,195
Total assets	$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand checking accounts	$	1,664,629		$	1,692,394		$	1,681,858		$	1,638,378		$	1,629,371
NOW accounts		625,492			617,246			637,374			647,370			654,748
Savings accounts		1,793,852			1,721,247			1,736,989			1,735,857			1,727,893
Money market accounts		2,183,855			2,116,360			2,041,185			2,073,557			2,065,569
Certificate of deposit accounts		1,878,665			1,885,444			1,819,353			1,718,414			1,670,147
Brokered deposit accounts		764,959			868,953			815,512			923,460			970,925
Total deposits		8,911,452			8,901,644			8,732,271			8,737,036			8,718,653
Borrowed funds:
Advances from the FHLB		957,848			1,355,926			1,345,003			1,265,079			1,150,153
Subordinated debentures and notes		84,362			84,328			84,293			84,258			84,223
Other borrowed funds		113,617			79,592			68,251			80,125			127,505
Total borrowed funds		1,155,827			1,519,846			1,497,547			1,429,462			1,361,881
Operating lease liabilities		45,330			44,785			43,266			37,102			34,235
Mortgagors’ escrow accounts		15,264			15,875			14,456			17,117			16,245
Reserve for unfunded credits		5,296			5,981			6,859			11,400			15,807
Accrued expenses and other liabilities		146,518			195,256			151,960			204,695			201,679
Total liabilities		10,279,687			10,683,387			10,446,359			10,436,812			10,348,500
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively		970			970			970			970			970
Additional paid-in capital		903,696			902,584			901,562			904,775			903,726
Retained earnings		465,898			458,943			453,555			445,560			441,285
Accumulated other comprehensive income		(42,498	)		(52,882	)		(38,081	)		(61,693	)		(60,841	)
Treasury stock, at cost;
7,037,610, 7,019,384, 7,015,843, 7,373,009, and 7,354,399 shares, respectively		(87,884	)		(87,676	)		(87,644	)		(91,132	)		(90,909	)
Total stockholders’ equity		1,240,182			1,221,939			1,230,362			1,198,480			1,194,231
Total liabilities and stockholders’ equity	$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	143,309	$	147,436		$	149,643		$	145,585		$	145,265
Debt securities		6,765		6,421			6,473			6,480			6,878
Restricted equity securities		1,203		1,460			1,458			1,376			1,492
Short-term investments		2,451		2,830			1,986			1,914			1,824
Total interest and dividend income		153,728		158,147			159,560			155,355			155,459
Interest expense:
Deposits		53,478		56,562			59,796			59,721			56,884
Borrowed funds		14,420		16,597			16,756			15,633			16,987
Total interest expense		67,898		73,159			76,552			75,354			73,871
Net interest income		85,830		84,988			83,008			80,001			81,588
Provision for credit losses on loans		5,974		4,141			4,832			5,607			7,423
Provision (recovery) of credit losses on investments		12		(104	)		(172	)		(39	)		(44	)
Net interest income after provision for credit losses		79,844		80,951			78,348			74,433			74,209
Non-interest income:
Deposit fees		2,361		2,297			2,353			3,001			2,897
Loan fees		393		439			464			702			789
Loan level derivative income, net		70		1,115			—			106			437
Gain on sales of loans and leases held-for-sale		24		406			415			130			—
Other		2,812		2,330			3,116			2,457			2,161
Total non-interest income		5,660		6,587			6,348			6,396			6,284
Non-interest expense:
Compensation and employee benefits		35,853		37,202			35,130			34,762			36,629
Occupancy		5,721		5,393			5,343			5,551			5,769
Equipment and data processing		7,012		6,780			6,831			6,732			7,031
Professional services		1,726		1,345			2,143			1,745			1,900
FDIC insurance		2,037		2,017			2,118			2,025			1,884
Advertising and marketing		868		1,303			859			1,504			1,574
Amortization of identified intangible assets		1,430		1,701			1,668			1,669			1,708
Merger and restructuring expense		971		3,378			—			823			—
Other		4,404		4,600			3,856			4,373			4,519
Total non-interest expense		60,022		63,719			57,948			59,184			61,014
Income before provision for income taxes		25,482		23,819			26,748			21,645			19,479
Provision for income taxes		6,382		6,283			6,606			5,273			4,814
Net income	$	19,100	$	17,536		$	20,142		$	16,372		$	14,665
Earnings per common share:
Basic	$	0.21	$	0.20		$	0.23		$	0.18		$	0.16
Diluted	$	0.21	$	0.20		$	0.23		$	0.18		$	0.16
Weighted average common shares outstanding during the period:
Basic		89,103,510		89,098,443			89,033,463			88,904,692			88,894,577
Diluted		89,567,747		89,483,964			89,319,611			89,222,315			89,181,508
Dividends paid per common share	$	0.135	$	0.135		$	0.135		$	0.135		$	0.135


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)

	At and for the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	10,842		$	11,525		$	11,595		$	11,659		$	18,394
Multi-family mortgage		6,576			6,596			1,751			—			—
Total commercial real estate loans		17,418			18,121			13,346			11,659			18,394

Commercial		7,415			14,676			15,734			16,636			3,096
Equipment financing		32,975			31,509			37,223			27,128			13,668
Total commercial loans and leases		40,390			46,185			52,957			43,764			16,764

Residential mortgage		3,962			3,999			3,862			4,495			4,563
Home equity		1,333			1,043			1,076			790			950
Other consumer		1			1			1			1			1
Total consumer loans		5,296			5,043			4,939			5,286			5,514

Total nonaccrual loans and leases		63,104			69,349			71,242			60,709			40,672

Other real estate owned		700			700			780			780			780
Other repossessed assets		217			403			799			1,194			1,037
Total nonperforming assets	$	64,021		$	70,452		$	72,821		$	62,683		$	42,489

Loans and leases past due greater than 90 days and still accruing	$	3,009		$	811		$	16,091		$	4,994		$	363

Nonperforming loans and leases as a percentage of total loans and leases		0.65	%		0.71	%		0.73	%		0.62	%		0.42	%
Nonperforming assets as a percentage of total assets		0.56	%		0.59	%		0.62	%		0.54	%		0.37	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	125,083		$	127,316		$	121,750		$	120,124		$	117,522
Charge-offs		(9,073	)		(8,414	)		(4,183	)		(8,823	)		(5,390	)
Recoveries		1,476			1,162			375			436			309
Net charge-offs		(7,597	)		(7,252	)		(3,808	)		(8,387	)		(5,081	)
Provision for loan and lease losses excluding unfunded commitments *		6,659			5,019			9,374			10,013			7,683
Allowance for loan and lease losses at end of period	$	124,145		$	125,083		$	127,316		$	121,750		$	120,124

Allowance for loan and lease losses as a percentage of total loans and leases		1.29	%		1.28	%		1.31	%		1.25	%		1.24	%

NET CHARGE-OFFS:
Commercial real estate loans	$	—		$	—		$	—		$	3,819		$	606
Commercial loans and leases **		7,647			7,257			3,797			4,571			8,179
Consumer loans		(50	)		(5	)		11			(3	)		(4	)
Total net charge-offs	$	7,597		$	7,252		$	3,808		$	8,387		$	8,781

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.31	%		0.30	%		0.16	%		0.35	%		0.36	%

*Provision for loan and lease losses does not include (credit) provision of $(0.7 million), $(0.9 million), $(4.5 million), $(4.4 million), and $(0.3 million) for credit losses on unfunded commitments during the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	888,913	$	6,814	3.07	%	$	856,065	$	6,463	3.02	%	$	893,228	$	6,927	3.10	%
Restricted equity securities (2)		69,784		1,204	6.90	%		75,879		1,459	7.69	%		76,335		1,493	7.82	%
Short-term investments		202,953		2,451	4.83	%		236,784		2,830	4.78	%		130,768		1,824	5.58	%
Total investments		1,161,650		10,469	3.60	%		1,168,728		10,752	3.68	%		1,100,331		10,244	3.72	%
Loans and Leases:
Commercial real estate loans (3)		5,651,390		77,243	5.47	%		5,752,591		81,195	5.52	%		5,761,735		81,049	5.56	%
Commercial loans (3)		1,237,078		19,698	6.37	%		1,170,295		19,750	6.61	%		1,026,467		17,507	6.75	%
Equipment financing (3)		1,281,425		25,965	8.11	%		1,310,143		26,295	8.03	%		1,374,426		26,895	7.83	%
Consumer loans (3)		1,548,973		20,861	5.41	%		1,529,654		20,881	5.44	%		1,482,819		19,978	5.40	%
Total loans and leases		9,718,866		143,767	5.92	%		9,762,683		148,121	6.07	%		9,645,447		145,429	6.03	%
Total interest-earning assets		10,880,516		154,236	5.67	%		10,931,411		158,873	5.81	%		10,745,778		155,673	5.79	%
Non-interest-earning assets		662,814						649,161						671,407
Total assets	$	11,543,330					$	11,580,572					$	11,417,185

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	628,346		1,005	0.65	%	$	630,408		1,056	0.67	%	$	671,914		1,261	0.75	%
Savings accounts		1,743,688		10,173	2.37	%		1,741,355		10,896	2.49	%		1,694,220		11,352	2.69	%
Money market accounts		2,187,581		13,587	2.52	%		2,083,033		13,856	2.65	%		2,076,303		15,954	3.09	%
Certificates of deposit		1,886,386		19,593	4.21	%		1,857,483		20,691	4.43	%		1,624,118		16,672	4.13	%
Brokered deposit accounts		767,275		9,120	4.82	%		797,910		10,063	5.02	%		896,784		11,645	5.22	%
Total interest-bearing deposits		7,213,276		53,478	3.01	%		7,110,189		56,562	3.16	%		6,963,339		56,884	3.29	%
Borrowings
Advances from the FHLB		1,007,508		11,847	4.70	%		1,144,157		13,958	4.77	%		1,164,534		14,633	4.97	%
Subordinated debentures and notes		84,345		1,701	8.07	%		84,311		1,944	9.22	%		84,206		1,377	6.54	%
Other borrowed funds		71,462		872	4.95	%		65,947		695	4.20	%		93,060		977	4.22	%
Total borrowings		1,163,315		14,420	4.96	%		1,294,415		16,597	5.02	%		1,341,800		16,987	5.01	%
Total interest-bearing liabilities		8,376,591		67,898	3.29	%		8,404,604		73,159	3.46	%		8,305,139		73,871	3.58	%
Non-interest-bearing liabilities:
Demand checking accounts		1,680,527						1,693,138						1,631,472
Other non-interest-bearing liabilities		251,011						250,303						278,670
Total liabilities		10,308,129						10,348,045						10,215,281
Stockholders’ equity		1,235,201						1,232,527						1,201,904
Total liabilities and equity	$	11,543,330					$	11,580,572					$	11,417,185
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				86,338	2.38	%				85,714	2.35	%				81,802	2.21	%
Less adjustment of tax-exempt income				508						726						214
Net interest income			$	85,830					$	84,988					$	81,588
Net interest margin (5)					3.22	%					3.12	%					3.06	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

										At and for the Three Months Ended March 31,
											2025			2024
Reconciliation Table – Non-GAAP Financial Information										(Dollars in Thousands Except Share Data)

Reported Pretax Income										$	25,482		$	19,479
Add:
Merger and restructuring expense											971			—
Operating Pretax Income										$	26,453		$	19,479
Effective tax rate											24.3	%		24.7	%
Provision for income taxes											6,416			4,814
Operating earnings after tax										$	20,037		$	14,665

Operating earnings per common share:
Basic										$	0.22		$	0.16
Diluted										$	0.22		$	0.16

Weighted average common shares outstanding during the period:
Basic											89,103,510			88,894,577
Diluted											89,567,747			89,181,508

Return on average assets *											0.66	%		0.51	%
Add:
Merger and restructuring expense (after-tax) *											0.03	%		—	%
Operating return on average assets *											0.69	%		0.51	%

Return on average tangible assets *											0.68	%		0.53	%
Add:
Merger and restructuring expense (after-tax) *											0.03	%		—	%
Operating return on average tangible assets *											0.71	%		0.53	%


Return on average stockholders’ equity *											6.19	%		4.88	%
Add:
Merger and restructuring expense (after-tax) *											0.24	%		—	%
Operating return on average stockholders’ equity *											6.43	%		4.88	%


Return on average tangible stockholders’ equity *											7.82	%		6.26	%
Add:
Merger and restructuring expense (after-tax) *											0.30	%		—	%
Operating return on average tangible stockholders’ equity *											8.12	%		6.26	%

* Ratios at and for the three months ended are annualized.

	At and for the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in Thousands)

Net income, as reported	$	19,100		$	17,536		$	20,142		$	16,372		$	14,665

Average total assets	$	11,543,330		$	11,580,572		$	11,451,338		$	11,453,394		$	11,417,185
Less: Average goodwill and average identified intangible assets, net		257,941			259,496			261,188			262,859			264,536
Average tangible assets	$	11,285,389		$	11,321,076		$	11,190,150		$	11,190,535		$	11,152,649

Return on average tangible assets (annualized)		0.68	%		0.62	%		0.72	%		0.59	%		0.53	%

Average total stockholders’ equity	$	1,235,201		$	1,232,527		$	1,216,037		$	1,193,385		$	1,201,904
Less: Average goodwill and average identified intangible assets, net		257,941			259,496			261,188			262,859			264,536
Average tangible stockholders’ equity	$	977,260		$	973,031		$	954,849		$	930,526		$	937,368

Return on average tangible stockholders’ equity (annualized)		7.82	%		7.21	%		8.44	%		7.04	%		6.26	%

Total stockholders’ equity	$	1,240,182		$	1,221,939		$	1,230,362		$	1,198,480		$	1,194,231
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		16,030			17,461			19,162			20,830			22,499
Tangible stockholders’ equity	$	982,930		$	963,256		$	969,978		$	936,428		$	930,510

Total assets	$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		16,030			17,461			19,162			20,830			22,499
Tangible assets	$	11,262,617		$	11,646,643		$	11,416,337		$	11,373,240		$	11,279,010

Tangible stockholders’ equity to tangible assets		8.73	%		8.27	%		8.50	%		8.23	%		8.25	%

Tangible stockholders’ equity	$	982,930		$	963,256		$	969,978		$	936,428		$	930,510

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,037,610			7,019,384			7,015,843			7,373,009			7,354,399
Unvested restricted shares		855,860			880,248			883,789			713,443			749,099
Number of common shares outstanding		89,104,605			89,098,443			89,098,443			88,911,623			88,894,577

Tangible book value per common share	$	11.03		$	10.81		$	10.89		$	10.53		$	10.47

PDF available: http://ml.globenewswire.com/Resource/Download/e23d70f5-f96e-4a22-ac83-0bee735aa434

The MIL Network –

April 24, 2025

MIL-OSI: Open Lending to Announce First Quarter 2025 Results on May 7, 2025

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced that the Company plans to issue a press release containing results for the first quarter 2025 after the market closes on Wednesday, May 7, 2025. The Company plans to host a conference call to discuss these results on Wednesday, May 7, 2025, at 5:00 PM ET.

The conference call will be webcast live from the Company’s investor relations website at https://investors.openlending.com/ under the “Events” section. The conference call can also be accessed live over the phone by dialing (800) 445-7795, or for international callers (785) 424-1699. An archive of the webcast will be available at the same location on the website shortly after the call has concluded.

About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Contact information:

Investor Relations Inquiries:
InvestorRelations@openlending.com

Source: Open Lending Corporation

The MIL Network –

April 24, 2025

MIL-OSI Russia: Global Sovereign Debt Roundtable – 4th Cochairs Progress Report

Source: IMF – News in Russian

Global Sovereign Debt Roundtable – 4th Cochairs Progress Report

April 23, 2025

Washington, DC: The Global Sovereign Debt Roundtable (GSDR) met today and reviewed progress on the work to improve debt restructuring processes and timelines, and to help address debt vulnerabilities. Participants also discussed priority areas for the work going forward. At the end of the meeting, the International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, and Finance Minister of South Africa, G20 Presidency, Enoch Godongwana, co-chairs of the GSDR, issued the attached “Restructuring Playbook”, which aims to provide debtor country authorities considering a debt restructuring with the key steps, concepts and processes for such an operation. They also issued the attached GSDR 4th Cochairs Report as well as the compilation of technical issues discussed by the GSDR so far.

The GSDR brings together debtor countries and official and private creditors with the objective to build common understanding among key stakeholders on debt sustainability and debt restructuring challenges, and ways to address them.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Randa Elnagar

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

https://www.imf.org/en/News/Articles/2025/04/23/pr25119-global-sovereign-debt-roundtable-4th-cochairs-progress-report

MIL OSI

MIL OSI Russia News –

April 24, 2025

MIL-OSI USA: Former U.S. Army Intelligence Analyst Sentenced for Selling Sensitive Military Information to Individual Tied to Chinese Government

Source: US State of North Dakota

A former U.S. Army intelligence analyst was sentenced today to 84 months in prison for conspiring to collect and transmit national defense information, including sensitive, non-public U.S. military information, to an individual he believed was affiliated with the Chinese government.

Korbein Schultz, 25, of Wills Point, Texas, pleaded guilty in August 2024 to conspiring to collect and transmit national defense information, unlawfully exporting controlled information to China, and accepting bribes in exchange of sensitive, non-public U.S. government information.

“This defendant swore an oath to defend the United States — instead, he betrayed it for a payout and put America’s military and service members at risk,” said Attorney General Pamela Bondi. “The Justice Department remains vigilant against China’s efforts to target our military and will ensure that those who leak military secrets spend years behind bars.”

“This sentencing is a stark warning to those who betray our country: you will pay a steep price for it,” said FBI Director Kash Patel. “The People’s Republic of China is relentless in its efforts to steal our national defense information, and service members are a prime target. The FBI and our partners will continue to root out espionage and hold those accountable who abandon their obligation to safeguard defense information from hostile foreign governments.”

“Those who collaborate with America’s foreign adversaries put our country, and those who defend it, at grave risk and we will do whatever it takes to hold them accountable for their crimes,” said Acting U.S. Attorney Robert E. McGuire for the Middle District of Tennessee. “We will proudly stand in support of our men and women in uniform and work diligently to protect them from people like the defendant who would sell them out for a few bucks.”

“Protecting classified information is paramount to our national security, and this sentencing reflects the ramifications when there is a breach of that trust,” said Brigadier General Rhett R. Cox, Commanding General of the Army Counterintelligence Command. “This Soldier’s actions put Army personnel at risk placing individual gain above personal honor. Army Counterintelligence Command, in close collaboration with the Department of Justice, the Federal Bureau of Investigation, and the Intelligence Community, remains steadfast in our commitment to safeguarding our nation’s secrets and urges all current and former Army personnel to report any suspicious contact immediately.”

According to court documents, between May 2022 until his arrest in March 2024, Schultz engaged in an ongoing conspiracy to provide dozens of sensitive U.S. military documents — many containing export-controlled tactical and technical information — directly to a foreign national residing in the People’s Republic of China. Despite clear indications that this individual, who is referenced in the Indictment as Conspirator A, was likely connected to the Chinese government, the defendant continued the relationship in exchange for financial compensation. In exchange for approximately $42,000, Schultz provided documents and data related to U.S. military capabilities, including:

His Army unit’s operational order before it was deployed to Eastern Europe in support of NATO operations;
Lessons learned by the U.S. Army from the Ukraine/Russia conflict applicable to Taiwan’s defense;
Technical manuals for the HH-60 helicopter, F-22A fighter aircraft, and Intercontinental Ballistic Missile systems;
Information on Chinese military tactics and the People’s Liberation Army Rocket Force;
Details on U.S. military exercises in the Republic of Korea and the Philippines;
Documents concerning U.S. military satellites and missile defense systems like the High Mobility Artillery Rocket System (HIMARS) and Terminal High Altitude Area Defense (THAAD).
Tactics for countering unmanned aerial systems in large-scale combat operations.

Conspirator A first contacted the defendant through a freelance web-based work platform shortly after the defendant received his Top Secret/Sensitive Compartmented Information (TS/SCI) clearance. Masquerading as a client from a geopolitical consulting firm, Conspirator A solicited the defendant to produce detailed analyses on U.S. military capabilities and planning, particularly in relation to Taiwan and the Russia-Ukraine conflict.

As the relationship progressed, Conspirator A’s demands grew increasingly specific and sensitive — requesting technical manuals, operational procedures, and intelligence assessments. Conspirator A made explicit his interest in materials that were not publicly available and encouraged the defendant to seek out higher levels of classification, emphasizing “exclusiveness” and “CUI and better.” Schultz agreed to obtain higher levels of classified information for Conspirator A in exchange for money.

The defendant, fully aware of the grave national security implications, used his position and access to restricted databases — including closed U.S. government computer networks — to download and transmit at least 92 sensitive U.S. military documents.

The case also revealed attempts by the defendant to recruit his friend and fellow Army intelligence analyst into the conspiracy. At the time, Schultz’s friend was assigned to the U.S. Department of Defense’s Indo-Pacific Command (INDOPACOM), which is the combatant command that covers China and its regional areas of influence. Schultz and Conspirator A discussed the need to recruit another person into their scheme who had better access to classified material. They agreed that such recruitment needed to be done in a “nice and slow fashion.”

The FBI’s Nashville Field Office investigated the case, with valuable assistance from the U.S. Army Counterintelligence Command and the Department of Defense.

