Finance – Page 481 – NewzIntel.com

MIL-OSI New Zealand: Northland Expressway: Emerging preferred corridor from Te Hana to Whangārei announced

Source: New Zealand Government

Good progress continues to be made on the Northland Expressway, with the emerging preferred corridor for the Te Hana to Port Marsden Highway and the Port Marsden Highway to Whangārei Roads of National Significance now confirmed by NZTA, Transport Minister Chris Bishop and Regional Development Minister Shane Jones say.
“The Waikato Expressway delivered by the last National-led Government has been a game changer for the Waikato region. The Northland Expressway is a genuinely transformational opportunity to boost jobs and growth in an area rich with potential and link Northland to New Zealand’s biggest city,” Mr Bishop says.
The Northland Expressway has been divided into three sections:

Warkworth to Te Hana
Te Hana to Port Marsden Highway
Port Marsden Highway to Whangārei

The Warkworth to Te Hana section will be a 26km-long four-lane road, connected to the new Pūhoi to Warkworth motorway and is currently in procurement, following the announcements made at the NZ Infrastructure Investment Summit in March.
“Today NZTA is announcing the emerging preferred corridor from Te Hana to Whangārei, which will deliver a new four-lane, mainly grade-separated route that bypasses key pressure points on the current State Highway 1 (SH1).
“For Section 2, Te Hana to Port Marsden Highway, the emerging preferred corridor is a new route to the east of SH1 between Te Hana and the Brynderwyn Hills, near to the east of SH1 at the Brynderwyn Hills and to the west of SH1 between the Brynderwyn Hills and Port Marsden Highway.
“The Brynderwyn Hills is a very challenging section due to the steepness of terrain and quality of the geology. Alternative options in this location looked at western routes but following further investigation, NZTA has reassessed and found a near east alignment close to SH1. This is a more direct route with more predictable geology that can be managed through engineering design.
“For Section 3, Port Marsden Highway to Whangārei, the emerging preferred corridor is a new road near SH1 between Port Marsden Highway and State Highway 15 Loop Road and a widened SH1 corridor approaching urban Whangārei,” Mr Bishop says.
Mr Jones says the recent bad weather, during which SH1 on the Brynderwyns was partly closed due to a slip, illustrated the urgency required to get work underway.
“The new expressway, which will be designed to better withstand severe weather, will provide a more resilient transport network, keeping people and goods moving and reduce travel time.
“This transport infrastructure is a key point in the New Zealand First-National Coalition Agreement. The Northland Corridor is a top priority for the Government and we are working quickly to deliver this vital connection to help Northland’s economy grow and its communities thrive.”
NZTA will be doing further investigation and design refinements and Ministers expect to be able to confirm the preferred route in August or September this year.
This will provide landowners with greater certainty around any impact the project will have on their properties.

MIL OSI New Zealand News –

April 23, 2025

MIL-OSI New Zealand: Property Market – Clearer signs of a market rebound as property activity lifts in early 2025 – CoreLogic

Source: CoreLogic

New Zealand’s housing market continues to show signs of recovery, with national sales activity and dwelling values both lifting in March, supported by easing mortgage rates and renewed buyer confidence, according to CoreLogic NZ’s April Housing Chart Pack. (ref. https://www.corelogic.co.nz/news-research/reports/housing-chart-pack )

Sales volumes were 11% higher in March compared to the same time last year, more than offsetting February’s brief dip. This marks nearly two years of gradual growth in transaction activity.

“Clearly confidence levels are growing, no doubt reflecting the falls in mortgage rates,” said CoreLogic NZ Chief Property Economist Kelvin Davidson.

“The recovery in property values and activity levels is becoming clearer, but it remains measured. Higher stock levels are still giving buyers plenty of choice, which will keep a lid on price growth in the near term.”

National home values edged up 0.5% in March, following a 0.4% increase in February and a flat result in January, based on CoreLogic NZ’s latest Home Value Index.

The recovery is becoming more geographically widespread, extending beyond the main centres into key regional towns and cities.

Investor activity rising

While the supply of available listings continues to track at multi-year highs, reducing the urgency for buyers, improving conditions have nevertheless sparked renewed interest from a range of buyer groups.

First home buyer activity as a share of the market has eased slightly from recent record highs, but investor activity is on the rise, driven by lower mortgage rates.

“Mortgaged investors remain on the comeback trail. Lower interest rates are certainly helping investors by reducing the cashflow top-ups out of other income sources that are generally required on a rental property purchase.”

“While the share of purchases going to mortgaged multiple property owners (MPOs, including investors) remains below historical levels, this group has certainly started to return. Indeed, at 23% in Q1 2025, they’re back to levels not seen since late 2021.”

Mr Davidson said all buyer groups are expected to be more active through the rest of 2025.

“If current momentum continues, we anticipate around 10,000 more residential sales this year compared to 2024. That means more opportunities for everyone—first home buyers, investors and upgraders alike.”

Mixed economic outlook

The economic backdrop remains mixed, with global uncertainty fuelled by recent tariff changes in the United States. While the inflationary impact in New Zealand is expected to be relatively neutral, a softer global growth outlook may support further downward pressure on interest rates.

Despite these crosswinds, CoreLogic anticipates national home values to rise by approximately 5% throughout 2025.

“The year ahead is likely to deliver a subdued but broad-based upturn,” Mr Davidson said.

“Lower mortgage rates are doing much of the heavy lifting, but high listing volumes, ongoing labour market shifts and mortgage lending constraints such as debt-to-income ratio caps will temper the pace of growth.”

Highlights from the April 2025 Housing Chart Pack include:

New Zealand’s residential real estate market is worth a combined $1.62 trillion.
The CoreLogic Home Value Index shows property values across New Zealand increased 0.5% in March. Over the three months to March, there was a 0.9% rise in median property values across NZ.

The total sales count over the 12 months to March is 83,543.

Total listings on the market were 30,524 in March – 23% up on the five-year average. Some major regions such as Waikato, Auckland, and Bay of Plenty are lower than last year in terms of total listings on the market, but Canterbury and Otago are slightly higher, and Wellington more so.

Rental market conditions still favour tenants, as net migration (demand) eases down from its very high peak, and the stock of available rental listings (supply) on the market stays elevated.

Gross rental yields now stand at 3.9%, which Is the highest level since mid-2015.

Inflation is firmly back in the 1–3% target range, and after April’s 0.25% cut, further OCR reductions seem likely in the coming months.

The Chart of the Month shows that investors are starting to return to the market.

While the share of purchases going to mortgaged multiple property owners (MPOs, including investors) remains below normal, this group has certainly started to return. At 23% in Q1 2025, they’re back to levels not seen since late 2021.

MIL OSI New Zealand News –

April 23, 2025

MIL-OSI: Timberland Bancorp Reports Second Fiscal Quarter Net Income of $6.76 Million

Source: GlobeNewswire (MIL-OSI)

Quarterly EPS Increases 21% to $0.85 from $0.70 One Year Ago
Quarterly Net Interest Margin Increases to 3.79%
Quarterly Return on Average Assets of 1.43%
Quarterly Return on Average Equity of 10.95%
Announces a 4% Increase in the Quarterly Cash Dividend

HOQUIAM, Wash., April 22, 2025 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $6.76 million, or $0.85 per diluted common share for the quarter ended March 31, 2025. This compares to net income of $6.86 million, or $0.86 per diluted common share for the preceding quarter and $5.71 million, or $0.70 per diluted common share, for the comparable quarter one year ago.

For the first six months of fiscal 2025, Timberland’s net income increased 13% to $13.62 million, or $1.71 per diluted common share, from $12.00 million, or $1.47 per diluted common share for the first six months of fiscal 2024.

“Our second fiscal quarter operating results were strong, highlighted by net interest margin expansion and modest balance sheet growth,” stated Dean Brydon, Chief Executive Officer. “Second fiscal quarter net income and earnings per share increased 18% and 21%, respectively, compared to the second fiscal quarter a year ago, reflecting an improvement in our net interest margin. Compared to the prior quarter, net income and earnings per share decreased 2% and 1%, respectively, as the increase in net interest income was offset by a higher provision for credit losses and a modest increase in expenses. All profitability metrics improved compared to the year ago quarter, and tangible book value per share (non-GAAP) continued to trend upward.”

“As a result of Timberland’s solid earnings and strong capital position, our Board of Directors announced a 4% increase to the quarterly cash dividend to shareholders to $0.26 per share, payable on May 23, 2025, to shareholders of record on May 9, 2025,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 50th consecutive quarter Timberland will have paid a cash dividend.”

“During the second fiscal quarter our net interest margin continued to improve, expanding 15 basis points to 3.79%, compared to the preceding quarter,” said Marci Basich, Chief Financial Officer. “The improvement was primarily driven by a reduction in funding costs as the weighted average cost of interest-bearing liabilities decreased by 15 basis points during the quarter. Total deposits increased $20 million, or 1% during the quarter, due to increases in checking and certificates of deposit account balances.”

“The loan portfolio continues to grow at a moderate pace, increasing 1% from the prior quarter and 4% year-over year,” Brydon continued. “We continue to monitor credit quality closely and saw improvements in several metrics during the quarter. The non-performing asset ratio improved to just 13 basis points, non-accrual loans decreased by 15%, and net charge-offs were less than $1,000 during the quarter. However, we experienced an increase in loans graded “Substandard”, as two loans related to one borrowing relationship were downgraded. Both of the loans are performing and Timberland remains well collateralized based on recent appraisals, but the loans were downgraded primarily because the borrower is experiencing a legal issue stemming from an unrelated project. We view this as an isolated event, and remain encouraged by the overall strength of our loan portfolio.”

Earnings and Balance Sheet Highlights (at or for the periods ended March 31, 2025, compared to March 31, 2024, or December 31, 2024):

Earnings Highlights:

Earnings per diluted common share (“EPS”) decreased 1% to $0.85 for the current quarter from $0.86 for the preceding quarter and increased 21% from $0.70 for the comparable quarter one year ago; EPS increased 16% to $1.71 for the first six months of fiscal 2025 from $1.47 for the first six months of fiscal 2024;
Net income decreased 2% to $6.76 million for the current quarter from $6.86 million for the preceding quarter and increased 18% from $5.71 million for the comparable quarter one year ago; Net income increased 13% to $13.62 million for the first six months of fiscal 2025 from $12.00 million for the first six months of fiscal 2024;
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 10.95% and 1.43%, respectively;
Net interest margin (“NIM”) for the current quarter expanded to 3.79% from 3.64% for the preceding quarter and 3.48% for the comparable quarter one year ago; and
The efficiency ratio for the current quarter improved to 56.25% from 56.27% for the preceding quarter and 60.22% for the comparable quarter one year ago.

Balance Sheet Highlights:

Total assets increased 1% from the prior quarter and increased 1% year-over-year;
Net loans receivable increased 1% from the prior quarter and increased 4% year-over-year;
Total deposits increased 1% from the prior quarter and increased 1% year-over-year;
Total shareholders’ equity increased 1% from the prior quarter and increased 6% year-over-year; 61,764 shares of common stock were repurchased during the current quarter for $1.91 million;
Non-performing assets to total assets ratio improved to 0.13% at March 31, 2025 compared to 0.16% at December 31, 2024 and 0.19% at March 31, 2024;
Book and tangible book (non-GAAP) values per common share increased to $31.95 and $29.99, respectively, at March 31, 2025; and
Liquidity (both on-balance sheet and off-balance sheet) remained strong at March 31, 2025 with only $20 million in borrowings and additional secured borrowing line capacity of $675 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 1% to $19.90 million from $19.67 million for the preceding quarter and increased 9% from $18.25 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to a decrease in funding costs, which was partially offset by a decrease in total interest and dividend income. Operating revenue increased 7%, to $39.57 million for the first six months of fiscal 2025 from $37.05 million for the first six months of fiscal 2024, primarily due to increases in interest income from loans and interest-bearing deposits in banks, which was partially offset by an increase in funding costs and a decrease in interest income on investment securities.

Net interest income increased $243,000, or 1%, to $17.21 million for the current quarter from $16.97 million for the preceding quarter and increased $1.58 million, or 10%, from $15.64 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a 15 basis point decrease in the weighted average cost of total interest-bearing liabilities to 2.47% from 2.62% and a six basis point increase in the weighted average yield on total interest-earning assets to 5.48% from 5.42%. These increases to net interest income were partially offset by an $11.44 million decrease in the average balance of total interest-earning assets. Timberland’s NIM for the current quarter expanded to 3.79% from 3.64% for the preceding quarter and 3.48% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately five basis points due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees and the accretion of $17,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately three basis points due to the collection of $115,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $8,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately three basis points due to the collection of $90,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $10,000 of the fair value discount on acquired loans. Net interest income for the first six months of fiscal 2025 increased $2.54 million, or 8%, to $34.18 million from $31.64 million for the first six months of fiscal 2024, primarily due to a $55.11 million increase in the average balance of total interest-earning assets and a 34 basis point increase in the weighted average yield of total interest-earning assets to 5.44% from 5.10%. These increases to net interest income were partially offset by an 18 basis point increase in the weighted average cost of interest-bearing liabilities to 2.55% from 2.37%. Timberland’s NIM expanded to 3.71% for the first six months of fiscal 2025 from 3.53% for the first six months of fiscal 2024.

A $237,000 provision for credit losses on loans was recorded for the quarter ended March 31, 2025. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $52,000 provision for credit losses on loans for the preceding quarter and a $166,000 provision for credit losses on loans for the comparable quarter one year ago. In addition, a $14,000 provision for credit losses on unfunded commitments and a $5,000 recapture of credit losses on investment securities were recorded for the current quarter.

Non-interest income decreased $10,000, (less than 1%) to $2.69 million for the current quarter from $2.70 million for the preceding quarter and increased $72,000, or 3%, from $2.62 million for the comparable quarter one year ago. The decrease in non-interest income compared to the preceding quarter was primarily due to a decrease in ATM and debit card interchange transaction fees and smaller changes in several other categories, which was partially offset by an increase in gain on sales of loans and smaller changes in several other categories. Fiscal year-to-date non-interest income decreased by 1%, to $5.38 million from $5.41 million for the first six months of fiscal 2024.

Total operating (non-interest) expenses for the current quarter increased $127,000, or 1%, to $11.19 million from $11.07 million for the preceding quarter and increased $203,000, or 2%, from $10.99 million for the comparable quarter one year ago. The increase in operating expenses compared to the preceding quarter was primarily due to increases in premises and equipment expenses, professional fees and smaller increases in several other expense categories. These increases were partially offset by decreases in salaries and employee benefits and smaller decreases in several other expense categories. The efficiency ratio for the current quarter was 56.25% compared to 56.27% for the preceding quarter and 60.22% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 3% to $22.26 million from $21.62 million for the first six months of fiscal 2024.

The provision for income taxes for the current quarter decreased $8,000, or less than 1%, to $1.71 million from $1.71 million for the preceding quarter, primarily due to lower taxable income. Timberland’s effective income tax rate was 20.2% for the quarter ended March 31, 2025, compared to 20.0% for the quarter ended December 31, 2024 and 20.5% for the quarter ended March 31, 2024. Timberland’s effective income tax rate was 20.1% for the first six months of fiscal 2025 and fiscal 2024.

Balance Sheet Management

Total assets increased $23.25 million, or 1%, during the quarter to $1.93 billion at March 31, 2025 from $1.91 billion at December 31, 2024 and increased $25.50 million, or 1%, from $1.91 billion one year ago. The increase during the current quarter was primarily due to a $27.14 million increase in total cash and cash equivalents, an $8.26 million increase in net loans receivable and smaller increases in several other categories. These increases were partially offset by a $7.42 million decrease in investment securities and smaller decreases in several other categories.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 16.9% of total liabilities at March 31, 2025, compared to 15.0% at December 31, 2024, and 15.2% one year ago. Timberland had secured borrowing line capacity of $675 million available through the FHLB and the Federal Reserve at March 31, 2025. With a strong and diversified deposit base, only 18% of Timberland’s deposits were uninsured or uncollateralized at March 31, 2025. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable increased $8.26 million, or 1%, during the quarter to $1.42 billion at March 31, 2025 from $1.41 billion at December 31, 2024. This increase was primarily due to a $10.31 million decrease in the undisbursed portion of construction loans in process, an $8.98 million increase in one- to four-family loans and a $5.19 million increase in commercial real estate loans. These increases were partially offset by a $12.57 million decrease in construction loans and smaller decreases in several other loan categories.

Loan Portfolio
($ in thousands)

	March 31, 2025				December 31, 2024					March 31, 2024
	Amount			Percent	Amount			Percent		Amount			Percent
Mortgage loans:
One- to four-family (a)	$	315,421		21%	$	306,443		20%		$	276,433		19%
Multi-family		178,590		12		177,861		12			167,275		12
Commercial		602,248		40		597,054		39			577,373		40
Construction – custom and
owner/builder		114,401		7		124,104			8		122,988		8
Construction – speculative one-to four-family		9,791		1		8,887		1			16,407		1
Construction – commercial		22,352		1		22,841		2			32,318		2
Construction – multi-family		46,602		3		48,940		3			36,795		3
Construction – land
development		15,032		1		15,977		1			16,051		1
Land		32,301		2		30,538		2			31,821		2
Total mortgage loans		1,336,738		88		1,332,645		88			1,277,461		88

Consumer loans:
Home equity and second
mortgage		47,458		3		48,851		3			42,357		3
Other		2,375		—		2,889		—			2,925		—
Total consumer loans		49,833		3		51,740		3			45,282		3

Commercial loans:
Commercial business loans		131,243		9		135,312		9			135,505		9
SBA PPP loans		156		—		204		—			367		—
Total commercial loans		131,399		9		135,516		9			135,872		9
Total loans		1,517,970		100%		1,519,901		100%			1,458,615		100%
Less:
Undisbursed portion of
construction loans in
process		(75,042	)			(85,350	)				(77,502	)
Deferred loan origination
fees		(5,329	)			(5,444	)				(5,179	)
Allowance for credit losses		(17,525	)			(17,288	)				(16,818	)
Total loans receivable, net	$	1,420,074			$	1,411,819				$	1,359,116

_______________________
(a) Does not include one- to four-family loans held for sale totaling $1,151, $411, and $1,311 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of March 31, 2025:

CRE Loan Portfolio Breakdown by Collateral
($ in thousands)

Collateral Type	Balance		Percent of CRE Portfolio	Percent of Total Loan Portfolio	Average Balance Per Loan		Non- Accrual
Industrial warehouse	$	127,898	21%	8%	$	1,255	$	163
Medical/dental offices		84,013	14	5		1,254		—
Office buildings		68,239	11	5		784		—
Other retail buildings		53,121	9	3		553		—
Mini-storage		32,596	5	2		1,358		—
Hotel/motel		31,967	5	2		2,664		—
Restaurants		27,374	5	2		582		161
Gas stations/conv. stores		24,622	4	2		1,026		—
Churches		14,823	3	1		988		—
Nursing homes		13,606	2	1		2,268		—
Shopping centers		10,578	2	1		1,762		—
Mobile home parks		8,968	2	1		448		—
Additional CRE		104,443	17	7		762		—
Total CRE	$	602,248	100%	40%	$	938	$	324

Timberland originated $56.76 million in loans during the quarter ended March 31, 2025, compared to $72.07 million for the preceding quarter and $39.37 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $5.17 million were sold compared to $2.31 million for the preceding quarter and $2.28 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment decreased $6.17 million, or 3%, to $235.33 million at March 31, 2025, from $241.50 million at December 31, 2024. The decrease was primarily due to maturities of U.S. Treasury investment securities (classified as held to maturity) and scheduled amortization. Partially offsetting these decreases, was the purchase of additional U.S. government agency mortgage-backed investment securities and U.S. Treasury investment securities, all of which were classified as available for sale.

