Category: GlobeNewswire

MIL-OSI: SalesHood Promotes Josh Cruickshank Chief Customer Officer to Drive Global Customer Success and Deliver Business Impact For Our Customers

Source: GlobeNewswire (MIL-OSI)

San Francisco, April 25, 2025 (GLOBE NEWSWIRE) — SalesHood, the leading sales enablement platform, is proud to announce the promotion of Josh Cruickshank to Chief Customer Officer. In his new role, Josh will lead the company’s global customer success and services teams, ensuring every customer achieves measurable outcomes and long-term success with SalesHood.

Josh has been an integral part of SalesHood’s journey for over six years, playing a pivotal role in shaping the company’s customer-centric culture and driving transformative business results for SalesHood’s global customer base.

“Josh’s stellar performance, unwavering commitment to our customers, and deep passion for the sales enablement industry make him the perfect choice for Chief Customer Officer,” said Elay Cohen, CEO and co-founder of SalesHood. “His leadership is instrumental in building trusted relationships and delivering outstanding value to our customers. I’m excited to see the impact he’ll continue to make in this next chapter.”

In response to his promotion, Josh shared:
“I’m honored and thrilled to step into the role of Chief Customer Officer at SalesHood. I’m incredibly proud of the team we’ve built and the success we’ve achieved together. I look forward to continuing to champion our customers and helping them grow, scale, and win with SalesHood.”

This promotion marks another key milestone in SalesHood’s commitment to elevating the customer experience and accelerating revenue performance through innovation, enablement, and trusted partnerships.

About SalesHood

SalesHood is a global leader in AI-driven revenue enablement, on a mission to empower salespeople to sell smarter and faster. SalesHood’s purpose-built platform delivers repeatable revenue by activating content, ramping readiness, personalizing buyer engagement, and measuring impact at scale. Easy to use, fast to deploy, and consistently rated best-in-class for results and usability, SalesHood helps high-growth companies accelerate onboarding, improve rep performance, and drive in-quarter revenue growth. Trusted by leading teams at Copado, SmartRecruiters, and Frontline Education, SalesHood customers report win rate improvements of 50–200%, reduced coaching time for managers, and more selling time for sellers.

For more information on SalesHood and how it is revolutionizing sales enablement with AI, visit SalesHood.

Attachment

Josh Cruickshank Promotion

MIL-OSI: Notice of Issuance of LHV Group’s New Tier 1 Subordinated Bonds and Early Redemption of existing AT1 Subordinated Bonds (including the record date and redemption date)

Source: GlobeNewswire (MIL-OSI)

Yesterday, on 24.04.2025 AS LHV Group carried out an issue of Tier 1 subordinated unsecured bonds on international markets in the total volume of 50,000,000 euros (hereinafter: Bonds). The value date of the issued Bonds is 30.04.2025.

The Bonds will be in bearer form and in denominations of EUR 200,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 399,000. The Bonds are without defined maturity date (perpetual), and with first call date on 30.04.2030. The Bonds carry coupon rate 9.5% per annum and will be issued at 100% of nominal.

LHV Group will apply to the regulator to include them in additional Tier 1 capital. European investment funds and other qualifying investors participated in the subscription of the issue, whereas British investors subscribed for almost half of the issue and the share of Baltic investors was around 38% of the total volume.

At the same, LHV Group announces its decision to prematurely redeem the subordinated bonds issued on 26.05.2020, registered with ISIN code EE3300001668 (hereinafter: AT1 Bonds). The early redemption of the AT1 Bonds will be carried out in accordance with the terms and conditions of the AT1 Bonds, which permit full or partial early redemption after 26.05.2025, provided that investors are notified at least 30 days in advance and with the prior consent of the financial supervisory authority. The European Central Bank has granted its consent for the early redemption of the AT1 Bonds on 14.03.2025.

All 150 AT1 Bonds, each with a nominal value of 100,000 euros, totalling 15,000,000 euros, will be redeemed early. Bondholders will receive the nominal value of the respective bonds along with accrued and unpaid interest up to the redemption date. The amount payable to the investor for one bond shall be EUR 102,375. The redemption date of the AT1 Bonds is 26.05.2025, and the list of bondholders will be recorded on 25.05.2025, at the end of the working day of the Nasdaq CSD settlement system.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

MIL-OSI: CERo Therapeutics Holdings, Inc. to Present Poster on Lead Program, CER-1236, at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting

Source: GlobeNewswire (MIL-OSI)

SOUTH SAN FRANCISCO, Calif, April 25, 2025 (GLOBE NEWSWIRE) — CERo Therapeutics Holdings, Inc., (Nasdaq: CERO) (“CERo” or the “Company”) an innovative immunotherapy company seeking to advance the next generation of engineered T cell therapeutics that employ phagocytic mechanisms, announces it will be presenting a poster at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting to be held May 30-June 3, 2025 at McCormick Place, Chicago, Ill.

The poster is titled, “First-in-human study of autologous chimeric engulfment receptor T-cell CER-1236 targeting TIM-4-L in acute myeloid leukemia (CertainT-1).”

Chris Ehrlich, CERo Therapeutics’ CEO, commented, “We look forward to the opportunity to discuss our study protocol at one of the most prestigious oncology conferences in the world. We believe that CER-1236 presents a unique approach to treating cancer utilizing the patient’s immune system and a novel target that we anticipate may alter how doctors currently approach cancer therapy.”

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

About CERo Therapeutics Holdings, Inc.

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

Forward-Looking Statements

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

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

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

Investors:
CORE IR
investors@cero.bio

MIL-OSI: Pacific Financial Corp Earns $2.4 Million, or $0.24 per Diluted Share for First Quarter 2025; Board of Directors Approves 5% Stock Buyback Plan; Declares Quarterly Cash Dividend of $0.14 per Share

Source: GlobeNewswire (MIL-OSI)

ABERDEEN, Wash., April 25, 2025 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $2.4 million, or $0.24 per diluted share for the first quarter of 2025, compared to $2.2 million, or $0.21 per diluted share for the fourth quarter of 2024, and $2.7 million, or $0.26 per diluted share for the first quarter of 2024. Current quarter net income includes a provision for credit losses of $83,000, compared to the recapture of $103,000 from the allowance for credit losses for the fourth quarter of 2024, and a provision for credit losses of $33,000 for the first quarter of 2024. Except for year-end December 31, 2024 financials, all results are unaudited.

The Board of Directors of Pacific Financial declared a quarterly cash dividend of $0.14 per share on April 23, 2025. The dividend will be payable on May 23, 2025 to shareholders of record on May 9, 2025. Additionally, the Board of Directors has authorized an additional $5.3 million toward future stock repurchases, or approximately 5.0% of total shares outstanding.

“We are pleased with our first quarter results; operating earnings were solid and benefitted from strong core deposit growth, margin expansion and a lower cost of deposits as well as the closure of the residential mortgage division in late 2024. During the quarter, we saw good progress with our deposit growth initiative with core deposit growth of $61.2 million or 7%. We continue to benefit from our strong core deposit base, with non-interest bearing accounts representing 36% of total deposits. The expansion in our net interest margin was fueled by higher rates on loan production and on investment purchases, as well as a declining cost of funds. Cost of funds declined 7 basis points to 1.10%, despite continued rate pressure. Demand for lending continues to be tempered by the current level of interest rates and economic uncertainty.” said Denise Portmann, President and Chief Executive Officer.

“Our business model and strategies continue to be built on a culture of relationship banking with a strong foundation of sound credit quality lending standards. At quarter-end, our asset quality metrics remained strong, allowance for credit loss levels were solid and capital levels also remained strong. We believe the combination of our strong balance sheet, and prudent risk management will allow us to achieve sustainable growth and continue delivering results that benefit our stakeholders for the long term,” said Portmann.

First Quarter 2025 Financial Highlights:

Return on average assets (“ROAA”) improved to 0.81%, compared to 0.74% for the fourth quarter 2024, and decreased from 0.95% for the first quarter 2024.
Return on average equity (“ROAE”) was 8.48%, compared to 7.27% from the preceding quarter, and 9.32% from the first quarter a year earlier.
Net interest income was $11.3 million, compared to $10.9 million for the fourth quarter of 2024, and $11.4 million for the first quarter of 2024.
Net interest margin (“NIM”) increased to 4.12%, compared to 3.99% from the preceding quarter, and 4.38% for the first quarter a year ago.
Provision for credit losses was $83,000 for the first quarter ended March 31, 2025, compared to a recapture of $103,000 for the preceding quarter and a provision of $33,000 in the first quarter a year ago.
Gross portfolio loan balances increased to $707.0 million at March 31, 2025, compared to $704.9 million at December 31, 2024, and increased 2%, or $12.8 million from $694.2 million one year earlier.
Total deposits increased $59.9 million, or 6%, to $1.07 billion at March 31, 2025 compared to the previous quarter and increased $78.9 million, or 8%, from one year earlier. Non-interest bearing deposits represent 36% of total deposits at March 31, 2025, and support a lower cost core deposits portfolio. Core deposits were 88% of total deposits at March 31, 2025.
Non-performing assets to total assets ratio remained low at 0.10%, or $1.2 million for the current quarter end and were 0.09% and $1.1 million three months earlier. Substandard loans decreased $41,000 to $2.7 million at March 31, 2025 and special mention assets declined $680,000 to $10.1 million at March 31, 2025.
Shareholder equity increased $3.1 million during the quarter largely due to net income and lower accumulated other comprehensive loss marks on the investment portfolio, offset by stock repurchases and dividend payments. Tangible book value per share was $10.33 at March 31, 2025, an increase from $9.80 at March 31, 2024.
Pacific Financial and Bank of the Pacific continue to exceed regulatory well-capitalized requirements. At March 31, 2025, Pacific Financial’s estimated leverage ratio was 10.9% and its estimated total risk-based capital ratio was 17.4%.

Balance Sheet Review

Total assets increased to $1.22 billion at March 31, 2025, compared to $1.15 billion at December 31, 2024, and $1.13 billion one year earlier.

Cash and cash equivalents increased $63.7 million to $143.8 million at March 31, 2025 from $80.2 million at December 31, 2024 and $91.3 million one year earlier. The increase largely relates to deposit growth during the first quarter.

Liquidity metrics continue to be strong and are managed to ensure adequate funding resources are available to meet customer demand. At March 31, 2025, the Company’s on and off-balance sheet sources totaled $549.7 million. This represents a coverage ratio of short-term funds available to uninsured and uncollateralized deposits of 212%. Included in available sources are collateralized credit lines the Company has established with the Federal Home Loan Bank of Des Moines (FHLB) and the Federal Reserve Bank of San Francisco, as well as unsecured borrowing lines from various correspondent banks. There were no balance outstanding on any of these facilities at quarter-end. Uninsured or uncollateralized deposits were 24% of total deposits at March 31, 2025.

Investment securities increased $0.9 million to $305.4 million, compared to $304.5 million at December 31, 2024 and increased $16.9 million compared to the like period a year ago. The largest investment category was collateralized mortgage obligations which accounted for 51% of the investment portfolio at March 31, 2025, compared to 48% at December 31, 2024 and 45% one year earlier. The yield on the investment portfolio increased 15 basis points during the current quarter to 3.60% from 3.45% for both the prior quarter and the first quarter a year ago. During the quarter, the bank implemented a $9.0 million restructure with a loss of $165,000; improving yields by over 200 basis points on those investment funds. The adjusted duration of the portfolio was 4.31 years at March 31, 2025 compared to 4.35 years at March 31, 2024.

Gross loans balances increased $2.1 million, to $707.0 million at March 31, 2025, compared to $704.9 million at December 31, 2024. During the first quarter of 2025, growth in new owner-occupied commercial real estate and multi-family loans more than offset the decline in commercial & agriculture, construction & development and residential 1-4 family loans. Year-over-year loan growth was 2%, or $12.8 million, with the largest increases in multi-family loans and owner-occupied commercial real estate increasing $17.9 million and $9.2 million, respectively. Loans classified as commercial real estate for regulatory concentration purposes totaled $263.4 million at March 31, 2025, or 189% of total risk-based capital.

The Company continues to manage concentration limits that establish maximum exposure levels by certain industry segments, loan product types, geography and single borrower limits. In addition, the loan portfolio continues to be well-diversified and is collateralized with assets predominantly within the Company’s Western Washington and Oregon markets.

Credit quality: Nonperforming assets remain minimal at $1.2 million, or 0.10% of total assets at March 31, 2025, compared to $1.1 million, or 0.09% at December 31, 2024. Accruing loans past due more than 30 days represent only 0.04% of total loans. Total loans designated as special mention decreased to $10.1 million at March 31, 2025 compared to $10.8 million at December 31, 2024. The Company has zero other real estate owned as of March 31, 2025.

Allowance for credit losses (“ACL”) remained at $8.9 million, or 1.26% of gross loans at March 31, 2025. A provision for credit losses of $83,000 was recorded in the current quarter resulting from $75,000 in net charge-offs and loan growth. This compares to a recapture for credit losses of $103,000 in the fourth quarter of 2024 and a provision for credit losses of $33,000 for the first quarter one year earlier.

Total deposits increased to $1.07 billion at March 31, 2025 from $1.01 billion the prior quarter and $995.8 million one year earlier. The company’s strong core deposit base continues to positively impact the Bank’s net interest margin and operating results. Non-interest bearing deposits continued to remain the largest category of deposits and represented 36% of deposits at March 31, 2025. Additionally, interest-bearing demand and money market deposits represented 23% and 18% of total deposits, respectively, at March 31, 2025, and CDs as a percentage of deposits declined during the quarter, after increasing since fourth quarter 2022. CD balances were 12% of total deposits for the current quarter compared to 13% at the prior quarter.

Shareholders’ equity was $116.9 million at March 31, 2025, compared to $113.9 million at December 31, 2024, and $114.7 million at March 31, 2024. The increase in shareholders’ equity during the current quarter was primarily due to net income and a decrease in unrealized losses on available-for-sale securities with dividend payments and stock repurchases partially offsetting those increases. Net unrealized losses (after-tax) included in shareholders’ equity on available-for-sale securities were $14.2 million at March 31, 2025 compared to $17.5 million at December 31, 2024 and $16.6 million at March 31, 2024. During the quarter, the Company completed its repurchase of shares under the stock repurchase plan announced in October 2024.

Book value per common share was $11.67 at March 31, 2025, compared to $11.26 at December 31, 2024, and $11.10 at March 31, 2024. The Company’s tangible common equity ratio declined to 8.6% at March 31, 2025 relative to 8.8% the prior quarter and 9.0% at March 31, 2024. Regulatory capital ratios of both the Company and the Bank continue to exceed the well-capitalized regulatory thresholds, with the Company’s leverage ratio at 10.9% and total risk-based capital ratio at 17.4% as of March 31, 2025. These regulatory capital ratios are estimates, pending completion and filing of regulatory reports.

Income Statement Review

Net interest income increased $439,000 to $11.3 million for the first quarter of 2025, compared to $10.9 million for the fourth quarter of 2024, and decreased $111,000 compared to $11.4 million for the first quarter a year ago. The change in the current quarter compared to the preceding quarter reflects the impact of higher loan and investment yields, lower deposit and borrowing costs as well as growth in total interest earning assets resulting from core deposit growth during the quarter. The decrease in net interest income compared to the year ago quarter primarily reflects a rise in funding costs and a decrease in yields on interest-bearing cash as the FOMC decreased the federal funds rate 100 basis points in 2024.