Assistant U.S. Attorney Josh Kurtzman for the Middle District of Tennessee and Trial Attorneys Adam Barry and Christopher Cook of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

MIL OSI USA News –

April 24, 2025

MIL-OSI: Silvaco Announces Date of First Quarter 2025 Financial Results Conference Call

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., April 23, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, will release its financial results for the first quarter ended March 31, 2025, after the market close on Wednesday, May 7, 2025. The company will host a conference call at 5:00 p.m. Eastern time to discuss its first quarter 2025 results and full year 2025 outlook.

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, May 7, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation. Silvaco’s solutions are used for process and device development across display, power devices, automotive, memory, high-performance computing, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement
This press release contains forward-looking statements based on Silvaco Group, Inc.’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco Group, Inc. are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco Group, Inc. and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tiffany Behany
press@silvaco.com

The MIL Network –

April 24, 2025

MIL-OSI: Origin Bancorp, Inc. Reports Earnings For First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

RUSTON, La., April 23, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $22.4 million, or $0.71 diluted earnings per share (“EPS”) for the quarter ended March 31, 2025, compared to net income of $14.3 million, or $0.46 diluted earnings per share, for the quarter ended December 31, 2024. Pre-tax, pre-provision (“PTPP”)⁽¹⁾ earnings were $32.0 million for the quarter ended March 31, 2025, compared to $12.6 million for the linked quarter.

“Origin reported solid results for the quarter, and I am proud of how our bankers remain responsive to our customers and communities,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “During last quarter’s earnings call, we introduced Optimize Origin, which is our plan to deliver sustainable elite-level financial performance. I am pleased with the overwhelming focus and commitment our employees have on accomplishing this goal and the progress we have made since launch.”

_{⁽¹⁾ PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.}

Optimize Origin

In January 2025, we announced our initiative to drive elite financial performance and enhance our award-winning culture.
Built on three primary pillars:
- Productivity, Delivery & Efficiency
- Balance Sheet Optimization
- Culture & Employee Engagement
Established near term target of greater than a 1% ROAA run rate by 4Q25 and an ultimate target of top quartile ROAA.
Near term target is being achieved in part by branch consolidation, headcount reduction, securities optimization, capital optimization, cash/liquidity management, mortgage restructuring, as well as other opportunistic efficiency optimizations throughout the organization.
We believe the actions we have taken will drive earnings improvement of approximately $23.4 million annually on a pre-tax pre-provision basis.

Financial Highlights

Net interest income was $78.5 million for the quarter ended March 31, 2025, reflecting an increase of $110,000, or 0.1%, compared to the linked quarter and is at its highest level in eight quarters.
Net income was $22.4 million for the quarter ended March 31, 2025, reflecting an increase of $8.1 million, or 57.0% compared to the linked quarter.
Our fully tax equivalent net interest margin (“NIM-FTE”) expanded 11 basis points for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This expansion was driven primarily by a 34 basis point reduction in rates paid on interest-bearing liabilities, offset by a 12 basis point decline in our yield earned on interest-earning assets.
Return on average assets (“ROAA”), annualized, was 0.93% for the quarter ended March 31, 2025, a 63.2% increase when compared to 0.57% in the linked quarter. PTPP ROAA⁽¹⁾, annualized, was 1.32% for the quarter ended March 31, 2025, reflecting an increase of 164.0% compared to 0.50% in the linked quarter.
Total loans held for investment (“LHFI”) were $7.59 billion at March 31, 2025, reflecting an increase of $11.8 million, or 0.2%, compared to December 31, 2024. Average LHFI were $7.50 billion for the quarter ended March 31, 2025, reflecting a decrease of $298.2 million, or 3.83%, compared to the quarter ended December 31, 2024.
Total deposits were $8.34 billion at March 31, 2025, reflecting an increase of $115.3 million, or 1.4%, compared to December 31, 2024. Deposits, excluding brokered deposits, were $8.29 billion at March 31, 2025, reflecting an increase of $145.5 million, or 1.8%, compared to December 31, 2024.

_{⁽¹⁾ PTPP ROAA is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.}

Results of Operations for the Quarter Ended March 31, 2025

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2025, was $78.5 million, an increase of $110,000, or 0.1%, compared to the quarter ended December 31, 2024. The increase was primarily driven by a $7.7 million decrease in interest expense paid on interest-bearing deposits and increases of $1.4 million and $1.3 million in interest income earned on investment securities and average interest-earning balances due from banks, partially offset by a decrease of $9.9 million in interest income earned on LHFI.

The decrease in average rates of interest-bearing deposits during the quarter ended March 31, 2025, and two fewer days in the current quarter, reduced interest expense by $5.8 million and $1.2 million, respectively, when compared to the quarter ended December 31, 2024. The average rate on interest-bearing deposits was 3.23% for the quarter ended March 31, 2025, a decrease of 38 basis points, from 3.61% for the quarter ended December 31, 2024.

The $1.4 million increase in interest income earned on investment securities was primarily driven by the bond portfolio optimization strategy we executed during the quarter ended December 31, 2024, in which we replaced securities with a total book value of $188.2 million and a weighted average yield of 1.51% with new securities totaling $173.7 million with a weighted average yield of 5.22%.

The $1.3 million increase in interest income earned on average interest-earning balances due from banks was primarily driven by a $149.0 million increase in average interest-earning balances due from banks which led to a $1.8 million increase in interest income, partially offset by a reduction in average yield.

The decrease in average LHFI principal balance, the impact of two fewer calendar days and a decline in average rates during the quarter ended March 31, 2025, resulted in decreases to interest income of $5.5 million, $2.6 million and $1.8 million, respectively, when compared to the quarter ended December 31, 2024. The decrease in average LHFI principal balance was primarily driven by decreases of $170.2 million and $114.4 million in mortgage warehouse lines of credit (“MW LOC”) and average construction/land/land development loan balances. The average rate on LHFI was 6.33% for the quarter ended March 31, 2025, a decrease of 14 basis points, compared to 6.47% for the quarter ended December 31, 2024.

The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On September 18, 2024, the Federal Reserve reduced the federal funds target rate range by 50 basis points, to a range of 4.75% to 5.00%, marking the first rate reduction since early 2020. Subsequently, it implemented two additional reductions, with the current federal funds target range set to 4.25% to 4.50% on December 18, 2024. The Federal Reserve maintained this target range throughout the first quarter of 2025. In total, the federal funds target range has decreased 100 basis points from its recent cycle high.

Our NIM-FTE was 3.44% for the quarter ended March 31, 2025, representing 11- and 25-basis-point increases compared to the linked quarter and the prior year same quarter, respectively. The yield earned on interest-earning assets for the quarter ended March 31, 2025, was 5.79%, a decrease of 12 and 20 basis points compared to the linked quarter and the quarter ended March 31, 2024. The average rate paid on total interest-bearing liabilities for the quarter ended March 31, 2025, was 3.30%, representing 34- and 58-basis point decreases compared to the linked quarter and the quarter ended March 31, 2024, respectively.

Credit Quality

The table below includes key credit quality information:

	At and For the Three Months Ended									Change			% Change
(Dollars in thousands, unaudited)	March 31, 2025			December 31, 2024			March 31, 2024			Linked Quarter			Linked Quarter
Past due LHFI	$	72,774		$	42,437		$	32,835		$	30,337		71.5	%
Allowance for loan credit losses (“ALCL”)		92,011			91,060			98,375			951		1.0
Classified loans		127,676			118,782			84,217			8,894		7.5
Total nonperforming LHFI		81,368			75,002			40,439			6,366		8.5
Provision (benefit) for credit losses		3,444			(5,398	)		3,012			8,842		N/M
Net charge-offs (recoveries)		2,728			(560	)		2,582			3,288		N/M
Credit quality ratios⁽¹⁾:
ALCL to nonperforming LHFI		113.08	%		121.41	%		243.27	%		(8.33	)%	N/A
ALCL to total LHFI		1.21			1.20			1.25			0.01		N/A
ALCL to total LHFI, adjusted⁽²⁾		1.28			1.25			1.30			0.03		N/A
Classified loans to total LHFI		1.68			1.57			1.07			0.11		N/A
Nonperforming LHFI to LHFI		1.07			0.99			0.51			0.08		N/A
Net charge-offs to total average LHFI (annualized)		0.15			(0.03	)		0.13			0.18		N/A

___________________________

	N/M = Not meaningful.
	N/A = Not applicable.
⁽¹⁾	Please see the Loan Data schedule at the back of this document for additional information.
⁽²⁾	The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Past due loans increased $30.3 million for the current quarter compared to the linked quarter. The increase was primarily due to 11 relationships totaling $39.8 million. The increase in past due loan relationships primarily consisted of residential real estate totaling $18.0 million, commercial real estate totaling $8.3 million, commercial and industrial totaling $9.7 million and construction/land/land development totaling $3.9 million. These increases were partially offset by a $4.5 million decrease in three previously past due residential real estate relationships, one of which paid off during the current quarter.

Nonperforming LHFI increased $6.4 million for the current quarter compared to the linked quarter, evidenced by an increase in the percentage of nonperforming LHFI to LHFI to 1.07% compared to 0.99% for the linked quarter. The increase in nonperforming loans was primarily driven by two loan relationships totaling $8.2 million at March 31, 2025, with residential real estate loans totaling $5.1 million of the increase. The increase in nonperforming loans was partially offset by one residential real estate loan relationship totaling $2.1 million that paid off during the current quarter, but was considered nonperforming at December 31, 2024.

Classified loans increased $8.9 million to $127.7 million at March 31, 2025, compared to $118.8 million at December 31, 2024. As discussed in previous filings, our classified and nonperforming LHFI were negatively impacted beginning in the second quarter of 2024 as a result of litigation against the bank brought in response to certain questioned activity involving a former banker in our East Texas market. We continue to work toward a resolution in this matter.

Our results included a credit loss provision expense of $3.4 million during the quarter ended March 31, 2025, which includes a $3.7 million provision for loan credit losses, compared to provision release of $5.5 million for the linked quarter. Our allowance for credit losses increased $1.0 million during the current quarter, primarily driven by the $1.4 million increase in the individually evaluated portion of the reserve as a result of the increase in nonperforming loans.

Net charge-offs increased $3.3 million for the quarter ended March 31, 2025, when compared to the quarter ended December 31, 2024, primarily due to total charge-offs of $4.8 million in the current quarter, consisting primarily of two commercial and industrial loan relationships with charge-offs totaling $2.6 million.

Noninterest Income

Noninterest income for the quarter ended March 31, 2025, was $15.6 million, an increase of $15.9 million from the linked quarter, primarily driven by the $14.6 million loss on sales of securities, net, in the linked quarter and the $2.5 million increase in insurance commission and fee income in the current quarter. These increases were offset by a decrease of $1.6 million in limited partnership investment (loss) income.

The loss on sales of securities, net, during the linked quarter was due to the execution of the bond portfolio optimization strategy security sale, with no such sale in the current quarter.

The increase in insurance commission and fee income was primarily driven by a seasonal increase in annual contingency fee income recognized in the first quarter.

The decrease in limited partnership investment income (loss) was due to $1.6 million in fair value adjustments on multiple limited partnership investments.

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2025, was $62.1 million, a decrease of $3.4 million, or 5.1% from the linked quarter. The decrease was primarily driven by decreases of $3.1 million, $814,000 and $796,000 in other noninterest expense, professional services and advertising and marketing expense, respectively, that was partially offset by an increase of $1.3 million in salaries and employee benefit expense.

The decrease in other noninterest expense was primarily due to $3.1 million in contingency expense recorded during the linked quarter. There was no such contingency reserve recorded in the current quarter.

The $814,000 decrease in professional services was primarily due to a decrease of $668,000 in forensic accounting fees compared to the linked quarter.

The $796,000 decrease in advertising and marketing was primarily due to a decrease in targeted marketing efforts in the current quarter compared to the prior quarter.

The $1.3 million increase in salaries and employee benefit expense was primarily due to an Employee Retention Credit (“ERC”) of $1.7 million that was recorded in the linked quarter and related to the operations of BTH Bank, N.A., which we acquired in 2022. The ERC is a refundable tax credit for certain eligible businesses that had employees affected during the COVID-19 pandemic. This was partially offset by a decrease in incentive compensation due to the adjustment of the incentive compensation accrual during the current quarter.

Financial Condition

Loans

Total LHFI at March 31, 2025, were $7.59 billion, an increase of $11.8 million, or 0.2%, from $7.57 billion at December 31, 2024, and a decrease of $314.5 million, or 4.0%, compared to March 31, 2024.
The primary driver of the increase during the quarter ended March 31, 2025, compared to the linked quarter, were increases in multi-family real estate, MW LOC, residential real estate – single family and commercial and industrial loans of $64.3 million, $55.1 million, $33.1 million and $19.5 million, respectively. These increases were partially offset by decreases of $93.6 million and $65.4 million in total commercial real estate and construction/land/land development loans, respectively.

Securities

Total securities at March 31, 2025 were $1.18 billion, an increase of $58.8 million, or 5.3%, from $1.12 billion at December 31, 2024, and a decrease of $30.4 million, or 2.5%, compared to March 31, 2024.
The increase in securities was due to purchases of $73.1 million in the current quarter. This was partially offset by maturities, scheduled principal payments and calls.
Accumulated other comprehensive loss, net of taxes, primarily associated with unrealized losses within the available for sale portfolio, was $90.4 million at March 31, 2025, a decrease of $15.6 million, or 14.7% , from the linked quarter.
The weighted average effective duration for the total securities portfolio was 4.10 years as of March 31, 2025, compared to 4.46 years as of December 31, 2024.

Deposits

Total deposits at March 31, 2025, were $8.34 billion, an increase of $115.3 million, or 1.4%, compared to the linked quarter, and a decrease of $167.1 million, or 2.0%, from March 31, 2024. The increase in the current quarter compared to the linked quarter was primarily due to an increase of $278.9 million in money market deposits. The increase was partially offset by decreases of $78.0 million and $67.1 million in time deposits (excluding brokered time deposits) and interest-bearing demand deposits, respectively.
At March 31, 2025, noninterest-bearing deposits as a percentage of total deposits were 22.7%, compared to 23.1% and 22.2% at December 31, 2024, and March 31, 2024, respectively. Excluding brokered deposits, noninterest-bearing deposits as a percentage of total deposits were 22.8%, compared to 23.3% and 23.9% at December 31, 2024, and March 31, 2024, respectively.

Subordinate debentures

Total subordinated debentures at March 31, 2025, were $89.6 million, a decrease of $70.3 million, or 44.0%, from $159.9 million at December 31, 2024, and a decrease of $71.1 million, or 44.2%, compared to March 31, 2024.
The decrease was due to the redemption of $70.0 million in subordinated debentures in conjunction with our Optimize Origin initiative, as forecasted in our fourth quarter 2024 investor presentation. We recognized $681,000 in original issue discount amortization related to the redemption during the current quarter. Based upon our forecast, the redemption is expected to result in approximately $2.1 million in annualized future interest expense savings.

Conference Call

Origin will hold a conference call to discuss its first quarter 2025 results on Thursday, April 24, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 66134 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ125.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin

Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

Non-GAAP Financial Measures

Origin reports its results in accordance with generally accepted accounting principles in the United States of America (“GAAP”). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin’s results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin’s reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, ROATCE, and core efficiency ratio.

Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”) future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: (1) the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the impact of tariffs, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

This press release contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this release should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved.

Contact:

Investor Relations
Chris Reigelman
318-497-3177
chris@origin.bank

Media Contact
Ryan Kilpatrick
318-232-7472
rkilpatrick@origin.bank

Origin Bancorp, Inc. Selected Quarterly Financial Data (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Income statement and share amounts	(Dollars in thousands, except per share amounts)
Net interest income	$	78,459		$	78,349		$	74,804		$	73,890		$	73,323
Provision (benefit) for credit losses		3,444			(5,398	)		4,603			5,231			3,012
Noninterest income		15,602			(330	)		15,989			22,465			17,255
Noninterest expense		62,068			65,422			62,521			64,388			58,707
Income before income tax expense		28,549			17,995			23,669			26,736			28,859
Income tax expense		6,138			3,725			5,068			5,747			6,227
Net income	$	22,411		$	14,270		$	18,601		$	20,989		$	22,632
PTPP earnings⁽¹⁾	$	31,993		$	12,597		$	28,272		$	31,967		$	31,871
Basic earnings per common share		0.72			0.46			0.60			0.68			0.73
Diluted earnings per common share		0.71			0.46			0.60			0.67			0.73
Dividends declared per common share		0.15			0.15			0.15			0.15			0.15
Weighted average common shares outstanding – basic		31,205,752			31,155,486			31,130,293			31,042,527			30,981,333
Weighted average common shares outstanding – diluted		31,412,010			31,308,805			31,239,877			31,131,829			31,078,910

Balance sheet data
Total LHFI	$	7,585,526		$	7,573,713		$	7,956,790		$	7,959,171		$	7,900,027
Total LHFI excluding MW LOC		7,181,395			7,224,632			7,461,602			7,452,666			7,499,032
Total assets		9,750,372			9,678,702			9,965,986			9,947,182			9,892,379
Total deposits		8,338,412			8,223,120			8,486,568			8,510,842			8,505,464
Total stockholders’ equity		1,180,177			1,145,245			1,145,673			1,095,894			1,078,853

Performance metrics and capital ratios
Yield on LHFI		6.33	%		6.47	%		6.67	%		6.58	%		6.58	%
Yield on interest-earnings assets		5.79			5.91			6.09			6.04			5.99
Cost of interest-bearing deposits		3.23			3.61			4.01			3.95			3.85
Cost of total deposits		2.52			2.79			3.14			3.08			2.99
NIM – fully tax equivalent (“FTE”)		3.44			3.33			3.18			3.17			3.19
Return on average assets (annualized) (“ROAA”)		0.93			0.57			0.74			0.84			0.92
PTPP ROAA (annualized)⁽¹⁾		1.32			0.50			1.13			1.28			1.30
Return on average stockholders’ equity (annualized) (“ROAE”)		7.79			4.94			6.57			7.79			8.57
Book value per common share	$	37.77		$	36.71		$	36.76		$	35.23		$	34.79
Tangible book value per common share⁽¹⁾		32.43			31.38			31.37			29.77			29.24
Adjusted tangible book value per common share⁽¹⁾		35.33			34.78			34.39			33.86			33.27
Return on average tangible common equity (annualized) (“ROATCE”)⁽¹⁾		9.09	%		5.78	%		7.74	%		9.25	%		10.24	%
Efficiency ratio⁽²⁾		65.99			83.85			68.86			66.82			64.81
Core efficiency ratio⁽¹⁾		65.33			82.79			67.48			65.55			65.24
Common equity tier 1 to risk-weighted assets⁽³⁾		13.57			13.32			12.46			12.15			11.97
Tier 1 capital to risk-weighted assets⁽³⁾		13.76			13.52			12.64			12.33			12.15
Total capital to risk-weighted assets⁽³⁾		15.81			16.44			15.45			15.16			14.98
Tier 1 leverage ratio⁽³⁾		11.47			11.08			10.93			10.70			10.66

___________________________

⁽¹⁾	PTPP earnings, PTPP ROAA, tangible book value per common share, adjusted tangible book value per common share, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
⁽²⁾	Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
⁽³⁾	March 31, 2025, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc. Consolidated Quarterly Statements of Income (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024

Interest and dividend income	(Dollars in thousands, except per share amounts)
Interest and fees on loans	$	117,075		$	127,021		$	133,195	$	129,879	$	127,186
Investment securities-taxable		8,076			6,651			6,536		6,606		6,849
Investment securities-nontaxable		968			964			905		893		910
Interest and dividend income on assets held in other financial institutions		6,424			5,197			3,621		4,416		3,756
Total interest and dividend income		132,543			139,833			144,257		141,794		138,701
Interest expense
Interest-bearing deposits		51,779			59,511			67,051		65,469		62,842
FHLB advances and other borrowings		96			88			482		514		518
Subordinated indebtedness		2,209			1,885			1,920		1,921		2,018
Total interest expense		54,084			61,484			69,453		67,904		65,378
Net interest income		78,459			78,349			74,804		73,890		73,323
Provision (benefit) for credit losses		3,444			(5,398	)		4,603		5,231		3,012
Net interest income after provision for credit losses		75,015			83,747			70,201		68,659		70,311
Noninterest income
Insurance commission and fee income		7,927			5,441			6,928		6,665		7,725
Service charges and fees		4,716			4,801			4,664		4,862		4,688
Other fee income		2,301			2,152			2,114		2,404		2,247
Mortgage banking revenue		915			1,151			1,153		1,878		2,398
Swap fee income		533			116			106		44		57
(Loss) gain on sales of securities, net		—			(14,617	)		221		—		(403	)
Limited partnership investment (loss) income		(1,692	)		(62	)		375		68		138
Change in fair value of equity investments		—			—			—		5,188		—
Other income		902			688			428		1,356		405
Total noninterest income (loss)		15,602			(330	)		15,989		22,465		17,255
Noninterest expense
Salaries and employee benefits		37,731			36,405			38,491		38,109		35,818
Occupancy and equipment, net		8,544			7,913			6,298		7,009		6,645
Data processing		2,957			3,414			3,470		3,468		3,145
Office and operations		2,972			2,883			2,984		3,072		2,502
Intangible asset amortization		1,761			1,800			1,905		2,137		2,137
Regulatory assessments		1,392			1,535			1,791		1,842		1,734
Advertising and marketing		1,133			1,929			1,449		1,328		1,444
Professional services		1,250			2,064			2,012		1,303		1,231
Electronic banking		1,354			1,377			1,308		1,238		1,239
Loan-related expenses		599			431			751		1,077		905
Franchise tax expense		675			884			721		815		477
Other expenses		1,700			4,787			1,341		2,990		1,430
Total noninterest expense		62,068			65,422			62,521		64,388		58,707
Income before income tax expense		28,549			17,995			23,669		26,736		28,859
Income tax expense		6,138			3,725			5,068		5,747		6,227
Net income	$	22,411		$	14,270		$	18,601	$	20,989	$	22,632