Deposits

Total deposits increased $20.41 million, or 1%, during the quarter to $1.65 billion at March 31, 2025, from $1.63 billion at December 31, 2024. The quarter’s increase consisted of a $15.45 million increase in certificates of deposit account balances, a $9.91 million increase in NOW checking account balances, a $4.90 million increase in non-interest bearing account balances, and a $1.01 million increase in savings account balances. These decreases were partially offset by a $10.86 million decrease in money market account balances.

Deposit Breakdown ($ in thousands)

	March 31, 2025			December 31, 2024			March 31, 2024
	Amount		Percent	Amount		Percent	Amount		Percent
Non-interest-bearing demand	$	407,811	25%	$	402,911	25%	$	424,906	26%
NOW checking		333,325	20		323,412	20		336,621	20
Savings		207,857	13		206,845	13		211,085	13
Money market		300,552	18		311,413	19		311,994	19
Certificates of deposit under $250		227,137	14		212,764	13		190,762	12
Certificates of deposit $250 and over		124,009	7		122,997	7		118,698	7
Certificates of deposit – brokered		50,139	3		50,074	3		44,488	3
Total deposits	$	1,650,830	100%	$	1,630,416	100%	$	1,638,554	100%

Borrowings

Total borrowings were $20.00 million at both March 31, 2025 and December 31, 2024. At March 31, 2025, the weighted average rate on the borrowings was 3.97%.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $3.32 million, or 1%, to $252.52 million at March 31, 2025, from $249.20 million at December 31, 2024, and increased $13.84 million, or 6%, from $238.68 million at March 31, 2024. The quarter’s increase in shareholders’ equity was primarily due to net income of $6.76 million, which was partially offset by the payment of $1.99 million in dividends to shareholders and the repurchase of 61,764 shares of common stock for $1.91 million (an average price of $30.85 per share). There were 65,995 shares available to be repurchased in accordance with the terms of its existing stock repurchase plan at March 31, 2025.

Timberland remains well capitalized with a total risk-based capital ratio of 20.29%, a Tier 1 leverage capital ratio of 12.55%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.36%, and a shareholders’ equity to total assets ratio of 13.07% at March 31, 2025. Timberland’s held to maturity investment securities were $140.95 million at March 31, 2025, with a net unrealized loss of $6.62 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 12.83%, compared to 13.07%, as reported.

Asset Quality

Timberland’s non-performing assets to total assets ratio improved to 0.13% at March 31, 2025, compared to 0.16% at December 31, 2024 and 0.19% at March 31, 2024. Net charge-offs totaled less than $1,000 for the current quarter compared to net charge-offs of $242,000 for the preceding quarter and net charge-offs of $3,000 for the comparable quarter one year ago. During the current quarter, provisions for credit losses of $237,000 on loans and $14,000 unfunded commitments were made, which was partially offset by a $5,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.22% at March 31, 2025, compared to 1.21% at December 31, 2024 and 1.22% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans decreased $697,000 or 17%, to $3.32 million at March 31, 2025, from $4.02 million at December 31, 2024 and decreased $879,000, or 21%, from $4.20 million at March 31, 2024. Non-accrual loans decreased $406,000, or 15%, to $2.33 million at March 31, 2025 from $2.73 million at December 31, 2024 and decreased $1.28 million, or 35%, from $3.61 million at March 31, 2024. The quarterly decrease in non-accrual loans was primarily due to decreases in commercial business loans and commercial real estate loans on non-accrual status. Loans graded “Substandard”, however, increased to $23.51 million at March 31, 2025 from $2.12 million at December 31, 2024 and $8.42 million at March 31, 2024. The increase in loans graded “Substandard” was primarily a result of two loans (totaling $21.30 million) to one borrowing relationship being downgraded during the March 31, 2025 quarter. Both of these loans are performing and Timberland remains well collateralized (based on recent appraisals), but the loans were downgraded primarily because the borrower is experiencing a legal issue stemming from an unrelated project.

Non-Accrual Loans
($ in thousands)

	March 31, 2025			December 31, 2024			March 31, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Mortgage loans:
One- to four-family	$	47	1	$	47	1	$	380	3
Commercial		324	3		698	5		1,149	3
Construction – custom and
owner/builder		—	—		—	—		152	1
Total mortgage loans		371	4		745	6		1,681	7

Consumer loans:
Home equity and second
mortgage		575	3		587	3		165	1
Other		—	—		—	—		—	—
Total consumer loans		575	3		587	3		165	1

Commercial business loans		1,381	11		1,401	11		1,759	6
Total loans	$	2,327	18	$	2,733	20	$	3,605	14

Timberland had two properties classified as other real estate owned (“OREO”) at March 31, 2025:

	March 31, 2025			December 31, 2024			March 31, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Other real estate owned:
Commercial	$	221	1	$	221	1	$	—	—
Land		—	1		—	1		—	1
Total mortgage loans	$	221	2	$	221	2	$	—	1

About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam).

Disclaimer

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME			Three Months Ended
($ in thousands, except per share amounts) (unaudited)			March 31,					Dec. 31						March 31,
			2025					2024						2024
	Interest and dividend income
	Loans receivable		$	20,896				$	21,032					$	18,909
	Investment securities			2,003					2,138						2,246
	Dividends from mutual funds, FHLB stock and other investments			82					86						82
	Interest bearing deposits in banks			1,884					2,001						1,919
	Total interest and dividend income			24,865					25,257						23,156

	Interest expense
	Deposits			7,454					8,084						7,301
	Borrowings			198					203						220
	Total interest expense			7,652					8,287						7,521
	Net interest income			17,213					16,970						15,635
	Provision for credit losses – loans			237					52						166
	Prov. for (recapture of) credit losses – investment securities			(5			)		(5		)				3
	Prov. for (recapture of ) credit losses – unfunded commitments			14					(20		)				(88	)
	Net int. income after provision for (recapture of) credit losses			16,967					16,943						15,554

	Non-interest income
	Service charges on deposits			959					999						988
	ATM and debit card interchange transaction fees			1,176					1,267						1,212
	Gain on sales of loans, net			122					43						41
	Bank owned life insurance (“BOLI”) net earnings			165					167						156
	Recoveries on investment securities, net			4					3						2
	Other			261					218						216
	Total non-interest income, net			2,687					2,697						2,615

	Non-interest expense
	Salaries and employee benefits			5,977					6,092						6,024
	Premises and equipment			1,075					950						1,081
	Advertising			189					181						159
	OREO and other repossessed assets, net			9					—						—
	ATM and debit card processing			521					521						601
	Postage and courier			142					121						145
	State and local taxes			335					346						325
	Professional fees			431					346						319
	FDIC insurance			219					210						206
	Loan administration and foreclosure			155					128						134
	Technology and communications			1,121					1,140						1,040
	Deposit operations			319					332						324
	Amortization of core deposit intangible (“CDI”)			45					45						57
	Other, net			656					655						576
	Total non-interest expense, net			11,194					11,067						10,991

	Income before income taxes			8,460					8,573						7,178
	Provision for income taxes			1,705					1,713						1,470
	Net income		$	6,755				$	6,860					$	5,708

	Net income per common share:
	Basic		$	0.85				$	0.86					$	0.71
	Diluted			0.85					0.86						0.70

	Weighted average common shares outstanding:
	Basic			7,937,063					7,958,275						8,081,924
	Diluted			7,968,632					7,999,504						8,121,109

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME			Six Months Ended
($ in thousands, except per share amounts) (unaudited)			March 31,											March 31,
			2025											2024
	Interest and dividend income
	Loans receivable		$	41,928										$	37,304
	Investment securities			4,141											4,556
	Dividends from mutual funds, FHLB stock and other investments			168											173
	Interest bearing deposits in banks			3,885											3,618
	Total interest and dividend income			50,122											45,651

	Interest expense
	Deposits			15,538											13,444
	Borrowings			402											568
	Total interest expense			15,940											14,012
	Net interest income			34,182											31,639
	Provision for credit losses – loans			289											545
	Recapture of credit losses – investment securities			(10			)								(7	)
	Recapture of credit losses – unfunded commitments			(7			)								(121	)
	Net int. income after provision for (recapture of) credit losses			33,910											31,222

	Non-interest income
	Service charges on deposits			1,958											2,011
	ATM and debit card interchange transaction fees			2,443											2,476
	Gain on sales of loans, net			165											120
	Bank owned life insurance (“BOLI”) net earnings			331											312
	Recoveries on investment securities, net			7											7
	Other			480											487
	Total non-interest income, net			5,384											5,413

	Non-interest expense
	Salaries and employee benefits			12,068											11,936
	Premises and equipment			2,025											2,054
	Advertising			370											345
	OREO and other repossessed assets, net			9											—
	ATM and debit card processing			1,043											1,216
	Postage and courier			264											271
	State and local taxes			680											644
	Professional fees			777											572
	FDIC insurance			429											416
	Loan administration and foreclosure			283											239
	Technology and communications			2,261											2,014
	Deposit operations			652											644
	Amortization of core deposit intangible (“CDI”)			90											113
	Other, net			1,309											1,151
	Total non-interest expense, net			22,260											21,615

	Income before income taxes			17,034											15,020
	Provision for income taxes			3,419											3,016
	Net income		$	13,615										$	12,004

	Net income per common share:
	Basic		$	1.71										$	1.48
	Diluted			1.71											1.47

	Weighted average common shares outstanding:
	Basic			7,947,786											8,098,155
	Diluted			7,984,238											8,143,701

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)			March 31,					Dec. 31,				March 31,
			2025					2024				2024
Assets
Cash and due from financial institutions			$		26,010			$	24,538			$	22,310
Interest-bearing deposits in banks					165,201				139,533				158,039
		Total cash and cash equivalents			191,211				164,071				180,349

Certificates of deposit (“CDs”) held for investment, at cost					8,711				7,470				11,204
Investment securities:
		Held to maturity, at amortized cost (net of ACL – investment securities)			140,954				156,105				211,818
		Available for sale, at fair value			84,807				77,080				61,746
Investments in equity securities, at fair value					853				840				839
FHLB stock					2,045				2,037				2,037
Other investments, at cost					3,000				3,000				3,000
Loans held for sale					1,151				411				1,311

Loans receivable					1,437,599				1,429,107				1,375,934
Less: ACL – loans					(17,525	)			(17,288	)			(16,818			)
		Net loans receivable			1,420,074				1,411,819				1,359,116

Premises and equipment, net					21,436				21,617				21,718
OREO and other repossessed assets, net					221				221				—
BOLI					23,942				23,777				23,278
Accrued interest receivable					7,127				7,095				7,108
Goodwill					15,131				15,131				15,131
CDI					361				406				564
Loan servicing rights, net					1,051				1,195				1,717
Operating lease right-of-use assets					1,324				1,400				1,624
Other assets					9,331				15,805				4,674
		Total assets	$		1,932,730				1,909,480			$	1,907,234

Liabilities and shareholders’ equity
Deposits: Non-interest-bearing demand			$		407,811				402,911			$	424,906
Deposits: Interest-bearing					1,243,019				1,227,505				1,213,648
		Total deposits			1,650,830				1,630,416				1,638,554

Operating lease liabilities					1,426				1,501				1,723
FHLB borrowings					20,000				20,000				20,000
Other liabilities and accrued expenses					7,950				8,364				8,278
		Total liabilities			1,680,206				1,660,281				1,668,555

Shareholders’ equity
Common stock, $.01 par value; 50,000,000 shares authorized;
7,903,489 shares issued and outstanding – March 31, 2025
7,954,673 shares issued and outstanding – December 31, 2024
8,023,121shares issued and outstanding – March 31, 2024					28,028				29,593				32,338
Retained earnings					225,166				220,398				207,086
Accumulated other comprehensive loss					(670	)			(792	)			(745			)
		Total shareholders’ equity			252,524				249,199				238,679
		Total liabilities and shareholders’ equity	$		1,932,730				1,909,480			$	1,907,234

	Three Months Ended
PERFORMANCE RATIOS:	March 31, 2025			Dec. 31, 2024			March 31, 2024
Return on average assets (a)		1.43	%		1.41	%		1.22	%
Return on average equity (a)		10.95	%		11.03	%		9.67	%
Net interest margin (a)		3.79	%		3.64	%		3.48	%
Efficiency ratio		56.25	%		56.27	%		60.22	%

	Six Months Ended
	March 31, 2025						March 31, 2024
Return on average assets (a)		1.42	%					1.28	%
Return on average equity (a)		10.99	%					10.18	%
Net interest margin (a)		3.71	%					3.53	%
Efficiency ratio		56.26	%					58.34	%

	Three Months Ended
ASSET QUALITY RATIOS AND DATA: ($ in thousands)	March 31, 2025			Dec. 31, 2024			March 31, 2024
Non-accrual loans	$	2,327		$	2,733		$	3,605
Loans past due 90 days and still accruing		—			—			—
Non-performing investment securities		41			45			79
OREO and other repossessed assets		221			221			—
Total non-performing assets (b)	$	2,589		$	2,999		$	3,684

Non-performing assets to total assets (b)		0.13	%		0.16	%		0.19	%
Net charge-offs during quarter	$	—		$	242		$	3
Allowance for credit losses – loans to non-accrual loans		753	%		633	%		467	%
Allowance for credit losses – loans to loans receivable (c)		1.22	%		1.21	%		1.22	%


CAPITAL RATIOS:
Tier 1 leverage capital		12.55	%		12.32	%		12.01	%
Tier 1 risk-based capital		19.04	%		18.69	%		18.08	%
Common equity Tier 1 risk-based capital		19.04	%		18.69	%		18.08	%
Total risk-based capital		20.29	%		19.95	%		19.33	%
Tangible common equity to tangible assets (non-GAAP)		12.36	%		12.34	%		11.79	%

BOOK VALUES:
Book value per common share	$	31.95		$	31.33		$	29.75
Tangible book value per common share (d)		29.99			29.37			27.79

________________________________________________

(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
(c) Does not include loans held for sale and is before the allowance for credit losses.
(d) Tangible common equity divided by common shares outstanding (non-GAAP).

AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
($ in thousands)
(unaudited)

	For the Three Months Ended
	March 31, 2025					December 31, 2024					March 31, 2024
	Amount			Rate		Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,435,999		5.90	%	$	1,438,144		5.80	%	$	1,365,417		5.57	%
Investment securities and FHLB stock (1)		232,532		3.64			247,236		3.57			298,003		3.14

Interest-earning deposits in banks and CDs		172,175		4.44			166,764		4.76			143,121		5.39
Total interest-earning assets		1,840,706		5.48			1,852,144		5.42			1,806,541		5.16
Other assets		77,563					75,534					81,337
Total assets	$	1,918,269				$	1,927,678				$	1,887,878

Liabilities and Shareholders’ Equity
NOW checking accounts	$	328,115		1.32	%	$	328,455		1.38	%	$	367,924		1.61	%
Money market accounts		306,137		3.18			324,424		3.42			270,623		3.14
Savings accounts		206,054		0.28			205,650		0.28			214,233		0.23
Certificates of deposit accounts		343,945		3.82			331,785		4.09			295,202		4.16
Brokered CDs		50,104		4.85			46,414		4.98			40,402		5.40
Total interest-bearing deposits		1,234,355		2.45			1,236,728		2.59			1,188,384		2.47
Borrowings		20,000		4.04			20,000		4.03			20,001		4.42
Total interest-bearing liabilities		1,254,355		2.47			1,256,728		2.62			1,208,385		2.50

Non-interest-bearing demand deposits		403,738					414,149					431,826
Other liabilities		10,064					10,146					10,182
Shareholders’ equity		250,112					246,655					237,485
Total liabilities and shareholders’ equity	$	1,918,269				$	1,927,678				$	1,887,878

Interest rate spread				3.01	%				2.80	%				2.66	%
Net interest margin (2)				3.79	%				3.64	%				3.48	%
Average interest-earning assets to
average interest-bearing liabilities		146.75	%				147.38	%				149.50	%

_____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income / average interest-earning assets

AVERAGE BALANCES, YIELDS, AND RATES
($ in thousands)
(unaudited)

	For the Six Months Ended
	March 31, 2025					March 31, 2024
	Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,437,081		5.85	%	$	1,349,105		5.53	%
Investment securities and FHLB stock (1)		239,966		3.60			307,636		3.08
Interest-earning deposits in banks and CDs		169,444		4.60			134,643		5.37
Total interest-earning assets		1,846,491		5.44			1,791,384		5.10
Other assets		76,535					81,473
Total assets	$	1,923,026				$	1,872,857

Liabilities and Shareholders’ Equity
NOW checking accounts	$	328,287		1.35	%	$	372,327		1.56	%
Money market accounts		315,381		3.31			247,656		2.78
Savings accounts		205,849		0.28			217,153		0.23
Certificates of deposit accounts		337,798		3.95			281,842		4.07
Brokered CDs		48,239		4.91			41,570		5.39
Total interest-bearing deposits		1,235,554		2.52			1,160,548		2.32
Borrowings		20,000		4.02			24,427		4.65
Total interest-bearing liabilities		1,255,554		2.55			1,184,975		2.37

Non-interest-bearing demand deposits		409,000					440,976
Other liabilities		10,107					11,035
Shareholders’ equity		248,365					235,871
Total liabilities and shareholders’ equity	$	1,923,026				$	1,872,857

Interest rate spread				2.89	%				2.73	%
Net interest margin (2)				3.71	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		147.07	%				151.17	%

_____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income / average interest-earning assets

Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)	March 31, 2025			December 31, 2024			March 31, 2024

Shareholders’ equity	$	252,524		$	249,199		$	238,679
Less goodwill and CDI		(15,492	)		(15,537	)		(15,695	)
Tangible common equity	$	237,032		$	233,662		$	222,984

Total assets	$	1,932,730		$	1,909,480		$	1,907,234
Less goodwill and CDI		(15,492	)		(15,537	)		(15,695	)
Tangible assets	$	1,917,238		$	1,893,943		$	1,891,539

Contact:	Dean J. Brydon, CEO
	Jonathan A. Fischer, President & COO
	Marci A. Basich, CFO
	(360) 533-4747
	www.timberlandbank.com

The MIL Network –

April 23, 2025

MIL-OSI USA: Governor Offers $25,000 Reward for Information on Brunswick County Murder

Source: US State of North Carolina

Headline: Governor Offers $25,000 Reward for Information on Brunswick County Murder

Governor Offers $25,000 Reward for Information on Brunswick County Murder
lsaito
Tue, 04/22/2025 – 17:26

Raleigh, NC

Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the location and arrest of the suspect Bryan Tyronne Montreal Goodwin, age 31, for the murder of Jaquin Kymane Bethea, Jr., age 33.

On Aug. 6, 2024, the body of Jaquin Kymane Bethea was found in an abandoned residence on Ridge Road in the Supply area of Brunswick County. Bethea had been shot twice and investigators located multiple shell casings at the scene. Investigators have identified Bryan Tyronne Montreal Goodwin as a suspect.

Anyone with information on Goodwin’s whereabouts should contact the Brunswick County Sheriff’s Office at (910) 713-6071 or the State Bureau of Investigation at (919) 662-4500.