The Bank’s net interest margin improved to 4.12% for the quarter ended March 31, 2025 from 3.99% the prior quarter and declined from 4.38% one year earlier. The increase from the prior quarter resulted from both a 7 basis points decrease in costs of funds combined with a 13 basis point increase in loan yields and a 15 basis point increase in investment yields which was partially offset by a 34 basis point decrease in yields on interest-earning cash balances. Loan yields improved as longer term fixed and variable rate loans (originated in a lower rate environment) were renewed at higher rates. In addition, average loan yields on new originations were at higher yields than the current loan portfolio yield. Investment yields improved partially due to $32.3 million of investment purchases at higher yields over the last 6 months including a $9.0 million restructure that replaced lower yielding investments with higher yielding investments. The Bank continues to actively monitor and manage its costs of funds and even in a competitive environment was able to decrease rates on specific deposit categories during the first quarter. In addition, the high percentage of non-interest bearing deposits at 36% continues to help reduce volatility in deposit costs.

Noninterest income decreased to $1.2 million for the current quarter, compared to $1.8 million for the linked quarter and $1.4 million a year earlier. The decrease compared to the linked quarter was primarily due to a loss on the sale of investment securities of $165,000 during the current quarter and a reduction in gain on sale of loans compared to the prior quarter as a result of closing the mortgage division during late 2024. In addition, a death benefit from a bank-owned life insurance policy realized in the fourth quarter of 2024 also contributed to the variance. Fee and service charge income decreased in the first quarter of 2025 to $1.1 million compared to $1.3 million in the previous quarter and $1.1 million in the first quarter of 2024.

Noninterest expenses decreased to $9.4 million for the first quarter of 2025 compared to $10.1 million for the prior quarter and $9.5 million for the first quarter of 2024. The decrease from the prior quarter was primarily related to reductions in mortgage lending salary and employee benefit costs and other mortgage lending costs resulting from the closure of the mortgage division in late 2024. The prior quarter included $773,000 in costs associated with severance and retention payments, lease termination costs and software contract termination expenses related to closing the mortgage division and $602,000 in other mortgage division costs.

The company’s efficiency ratio decreased to 75.86% for the first quarter of 2025, compared to 79.80% in the preceding quarter and increased from 74.21% in the same quarter a year ago.

Income tax expense: Federal and Oregon state income tax expenses totaled $544,000 for the current quarter, and $492,000 for the preceding quarter, resulting in effective tax rates of 18.6% and 18.5%, respectively. These income tax expenses reflect the benefits of tax exempt income on tax-exempt loans and investments, affordable housing tax credit financing, and investments in bank-owned life insurance.

FINANCIAL HIGHLIGHTS (unaudited)	Quarter Ended								Change From
FINANCIAL HIGHLIGHTS (unaudited)	Quarter Ended								Change From
(In 000s, except per share data)
		Mar 31,			Dec 31,			Mar 31,		Dec 31, 2024					Mar 31, 2024
		2025			2024			2024		$		%			$		%
Earnings Ratios & Data
Net Income	$	2,377		$	2,162		$	2,650	$	215		10	%	$	(273	)	-10	%
Return on average assets		0.81%			0.74%			0.95%		0.07%					-0.14	%
Return on average equity		8.48%			7.27%			9.32%		1.21%					-0.84	%
Efficiency ratio ⁽¹⁾		75.86%			79.80%			74.21%		-3.94	%				1.65	%
Net-interest margin %⁽²⁾		4.12%			3.99%			4.38%		0.13%					-0.26	%

Share Ratios & Data
Basic earnings per share	$	0.24		$	0.21		$	0.26	$	0.03		14	%	$	(0.02	)	-8	%
Diluted earning per share	$	0.24		$	0.21		$	0.26	$	0.03		14	%	$	(0.02	)	-8	%
Book value per share⁽³⁾	$	11.67		$	11.26		$	11.10	$	0.41		4	%	$	0.57		5	%
Tangible book value per share⁽⁴⁾	$	10.33		$	9.93		$	9.80	$	0.40		4	%	$	0.53		5	%
Common shares outstanding		10,020			10,110			10,336		(90	)	-1	%		(316	)	-3	%
PFLC stock price	$	10.90		$	12.45		$	10.15	$	(1.55	)	-12	%	$	0.75		7	%
Dividends paid per share	$	0.14		$	0.14		$	0.14	$	–		0	%	$	–		0	%

Balance Sheet Data
Assets	$	1,218,969		$	1,153,563		$	1,134,586	$	65,406		6	%	$	84,383		7	%
Portfolio Loans	$	707,034		$	704,865		$	694,229	$	2,169		0	%	$	12,805		2	%
Deposits	$	1,074,646		$	1,014,731		$	995,756	$	59,915		6	%	$	78,890		8	%
Investments	$	305,377		$	304,502		$	288,439	$	875		0	%	$	16,938		6	%
Shareholders equity	$	116,949		$	113,856		$	114,725	$	3,093		3	%	$	2,224		2	%

Liquidity Ratios
Short-term funding to uninsured
and uncollateralized deposits		212%			217%			251%		-5	%				-39	%
Uninsured and uncollateralized
deposits to total deposits		24%			25%			22%		-1	%				2	%
Portfolio loans to deposits ratio		66%			69%			69%		-3	%				-3	%

Asset Quality Ratios
Non-performing assets to assets		0.10%			0.09%			0.13%		0.01%					-0.03	%
Non-accrual loans to portfolio loans		0.17%			0.16%			0.22%		0.01%					-0.05	%
Loan losses to avg portfolio loans		0.04%			-0.04	%		0.02%		0.08%					0.02	%
ACL to portfolio loans		1.26%			1.26%			1.24%		0.00%					0.02	%

Capital Ratios (PFC)
Total risk-based capital ratio		17.4%			17.5%			17.6%		-0.1	%				-0.2	%
Tier 1 risk-based capital ratio		16.3%			16.3%			16.5%		0.0%					-0.2	%
Common equity tier 1 ratio		14.7%			14.7%			14.8%		0.0%					-0.1	%
Leverage ratio		10.9%			11.3%			11.6%		-0.4	%				-0.7	%
Tangible common equity ratio		8.6%			8.8%			9.0%		-0.2	%				-0.4	%

⁽¹⁾ Non-interest expense divided by net interest income plus noninterest income.
⁽²⁾ Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
⁽³⁾ Book value per share is calculated as the total common shareholders’ equity divided by the period ending number of common stock shares outstanding.
⁽⁴⁾ Tangible book value per share is calculated as the total common shareholders’ equity less total intangible assets and liabilities, divided by the period ending number of common stock shares outstanding.


INCOME STATEMENT (unaudited)	Quarter Ended								Change From
INCOME STATEMENT (unaudited)	Quarter Ended								Change From
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,		Dec 31, 2024					Mar 31, 2024
		2025			2024			2024		$		%			$		%
Interest Income
Loan interest & fee income	$	10,304		$	10,340		$	10,224	$	(36	)	0	%	$	80		1	%
Interest earning cash income		1,208			942			935		266		28	%		273		29	%
Investment income		2,678			2,590			2,475		88		3	%		203		8	%
Interest Income		14,190			13,872			13,634		318		2	%		556		4	%

Interest Expense
Deposits interest expense		2,694			2,796			1,991		(102	)	-4	%		703		35	%
Other borrowings interest expense		206			225			242		(19	)	-8	%		(36	)	-15	%
Interest Expense		2,900			3,021			2,233		(121	)	-4	%		667		30	%
Net Interest Income		11,290			10,851			11,401		439		4	%		(111	)	-1	%
Provision(recapture) for credit losses		83			(103	)		33		186		-181	%		50		152	%
Net Interest Income after provision		11,207			10,954			11,368		253		2	%		(161	)	-1	%

Non-Interest Income
Fees and service charges		1,117			1,267			1,101		(150	)	-12	%		16		1	%
Gain on sale of investments, net		(165	)		–			–		(165	)	-100	%		(165	)	-100	%
Gain on sale of loans, net		(2	)		267			152		(269	)	-101	%		(154	)	-101	%
Income on bank-owned insurance		191			250			180		(59	)	-24	%		11		6	%
Other non-interest income		12			(9	)		11		21		-233	%		1		9	%
Non-Interest Income		1,153			1,775			1,444		(622	)	-35	%		(291	)	-20	%

Non-Interest Expense
Salaries and employee benefits		5,969			6,288			5,994		(319	)	-5	%		(25	)	0	%
Occupancy		592			768			641		(176	)	-23	%		(49	)	-8	%
Furniture, Fixtures & Equipment		302			289			284		13		4	%		18		6	%
Marketing & donations		153			149			154		4		3	%		(1	)	-1	%
Professional services		299			267			336		32		12	%		(37	)	-11	%
Data Processing & IT		1,218			1,380			1,191		(162	)	-12	%		27		2	%
Other		906			934			933		(28	)	-3	%		(27	)	-3	%
Non-Interest Expense		9,439			10,075			9,533		(636	)	-6	%		(94	)	-1	%
Income before income taxes		2,921			2,654			3,279		267		10	%		(358	)	-11	%
Provision for income taxes		544			492			629		52		11	%		(85	)	-14	%
Net Income	$	2,377		$	2,162		$	2,650	$	215		10	%		(273	)	-10	%

Effective tax rate		18.6%			18.5%			19.2%		0.1%					-0.6	%

BALANCE SHEET (unaudited)	Period Ended									Change from										% of Total
($ in 000s)	Period Ended									Change from										% of Total

		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Assets
Cash on hand and in banks	$	18,975		$	18,136		$	15,597		$	839		5	%	$	3,378		22	%	2	%	2	%	1	%
Interest earning deposits		124,854			62,015			75,705			62,839		101	%		49,149		65	%	10	%	5	%	7	%
Investment securities		305,377			304,502			288,439			875		0	%		16,938		6	%	25	%	26	%	25	%
Loans held-for-sale		–			–			–			–		-100	%		–		-100	%	0	%	0	%	0	%
Portfolio Loans, net of deferred fees		706,439			704,248			693,461			2,191		0	%		12,978		2	%	58	%	61	%	61	%
Allowance for credit losses		(8,890	)		(8,851	)		(8,580	)		(39	)	0	%		(310	)	4	%	-1	%	-1	%	-1	%
Net loans		697,549			695,397			684,881			2,152		0	%		12,668		2	%	57	%	60	%	60	%
Premises & equipment		16,702			16,952			15,283			(250	)	-1	%		1,419		9	%	1	%	1	%	1	%
Goodwill & Other Intangibles		13,435			13,435			13,435			–		0	%		–		0	%	1	%	1	%	1	%
Bank-owned life Insurance		28,204			28,333			27,678			(129	)	0	%		526		2	%	2	%	2	%	2	%
Other assets		13,873			14,793			13,568			(920	)	-6	%		305		2	%	2	%	3	%	3	%
Total Assets	$	1,218,969		$	1,153,563		$	1,134,586		$	65,406		6	%	$	84,383		7	%	100	%	100	%	100	%

Liabilities & Shareholders’ Equity
Deposits	$	1,074,646		$	1,014,731		$	995,756		$	59,915		6	%	$	78,890		8	%	88	%	88	%	88	%
Borrowings		13,403			13,403			13,403			–		0	%		–		0	%	1	%	1	%	1	%
Other liabilities		13,971			11,573			10,702			2,398		21	%		3,269		31	%	1	%	1	%	1	%
Shareholders’ equity		116,949			113,856			114,725			3,093		3	%		2,224		2	%	10	%	10	%	10	%
Liabilities & Shareholders’ Equity	$	1,218,969		$	1,153,563		$	1,134,586		$	65,406		6	%	$	84,383		7	%	100	%	100	%	100	%


INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Investment Securities
Collateralized mortgage obligations	$	156,105		$	147,262		$	129,213		$	8,843		6	%	$	26,892		21	%	51	%	48	%	45	%
Mortgage backed securities		40,396			46,112			37,753			(5,716	)	-12	%		2,643		7	%	13	%	15	%	13	%
U.S. Government and agency securities		68,392			67,716			77,826			676		1	%		(9,434	)	-12	%	22	%	22	%	27	%
Municipal securities		40,484			43,412			43,647			(2,928	)	-7	%		(3,163	)	-7	%	14	%	15	%	15	%
Investment Securities	$	305,377		$	304,502		$	288,439		$	875		0	%	$	16,938		6	%	100	%	100	%	100	%

Held to maturity securities	$	40,718		$	41,442		$	49,132		$	(724	)	-2	%	$	(8,414	)	-17	%	13	%	14	%	17	%
Available for sale securities	$	264,659		$	263,060		$	239,307		$	1,599		1	%	$	25,352		11	%	87	%	86	%	83	%

Government & Agency securities	$	264,866		$	261,063		$	244,762		$	3,803		1	%	$	20,104		8	%	87	%	86	%	85	%
AAA, AA, A rated securities	$	39,822		$	42,773		$	43,008		$	(2,951	)	-7	%	$	(3,186	)	-7	%	13	%	14	%	15	%
Non-rated securities	$	689		$	666		$	669		$	23		3	%	$	20		3	%	0	%	0	%	0	%

AFS Unrealized Gain (Loss)	$	(18,284	)	$	(22,437	)	$	(21,464	)	$	4,153		-19	%	$	3,180		-15	%	-6	%	-7	%	-7	%


LIQUIDITY (unaudited)	Period Ended									Change from										% of Deposits
($ in 000s)	Period Ended									Change from										% of Deposits

		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Short-term Funding
Cash and cash equivalents	$	129,616		$	67,951		$	80,052		$	61,665		91	%	$	49,564		62	%	12	%	7	%	8	%
Unencumbered AFS Securities		104,237			158,472			139,144			(54,235	)	-34	%		(34,907	)	-25	%	10	%	16	%	14	%
Secured lines of Credit (FHLB, FRB)		315,876			324,187			337,553			(8,311	)	-3	%		(21,677	)	-6	%	29	%	32	%	34	%
Short-term Funding	$	549,729		$	550,610		$	556,749		$	(881	)	0	%	$	(7,020	)	-1	%	51	%	54	%	56	%


PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Portfolio Loans
Commercial & agriculture	$	70,209		$	75,240		$	71,320		$	(5,031	)	-7	%	$	(1,111	)	-2	%	10	%	11	%	10	%
Real estate:
Construction and development		34,669			42,725			51,978			(8,056	)	-19	%		(17,309	)	-33	%	5	%	6	%	7	%
Residential 1-4 family		101,810			103,489			99,808			(1,679	)	-2	%		2,002		2	%	14	%	15	%	14	%
Multi-family		72,313			68,978			54,430			3,335		5	%		17,883		33	%	10	%	10	%	8	%
CRE — owner occupied		176,850			165,120			167,631			11,730		7	%		9,219		5	%	25	%	23	%	24	%
CRE — non owner occupied		160,022			159,582			157,322			440		0	%		2,700		2	%	23	%	23	%	23	%
Farmland		27,411			26,864			26,752			547		2	%		659		2	%	4	%	4	%	4	%
Consumer		63,750			62,867			64,988			883		1	%		(1,238	)	-2	%	9	%	8	%	10	%
Portfolio Loans		707,034			704,865			694,229			2,169		0	%		12,805		2	%	100	%	100	%	100	%
Less: ACL		(8,890	)		(8,851	)		(8,580	)
Less: deferred fees		(595	)		(617	)		(768	)
Net loans	$	697,549		$	695,397		$	684,881