Origin Bancorp, Inc. Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and due from banks	$	112,888		$	132,991		$	159,337		$	137,615		$	98,147
Interest-bearing deposits in banks		373,314			337,258			161,854			150,435			193,365
Total cash and cash equivalents		486,202			470,249			321,191			288,050			291,512
Securities:
AFS		1,161,368			1,102,528			1,160,965			1,160,048			1,190,922
Held to maturity, net of allowance for credit losses		11,094			11,095			11,096			11,616			11,651
Securities carried at fair value through income		6,512			6,512			6,533			6,499			6,755
Total securities		1,178,974			1,120,135			1,178,594			1,178,163			1,209,328
Non-marketable equity securities held in other financial institutions		71,754			71,643			67,068			64,010			53,870
Loans held for sale		10,191			10,494			7,631			18,291			14,975
LHFI		7,585,526			7,573,713			7,956,790			7,959,171			7,900,027
Less: ALCL		92,011			91,060			95,989			100,865			98,375
LHFI, net of ALCL		7,493,515			7,482,653			7,860,801			7,858,306			7,801,652
Premises and equipment, net		123,847			126,620			126,751			121,562			120,931
Cash surrender value of bank-owned life insurance		41,021			40,840			40,602			40,365			40,134
Goodwill		128,679			128,679			128,679			128,679			128,679
Other intangible assets, net		38,212			37,473			39,272			41,177			43,314
Accrued interest receivable and other assets		177,977			189,916			195,397			208,579			187,984
Total assets	$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182		$	9,892,379
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,888,808		$	1,900,651		$	1,893,767		$	1,866,622		$	1,887,066
Interest-bearing deposits excluding brokered interest-bearing deposits, if any		5,536,636			5,301,243			5,137,940			4,984,817			4,990,632
Time deposits		862,968			941,000			1,023,252			1,022,589			1,030,656
Brokered deposits		50,000			80,226			431,609			636,814			597,110
Total deposits		8,338,412			8,223,120			8,486,568			8,510,842			8,505,464
FHLB advances and other borrowings		12,488			12,460			30,446			40,737			13,158
Subordinated indebtedness		89,599			159,943			159,861			159,779			160,684
Accrued expenses and other liabilities		129,696			137,934			143,438			139,930			134,220
Total liabilities		8,570,195			8,533,457			8,820,313			8,851,288			8,813,526
Stockholders’ equity:
Common stock		156,220			155,988			155,837			155,543			155,057
Additional paid-in capital		538,790			537,366			535,662			532,950			530,380
Retained earnings		575,578			557,920			548,419			534,585			518,325
Accumulated other comprehensive loss		(90,411	)		(106,029	)		(94,245	)		(127,184	)		(124,909	)
Total stockholders’ equity		1,180,177			1,145,245			1,145,673			1,095,894			1,078,853
Total liabilities and stockholders’ equity	$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182		$	9,892,379

Origin Bancorp, Inc. Loan Data (Unaudited)

	At and For the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

LHFI	(Dollars in thousands)
Owner occupied commercial real estate	$	937,985		$	975,947		$	991,671		$	959,850		$	948,624
Non-owner occupied commercial real estate		1,445,864			1,501,484			1,533,093			1,563,152			1,472,164
Construction/land/land development		798,609			864,011			991,545			1,017,389			1,168,597
Residential real estate – single family		1,465,192			1,432,129			1,414,013			1,421,027			1,373,532
Multi-family real estate		489,765			425,460			434,317			398,202			359,765
Total real estate loans		5,137,415			5,199,031			5,364,639			5,359,620			5,322,682
Commercial and industrial		2,022,085			2,002,634			2,074,037			2,070,947			2,154,151
MW LOC		404,131			349,081			495,188			506,505			400,995
Consumer		21,895			22,967			22,926			22,099			22,199
Total LHFI		7,585,526			7,573,713			7,956,790			7,959,171			7,900,027
Less: ALCL		92,011			91,060			95,989			100,865			98,375
LHFI, net	$	7,493,515		$	7,482,653		$	7,860,801		$	7,858,306		$	7,801,652

Nonperforming assets⁽¹⁾
Nonperforming LHFI
Commercial real estate	$	5,465		$	4,974		$	2,776		$	2,196		$	4,474
Construction/land/land development		17,694			18,505			26,291			26,336			383
Residential real estate⁽²⁾		40,749			36,221			14,313			13,493			14,918
Commercial and industrial		17,325			15,120			20,486			33,608			20,560
Consumer		135			182			407			179			104
Total nonperforming LHFI		81,368			75,002			64,273			75,812			40,439
Other real estate owned/repossessed assets		1,990			3,635			6,043			6,827			3,935
Total nonperforming assets	$	83,358		$	78,637		$	70,316		$	82,639		$	44,374
Classified assets	$	129,666		$	122,417		$	113,529		$	125,081		$	88,152
Past due LHFI⁽³⁾		72,774			42,437			38,838			66,276			32,835

Allowance for loan credit losses
Balance at beginning of period	$	91,060		$	95,989		$	100,865		$	98,375		$	96,868
Provision (benefit) for loan credit losses		3,679			(5,489	)		4,644			5,436			4,089
Loans charged off		4,848			2,025			11,226			3,706			6,683
Loan recoveries		2,120			2,585			1,706			760			4,101
Net charge-offs (recoveries)		2,728			(560	)		9,520			2,946			2,582
Balance at end of period	$	92,011		$	91,060		$	95,989		$	100,865		$	98,375

Credit quality ratios
Total nonperforming assets to total assets		0.85	%		0.81	%		0.71	%		0.83	%		0.45	%
Nonperforming LHFI to LHFI		1.07			0.99			0.81			0.95			0.51
Past due LHFI to LHFI		0.96			0.56			0.49			0.83			0.42
ALCL to nonperforming LHFI		113.08			121.41			149.35			133.05			243.27
ALCL to total LHFI		1.21			1.20			1.21			1.27			1.25
ALCL to total LHFI, adjusted⁽⁴⁾		1.28			1.25			1.28			1.34			1.30
Net charge-offs (recoveries) to total average LHFI (annualized)		0.15			(0.03	)		0.48			0.15			0.13

___________________________

⁽¹⁾	Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale, if any.
⁽²⁾	Includes multi-family real estate.
⁽³⁾	Past due LHFI are defined as loans 30 days or more past due.
⁽⁴⁾	The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Origin Bancorp, Inc. Average Balances and Yields/Rates (Unaudited)

	Three Months Ended
	March 31, 2025				December 31, 2024				March 31, 2024
	Average Balance		Yield/Rate		Average Balance		Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands)
Commercial real estate	$	2,448,099	5.82	%	$	2,499,279	5.89	%	$	2,438,476	5.84	%
Construction/land/land development		821,754	6.87			936,134	6.92			1,130,355	7.25
Residential real estate⁽¹⁾		1,909,922	5.53			1,847,399	5.50			1,739,105	5.40
Commercial and industrial (“C&I”)		2,004,034	7.37			2,028,290	7.68			2,121,502	7.89
MW LOC		289,521	7.07			459,716	7.26			306,248	7.59
Consumer		22,709	7.45			23,393	7.64			23,319	8.07
LHFI		7,496,039	6.33			7,794,211	6.47			7,759,005	6.58
Loans held for sale		8,590	6.18			10,981	6.81			12,906	5.86
Loans receivable		7,504,629	6.33			7,805,192	6.47			7,771,911	6.58
Investment securities-taxable		1,021,904	3.21			1,002,216	2.64			1,095,480	2.51
Investment securities-nontaxable		140,875	2.79			149,307	2.57			148,077	2.47
Non-marketable equity securities held in other financial institutions		71,669	2.35			69,070	2.78			58,455	3.77
Interest-earning balances due from banks		543,821	4.48			394,790	4.75			240,432	5.37
Total interest-earning assets		9,282,898	5.79			9,420,575	5.91			9,314,355	5.99
Noninterest-earning assets		525,317				557,968				546,881
Total assets	$	9,808,215			$	9,978,543			$	9,861,236

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	5,538,710	3.14	%	$	5,341,028	3.48	%	$	5,009,117	3.69	%
Time deposits		972,176	3.69			1,213,565	4.20			1,563,992	4.35
Total interest-bearing deposits		6,510,886	3.23			6,554,593	3.61			6,573,109	3.85
FHLB advances and other borrowings		14,148	2.75			12,698	2.76			42,284	4.92
Subordinated indebtedness		124,133	7.22			159,910	4.69			165,252	4.91
Total interest-bearing liabilities		6,649,167	3.30			6,727,201	3.64			6,780,645	3.88
Noninterest-bearing liabilities
Noninterest-bearing deposits		1,837,365				1,940,689				1,866,496
Other liabilities		154,934				161,425				151,390
Total liabilities		8,641,466				8,829,315				8,798,531
Stockholders’ Equity		1,166,749				1,149,228				1,062,705
Total liabilities and stockholders’ equity	$	9,808,215			$	9,978,543			$	9,861,236
Net interest spread			2.49	%			2.27	%			2.11	%
NIM			3.43				3.31				3.17
NIM-FTE⁽²⁾			3.44				3.33				3.19

___________________________

⁽¹⁾	Includes multi-family real estate.
⁽²⁾	In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.

Origin Bancorp, Inc. Notable Items (Unaudited)

	At and For the Three Months Ended
	March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
	$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾

	(Dollars in thousands, except per share amounts)
Notable interest income items:
Interest income reversal on relationships impacted by questioned banker activity	$	—		$	—		$	—		$	—		$	—		$	—		$	(1,206	)	$	(0.03	)	$	—		$	—
Notable interest expense items:
OID amortization – subordinated debenture redemption		(681	)		(0.02	)		—			—			—			—			—			—			—			—
Notable provision expense items:
Provision release (expense) related to questioned banker activity		—			—			3,212			0.08			—			—			(3,212	)		(0.08	)		—			—
Provision release (expense) on relationships impacted by questioned banker activity		375			0.01			—			—			—			—			(4,131	)		(0.11	)		—			—
Notable noninterest income items⁽²⁾:
MSR gain (impairment)		—			—			—			—			—			—			—			—			410			0.01
(Loss) gain on sales of securities, net		—			—			(14,617	)		(0.37	)		221			0.01			—			—			(403	)		(0.01	)
Gain on sub-debt repurchase		—			—			—			—			—			—			81			—			—			—
Positive valuation adjustment on non-marketable equity securities		—			—			—			—			—			—			5,188			0.13			—			—
Net (loss) gain on OREO properties⁽²⁾		(212	)		(0.01	)		198			—			—			—			800			0.02			—			—
BOLI payout		208			0.01			—			—			—			—			—			—			—			—
Notable noninterest expense items:
Operating expense related to questioned banker activity		(543	)		(0.01	)		(4,069	)		(0.10	)		(848	)		(0.02	)		(1,452	)		(0.04	)		—			—
Operating expense related to strategic Optimize Origin initiatives		(1,615	)		(0.04	)		(1,121	)		(0.03	)		—			—			—			—			—			—
Employee Retention Credit		213			0.01			1,651			0.04			—			—			—			—			—			—
Total notable items	$	(2,255	)		(0.06	)	$	(14,746	)		(0.37	)	$	(627	)		(0.02	)	$	(3,932	)		(0.10	)	$	7			—

___________________________

⁽¹⁾	The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
⁽²⁾	The $212,000 net (loss) gain on OREO properties for the quarter ended March 31, 2025, includes a $444,000 expected insurance settlement recovery that was included in noninterest income on the face of the income statement and a $148,000 repair cost that was included in noninterest expense.

Origin Bancorp, Inc. Non-GAAP Financial Measures (Unaudited)

	At and For the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

	(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income	$	22,411		$	14,270		$	18,601		$	20,989		$	22,632
Provision (benefit) for credit losses		3,444			(5,398	)		4,603			5,231			3,012
Income tax expense		6,138			3,725			5,068			5,747			6,227
PTPP earnings (non-GAAP)	$	31,993		$	12,597		$	28,272		$	31,967		$	31,871

Calculation of PTPP ROAA:
PTPP earnings	$	31,993		$	12,597		$	28,272		$	31,967		$	31,871
Divided by number of days in the quarter		90			92			92			91			91
Multiplied by the number of days in the year		365			366			366			366			366
PTPP earnings, annualized	$	129,749		$	50,114		$	112,473		$	128,571		$	128,184

Divided by total average assets	$	9,808,215		$	9,978,543		$	9,985,836		$	10,008,225		$	9,861,236
ROAA (annualized) (GAAP)		0.93	%		0.57	%		0.74	%		0.84	%		0.92	%
PTPP ROAA (annualized) (non-GAAP)		1.32			0.50			1.13			1.28			1.30

Calculation of tangible book value per common share and adjusted tangible book value per common share:
Total common stockholders’ equity	$	1,180,177		$	1,145,245		$	1,145,673		$	1,095,894		$	1,078,853
Goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Other intangible assets, net		(38,212	)		(37,473	)		(39,272	)		(41,177	)		(43,314	)
Tangible common equity		1,013,286			979,093			977,722			926,038			906,860
Accumulated other comprehensive loss		90,411			106,029			94,245			127,184			124,909
Adjusted tangible common equity		1,103,697			1,085,122			1,071,967			1,053,222			1,031,769
Divided by common shares outstanding at the end of the period		31,244,006			31,197,574			31,167,410			31,108,667			31,011,304
Book value per common share (GAAP)	$	37.77		$	36.71		$	36.76		$	35.23		$	34.79
Tangible book value per common share (non-GAAP)		32.43			31.38			31.37			29.77			29.24
Adjusted tangible book value per common share (non-GAAP)		35.33			34.78			34.39			33.86			33.27

Calculation of ROATCE:
Net income	$	22,411		$	14,270		$	18,601		$	20,989		$	22,632
Divided by number of days in the quarter		90			92			92			91			91
Multiplied by number of days in the year		365			366			366			366			366
Annualized net income	$	90,889		$	56,770		$	74,000		$	84,417		$	91,025

Total average common stockholders’ equity	$	1,166,749		$	1,149,228		$	1,125,697		$	1,084,269		$	1,062,705
Average goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Average other intangible assets, net		(38,254	)		(38,646	)		(40,487	)		(42,563	)		(44,700	)
Average tangible common equity		999,816			981,903			956,531			913,027			889,326

ROATCE (non-GAAP)		9.09	%		5.78	%		7.74	%		9.25	%		10.24	%
Calculation of core efficiency ratio:
Total noninterest expense	$	62,068		$	65,422		$	62,521		$	64,388		$	58,707
Insurance and mortgage noninterest expense		(8,230	)		(8,497	)		(8,448	)		(8,402	)		(8,045	)
Adjusted total noninterest expense		53,838			56,925			54,073			55,986			50,662

Net interest income	$	78,459		$	78,349		$	74,804		$	73,890		$	73,323
Insurance and mortgage net interest income		(2,815	)		(2,666	)		(2,578	)		(2,407	)		(2,795	)
Total noninterest income		15,602			(330	)		15,989			22,465			17,255
Insurance and mortgage noninterest income		(8,842	)		(6,592	)		(8,081	)		(8,543	)		(10,123	)
Adjusted total revenue		82,404			68,761			80,134			85,405			77,660

Efficiency ratio (GAAP)		65.99	%		83.85	%		68.86	%		66.82	%		64.81	%
Core efficiency ratio (non-GAAP)		65.33			82.79			67.48			65.55			65.24

The MIL Network –

April 24, 2025

MIL-OSI: Northrim BanCorp Earns $13.3 Million, or $2.38 Per Diluted Share, in First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, April 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, compared to $10.9 million, or $1.95 per diluted share, in the fourth quarter of 2024, and $8.2 million, or $1.48 per diluted share, in the first quarter a year ago. The increase in first quarter 2025 profitability as compared to the first quarter a year ago was primarily the result of an increase in purchased receivable income, higher net interest income, increased mortgage banking income, and a benefit for the provision for credit losses, which were only partially offset by higher other operating expenses. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the first quarter of 2025 increased to $0.64 per share as compared to $0.62 per share in the fourth quarter of 2024 and $0.61 per share in the first quarter of 2024.

“Our record first quarter earnings are the result of Northrim’s focus on profitable, market share driven growth,” said Mike Huston, Northrim’s President and Chief Executive Officer. “Our strong financial performance is due to our history of investing in our people and banking infrastructure to consistently deliver ‘Superior Customer First Service’. We remain confident that our dedication to serving our customers and communities will support future growth.”

First Quarter 2025 Highlights:

Net interest income in the first quarter of 2025 increased 1% to $31.3 million compared to $30.8 million in the fourth quarter of 2024 and increased 18% compared to $26.4 million in the first quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.61% for the first quarter of 2025, up 14-basis points from the fourth quarter of 2024 and up 39-basis points from the first quarter a year ago.
Return on average assets (“ROAA”) was 1.76% and return on average equity (“ROAE”) was 19.70% for the first quarter of 2025. ROAA was 1.19% and ROAE was 13.84% for the first quarter of 2024.
Portfolio loans were $2.12 billion at March 31, 2025, down slightly from the preceding quarter and up 17% from a year ago. Portfolio loans in the first quarter of 2025 decreased from the preceding quarter primarily due to the reclassification of $100 million of consumer mortgages previously held as residential real estate loans to loans held for sale. The consumer mortgages are expected to be sold in the second quarter of 2025 to reduce the concentration of residential real estate loans and provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.78 billion at March 31, 2025, up 4% from the preceding quarter, and up 14% from $2.43 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 4% year-over-year to $742.6 million at March 31, 2025 and represent 27% of total deposits.
The average cost of interest-bearing deposits was 2.01% at March 31, 2025, down from 2.15% at December 31, 2024 and 2.13% at March 31, 2024.
Mortgage loan originations were $121.6 million in the first quarter of 2025, down from $185.9 million in the fourth quarter of 2024 and up from $101.7 million in the first quarter a year ago. Mortgage loans funded for sale were $108.5 million in the first quarter of 2025, compared to $162.5 million in the fourth quarter of 2024 and $84.3 million in the first quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total assets	$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668		$	2,759,560
Total portfolio loans	$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907		$	1,811,135
Total deposits	$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806		$	2,434,083
Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Net income	$	13,324		$	10,927		$	8,825		$	9,020		$	8,199
Diluted earnings per share	$	2.38		$	1.95		$	1.57		$	1.62		$	1.48
Return on average assets		1.76	%		1.43	%		1.22	%		1.31	%		1.19	%
Return on average shareholders’ equity		19.70	%		16.32	%		13.69	%		14.84	%		13.84	%
NIM		4.55	%		4.41	%		4.29	%		4.24	%		4.16	%
NIMTE^*		4.61	%		4.47	%		4.35	%		4.30	%		4.22	%
Efficiency ratio		64.47	%		66.96	%		66.11	%		68.78	%		68.93	%
Total shareholders’ equity/total assets		8.91	%		8.78	%		8.78	%		8.76	%		8.67	%
Tangible common equity/tangible assets^*		7.41	%		7.23	%		8.28	%		8.24	%		8.14	%
Book value per share	$	50.67		$	48.41		$	47.27		$	44.93		$	43.52
Tangible book value per share^*	$	41.47		$	39.17		$	44.36		$	42.03		$	40.61
Dividends per share	$	0.64		$	0.62		$	0.62		$	0.61		$	0.61
Common stock outstanding		5,520,892			5,518,210			5,501,943			5,501,562			5,499,578

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 13.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in February of 2025 was 4.7% compared to the U.S. rate of 4.1%. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.6% or 5,200 jobs between February of 2024 and February of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 7.5% through February 2025 compared to the prior year, up 600 direct jobs. The Construction sector added 1,000 positions for a year-over-year growth rate of 6.1% in February of 2025. The larger Health Care sector grew by 1,400 jobs for an annual growth rate of 3.4%. Transportation, Warehousing and Utilities added 1,100 jobs for a 5% growth rate. Leisure and Hospitality increased 500 jobs year-over-year through February of 2025, up 1.6%.

The Government sector grew by 600 jobs for 0.7% growth, adding 100 Federal jobs, and 500 State positions in Alaska over the same period. Declining sectors between February 2024 and February 2025 were Manufacturing (primarily seafood processing) shrinking 500 positions (-4.4%), Financial Activities, down 100 jobs (-0.9%), and Retail lost 100 jobs (-0.3%).

Alaska’s seasonally adjusted personal income was $56.5 billion in the fourth quarter of 2024 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the fourth quarter of 4.7% for Alaska, compared to the national average of 4.6%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $650 million increase in personal income in the fourth quarter in Alaska came from a $446 million increase in net earnings from wages, $154 million growth in government transfer receipts, and a $49 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in 2024, reached $70 billion for the first time according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and 4% annualized in the fourth quarter of 2024, placing Alaska third best of all 50 states for the quarter. The average U.S. GDP growth rate was 2.8% for the year and 2.4% in the fourth quarter of 2024. Alaska’s real GSP improvement in the fourth quarter of 2024 was primarily caused by growth in the Mining, Oil & Gas; Transportation & Warehousing; and to a lesser extent the Health Care sector. Construction played a larger role in the annual state GSP performance.