Apr 22, 2025

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Governor Offers $25,000 Reward for Information on Davidson County Murder

Source: US State of North Carolina

Headline: Governor Offers $25,000 Reward for Information on Davidson County Murder

Governor Offers $25,000 Reward for Information on Davidson County Murder
lsaito
Tue, 04/22/2025 – 17:27

Raleigh, NC

Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of Nancy Grubert-Harvey, age 52.

On January 25, 2013, Nancy Grubert-Harvey was found deceased at the Atlanta Car Company located at 1896 Old US Highway 52 in Lexington.

Anyone having information about this case should contact the Davidson County Sheriff’s Office at (336) 242-2105, Lexington Area Crime Stoppers at (336) 243-2400, or the State Bureau of Investigation at (919) 662-4500.

Apr 22, 2025

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Governor Offers $25,000 Rewards for Information on Guilford County Murders

Source: US State of North Carolina

Headline: Governor Offers $25,000 Rewards for Information on Guilford County Murders

Governor Offers $25,000 Rewards for Information on Guilford County Murders
lsaito
Tue, 04/22/2025 – 17:24

Raleigh, NC

Today, Governor Josh Stein announced that the state is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of John Boone, age 49. The state also is offering a reward of up to $25,000 for information leading to the arrest and conviction of the person or persons responsible for the murder of Jakaylen Chambers, age 14.

On January 26, 2022, John Boone was discovered dead from a gunshot wound near the intersection of Lakewood Drive and Futrelle Drive in High Point. Mr. Boone was deaf and non-verbal.

Anyone having information concerning this case should contact High Point Police Department at (336) 887-7970, Crime Stoppers of High Point at (336) 889-4000, or the State Bureau of Investigation at (919) 662-4500.

On February 1, 2022, officers were alerted to a shooting on McPherson Street in Greensboro. Upon arrival, officers located 14-year-old Jakaylen Chambers, who was suffering from a gunshot wound. He was transported to a hospital where he was pronounced deceased.

Anyone having information about this case should contact the Greensboro Police Department at (336) 373-7543, Greensboro/Guilford Crime Stoppers at (336) 574-4020, or the State Bureau of Investigation at (919) 662-4500.

Apr 22, 2025

MIL OSI USA News –

April 23, 2025

MIL-OSI: Texas Ventures Acquisition III Corp Announces the Pricing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

New York, NY, April 22, 2025 (GLOBE NEWSWIRE) — Texas Ventures Acquisition III Corp (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units. The units are expected to be listed on The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading tomorrow, April 23, 2025, under the ticker symbol “TVACU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “TVA” and “TVACW,” respectively. The offering is expected to close on April 24, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry or geographical location. The Company’s primary focus, however, will be on targets focused on industrial technology, specifically companies implementing advanced technologies including software, mobile and IoT applications, digital and energy transition and consolidation, logistics and transportation, cloud and cyber communications as well as high bandwidth services, including LTE, remote sensing and 5G communications into the industrial sector. The Company will pursue completing a business combination with a target that presents a significant value proposition to its customer marketplace, including major cost reductions in the field, substantial returns on investment (ROI), a considerable decrease in carbon footprint, and/or vast improvements in safety, compliance, and environmental protocol.

The Company’s management team is led by E. Scott Crist, its Chief Executive Officer and Chairman of the Board of Directors (the “Board”), and R. Greg Smith, its Chief Financial Officer. The Board also includes Andrew Clark, Harvin Moore, and Aruna Viswanathan.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as the lead book-running manager, and Clear Street LLC is acting as joint book-runner for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at capitalmarkets@cohencm.com.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on April 22, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contacts

Texas Ventures Acquisition III Corp
E. Scott Crist
scott@texasventures.com
713-599-1300

The MIL Network –

April 23, 2025

MIL-OSI USA: Senator Peters Introduces Bipartisan Legislation to Expand Research of Emerging Driver Assistance Systems and Improve Roadway Safety

US Senate News:

Source: United States Senator for Michigan Gary Peters

WASHINGTON, DC – U.S. Senator Gary Peters (MI) introduced bipartisan legislation that would allow the National Highway Traffic Safety Administration (NHTSA) to expand its research of emerging driver assistance systems, helping to improve roadway safety for Americans.

Many vehicles on our roadways today are equipped with advanced driver assistance features, including collision warnings, automatic emergency braking, and lane keeping assistance. Through its Partnership for Analytics Research in Traffic Safety (PARTS) Program, NHTSA can access real-world data from vehicles equipped with these safety features and study their effectiveness. However, under current law, the PARTS Program is limited in the amount and type of safety data it can handle. The Vehicle Safety Research Act – which Peters introduced with U.S. Senator Todd Young (R-IN) – would codify the PARTS Program and unlock an expanded range of data collection and information sharing between automakers and the government that will help accelerate both deployment and oversight of advanced safety technologies.

“Millions of Americans depend on driver assistance systems every day, and we must ensure our highway safety experts are able to analyze how these emerging features improve roadway safety,” said Senator Peters. “This legislation would help support the development and deployment of the most innovative technologies found on our roadways today, which is essential to saving lives.”

“The Partnership for Analytics Research in Traffic Safety has been an important collaboration between automakers like Ford and NHTSA for many years. Investing in this public-private partnership plays an important role in keeping Americans safe in their communities,” said Emily Frascaroli, Global Director, Automotive Safety Office at Ford Motor Company.

“GM remains committed to the PARTS program and its industry-wide collaborative mission to support advanced driver assistance systems development,” said Regina Carto, Vice President of GM Global Product Safety, Systems and Certification. “Benchmark data from the program helps us all raise the bar in vehicle safety performance. We appreciate the leadership of Senator Peters and Senator Young on this important initiative.”

“Vehicles on the road continue to get even more safe as automakers test, develop and integrate breakthrough driver assistance and crash avoidance technologies like automatic emergency braking that help save lives and prevent injuries. Safety is a top priority for the auto industry – and the introduction of the Vehicle Safety Research Act to support NHTSA’s voluntary PARTS program shows it’s a top priority for Senators Peters and Young too,” said John Bozzella, President and CEO of the Alliance for Automotive Innovation.

“Accelerating advanced technology is a key pillar of the Road to Zero vision to eliminate serious injuries and fatalities from traffic crashes. The PARTS program has helped validate technology countermeasures in hundreds of vehicles used by the American public and with sustained support will be able to examine the safety benefits of connected vehicle technology. NSC supports the efforts of Senators Peters and Young to codify this important program within the United States Department of Transportation,” said Mark Chung, Executive Vice President, Safety Leadership & Advocacy, National Safety Council.

“AAA’s commitment to advocating for safer roads is a mission that began over 100 years ago. We support the Vehicle Safety Research Act, which aims to improve road safety by ensuring continued collaboration between automakers and NHTSA to share and analyze real-world driving data. This collaboration will deepen our understanding of how new vehicle technologies affect driver behavior and roadway safety. This work is critical to achieving our goal of preventing crashes and saving lives,” said AAA President and CEO Gene Boehm.

The PARTS Program is a partnership between automakers and NHTSA in which participants voluntarily share safety-related data for collaborative safety analysis. Today, the program has access to data from 98 million vehicles, including 168 different vehicle models that would not have been possible without this public-private partnership.

The Vehicle Safety Research Act would ensure that this program continues and expands to new technologies and new types of safety data collection. It also provides for new protection for data shared exclusively through the PARTS program to ensure that any sensitive information related to these cutting-edge technologies is secure.

The automakers currently participating in the PARTS program include: Ford Motor Company, General Motors, Stellantis, American Honda Motor, Hyundai Motor North America, Mazda North American Operations, Mitsubishi Motors R&D of America, Subaru Corporation, Toyota Motor North America.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: LANCASTER – Shapiro Administration, Partners to Celebrate Stream Restoration Investments to Little Conestoga Creek

Source: US State of Pennsylvania

April 23, 2025 – Lancaster, PA

ADVISORY – LANCASTER – Shapiro Administration, Partners to Celebrate Stream Restoration Investments to Little Conestoga Creek

The Pennsylvania Department of Environmental Protection (DEP) and Lancaster Clean Water Partners will host a site visit to the Little Conestoga Creek Blue Green Connector Project, celebrating stream restoration investments made possible through an innovative partnership led by the Little Conestoga Creek Foundation and the Steinman Foundation.

The Blue Green Connector in Lancaster County is a prime example of how sustained investments, including Growing Greener funds, are restoring water habitats and recreation across Pennsylvania’s share of the Chesapeake Bay Watershed.

Media are invited to attend and should RSVP to DEP Southcentral Regional Communications Manager John Repetz.

WHO:
Department of Environmental Protection Acting Secretary Jessica Shirley

WHEN:
Wednesday, April 23, 2025, 2:00 PM – 3:00 PM

WHERE:
Caretaker’s Home at Conestoga House, 1604 Marietta Avenue, Lancaster, PA

WHAT:
The event will begin with remarks by project partners and Acting Secretary Shirley, followed by photo opportunities and a short walk to tour the stream restoration site.

For more information, visit the Pennsylvania Department of Environmental Protection’s website, or follow DEP on Facebook, X (formerly Twitter), Instagram, or LinkedIn.

MEDIA CONTACT: John Repetz, jrepetz@pa.gov, 717-705-4904

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Kugler, Transmission of Monetary Policy

Source: US State of New York Federal Reserve

Thank you, Juan Pablo. I am delighted to be speaking at the University of Minnesota because, in many ways, this visit feels like a homecoming for me.1 I was born right here in Minneapolis, before I moved to Colombia as a young child. My parents told me so many wonderful stories about this area and the university. My father studied for his Ph.D. here at the economics department. He studied under accomplished economists, including Anne Krueger, Leo Hurwicz, John Buttrick, and Ed Foster, the latter of whom is still here as an emeritus professor. The University of Minnesota has made many contributions to the field of economics and has historically had a close relationship with the Federal Reserve Bank of Minneapolis. So you really are part of the Fed’s extended family, and it is an honor to speak with you.
Today, I would like to speak with you about the transmission of the Fed’s monetary policy. I will discuss how monetary policy is transmitted through the economy, then touch on how I monitor its transmission, and, lastly, talk about two elements related to transmission that I evaluate when making monetary policy decisions. Those elements are the long and variable lags of monetary policy and whether its transmission is asymmetric and has changed over time. But before I delve into my primary topic, I would like to start by offering my views on the economic outlook.
Economic OutlookThe U.S. economy has grown at a solid pace, with real gross domestic product (GDP) expanding 2.5 percent last year. Activity indicators in the first few months of this year show healthy numbers. Last week, the March retail sales release showed resilient consumption, with positive revisions for January and February numbers. However, measures of household sentiment, such as surveys from the University of Michigan, Conference Board, and Morning Consult, have shown signs of softness, albeit to varying degrees. Many survey respondents report that their views reflect trade policy concerns, though, as we have seen, the exact contours of those policies are still taking shape. Thus, GDP growth for the first quarter, which will be reported next week, may show some moderation relative to what we saw in 2024, although this moderation may be offset by increased purchases front-loading the implementation of tariffs. Financial markets have experienced increased volatility in recent weeks. If financial conditions were to tighten persistently, that could weigh on growth in the future.
The labor market remains solid, but the pace of hiring has eased during this year. In the first quarter, U.S. employers added 152,000 jobs per month, on average, compared with a monthly pace of 168,000, on average, last year. The unemployment rate edged up last month to 4.2 percent, but it is still low and has remained near its current level since last summer. Moreover, initial jobless claims have remained stable at low levels. Those numbers are consistent with other measures indicating that the labor market is broadly in balance.
With respect to inflation, progress has slowed since last summer, and inflation remains above the 2 percent goal. Based on the consumer price index (CPI) and producer price index (PPI) data, the 12-month change in the personal consumption expenditures (PCE) price index was estimated to have been 2.3 percent last month and 2.6 percent for the core categories, which exclude food and energy.
I pay careful attention to two subcategories of inflation: first, core goods—which are goods outside of volatile food and energy products—and, second, nonhousing market-based services, which are based on transactions and not imputed prices, such as car maintenance and haircuts. Goods inflation was negative in most of 2024—as was the norm for several years before the pandemic—but it increased to 0.4 percent in January and February. In March, the CPI and PPI releases pointed to goods inflation decreasing to a still-positive 0.1 percent, which is better news. By contrast, nonhousing market services inflation stayed elevated through March, at an estimated 3.4 percent. That category often provides a good signal of inflationary pressures across all services. As we look ahead, while the long-run level of tariffs is still to be determined, tariffs have moved significantly higher this year. That will likely put upward pressure on prices. For instance, both survey- and market-based measures of near-term inflation expectations have moved up. Longer-term inflation expectations—those beyond the next few years—largely remain well anchored and consistent with our 2 percent inflation goal, and I hope they continue in that way.
I am closely monitoring incoming data and the cumulative effects on both sides of our mandate from policies in four distinct areas: trade, immigration, fiscal policy, and regulation. I am also monitoring any risks to the outlook, especially upside risks on inflation or downside risks to employment. Still, I think our monetary policy is well positioned for changes in the macroeconomic environment. Thus, I will support maintaining the current policy rate for as long as these upside risks to inflation continue, while economic activity and employment remain stable. I remain committed to achieving both of our dual-mandate goals of maximum employment and stable prices.
Overview of Monetary Policy TransmissionNow turning to the primary topic of my speech, I will first discuss how monetary policy is transmitted through the economy. In this section, I will give some examples from the recent past as a tool for explaining my arguments, but I am not intending to comment further on the latest developments in the economy.
Understanding the transmission of monetary policy starts with understanding how the Federal Reserve uses its policy tools. The Federal Open Market Committee (FOMC) adjusts the target range for the federal funds rate, or the rate that banks pay for overnight borrowing. Setting the federal funds rate is the primary means by which the Fed adjusts the stance of monetary policy, among its range of monetary policy tools. In addition to the FOMC directly adjusting the federal funds rate, Fed policymakers’ communications about the future path of monetary policy may also result in changes to longer-term interest rates because households’ and businesses’ expectations about future policy affect the level of interest rates.
Adjustments to the federal funds rate affect a multitude of financial conditions faced by consumers and businesses. For example, changes to the federal funds rate filter through to the interest rates lenders charge for loans to businesses and households as well as to what financial institutions pay in interest on deposits. The current and expected future path of the federal funds rate also affects asset prices, as it changes the relative attractiveness of different investments, such as stocks and real estate. Fluctuations in both interest rates and asset prices affect a household’s wealth and a corporation’s balance sheet, which can, in turn, affect the terms under which they can borrow.2 I have discussed some of the most common ways in which policy is transmitted. There are, of course, other important channels, such as exchange rates and international spillovers, that I will not discuss today. Research suggests that the channels of transmission are extensive and ever evolving.3
Consumers and businesses make decisions based on financial conditions.4 For illustrative purposes, let’s consider a period when FOMC policymakers view it as appropriate to ease the restrictiveness of monetary policy by reducing the target range for the federal funds rate over time. The resulting lower interest rates on consumer loans elicit greater spending on goods and services, particularly on durable goods that are often financed. Lower mortgage rates can encourage renters to buy a home by reducing the monthly payment borrowers face and can encourage existing homeowners to refinance their mortgages to free up cash for other purchases. Lower interest rates can make holding equities more attractive, which raises stock prices and adds to wealth. Higher wealth tends to spur more spending, as households tend to consume at least a portion of their increased wealth. Investment projects that businesses previously believed would be marginally unprofitable become attractive because of reduced financing costs, particularly if businesses expect their sales to rise. Expecting a better macroeconomic environment and lower delinquency rates down the road, banks may loosen their lending standards on approving loans for households and businesses. All these decisions support aggregate demand and may put upward pressure on inflation.
Of course, there are periods when policymakers see it as appropriate to increase the level of restraint placed on the economy by raising the federal funds rate over time. That may occur when policymakers are seeking to lower inflation. Then, the monetary policy effects I just described would be reversed, putting downward pressure on aggregate demand and inflation.
Developments in Monetary Policy and Financial ConditionsLet me now discuss how I view the transmission and the stance of monetary policy during the past few quarters. To be clear, I will not discuss the developments in financial markets over the past few weeks.
In the second half of last year, I gained greater confidence that inflation was on a sustainable path toward the FOMC’s 2 percent objective. I also wanted to preserve the strength I saw in the labor market. As a result, I supported the FOMC’s decision to decrease the target range for the federal funds rate by a total of 1 percentage point during the meetings from September through December. However, even before the Committee began to ease policy, some financial conditions started to ease. This easing can be seen in the Financial Conditions Impulse on Growth index.5 That index, developed by Federal Reserve Board staff, showed easier financial conditions from March 2024. And through January, the demand for loans by households and businesses picked up.6 In the early months of the year, financial conditions, however, remained somewhat restrictive, as borrowing costs continued to be elevated and bank credit moderately tight. Through March, interest rates on short-term small business loans had only edged down since their post-pandemic peak.7 Banks stopped tightening lending standards after nine consecutive quarters, but they left standards unchanged in January.8 These financial conditions helped to moderate aggregate demand and aid in moving inflation sustainably toward our 2 percent target.
Details of Monetary Policy TransmissionMonitoring the financial conditions I just described is one important way I evaluate how well the Fed’s monetary policy is being transmitted to the rest of the economy. But it is not the only way. I also consider two other elements that play important roles in the transmission of our monetary policy.
Timing MattersThe first element to evaluate is the timing with which monetary policy affects the macroeconomy. The contemporary economics literature uses a variety of statistical models to estimate the effects of what are called monetary policy “shocks.” Those are movements in the policy rate that are not explained by estimates of how monetary policy systematically responds to incoming economic and financial data and are not anticipated by the public.9 Focusing on the estimated effects of these shocks helps isolate the consequences solely coming from monetary policy actions and communications. One lesson that emerges from this research is that, broadly speaking, it turns out that Milton Friedman’s “long and variable lags” concept still holds.10 A selection of key studies on the topic estimates that it takes about one to two years for the maximum effects of policy to be observed in economic activity and inflation.11 These long lags in monetary policy affecting the economy point to why it is important for policymakers to anticipate economic conditions as best as possible and try to be proactive about understanding the effects of different shocks to the economy, so they can act quickly when needed.
Direction of TravelThe second element to consider when making decisions related to monetary policy is whether its transmission has been equally impactful during different points in time. For example, credible evidence indicates that contractionary monetary shocks may generally decrease economic activity more strongly than expansionary shocks increase it.12 To understand these asymmetric effects, consider the following illustrative metaphor used by Marriner Eccles, who led the Fed back in the 1930s.
Imagine a string with monetary policy at one end and the economy at the other. Employing tight monetary policy when inflation is rising is like pulling on the string to keep the economy in check—it works fairly well. But attempting to stimulate the economy with loose policy during a downturn is like trying to push on the string to move the economy—a more difficult task.
There is evidence of this asymmetry in consumer spending on long-lasting durable goods, such as vehicles and appliances. While an easier monetary policy may lower interest rates and thus stimulate spending on durable goods in the near term, the effects of that policy may be smaller over time, as households may have already purchased durable goods.13 If a family replaces their living room furniture when rates are low, they are unlikely to need a new set of furniture a few years later and thus would not consider how current rates would change their decisions. Thus, during an easing cycle, it is reasonable to suspect that the potency of monetary policy may be somewhat diminished.
Another example of asymmetry can be seen in the transmission of monetary policy to private lending. Board staff research documented strong growth in the period between the Global Financial Crisis and the pandemic, fueled by structural factors, such as the attractiveness of the market to borrowers and investors due to its higher customization.14 One implication of this strong growth during this past policy tightening is that monetary policy transmission to private credit markets appeared more muted relative to financing through public credit markets or bank commercial and industrial lending.
By contrast, other factors specific to the recent period likely decreased the potency of monetary policy during the tightening cycle but may increase it during the easing cycle. When the pandemic struck and social distancing was common, many households severely curtailed spending. In addition, a historic level of government transfers boosted household income. This combination led the personal savings rate to soar.15 Recent work by Board staff suggests that these excess savings accumulated during the pandemic may have reduced the effects of tighter monetary policy over recent years.16 If households are flush with excess cash, they are less likely to respond to elevated interest rates by curtailing demand. Instead, they may have funds to avoid financing or may feel they are able to afford higher monthly payments.
Now, some five years after the pandemic began, these excess savings are exhausted.17 This creates an environment in which monetary policy could be having its average effects on the household sector, although we should consider that the financial health of borrowers with lower credit scores has deteriorated meaningfully in recent years and credit card and auto loan delinquencies are now above pre-pandemic levels. For these households, easing monetary policy may have larger effects.
I am closely monitoring all these possible changes in monetary policy transmission across the economy. Also, I am humbly aware that it is difficult for economists to judge the overall effect of monetary policy actions on the U.S. economy in real time.
ConclusionTo summarize, I see inflation still running above the 2 percent target while the labor market has remained stable. But the economy is facing heightened uncertainty, with upside risks to inflation and downside risks to employment. This month, we learned that the tariff increases are significantly larger than previously expected. As a result, the economic effects of tariffs and the associated uncertainty are also likely to be larger than anticipated. It is important for monetary policymakers to broadly examine all available information, including market-based measures, surveys, and anecdotal reports, to understand what is happening in the economy as early as possible because, as I discussed, it takes time for policy to have an impact. As the direction of the economy changes, it is critical to pay close attention to real-time data and to consider the lags and asymmetries of policy transmission to ensure we respond not only to the actual movements on both sides of the mandate, but also to the risks to the economic outlook.
As I observe the economy and consider the appropriate path of monetary policy, I am closely studying how the decisions the FOMC makes are transmitted through the economy. We have learned much about how those transmission channels work and how they may have changed in recent years, and there is much more to learn. I am confident some of that research will be done right here at the University of Minnesota. Overall, of course, when setting policy, I am guided by how best to achieve the dual-mandate goals of maximum employment and stable prices given to us by Congress because that results in the best outcomes for all Americans.
Thank you again for such a warm welcome back to the Twin Cities.