Regulatory Commercial Real Estate	$	263,424		$	267,857		$	261,155		$	(4,433	)	-2	%	$	2,269		1	%	37	%	38	%	38	%
Total Risk Based Capital⁽¹⁾	$	139,133		$	139,458		$	139,255		$	(325	)	0	%	$	(122	)	0	%
CRE to Risk Based Capital⁽¹⁾		189%			192%			188%					-3	%				1	%


CRE–MULTI-FAMILY & NON OWNER OCCUPIED COMPOSITION (unaudited)	Period Ended									Change from										% of Total
	Period Ended									Change from										% of Total
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Collateral Composition⁽²⁾
Multifamily	$	76,421		$	73,575		$	61,085		$	2,846		4	%	$	15,336		25	%	31	%	30	%	27	%
Retail		36,616			36,813			36,192			(197	)	-1	%		424		1	%	15	%	15	%	16	%
Hospitality		31,772			31,369			32,468			403		1	%		(696	)	-2	%	13	%	13	%	14	%
Office		23,975			23,921			23,730			54		0	%		245		1	%	10	%	10	%	10	%
Mixed Use		22,706			22,662			22,204			44		0	%		502		2	%	9	%	9	%	10	%
Mini Storage		22,654			25,028			23,438			(2,374	)	-9	%		(784	)	-3	%	9	%	10	%	10	%
Industrial		15,230			14,723			13,348			507		3	%		1,882		14	%	6	%	6	%	6	%
Warehouse		8,146			7,531			7,483			615		8	%		663		9	%	3	%	3	%	3	%
Special Purpose		6,874			6,921			7,058			(47	)	-1	%		(184	)	-3	%	3	%	3	%	3	%
Other		2,648			3,155			3,259			(507	)	-16	%		(611	)	-19	%	1	%	1	%	1	%
Total	$	247,042		$	245,698		$	230,265		$	1,344		1	%	$	16,777		7	%	100	%	100	%	100	%

⁽¹⁾ Bank of the Pacific
⁽²⁾ Includes loans in process of construction


CREDIT QUALITY (unaudited)	Period Ended									Change from
CREDIT QUALITY (unaudited)	Period Ended									Change from
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024
		2025			2024			2024			$		%			$		%
Risk Rating Distribution
Pass	$	694,240		$	691,350		$	684,779		$	2,890		0	%	$	9,461		1	%
Special Mention		10,131			10,811			4,771			(680	)	-6	%		5,360		112	%
Substandard		2,663			2,704			4,679			(41	)	-2	%		(2,016	)	-43	%
Portfolio Loans	$	707,034		$	704,865		$	694,229		$	2,169		0	%	$	12,805		2	%

Nonperforming Assets
Nonaccruing loans		1,225			1,094			1,526		$	131		12	%		(301	)	-20	%
Other real estate owned		–			–			–			–		0	%		–		0	%
Nonperforming Assets	$	1,225		$	1,094		$	1,526		$	131		12	%		(301	)	-20	%

Credit Metrics
Classified loans¹ to portfolio loans		0.38%			0.38%			0.67%			0.00%					-0.29	%
ACL to classified loans¹		333.83%			327.33%			183.37%			6.50%					150.46	%
Loans past due 30+ days to portfolio loans²		0.04%			0.14%			0.10%			-0.10%					-0.06	%
Nonperforming assets to total assets		0.10%			0.09%			0.13%			0.01%					-0.03	%
Nonaccruing loans to portfolio loans		0.17%			0.16%			0.22%			0.01%					-0.05	%

⁽¹⁾ Classified loans include loans rated substandard or worse and are defined as loans having a well-defined weakness or weaknesses related to the borrower’s financial capacity or to pledged collateral that may jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard classification are not corrected.
⁽²⁾ Excludes non-accrual loans


DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024				Mar 31,		Dec 31,		Mar 31,
		2025			2024			2024			$		%			$		%		2025		2024		2024
Deposits
Interest-bearing demand	$	243,363		$	194,526		$	177,735		$	48,837		25	%	$	65,628		37	%	23	%	19	%	18	%
Money market		197,184			193,324			169,095			3,860		2	%		28,089		17	%	18	%	19	%	17	%
Savings		117,130			115,520			129,796			1,610		1	%		(12,666	)	-10	%	11	%	11	%	13	%
Time deposits (CDs)		134,226			135,485			114,644			(1,259	)	-1	%		19,582		17	%	12	%	13	%	12	%
Total interest-bearing deposits		691,903			638,855			591,270			53,048		8	%		100,633		17	%	64	%	62	%	60	%
Non-interest bearing demand		382,743			375,876			404,486			6,867		2	%		(21,743	)	-5	%	36	%	38	%	40	%
Total deposits	$	1,074,646		$	1,014,731		$	995,756		$	59,915		6	%	$	78,890		8	%	100	%	100	%	100	%

Insured Deposits	$	630,940		$	629,600		$	645,784		$	1,340		0	%	$	(385,920	)	-60	%	59	%	62	%	65	%
Collateralized Deposits		183,842			131,327			127,733			52,515		40	%		56,109		44	%	17	%	13	%	13	%
Uninsured Deposits		259,864			253,804			222,239			6,060		2	%		408,701		184	%	24	%	25	%	22	%
Total Deposits	$	1,074,646		$	1,014,731		$	995,756		$	59,915		6	%	$	78,890		8	%	100	%	100	%	100	%

Consumer Deposits	$	472,839		$	466,826		$	470,442		$	6,013		1	%	$	2,397		1	%	44	%	46	%	47	%
Business Deposits		407,974			406,308			387,917			1,666		0	%		20,057		5	%	38	%	40	%	39	%
Public Deposits		193,833			141,597			137,397			52,236		37	%		56,436		41	%	18	%	14	%	14	%
Total Deposits	$	1,074,646		$	1,014,731		$	995,756		$	59,915		6	%	$	78,890		8	%	100	%	100	%	100	%

NET INTEREST MARGIN (unaudited)	Quarter Ended									Change From
NET INTEREST MARGIN (unaudited)	Quarter Ended									Change From
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024
		2025			2024			2024			$		%			$		%

Average Interest Bearing Balances
Portfolio loans	$	701,071		$	703,811		$	688,918		$	(2,740	)	0	%	$	12,153		2	%
Loans held for sale	$	–		$	1,033		$	595		$	(1,033	)	-100	%	$	(595	)	-100	%
Investment securities	$	305,074		$	302,501		$	292,375		$	2,573		1	%	$	12,699		4	%
Interest earning cash	$	110,007		$	78,296		$	68,873		$	31,711		41	%	$	41,134		60	%
Total interest-earning assets	$	1,116,152		$	1,085,641		$	1,050,761		$	30,511		3	%	$	65,391		6	%
Non-interest bearing deposits	$	378,470		$	388,227		$	395,004		$	(9,757	)	-3	%	$	(16,534	)	-4	%
Interest-bearing deposits	$	675,122		$	628,475		$	590,410		$	46,647		7	%	$	84,712		14	%
Total Deposits	$	1,053,592		$	1,016,702		$	985,414		$	36,890		4	%	$	68,178		7	%
Borrowings	$	13,403		$	13,403		$	13,403		$	–		0	%	$	–		0	%
Total interest-bearing liabilities	$	688,525		$	641,878		$	603,813		$	46,647		7	%	$	84,712		14	%

Yield / Cost $⁽¹⁾
Portfolio loans	$	10,316		$	10,336		$	10,233		$	(20	)	0	%	$	83		1	%
Loans held for sale	$	–		$	16		$	5		$	(16	)	-100	%	$	(5	)	-100	%
Investment securities	$	2,710		$	2,622		$	2,507		$	88		3	%	$	203		8	%
Interest-bearing cash	$	1,208		$	942		$	935		$	266		28	%	$	273		29	%
Total interest-earning assets	$	14,234		$	13,916		$	13,680		$	318		2	%	$	554		4	%
Interest-bearing deposits	$	2,694		$	2,796		$	1,991		$	(102	)	-4	%	$	703		35	%
Borrowings	$	206		$	225		$	242		$	(19	)	-8	%	$	(36	)	-15	%
Total interest-bearing liabilities	$	2,900		$	3,021		$	2,233		$	(121	)	-4	%	$	667		30	%
Net interest income	$	11,334		$	10,895		$	11,447		$	439		4	%	$	(113	)	-1	%

Yield / Cost %⁽¹⁾
Yield on portfolio loans		5.97	%		5.84	%		5.97	%		0.13	%				0.00	%
Yield on investment securities		3.60	%		3.45	%		3.45	%		0.15	%				0.15	%
Yield on interest-bearing cash		4.45	%		4.79	%		5.45	%		-0.34	%				-1.00	%
Cost of interest-bearing deposits		1.62	%		1.77	%		1.36	%		-0.15	%				0.26	%
Cost of borrowings		6.23	%		6.68	%		7.26	%		-0.45	%				-1.03	%
Cost of deposits and borrowings		1.10	%		1.17	%		0.90	%		-0.07	%				0.20	%

Yield on interest-earning assets		5.17	%		5.10	%		5.24	%		0.07	%				-0.07	%
Cost of interest-bearing liabilities		1.71	%		1.87	%		1.49	%		-0.16	%				0.22	%
Net interest spread		3.46	%		3.23	%		3.75	%		0.23	%				-0.29	%
Net interest margin		4.12	%		3.99	%		4.38	%		0.13	%				-0.26	%

⁽¹⁾ Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.


ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited)	Quarter Ended									Change From
ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited)	Quarter Ended									Change From
($ in 000s)
		Mar 31,			Dec 31,			Mar 31,			Dec 31, 2024					Mar 31, 2024
		2025			2024			2024			$		%			$		%
Allowance for Credit Losses
Beginning of period balance	$	8,851		$	8,897		$	8,530		$	(46	)	-1	%	$	321		4	%
Impact of CECL Adoption (ASC 326)		–			–			–			–		-100	%		–		-100	%
Charge-offs		(75	)		(32	)		(35	)		(43	)	134	%		(40	)	114	%
Recoveries		–			105			2			(105	)	-100	%		(2	)	-100	%
Net (charge-off) recovery		(75	)		73			(33	)		(148	)	-203	%		(42	)	127	%
Provision (recapture)		114			(119	)		83			233		-196	%		31		37	%
End of period balance	$	8,890		$	8,851		$	8,580		$	39		0	%	$	310		4	%

Net charge-off (recovery) to
average portfolio loans		0.04	%		-0.04	%		0.02	%		0.08	%				0.02	%
ACL to portfolio loans		1.26	%		1.26	%		1.24	%		0.00	%				0.02	%

Allowance for unfunded loans
Beginning of period balance	$	540		$	524		$	698		$	16		3	%	$	(158	)	-23	%
Impact of CECL Adoption (ASC 326)		–			–			–			–		-100	%		–		-100	%
Provision (recapture)		(31	)		16			(50	)		(47	)	-294	%		19		-38	%
End of period balance	$	509		$	540		$	648		$	(31	)	-6	%	$	(139	)	-21	%

ABOUT PACIFIC FINANCIAL CORPORATION

Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At March 31, 2025, the Company had total assets of $1.22 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

Cautions Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of the Company’s management and are subject to risks and uncertainties, many of which are beyond our control, which could cause actual events or results to differ materially from those projected, anticipated or implied, and could negatively impact the Company’s operating and stock price performance. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. Any forward-looking statements in this communication are based on information at the time the statement is made. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

Contacts:
Denise Portmann, President & CEO
Carla Tucker, EVP & CFO
360.533.8873

MIL-OSI: Preferred Bank Reports First Quarter Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 25, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2025. Preferred Bank (“the Bank”) reported net income of $30.0 million or $2.23 per diluted share for the first quarter of 2025. This represents a small decrease in net income of $197,000 from the prior quarter and a decrease of $3.4 million from the same quarter last year. The decrease compared to both periods was mainly due to a decrease in net interest income. In the first quarter of 2025, the incremental impact to interest income from loans placed on nonaccrual status was approximately $2.8 million. In addition, a property securing one of our loans was damaged in the Palisades fire in January and as a result, the Bank has reversed out the $208,000 interest receivable on this loan although we expect to recoup this amount after the property is sold. In addition to a lowering of overall interest rates, these were the main factors in the decrease in net interest income.

Net interest income was $62.7 million, a decrease of $6.5 million from the previous quarter and a decrease of $5.8 million compared to the same quarter last year. Noninterest income was $4.0 million, an increase of $361,000 over the prior quarter and an increase of $933,000 over the same quarter last year. Noninterest expense was $23.4 million, a decrease of $4.9 million from the previous quarter and an increase of $3.3 million over the same quarter last year.

Highlights for the Quarter:

Return on average assets was 1.76%
Return on beginning equity of 15.96%
Total deposits increased by $155.9 million or 2.6%, linked quarter
Efficiency ratio was 35.1%

Li Yu, Chairman and CEO, commented, “Preferred Bank’s net income for the first quarter, 2025 was $30.0 million or $2.23 per fully diluted share. This quarter, there was an outsized impact to interest income of approximately $2.8 million on nonaccrual loans. We have also written down the value of our one OREO property by $1.3 million.

Non-accrual loans totaled $78.9 million as of March 31, 2025 and are mostly comprised of two loans totaling $65.6 million. These two loans are well-secured, and we do not anticipate any losses associated with these two credits. Overall criticized loans have decreased to $129.2 million from $158.2 million at year-end. There were very few new migrations into the criticized loan category.

The large interest reversal of $2.8 million significantly affected the reported net interest margin, which was 3.75% for the quarter. Without that, the margin would have been much closer to the 4.06% reported in the fourth quarter of 2024. Deposit growth for the quarter was $155.9 million or 2.6% on a linked quarter basis. However, total loans reduced slightly from December 31, 2024. We do not feel there will be material changes in the loan demand in the near future under the shadow of the import tariff uncertainty.

The import tariff impositions and threats are truly unprecedented. At this time, we are still completely uncertain as to the size of the tariffs and which countries will ultimately be tariffed. In short, every American’s economic well-being will likely be impacted. Even if an agreement can be reached within the “90 days”, there seems to be no certainty that the issue will be completely resolved and this uncertainty may persist for a year or possibly more. We at Preferred Bank will stay alert and constantly monitoring our activities.

As a starting point, we have began a “deep-dive” within our relatively small “trade finance” portfolio and will continue to widen the scope of our credit monitoring activities related to trade.”

Results of Operations

Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $62.7 million for the first quarter of 2025. This represents a $6.5 million decrease from the $69.2 million recorded in the prior quarter and a $5.8 million decrease from the same quarter last year. The decrease compared to both comparable quarters was primarily due to the reversal of interest income of $2.8 million associated with the nonaccrual loans. In addition, there was a property in the Palisades fire that secured a construction loan financed by the Bank. As part of that restructuring, the Bank elected to reverse $208,000 out of interest income that had accrued on that loan. Interest expense decreased compared to both comparable periods despite growth in deposits during the quarter. The Bank’s net interest margin came in at 3.75% for the quarter, this is down from the 4.06% recorded last quarter and from the 4.19% margin achieved in the first quarter of the prior year. The loan interest reversals played a major role in the decrease of the net interest margin in the first quarter. Management believes that efforts to reduce the Bank’s deposit costs have been largely effective as evidenced by the decreases in interest expense.

Noninterest Income. For the first quarter of 2025, noninterest income was $4.0 million compared with $3.1 million for the same quarter last year and compared to $3.6 million for the fourth quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fee income which was up by $268,000 and gains on sales of SBA loans which increased by $163,000. In comparing to the same quarter last year, fee income was down but LC fee income increased by $741,000 and gains on sales of SBA loans increased by $172,000.