Based on data from the U.S. Chamber of Commerce, Alaska exported $5.2 billion in goods to foreign countries in 2023. China is the largest importer of Alaska’s products at $1.2 billion, followed by Japan at $710 million and Korea at $702 million in 2023. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores $1.5 billion, and primary metals at $780 million in 2023. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run.”

According to the US Bureau of Labor Statistics, the Consumer Price Index, or CPI, for the U.S. increased 2.8% between February of 2024 and February of 2025. In Alaska, the rate of increase was 2.9% for the same time period. Food and beverage; housing rents and mortgage rates; transportation; and medical care costs are the largest causes for inflation. Declining motor fuel prices, new and used car prices, and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil was $76.39 in January, $74.03 in February and $73.39 in March of 2025. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Through nine months of the fiscal year 2025, production has averaged slightly above the State of Alaska forecast of 467 thousand bpd. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka oil field and ConocoPhillips is developing the new Willow oil field. There are also a number of smaller new oil fields in Alaska’s North Slope that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of February 28, 2025 the funds value was $81.35 billion. According to the DOR it is scheduled to contribute $3.7 billion to the Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,109, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. These two markets represent where the vast majority of the residential lending activity for Northrim Bank (the”Bank”) occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the first quarter of 2025, Northrim generated a ROAA of 1.76% and a ROAE of 19.70%, compared to 1.43% and 16.32%, respectively, in the fourth quarter of 2024 and 1.19% and 13.84%, respectively, in the first quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 1% to $31.3 million in the first quarter of 2025 compared to $30.8 million in the fourth quarter of 2024 and increased 18% compared to $26.4 million in the first quarter of 2024. Interest expense on deposits decreased to $9.9 million in the first quarter of 2025 compared to $10.6 million in the fourth quarter of 2024 and increased compared to $9.2 million in the first quarter of 2024.

NIMTE^* was 4.61% in the first quarter of 2025 up from 4.47% in the preceding quarter and 4.22% in the first quarter a year ago. NIMTE^* increased 39 basis points in the first quarter of 2025 compared to the first quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, slightly higher yields on those assets, and a decrease in costs on interest-bearing liabilities. The weighted average interest rate for new loans booked in the first quarter of 2025 was 7.30% compared to 7.23% in the fourth quarter of 2024 and 7.84% in the first quarter a year ago. The yield on the investment portfolio in the first quarter of 2025 increased to 2.97% from 2.84% in the fourth quarter of 2024 and 2.82% in the first quarter of 2024. “We are starting to see some benefit from lower deposit costs that benefit our net interest margin and outweigh the impact of the recent Fed rate cuts on our loan portfolio, which we could continue to see for the next couple of quarters,” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.23% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of December 31, 2024.

Provision for Credit Losses

Northrim recorded a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit to the provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. This compares to a provision for credit losses of $1.2 million in the fourth quarter of 2024, and provision for credit losses of $149,000 in the first quarter a year ago.

The benefit to the provision for unfunded commitments in the first quarter of 2025 was primarily due to a decrease in estimated loss rates due to changes in mix that was only partially offset by management’s assessment of economic conditions and estimated funding rates. The decrease to the provision for credit losses on loans in the first quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of the reclassification of $100 million in mortgage loans to loans held for sale, which provided a benefit to the provision of $2.2 million in the Home Mortgage Lending segment for the first quarter of 2025. This benefit was only partially offset by a $1.5 million provision for credit losses in the Home Mortgage Lending segment due to changes in the Company’s loss rate regression models for home mortgage loans. Additionally, the Company recorded $1.7 million net benefit for credit losses in the Community Banking segment related to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions, an increase for higher loan balances in other loan segments, and specific provisions for credit losses in the Specialty Finance segment. These items reduced the overall benefit by $1.3 million. The provision for credit losses related to the Specialty Finance segment of $666,000 in the first quarter of 2025 consisted of a $621,000 provision for credit losses on loans and a $46,000 provision for credit losses on purchased receivables and represents management’s estimate of collateral shortfalls for four loans.

Nonperforming loans, net of government guarantees, increased during the quarter to $8.0 million at March 31, 2025, compared to $7.5 million at December 31, 2024, and $5.3 million at March 31, 2024.

The allowance for credit losses on loans was 262% of nonperforming loans, net of government guarantees, at the end of the first quarter of 2025, compared to 292% three months earlier and 333% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $14.2 million, or 31% of total first quarter 2025 revenues, as compared to $13.0 million, or 30% of revenues in the fourth quarter of 2024, and $7.8 million, or 23% of revenues in the first quarter of 2024. The increase in other operating income in the first quarter of 2025 as compared to the preceding quarter and the first quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. The fair market value of marketable equity securities decreased $50,000 in the first quarter of 2025 compared to a decrease of $364,000 in the prior quarter and an increase of $314,000 in the first quarter of 2024. Additionally, the increase in other operating income in the first quarter of 2025 as compared to the fourth quarter of 2024 was partially offset by a decrease in mortgage banking income due to a lower volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $29.3 million in the first quarter of 2025, compared to $29.4 million in the fourth quarter of 2024, and $23.6 million in the first quarter of 2024. The decrease in other operating expenses in the first quarter of 2025 compared to the fourth quarter of 2024 was primarily due to a decrease in salaries and other personnel expense, including $623,000 in lower mortgage commissions expense due to lower mortgage volume and a decrease in profit share expense. Professional fees decreased in the first quarter of 2025 compared to the fourth quarter of 2024 primarily due to one-time deal costs associated with the acquisition of Sallyport of $1.1 million recorded in the fourth quarter of 2024. These decreases were only partially offset by $600,000 in compensation expense for Sallyport acquisition payments and an increase in other operating expense for a decrease in fair value of loans held for sale of $1.2 million as a result of reclassifying the consumer mortgages discussed above. The increase in other operating expenses in the first quarter of 2025 compared to the first quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, the increase in other operating expense for the decrease in fair value of loans held for sale, as well as an increase in other real estate owned, or OREO, expense due to a gain on sale recorded in the first quarter of 2024 for proceeds received related to a government guarantee on an OREO property in prior years. Total other operating expense increased $2.7 million in the Specialty Finance segment in the first quarter of 2025 compared to the first quarter of 2024 from the addition of Sallyport on October 31, 2024.

Income Tax Provision

In the first quarter of 2025, Northrim recorded $4.3 million in state and federal income tax expense for an effective tax rate of 24.2%, compared to $2.4 million, or 17.8% in the fourth quarter of 2024 and $2.3 million, or 21.9% in the first quarter a year ago. The increase in the tax rate in the first quarter of 2025 as compared to the fourth and first quarters of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $28.2 million in the first quarter of 2025, compared to $27.6 million in the fourth quarter of 2024 and $24.2 million in the first quarter of 2024. Net interest income increased slightly in the first quarter of 2025 as compared to the fourth quarter of 2024 mostly due to lower interest expense on deposits and borrowings and higher interest income on loans. These increases were only partially offset by lower interest income on investments.

Other operating expenses in the Community Banking segment totaled $18.6 million in the first quarter of 2025, down $535,000 or 3% from $19.1 million in the fourth quarter of 2024, and up $1.4 million or 8% from $17.2 million in the first quarter a year ago. The decrease in the first quarter of 2025 as compared to the prior quarter was mostly due to decreases in salaries and other personnel expense, marketing expense, and professional and outside services expense. The increase in the first quarter of 2025 as compared to the first quarter a year ago was primarily due to an increase in OREO expense due to a gain on sale recorded in the first quarter of 2024 for proceeds received related to a government guarantee on an OREO property sold in prior years, as well as increases in data processing expense, insurance expense, salaries and other personnel expense, and marketing expense.

The following table provides highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024			March 31, 2024
Net interest income	$	28,151		$	27,643	$	25,928	$	24,318		$	24,215
(Benefit) provision for credit losses		(1,768	)		771		1,492		(184	)		197
Other operating income		2,703			2,535		3,507		2,450			2,468
Other operating expense		18,581			19,116		18,723		18,068			17,178
Income before provision for income taxes		14,041			10,291		9,220		8,884			9,308
Provision for income taxes		3,253			1,474		2,133		1,786			1,966
Net income	$	10,788		$	8,817	$	7,087	$	7,098		$	7,342
Weighted average shares outstanding, diluted		5,608,102			5,597,889		5,583,055		5,558,580			5,554,930
Diluted earnings per share attributable to Community Banking	$	1.93		$	1.58	$	1.26	$	1.27		$	1.32

Home Mortgage Lending

During the first quarter of 2025, mortgage loans funded for sale were $108.5 million, compared to $162.5 million in the fourth quarter of 2024, and $84.3 million in the first quarter of 2024.

During the first quarter of 2025, the Bank purchased loans of $13.1 million from its subsidiary, Residential Mortgage. of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.39%, as compared to $23.4 million and 6.30% in the fourth quarter of 2024, and $17.4 million and 6.65% in the first quarter of 2024. Net interest income contributed $3.0 million to total Home Mortgage Lending revenue in the first quarter of 2025, down from $3.3 million in the prior quarter, and up from $2.2 million in the first quarter a year ago.

The income statement impact from the reclassification of the consumer mortgages was a decrease in provision for credit losses of $2.2 million and a $1.2 million decrease in the fair value of mortgages.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 20% of Residential Mortgage’s $122 million total production in the first quarter of 2025, 19% of $186 million total production in the fourth quarter of 2024, and 19% of $102 million total production in the first quarter of 2024.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $855,000 during the first quarter of 2025 compared to an increase of $873,000 for the fourth quarter of 2024 and a decrease of $25,000 for the first quarter of 2024. Mortgage servicing revenue decreased to $2.7 million in the first quarter of 2025 from $2.8 million in the prior quarter and increased from $1.6 million in the first quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the first quarter of 2025, the Company’s servicing portfolio increased $24.0 million compared to a $294.1 million increase in the fourth quarter of 2024, which included the purchase of the AHFC servicing portfolio of $235.6 million, and an increase of $15.5 million in the first quarter of 2024.

As of March 31, 2025, Northrim serviced 6,391 loans in its $1.48 billion home-mortgage-servicing portfolio, a 2% increase compared to the $1.46 billion serviced as of the end of the fourth quarter of 2024, and a 40% increase from the $1.06 billion serviced a year ago.

The following table provides highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Mortgage commitments	$	68,258		$	32,299		$	77,591		$	88,006		$	56,208

Mortgage loans funded for sale	$	108,499		$	162,530		$	209,960		$	152,339		$	84,324
Mortgage loans funded for investment		13,061			23,380			38,087			29,175			17,403
Total mortgage loans funded	$	121,560		$	185,910		$	248,047		$	181,514		$	101,727
Mortgage loan refinances to total fundings		11	%		11	%		6	%		6	%		4	%
Mortgage loans serviced for others	$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800		$	1,060,007

Net realized gains on mortgage loans sold	$	2,740		$	3,747		$	5,079		$	3,188		$	1,980
Change in fair value of mortgage loan commitments, net		660			(665	)		60			391			386
Total production revenue		3,400			3,082			5,139			3,579			2,366
Mortgage servicing revenue		2,696			2,847			2,583			2,164			1,561
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(322	)		1,372			(566	)		239			289
Other²		(533	)		(499	)		(402	)		(320	)		(314	)
Total mortgage servicing revenue, net		1,841			3,720			1,615			2,083			1,536
Other mortgage banking revenue		170			238			293			222			129
Total mortgage banking income	$	5,411		$	7,040		$	7,047		$	5,884		$	4,031

Net interest income	$	3,046		$	3,280		$	2,941		$	2,775		$	2,232
Provision (benefit) for credit losses		(307	)		305			571			64			(48	)
Mortgage banking income		5,411			7,040			7,047			5,884			4,031
Other operating expense		7,650			7,198			7,643			6,697			6,086
Income (loss) before provision for income taxes		1,114			2,817			1,774			1,898			225
Provision (benefit) for income taxes		310			842			497			532			63
Net income (loss)	$	804		$	1,975		$	1,277		$	1,366		$	162

Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,583,055			5,558,580			5,554,930
Diluted earnings per share attributable to Home Mortgage Lending	$	0.14		$	0.35		$	0.23		$	0.25		$	0.03

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport Commercial Finance. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the first quarter of 2025 was $1.3 million compared to $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $59.9 million for the first quarter of 2025, and yielded 35.8%. This included the recognition of $899,000 in fee income collected during the quarter related to two nonperforming receivables that was previously deferred and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following table provides highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024
Purchased receivable income	$	6,150		$	3,526		$	1,033	$	1,243	$	1,345
Other operating income		(64	)		(68	)		—		—		—
Interest income		596			407			158		170		212
Total revenue		6,682			3,865			1,191		1,413		1,557
Provision for credit losses		666			125			—		—		—
Compensation expense – SCF acquisition payments		600			—			—		—		—
Other operating expense		2,500			3,063			362		429		374
Interest expense		496			489			185		210		212
Total expense		4,262			3,677			547		639		586
Income before provision for income taxes		2,420			188			644		774		971
Provision for income taxes		688			53			183		218		276
Net income Specialty Finance segment	$	1,732		$	135		$	461	$	556	$	695
Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,583,055		5,558,580		5,554,930
Diluted earnings per share attributable to Specialty Finance	$	0.31		$	0.02		$	0.08	$	0.10	$	0.13

Balance Sheet Review

Northrim’s total assets were $3.14 billion at March 31, 2025, up 3% from the preceding quarter and up 14% from a year ago. Northrim’s loan-to-deposit ratio was 76% at March 31, 2025, down from 79% at December 31, 2024, and up from 74% at March 31, 2024.

At March 31, 2025, our liquid assets, investments, and loans maturing within one year were $1.11 billion and our funds available for borrowing under our existing lines of credit were $571.7 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.78 billion in the first quarter of 2025, down slightly from $2.79 billion in the fourth quarter of 2024 and up 9% from $2.56 billion in the first quarter a year ago. The average yield on interest-earning assets was 6.10% in the first quarter of 2025, up slightly from 6.02% in the preceding quarter and up from 5.69% in the first quarter a year ago.

Average investment securities decreased to $523.8 million in the first quarter of 2025, compared to $565.8 million in the fourth quarter of 2024 and $670.9 million in the first quarter a year ago. The average net tax equivalent yield on the securities portfolio was 2.97% for the first quarter of 2025, up from 2.84% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at March 31, 2025, was approximately 2.4 years compared to approximately 2.7 years at March 31, 2024. As of March 31, 2025, $70.0 million of available for sale securities with a weighted average yield of 2.25% are scheduled to mature in the next six months, $80.7 million with a weighted average yield of 1.16% are scheduled to mature in six months to one year, and $168.6 million with a weighted average yield of 1.67% are scheduled to mature in the following year, representing a total of $319.4 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $2.8 million in the first quarter of 2025 resulting in total unrealized loss, net of tax, of $5.5 million compared to $8.3 million at December 31, 2024, and $17.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $1.1 million at March 31, 2025, compared to $1.0 million at December 31, 2024, and $3.4 million a year ago.

Average interest bearing deposits in other banks decreased to $38.0 million in the first quarter of 2025 from $72.2 million in the fourth quarter of 2024 and decreased from $61.6 million in the first quarter of 2024, as cash was used to fund the loan growth and provide liquidity.

Loans held for sale increased to $159.6 million at March 31, 2025, compared to $60.0 million at December 31, 2024, and $43.8 million a year ago, largely due to the reclassification of $100 million consumer mortgage loans from portfolio loans in the first quarter of 2025. Management expects to sell these loans with servicing retained which will result in an increase to mortgage servicing rights when the sale closes in the second quarter of 2025.

Portfolio loans were $2.12 billion at March 31, 2025, consistent with the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $1.94 billion at March 31, 2025, up $77.4 million or 4% from the preceding quarter and up 22% from a year ago. This increase in the first quarter of 2025 was diversified throughout the loan portfolio including nonowner-occupied commercial real estate and multi-family loans increasing by $70.8 million, commercial loans increasing by $55.4 million, and commercial real estate owner-occupied loans increasing $10.4 million from the preceding quarter. These increases were partially offset by a $57.9 million decrease in construction loans. Average portfolio loans in the first quarter of 2025 were $2.17 billion, which was up 5% from the preceding quarter and up 21% from a year ago. Yields on average portfolio loans in the first quarter of 2025 decreased to 6.89% from 6.93% in the fourth quarter and increased from 6.75% in the first quarter of 2024. The decrease in the yield on portfolio loans in the first quarter of 2025 compared to the fourth quarter of 2024 is primarily due to a change in the mix of loans as construction loans decreased and commercial real estate loans increased as a percentage of the overall portfolio. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.43% in the first quarter of 2025 as compared to 7.40% in the fourth quarter of 2024 and 8.39% in the first quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $37.6 million at March 31, 2025. At March 31, 2025, Northrim had 23 relationships totaling $520.2 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.78 billion at March 31, 2025, up 4% from $2.68 billion at December 31, 2024, and up 14% from $2.43 billion a year ago. “The increase in deposits in the first quarter of 2025 was not consistent with our customers’ normal business cycles as we normally see decreases in balances during the first quarter, however deposits from new relationships in the quarter were more than able to offset our normal seasonal deposit movement,” said Ballard. At March 31, 2025, 74% of total deposits were held in business accounts and 26% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $61,000 as of March 31, 2025. Northrim had 27 customers with balances over $10 million as of March 31, 2025, which accounted for $694.7 million, or 26%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 4% from the prior year to $742.6 million at March 31, 2025. Demand deposits remained consistent at 27% of total deposits at both March 31, 2025 and December 31, 2024 and were down from 29% of total deposits at March 31, 2024. Average interest-bearing deposits were up 2% to $2.00 billion with an average cost of 2.01% in the first quarter of 2025, compared to $1.95 billion and an average cost of 2.15% in the fourth quarter of 2024, and up 16% compared to $1.73 billion and an average cost of 2.13% in the first quarter of 2024. Uninsured deposits totaled $1.04 billion or 37% of total deposits as of March 31, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $279.8 million, or $50.67 book value per share, at March 31, 2025, compared to $267.1 million, or $48.41 book value per share, at December 31, 2024 and $239.3 million, or $43.52 book value per share, a year ago. Tangible book value per share^* was $41.47 at March 31, 2025, compared to $39.17 at December 31, 2024, and $40.61 per share a year ago. The increase in shareholders’ equity in the first quarter of 2025 as compared to the fourth quarter of 2024 was largely the result of earnings of $13.3 million and an increase in the fair value of the available for sale securities portfolio, which increased $5.5 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the first quarter of 2025 and currently has no plans to continue to repurchase shares. Tangible common equity to tangible assets^* was 7.41% as of March 31, 2025, compared to 7.23% as of December 31, 2024 and 8.14% as of March 31, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.76% at March 31, 2025, compared to 9.76% at December 31, 2024, and 11.55% at March 31, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $12.3 million at March 31, 2025, up from $11.6 million at December 31, 2024 and $5.4 million a year ago. Of the NPAs at March 31, 2025, $4.5 million are attributable to the Community Banking segment and $7.6 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $20.4 million at March 31, 2025, as compared to $9.6 million at December 31, 2024, and $7.2 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at March 31, 2025 as compared to the prior quarter and prior year is mostly attributable to two commercial relationships totaling $9.4 million. Net loan recoveries were $34,000 in the first quarter of 2025, compared to net loan recoveries of $51,000 in the fourth quarter of 2024, and net loan recoveries of $42,000 in the first quarter of 2024. Additionally, Northrim had three new loan modifications to borrowers experiencing financial difficulty totaling $813,000, for a total of 14 totaling $3.8 million, net of government guarantees in the first quarter of 2025.

Northrim had $140.7 million, or 7% of portfolio loans, in the Healthcare sector, $122.5 million, or 6% of portfolio loans, in the Tourism sector, $110.9 million, or 5% of portfolio loans, in the Accommodations sector, $91.2 million, or 4% of portfolio loans, in the Retail sector, $85.7 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $75.5 million, or 4% of portfolio loans, in the Fishing sector, and $60.2 million, or 3% in the Restaurants and Breweries sector as of March 31, 2025.