1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
2. Such broader changes in credit conditions are called the “credit channel” of monetary policy, discussed in Ben S. Bernanke and Mark Gertler (1995), “Inside the Black Box: The Credit Channel of Monetary Policy Transmission,” Journal of Economic Perspectives, vol. 9 (Autumn), pp. 27–48. Return to text
3. For evidence on how U.S. monetary policy affects exchange rates, see Martin Eichenbaum and Charles L. Evans (1995), “Some Empirical Evidence on the Effects of Shocks to Monetary Policy on Exchange Rates,” Quarterly Journal of Economics, vol. 110 (November), pp. 975–1009. Additionally, U.S. monetary policy also affects global financial conditions, as analyzed by Silvia Miranda-Agrippino and Hélène Rey (2020), “U.S. Monetary Policy and the Global Financial Cycle,” Review of Economic Studies, vol. 87 (November), pp. 2754–76. Return to text
4. For evidence that financial conditions are a crucial part of the transmission of monetary policy, see Mark Gertler and Peter Karadi (2015), “Monetary Policy Surprises, Credit Costs, and Economic Activity,”  American Economic Journal: Macroeconomics, vol. 7 (January), pp. 44–76. Return to text
5. See Andrea Ajello, Michele Cavallo, Giovanni Favara, William B. Peterman, John Schindler, and Nitish R. Sinha (2023), “A New Index to Measure U.S. Financial Conditions” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, June 30). Return to text
6. See Board of Governors of the Federal Reserve System (2025), “The January 2025 Senior Loan Officer Opinion Survey on Bank Lending Practices.” Return to text
7. See survey data from the National Federation of Independent Business, available at William C. Dunkelberg and Holly Wade (2025), “Small Business Economic Trends,” March, https://www.nfib.com/wp-content/uploads/2025/04/NFIB-SBET-Report-March-2025.pdf. Return to text
8. See Board of Governors, “The January 2025 Senior Loan Officer Opinion Survey” (note 6). Return to text
9. For a literature review on the different ways of identifying monetary policy shocks, see V.A. Ramey (2016), “Macroeconomic Shocks and Their Propagation,” in John B. Taylor and Harald Uhlig, eds., Handbook of Macroeconomics, vol. 2 (Amsterdam: North-Holland), pp. 71–162. Return to text
10. See Edward Nelson (2020), Milton Friedman and Economic Debate in the United States, 1932–1972, vol. 1 (Chicago: University of Chicago Press), p. 141. Return to text
11. See the following papers: Lawrence Christiano, Martin Eichenbaum, and Charles L. Evans (1999), “Monetary Policy Shocks: What Have We Learned and to What End?” in John B. Taylor and Michael Woodford, eds., Handbook of Macroeconomics, vol. 1 (Amsterdam: North-Holland), pp. 65–148; Christina D. Romer and David H. Romer (2004), “A New Measure of Monetary Shocks: Derivation and Implications,” American Economic Review, vol. 94 (September), pp. 1055–84; Harald Uhlig (2005), “What Are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure,” Journal of Monetary Economics, vol. 52 (March), pp. 381–419; Jean Boivin, Michael T. Kiley, and Frederic S. Mishkin (2010), “How Has the Monetary Transmission Mechanism Evolved over Time?” in Benjamin M. Friedman and Michael Woodford, eds., Handbook of Monetary Economics, vol. 3 (Amsterdam: North-Holland), pp. 369–422; Olivier Coibion (2012), “Are the Effects of Monetary Policy Shocks Big or Small?” American Economic Journal: Macroeconomics, vol. 4 (April), pp. 1–32; Gertler and Karadi, “Monetary Policy Surprises” (see note 4); Pooyan Amir Ahmadi and Harald Uhlig (2015), “Sign Restrictions in Bayesian FAVARs with an Application to Monetary Policy Shocks (PDF),” NBER Working Papers Series 21738 (Cambridge, Mass.: National Bureau of Economic Research, November); Christiane Baumeister and James D. Hamilton (2018), “Inference in Structural Vector Autoregressions When the Identifying Assumptions Are Not Fully Believed: Re-evaluating the Role of Monetary Policy in Economic Fluctuations,” Journal of Monetary Economics, vol. 100 (December), pp. 48–65; Marek Jarociński and Peter Karadi (2020), “Deconstructing Monetary Policy Surprises—The Role of Information Shocks,” American Economic Journal: Macroeconomics, vol. 12 (April), pp. 1–43; Silvia Miranda-Agrippino and Giovanni Ricco (2021), “The Transmission of Monetary Policy Shocks,” American Economic Journal: Macroeconomics, vol. 13 (July), pp. 74–107; and Michael D. Bauer and Eric T. Swanson (2023), “A Reassessment of Monetary Policy Surprises and High-Frequency Identification,” in Martin Eichenbaum, Erik Hurst, and Jonathan A. Parker, eds., NBER Macroeconomics Annual 2022, vol. 37 (May), pp. 87–155. Return to text
12. See, for instance, Silvana Tenreyro and Gregory Thwaites (2016), “Pushing on a String: US Monetary Policy Is Less Powerful in Recessions,” American Economic Journal: Macroeconomics, vol. 8 (October), pp. 43–74; Joshua D. Angrist, Òscar Jordà, and Guido M. Kuersteiner (2018), “Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited,” Journal of Business & Economic Statistics, vol. 36 (July), pp. 371–87; and Regis Barnichon, Christian Matthes, and Tim Sablik (2017), “Are the Effects of Monetary Policy Asymmetric? (PDF)” Federal Reserve Bank of Richmond, Economic Brief, vol. 3 (March), pp. 1–4. Return to text
13. See Alisdair McKay and Johannes F. Wieland (2021), “Lumpy Durable Consumption Demand and the Limited Ammunition of Monetary Policy,” Econometrica, vol. 89 (November), pp. 2717–49. Return to text
14. See Ahmet Degerli and Phillip J. Monin (2024), “Private Credit Growth and Monetary Policy Transmission,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, August 2). Return to text
15. See, for instance, Aditya Aladangady, David Cho, Laura Feiveson, and Eugenio Pinto (2022), “Excess Savings during the COVID-19 Pandemic,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, October 21); and Francois de Soyres, Dylan Moore, and Julio L. Ortiz (2023), “Accumulated Savings during the Pandemic: An International Comparison with Historical Perspective,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, June 23). Return to text
16. See Thiago R.T. Ferreira, Nils Gornemann, and Julio L. Ortiz (forthcoming), “Household Excess Savings and the Transmission of Monetary Policy,” International Journal of Central Banking. Return to text
17. See Hamza Abdelrahman and Luiz Edgard Oliveira (2024), “Pandemic Savings Are Gone: What’s Next for U.S. Consumers?” SF Fed Blog, Federal Reserve Bank of San Francisco, May 3. Return to text

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: Manchester Man Pleads Guilty to Robbing a Credit Union in Manchester while on Federal Supervised Release

Source: Office of United States Attorneys

CONCORD – A Manchester man and former resident of New York pleaded guilty in federal court to bank robbery, Acting U.S. Attorney Jay McCormack announces.

Jesse Hippolite, 37, pleaded guilty to one count of bank robbery. U.S. District Judge Paul J. Barbadoro scheduled sentencing for August 4, 2025.

According to the charging documents, Hippolite was previously convicted of several counts of bank robbery in federal court in the Eastern District of New York. After his release from federal prison, he was placed on supervised release and moved to New Hampshire. On February 4, 2025, he robbed a credit union in Manchester. He was wearing a gray beanie cap, scarf, sunglasses, and gloves to conceal his identity. He passed a note to three tellers reading:

$100,000

ALL $100 Bills

*No Dye Packs

Give Back Note

Hippolite stole $3,139 from the bank. A few minutes after leaving the bank, Hippolite took off the scarf that covered his face and was caught on surveillance footage.

The charging statute provides a sentence of no greater than 20 years in prison, up to three years of supervised release, and a fine of up to $250,000 or twice the gross gain, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

Federal Bureau of Investigation and the Manchester Police Department led the investigation. The U.S. Probation Office provided valuable assistance. Assistant U.S. Attorney Alexander S. Chen is prosecuting the case.

###

MIL Security OSI –

April 23, 2025

MIL-OSI Security: Chinese Nationals Sentenced to Federal Prison for Participating in a Fraudulent Gift Card Conspiracy Involving the Purchase and Export of Apple Products to China

Source: Office of United States Attorneys

CONCORD – Three Chinese nationals were sentenced in federal court for their roles in a sophisticated Chinese gift card fraud conspiracy, Acting U.S. Attorney Jay McCormack announces.

Naxin Wu, 26, a Chinese national unlawfully residing in Nashua, was sentenced by Chief Judge Landya B. McCafferty to 33 months in prison and one year of supervised release. Mengying Jiang, 34, a Chinese national residing in Nashua, was sentenced by Chief Judge McCafferty to 60 months in prison and one year of supervised release. Mingdong Chen, 28, a Chinese national unlawfully residing in Brooklyn, New York, was sentenced by Judge Joseph N. Laplante to 24 months in prison and one year of supervised release. Earlier this year, the defendants each pleaded guilty to Conspiracy to Commit Wire Fraud. All three defendants face deportation to China after completing their sentences.

“The defendants played a critical role in laundering proceeds of romance and other online scams by purchasing the stolen gift cards and using them to purchase Apple products,” said Acting U.S. Attorney McCormack. “While they may not have committed the initial fraud, the defendants’ actions helped convert stolen funds into tangible goods, enabling a large-scale financial crimes conspiracy. We remain committed to dismantling every link in the fraud supply chain.”

“These individuals were part of a Chinese transnational criminal organization that used a complex scheme to steal and launder millions of dollars through gift card theft. After a sophisticated criminal investigation with our partners, their scheme was uncovered and their crimes brought to light. Now, they’ll serve federal prison sentences and face deportation back to China,” said Special Agent in Charge of Homeland Security Investigations New England Michael J. Krol.

“The sentences imposed in New Hampshire emphasize the expansive reach of the U.S. Postal Inspection Service when it comes to dismantling criminal organizations. Anytime a criminal uses the U.S. Mail to further their illegal activity, postal inspectors will be there to bring them to justice. I’d like to thank our law enforcement partners involved in this case who, together with postal inspectors, brought these defendants to justice. This collaboration and dedication from law enforcement professionals plays a vital role in protecting the integrity of our communities from those who seek to exploit vulnerable Americans for personal gain,” said Ketty Larco-Ward, Inspector in Charge, U.S. Postal Inspection Service – Boston Division.

According to court documents, organized criminal elements in China acquired well over $100 million in gift cards through multiple fraudulent means. For example, gift card data is obtained by hacking U.S. companies, tampering with physical gift cards, and targeting U.S. citizens through romance and elder fraud schemes. The criminal elements then send the gift card data to multiple cells of Chinese nationals operating in the United States through a Chinese-based messaging platform in exchange for cryptocurrency.

Once U.S.-based cells receive the gift card data, they then spend the gift cards to purchase high-value electronics, principally Apple products. After purchasing the Apple products, cell members consolidate the electronics in warehouses for shipment to China, Hong Kong, or countries in Southeast Asia. The cells primarily operate in states with no sales tax, such as New Hampshire, to maximize their profits.

Wu, Jiang, and Chen were members of one cell in New Hampshire. Wu and Jiang purchased fraudulent gift cards at a discount from their face value. They then either personally used the cards or disseminated them to others, including Chen, to use. Wu was responsible for $1.4 million, Jiang for $3 million, and Chen for $400,000 of fraudulent gift cards.

Homeland Security Investigations, Internal Revenue Service’s Criminal Investigations, the U.S. Postal Inspection Service, and the Concord Police Department led the investigation. The Merrimack County Attorney’s Office provided valuable assistance. Assistant U.S. Attorney Alexander S. Chen prosecuted the case.

This effort 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 (TCOs), 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 (OCDETFs) and Project Safe Neighborhood (PSN).

###

MIL Security OSI –

April 23, 2025

MIL-OSI Security: West Haven Man Who Made and Trafficked Narcotic Pills Sentenced to More Than 11 Years in Prison

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that WILLIS TAYLOR, 68, of West Haven, was sentenced today by U.S. District Judge Omar A. Williams in Hartford to 138 months of imprisonment, followed by five years of supervised release, for operating a drug trafficking ring involving fentanyl and methamphetamine pills disguised as legitimate prescription medication, as well as other controlled substances.

According to court documents and statements made in court, this matter stems from an investigation by the DEA New Haven’s Tactical Diversion Squad and the FBI’s New Haven Safe Streets/Gang Task Force targeting the manufacture and distribution of thousands of counterfeit oxycodone tablets containing fentanyl and counterfeit Adderall tablets containing methamphetamine, and the distribution of heroin and cocaine, in the New Haven area. The investigation revealed that Taylor coordinated the manufacture and distribution of the counterfeit narcotic pills. Taylor obtained drugs from others, including gang members, and sold them, or pressed them into pills at locations in New Haven, Branford, and Shelton, before selling them. Taylor also arranged counterfeit pill transactions between second and third parties, sometimes being supplied by a co-conspirator.

On October 20, 2022, Taylor was arrested on related state charges when, after having been directed by his girlfriend to clear drugs out of her home, he was stopped in a car and found in possession of more than three kilograms of various narcotics. A subsequent search of his residence revealed additional quantities of narcotics and drug paraphernalia.

The investigation also revealed that an individual overdosed and died at Taylor’s West Haven residence on May 7, 2022.

During the investigation, investigators seized from Taylor and his co-conspirators more than two kilograms of fentanyl, including thousands of counterfeit Oxycodone tablets; approximately two kilograms of methamphetamine, including thousands of counterfeit Adderall pills; three kilograms of cocaine and other drugs; four pill-press machines; one industrial mixer; five firearms; and more than $200,000 in cash.

Fourteen individuals were charged as a result of this investigation.

Taylor has been detained since his federal arrest on March 28, 2023. On September 4, 2024, he pleaded guilty to conspiracy to possess with intent to distribute, and to distribute, 400 grams or more of fentanyl, 500 grams or more of methamphetamine, 100 grams or more of heroin, and 500 grams or more of cocaine.

This matter has been investigated by the DEA New Haven’s Tactical Diversion Squad, the FBI’s New Haven Safe Streets/Gang Task Force, Homeland Security Investigations (HSI), and the U.S. Marshals Service, with the assistance of the Connecticut State Police, and the East Haven, West Haven, and Hamden Police Departments. The DEA Tactical Diversion Squad is composed of personnel from the DEA, the Connecticut State Police, and the West Haven, Hamden, Manchester, Bristol, Fairfield, and Seymour Police Departments. The FBI Task Force includes participants from the FBI, the Connecticut State Police, the Connecticut Department of Correction, and the New Haven, Milford, East Haven, West Haven, and Wallingford Police Departments.

The case is being prosecuted by Assistant U.S. Attorneys John T. Pierpont, Jr., Konstantin Lantsman, and Katherine Boyles through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program. OCDETF identifies, disrupts, and dismantles drug traffickers, money launderers, gangs, and transnational criminal organizations through a prosecutor-led and intelligence-driven approach that leverages the strengths of federal, state, and local law enforcement agencies. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

MIL Security OSI –

April 23, 2025

MIL-OSI Canada: Minister of Finance to co-chair G7 Finance Ministers and Central Bank Governors meeting in Washington, D.C.

Source: Government of Canada News (2)

April 22, 2025 – Ottawa, Ontario – Department of Finance Canada

As part of Canada’s G7 presidency, the Minister of Finance, the Honourable François-Philippe Champagne, will be in Washington, D.C. this week, to co-chair, with Bank of Canada Governor Tiff Macklem, a meeting of the G7 Finance Ministers and Central Bank Governors. This will be taking place on the margins of the 2025 Spring Meetings of the World Bank Group and International Monetary Fund.

The meeting is an opportunity to discuss the global economic outlook and Ukraine.

Minister Champagne will also attend other meetings, including the G20 Finance Ministers and Central Bank Governors meeting, and will take this opportunity to meet with his international counterparts.

MIL OSI Canada News –

April 23, 2025

MIL-OSI Security: Federally Licensed Firearms Dealer And Two Conspirators Sentenced To Federal Prison For Trafficking Firearms

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

Orlando, Florida – U.S. District Judge Carlos E. Mendoza has sentenced three individuals for their roles in a gun trafficking conspiracy. Matthew L. Stephen Easton (35, Melrose) was sentenced to 11 years and 8 months in federal prison for firearms trafficking. Ernesto Vazquez (23, Kissimmee) and Derick Yamir Perez Diaz (22, Orlando) were each sentenced to 11 years in federal prison for conspiracy to traffic firearms. All three previously pleaded guilty.

According to the plea agreements, Easton, a federally licensed firearms dealer, supplied Perez Diaz with large quantities of firearms, despite knowing that Perez Diaz was dealing in firearms without a license. Perez Diaz, in turn, trafficked those firearms to Vazquez who resold them to an individual who smuggled them out of the country. Between October and December 2023, more than 100 Glock pistols and AK-47 rifles were trafficked, including those pictured below:

Additionally, Vazquez and Perez Diaz admitted to trafficking machinegun conversion devices:

On April 18, 2024, agents with the Bureau of Alcohol, Tobacco, Firearms and Explosives executed a search warrant at Vazquez’s residence. Inside, they found multiple firearms, stockpiles of ammunition, and grenades:

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the United States Postal Inspection Service, and Homeland Security Investigations. It was prosecuted by Assistant United States Attorneys Noah P. Dorman and Dana E. Hill.