Noninterest Expense. Total noninterest expense was $23.4 million for the first quarter of 2025 compared to $28.2 million for the fourth quarter of 2024 and compared to the $20.0 million recorded in the same period last year. The primary reason for the decrease over the prior quarter was the $8.1 million occupancy expense adjustment recorded in the fourth quarter of 2024. This was related to accounting pronouncement ASC 842, accounting for leases. Partially offsetting that was an increase in personnel expense of $1.6 million and an increase in OREO expense of $1.4 million. In the first quarter of 2025, the Bank recorded a valuation charge of $1.3 million related to the OREO property in Santa Barbara. In comparing to the same quarter last year; personnel expense was up by $939,000, occupancy expense was up by $583,000 and OREO expense was up by $1.4 million due to the aforementioned OREO valuation charge recorded in the first quarter of 2025. Salary expense increased over the same quarter last year due mainly to an increase in personnel and merit increases. The increase in personnel expense over the prior quarter was primarily due to employer paid taxes as during the first quarter, incentive compensation is paid out to employees.

Income Taxes. The Bank recorded a provision for income taxes of $12.6 million for the first quarter of 2025. This represents an effective tax rate (“ETR”) of 29.5% which is up from the 29.0% ETR for last quarter and up from the 29.0% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans at March 31, 2025 were $5.63 billion, a decrease of $6.2 million from the total of $5.64 billion as of December 31, 2024. Total deposits were $6.07 billion, an increase of $155.9 million from the $5.92 billion as of December 31, 2024. Total assets were $7.1 billion, an increase of $176.7 million over the total of $6.92 billion as of December 31, 2024.

Asset Quality

Non-accrual loans and loans 90 days past due and still accruing totaled $78.9 million as of March 31, 2025. The bulk of the nonaccrual loans comprised of two loans totaling $65.6 million. One of the loans is a multi-family loan which is well-secured and the other loan is now vacant, entitled land in a prime area of Orange County. Again, this loan is also well-secured. The loans were part of the same relationship and one is now working its way through the bankruptcy court while the other loan is in the process of being sold, at par. Management is confident that there will be no loss associated with these two loans. Total net charge-offs (recoveries) for the quarter were ($97,000) compared to net charge-offs of $6.6 million in the prior quarter. In addition to that, the Bank wrote down the value of its OREO property in Santa Barbara by $1.34 million, reflecting the proposed net proceeds of the most recent sales contract that the Bank was involved in, which sale did not materialize.

Total criticized loans decreased to $129.2 million from $158.1 million reported in the prior quarter.

Allowance for Credit Losses

The provision for credit losses for the first quarter of 2025 was $700,000 compared to $2.0 million last quarter and compared to $4.4 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.28% of loans as compared to 1.27% in the prior quarter.

Capitalization

As of March 31, 2025, the Bank’s tangible capital ratio was 10.96%, the leverage ratio was 11.52%, the common equity tier 1 capital ratio was 11.86% and the total capital ratio stood at 15.15%. As of December 31, 2024, the Bank’s tangible capital ratio was 11.02%, the Bank’s leverage ratio was 11.33%, the common equity tier 1 ratio was 11.80% and the total capital ratio was 15.11%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2025 financial results will be held this afternoon April 25, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2025; the passcode is 8939265.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), two branches in New York (Manhattan and Flushing, Queens) and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2024 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

AT THE COMPANY:	AT FINANCIAL PROFILES:
Edward J. Czajka	Jeffrey Haas
Executive Vice President	General Information
Chief Financial Officer	(310) 622-8240
(213) 891-1188	PFBC@finprofiles.com

Financial Tables to Follow


PREFERRED BANK
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except for net income per share and shares)


	For the Quarter Ended
	March 31,		December 31,		March 31,
		2025		2024		2024
Interest income:
Loans, including fees	$	101,491	$	111,596	$	109,980
Investment securities		12,810		14,013		16,257
Fed funds sold		228		249		283
Total interest income		114,529		125,858		126,520

Interest expense:
Interest-bearing demand		16,590		18,245		22,290
Savings		69		85		75
Time certificates		33,887		37,030		34,330
Subordinated debt		1,325		1,325		1,325
Total interest expense		51,871		56,685		58,020
Net interest income		62,658		69,173		68,500
Provision for credit losses		700		2,000		4,400
Net interest income after provision for credit losses		61,958		67,173		64,100

Noninterest income:
Fees & service charges on deposit accounts		716		761		845
Letters of credit fee income		2,244		1,977		1,503
BOLI income		103		102		105
Net gain on sale of loans		275		112		103
Other income		660		685		509
Total noninterest income		3,998		3,637		3,065

Noninterest expense:
Salary and employee benefits		14,839		13,279		13,900
Net occupancy expense		2,294		10,110		1,711
Business development and promotion expense		462		340		266
Professional services		1,651		1,606		1,457
Office supplies and equipment expense		386		396		473
OREO valuation allowance and related expense		1,531		155		135
Other		2,206		2,360		2,086
Total noninterest expense		23,369		28,246		20,028
Income before provision for income taxes		42,587		42,564		47,137
Income tax expense		12,563		12,343		13,671
Net income	$	30,024	$	30,221	$	33,466

Income per share available to common shareholders
Basic	$	2.27	$	2.29	$	2.48
Diluted	$	2.23	$	2.25	$	2.44

Weighted-average common shares outstanding
Basic		13,226,582		13,190,696		13,508,878
Diluted		13,453,176		13,442,294		13,736,986

Cash dividends per common share	$	0.75	$	0.75	$	0.70

PREFERRED BANK
Condensed Consolidated Statements of Financial Condition
(unaudited)
(in thousands)


	March 31,			December 31,
		2025			2024
	(Unaudited)			(Audited)
Assets
Cash and due from banks	$	905,183		$	765,515
Fed funds sold		20,000			20,000
Cash and cash equivalents		925,183			785,515

Securities held-to-maturity, at amortized cost		19,745			20,021
Securities available-for-sale, at fair value		390,096			348,706

Loans held for sale, at lower of cost or fair value		–			2,214

Loans		5,634,413			5,640,615
Less allowance for credit losses		(72,274	)		(71,477	)
Less amortized deferred loan fees, net		(9,652	)		(9,234	)
Loans, net		5,552,487			5,559,904

Other real estate owned and repossessed assets		13,650			14,991
Bank furniture and fixtures, net		8,276			8,462
Bank-owned life insurance		10,502			10,433
Accrued interest receivable		31,775			33,561
Investment in affordable housing partnerships		63,612			58,346
Federal Home Loan Bank stock, at cost		15,000			15,000
Deferred tax assets		46,280			47,402
Income tax receivable		–			2,195
Operating lease right-of-use assets		20,281			13,182
Other assets		3,205			3,497
Total assets	$	7,100,092		$	6,923,429

Liabilities and Shareholders’ Equity
Deposits:
Noninterest bearing demand deposits	$	730,270		$	704,859
Interest bearing deposits:		2,099,987			2,026,965
Savings		32,631			30,150
Time certificates of $250,000 or more		1,531,715			1,477,931
Other time certificates		1,678,132			1,676,943
Total deposits		6,072,735			5,916,848

Subordinated debt issuance, net		148,529			148,469
Commitments to fund investment in affordable housing partnerships		20,956			21,623
Operating lease liabilities		24,021			16,990
Accrued interest payable		14,634			16,517
Other liabilities		40,613			39,830
Total liabilities		6,321,488			6,160,277

Shareholders’ equity		778,604			763,152
Total liabilities and shareholders’ equity	$	7,100,092		$	6,923,429

Book value per common share	$	59.30		$	57.86
Number of common shares outstanding		13,130,296			13,188,776

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)


	For the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Unaudited historical quarterly operations data:
Interest income	$	114,529		$	125,858		$	129,424		$	127,294		$	126,520
Interest expense		51,871			56,685			60,576			61,187			58,020
Interest income before provision for credit losses		62,658			69,173			68,848			66,107			68,500
Provision for credit losses		700			2,000			3,200			2,500			4,400
Noninterest income		3,998			3,637			3,459			3,404			3,065
Noninterest expense		23,369			28,246			22,089			19,697			20,028
Income tax expense		12,563			12,343			13,635			13,722			13,671
Net income	$	30,024		$	30,221		$	33,383		$	33,592		$	33,466

Earnings per share
Basic	$	2.27		$	2.29		$	2.50		$	2.51		$	2.48
Diluted	$	2.23		$	2.25		$	2.46		$	2.48		$	2.44

Ratios for the period:
Return on average assets		1.76	%		1.74	%		1.95	%		1.97	%		2.00	%
Return on beginning equity		15.96	%		16.03	%		18.37	%		19.31	%		19.36	%
Net interest margin (Fully-taxable equivalent)		3.75	%		4.06	%		4.10	%		3.96	%		4.19	%
Noninterest expense to average assets		1.37	%		1.62	%		1.29	%		1.15	%		1.20	%
Efficiency ratio		35.06	%		38.79	%		30.55	%		28.34	%		27.99	%
Net (recoveries) charge-offs to average loans (annualized)		-0.01	%		0.47	%		-0.00	%		0.68	%		0.26	%

Ratios as of period end:
Tangible common equity ratio		10.96	%		11.02	%		10.92	%		10.55	%		10.35	%
Tier 1 leverage capital ratio		11.52	%		11.33	%		11.28	%		10.89	%		10.80	%
Common equity tier 1 risk-based capital ratio		11.86	%		11.80	%		11.66	%		11.52	%		11.50	%
Tier 1 risk-based capital ratio		11.86	%		11.80	%		11.66	%		11.52	%		11.50	%
Total risk-based capital ratio		15.15	%		15.11	%		15.06	%		14.93	%		15.08	%
Allowances for credit losses to loans at end of period		1.28	%		1.27	%		1.36	%		1.34	%		1.49	%
Allowance for credit losses to non-performing loans	0.91		x	1.89		x		3.92	x		1.79	x		4.33	x

Average balances:
Total securities	$	402,754		$	350,732		$	356,590		$	353,357		$	348,961
Total loans		5,555,010			5,542,558			5,458,613			5,320,360			5,263,562
Total earning assets		6,780,438			6,788,487			6,684,766			6,728,498			6,585,853
Total assets		6,905,249			6,920,325			6,817,979			6,863,829			6,718,018
Total time certificate of deposits		3,164,766			3,144,523			2,874,985			2,884,259			2,852,860
Total interest bearing deposits		5,244,243			5,220,655			5,124,245			5,203,034			5,004,834
Total deposits		5,886,163			5,905,127			5,828,227			5,901,976			5,761,488
Total interest bearing liabilities		5,392,735			5,369,092			5,272,617			5,351,347			5,153,089
Total equity		779,339			760,345			747,222			715,190			704,996

PREFERRED BANK
Selected Consolidated Financial Information
(unaudited)
(in thousands, except for ratios)


				As of
				March 31,			December 31,			September 30,			June 30,			March 31,
				2025			2024			2024			2024			2024
Unaudited quarterly statement of financial position data:
Assets:
	Cash and cash equivalents			$	925,183		$	785,515		$	804,994		$	917,677		$	936,600
	Securities held-to-maturity, at amortized cost				19,745			20,021			20,311			20,605			20,904
	Securities available-for-sale, at fair value				390,096			348,706			337,363			331,909			333,411
	Loans:
		Real estate – Mortgage:
			Real estate—Residential	$	779,462		$	790,069		$	753,453		$	732,251		$	724,101
			Real estate—Commercial		2,897,956			2,840,771			2,882,506			2,833,430			2,777,608
			Total Real Estate – Mortgage		3,677,418			3,630,840			3,635,959			3,565,681			3,501,709
		Real estate – Construction:
			R/E Construction — Residential		306,283			296,580			274,214			238,062			236,596
			R/E Construction — Commercial		269,065			287,185			290,308			247,582			213,727
			Total real estate construction loans		575,348			583,765			564,522			485,644			450,323
		Commercial and industrial			1,374,379			1,418,930			1,365,550			1,371,694			1,369,529
		SBA			7,104			6,833			5,424			5,463			3,914
		Consumer and others			164			247			124			118			379
			Gross loans		5,634,413			5,640,615			5,571,579			5,428,600			5,325,854
	Allowance for credit losses on loans				(72,274	)		(71,477	)		(76,051	)		(72,848	)		(79,311	)
	Net deferred loan fees				(9,652	)		(9,234	)		(10,414	)		(10,502	)		(10,460	)
		Net loans, excluding loans held for sale		$	5,552,487		$	5,559,904		$	5,485,114		$	5,345,250		$	5,236,083
	Loans held for sale			$	–		$	2,214		$	225		$	955		$	605
		Net loans		$	5,552,487		$	5,562,118		$	5,485,339		$	5,346,205		$	5,236,688

	Other real estate owned and repossessed assets			$	13,650		$	14,991		$	15,082		$	16,716		$	16,716
	Investment in affordable housing partnerships				63,612			58,346			58,009			60,432			62,854
	Federal Home Loan Bank stock, at cost				15,000			15,000			15,000			15,000			15,000
	Other assets				120,319			118,732			136,246			138,036			134,040
		Total assets		$	7,100,092		$	6,923,429		$	6,872,344		$	6,846,580		$	6,756,213

Liabilities:
	Deposits:
		Demand		$	730,270		$	704,859		$	682,859		$	675,767		$	709,767
		Interest bearing demand			2,099,987			2,026,965			1,994,288			2,326,214			2,159,948
		Savings			32,631			30,150			29,793			28,251			29,261
		Time certificates of $250,000 or more			1,531,715			1,477,931			1,478,500			1,406,149			1,349,927
		Other time certificates			1,678,132			1,676,943			1,682,324			1,442,381			1,552,805
		Total deposits		$	6,072,735		$	5,916,848		$	5,867,764		$	5,878,762		$	5,801,708

	Subordinated debt issuance, net				148,529			148,469			148,410			148,351			148,292
	Commitments to fund investment in affordable housing partnerships				20,956			21,623			23,617			27,946			29,647
	Other liabilities				79,268			73,337			82,436			68,394			77,008
		Total liabilities		$	6,321,488		$	6,160,277		$	6,122,227		$	6,123,453		$	6,056,655

Equity:
	Net common stock, no par value			$	96,079		$	105,501		$	109,928		$	113,509		$	115,915
	Retained earnings				705,360			685,108			664,808			640,675			616,417
	Accumulated other comprehensive income				(22,835	)		(27,457	)		(24,619	)		(31,057	)		(32,774	)
		Total shareholders’ equity		$	778,604		$	763,152		$	750,117		$	723,127		$	699,558
		Total liabilities and shareholders’ equity		$	7,100,092		$	6,923,429		$	6,872,344		$	6,846,580		$	6,756,213

PREFERRED BANK
Quarter-to-Date Average Balances, Yield and Rates
(Unaudited)


			Three months ended March 31,							Three months ended December 31,							Three months ended March 31,
			2025							2024							2024
						Interest		Average					Interest		Average					Interest		Average
			Average			Income or		Yield/		Average			Income or		Yield/		Average			Income or		Yield/
			Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
ASSETS			(Dollars in thousands)
Interest earning assets:
	Loans ^(1,2)		$	5,556,521		$	101,491	7.41	%	$	5,543,215		$	111,596	8.01	%	$	5,265,940		$	109,980	8.40	%
	Investment securities ⁽³⁾			402,754			4,093	4.12	%		350,732			3,566	4.04	%		348,961			3,430	3.95	%
	Federal funds sold			20,222			228	4.57	%		20,172			249	4.91	%		20,390			283	5.58	%
	Other earning assets			800,941			8,816	4.46	%		874,368			10,546	4.80	%		950,562			12,928	5.47	%
		Total interest earning assets		6,780,438			114,628	6.86	%		6,788,487			125,957	7.38	%		6,585,853			126,621	7.73	%
	Deferred loan fees, net			(9,189	)						(9,808	)						(10,694	)
	Allowance for credit losses on loans			(71,550	)						(75,474	)						(78,349	)
Noninterest earning assets:
	Cash and due from banks			11,513							10,626							11,244
	Bank furniture and fixtures			8,439							8,866							10,084
	Right of use assets			15,201							28,570							22,003
	Other assets			170,397							169,058							177,877
		Total assets	$	6,905,249						$	6,920,325						$	6,718,018