Northrim estimates that $106.3 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of March 31, 2025, and $1.5 million of these loans are adversely classified. As of March 31, 2025, Northrim has an additional $32.6 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement
This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the wars in Ukraine and the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

www.mba.org

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.uschamber.com/assets/static/maps/international-trade/AK_Chamber_2024.pdf

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended
(Unaudited)	March 31,			December 31,			March 31,
		2025			2024			2024
Interest Income:
Interest and fees on loans	$	37,470		$	37,059		$	30,450
Interest on portfolio investments		3,675			3,844			4,520
Interest on deposits in banks		416			883			838
Total interest income		41,561			41,786			35,808
Interest Expense:
Interest expense on deposits		9,935			10,568			9,180
Interest expense on borrowings		329			377			181
Total interest expense		10,264			10,945			9,361
Net interest income		31,297			30,841			26,447

(Benefit) provision for credit losses		(1,409	)		1,201			149
Net interest income after provision for credit losses		32,706			29,640			26,298

Other Operating Income:
Purchased receivable income		6,150			3,526			1,345
Mortgage banking income		5,411			7,040			4,031
Bankcard fees		1,074			1,148			917
Service charges on deposit accounts		677			622			549
Unrealized gain (loss) on marketable equity securities		(50	)		(364	)		314
Other income		938			949			688
Total other operating income		14,200			13,033			7,844

Other Operating Expense:
Salaries and other personnel expense		17,223			18,254			15,417
Data processing expense		3,104			3,108			2,659
Occupancy expense		1,889			1,893			1,962
Professional and outside services		1,115			1,967			755
Insurance expense		1,017			894			779
Marketing expense		672			965			513
Compensation expense – SCF acquisition payments		600			—			—
OREO expense, net rental income and gains on sale		3			2			(391	)
Other operating expense		3,708			2,294			1,944
Total other operating expense		29,331			29,377			23,638

Income before provision for income taxes		17,575			13,296			10,504
Provision for income taxes		4,251			2,369			2,305
Net income	$	13,324		$	10,927		$	8,199

Basic EPS	$	2.41		$	1.99		$	1.49
Diluted EPS	$	2.38		$	1.95		$	1.48
Weighted average shares outstanding, basic		5,519,998			5,509,078			5,499,578
Weighted average shares outstanding, diluted		5,608,102			5,597,889			5,554,930

Balance Sheet
(Dollars in thousands)
(Unaudited)	March 31,			December 31,			March 31,
		2025			2024			2024

Assets:
Cash and due from banks	$	29,671		$	42,101		$	30,159
Interest bearing deposits in other banks		35,852			20,635			50,205
Investment securities available for sale, at fair value		463,096			478,617			592,479
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,669			8,719			13,467
Investment in Federal Home Loan Bank stock		5,342			5,331			3,236
Loans held for sale		159,603			59,957			43,818

Portfolio loans		2,124,330			2,129,263			1,811,135
Allowance for credit losses, loans		(20,922	)		(22,020	)		(17,533	)
Net portfolio loans		2,103,408			2,107,243			1,793,602
Purchased receivables, net		95,489			74,078			37,698
Mortgage servicing rights, at fair value		26,814			26,439			20,055
Other real estate owned, net		—			—			—
Premises and equipment, net		37,070			37,757			40,836
Lease right of use asset		7,632			7,455			8,867
Goodwill and intangible assets		50,824			50,968			15,967
Other assets		80,740			85,819			72,421
Total assets	$	3,140,960		$	3,041,869		$	2,759,560

Liabilities:
Demand deposits	$	742,560		$	706,225		$	714,244
Interest-bearing demand		1,187,465			1,108,404			889,581
Savings deposits		256,650			250,900			246,902
Money market deposits		193,842			196,290			209,785
Time deposits		397,460			418,370			373,571
Total deposits		2,777,977			2,680,189			2,434,083
Other borrowings		13,136			23,045			13,569
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,682			7,487			8,884
Other liabilities		52,099			53,722			53,387
Total liabilities		2,861,204			2,774,753			2,520,233

Shareholders’ Equity:
Total shareholders’ equity		279,756			267,116			239,327
Total liabilities and shareholders’ equity	$	3,140,960		$	3,041,869		$	2,759,560

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024					March 31, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%	$	475,220		26	%
Commercial real estate:
Owner occupied properties		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%		372,507		20	%
Nonowner occupied and multifamily properties		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%		529,904		30	%
Residential real estate:
1-4 family properties secured by first liens		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%		218,552		12	%
1-4 family properties secured by junior liens & revolving secured by first liens		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%		35,460		2	%
1-4 family construction		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%		27,751		2	%
Construction loans		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%		153,537		8	%
Consumer loans		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%		6,444		—	%
Subtotal		2,134,019					2,138,450					2,016,311					1,884,225					1,819,375
Unearned loan fees, net		(9,689	)				(9,187	)				(8,746	)				(8,318	)				(8,240	)
Total portfolio loans	$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907				$	1,811,135

Composition of Deposits
	March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%	$	714,244	29	%
Interest-bearing demand		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%		889,581	37	%
Savings deposits		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%		246,902	10	%
Money market deposits		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%		209,785	9	%
Time deposits		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%		373,571	15	%
Total deposits	$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806			$	2,434,083

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	March 31,		December 31,		March 31,
		2025		2024		2024
Nonaccrual loans – Community Banking	$	4,274	$	4,337	$	4,472
Nonaccrual loans – Home Mortgage Lending		221		233		263
Nonaccrual loans – Specialty Finance		3,573		2,946		525
Nonaccrual loans – Total		8,068		7,516		5,260
Loans 90 days past due and accruing – Community Banking		—		17		—
Loans 90 days past due and accruing – Total		—		17		—
Total nonperforming loans – Community Banking		4,274		4,354		4,472
Total nonperforming loans – Home Mortgage Lending		221		233		263
Total nonperforming loans – Specialty Finance		3,573		2,946		525
Total nonperforming loans – Total		8,068		7,533		5,260
Nonperforming loans guaranteed by gov’t – Community Banking		80		—		—
Nonperforming loans guaranteed by gov’t – Total		80		—		—
Net nonperforming loans – Community Banking		4,194		4,354		4,472
Net nonperforming loans – Home Mortgage Lending		221		233		263
Net nonperforming loans – Specialty Finance		3,573		2,946		525
Net nonperforming loans – Total		7,988		7,533		5,260

Repossessed assets – Community Banking		297		297		—
Repossessed assets – Total		297		297		—

Nonperforming purchased receivables – Specialty Finance		4,007		3,768		183

Net nonperforming assets – Community Banking		4,491		4,651		4,472
Net nonperforming assets – Home Mortgage Lending		221		233		263
Net nonperforming assets – Specialty Finance		7,580		6,714		708
Net nonperforming assets – Total	$	12,292	$	11,598	$	5,443

Adversely classified loans, net of gov’t guarantees – Community Banking	$	16,592	$	6,332	$	6,374
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		252		358		307
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,573		2,946		525
Adversely classified loans, net of gov’t guarantees – Total	$	20,417	$	9,636	$	7,206

Special mention loans, net of gov’t guarantees – Community Banking	$	14,496	$	19,769	$	9,976
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		637		—		—
Special mention loans, net of gov’t guarantees – Total	$	15,133	$	19,769	$	9,976

Asset Quality, Continued	March 31,			December 31,			March 31,
		2025			2024			2024
Nonperforming loans, net of government guarantees / portfolio loans		0.38	%		0.35	%		0.29	%
Nonperforming loans, net of government guarantees / portfolio loans, net of government guarantees		0.40	%		0.38	%		0.31	%
Nonperforming assets, net of government guarantees / total assets		0.39	%		0.38	%		0.20	%
Nonperforming assets, net of government guarantees / total assets net of government guarantees		0.41	%		0.40	%		0.20	%

Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans		0.04	%		0.11	%		0.03	%
Loans 30-89 days past due and accruing, net of government guarantees / portfolio loans, net of government guarantees		0.04	%		0.11	%		0.04	%

Allowance for credit losses for loans / portfolio loans		0.98	%		1.03	%		0.97	%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.06	%		1.10	%		1.03	%
Allowance for credit losses for loans / nonperforming loans, net of government guarantees		262	%		292	%		333	%

Gross loan charge-offs for the quarter – Community Banking	$	50		$	44		$	25
Gross loan charge-offs for the quarter – Specialty Finance		—			105			—
Gross loan charge-offs for the quarter – Total		50			149			25

Gross loan recoveries for the quarter – Community Banking		(84	)		(200	)		(67	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—			—			—
Gross loan recoveries for the quarter – Specialty Finance		—			—			—
Gross loan recoveries for the quarter – Total	$	(84	)	$	(200	)	$	(67	)

Net loan (recoveries) charge-offs for the quarter – Community Banking	$	(34	)	$	(156	)	$	(42	)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		—			(105	)		—
Net loan (recoveries) charge-offs for the quarter – Total	$	(34	)	$	(51	)	$	(42	)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		—	%		—	%		—	%

Allowance for credit losses for purchased receivables / purchased receivables		3.72	%		4.69	%		—	%

Net purchased receivable charge-offs (recoveries) for the quarter	$	—		$	—		$	—

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	37,969		4.44	%	$	72,212		4.72	%	$	61,561		5.38	%
Portfolio investments		523,753		2.97	%		565,785		2.84	%		670,937		2.82	%
Loans held for sale		46,223		5.86	%		83,304		5.97	%		32,635		6.13	%
Portfolio loans		2,173,425		6.89	%		2,066,216		6.93	%		1,793,425		6.75	%
Total interest-earning assets		2,781,370		6.10	%		2,787,517		6.02	%		2,558,558		5.69	%
Nonearning assets		293,415					251,364					201,137
Total assets	$	3,074,785				$	3,038,881				$	2,759,695

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,002,594		2.01	%	$	1,954,495		2.15	%	$	1,731,923		2.13	%
Borrowings		37,081		3.55	%		29,251		3.95	%		23,944		2.95	%
Total interest-bearing liabilities		2,039,675		2.04	%		1,983,746		2.18	%		1,755,867		2.14	%

Noninterest-bearing demand deposits		697,534					738,911					705,134
Other liabilities		63,348					49,815					60,407
Shareholders’ equity		274,228					266,409					238,287
Total liabilities and shareholders’ equity	$	3,074,785				$	3,038,881				$	2,759,695
Net spread				4.06	%				3.84	%				3.55	%
NIM				4.55	%				4.41	%				4.16	%
NIMTE^*				4.61	%				4.47	%				4.22	%
Cost of funds				1.52	%				1.59	%				1.53	%
Average portfolio loans to average interest-earning assets		78.14	%				74.12	%				70.10	%
Average portfolio loans to average total deposits		80.49	%				76.71	%				73.59	%
Average non-interest deposits to average total deposits		25.83	%				27.43	%				28.93	%
Average interest-earning assets to average interest-bearing liabilities		136.36	%				140.52	%				145.71	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	March 31, 2025			December 31, 2024			March 31, 2024
Book value per share	$	50.67		$	48.41		$	43.52
Tangible book value per share^*	$	41.47		$	39.17		$	40.61
Total shareholders’ equity/total assets		8.91	%		8.78	%		8.67	%
Tangible Common Equity/Tangible Assets^*		7.41	%		7.23	%		8.14	%
Tier 1 Capital / Risk Adjusted Assets		9.76	%		9.76	%		11.55	%
Total Capital / Risk Adjusted Assets		10.62	%		10.94	%		12.47	%
Tier 1 Capital / Average Assets		8.02	%		7.68	%		9.01	%
Shares outstanding		5,520,892			5,518,210			5,499,578
Total unrealized loss on AFS debt securities, net of income taxes	$	(5,452	)	$	(8,295	)	$	(17,205	)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$	1,097		$	1,272		$	1,172

Profitability Ratios
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
For the quarter:
NIM	4.55	%	4.41	%	4.29	%	4.24	%	4.16	%
NIMTE^*	4.61	%	4.47	%	4.35	%	4.30	%	4.22	%
Efficiency ratio	64.47	%	66.96	%	66.11	%	68.78	%	68.93	%
Return on average assets	1.76	%	1.43	%	1.22	%	1.31	%	1.19	%
Return on average equity	19.70	%	16.32	%	13.69	%	14.84	%	13.84	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net interest income	$	31,297		$	30,841		$	28,842		$	27,053		$	26,447
Divided by average interest-bearing assets		2,781,370			2,787,517			2,674,291			2,568,266			2,558,558
Net interest margin (“NIM”)²		4.55	%		4.41	%		4.29	%		4.24	%		4.16	%

Net interest income	$	31,297		$	30,841		$	28,842		$	27,053		$	26,447
Plus: reduction in tax expense related to tax-exempt interest income		379			379			385			378			379
	$	31,676		$	31,220		$	29,227		$	27,431		$	26,826
Divided by average interest-bearing assets		2,781,370			2,787,517			2,674,291			2,568,266			2,558,558
NIMTE²		4.61	%		4.47	%		4.35	%		4.30	%		4.22	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

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

Total shareholders’ equity	$	279,756	$	267,116	$	260,050	$	247,200	$	239,327
Divided by shares outstanding		5,521		5,518		5,502		5,502		5,500
Book value per share	$	50.68	$	48.41	$	47.26	$	44.93	$	43.52

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

Total shareholders’ equity	$	279,756	$	267,116	$	260,050	$	247,200	$	239,327
Less: goodwill and intangible assets		50,824		50,968		15,967		15,967		15,967
	$	228,932	$	216,148	$	244,083	$	231,233	$	223,360
Divided by shares outstanding		5,521		5,518		5,502		5,502		5,500
Tangible book value per share	$	41.47	$	39.17	$	44.36	$	42.03	$	40.61

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Total assets		3,140,960			3,041,869			2,963,392			2,821,668			2,759,560
Total shareholders’ equity to total assets		8.91	%		8.78	%		8.78	%		8.76	%		8.67	%

Northrim BanCorp, Inc.	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total shareholders’ equity	$	279,756		$	267,116		$	260,050		$	247,200		$	239,327
Less: goodwill and other intangible assets, net		50,824			50,968			15,967			15,967			15,967
Tangible common shareholders’ equity	$	228,932		$	216,148		$	244,083		$	231,233		$	223,360

Total assets	$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668		$	2,759,560
Less: goodwill and other intangible assets, net		50,824			50,968			15,967			15,967			15,967
Tangible assets	$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701		$	2,743,593
Tangible common equity ratio		7.41	%		7.23	%		8.28	%		8.24	%		8.14	%

Contact:		Mike Huston, President, CEO, and COO (907) 261-8750 Jed Ballard, Chief Financial Officer (907) 261-3539

Note Transmitted on GlobeNewswire on April 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

April 24, 2025

MIL-OSI: Jayud Global Logistics Files 2024 Annual Report on Form 20-F

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, April 23, 2025 (GLOBE NEWSWIRE) — Jayud Global Logistics Limited (NASDAQ: JYD) (“Jayud” or the “Company”), a leading end-to-end supply chain solution provider based in Shenzhen specializing in cross-border logistics, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the “SEC”) on April 22, 2025. The annual report, which contains the Company’s audited consolidated statements, can be accessed on the SEC’s website at https://www.sec.gov and on Jayud’s investor relations website at https://ir.jayud.com/.

About Jayud Global Logistics Limited

Jayud Global Logistics Limited is one of the leading Shenzhen-based end-to-end supply chain solution providers in China, focusing on cross-border logistics services. Headquartered in Shenzhen, the Company benefits from the unique geographical advantages of providing a high degree of support for ocean, air, and overland logistics. The Company has established a global operation nexus featuring logistic facilities throughout major transportation hubs in China and globally, with footprints in 12 provinces in Mainland China and 16 countries across six continents. Jayud offers a comprehensive range of cross-border supply chain solution services, including freight forwarding, supply chain management, and other value-added services. With its strong service capabilities and research and development capabilities in proprietary IT systems, the Company provides customized and efficient logistics solutions and develops long-standing customer relationships. For more information, please visit the Company’s website: https://ir.jayud.com.

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, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” 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 in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

Jayud Global Logistics Limited
Investor Relations Department
Email: ir@jayud.com

Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
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The MIL Network –

April 24, 2025

MIL-OSI: Univest Financial Corporation Reports First Quarter Results

Source: GlobeNewswire (MIL-OSI)

SOUDERTON, Pa., April 23, 2025 (GLOBE NEWSWIRE) — Univest Financial Corporation (“Univest” or the “Corporation”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the “Bank”) and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended March 31, 2025 of $22.4 million, or $0.77 diluted earnings per share, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the quarter ended March 31, 2024.

Dividend
On April 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on May 21, 2025 to shareholders of record as of May 7, 2025, which represents an increase of $0.01 per share, or 4.8%. Univest had last increased its dividend by $0.01 per share in May 2022.

One-Time Items
The financial results for the quarter included tax-free bank owned life insurance (“BOLI”) death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.

Loans
Gross loans and leases increased $6.5 million, or 0.1% (0.4% annualized), from December 31, 2024. Gross loans and leases increased $254.0 million, or 3.9%, from March 31, 2024, primarily due to increases in commercial, commercial real estate, residential mortgage loans and home equity loans, partially offset by decreases in construction loans and lease financings.

Deposits, Borrowings and Liquidity
Total deposits decreased $100.8 million, or 1.5% (6.0% annualized), from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. Total deposits increased $253.1 million, or 4.0%, from March 31, 2024, due to increases in consumer, commercial, and public funds deposits, partially offset by a decrease in brokered deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 21.5% of total deposits at March 31, 2025, compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at March 31, 2025 and December 31, 2024. This represented 21.9% of total deposits at March 31, 2025, compared to 22.0% at December 31, 2024.

Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter.

As of March 31, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $169.1 million and had committed borrowing capacity of $3.7 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin
Net interest income of $56.8 million for the first quarter of 2025 increased $5.3 million, or 10.3%, from the first quarter of 2024 and $1.3 million, or 2.4%, from the fourth quarter of 2024. The increase in net interest income for the first quarter of 2025 compared to the first quarter of 2024 was driven by higher average balances of loans and increased yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily driven by lower average balances of interest-bearing liabilities and related costs outpacing decreases in income from interest-earning deposits with other banks.

Net interest margin, on a tax-equivalent basis, was 3.09% for the first quarter of 2025, compared to 2.88% for the first and fourth quarters of 2024. Excess liquidity reduced net interest margin by approximately three basis points for the quarter ended March 31, 2025 compared to approximately 14 basis points for the quarter ended December 31, 2024 and approximately three basis points for the quarter ended March 31, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.12% for the quarter ended March 31, 2025 compared to 3.02% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.

Noninterest Income
Noninterest income for the quarter ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the comparable period in the prior year.

Other service fee income decreased $3.7 million, or 57.8%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.

Other income decreased $780 thousand, or 76.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreases in other real estate owned income, fees on risk participation agreements for interest rate swaps and gains on sale of Small Business Administration loans.

Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Insurance commission and fee income decreased $312 thousand, or 4.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

BOLI income increased $1.1 million, or 132.7%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to the previously discussed death benefits claims.

Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

Noninterest Expense
Noninterest expense for the quarter ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the comparable period in the prior year.

Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.

Tax Provision
The effective income tax rate was 18.7% and 20.5% for the quarters ended March 31, 2025 and March 31, 2024, respectively. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $34.0 million at March 31, 2025, $33.2 million at December 31, 2024, and $40.0 million at March 31, 2024.

Net loan and lease charge-offs were $1.7 million for the three months ended March 31, 2025 compared to $767 thousand and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively.

The provision for credit losses was $2.3 million for the three months ended March 31, 2025 compared to $2.4 million and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at March 31, 2025 and December 31, 2024, and 1.30% at March 31, 2024.