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 violent crime and gun violence, 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.

MIL Security OSI –

April 23, 2025

MIL-OSI: First Busey Corporation Announces 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., April 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) reports first quarter results.

Busey completed the transformative acquisition of CrossFirst Bankshares, Inc. on March 1, 2025, significantly impacting first quarter results and resetting the baseline for financial performance for future quarters in a multitude of positive ways.

Net Income (Loss)	Diluted EPS	Net Interest Margin¹	ROAA¹	ROATCE¹
$(30.0) million	$(0.44)	3.16%	(0.82)%	(7.99)%
$39.9 million (adj)²	$0.57 (adj)²	3.08% (adj)²	1.09% (adj)²	10.64% (adj)²

MESSAGE FROM OUR CHAIRMAN & CEO

The transformative partnership between Busey and CrossFirst takes our organization to new heights, combining our growing commercial bank with the power of Busey’s core deposit franchise, wealth management platform, and payment technology solutions at FirsTech, Inc. As we build upon Busey’s forward momentum, we are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal shareholders.

Van A. Dukeman
Chairman and Chief Executive Officer

PARTNERSHIP WITH CROSSFIRST

Effective March 1, 2025, First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”), the holding company for Busey Bank, completed its previously announced acquisition (the “Merger”) of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “Merger Agreement”). This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 78 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas. The combined holding company will continue to operate under the First Busey Corporation name. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.

Upon completion of the acquisition, each share of CrossFirst common stock converted to the right to receive 0.6675 of a share of Busey’s common stock, with the result that holders of Busey’s common stock owned approximately 63.5% of the combined company and holders of CrossFirst’s common stock owned approximately 36.5% of the combined company, on a fully-diluted basis. Further, upon completion of the acquisition, each share of CrossFirst preferred stock converted to the right to receive one share of Busey preferred stock.

CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey will operate CrossFirst Bank as a separate banking subsidiary until it is merged with and into Busey Bank, which is expected to occur on June 20, 2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank.

The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn back period.

Further details are included with Busey’s Current Report on Form 8‑K announcing completion of the acquisition, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025.

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*

	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2025			December 31, 2024			March 31, 2024
Net interest income	$	103,731		$	81,578		$	75,854
Provision for credit losses		42,452			1,273			5,038
Total noninterest income		21,223			35,221			34,913
Total noninterest expense		115,171			78,167			70,769
Income (loss) before income taxes		(32,669	)		37,359			34,960
Income taxes		(2,679	)		9,254			8,735
Net income (loss)	$	(29,990	)	$	28,105		$	26,225

Basic earnings (loss) per common share	$	(0.44	)	$	0.49		$	0.47
Diluted earnings (loss) per common share	$	(0.44	)	$	0.49		$	0.46
Effective income tax rate		8.20	%		24.77	%		24.99	%

Busey’s results of operations for the first quarter of 2025 was a net loss of $(30.0) million, or $(0.44) per diluted common share, compared to net income of $28.1 million, or $0.49 per diluted common share, for the fourth quarter of 2024, and $26.2 million, or $0.46 per diluted common share, for the first quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity² were (0.82)% and (7.99)%, respectively, for the first quarter of 2025.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and one-time strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses² in the first quarter of 2025 were $26.0 million. Further, $3.1 million other noninterest expense was recorded to establish an initial allowance for Unfunded Commitments² and $42.4 million provision expense was recorded to establish an initial Allowance for Credit Losses for loans purchased without credit deterioration (“non-PCD” loans) immediately following the close of the acquisition in accordance with Accounting Standards Codification 326-20-30-15. Additionally, net securities losses were $15.8 million, primarily related to the execution of a strategic balance sheet repositioning. Lastly, $4.6 million in one-time deferred tax valuation expense² was recorded in connection with the CrossFirst acquisition, which is expected to lower our effective blended state tax rate in future periods but created a negative adjustment to the carrying value of our deferred tax asset in the current period. For more information and a reconciliation of these non-GAAP measures (which are identified with the endnote labeled as 2) in tabular form, see “Non-GAAP Financial Information.”

Adjusted net income², which excludes the impact of non-GAAP adjustments, was $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025, compared to $30.9 million, or $0.53 per diluted common share, for the fourth quarter of 2024 and $25.7 million or $0.46 per diluted common share for the first quarter of 2024. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.09% and 10.64%, respectively, for the first quarter of 2025.

Pre-Provision Net Revenue²

Pre-provision net revenue² was $25.6 million for the first quarter of 2025, compared to $38.8 million for the fourth quarter of 2024 and $46.4 million for the first quarter of 2024. Pre-provision net revenue to average assets² was 0.70% for the first quarter of 2025, compared to 1.28% for the fourth quarter of 2024, and 1.55% for the first quarter of 2024.

Adjusted pre-provision net revenue² was $54.7 million for the first quarter of 2025, compared to $42.0 million for the fourth quarter of 2024 and $38.6 million for the first quarter of 2024. Adjusted pre-provision net revenue to average assets² was 1.50% for the first quarter of 2025, compared to 1.38% for the fourth quarter of 2024 and 1.29% for the first quarter of 2024.

Net Interest Income and Net Interest Margin²

Net interest income was $103.7 million in the first quarter of 2025, compared to $81.6 million in the fourth quarter of 2024 and $75.9 million in the first quarter of 2024.

Net interest margin² was 3.16% for the first quarter of 2025, compared to 2.95% for the fourth quarter of 2024 and 2.79% for the first quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin² was 3.08% for the first quarter of 2025, compared to 2.92% in the fourth quarter of 2024 and 2.78% in the first quarter of 2024.

Components of the 21 basis point increase in net interest margin² during the first quarter of 2025, which includes approximately +12 basis points contributed by CrossFirst Bank, are as follows:

Increased loan portfolio and held for sale loan yields contributed +36 basis points
Increased purchase accounting accretion contributed +5 basis points
Decreased borrowing expense contributed +3 basis points
Decreased expense on rate swaps contributed +2 basis points
Increased non-maturity deposit funding costs contributed -17 basis points
Decreased cash and securities portfolio yield contributed -8 basis points

Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 1.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the first quarter of 2025. A portion of the acquired CrossFirst Bank securities portfolio was liquidated when the acquisition was finalized, providing additional excess cash that will allow us to unwind non-core funding. As brokered CDs mature, Busey will continue to deploy excess cash to reduce wholesale funding levels during subsequent quarters. Total deposit cost of funds increased from 1.75% during the fourth quarter of 2024 to 1.91% during the first quarter of 2025. Deposit betas increased with the higher mix of acquired indexed and wholesale deposits and a full quarter of the consolidated Company’s funding base is projected to increase total deposit cost of funds during the second quarter of 2025. With the expectation of Busey paying down non-core funding, the deposit beta will lessen during the year and is expected to normalize in the 45% to 50% beta range. Growth in higher yielding earning assets is expected to offset the increased cost of funds pressure and we project further net interest margin expansion during the second quarter of 2025.

Noninterest Income

	Three Months Ended
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
NONINTEREST INCOME
Wealth management fees	$	17,364		$	16,786		$	15,549
Fees for customer services		8,128			7,911			7,056
Payment technology solutions		5,073			5,094			5,709
Mortgage revenue		329			496			746
Income on bank owned life insurance		1,446			1,080			1,419
Realized net gains (losses) on the sale of mortgage servicing rights		—			—			7,465
Net securities gains (losses)		(15,768	)		(196	)		(6,375	)
Other noninterest income		4,651			4,050			3,344
Total noninterest income	$	21,223		$	35,221		$	34,913

Total noninterest income decreased by 39.7% compared to the fourth quarter of 2024 and decreased by 39.2% compared to the first quarter of 2024, primarily due to net securities losses that were recorded in connection with a strategic balance sheet repositioning.

Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income² increased by 4.4% to $37.0 million, or 26.3% of operating revenue², during the first quarter of 2025, compared to $35.4 million, or 30.3% of operating revenue², for the fourth quarter of 2024. Compared to the first quarter of 2024, adjusted noninterest income² increased by 9.4% from $33.8 million, or 30.8% of operating revenue².

Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 61.1% of adjusted noninterest income² for the first quarter of 2025.

Noteworthy components of noninterest income are as follows:

Wealth management fees increased by 3.4% compared to the fourth quarter of 2024. Compared to the first quarter of 2024 wealth management fees increased by 11.7%. Busey’s Wealth Management division ended the first quarter of 2025 with $13.68 billion in assets under care, compared to $13.83 billion at the end of the fourth quarter of 2024 and $12.76 billion at the end of the first quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark³ over the last three and five years. The Wealth Management segment reported another quarter of record high revenue for the first quarter of 2025.
Payment technology solutions revenue decreased slightly compared the fourth quarter of 2024. Compared to the first quarter of 2024, payment technology solutions revenue decreased by 11.1% primarily due to decreases in income from electronic, online, and interactive voice response payments, partially offset by increases in lockbox and merchant services income.
Fees for customer services increased by 2.7% compared to the fourth quarter of 2024 primarily due to increases in income from analysis charges and interchange fees, offset by lower non-sufficient funds charges. Compared to the first quarter of 2024, fees for customer services increased by 15.2% primarily due to increases in analysis charges, automated teller machine fees, and interchange fees, offset by lower non-sufficient funds charges. Increases in fees for customer services are primarily attributable to the inclusion of one month of CrossFirst’s income in our first quarter results.
Other noninterest income increased by 14.8% compared to the fourth quarter of 2024 and by 39.1% compared to the first quarter of 2024. The increase for both periods was driven by increases in swap origination fee income, commercial loan sales gains, letter of credit fee income, and other real estate owned income, offset by decreases in venture capital income.

Operating Efficiency

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	67,563	$	45,458	$	42,090
Data processing expense		9,575		6,564		6,550
Net occupancy expense of premises		5,799		4,794		4,720
Furniture and equipment expense		1,744		1,650		1,813
Professional fees		9,511		4,938		2,253
Amortization of intangible assets		3,083		2,471		2,409
Interchange expense		1,343		1,305		1,611
FDIC insurance		2,167		1,330		1,400
Other noninterest expense		14,386		9,657		7,923
Total noninterest expense	$	115,171	$	78,167	$	70,769

Total noninterest expense increased by 47.3% compared to the fourth quarter of 2024 and increased by 62.7% compared to the first quarter of 2024. Growth in noninterest expense was primarily attributable to one-time acquisition expenses related to the CrossFirst acquisition as well as added costs for operating expenses for two banks during one month of the quarter. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million. Busey anticipates a 50% rate of synergy realization in 2025 and 100% in 2026.

Adjusted noninterest expense², which excludes acquisition and restructuring expenses, amortization of intangible assets, and the provision for unfunded commitments, was $82.9 million in the first quarter of 2025, compared to $72.6 million in the fourth quarter of 2024 and $68.6 million in the first quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

Noteworthy components of noninterest expense are as follows:

Salaries, wages, and employee benefits expenses increased by $22.1 million compared to the fourth quarter of 2024, and by $25.5 million compared to the first quarter of 2024, of which $15.6 million and $15.8 million, respectively, was attributable to increases in non-operating expenses, with additional severance, retention, and stock-based compensation. Busey has added 501 full time equivalent associates (“FTEs”) over the past year, mostly as a result of acquisitions, including 437 CrossFirst Bank FTEs added in March 2025 and 46 Merchants & Manufacturers Bank FTEs added in April 2024.
Data processing expense increased by $3.0 million compared to both the fourth quarter of 2024 and the first quarter of 2024, of which $2.3 million and $2.2 million, respectively, was attributable to increases in non-operating expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
Professional fees increased by $4.6 million compared to the fourth quarter of 2024, of which $4.3 million was attributable to increases in non-operating expenses. Compared to the first quarter of 2024, professional fees increased by $7.3 million, of which $7.2 million was attributable to increases in non-operating expenses.
Amortization of intangible assets increased by $0.6 million compared to the fourth quarter of 2024, and by $0.7 million compared to the first quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets, which will be amortized using an accelerated amortization methodology.
Other noninterest expense increased by $4.7 million compared to the fourth quarter of 2024, and increased by $6.5 million compared to the first quarter of 2024, of which $0.3 million and $0.5 million, respectively, resulted from increases in non-operating expenses related to acquisition and restructuring expenses. Further, $3.1 million of non-operating expenses was recorded for the Day 2 provision for unfunded commitments. Multiple expense items contributed to the remaining fluctuations in this expense category, including marketing, business development, regulatory expenses, mortgage servicing rights valuation expenses, and other real estate owned.

Busey’s efficiency ratio² was 79.3% for the first quarter of 2025, compared to 64.5% for the fourth quarter of 2024 and 58.1% for the first quarter of 2024. Our adjusted efficiency² ratio was 58.7% for the first quarter of 2025, compared to 61.8% for the fourth quarter of 2024, and 62.3% for the first quarter of 2024.

Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.27% for the first quarter of 2025, compared to 2.39% for the fourth quarter of 2024 and 2.30% for the first quarter of 2024.

BALANCE SHEET STRENGTH

CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*

	As of
*(dollars in thousands, except per share amounts)*	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	1,200,292		$	697,659		$	591,071
Debt securities available for sale		2,273,874			1,810,221			1,898,072
Debt securities held to maturity		815,402			826,630			862,218
Equity securities		10,828			15,862			9,790
Loans held for sale		7,270			3,657			6,827
Portfolio loans		13,868,357			7,697,087			7,588,077
Allowance for credit losses		(195,210	)		(83,404	)		(91,562	)
Restricted bank stock		53,518			49,930			6,000
Premises and equipment, net		182,003			118,820			121,506
Right of use assets		40,594			10,608			10,590
Goodwill and other intangible assets, net		496,118			365,975			351,455
Other assets		711,206			533,677			533,414
Total assets	$	19,464,252		$	12,046,722		$	11,887,458

LIABILITIES & STOCKHOLDERS’ EQUITY
Liabilities
Total deposits	$	16,459,470		$	9,982,490		$	9,960,191
Securities sold under agreements to repurchase		137,340			155,610			147,175
Short-term borrowings		11,209			—			—
Long-term debt		306,509			227,723			223,100
Junior subordinated debt owed to unconsolidated trusts		77,117			74,815			72,040
Lease liabilities		41,111			11,040			10,896
Other liabilities		251,890			211,775			191,405
Total liabilities		17,284,646			10,663,453			10,604,807

Stockholders’ equity
Retained earnings		249,484			294,054			248,412
Accumulated other comprehensive income (loss)		(172,810	)		(207,039	)		(222,190	)
Other stockholders’ equity¹		2,102,932			1,296,254			1,256,429
Total stockholders’ equity		2,179,606			1,383,269			1,282,651
Total liabilities & stockholders’ equity	$	19,464,252		$	12,046,722		$	11,887,458

SHARE AND PER SHARE AMOUNTS
Book value per common share²	$	24.13		$	24.31		$	23.19
Tangible book value per common share²	$	18.62		$	17.88		$	16.84
Ending number of common shares outstanding		90,008,178			56,895,981			55,300,008

___________________________________________
1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
2. See “Non-GAAP Financial Information” for reconciliation.

AVERAGE BALANCES *(unaudited)*

	Three Months Ended
*(dollars in thousands)*	March 31, 2025		December 31, 2024		March 31, 2024
ASSETS
Cash and cash equivalents	$	861,021	$	776,572	$	594,193
Investment securities		2,782,435		2,597,309		2,907,144
Loans held for sale		3,443		6,306		4,833
Portfolio loans		9,838,337		7,738,772		7,599,316
Interest-earning assets		13,363,594		11,048,350		11,005,903
Total assets		14,831,298		12,085,993		12,024,208

LIABILITIES & STOCKHOLDERS’ EQUITY
Noninterest-bearing deposits		3,036,127		2,724,344		2,708,586
Interest-bearing deposits		9,142,781		7,325,662		7,330,105
Total deposits		12,178,908		10,050,006		10,038,691
Federal funds purchased and securities sold under agreements to repurchase		144,838		135,728		178,659
Interest-bearing liabilities		9,627,841		7,763,729		7,831,655
Total liabilities		12,896,222		10,689,054		10,748,484
Stockholders’ equity – preferred		2,669		—		—
Stockholders’ equity – common		1,932,407		1,396,939		1,275,724
Tangible common equity¹		1,521,387		1,029,539		922,710

___________________________________________
1. See “Non-GAAP Financial Information” for reconciliation.

Busey’s financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.

Total assets were $19.46 billion as of March 31, 2025, compared to $12.05 billion as of December 31, 2024, and $11.89 billion as of March 31, 2024. Average interest-earning assets were $13.36 billion for the first quarter of 2025, compared to $11.05 billion for the fourth quarter of 2024, and $11.01 billion for the first quarter of 2024.

Portfolio Loans

We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters. Portfolio loans totaled $13.87 billion at March 31, 2025, compared to $7.70 billion at December 31, 2024, and $7.59 billion at March 31, 2024. Busey Bank’s portfolio loans grew by $133.6 million during the first quarter of 2025, with growth centered in the commercial category. In addition, as of March 31, 2024, CrossFirst Bank added $6.04 billion in loans to Busey’s loan portfolio.

Average portfolio loans were $9.84 billion for the first quarter of 2025, compared to $7.74 billion for the fourth quarter of 2024 and $7.60 billion for the first quarter of 2024.

Asset Quality

Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. CrossFirst Bank’s policies are similar in nature to Busey Bank’s policies and Busey is in the process of migrating the legacy CrossFirst portfolio toward Busey Bank’s policies.

ASSET QUALITY *(unaudited)*

	As of
(dollars in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Total assets	$	19,464,252		$	12,046,722		$	11,887,458
Portfolio loans		13,868,357			7,697,087			7,588,077
Loans 30 – 89 days past due		18,554			8,124			7,441
Non-performing loans:
Non-accrual loans		48,647			22,088			17,465
Loans 90+ days past due and still accruing		6,077			1,149			88
Non-performing loans		54,724			23,237			17,553
Other non-performing assets		4,757			63			65
Non-performing assets		59,481			23,300			17,618
Substandard (excludes 90+ days past due)		131,078			62,023			87,830
Classified assets	$	190,559		$	85,323		$	105,448

Allowance for credit losses	$	195,210		$	83,404		$	91,562

RATIOS
Non-performing loans to portfolio loans		0.39	%		0.30	%		0.23	%
Non-performing assets to total assets		0.31	%		0.19	%		0.15	%
Non-performing assets to portfolio loans and other non-performing assets		0.43	%		0.30	%		0.23	%
Allowance for credit losses to portfolio loans		1.41	%		1.08	%		1.21	%
Coverage ratio of the allowance for credit losses to non-performing loans	3.57 x			3.59 x			5.22 x
Classified assets to Bank Tier 1 capital¹and reserves		8.40	%		5.61	%		7.24	%

___________________________________________
1. Capital amounts for the first quarter of 2025 are not yet finalized and are subject to change.

Loans 30-89 days past due increased by $10.4 million compared to December 31, 2024, and increased by $11.1 million compared to March 31, 2024. Busey Bank’s loans 30-89 days past due were $6.1 million, a decrease of $2.0 million compared to December 31, 2024. CrossFirst Bank’s loans 30-89 days past due were $12.5 million as of March 31, 2025.