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
	Deposits:
		Interest bearing demand and savings	$	2,079,477		$	16,659	3.25	%	$	2,076,132		$	18,330	3.51	%	$	2,151,974		$	22,365	4.18	%
		TCD $250K or more		1,482,324			15,640	4.28	%		1,481,219			17,514	4.70	%		1,341,298			16,501	4.95	%
		Other time certificates		1,682,442			18,247	4.40	%		1,663,304			19,516	4.67	%		1,511,562			17,829	4.74	%
		Total interest bearing deposits		5,244,243			50,546	3.91	%		5,220,655			55,360	4.22	%		5,004,834			56,695	4.56	%
Short-term borrowings				–			–	0.00	%		3			0	3.31	%		–			–	0.00	%
Subordinated debt, net				148,492			1,325	3.62	%		148,434			1,325	3.55	%		148,255			1,325	3.59	%
		Total interest bearing liabilities		5,392,735			51,871	3.90	%		5,369,092			56,685	4.20	%		5,153,089			58,020	4.53	%
Noninterest bearing liabilities:
	Demand deposits			641,920							684,472							756,654
	Lease liability			18,963							25,486							19,500
	Other liabilities			72,292							80,930							83,779
		Total liabilities		6,125,910							6,159,980							6,013,022
Shareholders’ equity				779,339							760,345							704,996
		Total liabilities and shareholders’ equity	$	6,905,249						$	6,920,325						$	6,718,018
Net interest income						$	62,757						$	69,272						$	68,601
Net interest spread								2.96	%						3.18	%						3.20	%
Net interest margin								3.75	%						4.06	%						4.19	%

Cost of Deposits:
	Noninterest bearing demand deposits		$	641,920						$	684,472						$	756,654
	Interest bearing deposits			5,244,243			50,546	3.91	%		5,220,655			55,360	4.22	%		5,004,834			56,695	4.56	%
		Total Deposits	$	5,886,163		$	50,546	3.48	%	$	5,905,127		$	55,360	3.73	%	$	5,761,488		$	56,695	3.96	%

⁽¹⁾	Includes non-accrual loans and loans held for sale
⁽²⁾	Net loan fee income of $865,000, $1.2 million, and $1.1 million for the quarter ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, are included in the yield computations
⁽³⁾	Yields on securities have been adjusted to a tax-equivalent basis

Preferred Bank
Loan and Credit Quality Information

Allowance For Credit Losses History
			Quarter Ended			Year Ended
			March 31, 2025			December 31, 2024
			(Dollars in 000’s)
Allowance For Credit Losses
Balance at Beginning of Period			$	71,477		$	78,355
	Charge-Offs
		Commercial & Industrial		–			19,028
		Total Charge-Offs		–			19,028

	Recoveries
		Commercial & Industrial		97			50
		Total Recoveries		97			50

	Net (Recoveries) Charge-Offs			(97	)		18,978
	Provision for Credit Losses:			700			12,100
Balance at End of Period			$	72,274		$	71,477

Average Loans Held for Investment			$	5,555,010		$	5,396,844
Loans Held for Investment at End of Period			$	5,634,413		$	5,640,615
Net (Recoveries) Charge-Offs to Average Loans				-0.01%			0.35%
Allowances for Credit Losses to Loans at End of Period				1.28%			1.27%

MIL-OSI: Oxbridge / SurancePlus to Attend TOKEN2049 Dubai

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, April 25, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), together with its subsidiary SurancePlus, is engaged in the tokenization of Real-World Assets (“RWAs”), initially with tokenized reinsurance securities and in providing reinsurance solutions to property and casualty insurers in the Gulf Coast region of the United States. The company today announced its participation in TOKEN2049 Dubai, one of the world’s premier blockchain events, taking place from April 30 to May 1, 2025 at the Madinat Jumeirah, Dubai, UAE.

TOKEN2049 Dubai is expected to host over 15,000 attendees from more than 160 countries, with participation from over 4,000 companies. The conference features industry-defining keynotes, panels, networking sessions and side events.

Oxbridge and SurancePlus will highlight their SEC-compliant compliant tokenized reinsurance securities, offering access to an asset class traditionally not accessible to most. These offerings are currently listed on the Securitize platform and issued using the Avalanche blockchain, providing regulatory alignment, investor transparency, and efficient execution. Qualified investors have access to two high-yield investment opportunities that deliver returns uncorrelated to capital markets.

Learn more and invest at SurancePlus.com/invest

Jay Madhu, CEO of Oxbridge, commented, TOKEN2049 Dubai is a great opportunity to engage with stakeholders across the digital asset ecosystem. We will be discussing updates on our tokenized reinsurance offerings and how we are broadening access to this asset class through compliant, blockchain-based securities.”

Meet Oxbridge / SurancePlus at TOKEN2049 Dubai

Investors and potential partners interested in Oxbridge and SurancePlus’ tokenized reinsurance offerings are encouraged to connect with the team during the event. Contact details are provided below.

Disclaimer: This press release does not constitute an offer to sell nor a solicitation of an offer to buy the EtaCat Re or ZetaCat Re tokenized reinsurance securities (the “Securities”). The Securities are not required to be, and have not been, registered under the United States Securities Act of 1933, as amended, in reliance on the exemptions provided by Regulation S and SEC Rule 506(c) thereunder. Offers and sales of the Securities are made only by, and pursuant to, the terms set forth in the Confidential Private Placement Memorandum relating to the Securities. The offering of the Securities is not being made to persons in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on-chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non-U.S. investors.

Company Contact:

Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2024. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

MIL-OSI: North American Construction Group Ltd. Announces Pricing of Private Placement Offering of $225 Million Senior Unsecured Notes

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, April 25, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX: NOA / NYSE: NOA) announced today that it has entered into an underwriting agreement to sell, pursuant to a private placement offering (the “Offering”), $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The Notes will be issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. The Notes will be issued pursuant to an indenture to be entered into between NACG and Computershare Trust Company of Canada, as trustee.

NACG intends to use the net proceeds of the Offering to repay indebtedness under its existing Credit Agreement, and for general corporate purposes.

The Notes are being conditionally offered for sale in Canada on a private placement basis pursuant to certain prospectus exemptions. The Notes have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.

The Offering is being led by National Bank Financial Inc., including its U.S. affiliates, ATB Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Canaccord Genuity Corp., Raymond James Ltd., and Ventum Financial Corp.

Subject to customary closing conditions, the closing of the Offering is expected to occur on or about May 1, 2025.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to the Offering, including, but not limited to, the expected closing of the Offering and the use of proceeds of the Offering. The material factors or assumptions used to develop the above forward-looking statements, and the risks and uncertainties to which such forward-looking statements are subject, include, but are not limited to, the closing of the Offering, the anticipated closing date of the Offering and the expected use of proceeds of the Offering, interest rates and market conditions, heavy equipment demand, and credit risks and existing indebtedness. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Although NACG believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and NACG cautions you to not place undue reliance upon forward-looking statements. NACG undertakes no obligation, other than those required by applicable law, to update or revise such forward-looking statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

For more information, contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960.7171
ir@nacg.ca
www.nacg.ca

Source: North American Construction Group Ltd.

MIL-OSI: Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended March 31, 2025 and Declaration of Distributions on Common Stock for the Months Ending July 31, August 31, and September 30, 2025

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., April 25, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended March 31, 2025.

On April 22, 2025, our Board of Directors declared the following distributions on our common stock:


Month Ending	Record Date	Payment Date	Amount Per Share
July 31, 2025	July 17, 2025	July 31, 2025	$0.035
August 31, 2025	August 15, 2025	August 29, 2025	$0.035
September 30, 2025	September 16, 2025	September 30, 2025	$0.035

Net asset value (“NAV”) per share as of March 31, 2025 stood at $2.09, compared with a NAV per share on December 31, 2024 of $2.30.

Net investment income (“NII”) was approximately $6.1 million, or $0.09 per share, for the quarter ended March 31, 2025, compared with approximately $6.0 million, or $0.09 per share, for the quarter ended December 31, 2024.
Total investment income for the quarter ended March 31, 2025 amounted to approximately $10.2 million, which was approximately the same as the quarter ended December 31, 2024.
- For the quarter ended March 31, 2025 we recorded investment income from our portfolio as follows:
  - $5.5 million from our debt investments;
  - $4.0 million from our CLO equity investments; and
  - $0.7 million from other income.
Our total expenses for the quarter ended March 31, 2025 were approximately $4.1 million, compared with total expenses of approximately $4.2 million for the quarter ended December 31, 2024.
As of March 31, 2025, the following metrics applied (note that none of these metrics represented a total return to shareholders):
- The weighted average yield of our debt investments was 14.3% at current cost, compared with 15.8% as of December 31, 2024;
- The weighted average effective yield of our CLO equity investments at current cost was 9.0%, compared with 8.8% as of December 31, 2024; and
- The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 16.0%, compared with 16.2% as of December 31, 2024.
For the quarter ended March 31, 2025, we recorded a net decrease in net assets resulting from operations of approximately $8.1 million, consisting of:
- NII of approximately $6.1 million;
- Net realized losses of approximately $12.2 million; and
- Net unrealized depreciation of approximately $2.1 million.
During the first quarter of 2025, our investment activity consisted of purchases of approximately $16.0 million, sales of approximately $10.7 million and repayments of approximately $8.7 million.
Our weighted average credit rating was 2.2 based on total fair value and 2.3 based on total principal amount as of March 31, 2025, compared with a weighted average credit rating of 2.3 based on total fair value and 2.4 based on total principal amount as of December 31, 2024.
As of March 31, 2025, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $3.9 million.
For the quarter ended March 31, 2025, we issued a total of approximately 1.3 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $3.5 million. As of March 31, 2025, we had approximately 71.2 million shares of common stock outstanding.

We will hold a conference call to discuss first quarter results today, Friday, April 25^th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228 and the conference identification number is 26294. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 26294#.

A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.


OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF ASSETS AND LIABILITIES
	March 31, 2025			December 31, 2024
	(unaudited)
ASSETS
Non-affiliated/non-control investments (cost: $342,775,122 and $358,356,496, respectively)	$	239,291,367		$	256,238,759
Affiliated investments (cost: $16,814,586 and $16,836,822, respectively)		3,890,986			4,614,100
Cash and cash equivalents		37,252,672			34,926,468
Interest and distributions receivable		2,426,368			2,724,049
Securities sold not settled		1,589,875			—
Other assets		1,039,370			1,227,598
Total assets	$	285,490,638		$	299,730,974
LIABILITIES
Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $252,321 and $309,812, respectively	$	44,538,429		$	44,480,938
Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,286,553 and $1,381,619 respectively		79,213,447			79,118,381
Securities purchased not settled		9,516,875			12,027,463
Base Fee and Net Investment Income Incentive Fee payable to affiliate		1,058,784			1,215,964
Accrued interest payable		1,204,487			1,204,487
Accrued expenses		1,076,306			1,018,261
Total liabilities		136,608,328			139,065,494
COMMITMENTS AND CONTINGENCIES
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized; 71,187,166 and 69,758,938 shares issued and outstanding, respectively		711,872			697,590
Capital in excess of par value		491,617,243			487,943,476
Total distributable earnings/(accumulated losses)		(343,446,805	)		(327,975,586	)
Total net assets		148,882,310			160,665,480
Total liabilities and net assets	$	285,490,638		$	299,730,974
Net asset value per common share	$	2.09		$	2.30


OXFORD SQUARE CAPITAL CORP.

STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
INVESTMENT INCOME
From non-affiliated/non-control investments:
Interest income – debt investments	$	5,534,755		$	6,421,047
Income from securitization vehicles and investments		3,956,053			3,932,374
Other income		670,242			324,003
Total investment income from non-affiliated/non-control investments		10,161,050			10,677,424
Total investment income		10,161,050			10,677,424
EXPENSES
Interest expense		1,959,287			1,960,982
Base Fee		1,058,785			987,816
Professional fees		323,452			311,747
Compensation expense		239,577			206,898
General and administrative		355,259			346,625
Excise tax		120,816			325,800
Total expenses before incentive fees		4,057,176			4,139,868
Net Investment Income Incentive Fees		—			—
Total incentive fees		—			—
Total expenses		4,057,176			4,139,868
Net investment income		6,103,874			6,537,556
NET UNREALIZED (DEPRECIATION)/APPRECIATION AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS
Net change in unrealized (depreciation)/appreciation on investments:
Non-Affiliate/non-control investments		(1,366,018	)		145,111
Affiliated investments		(700,878	)		(356,117	)
Total net change in unrealized depreciation on investments		(2,066,896	)		(211,006	)
Net realized losses:
Non-affiliated/non-control investments		(12,158,495	)		(8,094,940	)
Total net realized losses		(12,158,495	)		(8,094,940	)
Net decrease in net assets resulting from operations	$	(8,121,517	)	$	(1,768,390	)
Net increase in net assets resulting from net investment income per common share (Basic and Diluted):	$	0.09		$	0.11
Net decrease in net assets resulting from operations per common share (Basic and Diluted):	$	(0.12	)	$	(0.03	)
Weighted average shares of common stock outstanding (Basic and Diluted):		69,984,752			59,639,285
Distributions per share	$	0.105		$	0.105

FINANCIAL HIGHLIGHTS (Unaudited)

	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Per Share Data
Net asset value at beginning of period	$	2.30		$	2.55
Net investment income⁽¹⁾		0.09			0.11
Net realized and unrealized losses⁽²⁾		(0.20	)		(0.13	)
Net decrease in net asset value from operations		(0.11	)		(0.02	)
Distributions per share from net investment income		(0.11	)		(0.11	)
Tax return of capital distributions⁽³⁾		—			—
Total distributions		(0.11	)		(0.11	)
Effect of shares issued/repurchased, gross		0.01			—
Net asset value at end of period	$	2.09		$	2.42
Per share market value at beginning of period	$	2.44		$	2.86
Per share market value at end of period	$	2.61		$	3.17
Total return based on Market Value⁽⁴⁾		11.39	%		14.63	%
Total return based on Net Asset Value⁽⁵⁾		(4.57	)%		(0.98	)%
Shares outstanding at end of period		71,187,166			59,672,337

Ratios/Supplemental Data⁽⁸⁾
Net assets at end of period (000’s)	$	148,882		$	144,340
Average net assets (000’s)	$	153,493		$	148,260
Ratio of expenses to average net assets⁽⁶⁾		10.57	%		11.17	%
Ratio of net investment income to average net assets⁽⁶⁾		15.91	%		17.64	%
Portfolio turnover rate⁽⁷⁾		6.26	%		3.09	%

____________

(1)	Represents per share net investment income for the period, based upon weighted average shares outstanding.
(2)	Net realized and unrealized losses include rounding adjustments to reconcile change in net asset value per share.
(3)	Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. tax reporting purposes.
(4)	Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan. Total return is not annualized.
(5)	Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized.
(6)	Annualized and includes excise tax.
(7)	Portfolio turnover rate is calculated using the lesser of the year-to-date investment sales and debt repayments or year-to-date investment purchases over the average of the total investments at fair value.
(8)	The following table provides supplemental performance ratios (annualized) measured for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Ratio of expenses to average net assets:
Operating expenses before incentive fees	10.57	%	11.17	%
Net investment income incentive fees	—	%	—	%
Ratio of expenses, excluding interest expense to average net assets	5.47	%	5.88	%

About Oxford Square Capital Corp.

Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

Contact:
Bruce Rubin
203-983-5280

MIL-OSI: Harbourfront Wealth Acquires KJ Harrison & Partners, a $2.2 billion CIRO dealer

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 25, 2025 (GLOBE NEWSWIRE) — Harbourfront Wealth Holdings Inc. (“Harbourfront Wealth”) proudly announces the acquisition of KJ Harrison & Partners (“KJH”), a premier High Net Worth and Family Office boutique. This strategic acquisition strengthens Harbourfront Wealth’s leadership in independent wealth management across Canada.

With this milestone transaction, which includes KJH’s registered investment dealer under Canadian Investment Regulatory Organization (CIRO), Harbourfront Wealth’s total assets under administration (AUA) is approaching CAD $11 billion. This expansion further enhances Harbourfront Wealth’s ability to deliver customized wealth solutions to high-net-worth families and private clients.

Both firms are deeply committed to independence, transparency and delivering an exceptional client experience, making KJH a natural fit within Harbourfront Wealth.

“We’re thrilled to welcome KJ Harrison & Partners to the Harbourfront Wealth family,” said Danny Popescu, Chief Executive Officer and Founder of Harbourfront. “KJH’s reputation for exceptional, client-centric wealth management aligns perfectly with our culture and commitment to excellence. This partnership amplifies our ability to offer innovative and industry-leading investment solutions for clients nationwide. Together, we are well-positioned to accelerate growth and redefine independent wealth management in Canada.”

“At KJ Harrison & Partners, we have always focused on delivering solid, long-term, risk-adjusted investment returns and highly personalized wealth solutions with exceptional client service,” said Joel Clark, Chief Executive Officer of KJ Harrison & Partners. “Joining Harbourfront Wealth allows us to continue this legacy while enhancing our capabilities through access to a robust investment platform, cutting-edge technology, and advanced compliance and risk management. We are excited about the opportunities this partnership creates for our clients and our team.”

About KJ Harrison & Partners (KJH)

Founded in 2001, KJ Harrison & Partners is a leading private investment management and wealth advisory firm dedicated to serving high-net-worth individuals, families, and family offices. KJH is recognized for its bespoke investment strategies, comprehensive wealth planning, and unwavering commitment to helping clients achieve long-term financial success.

About Harbourfront Wealth

Founded in 2013, Harbourfront Wealth is an independent wealth advisory and investment management firm headquartered in Vancouver, British Columbia. Harbourfront Wealth encompasses a registered securities dealer/investment advisory firm serving established advisors and their high-net-worth clients, an investment fund manager specializing in third-party managed alternative investment funds, and a U.S. SEC-registered investment advisory firm.

Learn more: www.harbourfrontwealth.com

Media Contact

Sheila Malchenko

Harbourfront Wealth Management

smalchenko@harbourfrontwealth.com

MIL-OSI: StepStone Group Closes Fourth Tactical Growth Fund with Over $700 Million in Capital Commitments

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) — StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today announced that it has raised $705 million for StepStone Tactical Growth Fund IV (“STGF IV” or the “Fund”), the firm’s fourth fund focused on opportunities within the growth equity market. The Fund had strong participation from a range of investor types including sovereign wealth funds, public pensions, superannuation funds, funds-of-funds, family offices, and private wealth platforms.

Through STGF IV, StepStone partners with leading growth equity sponsors in the technology and healthcare sectors. The Fund pursues founder-led businesses outside the traditional venture capital ecosystem that exhibit rapid topline growth, strong margins, capital efficiency, and minimal leverage. StepStone believes these businesses have the potential to provide complementary exposure to both buyout and venture investments while generating liquidity that is not dependent on an open IPO market or large-scale strategic M&A.

STGF IV is managed by StepStone’s Venture Capital and Growth Equity Team, which is among the most active investors in the space globally, deploying an average of $5.5 billion each year over the last three years across direct investments, secondaries, and primary fund investments. This scale, coupled with a team of more than 80 dedicated investment professionals, enables StepStone to partner closely with trusted GP relationships to identify and invest in companies in creative and flexible ways such as direct co-investments, single or multi-asset continuation vehicles, and secondary transactions.

“The successful closing of STGF IV reflects the investor community’s conviction in the growth equity market opportunity, along with StepStone’s leading role as a creative and trusted partner to elite growth equity sponsors,” said Brian Borton, Partner. “We would like to thank both our investors and GPs for their continued confidence in StepStone as a solutions provider in the growth equity sector.”

Fried, Frank, Harris, Shriver & Jacobson LLP advised on the formation of the Fund.

About StepStone

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.

Contacts

Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
+1 (212) 351-6106

Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
+1 (203) 682-8268

MIL-OSI: Ponce Financial Group, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) — Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced results for the first quarter of 2025.

First Quarter 2025 Highlights (Compared to Prior Periods):

Net income available to common stockholders was $5.7 million, or $0.25 per diluted share for the three months ended March 31, 2025, as compared to net income available to common stockholders of $2.7 million, or $0.12 per diluted share for the three months ended December 31, 2024 and net income available to common stockholders of $2.4 million, or $0.11 per diluted share for the three months ended March 31, 2024. Total net income for the three months ended March 31, 2025 was $6.0 million. The Company paid dividends of $0.3 million on its preferred stock during the three months ended March 31, 2025.
Included in the $5.7 million of net income available to common stockholders for the first quarter of 2025 results is $44.0 million in interest and dividend income, $2.4 million in non-interest income and $0.3 million in benefit for credit losses, offset by $21.8 million in interest expense, $16.9 million in non-interest expense, $2.0 million in provision for income taxes and $0.3 million in dividends on preferred shares.
Net interest income of $22.2 million for the first quarter of 2025 increased $1.5 million, or 7.11%, from the prior quarter and increased $3.4 million, or 17.96%, from the same quarter last year.
Net interest margin was 2.98% for the first quarter of 2025, versus 2.80% for the prior quarter and 2.71% for the same quarter last year.
Non-interest income for the three months ended March 31, 2025 was $2.4 million, an increase of $0.3 million, or 13.54%, from $2.1 million for the three months ended December 31, 2024, and an increase of $0.7 million, or 39.48%, from $1.7 million for the three months ended March 31, 2024.
Non-interest expense for the three months ended March 31, 2025 was $16.9 million, a decrease of $0.6 million, or 3.30%, from $17.5 million for the three months ended December 31, 2024, and an increase of $0.1 million, or 0.61%, compared to $16.8 million for the three months ended March 31, 2024.
Cash and equivalents were $129.9 million as of March 31, 2025, a decrease of $9.9 million, or 7.11%, from $139.8 million as of December 31, 2024.
Securities totaled $461.6 million as of March 31, 2025, a decrease of $11.3 million, or 2.39%, from $472.9 million as of December 31, 2024 primarily due to regular principal payments and the call of one available-for-sale security in the amount of $1.0 million.
Net loans receivable were $2.37 billion as of March 31, 2025, an increase of $84.3 million, or 3.69%, from $2.29 billion as of December 31, 2024.
Deposits were $2.00 billion as of March 31, 2025, an increase of $120.1 million, or 6.37%, from $1.88 billion as of December 31, 2024.

President and Chief Executive Officer’s Comments

Carlos P. Naudon, Ponce Financial Group, Inc.’s President and CEO, stated “We continued executing well our strategy of focusing on net interest margin, operating expenses and fee income, which translated into several positive trends this quarter. Our net interest margin this quarter increased by 18 basis points, reflecting both our high-yielding construction loans and our decreasing borrowing costs. In fact, our loan yields rose by 9 basis points while our cost of funds decreased by 10 basis points. Our operating expenses have decreased quarter over quarter, and our non-interest income compares favorably to prior periods. All-in-all, a very good quarter in these turbulent and uncertain times.”

Executive Chairman’s Comment

Steven A. Tsavaris, Ponce Financial Group’s Executive Chairman added “Most of our high-yielding construction lending has an additional benefit – it qualifies as Deep Impact lending under the U.S. Treasury’s Emergency Capital Investment Program and serves to lower the dividends payable on our preferred stock to the U.S. Treasury. Importantly, our construction initiatives also reflect our conservative underwriting, high developer equity requirements and short duration. Of our 64 on-going projects, more than 43 percent already have at least a temporary certificate of occupancy and 80 percent are at least halfway through construction.”

The table below indicate the Key Metrics at or for the three months ended:

	At or for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Performance Ratios:
Return on average assets⁽¹⁾		0.77	%		0.38	%		0.33	%		0.45	%		0.33	%
Return on common equity⁽¹⁾		7.97	%		3.76	%		3.06	%		4.60	%		3.61	%
Net interest margin^{(1) (2)}		2.98	%		2.80	%		2.65	%		2.62	%		2.71	%
Non-interest expense to average assets⁽¹⁾		2.19	%		2.25	%		2.19	%		2.28	%		2.35	%
Efficiency ratio⁽³⁾		68.70	%		75.63	%		80.87	%		80.09	%		82.56	%
Capital Ratios:
Total capital to risk-weighted assets (Ponce Financial Group)		22.84	%		22.98	%		22.87	%		23.86	%		24.47	%
Common equity Tier 1 capital to risk-weighted assets (Ponce Financial Group)		12.51	%		12.44	%		12.28	%		12.71	%		12.98	%
Tier 1 capital to total assets (Ponce Financial Group)		16.84	%		17.70	%		17.81	%		17.88	%		17.59	%
Total capital to risk-weighted assets (Bank only)		21.38	%		21.47	%		21.61	%		22.47	%		22.79	%
Common equity Tier 1 capital to risk-weighted assets (Bank only)		20.35	%		20.40	%		20.45	%		21.24	%		21.54	%
Tier 1 capital to total assets (Bank only)		15.61	%		15.81	%		16.19	%		16.70	%		16.26	%
Asset Quality Ratios:
Allowance for credit losses on loans as a percentage of total loans		0.96	%		0.97	%		1.09	%		1.18	%		1.23	%
Allowance for credit losses on loans as a percentage of nonperforming loans		84.15	%		82.29	%		139.52	%		130.28	%		140.90	%
Net (charge-offs) recoveries to average outstanding loans⁽¹⁾		(0.04	%)		(0.45	%)		(0.17	%)		(0.10	%)		(0.25	%)
Non-performing loans as a percentage of total assets		0.88	%		0.90	%		0.57	%		0.65	%		0.62	%
Other:
Number of offices		18			19			19			18			18
Number of full-time equivalent employees		211			218			228			227			233

(1) Annualized where appropriate.
(2) Net interest margin represents net interest income divided by average total interest-earning assets.
(3) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.

Summary of Results of Operations

Net income for the three months ended March 31, 2025 was $6.0 million compared to net income of $2.9 million for the three months ended December 31, 2024 and net income of $2.4 million for the three months ended March 31, 2024.

The $3.0 million increase of net income for the three months ended March 31, 2025 compared to the three months ended December 31, 2024 was attributed mainly to increases of $1.5 million in net interest income, an increase of $1.2 million in benefit for credit losses, a decrease of $0.6 million in non-interest expense and an increase of $0.3 million in non-interest income; partially offset by an increase of $0.5 million in provision for income taxes.

The $3.5 million increase of net income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to increases of $3.4 million in net interest income, $0.7 million in non-interest income and $0.3 million in benefit for credit losses, partially offset by increases of $0.7 million in provision for income taxes and $0.1 million in non-interest expense

Net Interest Income and Net Margin

Net interest income for the three months ended March 31, 2025, increased $1.5 million, or 7.11%, to $22.2 million compared to $20.7 million for the three months ended December 31, 2024 and increased $3.4 million, or 17.96%, compared to $18.8 million for the three months ended March 31, 2024.

The $1.5 million increase in net interest income from the three months ended December 31, 2024 was attributable to an increase of $1.1 million in total interest and dividend income and a decrease of $0.4 million in total interest expense.

The $3.4 million increase in net interest income from the three months ended March 31, 2024 was attributable to an increase of $4.3 million in total interest and dividend income, offset by an increase of $0.9 million in total interest expense.

For the three months ended March 31, 2025, benefit for credit losses amounted to $0.3 million, compared to $0.9 million in provision for credit losses for the prior quarter and a credit loss benefit on loans of less than $0.1 million during the first quarter of 2024.

Net interest margin was 2.98% for the three months ended March 31, 2025 compared to 2.80% for the prior quarter, an increase of 18bps and 2.71% for the same period last year, an increase of 27bps.

Non-interest Income

Non-interest income for the three months ended March 31, 2025, was $2.4 million, an increase of $0.3 million, or 13.54%, compared to $2.1 million for the three months ended December 31, 2024 and an increase of $0.7 million, or 39.48%, compared to $1.7 million for the three months ended March 31, 2024.

The $0.3 million increase in non-interest income from the three months ended December 31, 2024 was largely attributable to increases of $0.4 million in late and prepayment charges and $0.3 million in income on sale of SBA loans, partially offset by decreases of $0.2 million in other non-interest income and $0.1 million in income on sale of mortgage loans.

The $0.7 million increase in non-interest income from the three months ended March 31, 2024 was largely attributable to increases of $0.4 million in income on sale of SBA loans and $0.3 million in late and prepayment charges, partially offset by a decrease of $0.2 million in income on the sale of mortgage loans.

Non-interest Expense

Non-interest expense for the three months ended March 31, 2025, was $16.9 million, a decrease of $0.6 million, or 3.30%, compared to $17.5 million for the three months ended December 31, 2024 and an increase of $0.1 million, or 0.61%, compared to $16.8 million for the three months ended March 31, 2024.

The $0.6 million decrease in non-interest expense from the three months ended December 31, 2024 was mainly attributable to decreases of $0.3 million in professional fees, $0.2 million in marketing and promotional expenses, $0.2 million in direct loan expenses, $0.1 million in office supplies, telephone and postage, partially offset by an increase of $0.1 million in compensation and benefits.

The $0.1 million increase in non-interest expense from the three months ended March 31, 2024 was mainly attributable to increases of $0.5 million in other operating expense and $0.2 million in occupancy and equipment, partially offset by decreases of $0.4 million in professional fees and $0.3 million in direct loan expenses.

Credit Quality:

Non-performing loans were $32.0 million at March 31, 2025 compared to $32.1 million at December 31, 2024 and $22.4 million at March 31, 2024.

During the three months ended March 31, 2025, a credit loss benefit of $0.3 million on loans was recorded, consisting of $0.7 million charged on the funded portion and a benefit of $1.0 million on the unfunded portion on loans. During the three months ended December 31, 2024, a credit loss provision of $0.9 million on loans were recorded, consisting of $1.1 million charged on the funded portion and a benefit of $0.2 million on unfunded portion on loans. During the three months ended March 31, 2024, a credit loss benefit of $0.1 million on loans were recorded, consisting of $0.3 million benefit on the funded portion and a $0.2 million charged on the on unfunded portion on loans.