Share Repurchases
During the quarter ended March 31, 2025, the Corporation repurchased 221,760 shares of common stock at an average price of $29.22 per share. Including brokerage fees and excise tax, the average price per share was $29.54. As of March 31, 2025, 1,178,394 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss first quarter 2025 results on Thursday, April 24, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=175e015e&confId=80607. The general public can access the call by dialing 1-833-470-1428; using Access Code 021974. A replay of the conference call will be available through May 1, 2025 by dialing 1-866-813-9403; using Access Code 718470.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.0 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

This press release and the reports Univest files with the Securities and Exchange Commission often contain “forward-looking statements” relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest’s future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (18) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP – ER)


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands)

Balance Sheet (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
ASSETS
Cash and due from banks	$	73,319		$	75,998		$	78,346		$	66,808		$	49,318
Interest-earning deposits with other banks		95,815			252,846			426,354			124,103			152,288
Cash and cash equivalents		169,134			328,844			504,700			190,911			201,606
Investment securities held-to-maturity		130,889			134,111			137,681			140,112			143,474
Investment securities available for sale, net of allowance for credit losses		364,503			357,361			354,100			342,776			350,819
Investments in equity securities		1,667			2,506			2,406			2,995			3,355
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		35,732			38,980			40,235			37,438			37,394
Loans held for sale		13,150			16,653			17,131			28,176			13,188
Loans and leases held for investment		6,833,037			6,826,583			6,730,734			6,684,837			6,579,086
Less: Allowance for credit losses, loans and leases		(87,790	)		(87,091	)		(86,041	)		(85,745	)		(85,632	)
Net loans and leases held for investment		6,745,247			6,739,492			6,644,693			6,599,092			6,493,454
Premises and equipment, net		47,175			46,671			47,411			48,174			48,739
Operating lease right-of-use assets		27,182			28,531			29,260			29,985			30,702
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		8,061			8,309			7,158			7,701			7,473
Bank owned life insurance		139,482			139,351			138,744			137,823			137,896
Accrued interest and other assets		117,435			112,098			106,708			114,753			102,958
Total assets	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568

LIABILITIES
Noninterest-bearing deposits	$	1,433,995		$	1,414,635		$	1,323,953		$	1,397,308		$	1,401,806
Interest-bearing deposits:		5,224,503			5,344,624			5,530,195			5,098,014			5,003,552
Total deposits		6,658,498			6,759,259			6,854,148			6,495,322			6,405,358
Short-term borrowings		4,031			11,181			8,256			11,781			4,816
Long-term debt		175,000			225,000			225,000			250,000			250,000
Subordinated notes		149,386			149,261			149,136			149,011			148,886
Operating lease liabilities		30,062			31,485			32,246			33,015			33,744
Accrued expenses and other liabilities		54,718			64,930			59,880			62,180			60,095
Total liabilities		7,071,695			7,241,116			7,328,666			7,001,309			6,902,899

SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued		157,784			157,784			157,784			157,784			157,784
Additional paid-in capital		300,634			302,829			301,262			300,166			298,914
Retained earnings		541,776			525,780			512,938			500,482			488,790
Accumulated other comprehensive loss, net of tax benefit		(37,922	)		(43,992	)		(41,623	)		(54,124	)		(54,740	)
Treasury stock, at cost		(58,800	)		(55,100	)		(53,290	)		(50,171	)		(47,079	)
Total shareholders’ equity		903,472			887,301			877,071			854,137			843,669
Total liabilities and shareholders’ equity	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568


	For the three months ended,
Balance Sheet (Average)	03/31/25			12/31/24			06/30/24			03/31/24			12/31/23
Assets	$	7,981,043		$	8,163,347		$	8,005,265		$	7,721,540		$	7,696,575
Investment securities, net of allowance for credit losses		500,078			500,748			493,334			493,140			500,983
Loans and leases, gross		6,856,503			6,758,649			6,730,791			6,640,536			6,577,365
Deposits		6,617,653			6,804,483			6,641,324			6,353,752			6,303,854
Shareholders’ equity		896,811			880,237			864,406			844,572			842,546

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
March 31, 2025
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Commercial, financial and agricultural	$	1,034,361		$	1,037,835		$	1,044,043		$	1,055,332		$	1,014,568
Real estate-commercial		3,546,402			3,530,451			3,442,083			3,373,889			3,283,729
Real estate-construction		281,785			274,483			285,616			313,229			379,995
Real estate-residential secured for business purpose		536,082			536,095			530,674			532,628			524,196
Real estate-residential secured for personal purpose		992,767			994,972			969,562			952,665			922,412
Real estate-home equity secured for personal purpose		189,119			186,836			182,901			179,150			177,446
Loans to individuals		16,930			21,250			26,794			26,430			27,200
Lease financings		235,591			244,661			249,061			251,514			249,540
Total loans and leases held for investment, net of deferred income		6,833,037			6,826,583			6,730,734			6,684,837			6,579,086
Less: Allowance for credit losses, loans and leases		(87,790	)		(87,091	)		(86,041	)		(85,745	)		(85,632	)
Net loans and leases held for investment	$	6,745,247		$	6,739,492		$	6,644,693		$	6,599,092		$	6,493,454


Asset Quality Data (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Nonaccrual loans and leases, including nonaccrual loans held for sale	$	11,126		$	12,667		$	15,319		$	16,200		$	20,363
Accruing loans and leases 90 days or more past due		322			321			310			205			268
Total nonperforming loans and leases		11,448			12,988			15,629			16,405			20,631
Other real estate owned		22,433			20,141			20,915			20,007			19,220
Repossessed assets		79			76			79			149			167
Total nonperforming assets	$	33,960		$	33,205		$	36,623		$	36,561		$	40,018
Nonaccrual loans and leases / Loans and leases held for investment		0.16	%		0.19	%		0.23	%		0.24	%		0.31	%
Nonperforming loans and leases / Loans and leases held for investment		0.17	%		0.19	%		0.23	%		0.25	%		0.31	%
Nonperforming assets / Total assets		0.43	%		0.41	%		0.45	%		0.47	%		0.52	%

Allowance for credit losses, loans and leases	$	87,790		$	87,091		$	86,041		$	85,745		$	85,632
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.28	%		1.28	%		1.30	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		789.05	%		687.54	%		561.66	%		529.29	%		420.53	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		766.86	%		670.55	%		550.52	%		522.68	%		415.06	%


	For the three months ended,
	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Net loan and lease charge-offs	$	1,686		$	767		$	820		$	809		$	1,406
Net loan and lease charge-offs (annualized)/Average loans and leases		0.10	%		0.05	%		0.05	%		0.05	%		0.09	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands, except per share data)
	For the three months ended,
For the period:	03/31/25		12/31/24		09/30/24		06/30/24		03/31/24
Interest income	$	103,416	$	107,476	$	106,438	$	99,832	$	98,609
Interest expense		46,635		52,004		53,234		48,805		47,142
Net interest income		56,781		55,472		53,204		51,027		51,467
Provision for credit losses		2,311		2,380		1,414		707		1,432
Net interest income after provision for credit losses		54,470		53,092		51,790		50,320		50,035
Noninterest income:
Trust fee income		2,161		2,265		2,110		2,008		2,108
Service charges on deposit accounts		2,194		2,192		2,037		1,982		1,871
Investment advisory commission and fee income		5,613		5,457		5,319		5,238		5,194
Insurance commission and fee income		6,889		4,743		5,238		5,167		7,201
Other service fee income		2,707		3,473		1,815		3,044		6,415
Bank owned life insurance income		1,959		1,012		921		1,086		842
Net gain on sales of investment securities		–		–		18		–		–
Net gain on mortgage banking activities		647		1,320		1,296		1,710		939
Other income		245		868		1,396		745		1,025
Total noninterest income		22,415		21,330		20,150		20,980		25,595
Noninterest expense:
Salaries, benefits and commissions		30,826		31,518		30,702		30,187		31,338
Net occupancy		2,853		2,751		2,723		2,679		2,872
Equipment		1,122		1,147		1,107		1,088		1,111
Data processing		4,364		4,146		4,154		4,161		4,495
Professional fees		1,797		1,669		1,579		1,466		1,688
Marketing and advertising		353		552		490		715		416
Deposit insurance premiums		1,151		1,102		1,097		1,098		1,135
Intangible expenses		130		155		164		188		187
Other expense		6,732		7,618		6,536		7,126		6,832
Total noninterest expense		49,328		50,658		48,552		48,708		50,074
Income before taxes		27,557		23,764		23,388		22,592		25,556
Income tax expense		5,162		4,823		4,810		4,485		5,251
Net income	$	22,395	$	18,941	$	18,578	$	18,107	$	20,305
Net income per share:
Basic	$	0.77	$	0.65	$	0.64	$	0.62	$	0.69
Diluted	$	0.77	$	0.65	$	0.63	$	0.62	$	0.69
Dividends declared per share	$	0.21	$	0.21	$	0.21	$	0.21	$	0.21
Weighted average shares outstanding		29,000,567		29,070,039		29,132,948		29,246,977		29,413,999
Period end shares outstanding		28,962,648		29,045,877		29,081,108		29,190,640		29,337,919

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025



	For the three months ended,
Profitability Ratios (annualized)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24

Return on average assets		1.14	%		0.92	%		0.92	%		0.94	%		1.06	%
Return on average shareholders’ equity		10.13	%		8.56	%		8.55	%		8.62	%		9.69	%
Return on average tangible common equity (1)(3)		12.69	%		10.79	%		10.84	%		11.01	%		12.38	%
Net interest margin (FTE)		3.09	%		2.88	%		2.82	%		2.84	%		2.88	%
Efficiency ratio (2)		61.6	%		65.5	%		65.7	%		67.1	%		64.6	%

Capitalization Ratios

Dividends declared to net income		27.2	%		32.2	%		33.0	%		33.9	%		30.5	%
Shareholders’ equity to assets (Period End)		11.33	%		10.92	%		10.69	%		10.87	%		10.89	%
Tangible common equity to tangible assets (1)		9.31	%		8.92	%		8.71	%		8.81	%		8.80	%
Common equity book value per share	$	31.19		$	30.55		$	30.16		$	29.26		$	28.76
Tangible common equity book value per share (1)	$	25.06		$	24.43		$	24.05		$	23.17		$	22.70

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.80	%		9.51	%		9.53	%		9.74	%		9.65	%
Common equity tier 1 risk-based capital ratio		10.97	%		10.85	%		10.88	%		10.72	%		10.71	%
Tier 1 risk-based capital ratio		10.97	%		10.85	%		10.88	%		10.72	%		10.71	%
Total risk-based capital ratio		14.35	%		14.19	%		14.27	%		14.09	%		14.11	%

(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended,
Tax Equivalent Basis	March 31, 2025							December 31, 2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	119,997		$	1,360	4.60	%	$	402,753		$	4,852	4.79	%
Obligations of state and political subdivisions*		879			4	1.85			1,290			7	2.16
Other debt and equity securities		499,199			4,019	3.27			499,458			3,815	3.04
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,561			687	7.42			39,407			746	7.53
Total interest-earning deposits, investments and other interest-earning assets		657,636			6,070	3.74			942,908			9,420	3.97

Commercial, financial, and agricultural loans		990,860			17,020	6.97			972,840			17,492	7.15
Real estate—commercial and construction loans		3,704,232			52,676	5.77			3,631,142			53,163	5.82
Real estate—residential loans		1,729,146			21,542	5.05			1,708,795			21,249	4.95
Loans to individuals		19,438			393	8.20			25,803			522	8.05
Tax-exempt loans and leases		230,133			2,861	5.04			233,036			2,652	4.53
Lease financings		182,694			3,240	7.19			187,033			3,296	7.01
Gross loans and leases		6,856,503			97,732	5.78			6,758,649			98,374	5.79
Total interest-earning assets		7,514,139			103,802	5.60			7,701,557			107,794	5.57
Cash and due from banks		56,690							56,989
Allowance for credit losses, loans and leases		(87,822	)						(86,812	)
Premises and equipment, net		46,852							47,155
Operating lease right-of-use assets		27,761							28,891
Other assets		423,423							415,567
Total assets	$	7,981,043						$	8,163,347

Liabilities:
Interest-bearing checking deposits	$	1,222,012		$	7,075	2.35	%	$	1,275,348		$	8,504	2.65	%
Money market savings		1,840,194			18,035	3.97			1,954,246			20,653	4.20
Regular savings		702,543			763	0.44			705,222			817	0.46
Time deposits		1,476,495			16,106	4.42			1,499,998			17,247	4.57
Total time and interest-bearing deposits		5,241,244			41,979	3.25			5,434,814			47,221	3.46

Short-term borrowings		6,909			14	0.82			7,102			1	0.06
Long-term debt		217,500			2,361	4.40			225,000			2,501	4.42
Subordinated notes		149,319			2,281	6.20			149,194			2,281	6.08
Total borrowings		373,728			4,656	5.05			381,296			4,783	4.99
Total interest-bearing liabilities		5,614,972			46,635	3.37			5,816,110			52,004	3.56
Noninterest-bearing deposits		1,376,409							1,369,669
Operating lease liabilities		30,675							31,864
Accrued expenses and other liabilities		62,176							65,467
Total liabilities		7,084,232							7,283,110
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,991,381				2.71			7,185,779				2.88

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,653							301,895
Retained earnings and other equity		436,374							420,558
Total shareholders’ equity		896,811							880,237
Total liabilities and shareholders’ equity	$	7,981,043						$	8,163,347
Net interest income				$	57,167						$	55,790

Net interest spread						2.23							2.01
Effect of net interest-free funding sources						0.86							0.87
Net interest margin						3.09	%						2.88	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.82	%						132.42	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $554 thousand and $676 thousand for the three months ended March 31,
2025 and December 31, 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included
in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2025 and December 31, 2024 have
been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended March 31,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	119,997		$	1,360	4.60	%	$	120,845		$	1,609	5.36	%
Obligations of state and political subdivisions*		879			4	1.85			1,951			12	2.47
Other debt and equity securities		499,199			4,019	3.27			499,032			3,647	2.94
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,561			687	7.42			39,115			724	7.44
Total interest-earning deposits, investments and other interest-earning assets		657,636			6,070	3.74			660,943			5,992	3.65

Commercial, financial, and agricultural loans		990,860			17,020	6.97			934,649			16,523	7.11
Real estate—commercial and construction loans		3,704,232			52,676	5.77			3,575,142			50,641	5.70
Real estate—residential loans		1,729,146			21,542	5.05			1,618,188			19,555	4.86
Loans to individuals		19,438			393	8.20			27,315			548	8.07
Tax-exempt loans and leases		230,133			2,861	5.04			232,380			2,464	4.26
Lease financings		182,694			3,240	7.19			189,691			3,169	6.72
Gross loans and leases		6,856,503			97,732	5.78			6,577,365			92,900	5.68
Total interest-earning assets		7,514,139			103,802	5.60			7,238,308			98,892	5.49
Cash and due from banks		56,690							54,870
Allowance for credit losses, loans and leases		(87,822	)						(86,495	)
Premises and equipment, net		46,852							50,592
Operating lease right-of-use assets		27,761							31,121
Other assets		423,423							408,179
Total assets	$	7,981,043						$	7,696,575

Liabilities:
Interest-bearing checking deposits	$	1,222,012		$	7,075	2.35	%	$	1,180,696		$	8,218	2.80	%
Money market savings		1,840,194			18,035	3.97			1,705,291			19,220	4.53
Regular savings		702,543			763	0.44			769,926			905	0.47
Time deposits		1,476,495			16,106	4.42			1,238,878			13,630	4.42
Total time and interest-bearing deposits		5,241,244			41,979	3.25			4,894,791			41,973	3.45

Short-term borrowings		6,909			14	0.82			10,127			5	0.20
Long-term debt		217,500			2,361	4.40			292,486			2,883	3.96
Subordinated notes		149,319			2,281	6.20			148,818			2,281	6.16
Total borrowings		373,728			4,656	5.05			451,431			5,169	4.61
Total interest-bearing liabilities		5,614,972			46,635	3.37			5,346,222			47,142	3.55
Noninterest-bearing deposits		1,376,409							1,409,063
Operating lease liabilities		30,675							34,166
Accrued expenses and other liabilities		62,176							64,578
Total liabilities		7,084,232							6,854,029
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,991,381				2.71			6,755,285				2.81

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,653							300,679
Retained earnings and other equity		436,374							384,083
Total shareholders’ equity		896,811							842,546
Total liabilities and shareholders’ equity	$	7,981,043						$	7,696,575
Net interest income				$	57,167						$	51,750

Net interest spread						2.23							1.94
Effect of net interest-free funding sources						0.86							0.94
Net interest margin						3.09	%						2.88	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.82	%						135.39	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $554 thousand and $453 thousand for the three months ended
March 31, 2025 and 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included
in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2025 and 2024 have been
calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
March 31, 2025

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE – Retail	$	469,397	8.7	%
Animal Production		394,279	7.3
CRE – Multi-family		360,743	6.7
CRE – Office		299,751	5.6
CRE – 1-4 Family Residential Investment		278,386	5.2
CRE – Industrial / Warehouse		253,136	4.7
Hotels & Motels (Accommodation)		207,710	3.8
Specialty Trade Contractors		189,427	3.5
Nursing and Residential Care Facilities		177,053	3.3
Motor Vehicle and Parts Dealers		146,911	2.7
Merchant Wholesalers, Durable Goods		146,037	2.7
Homebuilding (tract developers, remodelers)		140,612	2.6
Repair and Maintenance		134,183	2.5
Crop Production		110,882	2.1
CRE – Mixed-Use – Residential		109,872	2.0
Wood Product Manufacturing		101,606	1.9
Professional, Scientific, and Technical Services		95,730	1.8
Food Services and Drinking Places		86,916	1.6
Administrative and Support Services		83,145	1.5
Merchant Wholesalers, Nondurable Goods		83,088	1.5
Fabricated Metal Product Manufacturing		78,181	1.4
Real Estate Lenders, Secondary Market Financing		75,461	1.4
Religious Organizations, Advocacy Groups		65,857	1.2
CRE – Mixed-Use – Commercial		64,683	1.2
Miniwarehouse / Self-Storage		64,553	1.2
Personal and Laundry Services		64,508	1.2
Education		62,362	1.2
Amusement, Gambling, and Recreation Industries		61,437	1.1
Food Manufacturing		56,400	1.0
Industries with >$50 million in outstandings	$	4,462,306	82.7	%
Industries with <$50 million in outstandings	$	936,324	17.3	%
Total Commercial Loans	$	5,398,630	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		992,767
Real Estate-Home Equity Secured for Personal Purpose		189,119
Loans to Individuals		16,930
Lease Financings		235,591
Total – Consumer Loans and Lease Financings	$	1,434,407
Total	$	6,833,037

Univest Financial Corporation
Non-GAAP Reconciliation
March 31, 2025



Non-GAAP to GAAP Reconciliation
Management uses non-GAAP measures in its analysis of the Corporation’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.

	As of or for the three months ended,
(Dollars in thousands)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Net income	$	22,395		$	18,941		$	18,578		$	18,107		$	20,305
Amortization of intangibles, net of tax		103			122			130			149			148
Net income before amortization of intangibles	$	22,498		$	19,063		$	18,708		$	18,256		$	20,453

Shareholders’ equity	$	903,472		$	887,301		$	877,071		$	854,137		$	843,669
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,273	)
Tangible common equity	$	725,858		$	709,528		$	699,414		$	676,470		$	665,886

Total assets	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,273	)
Tangible assets	$	7,797,553		$	7,950,644		$	8,028,080		$	7,677,779		$	7,568,785

Average shareholders’ equity	$	896,811		$	880,237		$	864,406		$	844,572		$	842,546
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (a)		(2,162	)		(2,146	)		(2,086	)		(2,222	)		(2,318	)
Average tangible common equity	$	719,139		$	702,581		$	686,810		$	666,840		$	664,718

(a) Amount does not include mortgage servicing rights

The MIL Network –

April 24, 2025

MIL-OSI: Eagle Bancorp, Inc. Announces First Quarter 2025 Results and Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BETHESDA, Md., April 23, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (“Eagle”, the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the first quarter ended March 31, 2025.

Eagle reported net income of $1.7 million or $0.06 per diluted share for the first quarter 2025, compared to net income of $15.3 million or $0.50 per diluted share during the fourth quarter. Pre-provision net revenue (“PPNR”)¹ in the first quarter was $28.4 million compared to $30.3 million for the prior quarter.

The $13.6 million decrease in net income from the prior quarter is primarily due to a $14.1 million increase in provision expense, a $5.1 million decline in net interest income, and a $0.9 million increase in noninterest expenses. These factors were partially offset by a $4.1 million increase in noninterest income.

Additionally, the Company is announcing today a cash dividend in the amount of $0.165 per share. The cash dividend will be payable on May 16, 2025 to shareholders of record on May 5, 2025.

“In the first quarter, we began to see tangible results from our strategic focus,” said Susan G. Riel, Chair, President, and Chief Executive Officer of the Company. “We achieved solid period-end growth in our C&I portfolio, which increased by $109 million, or 4.3%, and total deposits grew by $146.2 million, or 1.6%. Both increases reflect the continued emphasis we’ve placed on these core areas of our business. We are encouraged by this early progress, and we remain focused on executing our strategy and positioning the Company to return to sustained profitability as we navigate this environment.”

Eric R. Newell, Chief Financial Officer of the Company said, “We grew deposits across both digital and branch channels in the first quarter, though a continued shift from noninterest bearing to interest bearing accounts pressured net interest margin. Valuation risk in our office portfolio remains a concern and was the primary driver of the provision for credit losses. The credit loss reserve coverage rose to 1.63% of total loans, up 19 basis points from last quarter. Our capital position remains strong, with common equity tier one capital at 14.6% and our tangible common equity¹ ratio exceeding 10%. We will continue to evaluate capital allocation decisions, in alignment with long-term franchise value and our objective of capital accretion.”

Ms. Riel added, “I want to thank all our employees for their continued dedication and for helping to cultivate a culture grounded in respect, collaboration, and service — both within our organization and across the communities we serve.”

First Quarter 2025 Key Elements

The Company announces today the declaration of a common stock dividend of $0.165 per share.
The ACL as a percentage of total loans was 1.63% at quarter-end; up from 1.44% at the prior quarter-end. Performing office coverage² was 5.78% at quarter-end; as compared to 3.81% at the prior quarter-end.
Nonperforming assets decreased $8.5 million to $202.9 million as of March 31, 2025 and were 1.79% of total assets compared to 1.90% as of December 31, 2024. Inflows to non-performing loans in the quarter totaled $4.6 million offset by a reduction of $12.9 million. The reduction was predominantly associated with the $11.2 million nonperforming loans that were charged off during the quarter.
Substandard loans increased $75.2 million to $501.6 million primarily reflecting continued stress within the office loan portfolio. Special mention loans increased $28.6 million to $273.4 million at March 31, 2025 as we proactively identified credits showing signs of potential weakness. These increases reflect our conservative credit risk management approach and the ongoing impact of the uncertain operating environment in the Washington DC metro area.
Annualized quarterly net charge-offs for the first quarter were 0.57% compared to 0.48% for the fourth quarter 2024.
The net interest margin (“NIM”) decreased to 2.28% for the first quarter 2025, compared to 2.29% for the prior quarter, primarily due to an increase in the average mix of interest-bearing deposits versus noninterest bearing deposits in the first quarter versus the fourth quarter.
At quarter-end, the common equity ratio, tangible common equity ratio¹, and common equity tier 1 capital (to risk-weighted assets) ratio were 11.00%, 11.00%, and 14.61%, respectively.
Total estimated insured deposits decreased at quarter-end to $6.9 billion, or 74.7% of deposits, compared to $7.0 billion, or 76.4% of deposits from the fourth quarter.
Total on-balance sheet liquidity and available capacity was $4.8 billion, up $244.9 million from the prior quarter.