Non-performing loans increased by $31.5 million compared to December 31, 2024, and increased by $37.2 million compared to March 31, 2024. Busey Bank’s non-performing loans were $6.8 million, a decrease of $16.4 million compared to December 31, 2024. CrossFirst Bank’s non-performing loans were $47.9 million as of March 31, 2025. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.39% as of March 31, 2025, a 9 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.

Non-performing assets increased by $36.2 million compared to December 31, 2024, and increased by $41.9 million compared to March 31, 2024. Busey Bank’s non-performing assets were $7.1 million, a decrease of $16.2 million compared to December 31, 2024. CrossFirst Bank’s non-performing assets were $52.4 million as of March 31, 2025. Non-performing assets represented 0.31% of total assets as of March 31, 2025, a 12 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.

Classified assets increased by $105.2 million compared to December 31, 2024, and increased by $85.1 million compared to March 31, 2024. Busey Bank’s classified assets were $81.3 million, a decrease of $4.0 million compared to December 31, 2024. CrossFirst Bank’s classified assets were $109.3 million as of March 31, 2025.

The allowance for credit losses was $195.2 million as of March 31, 2025, representing 1.41% of total portfolio loans outstanding, and providing coverage of 3.57 times our non-performing loans balance. In connection with the CrossFirst acquisition, the Day 1 allowance recorded for loans that were purchased with credit deterioration (“PCD” loans) was $100.8 million. The Day 1 PCD allowance was recorded as an adjustment to the fair value of the PCD loans.

NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) *(unaudited)*

	Three Months Ended
(dollars in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Net charge-offs (recoveries)	$	31,429	$	2,850	$	5,216
Provision expense (release)		42,452		1,273		5,038

Net charge-offs increased by $28.6 million when compared to the fourth quarter of 2024, and by $26.2 million when compared with the first quarter of 2024. Net charge-offs include $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

Busey’s results for the first quarter of 2025 include $42.5 million provision expense for credit losses, which includes $42.4 million that was recorded to establish an initial allowance for credit losses on non-PCD acquired loans.

Deposits

Total deposits were $16.46 billion at March 31, 2025, compared to $9.98 billion at December 31, 2024, and $9.96 billion at March 31, 2024. Average deposits were $12.18 billion for the first quarter of 2025, compared to $10.05 billion for the fourth quarter of 2024 and $10.04 billion for the first quarter of 2024.

Core deposits² accounted for 89.7% of total deposits as of March 31, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 32% of our deposits were uninsured and uncollateralized⁴ as of March 31, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the first quarter of 2025 had a weighted average term of 7.8 months at a rate of 3.58%, which was 96 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Borrowings

As of March 31, 2025, Busey Bank held $16.7 million of long-term Federal Home Loan Bank (“FHLB”) borrowings. In comparison, Busey Bank had no short-term or long-term FHLB borrowings as of December 31, 2024, or March 31, 2024. As of March 31, 2025, CrossFirst Bank held $11.2 million of short-term FHLB borrowings and $61.9 million of long-term FHLB borrowings.

In addition, associated with the CrossFirst acquisition, Busey assumed trust preferred securities with a recorded balance of $2.2 million as of March 31, 2025.

Liquidity

As of March 31, 2025, our available sources of on- and off-balance sheet liquidity⁵ totaled $8.55 billion. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $119.7 million in the first quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $302.3 million for the remainder of 2025, with a current book yield of 2.55%, and approximately $308.1 million for 2026, with a current book yield of 2.59%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Although impacted by the strategic deployment of capital for the CrossFirst acquisition, our capital ratios remain strong, and as of March 31, 2025, our regulatory capital ratios continued to provide a buffer of more than $630 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated⁶ to be 11.99% at March 31, 2025, compared to 14.10% at December 31, 2024, and 13.45% at March 31, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated⁶ to be 14.87% at March 31, 2025, compared to 18.53% at December 31, 2024, and 17.95% at March 31, 2024.

Busey’s tangible common equity² was $1.68 billion at March 31, 2025, compared to $1.02 billion at December 31, 2024, and $931.2 million at March 31, 2024. Tangible common equity² represented 8.83% of tangible assets at March 31, 2025, compared to 8.71% at December 31, 2024, and 8.07% at March 31, 2024.

Busey’s tangible book value per common share² was $18.62 at March 31, 2025, compared to $17.88 at December 31, 2024, and $16.84 at March 31, 2024, reflecting a 10.6% year-over-year increase. The ratios of tangible common equity to tangible assets² and tangible book value per common share have been impacted by the fair market valuation adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of shareholder’s equity.

Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the first quarter of 2025, we paid a dividend of $0.25 per share on Busey’s common stock, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

During the first quarter of 2025, Busey resumed making stock repurchases under its stock repurchase plan, purchasing 220,000 shares of its common stock at a weighted average price of $21.98 per share for a total of $4.8 million. As of March 31, 2025, Busey had 1,699,275 shares remaining on its stock repurchase plan available for repurchase.

FIRST QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q1 2025 Earnings Investor Presentation furnished via Form 8‑K on April 22, 2025, in connection with this earnings release.

CORPORATE PROFILE

As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures

		Three Months Ended
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)		$	103,731		$	81,578		$	75,854
Total noninterest income (GAAP)			21,223			35,221			34,913
Net security (gains) losses (GAAP)			15,768			196			6,375
Total noninterest expense (GAAP)			(115,171	)		(78,167	)		(70,769	)
Pre-provision net revenue (Non-GAAP)	[a]		25,551			38,828			46,373
Acquisition and restructuring expenses			26,026			3,585			408
Provision for unfunded commitments¹			3,141			(455	)		(678	)
Realized (gain) loss on the sale of mortgage service rights			—			—			(7,465	)
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	54,718		$	41,958		$	38,638

Average total assets	[c]		14,831,298			12,085,993			12,024,208

Pre-provision net revenue to average total assets (Non-GAAP)²	[a÷c]		0.70	%		1.28	%		1.55	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)²	[b÷c]		1.50	%		1.38	%		1.29	%

___________________________________________

For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.
Annualized measure.

Adjusted Net Income, Average Tangible Common Equity, and Related Ratios

		Three Months Ended
(dollars in thousands, except per share amounts)		March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) (GAAP)	[a]	$	(29,990	)	$	28,105		$	26,225
Acquisition expenses			26,026			2,469			285
Restructuring expenses			—			1,116			123
Day 2 provision for credit losses¹			42,433			—			—
Day 2 provision for unfunded commitments²			3,139			—			—
Net securities (gains) losses			15,768			196			6,375
Realized net (gains) losses on the sale of mortgage servicing rights			—			—			(7,465	)
Related tax (benefit) expense³			(22,069	)		(1,014	)		170
One-time deferred tax valuation adjustment⁴			4,591			—			—
Adjusted net income (Non-GAAP)⁵	[b]	$	39,898		$	30,872		$	25,713

Weighted average number of common shares outstanding, diluted (GAAP)	[c]		68,517,647			57,934,812			56,406,500
Diluted earnings (loss) per common share (GAAP)	[a÷c]	$	(0.44	)	$	0.49		$	0.46

Weighted average number of common shares outstanding, diluted (Non-GAAP)⁶	[d]		69,502,717			57,934,812			56,406,500
Adjusted diluted earnings per common share (Non-GAAP)⁵^,6	[b÷d]	$	0.57		$	0.53		$	0.46

Average total assets	[e]	$	14,831,298		$	12,085,993		$	12,024,208
Return on average assets (Non-GAAP)⁷	[a÷e]	(0.82		)%		0.93	%		0.88	%
Adjusted return on average assets (Non-GAAP)^5,⁷	[b÷e]		1.09	%		1.02	%		0.86	%

Average common equity		$	1,932,407		$	1,396,939		$	1,275,724
Average goodwill and other intangible assets, net			(411,020	)		(367,400	)		(353,014	)
Average tangible common equity (Non-GAAP)	[f]	$	1,521,387		$	1,029,539		$	922,710

Return on average tangible common equity (Non-GAAP)⁷	[a÷f]	(7.99		)%		10.86	%		11.43	%
Adjusted return on average tangible common equity (Non-GAAP)^5,⁷	[b÷f]		10.64	%		11.93	%		11.21	%

___________________________________________

The Day 2 allowance for credit losses was recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and is reflected within the provision for credit losses line on the Statement of Income.
The Day 2 provision for unfunded commitments was recorded in connection with the CrossFirst acquisition and is reflected within the other noninterest expense line, as a component of total noninterest expense, on the Statement of Income.
Tax benefits were calculated using tax rates of 25.3%, 26.8%, and 24.9% for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
The deferred tax valuation adjustment was recorded in connection with the CrossFirst acquisition and relates to the expansion of Busey’s footprint into new states. The deferred tax valuation adjustment is reflected within the income taxes line on the Statement of Income.
Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were previously presented as further adjustments to adjusted net income.
Dilution includes shares that would have been dilutive if there had been net income during the period.
Annualized measure.

Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin

		Three Months Ended
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)		$	103,731		$	81,578		$	75,854
Tax-equivalent adjustment¹			537			446			449
Tax-equivalent net interest income (Non-GAAP)	[a]		104,268			82,024			76,303
Purchase accounting accretion related to business combinations			(2,728	)		(812	)		(204	)
Adjusted net interest income (Non-GAAP)	[b]	$	101,540		$	81,212		$	76,099

Average interest-earning assets (Non-GAAP)	[c]	$	13,363,594		$	11,048,350		$	11,005,903

Net interest margin (Non-GAAP)²	[a÷c]		3.16	%		2.95	%		2.79	%
Adjusted net interest margin (Non-GAAP)²	[b÷c]		3.08	%		2.92	%		2.78	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
Annualized measure.

Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets

		Three Months Ended
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Net interest income (GAAP)	[a]	$	103,731		$	81,578		$	75,854
Tax-equivalent adjustment¹			537			446			449
Tax-equivalent net interest income (Non-GAAP)	[b]		104,268			82,024			76,303

Total noninterest income (GAAP)			21,223			35,221			34,913
Net security (gains) losses			15,768			196			6,375
Noninterest income excluding net securities gains and losses (Non-GAAP)	[c]		36,991			35,417			41,288
Realized net (gains) losses on the sale of mortgage servicing rights			—			—			(7,465	)
Adjusted noninterest income (Non-GAAP)	[d]	$	36,991		$	35,417		$	33,823

Tax-equivalent revenue (Non-GAAP)	[e = b+c]	$	141,259		$	117,441		$	117,591
Adjusted tax-equivalent revenue (Non-GAAP)	[f = b+d]	$	141,259		$	117,441		$	110,126
Operating revenue (Non-GAAP)	[g = a+d]	$	140,722		$	116,995		$	109,677

Adjusted noninterest income to operating revenue (Non-GAAP)	[d÷g]		26.29	%		30.27	%		30.84	%

Total noninterest expense (GAAP)		$	115,171		$	78,167		$	70,769
Amortization of intangible assets			(3,083	)		(2,471	)		(2,409	)
Noninterest expense excluding amortization of intangible assets (Non-GAAP)	[h]		112,088			75,696			68,360
Acquisition and restructuring expenses			(26,026	)		(3,585	)		(408	)
Provision for unfunded commitments²			(3,141	)		455			678
Adjusted noninterest expense (Non-GAAP)³	[i]	$	82,921		$	72,566		$	68,630

Efficiency ratio (Non-GAAP)	[h÷e]		79.35	%		64.45	%		58.13	%
Adjusted efficiency ratio (Non-GAAP)³	[i÷f]		58.70	%		61.79	%		62.32	%

Average total assets	[j]	$	14,831,298		$	12,085,993		$	12,024,208
Adjusted noninterest expense to average assets (Non-GAAP)⁴	[i÷j]		2.27	%		2.39	%		2.30	%

___________________________________________

Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.
Beginning in 2025, Busey revised its calculation of adjusted noninterest expense and the adjusted efficiency ratio for all periods presented to include, as applicable, adjustments for the provision for unfunded commitments. In 2024, these adjustments were previously presented as adjustments for adjusted core expense and the adjusted core efficiency ratio.
Annualized measure.

Tangible Assets, Tangible Common Equity, and Related Measures and Ratio

		As of
(dollars in thousands, except per share amounts)		March 31, 2025			December 31, 2024			March 31, 2024
Total assets (GAAP)		$	19,464,252		$	12,046,722		$	11,887,458
Goodwill and other intangible assets, net			(496,118	)		(365,975	)		(351,455	)
Tangible assets (Non-GAAP)¹	[a]	$	18,968,134		$	11,680,747		$	11,536,003

Total stockholders’ equity (GAAP)		$	2,179,606		$	1,383,269		$	1,282,651
Preferred stock and additional paid in capital on preferred stock			(7,750	)		—			—
Common equity	[b]		2,171,856			1,383,269			1,282,651
Goodwill and other intangible assets, net			(496,118	)		(365,975	)		(351,455	)
Tangible common equity (Non-GAAP)¹	[c]	$	1,675,738		$	1,017,294		$	931,196

Tangible common equity to tangible assets (Non-GAAP)¹	[c÷a]		8.83	%		8.71	%		8.07	%

Ending number of common shares outstanding (GAAP)	[d]		90,008,178			56,895,981			55,300,008
Book value per common share (Non-GAAP)	[b÷d]	$	24.13		$	24.31		$	23.19
Tangible book value per common share (Non-GAAP)	[c÷d]	$	18.62		$	17.88		$	16.84

___________________________________________

Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.

Core Deposits and Related Ratio

		As of
(dollars in thousands)		March 31, 2025			December 31, 2024			March 31, 2024
Total deposits (GAAP)	[a]	$	16,459,470		$	9,982,490		$	9,960,191
Brokered deposits, excluding brokered time deposits of $250,000 or more			(722,309	)		(13,090	)		(6,001	)
Time deposits of $250,000 or more			(967,262	)		(334,503	)		(326,795	)
Core deposits (Non-GAAP)	[b]	$	14,769,899		$	9,634,897		$	9,627,395

Core deposits to total deposits (Non-GAAP)	[b÷a]		89.73	%		96.52	%		96.66	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Annualized measure.
2	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
3	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
4	Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
5	On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
6	Capital amounts and ratios for the first quarter of 2025 are not yet finalized and are subject to change.

INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

The MIL Network –

April 23, 2025

MIL-OSI: Baker Hughes Company Announces First-Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First-quarter highlights

Orders of $6.5 billion, including $3.2 billion of IET orders.
RPO of $33.2 billion, including record IET RPO of $30.4 billion.
Revenue of $6.4 billion, consistent year-over-year.
Attributable net income of $402 million.
GAAP diluted EPS of $0.40 and adjusted diluted EPS* of $0.51.
Adjusted EBITDA* of $1,037 million, up 10% year-over-year.
Cash flows from operating activities of $709 million and free cash flow* of $454 million.
Returns to shareholders of $417 million, including $188 million of share repurchases.

HOUSTON and LONDON, April 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the first quarter of 2025.

“Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records. Our continued transformation initiatives and strong execution continue to drive structural margin improvement across both segments. The operational transformation and streamlining efforts have created a solid foundation to optimize margins and enhance returns, even in a challenging environment,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

“In our IET segment, we booked $3.2 billion of orders, including our first data center awards, totaling more than 350 MW of power solutions for this rapidly evolving market. In addition to expanding opportunities for data centers, we have a strong pipeline of LNG, FPSO and gas infrastructure projects that support our order outlook for this year.”

“In OFSE, EBITDA remained resilient as our margins saw noticeable improvement compared to last year even while segment revenue fell. This is a testament to the team’s hard work in changing the way the business operates.”

“Although our outlook is tempered by broader macro and trade policy uncertainty, we remain confident in our strategy and the resilience of our portfolio. We believe Baker Hughes is well positioned to navigate near-term challenges and deliver sustainable growth in shareholder value.”

“I want to thank our employees, whose hard work, dedication and focus have been instrumental to the continued success of Baker Hughes. As we continue to execute our strategy amidst an uncertain macro backdrop, we remain committed to our customers, shareholders and employees,” concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

	Three Months Ended						Variance
(in millions except per share amounts)	March 31, 2025		December 31, 2024		March 31, 2024		Sequential		Year-over- year
Orders	$	6,459	$	7,496	$	6,542	(14	%)	(1	%)
Revenue		6,427		7,364		6,418	(13	%)	—	%
Net income attributable to Baker Hughes		402		1,179		455	(66	%)	(12	%)
Adjusted net income attributable to Baker Hughes*		509		694		429	(27	%)	19	%
Adjusted EBITDA*		1,037		1,310		943	(21	%)	10	%
Diluted earnings per share (EPS)		0.40		1.18		0.45	(66	%)	(11	%)
Adjusted diluted EPS*		0.51		0.70		0.43	(27	%)	19	%
Cash flow from operating activities		709		1,189		784	(40	%)	(10	%)
Free cash flow*		454		894		502	(49	%)	(10	%)

* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

Quarter Highlights

Baker Hughes expanded its leadership position in liquefied natural gas (“LNG”) in the first quarter, including a liquefaction train award from Bechtel for a project in North America, where the Company will provide four main refrigerant compressors driven by LM6000+ gas turbines and four expander-compressors. This award builds on the previously announced December 2024 award and further demonstrates the strength of the Company’s collaboration with Bechtel to support North America LNG development.

During the quarter, Industrial & Energy Technology (“IET”) signed key strategic framework agreements with LNG operators. The Company agreed to provide gas turbines and refrigerant compressor technology, along with maintenance services, for Trains 4 to 8 of NextDecade’s Rio Grande LNG Facility. Baker Hughes also reached an agreement with Argent LNG to provide liquefaction and power solutions and related aftermarket services for its proposed 24 MTPA LNG export facility in Louisiana. The project will employ Baker Hughes’ NMBL™ modularized LNG solution, driven by the LM9000 gas turbine, while also utilizing the Company’s iCenter™ and Cordant™ digital solution, to enhance the plant’s operational efficiency.

Baker Hughes also demonstrated its continuous commitment to critical gas infrastructure projects with a strategic win in the North America pipeline compression market. The award includes the provision of two gas compression stations for a total of 10 Frame 5/2E gas turbines and 10 centrifugal compressors, anti-surge valves and critical spare parts.

In the first quarter, Baker Hughes made significant progress in reliable and sustainable power solutions deployment for data centers. In addition to being awarded over 350 MW of NovaLT™ turbines to power data centers with various other customers, the Company partnered with Frontier Infrastructure to accelerate the development of large-scale carbon capture and storage (“CCS”) and power solutions for data centers and industrial customers in the U.S. This partnership will leverage technologies and services across the Baker Hughes enterprise by providing CO₂ compression, NovaLT™ gas turbines, digital monitoring solutions, well construction and completion services.

In continued demonstration of Gas Technology’s lifecycle offerings in IET, the Company received several aftermarket service awards during the quarter. In Algeria, the Gas Technology Services (“GTS”) team is partnering with SONATRACH to deliver an upgrade solution for the modernization of a key compressor station. In the Middle East, Gas Technology received multiple equipment and services awards to support one of the world’s largest gas processing plants. The scope includes rejuvenation of two existing gas turbines to drive new compressors and the supply of a third compression train to support production expansion.

IET’s Industrial Solutions gained momentum with its Cordant™ Asset Performance Management (“APM”) solution, securing several contracts with customers across multiple regions. ADNOC Offshore will deploy the full APM suite to enhance production availability and efficiency. In the Americas, a large international oil company will conduct a proof of concept across multiple equipment trains, to support a shift from proactive to predictive maintenance. In Australia, the Company signed agreements to develop asset maintenance strategies for new mine sites supporting truck fleet maintenance.