Balance Sheet Summary

Total assets increased $49.9 million, or 1.64%, to $3.09 billion as of March 31, 2025 from $3.04 billion as of December 31, 2024. The increase in total assets is largely attributable to increases of $84.3 million in net loans receivable, $1.2 million in accrued interest receivable and $0.4 million in right of use assets, partially offset by decreases of $9.9 million in cash and cash equivalents, $9.9 million in held-to-maturity securities, $8.4 million in other assets, $3.4 million in Federal Home Loan Bank of New York stock, $2.2 million in mortgage loans held for sale and $1.4 million in available-for-sale securities.

Total liabilities increased $41.5 million, or 1.64%, to $2.58 billion as of March 31, 2025 from $2.53 billion as of December 31, 2024. The increase in total liabilities was largely attributable to an increase of $120.1 million in deposits, $2.6 million in advance payments by borrowers for taxes, $0.9 million in accrued interest payable, $0.4 million in operating lease liabilities, partially offset by decreases of $75.0 million in borrowings and $7.5 million in other liabilities.

Total stockholders’ equity increased $8.4 million, or 1.66%, to $513.9 million as of March 31, 2025, from $505.5 million as of December 31, 2024. The $8.4 million increase in stockholders’ equity was largely attributable to $6.0 million in net income, $1.8 million in other comprehensive income, $0.5 million impact to additional paid in capital as a result of share-based compensation and $0.4 million from release of ESOP shares, offset by $0.3 million in dividends on preferred shares.

About Ponce Financial Group, Inc.

Ponce Financial Group, Inc. is the holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those funds, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties, construction and land, and, to a lesser extent, in business and consumer loans. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank’s loans; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, and their related impacts on the economy; changes in the value of securities in the investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the financial statements will become impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that Ponce Financial Group, Inc. may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in Ponce Financial Group, Inc.’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.

Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks:
Cash	$	32,113		$	35,478		$	32,061		$	23,128		$	29,972
Interest-bearing deposits		97,780			104,361			123,751			80,038			104,752
Total cash and cash equivalents		129,893			139,839			155,812			103,166			134,724
Available-for-sale securities, at fair value		103,570			104,970			111,005			113,125			116,044
Held-to-maturity securities, at amortized cost		358,024			367,938			403,736			442,113			452,955
Placement with banks		249			249			249			249			249
Mortgage loans held for sale, at fair value		8,567			10,736			9,566			37,764			7,860
Loans receivable, net		2,370,931			2,286,599			2,180,331			2,022,173			1,981,428
Accrued interest receivable		19,008			17,771			16,890			17,441			18,063
Premises and equipment, net		16,417			16,794			16,843			16,976			17,396
Right of use assets		29,496			29,093			29,785			30,349			31,021
Federal Home Loan Bank of New York stock (FHLBNY), at cost		25,807			29,182			28,515			23,972			23,892
Deferred tax assets		11,629			12,074			11,845			13,172			13,919
Other assets		16,245			24,693			51,392			21,507			21,151
Total assets	$	3,089,836		$	3,039,938		$	3,015,969		$	2,842,007		$	2,818,702
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	2,004,947		$	1,884,864		$	1,870,323		$	1,606,097		$	1,585,784
Operating lease liabilities		31,126			30,696			31,343			31,861			32,486
Accrued interest payable		4,628			3,712			2,918			6,820			4,218
Advance payments by borrowers for taxes and insurance		12,901			10,349			13,733			10,838			13,245
Borrowings		521,100			596,100			580,421			680,421			680,421
Other liabilities		1,248			8,717			12,642			8,313			8,866
Total liabilities		2,575,950			2,534,438			2,511,380			2,344,350			2,325,020
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized		225,000			225,000			225,000			225,000			225,000
Common stock, $0.01 par value; 200,000,000 shares authorized		249			249			249			249			249
Treasury stock, at cost		(7,641	)		(7,707	)		(9,445	)		(9,519	)		(9,702	)
Additional paid-in-capital		207,888			207,319			208,478			207,934			207,584
Retained earnings		113,432			107,754			105,103			102,951			99,834
Accumulated other comprehensive loss		(13,515	)		(15,297	)		(12,686	)		(16,557	)		(16,590	)
Unearned compensation ─ ESOP		(11,527	)		(11,818	)		(12,110	)		(12,401	)		(12,693	)
Total stockholders’ equity		513,886			505,500			504,589			497,657			493,682
Total liabilities and stockholders’ equity	$	3,089,836		$	3,039,938		$	3,015,969		$	2,842,007		$	2,818,702

Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Interest and dividend income:
Interest on loans receivable	$	37,136		$	35,622		$	32,945		$	31,281		$	30,664
Interest on deposits due from banks		1,668			1,783			2,430			1,542			2,911
Interest and dividend on securities and FHLBNY stock		5,193			5,481			5,918			5,969			6,091
Total interest and dividend income		43,997			42,886			41,293			38,792			39,666
Interest expense:
Interest on certificates of deposit		7,754			8,104			6,926			6,358			6,380
Interest on other deposits		8,554			8,476			8,519			7,389			6,540
Interest on borrowings		5,486			5,576			6,825			7,141			7,923
Total interest expense		21,794			22,156			22,270			20,888			20,843
Net interest income		22,203			20,730			19,023			17,904			18,823
(Benefit) provision for credit losses⁽¹⁾		(285	)		897			537			(867	)		(16	)
Net interest income after (benefit) provision for credit losses		22,488			19,833			18,486			18,771			18,839
Non-interest income:
Service charges and fees		525			500			508			492			473
Brokerage commissions		4			44			—			9			8
Late and prepayment charges		697			318			77			426			359
Income on sale of mortgage loans		148			254			218			274			302
Income on sale of SBA loans		404			148			—			—			—
Other		603			833			348			1,057			565
Total non-interest income		2,381			2,097			1,151			2,258			1,707
Non-interest expense:
Compensation and benefits		7,780			7,668			7,674			7,724			7,844
Occupancy and equipment		3,913			3,863			3,786			3,564			3,667
Data processing expenses		1,152			1,143			1,099			1,013			1,127
Direct loan expenses		388			617			573			633			732
Insurance and surety bond premiums		315			293			292			263			253
Office supplies, telephone and postage		170			294			222			233			249
Professional fees		1,364			1,703			1,351			1,369			1,723
Microloans recoveries		—			(29	)		(54	)		(65	)		(53	)
Marketing and promotional expenses		83			289			180			145			100
Federal deposit insurance and regulatory assessment⁽²⁾		461			418			392			428			389
Other operating expenses⁽²⁾		1,262			1,206			1,051			1,333			755
Total non-interest expense⁽¹⁾		16,888			17,465			16,566			16,640			16,786
Income before income taxes		7,981			4,465			3,071			4,389			3,760
Provision for income taxes		2,022			1,532			638			1,197			1,346
Net income	$	5,959		$	2,933		$	2,433		$	3,192		$	2,414
Dividends on preferred shares		281			282			281			75			—
Net income available to common stockholders	$	5,678		$	2,651		$	2,152		$	3,117		$	2,414
Earnings per common share:
Basic	$	0.25		$	0.12		$	0.10		$	0.14		$	0.11
Diluted	$	0.25		$	0.12		$	0.10		$	0.14		$	0.11
Weighted average common shares outstanding:
Basic		22,662,916			22,528,160			22,446,009			22,409,803			22,353,492
Diluted		22,876,740			22,807,644			22,612,028			22,419,309			22,366,728

(1) For the three months ended December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, (benefit) provision for contingencies in the amounts of ($0.2 million), ($0.3 million), ($0.5 million) and $0.2 million were reclassified from total non-interest expense to (benefit) provision for credit losses.

(2) For the three months ended September 30, 2024, June 30, 2024, and March 31, 2024, $0.3 million of federal deposit insurance was reclassified from other operating expenses to federal deposit insurance and regulatory assessments and $0.1 million of directors’ fees were reclassified from federal deposit insurance and regulatory assessments to other operating expenses for each periods.

Ponce Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in thousands, except per share data)

	For the Three Months Ended March 31,
	2025			2024			Variance $			Variance %
Interest and dividend income:
Interest on loans receivable	$	37,136		$	30,664		$	6,472			21.11	%
Interest on deposits due from banks		1,668			2,911			(1,243	)		(42.70	%)
Interest and dividend on securities and FHLBNY stock		5,193			6,091			(898	)		(14.74	%)
Total interest and dividend income		43,997			39,666			4,331			10.92	%
Interest expense:
Interest on certificates of deposit		7,754			6,380			1,374			21.54	%
Interest on other deposits		8,554			6,540			2,014			30.80	%
Interest on borrowings		5,486			7,923			(2,437	)		(30.76	%)
Total interest expense		21,794			20,843			951			4.56	%
Net interest income		22,203			18,823			3,380			17.96	%
Benefit for credit losses ⁽¹⁾		(285	)		(16	)		(269	)		1,681.25	%
Net interest income after benefit for credit losses		22,488			18,839			3,649			19.37	%
Non-interest income:
Service charges and fees		525			473			52			10.99	%
Brokerage commissions		4			8			(4	)		(50.00	%)
Late and prepayment charges		697			359			338			94.15	%
Income on sale of mortgage loans		148			302			(154	)		(50.99	%)
Income on sale of SBA loans		404			—			404			—	%
Other		603			565			38			6.73	%
Total non-interest income		2,381			1,707			674			39.48	%
Non-interest expense:
Compensation and benefits		7,780			7,844			(64	)		(0.82	%)
Occupancy and equipment		3,913			3,667			246			6.71	%
Data processing expenses		1,152			1,127			25			2.22	%
Direct loan expenses		388			732			(344	)		(46.99	%)
Insurance and surety bond premiums		315			253			62			24.51	%
Office supplies, telephone and postage		170			249			(79	)		(31.73	%)
Professional fees		1,364			1,723			(359	)		(20.84	%)
Microloans recoveries		—			(53	)		53			(100.00	%)
Marketing and promotional expenses		83			100			(17	)		(17.00	%)
Federal deposit insurance and regulatory assessments ⁽²⁾		461			389			72			18.51	%
Other operating expenses ⁽²⁾		1,262			755			507			67.15	%
Total non-interest expense ⁽¹⁾		16,888			16,786			102			0.61	%
Income before income taxes		7,981			3,760			4,221			112.26	%
Provision for income taxes		2,022			1,346			676			50.22	%
Net income	$	5,959		$	2,414		$	3,545			146.85	%
Dividends on preferred shares		281			—			281			—	%
Net income available to common stockholders	$	5,678		$	2,414		$	3,264			135.21	%
Earnings per common share:
Basic	$	0.25		$	0.11		$	0.14			127.27	%
Diluted	$	0.25		$	0.11		$	0.14			127.27	%
Weighted average common shares outstanding:
Basic		22,662,916			22,353,492			309,424			1.38	%
Diluted		22,876,740			22,366,728			510,012			2.28	%

(1) For the three months ended March 31, 2024, provision for contingencies in the amount of $0.2 million were reclassified from total non-interest expense to benefit for credit losses.

(2) For the three months ended March 31, 2024, $0.3 million of federal deposit insurance was reclassified from other operating expenses to federal deposit insurance and regulatory assessments and $0.1 million of directors’ fees were reclassified from federal deposit insurance and regulatory assessments to other operating expenses.

Ponce Financial Group, Inc. and Subsidiaries
Loans Receivable excluding Mortgage Loans Held for Sale

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

	(Dollars in thousands)
Mortgage loans:
1-4 family residential
Investor Owned	$	325,866			13.62	%	$	330,053			14.30	%	$	332,380			15.09	%	$	337,292			16.49	%	$	339,331			16.92	%
Owner-Occupied		137,676			5.75	%		142,363			6.17	%		145,065			6.59	%		147,485			7.21	%		150,842			7.52	%
Multifamily residential		675,541			28.24	%		670,159			29.04	%		678,029			30.78	%		545,323			26.66	%		545,825			27.22	%
Nonresidential properties		390,681			16.33	%		389,898			16.89	%		383,277			17.40	%		337,583			16.51	%		327,350			16.32	%
Construction and land		815,425			34.08	%		733,660			31.79	%		631,461			28.67	%		641,879			31.39	%		608,665			30.35	%
Total mortgage loans		2,345,189			98.02	%		2,266,133			98.19	%		2,170,212			98.53	%		2,009,562			98.26	%		1,972,013			98.33	%
Non-mortgage loans:
Business loans		46,329			1.94	%		40,849			1.77	%		28,499			1.29	%		30,222			1.48	%		26,664			1.33	%
Consumer loans⁽¹⁾		997			0.04	%		1,038			0.04	%		4,021			0.18	%		5,305			0.26	%		6,741			0.34	%
Total non-mortgage loans		47,326			1.98	%		41,887			1.81	%		32,520			1.47	%		35,527			1.74	%		33,405			1.67	%
Total loans, gross		2,392,515			100.00	%		2,308,020			100.00	%		2,202,732			100.00	%		2,045,089			100.00	%		2,005,418			100.00	%
Net deferred loan origination costs		1,390						1,081						1,565						1,145						674
Allowance for credit losses on loans		(22,974	)					(22,502	)					(23,966	)					(24,061	)					(24,664	)
Loans, net	$	2,370,931					$	2,286,599					$	2,180,331					$	2,022,173					$	1,981,428

(1) As of September 30, 2024, June 30, 2024, and March 31, 2024, consumer loans include $3.0 million, $4.3 million, and $5.7 million, respectively, of microloans originated by the Bank. As of December 31, 2024, these microloans were charged-off.

Ponce Financial Group, Inc. and Subsidiaries
Allowance for Credit Losses on Loans

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

	(Dollars in thousands)
Allowance for credit losses on loans at beginning of the period	$	22,502		$	23,966		$	24,061		$	24,664		$	26,154
Provision (benefit) for credit losses on loans		731			1,090			801			(120	)		(255	)
Charge-offs:
Mortgage loans:
1-4 family residences
Investor owned		(38	)		—			—			—			—
Owner occupied		—			—			—			—			—
Multifamily residences		—			—			—			—			—
Nonresidential properties		—			—			(7	)		—			—
Construction and land		—			—			—			—			—
Non-mortgage loans:
Business		(222	)		(232	)		(450	)		—			(52	)
Consumer		(3	)		(2,465	)		(634	)		(747	)		(1,302	)
Total charge-offs		(263	)		(2,697	)		(1,091	)		(747	)		(1,354	)
Recoveries:
Non-mortgage loans:
Business		4			—			1			7			1
Consumer		—			143			194			257			118
Total recoveries		4			143			195			264			119
Net (charge-offs) recoveries		(259	)		(2,554	)		(896	)		(483	)		(1,235	)
Allowance for credit losses on loans at end of the period	$	22,974		$	22,502		$	23,966		$	24,061		$	24,664

Ponce Financial Group, Inc. and Subsidiaries
Deposits

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

	(Dollars in thousands)
Demand	$	212,139		10.58	%	$	169,178		8.98	%	$	182,737		9.78	%	$	178,125		11.09	%	$	191,541		12.07	%
Interest-bearing deposits:
NOW/IOLA accounts		74,430		3.71	%		62,616		3.32	%		71,445		3.82	%		81,178		5.05	%		73,202		4.62	%
Money market accounts		692,753		34.55	%		636,219		33.75	%		660,168		35.30	%		502,255		31.27	%		482,344		30.42	%
Reciprocal deposits		141,838		7.07	%		130,677		6.93	%		94,145		5.03	%		109,945		6.85	%		97,718		6.16	%
Savings accounts		106,122		5.29	%		105,870		5.62	%		108,941		5.82	%		109,694		6.83	%		112,713		7.11	%
Total NOW, money market, reciprocal and savings accounts		1,015,143		50.62	%		935,382		49.62	%		934,699		49.97	%		803,072		50.00	%		765,977		48.31	%
Certificates of deposit of $250K or more⁽¹⁾		219,721		10.96	%		204,293		10.84	%		210,262		11.25	%		189,683		11.82	%		183,478		11.57	%
Brokered certificates of deposit⁽²⁾		84,531		4.22	%		94,531		5.02	%		94,531		5.05	%		94,614		5.89	%		94,689		5.97	%
Listing service deposits⁽²⁾		6,140		0.31	%		7,376		0.39	%		7,376		0.39	%		9,361		0.58	%		12,688		0.80	%
All other certificates of deposit less than $250K⁽¹⁾		467,273		23.31	%		474,104		25.15	%		440,718		23.56	%		331,242		20.62	%		337,411		21.28	%
Total certificates of deposit		777,665		38.80	%		780,304		41.40	%		752,887		40.25	%		624,900		38.91	%		628,266		39.62	%
Total interest-bearing deposits		1,792,808		89.42	%		1,715,686		91.02	%		1,687,586		90.22	%		1,427,972		88.91	%		1,394,243		87.93	%
Total deposits	$	2,004,947		100.00	%	$	1,884,864		100.00	%	$	1,870,323		100.00	%	$	1,606,097		100.00	%	$	1,585,784		100.00	%

(1) As of September 30, 2024, June 30, 2024 and March 31, 2024, $36.2 million, $33.5 million and $37.2 million, respectively, were reclassified from all other certificates of deposit less than $250K to certificates of deposit of $250K or more.