Income Statement

Net interest income was $65.6 million for the first quarter 2025, compared to $70.8 million for the prior quarter. The decrease in net interest income was primarily driven by two fewer days in the quarter, lower average interest bearing cash balances, lower rates on loans, and a higher average mix of interest bearing deposits. Both interest income and interest expense declined due to lower rates.
Provision for credit losses was $26.3 million for the first quarter 2025, compared to $12.1 million for the prior quarter. The increase in the provision for the quarter is attributed predominately to the replenishment of the reserve following net charge-offs of $11.2 million and an increase in the qualitative overlay. The increase in the overlay relates to updated assumptions associated with the probability of default and probability of loss associated with commercial real estate office loans. Reserve for unfunded commitments was a reversal of $0.3 million due primarily to lower unfunded commitments in our construction portfolio. This compared to a reversal for unfunded commitments in the prior quarter of $1.6 million.
Noninterest income was $8.2 million for the first quarter 2025, compared to $4.1 million for the prior quarter. The primary driver for the increase was an increase in income associated with a $200 million separate account BOLI transaction that was entered into in the first quarter.
Noninterest expense was $45.5 million for the first quarter 2025, compared to $44.5 million for the prior quarter. The increase over the comparative quarters was primarily due to increased legal, accounting, and professional fees.

Loans and Funding

Total loans were $7.9 billion at March 31, 2025, up 0.1% from the prior quarter-end. The increase in total loans was driven by an increase in owner occupied commercial real estate loans from the prior quarter-end, offset by a decrease in income producing commercial real estate loans.
Total deposits at quarter-end were $9.3 billion, up $146.2 million, or 1.6%, from the prior quarter-end. The increase was primarily attributable to an increase in time deposit accounts. Period end deposits have increased $775.8 million when compared to prior year comparable period end of March 31, 2024.
Other short-term borrowings were $0.5 billion at March 31, 2025, consistent with the prior quarter-end.

Asset Quality

Allowance for credit losses was 1.63% of total loans held for investment at March 31, 2025, compared to 1.44% at the prior quarter-end. Performing office coverage was 5.78% at quarter-end; as compared to 3.81% at the prior quarter-end.
Net charge-offs were $11.2 million for the quarter compared to $9.5 million in the fourth quarter of 2024.
Nonperforming assets were $202.9 million at March 31, 2025.
- NPAs as a percentage of assets were 1.79% at March 31, 2025, compared to 1.90% at the prior quarter-end. At March 31, 2025, other real estate owned consisted of four properties with an aggregate carrying value of $2.5 million. The decrease in NPAs was predominantly associated with charge-offs as previously noted.
- Loans 30-89 days past due were $83.0 million at March 31, 2025, compared to $26.8 million at the prior quarter-end.

Capital

Total shareholders’ equity was $1.2 billion at March 31, 2025, up 1.5% from the prior quarter-end. The increase in shareholders’ equity of $18.8 million was due to an increase in valuations of available-for-sale securities.
Book value per share and tangible book value per share³ was $40.99 and $40.99, up 1.0% from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and March 31, 2024, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its first quarter 2025 financial results on Thursday, April 24, 2025 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “can,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” “could,” “strive,” “feel” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including reductions in the size of the federal government workforce; changes in government spending; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate policy; inflation levels; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.


Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest Income
Interest and fees on loans	$	126,136		$	132,943		$	137,994
Interest and dividends on investment securities		11,912			12,307			12,680
Interest on balances with other banks and short-term investments		15,803			23,045			24,862
Interest on federal funds sold		27			122			66
Total interest income		153,878			168,417			175,602
Interest Expense
Interest on deposits		77,211			83,002			79,383
Interest on customer repurchase agreements		260			294			315
Interest on other short-term borrowings		8,733			9,530			21,206
Interest on long-term borrowings		2,025			4,797			—
Total interest expense		88,229			97,623			100,904
Net Interest Income		65,649			70,794			74,698
Provision for Credit Losses		26,255			12,132			35,175
Provision (Reversal) for Credit Losses for Unfunded Commitments		(297	)		(1,598	)		456
Net Interest Income After Provision for Credit Losses		39,691			60,260			39,067

Noninterest Income
Service charges on deposits		1,743			1,744			1,699
Gain on sale of loans		—			—			—
Net gain on sale of investment securities		4			4			4
Increase in cash surrender value of bank-owned life insurance		4,282			742			703
Other income		2,178			1,577			1,183
Total noninterest income		8,207			4,067			3,589
Noninterest Expense
Salaries and employee benefits		21,968			22,597			21,726
Premises and equipment expenses		3,203			2,635			3,059
Marketing and advertising		1,371			1,340			859
Data processing		3,978			3,870			3,293
Legal, accounting and professional fees		3,122			641			2,507
FDIC insurance		8,962			9,281			6,412
Other expenses		2,847			4,168			2,141
Total noninterest expense		45,451			44,532			39,997
Income Before Income Tax Expense		2,447			19,795			2,659
Income Tax Expense		772			4,505			2,997
Net (Loss) Income	$	1,675		$	15,290		$	(338	)

(Loss) Earnings Per Common Share
Basic	$	0.06		$	0.51		$	(0.01	)
Diluted	$	0.06		$	0.50		$	(0.01	)


Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	March 31,			December 31,			March 31,
	2025			2024			2024
Assets
Cash and due from banks	$	12,516		$	11,882		$	10,076
Federal funds sold		2,968			2,581			11,343
Interest-bearing deposits with banks and other short-term investments		661,173			619,017			696,453
Investment securities available-for-sale at fair value (amortized cost of $1,330,077, $1,408,935, and $1,613,659 respectively, and allowance for credit losses of $0, $22, and $17, respectively)		1,214,237			1,267,404			1,445,034
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,275, $1,306, and $1,957 respectively (fair value of $820,530, $820,381, and $878,159 respectively)		924,473			938,647			1,000,732
Federal Reserve and Federal Home Loan Bank stock		51,467			51,763			54,678
Loans held for sale		15,251			—			—
Loans		7,943,306			7,934,888			7,982,702
Less: allowance for credit losses		(129,469	)		(114,390	)		(99,684	)
Loans, net		7,813,837			7,820,498			7,883,018
Premises and equipment, net		7,079			7,694			9,504
Operating lease right-of-use assets		32,769			18,494			17,679
Deferred income taxes		84,798			91,472			87,813
Bank-owned life insurance		320,055			115,806			113,624
Goodwill and intangible assets, net		11			16			104,611
Other real estate owned		2,459			2,743			773
Other assets		174,268			181,491			177,310
Total Assets		11,317,361			11,129,508			11,612,648
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing demand		1,607,826			1,544,403			1,835,524
Interest-bearing transaction		926,722			1,211,791			1,207,566
Savings and money market		3,558,919			3,599,221			3,235,391
Time deposits		3,183,801			2,775,663			2,222,958
Total deposits		9,277,268			9,131,078			8,501,439
Customer repurchase agreements		32,357			33,157			37,059
Other short-term borrowings		490,000			490,000			1,669,948
Long-term borrowings		76,181			76,108			—
Operating lease liabilities		38,484			23,815			21,611
Reserve for unfunded commitments		3,166			3,463			6,045
Other liabilities		155,014			145,826			117,133
Total Liabilities		10,072,470			9,903,447			10,353,235
Shareholders’ Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,368,843, 30,202,003, and 30,185,732 respectively		300			298			297
Additional paid-in capital		386,535			384,932			377,334
Retained earnings		978,995			982,304			1,047,550
Accumulated other comprehensive loss		(120,939	)		(141,473	)		(165,768	)
Total Shareholders’ Equity		1,244,891			1,226,061			1,259,413
Total Liabilities and Shareholders’ Equity	$	11,317,361		$	11,129,508		$	11,612,648


Loan Mix and Asset Quality (Dollars in thousands)

	March 31,				December 31,				March 31,
	2025				2024				2024
	Amount		%		Amount		%		Amount		%
Loan Balances – Period End:
Commercial	$	1,178,343	15	%	$	1,183,341	15	%	$	1,408,767	18	%
PPP loans		226	—	%		287	—	%	$	467	—	%
Income producing – commercial real estate		3,967,124	49	%		4,064,846	51	%	$	4,040,655	50	%
Owner occupied – commercial real estate		1,403,668	18	%		1,269,669	16	%	$	1,185,582	15	%
Real estate mortgage – residential		48,821	1	%		50,535	1	%	$	72,087	1	%
Construction – commercial and residential		1,210,788	15	%		1,210,763	15	%	$	1,082,556	13	%
Construction – C&I (owner occupied)		83,417	1	%		103,259	1	%	$	138,379	2	%
Home equity		50,121	1	%		51,130	1	%	$	53,251	1	%
Other consumer		798	—	%		1,058	—	%	$	958	—	%
Total loans	$	7,943,306	100	%	$	7,934,888	100	%	$	7,982,702	100	%

	Three Months Ended or As Of
	March 31,		December 31,		March 31,
	2025		2024		2024
Asset Quality:
Nonperforming loans	$	200,447	$	208,707	$	91,491
Other real estate owned		2,459		2,743		773
Nonperforming assets	$	202,906	$	211,450	$	92,264
Net charge-offs	$	11,230	$	9,535	$	21,430
Special mention	$	273,380	$	244,807	$	265,348
Substandard	$	501,565	$	426,366	$	361,776


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,445,054		$	15,803	4.44	%	$	1,948,436		$	23,045	4.71	%
Loans held for sale⁽¹⁾		169			—	—	%		—			—	—	%
Loans^{(1) (2)}		7,933,695			126,136	6.45	%		7,971,907			132,943	6.63	%
Investment securities available-for-sale⁽²⁾		1,321,954			6,858	2.10	%		1,417,958			7,142	2.00	%
Investment securities held-to-maturity⁽²⁾		933,880			5,055	2.20	%		952,800			5,165	2.16	%
Federal funds sold		5,410			27	2.02	%		12,839			122	3.78	%
Total interest earning assets		11,640,162			153,879	5.36	%		12,303,940			168,417	5.45	%
Total noninterest earning assets		596,585							386,014
Less: allowance for credit losses		(118,557	)						(114,232	)
Total noninterest earning assets		478,028							271,782
TOTAL ASSETS	$	12,118,190						$	12,575,722

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,368,609		$	9,908	2.94	%	$	1,674,997		$	13,048	3.10	%
Savings and money market		3,682,217			32,389	3.57	%		3,648,502			35,262	3.84	%
Time deposits		2,951,111			34,914	4.80	%		2,804,870			34,692	4.92	%
Total interest bearing deposits		8,001,937			77,211	3.91	%		8,128,369			83,002	4.06	%
Customer repurchase agreements		36,572			260	2.88	%		38,750			294	3.02	%
Other short-term borrowings		682,222			8,733	5.19	%		1,003,587			12,296	4.87	%
Long-term borrowings		76,146			2,025	10.79	%		75,939			2,031	10.64	%
Total interest bearing liabilities		8,796,877			88,229	4.07	%		9,246,645			97,623	4.20	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,881,296							1,928,094
Other liabilities		197,212							170,411
Total noninterest bearing liabilities		2,078,508							2,098,505
Shareholders’ equity		1,242,805							1,230,573
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	12,118,190						$	12,575,723
Net interest income				$	65,650						$	70,794
Net interest spread						1.29	%						1.25	%
Net interest margin						2.28	%						2.29	%
Cost of funds						3.35	%						3.48	%

(1)		Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $4.3 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
(2)		Interest and fees on loans and investments exclude tax equivalent adjustments.


Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended March 31,
	2025							2024
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,445,054		$	15,803	4.44	%	$	1,841,771		$	24,862	5.43	%
Loans held for sale⁽¹⁾		169			—	—	%		—			—	—	%
Loans^{(1) (2)}		7,933,695			126,136	6.45	%		7,988,941			137,994	6.95	%
Investment securities available-for-sale⁽²⁾		1,321,954			6,858	2.10	%		1,516,503			7,247	1.92	%
Investment securities held-to-maturity⁽²⁾		933,880			5,055	2.20	%		1,011,231			5,433	2.16	%
Federal funds sold		5,410			27	2.02	%		7,051			66	3.76	%
Total interest earning assets		11,640,162			153,879	5.36	%		12,365,497			175,602	5.71	%
Total noninterest earning assets		596,585							508,987
Less: allowance for credit losses		(118,557	)						(90,014	)
Total noninterest earning assets		478,028							418,973
TOTAL ASSETS	$	12,118,190						$	12,784,470

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,368,609		$	9,908	2.94	%	$	1,833,493		$	16,830	3.69	%
Savings and money market		3,682,217			32,389	3.57	%		3,423,388			35,930	4.22	%
Time deposits		2,951,111			34,914	4.80	%		2,187,320			26,623	4.90	%
Total interest bearing deposits		8,001,937			77,211	3.91	%		—			—	4.29	%
Customer repurchase agreements		36,572			260	2.88	%		36,084			315	3.51	%
Other short-term borrowings		682,222			8,733	5.19	%		1,796,863			21,206	4.75	%
Long-term borrowings		76,146			2,025	10.79	%		—			—	—	%
Total interest bearing liabilities		8,796,877			88,229	4.07	%		9,277,148			100,904	4.37	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,881,296							2,057,460
Other liabilities		197,212							160,206
Total noninterest bearing liabilities		2,078,508							2,217,666
Shareholders’ equity		1,242,805							1,289,656
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	12,118,190						$	12,784,470
Net interest income				$	65,650						$	74,698
Net interest spread						1.29	%						1.34	%
Net interest margin						2.28	%						2.43	%
Cost of funds						3.35	%						3.58	%

(1)		Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively.
(2)		Interest and fees on loans and investments exclude tax equivalent adjustments.


Eagle Bancorp, Inc.
Statements of Operations and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,			September 30,			June 30,
Income Statements:	2025			2024			2024			2024			2024			2023			2023			2023
Total interest income	$	153,878		$	168,417		$	173,813		$	169,731		$	175,602		$	167,421		$	161,149		$	156,510
Total interest expense		88,229			97,623			101,970			98,378			100,904			94,429			90,430			84,699
Net interest income		65,649			70,794			71,843			71,353			74,698			72,992			70,719			71,811
Provision for credit losses		26,255			12,132			10,094			8,959			35,175			14,490			5,644			5,238
Provision (reversal) for credit losses for unfunded commitments		(297	)		(1,598	)		(1,593	)		608			456			(594	)		(839	)		318
Net interest income after provision for credit losses		39,691			60,260			63,342			61,786			39,067			59,096			65,914			66,255
Noninterest income before investment gain		8,203			4,063			6,948			5,329			3,585			2,891			6,342			8,593
Net gain on sale of investment securities		4			4			3			3			4			3			5			2
Total noninterest income		8,207			4,067			6,951			5,332			3,589			2,894			6,347			8,595
Salaries and employee benefits		21,968			22,597			21,675			21,770			21,726			18,416			21,549			21,957
Premises and equipment expenses		3,203			2,635			2,794			2,894			3,059			2,967			3,095			3,227
Marketing and advertising		1,371			1,340			1,588			1,662			859			1,071			768			884
Goodwill impairment		—			—			—			104,168			—			—			—			—
Other expenses		18,909			17,960			17,557			15,997			14,353			14,644			12,221			11,910
Total noninterest expense		45,451			44,532			43,614			146,491			39,997			37,098			37,633			37,978
(Loss) income before income tax expense		2,447			19,795			26,679			(79,373	)		2,659			24,892			34,628			36,872
Income tax expense		772			4,505			4,864			4,429			2,997			4,667			7,245			8,180
Net (loss) income		1,675			15,290			21,815			(83,802	)		(338	)		20,225			27,383			28,692
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	0.06		$	0.51		$	0.72		$	(2.78	)	$	(0.01	)	$	0.68		$	0.91		$	0.94
(Loss) earnings per weighted average common share, diluted	$	0.06		$	0.50		$	0.72		$	(2.78	)	$	(0.01	)	$	0.67		$	0.91		$	0.94
Weighted average common shares outstanding, basic		30,275,001			30,199,433			30,173,852			30,185,609			30,068,173			29,925,557			29,910,218			30,454,766
Weighted average common shares outstanding, diluted		30,404,262			30,321,644			30,241,699			30,185,609			30,068,173			29,966,962			29,944,692			30,505,468
Actual shares outstanding at period end		30,368,843			30,202,003			30,173,200			30,180,482			30,185,732			29,925,612			29,917,982			29,912,082
Book value per common share at period end	$	40.99		$	40.60		$	40.61		$	38.75		$	41.72		$	42.58		$	40.64		$	40.78
Tangible book value per common share at period end⁽¹⁾	$	40.99		$	40.59		$	40.61		$	38.74		$	38.26		$	39.08		$	37.12		$	37.29
Dividend per common share	$	0.17		$	—		$	0.17		$	0.45		$	0.45		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets		0.06	%		0.48	%		0.70	%	(2.73		)%	(0.01		)%		0.65	%		0.91	%		0.96	%
Return on average common equity		0.55	%		4.94	%		7.22	%	(26.67		)%	(0.11		)%		6.48	%		8.80	%		9.24	%
Return on average tangible common equity⁽¹⁾		0.55	%		4.94	%		7.22	%	(28.96		)%	(0.11		)%		7.08	%		9.61	%		10.08	%
Net interest margin		2.28	%		2.29	%		2.37	%		2.40	%		2.43	%		2.45	%		2.43	%		2.49	%
Efficiency ratio⁽¹⁾⁽²⁾		61.50	%		59.50	%		55.40	%		191.00	%		51.10	%		48.90	%		48.83	%		47.20	%
Other Ratios:
Allowance for credit losses to total loans⁽³⁾		1.63	%		1.44	%		1.40	%		1.33	%		1.25	%		1.08	%		1.05	%		1.00	%
Allowance for credit losses to total nonperforming loans		64.59	%		54.81	%		83.25	%		110.06	%		108.76	%		131.16	%		118.78	%		267.50	%
Nonperforming assets to total assets		1.79	%		1.90	%		1.22	%		0.88	%		0.79	%		0.57	%		0.64	%		0.28	%
Net charge-offs (recoveries) (annualized) to average total loans⁽³⁾		0.57	%		0.48	%		0.26	%		0.11	%		1.07	%		0.60	%		0.02	%		0.29	%
Tier 1 capital (to average assets)		11.11	%		10.74	%		10.77	%		10.58	%		10.26	%		10.73	%		10.96	%		10.84	%
Total capital (to risk weighted assets)		15.86	%		15.86	%		15.51	%		15.07	%		14.87	%		14.79	%		14.54	%		14.51	%
Common equity tier 1 capital (to risk weighted assets)		14.61	%		14.63	%		14.30	%		13.92	%		13.80	%		13.90	%		13.68	%		13.55	%
Tangible common equity ratio⁽¹⁾		11.00	%		11.02	%		10.86	%		10.35	%		10.03	%		10.12	%		10.04	%		10.21	%
Average Balances (in thousands):
Total assets	$	12,118,190		$	12,575,722		$	12,360,899		$	12,361,500		$	12,784,470		$	12,283,303		$	11,942,905		$	11,960,111
Total earning assets	$	11,640,162		$	12,303,940		$	12,072,891		$	11,953,446		$	12,365,497		$	11,837,722		$	11,532,186		$	11,546,050
Total loans⁽²⁾	$	7,933,695		$	7,971,907		$	8,026,524		$	8,003,206		$	7,988,941		$	7,963,074		$	7,795,144		$	7,790,555
Total deposits	$	9,883,233		$	10,056,463		$	9,344,414		$	9,225,266		$	9,501,661		$	9,471,369		$	8,946,641		$	8,514,938
Total borrowings	$	794,940		$	1,118,276		$	1,654,736		$	1,721,283		$	1,832,947		$	1,401,917		$	1,646,179		$	2,102,507
Total shareholders’ equity	$	1,242,805		$	1,230,573		$	1,201,477		$	1,263,627		$	1,289,656		$	1,238,763		$	1,235,162		$	1,245,647

(1)		A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
(2)		Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3)		Excludes loans held for sale.


GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
(dollars in thousands, except per share data)

	March 31,			December 31,			March 31,
	2025			2024			2024
Tangible common equity
Common shareholders’ equity	$	1,244,891		$	1,226,061		$	1,259,413
Less: Intangible assets		(11	)		(16	)		(104,611	)
Tangible common equity	$	1,244,880		$	1,226,045		$	1,154,802

Tangible common equity ratio
Total assets	$	11,317,361		$	11,129,508		$	11,612,648
Less: Intangible assets		(11	)		(16	)		(104,611	)
Tangible assets	$	11,317,350		$	11,129,492		$	11,508,037

Tangible common equity ratio		11.00	%		11.02	%		10.03	%

Per share calculations
Book value per common share	$	40.99		$	40.60		$	41.72
Less: Intangible book value per common share	$	—		$	(0.01	)	$	(3.46	)
Tangible book value per common share	$	40.99		$	40.59		$	38.26

Shares outstanding at period end		30,368,843			30,202,003			30,185,732

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Average tangible common equity
Average common shareholders’ equity	$	1,242,805		$	1,230,573		$	1,289,656
Less: Average intangible assets		(14	)		(19	)		(104,718	)
Average tangible common equity	$	1,242,791		$	1,230,554		$	1,184,938

Return on average tangible common equity
Net (loss) income	$	1,675		$	15,290		$	(338	)
Return on average tangible common equity		0.55	%		4.94	%	(0.11		)%

Efficiency ratio
Net interest income	$	65,649		$	70,794		$	74,698
Noninterest income		8,207			4,067			3,589
Operating revenue	$	73,856		$	74,861		$	78,287
Noninterest expense	$	45,451		$	44,532		$	39,997

Efficiency ratio		61.54	%		59.49	%		51.09	%

Pre-provision net revenue
Net interest income	$	65,649		$	70,794		$	74,698
Noninterest income		8,207			4,067			3,589
Less: Noninterest expense		(45,451	)		(44,532	)		(39,997	)
Pre-provision net revenue	$	28,405		$	30,329		$	38,290

Tangible common equity, tangible common equity to tangible assets (the “tangible common equity ratio”), tangible book value per common share, average tangible common equity, and annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. Tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such tangible equity and related measures are useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.

Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.

____________________________¹ A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
² Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.
³ A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.

EAGLE BANCORP, INC.
CONTACT:
Eric R. Newell
240.497.1796

For the March 31, 2025 Earnings Presentation, click http://ml.globenewswire.com/Resource/Download/f1f31917-6800-4f81-8c02-417b49f279cc

The MIL Network –

April 24, 2025

MIL-OSI: Greystone Housing Impact Investors LP Schedules First Quarter 2025 Earnings Conference Call for Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., April 23, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s First Quarter 2025 results.

For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=a4hicNZA

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Safe Harbor Statement

Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Ken Rogozinski
Chief Executive Officer
402-952-1235

The MIL Network –

April 24, 2025

MIL-OSI: Triller Group Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)

Source: GlobeNewswire (MIL-OSI)

Palm Beach, FL, April 23, 2025 (GLOBE NEWSWIRE) — Triller Group Inc. (“Triller”, “Triller Group” or “the Company”) today announced that on April 17, 2025, it received a delinquency notification letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) due to the Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the Company’s failure to timely file its Annual Report on Form 10-K for the period ended December 31, 2024 (the “Filing”). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

This Notice has no immediate effect on the listing of the Company’s securities on Nasdaq. However, if the Company fails to timely regain compliance with the Rule, the Company’s securities will be subject to delisting from Nasdaq.

The Notice provides that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 calendar days from the Filing’s due date, or until October 13, 2025, to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

The Company is working diligently to complete its Form 10-K and expects to file its Form 10-K within the 60-day period described above, which would eliminate the need for the Company to submit a formal plan to regain compliance.

About Triller Group Inc.

Triller Group Inc. is a technology powerhouse with a portfolio of high-growth businesses poised to break through in the Creator Economy. Triller App is the most creator focused social platform offering discovery, monetization, and ownership. Supported by Triller Platform, it serves as a cutting-edge social media platform designed for creators, offering innovative tools for content creation, marketing, and brand partnerships. It enables creators to connect with fans, monetize their work, and build meaningful relationships with brands.

Bare Knuckle Fighting Championship (BKFC) stages live and streaming combat sports events that are rapidly gaining popularity with fans globally. With a focus on exciting matchups and high-energy performances, BKFC has established itself as the fastest-growing combat league in the industry. TrillerTV is Triller Group’s premier live streaming platform, showcasing a diverse array of in-house and third-party sports and entertainment content. With its robust infrastructure, TrillerTV is committed to delivering high-quality live events that captivate audiences and drive subscriber growth.

Additionally, AGBA serves as a one-stop financial supermarket, providing independent distribution of a wide range of financial products and services. By connecting consumers with essential financial solutions, AGBA enhances Triller Group’s ecosystem, making it easier for users to access the tools they need for financial success.

Together, these diverse businesses form a unique and integrated ecosystem that positions Triller Group at the forefront of innovation in social media, live entertainment, combat sports, and financial services. For more information about our businesses, visit www.trillercorp.com and www.agba.com.

Investor & Media Relations:

Bethany Lai
ir@triller.co

Breanne Fritcher
triller@wachsman.com

Details:
Company: www.trillercorp.com
Linkedin: www.linkedin.com/company/triller
X: @Triller_IR

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company and other matters. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements including, without limitation, the timing and filing of the delayed Annual Report on Form 10-K and the Company’s ability to regain compliance with applicable Nasdaq rules. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in the Company’s filings with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.

The MIL Network –

April 24, 2025

MIL-OSI: Brag House Provides Update on Status of Form 10-K Filing and Reiterates Commitment to SEC Compliance Obligations

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH), a pioneering media-tech platform at the intersection of gaming, college sports, and social interaction, continues to diligently work on its Form 10-K for the fiscal year-ended December 31, 2024 following the successful completion of its initial public offering in March 2025 and intends to file the 2024 Form 10-K in the coming days.

Given the recency of our initial public offering, we needed additional time to complete certain disclosures and analyses to be included in the 2024 Form 10-K. As anticipated, we received a notice from the Nasdaq Stock Market on April 17, 2025 notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) because the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 was not filed with the Securities and Exchange Commission by the required due date of April 15, 2025. The Company expects to file its 2024 Form 10-K before the date it would have to submit a compliance plan on June 16th to Nasdaq for continued listing.

Brag House is excited to have entered the public markets and takes its SEC reporting obligations seriously. In addition to our commitment to legal compliance and good corporate governance, we continue to focus on our upcoming revenue-generating tournaments and broader business momentum.

About Brag House
Brag House is a leading media technology gaming platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By seamlessly merging gaming, social interaction, and cutting-edge technology, the Company provides an inclusive and engaging environment for casual gamers while enabling brands to authentically connect with the influential Gen Z demographic. The platform offers live-streaming capabilities, gamification features, and custom tournament services, fostering meaningful engagement between users and brands. For more information, please visit www.braghouse.com.

Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the “Risk Factors” section of the Company’s filings with the SEC. 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 discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. 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 that arise after the date hereof, except as may be required by law.

Media Contact:
Fatema Bhabrawala
Director of Media Relations
fbhabrawala@allianceadvisors.com

Investor Relations Contact:
Adele Carey
VP, Investor Relations
ir@thebraghouse.com

The MIL Network –

April 24, 2025

MIL-OSI Africa: From Aid to Investment: Africa Investment Forum Builds $225B Momentum in Making Continent Bankable

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

WASHINGTON D.C., United States of America, April 23, 2025/APO Group/ —

Buoyed by last year’s successful Africa Investment Forum’s Market Days that generated $29.2 billion of investment interest, its nine founding partners are bracing for an even bigger and better event later this year.

The 2024 Africa Investment Forum Market Days attracted more than 2,300 investors and participants from 83 countries around the world, more than 40 boardrooms, and 15 sponsors, including investment banks, insurers, and export credit agencies. Many more sponsors are lining up for the 2025 edition.

Meeting on Monday evening in Washington, DC, on the sidelines of the World Bank and IMF Spring Meetings, the partners reflected on the Forum’s remarkable seven-year journey, which has mobilized more than $225 billion in investment interest and established itself as a global investment movement for Africa.

The partners include the African Development Bank, Afreximbank, Africa50, Africa Finance Corporation, Development Bank of Southern Africa, Islamic Development, European Investment Bank, Trade and Development Bank, and newcomer, the Arab Bank for Economic Development in Africa (BADEA).

The President of the African Development Bank Group and Chairman of the Africa Investment Forum, Dr. Akinwumi Adesina said, “We have elevated Africa. We have showcased Africa. We have changed perceptions on Africa,” adding, “We have shown our belief in Africa, which has demonstrated to the world that indeed Africa is a bankable destination.”

“Africa will not be developed by aid. It will be developed by investment,” Adesina said, a vision that has guided the Forum since its launch in 2018.

The meeting outlined how the Forum has transformed perceptions about investing in Africa while delivering high-quality deal pipelines. To date, 22 deals have closed, with 41% of the financing provided by founding partners alongside other institutional investors.

Partners also discussed the Africa Investment Forum Partnership Framework to guarantee the Forum’s sustainability, The long-term governance and sustainability framework is expected to be formally signed at the May African Development Bank Annual Meetings in Abidjan, Côte d’Ivoire.

As Adesina prepares to conclude his tenure as president of the African Development Bank in September, he expressed profound gratitude to the partners for their support and commitment to the Forum.

At Monday’s meeting, the partners unanimously committed to the Africa Investment Forum because of its convening power to mobilize critical investments for transformative projects across the continent.

The CEO of Africa 50, Alain Ebobise spoke about the Forum’s uniqueness because “it focuses not on speeches but on people transacting in boardrooms,” adding, “We are ready to bring on board more sponsors.”

The President and CEO of Africa Finance Corporation, Samaila Zubairu said, “As Africans we have to take ownership of our development. The Africa Investment Forum is an initiative that demonstrates that.”

Boitumelo Mosako, the CEO of the Development Bank of Southern Africa, reiterated this, saying, ” The only way to be certain about the future is by creating it.”

Praising last year’s Market Days event as “fantastic,” the President of the Trade and Development Bank, Admassu Tadesse, pointed to the forum’s strength as a strong global brand promoting synergies among its founding partners.

Representing BADEA, the Director of Private Sector, Diab Karrar said that even though BADEA joined the Africa Investment Forum last year, they had always supported the initiative because “we believe in it.”

The Executive Vice President of Global Trade Bank, Afreximbank, Haytham El Maayergi, expressed a strong commitment to supporting the Africa Investment Forum.

Andrew McDowell, Director General of the European Investment Bank Global, spoke about the importance of institutional collaboration, which helps institutions like his make informed decisions about investment in Africa.

“It has been my greatest honor to develop and advance the Africa Investment Forum with you all. “Let us continue to fast-track Africa’s development together, now and in the future!” declared Adesina

MIL OSI Africa –

April 24, 2025

MIL-OSI: XRP News: XploraDEX Token Distribution Is Now Live—Only 6 Days Window Period Left to Join $XPL Presale

Source: GlobeNewswire (MIL-OSI)

ZURICH, Switzerland, April 23, 2025 (GLOBE NEWSWIRE) — The race is on as the XploraDEX $XPL token distribution goes live, marking a major milestone in what is shaping up to be XRPL’s most innovative DeFi launch. With just 6 days remaining in the presale, early adopters are moving fast to secure their tokens before the window closes for good.

Buy $XPL Token

XploraDEX has gained massive traction for being the first AI-powered decentralized exchange built natively on the XRP Ledger. Designed to deliver intelligent trade execution, predictive analytics, and real-time automation, XploraDEX is reshaping what on-chain trading can look like for everyday users and advanced traders alike.

Join $XPL Presale

Token distribution began earlier this week and is now in full swing. Thousands of wallets are being funded with $XPL as part of the 7-day rollout plan. The response? Electric. From DeFi veterans to XRPL newcomers, the demand has reached new highs, and on-chain activity is surging.

What’s Happening Now:

$XPL tokens are actively being distributed to early supporters
98% of the token allocation has already been claimed
Final 6 days of the presale are live
Staking pools and governance modules launch post-distribution

Participate in $XPL Presale

The timing couldn’t be more perfect. As distribution rolls out and the platform prepares for public activation, the final window for presale access is rapidly closing. The next time $XPL hits the spotlight, it will be on live markets—and at a premium.

If you’ve been watching from the sidelines, this is your moment. Token distribution is happening in real time. The presale ends in 6 days. And after that, the early entry advantage disappears forever.

Join the $XPL Presale While It’s Still Open: https://sale.xploradex.io

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

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/53595e07-27e3-4413-8f20-c10b962ed929

The MIL Network –

April 24, 2025

MIL-OSI: United Nations Alliance of Civilizations Meeting in Geneva Concludes with Key Recommendations on AI Governance and Launches HUMAN-AI-T: A Global Initiative to Integrate Humanity into Artificial Intelligence

Source: GlobeNewswire (MIL-OSI)

United Nations Alliance of Civilizations Meeting in Geneva Concludes with Key Recommendations on AI Governance and Launches HUMAN-AI-T: A Global Initiative to Integrate Humanity into Artificial Intelligence
UNAOC AI for #OneHumanity: Human-Centered Artificial Intelligence

Geneva, Switzerland – April 23, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces that United Nations Alliance of Civilizations meeting in Geneva concludes with key recommendations on AI Governance and launches HUMAN-AI-T.

Staying true to its founding motto “Many cultures, one humanity,” the United Nations Alliance of Civilizations (UNAOC), established in 2005 by then UN Secretary-General Kofi Annan, continues to promote cultural diversity, interfaith dialogue, and mutual respect. Today, these foundational principles are essential to shaping the future of artificial intelligence.

At a high-level meeting held at the United Nations Office in Geneva, UNAOC and its public and private sector partners launched HUMAN-AI-T, a transformative global initiative designed to align the evolution of artificial intelligence with universal ethical values, cultural heritage, and human dignity.

Building on the momentum of its two previous editions, the third “AI for #OneHumanity” summit gathered a diverse group of global actors—governments, international organizations, business leaders, innovators, academics, media, and civil society—to explore pathways toward inclusive and responsible AI development in the service of the common good.

Organized by UNAOC in collaboration with the Onuart Foundation, the two-day forum featured thematic sessions on the role of AI in intercultural dialogue, sustainable development, and collective human progress, while addressing critical issues such as cultural bias, AI governance, and equitable access.

Notable participants from Spain included:

José Manuel Albares, Minister of Foreign Affairs, European Union and Cooperation of Spain;
Miguel Ángel Moratinos, former Foreign Minister and current High Representative of UNAOC;
José Luis Rodríguez Zapatero, former Prime Minister of Spain and President of the Advisory Board of the Onuart Foundation.

Key Points:

Ethical AI Governance:
Minister Albares emphasized the urgent need for ethical AI development rooted in human rights. He announced Spain’s intention to propose a national Artificial Intelligence Governance Law, aimed at ensuring AI applications respect fundamental rights and prioritize dignity, inclusion, and human-centered innovation through multilateral frameworks.
Global Cooperation and Risks:
Albares warned of the growing dangers of misinformation and the irresponsible use of autonomous military technologies. He called for greater UN involvement to ensure no one is left behind and to maintain a fair and balanced multilateral system in AI development and regulation.
Moratinos’ Concerns:
Miguel Ángel Moratinos highlighted the risk of AI deepening global inequality or undermining shared values. He stressed that AI is no longer a future issue—it is already at the heart of our communications, economies, and daily lives, and urgently requires global oversight guided by human dignity.
Zapatero’s Message:
In a video message, José Luis Rodríguez Zapatero expressed optimism about AI’s potential to address humanity’s most urgent needs: peace, democracy, and the eradication of poverty. “We are at a turning point,” he said. “Artificial intelligence must be a tool for peace and social justice. It must help us end hunger, combat inequality, and strengthen democratic values. Let’s ensure that AI, like every great human creation, serves to elevate the human spirit.”

The opening session, titled “Towards One Humanity: Human-Centered Development Supported by AI,” featured remarks by Moratinos, Dr. José Luis Bonet Ferrer (President of the Onuart Foundation), and Rima Al-Chikh (UNOG), followed by opening addresses from Minister Albares, H.E. Burak Akçapar, Permanent Representative of Türkiye, and former President Zapatero.

A main session on ethical and equitable AI included insights from David Carmona (VP & CTO of Microsoft), Carlos Moreira (CEO of WISeKey), Francisco Hortigüela (President of Ametic), Moulaye Bouamatou (President of Banque de Mauritanie), and Julian Isla (President of Fundación29), moderated by Fernando Zallo from the Onuart Foundation.

Other panels focused on the inclusive future of AI, with contributions from Bilel Jamoussi (ITU), Jon Hernández, Enrique Arribas, Alberto Díez, Loida Peral, Matthew Griffin, Danilo McGarry, and Yujun Pian, moderated by Julie Ladanan of UNAOC.

The session “Artificial Intelligence: Transforming Human Identity and Behavior in the Digital Age” featured video contributions from Dr. Rafael Yuste, Director of Columbia University’s NeuroTechnology Center and President of the NeuroRights Foundation, and Jared Genser, General Counsel of the same foundation. The session was moderated by Juan Carlos Gutiérrez of the Onuart Foundation.

A complementary session on “AI and Media in the Information Age” addressed challenges such as disinformation and hate speech, with contributions from Catherine Bokonga-Fiankan (President of the Association of UN Correspondents in Geneva), Yfat Barak-Cheney (World Jewish Congress), Eduardo Solana (University of Geneva), Axel Hörger (former CEO of UBS Germany), Lluis Vilella (CEO of K-BOX), Sixtine Crutchfield (Art Director at WiseArt), filmmaker Devy Man, and music writer Soren Sorensen (aka Dorian Gray), moderated by Nihal Saad, Director of UNAOC.

The HUMAN-AI-T initiative was presented as a secure and globally accessible digital platform to preserve humanity’s ethical, philosophical, and cultural legacy. Inspired by the Svalbard Global Seed Vault, it will function as an ethical digital vault, housing verified content—from religious texts and philosophical works to legal codes, international treaties, and indigenous knowledge—digitally signed and protected by post-quantum cryptographic technologies to ensure long-term trust, traceability, and integrity.

As general artificial intelligence (AGI) and quantum computing advance, HUMAN-AI-T responds to the increasing ethical risks posed by superintelligent systems by anchoring AI development in shared human values and global moral frameworks. The initiative aligns with the UN General Assembly resolution on safe and trustworthy AI, aiming to make AI a platform for inclusion, cooperation, and ethical progress.

“At the heart of AI must be the heart of humanity,” emphasized Miguel Ángel Moratinos. “This is not just a technological issue—it is a civilizational imperative. We must develop AI to serve people, not the other way around. That requires an inclusive model centered on dignity.”

Dr. Bonet Ferrer added: “For AI to truly contribute to human progress, we must incorporate the spirit of One Humanity into its design and governance. Technology must unite us, honor our diversity, and strengthen our shared destiny.”

Jared Genser also highlighted: “As neurotechnologies and AI converge, we must update human rights frameworks to protect mental sovereignty. HUMAN-AI-T is an urgent ethical safeguard anchoring these tools in principles from the outset.”

Carlos Moreira, founder and CEO of WISeKey, concluded: “We are approaching a threshold where machines may surpass human intelligence. If we do not act now, we risk losing control over the values embedded in these systems. HUMAN-AI-T is our response: to ensure that the intelligence we build remains deeply human—now and for future generations.”

Finally, Che Fu, founder and president of the World Public Economic Organization (WPEO) and president of the East-West Cultural Exchange Promotion Agency of Sichuan, remarked: “Artificial intelligence has a unique power to build bridges between civilizations. It is a new language of humanity—one that must be shaped with ethics and cultural understanding. We must come together, East and West, to ensure this technology connects us. I warmly invite the UN Alliance of Civilizations to hold the 4th AI for #OneHumanity Conference in China on January 20, 2026, where we can continue this global dialogue and strengthen our shared commitment to a human-centered digital future.”

The event concluded with closing reflections from H.E. Mr. Moratinos and Dr. Bonet Ferrer, marking the beginning of a new chapter in the evolution of AI—one guided not only by algorithms and code, but by consciousness, cooperation, and compassion.

#HUMANAIT #QuantumRisks #AGI #AIForGood #OneHumanity #TrustworthyAI #EthicalAI #China2026

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

The MIL Network –

April 24, 2025

MIL-OSI Video: Climate, Gaza & other topics – Daily Press Briefing | United Nations

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:

– Climate
– Deputy Secretary-General
– Occupied Palestinian Territory
– Yemen
– Sudan
– Sudan/Humanitarian
– Democratic Republic of the Congo
– Democratic Republic of the Congo/Peacekeeping
– Somalia
– Ukraine
– Kashmir
– International Days
– Briefings Tomorrow

CLIMATE
This morning, the Secretary-General and President Lula of Brazil convened a virtual leaders’ session on climate and just transition.
After the meeting he spoke to some of you and said that he heard a unifying message: our world faces massive headwinds and a multitude of crises, but we cannot allow climate commitments to be blown off course.
The Secretary-General added that we must keep building momentum for action at COP30 in Brazil— and that today was an important part of that effort.
The Secretary-General also said that renewables are the economic opportunity of the century. Dissenters and fossil fuel interests may try to stand in the way, but the world is moving forward – full speed ahead.
The Secretary-General urged leaders to take action on two fronts: first — to step up efforts to submit the strongest possible national climate plans well ahead of COP30.
And second, to scale-up support for developing countries.

DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed, is travelling to Washington, D.C. this afternoon, to attend the World Bank/International Monetary Fund Annual Spring Meetings and engage in discussions with key stakeholders and government officials.
Ms. Mohammed will participate in a ministerial roundtable to discuss the upcoming fourth International Conference on Financing for Development (FfD4) and priority actions to support the Sustainable Development Goals. She will separately meet with Finance Ministers, leaders of International Financial Institutions and Multilateral Development Banks to discuss the challenging global economic context, its implications for sustainable development, and how to mitigate the risks for the world’s poorest countries.
The Deputy Secretary-General will return to New York tomorrow evening. 

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=23%20April%202025

https://www.youtube.com/watch?v=31B80i3kYCM

MIL OSI Video –

April 24, 2025

MIL-OSI Video: IMF Seminar: Pathways to Prosperity: Policies and Partnerships for Success

Source: International Monetary Fund – IMF (video statements)

While the path of progress is rarely easy, some countries have successfully turned moments of adversity into opportunities for lasting economic progress and better outcomes for people.

To hear more about the policies and partnerships that make a difference, join us for a seminar discussion with IMF Deputy Managing Director Nigel Clarke, Minister of Economy and Finance of Greece Kyriakos Pierrakakis, Minister of Economy and Finance of Paraguay Carlos Fernandez Valdovinos, Minister of Economy and Finance of Benin Romuald Wadagni, and President Emeritus of the Center for Global Development Masood Ahmed.

https://www.youtube.com/watch?v=BmAblYJ5KK0

MIL OSI Video –

April 24, 2025

Category: Finance

Global Sovereign Debt Roundtable – 4th Cochairs Progress Report

IMF Communications Department

MEDIA RELATIONS