Oilfield Services & Equipment (“OFSE”) received a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in the country’s prolific Stabroek Block, highlighting the differentiated capabilities of our Production Solutions offering. For this multi-year contract, the scope will cover topsides, subsea, water injection and utility chemicals to help ExxonMobil Guyana achieve optimal production.

OFSE continues to leverage the Company’s innovative solutions to help Petrobras unlock Brazil’s vast energy supply. In the quarter and following an open tender, Baker Hughes received a significant, multi-year fully integrated completions systems contract from Petrobras across multiple deepwater fields. A range of Baker Hughes’ technologies, including the new SureCONTROL^TM Premium interval control valve, has been specifically tailored to meet the needs of the country’s offshore developments.

OFSE secured a multi-year contract with Dubai Petroleum Establishment, for and on behalf of Dubai Supply Authority, to provide integrated coiled-tubing drilling services for the Company’s Margham Gas storage project. This follows a third-quarter 2024 IET award for integrated compressor line units for the same project, demonstrating growing commercial synergies across Baker Hughes’ diverse portfolio.

The Company drove growth in Mature Assets Solutions, signing a multi-year framework agreement with Equinor to help establish a new Center of Excellence for Plug & Abandonment work in the North Sea. Based within OFSE’s operations in Bergen and Stavanger, Norway, this hub will ensure economical, reliable solutions are implemented to responsibly abandon each well, allowing Equinor to maximize value of their assets and allocate more resources to exploration and discovery.

On the digital front, OFSE received an award from the State Oil Company of Azerbaijan Republic (“SOCAR”) to expand deployment of Leucipa™ automated field production solution for all its wells, including those with non-Baker Hughes electric submersible pumps, in the Absheron and Gunseli fields. Leucipa also marked its first deployment in Sub-Saharan Africa through an agreement with the NNPC/FIRST E&P joint venture, which will utilize the platform across its offshore wells in the Niger Delta.

Consolidated Financial Results

Revenue for the quarter was $6,427 million, a decrease of 13% sequentially and up $9 million year-over-year. The increase in revenue year-over-year was driven by an increase in IET and partially offset by a decrease in OFSE.

The Company’s total book-to-bill ratio in the first quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the first quarter of 2025 was $402 million. Net income decreased $777 million sequentially and decreased $53 million year-over-year.

Adjusted net income (a non-GAAP financial measure) for the first quarter of 2025 was $509 million, which excludes adjustments totaling $108 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the first quarter of 2025 was down 27% sequentially and up 19% year-over-year.

Depreciation and amortization for the first quarter of 2025 was $285 million.

Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2025 was $1,037 million, which excludes adjustments totaling $140 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the first quarter was down 21% sequentially and up 10% year-over-year.

The sequential decrease in adjusted net income and adjusted EBITDA was primarily driven by lower volume in both segments, partially offset by productivity and structural cost-out initiatives. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by increased volume in IET including higher proportionate growth in Gas Technology Equipment (“GTE”) and productivity, structural cost-out initiatives and higher pricing in both segments, partially offset by decreased volume and business mix in OFSE and cost inflation in both segments.

Other Financial Items

Remaining Performance Obligations (“RPO”) in the first quarter of 2025 ended at $33.2 billion, a decrease of $0.1 billion from the fourth quarter of 2024. OFSE RPO was $2.8 billion, down 7% sequentially, while IET RPO was $30.4 billion, up $300 million sequentially. Within IET RPO, GTE RPO was $11.9 billion and GTS RPO was $15.1 billion.

Income tax expense in the first quarter of 2025 was $152 million.

Other (income) expense, net in the first quarter of 2025 was $140 million, primarily related to changes in fair value for equity securities of $140 million.

GAAP diluted earnings per share was $0.40. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.51. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Cash flow from operating activities was $709 million for the first quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $454 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

Capital expenditures, net of proceeds from disposal of assets, were $255 million for the first quarter of 2025, of which $158 million was for OFSE and $83 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)	Three Months Ended									Variance
Segment results	March 31, 2025			December 31, 2024			March 31, 2024			Sequential		Year-over- year
Orders	$	3,281		$	3,740		$	3,624		(12	%)	(9	%)
Revenue	$	3,499		$	3,871		$	3,783		(10	%)	(8	%)
EBITDA	$	623		$	755		$	644		(18	%)	(3	%)
EBITDA margin		17.8	%		19.5	%		17.0	%	-1.7pts		0.8pts

(in millions)	Three Months Ended						Variance
Revenue by Product Line	March 31, 2025		December 31, 2024		March 31, 2024		Sequential		Year-over- year
Well Construction	$	892	$	943	$	1,061	(5	%)	(16	%)
Completions, Intervention, and Measurements		925		1,022		1,006	(9	%)	(8	%)
Production Solutions		899		974		945	(8	%)	(5	%)
Subsea & Surface Pressure Systems		782		932		771	(16	%)	1	%
Total Revenue	$	3,499	$	3,871	$	3,783	(10	%)	(8	%)

(in millions)	Three Months Ended						Variance
Revenue by Geographic Region	March 31, 2025		December 31, 2024		March 31, 2024		Sequential		Year-over- year
North America	$	922	$	971	$	990	(5	%)	(7	%)
Latin America		568		661		637	(14	%)	(11	%)
Europe/CIS/Sub-Saharan Africa		580		740		750	(22	%)	(23	%)
Middle East/Asia		1,429		1,499		1,405	(5	%)	2	%
Total Revenue	$	3,499	$	3,871	$	3,783	(10	%)	(8	%)

North America	$	922	$	971	$	990	(5	%)	(7	%)
International	$	2,577	$	2,900	$	2,793	(11	%)	(8	%)

EBITDA excludes depreciation and amortization of $226 million, $229 million, and $222 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $3,281 million for the first quarter of 2025 decreased by 12% sequentially. Subsea and Surface Pressure Systems orders were $532 million, down 34% sequentially, and down 16% year-over-year.

OFSE revenue of $3,499 million for the first quarter of 2025 was down 10% sequentially, and down 8% year-over-year.

North America revenue was $922 million, down 5% sequentially. International revenue was $2,577 million, down 11% sequentially, with declines across all regions.

Segment EBITDA for the first quarter of 2025 was $623 million, a decrease of $132 million, or 18% sequentially. The sequential decrease in EBITDA was primarily driven by lower volume, partially mitigated by productivity from structural cost-out initiatives.

Industrial & Energy Technology

(in millions)	Three Months Ended									Variance
Segment results	March 31, 2025			December 31, 2024			March 31, 2024			Sequential		Year-over- year
Orders	$	3,178		$	3,756		$	2,918		(15	%)	9	%
Revenue	$	2,928		$	3,492		$	2,634		(16	%)	11	%
EBITDA	$	501		$	639		$	386		(22	%)	30	%
EBITDA margin		17.1	%		18.3	%		14.7	%	-1.2pts		2.4pts

(in millions)	Three Months Ended						Variance
Orders by Product Line	March 31, 2025		December 31, 2024		March 31, 2024		Sequential		Year-over- year
Gas Technology Equipment	$	1,335	$	1,865	$	1,230	(28	%)	9	%
Gas Technology Services		913		902		692	1	%	32	%
Total Gas Technology		2,248		2,767		1,922	(19	%)	17	%
Industrial Products		501		515		546	(3	%)	(8	%)
Industrial Solutions		281		320		257	(12	%)	10	%
Total Industrial Technology		782		835		803	(6	%)	(3	%)
Climate Technology Solutions		148		154		193	(4	%)	(23	%)
Total Orders	$	3,178	$	3,756	$	2,918	(15	%)	9	%

(in millions)	Three Months Ended						Variance
Revenue by Product Line	March 31, 2025		December 31, 2024		March 31, 2024		Sequential		Year-over- year
Gas Technology Equipment	$	1,456	$	1,663	$	1,210	(12	%)	20	%
Gas Technology Services		592		796		614	(26	%)	(4	%)
Total Gas Technology		2,047		2,459		1,824	(17	%)	12	%
Industrial Products		445		548		462	(19	%)	(4	%)
Industrial Solutions		258		282		265	(8	%)	(2	%)
Total Industrial Technology		703		830		727	(15	%)	(3	%)
Climate Technology Solutions		178		204		83	(13	%)	114	%
Total Revenue	$	2,928	$	3,492	$	2,634	(16	%)	11	%

EBITDA excludes depreciation and amortization of $53 million, $56 million, and $56 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

IET orders of $3,178 million for the first quarter of 2025 increased by $260 million, or 9% year-over-year. The increase was driven primarily by Gas Technology, up $326 million or 17% year-over-year.

IET revenue of $2,928 million for the first quarter of 2025 increased $294 million, or 11% year-over-year. The increase was driven by Gas Technology Equipment, up $246 million or 20% year-over-year, and Climate Technology Solutions, up $95 million or 114% year-over-year.

Segment EBITDA for the quarter was $501 million, an increase of $114 million, or 30% year-over-year. The year-over-year increase in segment EBITDA was driven by productivity, positive pricing and increased volume including higher proportionate growth in GTE, partially offset by cost inflation.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

	Three Months Ended
(in millions)	March 31, 2025		December 31, 2024			March 31, 2024
Net income attributable to Baker Hughes (GAAP)	$	402	$	1,179		$	455
Net income attributable to noncontrolling interests		7		11			8
Provision (benefit) for income taxes		152		(398	)		178
Interest expense, net		51		54			41
Depreciation & amortization		285		291			283
Restructuring		—		258			—
Inventory impairment⁽¹⁾		—		73			—
Change in fair value of equity securities⁽²⁾		140		(196	)		(52	)
Other charges and credits⁽²⁾		—		38			30
Adjusted EBITDA (non-GAAP)		1,037		1,310			943
Corporate costs		85		84			88
Other income / (expense) not allocated to segments		1		—			—
Total Segment EBITDA (non-GAAP)	$	1,124	$	1,394		$	1,030
OFSE		623		755			644
IET		501		639			386

⁽¹⁾ Charges for inventory impairments are reported in “Cost of goods sold” in the condensed consolidated statements of income (loss).

⁽²⁾ Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

	Three Months Ended
(in millions, except per share amounts)	March 31, 2025			December 31, 2024			March 31, 2024
Net income attributable to Baker Hughes (GAAP)	$	402		$	1,179		$	455
Restructuring		—			258			—
Inventory impairment		—			73			—
Change in fair value of equity securities		140			(196	)		(52	)
Other adjustments		—			30			32
Tax adjustments⁽¹⁾		(32	)		(650	)		(6	)
Total adjustments, net of income tax		108			(485	)		(26	)
Less: adjustments attributable to noncontrolling interests		—			—			—
Adjustments attributable to Baker Hughes		108			(485	)		(26	)
Adjusted net income attributable to Baker Hughes (non-GAAP)	$	509		$	694		$	429

Denominator:
Weighted-average shares of Class A common stock outstanding diluted		999			999			1,004
Adjusted earnings per share – diluted (non-GAAP)	$	0.51		$	0.70		$	0.43

⁽¹⁾All periods reflect the tax associated with the other (income) loss adjustments.

Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

	Three Months Ended
(in millions)	March 31, 2025			December 31, 2024			March 31, 2024
Net cash flows from operating activities (GAAP)	$	709		$	1,189		$	784
Add: cash used for capital expenditures, net of proceeds from disposal of assets		(255	)		(295	)		(282	)
Free cash flow (non-GAAP)	$	454		$	894		$	502

Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

	Three Months Ended March 31,
(In millions, except per share amounts)		2025			2024
Revenue	$	6,427		$	6,418
Costs and expenses:
Cost of revenue		4,952			4,976
Selling, general and administrative		577			618
Research and development costs		146			164
Other (income) expense, net		140			(22	)
Interest expense, net		51			41
Income before income taxes		561			641
Provision for income taxes		(152	)		(178	)
Net income		409			463
Less: Net income attributable to noncontrolling interests		7			8
Net income attributable to Baker Hughes Company	$	402		$	455

Per share amounts:
Basic income per Class A common stock	$	0.41		$	0.46
Diluted income per Class A common stock	$	0.40		$	0.45

Weighted average shares:
Class A basic		992			998
Class A diluted		999			1,004

Cash dividend per Class A common stock	$	0.23		$	0.21

Condensed Consolidated Statements of Financial Position

(Unaudited)

(In millions)	March 31, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	3,277	$	3,364
Current receivables, net		6,710		7,122
Inventories, net		5,161		4,954
All other current assets		1,693		1,771
Total current assets		16,841		17,211
Property, plant and equipment, less accumulated depreciation		5,168		5,127
Goodwill		6,126		6,078
Other intangible assets, net		3,927		3,951
Contract and other deferred assets		1,680		1,730
All other assets		4,368		4,266
Total assets	$	38,110	$	38,363
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	4,465	$	4,542
Short-term debt		55		53
Progress collections and deferred income		5,589		5,672
All other current liabilities		2,485		2,724
Total current liabilities		12,594		12,991
Long-term debt		5,969		5,970
Liabilities for pensions and other postretirement benefits		985		988
All other liabilities		1,356		1,359
Equity		17,206		17,055
Total liabilities and equity	$	38,110	$	38,363

Outstanding Baker Hughes Company shares:
Class A common stock		990		990

Condensed Consolidated Statements of Cash Flows

(Unaudited)
	Three Months Ended March 31,
(In millions)		2025			2024
Cash flows from operating activities:
Net income	$	409		$	463
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		285			283
Stock-based compensation cost		50			51
Change in fair value of equity securities		140			(52	)
Benefit for deferred income taxes		(53	)		(24	)
Working capital		218			209
Other operating items, net		(340	)		(146	)
Net cash flows provided by operating activities		709			784
Cash flows from investing activities:
Expenditures for capital assets		(300	)		(333	)
Proceeds from disposal of assets		45			51
Other investing items, net		(55	)		13
Net cash flows used in investing activities		(310	)		(269	)
Cash flows from financing activities:
Dividends paid		(229	)		(210	)
Repurchase of Class A common stock		(188	)		(158	)
Other financing items, net		(85	)		(59	)
Net cash flows used in financing activities		(502	)		(427	)
Effect of currency exchange rate changes on cash and cash equivalents		16			(17	)
Increase (decrease) in cash and cash equivalents		(87	)		71
Cash and cash equivalents, beginning of period		3,364			2,646
Cash and cash equivalents, end of period	$	3,277		$	2,717
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	207		$	108
Interest paid	$	50		$	48

Supplemental Financial Information

Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, April 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain 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, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

The MIL Network –

April 23, 2025

MIL-OSI: ECN Capital Schedules Q1-2025 Conference Call

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — ECN Capital Corp. (TSX: ECN) (“ECN Capital” or “the Company”) announced today that it intends to file its financial statements and management discussion and analysis for the three-month period ended March 31, 2025, after markets close on Thursday, May 8, 2025.

The Company will host an analyst briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, May 8, 2025. The call can be accessed as follows:

A telephone replay of the conference call may also be accessed until June 8, 2025, by dialing 1-800-645-7964 and entering the passcode 5036#.

About ECN Capital Corp.

With managed assets of US$6.9 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and institutional investors (collectively our “Partners”). ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans and commercial (inventory finance and rental) loans. Our Partners are seeking high quality assets to match with their deposits, term insurance or other liabilities. These services are offered through two operating segments: (i) Manufactured Housing Finance, and (ii) Recreational Vehicles and Marine Finance.

Contact
Katherine Moradiellos
561-631-8739
kmoradiellos@ecncapitalcorp.com

The MIL Network –

April 23, 2025

MIL-OSI: Willis Lease Finance Corporation Announces Timing of First Quarter 2025 Earnings and Conference Call

Source: GlobeNewswire (MIL-OSI)

COCONUT CREEK, Fla., April 22, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”) plans to announce its financial results for the first quarter of 2025 on Tuesday, May 6, 2025.

WLFC plans to hold a conference call led by members of WLFC’s executive management team on Tuesday, May 6, 2025, at 10:00 a.m. Eastern Daylight Time to discuss its first quarter 2025 results. Individuals wishing to participate in the conference call should dial: US and Canada (800) 289-0459, International +1 (646) 828-8082, wait for the conference operator and provide the operator with the Conference ID 578662. The conference call may also be accessed by registering via the following link: https://event.webcasts.com/starthere.jsp?ei=1716437&tp_key=f56060bee8. A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

A copy of this press release will be posted to the Investor Relations section of the Company’s website, www.wlfc.global, prior to the call.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center^®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

CONTACT:	Scott B. Flaherty
	Executive Vice President & Chief Financial Officer
	sflaherty@willislease.com
	561.413.0112

The MIL Network –

April 23, 2025

MIL-OSI: XploraDEX Commences 7-Day Token Distribution as $XPL Presale Remains Open for Early Adopters

Source: GlobeNewswire (MIL-OSI)

ZURICH, April 22, 2025 (GLOBE NEWSWIRE) — The long-awaited $XPL token distribution has officially begun, signaling a pivotal moment in the XploraDEX journey as the platform transitions from presale to active deployment. For the next 7 days, early investors will receive their tokens, while new participants still have a final opportunity to join the presale and secure their stake in the first AI-powered DEX on XRPL.

As token allocations begin hitting wallets, the energy in the community is electric. After weeks of anticipation and record-breaking wallet signups, XploraDEX is delivering on its roadmap—starting with the real-time distribution of $XPL to thousands of early supporters around the world.

Join $XPL Presale

Unlike other presales that delay activation, XploraDEX is going live during its token distribution window. Investors can still enter at presale pricing while rewards, staking, and onboarding processes roll out. It’s a unique dual-phase designed to offer latecomers one last chance to secure $XPL before listings go public.

What’s happening now:

$XPL tokens are being distributed across all eligible wallets
The final 7-day presale window is live and counting down
Staking modules and governance onboarding will activate post-distribution
A curated batch of users will preview AI trading dashboards

Participate in $XPL Presale

With a huge number of $XPL allocation already claimed, this week represents the final chance for investors to join XploraDEX before the price adjusts to market-driven dynamics on decentralized exchanges. Once the presale ends, the open trading era begins—at a premium.

Why now is the time to act:

First access to smart AI trading tools and staking rewards
Lowest token price before public listings
Governance power to shape the protocol’s direction
Priority launchpad entry for future token projects built on XRPL

Purchase $XPL Tokens

The XploraDEX ecosystem is built on speed, intelligence, and community. With its AI-driven infrastructure, the platform is poised to give XRPL traders a smarter, faster, and more data-rich trading experience than ever before.

This is not just the next chapter for XploraDEX—it’s the ignition. The next 7 days will define who enters early and who enters late. And in DeFi, timing is everything.

Secure Your $XPL Tokens Before the Presale Closes: https://sale.xploradex.io

Live Updates on 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/7e7224d5-c160-4dee-9236-a27e1da8dda9

The MIL Network –

April 23, 2025

MIL-OSI USA: SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme

Source: Securities and Exchange Commission

The Securities and Exchange Commission today charged Ramil Palafox for orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and for misappropriating more than $57 million of investor funds.

According to the SEC’s complaint, Palafox’s company, known as PGI Global, claimed to be a crypto asset and foreign exchange trading company. From January 2020 through October 2021, Palafox offered and sold PGI Global “membership” packages, which he claimed guaranteed investors high returns from PGI Global’s supposed crypto asset and foreign exchange trading and offered members multi-level-marketing-like referral incentives to encourage them to recruit new investors. However, as the complaint alleges, Palafox misappropriated more than $57 million in investor funds to buy Lamborghinis, items from luxury retailers, and for other personal expenses. He also used the majority of the remaining investor funds to pay other investors their purported returns and referral rewards in a Ponzi-like scheme until its collapse in late 2021.

“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” said Scott Thompson, Associate Director of the SEC’s Philadelphia Regional Office. “We will continue to investigate and take action against bad actors who take advantage of investors with promises of guaranteed passive income and other lies and deceit.”

“Palafox used the guise of innovation to lure investors into lining his pockets with millions of dollars while leaving many victims empty-handed,” said Laura D’Allaird, Chief of the Commission’s new Cyber and Emerging Technologies Unit. “In reality, his false claims of crypto industry expertise and a supposed AI-powered auto-trading platform were just masking an international securities fraud.”

The SEC’s complaint, filed in the U.S. District Court for the Eastern District of Virginia, charges Palafox with violating the anti-fraud and registration provisions of the federal securities laws. The complaint seeks permanent injunctive relief, conduct-based injunctions preventing Palafox from participating in multi-level-marketing programs involving the offer or sale of securities and offerings of crypto assets bought or sold as a security, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties. The complaint also names BBMR Threshold LLC, Darvie Mendoza, Marissa Mendoza Palafox, and Linda Ventura as relief defendants and seeks disgorgement of their ill-gotten gains and prejudgment interest.

In a parallel action, Palafox was arraigned in U.S. District Court on criminal charges brought by the U.S. Attorney’s Office for the Eastern District of Virginia.

The SEC’s ongoing investigation is being conducted by Michael Cuff and Polly Hayes of the Philadelphia Regional Office and Assunta Vivolo of the SEC’s Market Abuse Unit. It is being supervised by Ms. D’Allaird and Mr. Thompson. The litigation will be conducted by Spencer Willig and Gregory Bockin of the Philadelphia Regional Office and Eugene Hansen of SEC Headquarters. The Commission appreciates the assistance of the U.S. Attorney’s Office, the FBI, and the IRS.

The SEC’s Office of Investor Education and Advocacy directs investors to resources on detecting and avoiding pyramid schemes posing as multi-level marketing programs. Investors can find additional information at Investor.gov.

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: BROUSSARD MAN PLEADS GUILTY IN MULTI-STATE VEHICLE THEFT, FIREARM TRAFFICKING, AND IDENTITY THEFT CONSPIRACY IN MULTI-JURISDICTIONAL OPERATION

Source: Office of United States Attorneys

Acting United States Attorney April M. Leon announced that Christopher Don Byerley, age 45, of Broussard, Louisiana, pled guilty before U.S. District Judge Brian A. Jackson to conspiracy to transport a stolen motor vehicle; altering, removing and obliterating a vehicle identification number; possession of fifteen or more unauthorized access devices; conspiracy to trafficking a firearm and receipt of a trafficked firearm; receipt of a trafficked firearm; and possession of an unregistered silencer.

According to admissions made as part of his guilty plea, between October 2021 and March 2022, Byerley and his co-conspirators, Robert Gregory Brazell, Adrienne Marie King, and Dennis Loyd Sizemore, carried out a coordinated and complex operation extending across Louisiana, Mississippi, Alabama, and Texas, in which the group stole, and subsequently used or sold the stolen and altered vehicles, including tractors, excavators, forklifts, and a pickup truck, with a total value of over $250,000.

The scheme involved fraudulent documentation, a “chop shop” for equipment disassembly and tampering, a false business front such as “Hevyquip L.L.C.” to sell stolen equipment, altering Vehicle Identification Numbers (VINs), and the use of surveillance evasion tools, such as GPS signal blockers, vehicle plate flippers, and fake driver’s licenses. To further conceal their activities, the conspirators utilized over 400 identities and access devices to evade detection.

During the investigation, it was determined that Byerley, a convicted felon, used a third party to illegally purchase a firearm, which was later fitted with the unregistered silencer.

In February 2022, an investigation of a shoplifting incident in the Juban Crossing Shopping Center led Livingston Parish Sheriff’s Office detectives to uncover items from a stolen pickup truck being operated by Byerley:

A functional, unregistered firearm silencer;
A FN Model 509 9mm pistol and ammunition;
Documentation detailing parts orders for silencers all in Byerley’s handwriting;
Multiple text messages and photographs pointing to intent to traffic firearms and circumvent federal regulations; and
Numerous documents, records, emails, text messages and photos that led law enforcement to uncover the conspiracy and far-reaching criminal enterprise.

Acting U.S. Attorney Leon stated, “These guilty pleas reflect the commitment of our office and federal law enforcement in partnership with our state and local law enforcement agencies to dismantle sophisticated criminal organizations and hold accountable those who pose a significant threat to public safety. We commend the prosecutors and investigators for their hard work and relentless pursuit of the members of this criminal enterprise and are appreciative of their efforts in solving these crimes—even with many attempts at evasion—and returned the stolen equipment to their rightful owners.”

“The Livingston Parish Sheriff’s Office is committed to conducting thorough investigations and to working with our local and federal agencies. This investigation is a great example of detectives working a shoplifting incident and that turning into a major investigation across this state and others,” said Livingston Parish Sheriff Jason Ard.

“Homeland Security Investigations congratulates our law enforcement partners on this important outcome, which was supported by HSI Baton Rouge’s Louisiana Organized Retail Crime Task Force and its partner agencies. The investigations of these sophisticated crimes are most effectively accomplished through the coordination of multiple law enforcement agencies and across several jurisdictional boundaries, such as what occurred in this investigation. HSI remains committed to protecting the American consumer and safeguarding public safety by disrupting criminal networks that drive up prices and endanger our communities,” said Adam Parks, Assistant Special Agent in Charge, Louisiana Division, Homeland Security Investigations.

“The ATF is working closely with local and state police agencies to address firearm trafficking by getting guns out of the hands of criminals, such as this individual,” said ATF New Orleans Special Agent in Charge Joshua Jackson. “This guilty plea sends a message to the community that illegal possession of firearms will be held accountable as we work to keep our neighborhoods safe as a top priority to ensure public safety for ATF.”

This matter was investigated by the U.S. Department of Homeland Security, Bureau of Alcohol, Tobacco, Firearms and Explosives (Baton Rouge and Lafayette Field Divisions), Social Security Administration Office of the Inspector General, Louisiana State Police (Latent Print Section and the Bureau of Identification and Information), Livingston Parish Sheriff’s Office, Ascension Parish Sheriff’s Office, East Baton Rouge Sheriff’s Office, Saint Martin Parish Sheriff’s Office, Saint Landry Parish Sheriff’s Office, Lafayette Parish Sheriff’s Office, Iberia Sheriff’s Department, and Lafayette Police Department.

This case is being prosecuted by Assistant United States Attorney Lyman E. Thornton III from the United States Attorney’s Office for the Middle District of Louisiana. To address the firearm trafficking charges, AUSA Thornton was appointed as a Special Assistant United States Attorney in the Western District of Louisiana, where he worked in conjunction with Assistant United States Attorney John Nickel.

MIL Security OSI –

April 23, 2025

MIL-OSI Security: U.S. Attorney’s Office Charges Multiple Defendants with Immigration-Related Violations

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

CLEVELAND – The U.S. Attorney’s Office (USAO) has announced that federal grand juries in the Northern District of Ohio have returned indictments for the following individuals on charges of immigration-related law violations. These are separate cases and are not related.

Ana Alvarez-Limonche, 20, a citizen of Venezuela, was indicted on two charges of fraud and misuse of visas, permits, and other documents for having fraudulent permanent resident and Social Security cards. The investigation preceding the indictment was conducted by U.S. Customs and Border Patrol (CBP).

Gildardo Alvarez-Rodriguez, 59, a citizen of Mexico, has been charged with illegal reentry. He was previously removed from the United States on at least one occasion with the last being Sept. 24, 2020. The investigation preceding the indictment was conducted by CBP.

Franklin Calix-Romero, 34, a citizen of Honduras, has been charged with possession of a firearm by a prohibited person for possessing a Ruger 9mm semiautomatic pistol and 9mm ammunition. The investigation preceding the indictment was conducted by a joint FBI/State/Local Task Force.

Jose Cruz-Aguilar, 41, a citizen of Mexico, has been charged with illegal reentry. He was previously removed from the United States on at least one occasion with the last being Feb. 27, 2017. The investigation preceding the indictment was conducted by a joint FBI/State/Local Task Force.

Carlos Garcia-Garcia, 45, a citizen of Mexico, has been charged with illegal reentry. He was previously removed from the United States on at least one occasion with the last being Feb. 19, 2005. The investigation preceding the indictment was conducted by CBP.

Jhofran Andres Laya-Gutierrez, 28, a citizen of Venezuela, has been charged with assaulting, resisting, or impeding a federal officer; destruction, alteration, or falsification or records; fraud and misuse of visas, permits, and other documents; and misrepresentation of a Social Security number. The investigation preceding the indictment was conducted by CBP and the FBI Toledo Field Office.

Jeyson Martinez, aka, Jayson Martinez-Juarez, 32, a citizen of Honduras, has been charged with illegal reentry. He was previously removed from the United States on at least one occasion with the last being Nov. 23, 2018. The investigation preceding the indictment was conducted by CBP.

Jose Maximiliano Zepeda-Gutierrez, 45, a citizen of Guatemala, has been charged with illegal reentry. He was previously removed from the United States on at least one occasion with the last being July 10, 2019. The defendant was previously convicted in 2018 for conspiracy to transport an undocumented alien. The investigation preceding the indictment was conducted by the FBI Toledo Field Office.

An indictment is only a charge and is not evidence of guilt. Each defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.

If convicted, the defendant’s sentence will be determined by the Court after a review of factors unique to this case, including the defendant’s prior criminal records, if any, the defendant’s role in the offense and the characteristics of the violation. In all cases, the sentence will not exceed the statutory maximum and in most cases, it will be less than the maximum.

A team of Assistant U.S. Attorneys in the USAO’s criminal division are prosecuting these cases.

These cases are 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 communities from the perpetrators of violent crime.

MIL Security OSI –

April 23, 2025

MIL-OSI Canada: Financial and Consumer Affairs Authority of Saskatchewan Joins Multi-Jurisdictional Settlement With GSB Gold Standard & GS Partners, Enabling Investor Refund Claims

Source: Government of Canada regional news

Released on April 22, 2025

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA), in collaboration with other provincial and U.S. state securities regulators has signed onto a multi-jurisdictional settlement with GSB Gold Standard Corporation AG, GSB Gold Standard Bank LTD, and affiliated entities known collectively as GS Partners, along with the group’s principal, Josip Heit.

The settlement was led by regulators in jurisdictions with a higher number of affected investors. The FCAA aims to protect the interests of Saskatchewan investors who made investments with GS Partners, as the agreement allows them to file claims for refunds of their investments. Under the terms of the settlement, GS Partners has agreed to cease trading in Saskatchewan unless it fully complies with securities laws.

Many of the investment products offered included digital assets and metaverse-related investments, such as:

Certificates (or “Metacertificates”), including the Olympus, Elemental, and Success series, which allegedly encouraged purchasers to increase their value in order to unlock potential returns.
G999 token – a digital asset deployed on a proprietary blockchain.
XLT Vouchers – digital assets representing ownership interests in a skyscraper.
Staking pool investments within a metaverse known as World.

The entities, brands and platforms included in the agreement are: GSB Gold Standard Corporation AG; GSB Gold Standard Banking Corporation AG; GSB Gold Standard Corporation USA; GSB Gold Standard Pay LTD (brand name GSDeFi operating g999main.net); GSB Gold Standard Bank LTD dba GS Smart Finance, Gold Standard Partners, GSPartners, GS Partners, and GSP (marketing arm of the metaverse Lydian.World); GSB Gold Standard Banking Corporation PLC; GSB Gold Standard Pay Kommanditbolag aka GSB Gold Standard Pay KB; GS Trade; GSB Gold Standard Trade (virtual digital-asset platform for storing, transferring, obtaining, and exchanging digital assets); GS Digital Partners LLC; GSB Gold Standard B Corporation; GSB Premier Exchange Corporation LTD; GSB Gold Standard PLC; and GSB Money LTD.

How to File a Claim:

As part of the settlement, GS Partners will compensate eligible investors through a claims process managed by AlixPartners LP.

Investors must file their claim no later than May 22, 2025.

When filing a claim, please be prepared to supply supporting documents and information. According to AlixPartners’ webpage, to file a claim, you will need the following information:

Proof of identity (name, address, valid ID).
Any Know Your Customer (KYC) materials provided to GS Partners.
Contact information (email and phone number).
Your GS Partners Account ID or username.
Claim amount, including:
GS Partners account statements.
Proof of deposits, withdrawals, and other transactions.
Wallet addresses used to interact with GS Partners.
Information about any previous compensation received from GS Partners.

For questions or inquiries about the settlement or claims process, contact Brett Wawro of the FCAA.

For details on how to submit a claim, visit gsbsettlement.com. (https://gsbsettlement.com.)

The FCAA acknowledges the efforts of the North American Securities Administrators Association (NASAA) working group, led by U.S. state securities regulators from Alabama, Arizona, Arkansas, California, Florida, Georgia, and Texas, as well as the British Columbia Securities Commission, who conducted the investigation and negotiated the settlement terms.

-30-

For more information, contact:

MIL OSI Canada News –

April 23, 2025

MIL-OSI Security: Bronx District Leader and Former Board of Elections Employee Pleads Guilty to Conspiracy to Commit Extortion and Fraud

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that NICOLE TORRES, an elected district leader in the Bronx and former employee of the New York City Board of Elections, (the “NYC-BOE”), pled guilty today to conspiracy to commit extortion and mail fraud for illegally demanding payments from Bronx residents in exchange for selecting those individuals as poll workers and for agreeing with others to falsify documents to make it appear that certain individuals had worked as poll workers when they had not. TORRES pled guilty before U.S. District Judge Mary Kay Vyskocil.

Acting U.S. Attorney Matthew Podolsky said: “For five years, Nicole Torres abused her position of public trust as an elected official and City employee by taking bribes and falsifying records in connection with the selection and placement of poll workers in the Bronx. Today’s plea highlights this Office’s commitment to rooting out corruption in local government, and to protecting the integrity of poll workers and our elections.”

According to the allegations contained in the Indictment:

From at least 2019 through at least 2024, TORRES was a district leader for New York’s 81st Assembly District in the Bronx, New York. In addition, from at least 2016 through at least 2024, TORRES was an employee of the NYC-BOE. While working at the NYC-BOE, TORRES had, at times, been responsible for ensuring that poll workers were paid for their work during early voting and election day. TORRES abused her power as a district leader and a NYC-BOE employee to engage in two illegal schemes.

First, from at least 2019 through August 2024, TORRES agreed to require and required Bronx residents to pay a sum of money, usually $150, either to her or to a local organization (the “Bronx Organization”) in exchange for TORRES selecting those individuals as poll workers for upcoming elections. Both the Bronx Organization and TORRES profited from the scheme. TORRES personally obtained at least approximately $28,000 in illegal payments. TORRES received the payments, often in the amount of $150, through mobile payment applications, money orders, and checks. In certain instances, TORRES received money orders or checks that were written out to the Bronx Organization, and TORRES altered the payee line on those money orders or checks to say “Nicole Torres” so that she could deposit that money into her personal bank account.

Second, from at least 2018 through August 2024, TORRES agreed to falsify the Forms Booklet—which is a NYC-BOE record in which poll workers record their attendance at a particular poll site—to make it appear that certain individuals (the “NoShow Poll Workers”) worked as poll workers during early voting and election day when, in truth and fact, and as TORRES well knew, those individuals did not work on those dates. TORRES often worked with coordinators who oversaw the Forms Booklets at specific poll sites. These coordinators signed in No-Show Poll Workers in the Forms Booklets, frequently at TORRES’s direction. TORRES and her coconspirators then received the salaries for the NoShow Poll Workers—sometimes through the mail—and split the fraudulently obtained salaries among themselves. Based on her participation in the scheme, TORRES personally obtained at least approximately $36,000 in fraud proceeds.

* * *

TORRES, 44, of the Bronx, New York, pled guilty to one count of conspiracy to commit extortion under color of official right and one count of conspiracy to commit mail fraud, which each carry a maximum sentence of 20 years in prison.

The maximum potential sentence is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. TORRES is scheduled to be sentenced by Judge Vyskocil on July 8, 2025.

Mr. Podolsky praised the outstanding investigative work of the Federal Bureau of Investigation and the New York City Department of Investigation.

The case is being handled by the Office’s Public Corruption Unit. Assistant U.S. Attorneys Benjamin M. Burkett and Rebecca T. Dell are in charge of the prosecution.

MIL Security OSI –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

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

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

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

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

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

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

Margin Performance Continues

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

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

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

Noninterest Income Driven by Capital Markets and Wealth Management Revenue

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

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

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

Significant Noninterest Expense Reduction

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

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

Exceptionally Low Effective Tax Rate

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

Robust Deposit Growth

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

Continued Loan Growth

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

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

Asset Quality Remains Excellent

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

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

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

Strong Tangible Book Value and Regulatory Capital Growth

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

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

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

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

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

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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands)

		CONDENSED BALANCE SHEET

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

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

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


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

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

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

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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)

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

	(dollars in thousands, except per share data)

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


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


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

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

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


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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands, except per share data)

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


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


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


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


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


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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


		ANALYSIS OF NET INTEREST INCOME AND MARGIN

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

			(dollars in thousands)

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

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

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


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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands, except per share data)

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


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


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



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

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

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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


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

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

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

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

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


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

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

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

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

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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

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

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

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


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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

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

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

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


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

		ADJUSTED EARNINGS PER COMMON SHARE (1)

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

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

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

		ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

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

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

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

		NET INTEREST MARGIN (TEY) (3)

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

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

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

		EFFICIENCY RATIO (5)

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

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

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

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

The MIL Network –

April 23, 2025

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

Operational & Commercial Highlights

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

Technology Highlights

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

Shareholder Return

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

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

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

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

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

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

Well Construction and Completions (“WCC”)

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

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

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

Production and Intervention (“PRI”)

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

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

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

Revenue by Geography

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

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

North America

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

International

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

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

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

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

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

Conference Call Details

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

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

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

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

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

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

Forward-Looking Statements

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

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

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

Weatherford International plc
Selected Statements of Operations (Unaudited)

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

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

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

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

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

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

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

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

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

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

Weatherford International plc
Selected Cash Flows Information (Unaudited)

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

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

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

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

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

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

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

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

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

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

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

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


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

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

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

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

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

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



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

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

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

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

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Recent Developments

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

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

Main Highlights:

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

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

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

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

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

Management Commentary

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

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

Financial Results for the Year Ended December 31, 2024

Revenues

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

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

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

Cost of revenues

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

Gross profit

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

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

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

Operating expenses

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

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

Other income

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

Income before income taxes

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

Income tax expense

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

Net income

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

About Uni-Fuels Holdings Limited

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

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

Forward-Looking Statements

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

Contact Information

For Investor Relations:

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

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

Uni-Fuels Holdings Limited

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

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

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

Liabilities and shareholders’ equity

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

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

Commitments and contingencies

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Conference Call Information:

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

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

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

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

Replay Information:

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

About Crescent BDC

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

About Crescent Capital Group LP

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

Contact:

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

Forward-Looking Statements

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

The MIL Network –

April 23, 2025

Category: Finance