(2) There were no individual listing service deposits amounting to $250,000 or more. There was one brokered certificates of deposit in the amount of $1.5 million amounting to $250,000 or more. All other brokered certificates of deposit individually amounted to less than $250,000.

Ponce Financial Group, Inc. and Subsidiaries
Nonperforming Assets

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

	(Dollars in thousands)
Non-accrual loans:
Mortgage loans:
1-4 family residential
Investor owned	$	1,052		$	436		$	436		$	436		$	399
Owner occupied		1,423			1,423			1,423			1,423			1,426
Multifamily residential		9,788			10,271			4,685			5,754			4,098
Nonresidential properties		—			—			824			828			441
Construction and land		14,159			14,158			8,907			8,907			10,277
Non-mortgage loans:
Business		170			343			180			396			146
Consumer		—			—			—			—			—
Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty)⁽¹⁾	$	26,592		$	26,631		$	16,455		$	17,744		$	16,787

Non-accruing modifications to borrowers experiencing financial difficulty⁽¹⁾:
Mortgage loans:
1-4 family residential
Investor owned	$	279		$	279		$	278		$	277		$	270
Owner occupied		431			435			444			448			447
Multifamily residential		—			—			—			—			—
Nonresidential properties		—			—			—			—			—
Construction and land		—			—			—			—			—
Non-mortgage loans:
Business		—			—			—			—			—
Consumer		—			—			—			—			—
Total non-accruing modifications to borrowers experiencing financial difficulty⁽¹⁾		710			714			722			725			717
Total non-accrual loans⁽²⁾	$	27,302		$	27,345		$	17,177		$	18,469		$	17,504

Accruing modifications to borrowers experiencing financial difficulty (1):
Mortgage loans:
1-4 family residential
Investor owned	$	1,792		$	1,807		$	1,821		$	1,830		$	1,850
Owner occupied		2,038			2,062			2,116			2,171			2,288
Multifamily residential		—			—			—			—			—
Nonresidential properties		644			652			672			707			748
Construction and land		—			—			—			—			—
Non-mortgage loans:
Business		209			215			222			—			—
Consumer		—			—			—			—			—
Total accruing modifications to borrowers experiencing financial difficulty⁽¹⁾	$	4,683		$	4,736		$	4,831		$	4,708		$	4,886
Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty⁽¹⁾	$	31,985		$	32,081		$	22,008		$	23,177		$	22,390
Total non-performing assets to total assets		0.88	%		0.90	%		0.57	%		0.65	%		0.62	%

(1) Balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings.

(2) Includes nonperforming mortgage loans held for sale.

Ponce Financial Group, Inc. and Subsidiaries
Average Balance Sheets

	For the Three Months Ended March 31,
	2025						2024
	Average						Average
	Outstanding				Average		Outstanding				Average
	Balance		Interest		Yield/Rate⁽¹⁾		Balance		Interest		Yield/Rate⁽¹⁾

	(Dollars in thousands)
Interest-earning assets:
Loans⁽²⁾	$	2,369,433	$	37,136	6.36	%	$	1,979,263	$	30,664	6.23	%
Securities⁽³⁾		467,560		4,521	3.92	%		576,235		5,619	3.92	%
Other⁽⁴⁾		186,021		2,340	5.10	%		238,432		3,383	5.71	%
Total interest-earning assets		3,023,014		43,997	5.90	%		2,793,930		39,666	5.71	%
Non-interest-earning assets		109,166						106,566
Total assets	$	3,132,180					$	2,900,496
Interest-bearing liabilities:
NOW/IOLA	$	72,354	$	115	0.64	%	$	82,849	$	218	1.06	%
Money market		827,948		8,411	4.12	%		544,563		6,292	4.65	%
Savings		105,171		26	0.10	%		113,501		28	0.10	%
Certificates of deposit		794,270		7,754	3.96	%		629,528		6,380	4.08	%
Total deposits		1,799,743		16,306	3.67	%		1,370,441		12,918	3.79	%
Advance payments by borrowers		12,445		2	0.07	%		12,886		2	0.06	%
Borrowings		568,601		5,486	3.91	%		771,070		7,923	4.13	%
Total interest-bearing liabilities		2,380,789		21,794	3.71	%		2,154,397		20,843	3.89	%
Non-interest-bearing liabilities:
Non-interest-bearing demand		196,627		—				198,862		—
Other non-interest-bearing liabilities		43,915		—				54,061		—
Total non-interest-bearing liabilities		240,542		—				252,923		—
Total liabilities		2,621,331		21,794				2,407,320		20,843
Total equity		510,849						493,176
Total liabilities and total equity	$	3,132,180			3.71	%	$	2,900,496			3.89	%
Net interest income			$	22,203					$	18,823
Net interest rate spread⁽⁵⁾					2.19	%					1.82	%
Net interest-earning assets⁽⁶⁾	$	642,225					$	639,533
Net interest margin⁽⁷⁾					2.98	%					2.71	%
Average interest-earning assets to interest-bearing liabilities					126.98	%					129.69	%

(1) Annualized where appropriate.
(2) Loans include loans and mortgage loans held for sale, at fair value.
(3) Securities include available-for-sale securities and held-to-maturity securities.
(4) Includes FHLBNY demand account, FHLBNY stock dividends and FRBNY demand deposits.
(5) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(6) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(7) Net interest margin represents net interest income divided by average total interest-earning assets.

Ponce Financial Group, Inc. and Subsidiaries
Other Data

	As of
	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Other Data
Common shares issued		24,886,711		24,886,711		24,886,711		24,886,711		24,886,711
Less treasury shares		920,520		925,497		1,067,248		1,074,979		1,096,214
Common shares outstanding at end of period		23,966,191		23,961,214		23,819,463		23,811,732		23,790,497

Book value per common share	$	12.05	$	11.71	$	11.74	$	11.45	$	11.29
Tangible book value per common share	$	12.05	$	11.71	$	11.74	$	11.45	$	11.29

Contact:
Sergio J. Vaccaro
sergio.vaccaro@poncebank.net
718-931-9000

MIL-OSI: Southpac Trust Nevis Celebrates 25 Years of Excellence as Nevis LLC Registrations Surge

Source: GlobeNewswire (MIL-OSI)

Photo Courtesy of Southpac Trust

CHARLESTOWN, St. Kitts and Nevis, April 25, 2025 (GLOBE NEWSWIRE) — Southpac Trust Nevis Limited, a leading provider of offshore financial services, announces the celebration of its 25th anniversary, marking a quarter-century of excellence in the international financial services sector. Becoming part of the Southpac Group in 2000, the company has played a major role in establishing Nevis as a premier jurisdiction for asset protection and wealth management solutions, shown by the registration of its 1000th Limited Liability Company (LLC) in 2022.

Since reaching this significant milestone, Southpac Trust Nevis has experienced exponential growth in LLC registrations, indicating the increasing global demand for robust asset protection structures. The Nevis LLC, known for its strong privacy provisions and formidable asset protection features, has become increasingly attractive to international clients seeking to safeguard their assets in an uncertain economic climate.

Over the past 25 years, Nevis has evolved into one of the world’s most respected offshore financial centers. The registration of the 1000th LLC in 2022 marked a significant milestone, but what’s truly remarkable is how demand has accelerated since then.

According to industry data, the global market for offshore structures has expanded significantly since 2020, with jurisdictions offering enhanced privacy and strong asset protection seeing the most significant increases. Nevis has distinguished itself as a standout performer in this sector, with its LLC registrations growing steadily.

The Nevis LLC has gained international recognition for its exceptional protective features, including the requirement for plaintiffs to post a substantial bond before filing claims against Nevis-based assets—a provision that effectively deters frivolous litigation. Additionally, the structure’s confidentiality provisions, which keep member information private, have proven increasingly valuable as concerns about financial privacy continue to mount worldwide.

What distinguishes the Nevis LLC is its perfect balance of operational flexibility and robust asset protection. These qualities have become indispensable for high-net-worth individuals, entrepreneurs, and forward-thinking business owners looking to protect their hard-earned assets.

Southpac Trust Nevis has grown since its founding, expanding its service offerings beyond LLC registrations to include comprehensive wealth protection solutions such as international trusts, Nevis business corporations, and multiform foundations. The company also provides corporate manager, director, and secretary services that maximize both privacy and asset security.

As STNL celebrates its 25-year milestone, it continues to uphold its founding principles of integrity, confidentiality, and excellence in service. The offshore company registration market was valued at approximately USD 24.08 billion in 2023 and is projected to reach USD 37.13 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.4%. The remarkable growth witnessed, particularly in recent years, inspires continued progress towards this approximation.

Visit https://southpactrust.com/ to learn more about Southpac Trust Nevis and its comprehensive offshore financial services.

About Southpac Trust Nevis

Becoming part of the Southpac Group in 2000, Southpac Trust Nevis Limited is a premier provider of offshore financial services specializing in the formation and administration of Nevis LLCs, international trusts, and other wealth protection structures. With 25 years of experience, the company has established itself as a trusted partner for clients seeking secure, confidential, and legally robust asset protection solutions. Southpac Trust Nevis is committed to protecting and growing clients’ wealth while serving the needs of high-net-worth individuals and their families.

Contact Information:

Contact Person’s Name: Southpac Customer Support
Organization / Company: Southpac Trust
Company website: https://southpactrust.com/
Contact Email Address: enquiries@southpacgroup.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d7e6d3f-464b-4fd8-9434-a12eb2fb7ee0

MIL-OSI: Correction: Reporting of granting of Tryg shares by senior management

Source: GlobeNewswire (MIL-OSI)

With reference to company announcement no. 16/2025 dated 18 March 2025 regarding the granting of shares to Group CFO Allan Kragh Thaysen, the number of shares granted was incorrectly stated. The correct number of shares granted to Allan Kragh Thaysen is 5,748 corresponding to a total value of DKK 919.105,20.

A corrected transaction statement is attached.

Attachment

24_2025.04.25 Transaction statement

MIL-OSI: Lakeland Financial Reports a 12% Increase in Net Interest Income and Organic Loan Growth of 4%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., April 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $20.1 million for the three months ended March 31, 2025, which represents a decrease of $3.3 million, or 14%, compared with net income of $23.4 million for the three months ended March 31, 2024. Diluted earnings per share were $0.78 for the first quarter of 2025 and decreased $0.13, or 14%, compared to $0.91 for the first quarter of 2024. On a linked quarter basis, net income decreased $4.1 million, or 17%, to $24.2 million. Diluted earnings per share decreased $0.16, or 17%, from $0.94 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $31.0 million for the three months ended March 31, 2025, an increase of $1.7 million, or 6%, compared to $29.3 million for the three months ended March 31, 2024.

“Our first quarter results are highlighted by double digit growth in net interest income and strong net interest margin expansion,” stated David M. Findlay, Chairman and CEO. “Further, we continued to experience healthy loan growth that was funded with equally positive deposit growth. The Lake City Bank team delivered encouraging operating results in the quarter.”

Quarterly Financial Performance

First Quarter 2025 versus First Quarter 2024 highlights:

Tangible book value per share grew by $1.80, or 7%, to $26.85
Average loans grew by $214.9 million, or 4%, to $5.19 billion
Core deposits grew by $402.5 million, or 7%, to $5.83 billion
Net interest margin improved 25 basis points to 3.40% versus 3.15%
Net interest income increased by $5.5 million, or 12%
Revenue grew by 6% from $60.0 million to $63.8 million
Provision expense of $6.8 million, compared to $1.5 million
Watch list loans as a percentage of total loans increased to 4.13% from 3.67%
Pretax, pre-provision earnings increased by $1.7 million, or 6%
Common equity tier 1 capital improved to 14.51%, compared to 14.21%
Tangible capital ratio improved to 10.09%, compared to 9.80%
Average equity increased by $51.0 million, or 8%

First Quarter 2025 versus Fourth Quarter 2024 highlights:

Tangible book value per share grew by $0.38, or 1%, to $26.85
Average loans grew by $99.3 million, or 2%, to $5.19 billion
Net interest margin improved 15 basis points to 3.40% versus 3.25%
Net interest income increased by $1.2 million, or 2%
Provision expense of $6.8 million, compared to $3.7 million
Watch list loans as a percentage of total loans remained at 4.13%
Pretax, pre-provision earnings decreased $1.9 million, or 6%
Common equity tier 1 capital of 14.51%, compared to 14.64%
Tangible capital ratio of 10.09%, compared to 10.19%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.77% at March 31, 2025, compared to 15.46% at March 31, 2024, and down from 15.90% at December 31, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.09% at March 31, 2025, compared to 9.80% at March 31, 2024, and down from 10.19% at December 31, 2024. Unrealized losses from available-for-sale investment securities were $188.3 million at March 31, 2025, compared to $189.9 million at March 31, 2024 and $191.1 million at December 31, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.19% at March 31, 2025, compared to 12.03% at March 31, 2024, and down from 12.37% at December 31, 2024.

As announced on April 8, 2025, the board of directors approved a cash dividend for the first quarter of $0.50 per share, payable on May 5, 2025, to shareholders of record as of April 25, 2025. The first quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the first quarter of 2024.

The board of directors also reauthorized and extended the company’s share repurchase program through April 30, 2027 with remaining aggregate purchase price authority of $30.0 million. The company anticipates activating the share repurchase program during the second quarter of 2025.

Kristin L. Pruitt, President commented, “We believe that the recent stock price performance, driven by the impact of tariff activity, provides us with an opportunity to return capital to shareholders at attractive prices through our repurchase plan. Further, our strong capital levels continue to provide capacity for organic loan growth in our Indiana markets. Our capital position also supports our continued growth in the dividend paid to shareholders.”

Loan Portfolio

Average total loans of $5.19 billion in the first quarter of 2025 increased $214.9 million, or 4%, from $4.97 billion for the first quarter of 2024, and increased $99.3 million, or 2%, from $5.09 billion for the fourth quarter of 2024. Total loans, net of deferred loan fees, increased by $224.8 million, or 4%, from $5.00 billion as of March 31, 2024, to $5.23 billion as of March 31, 2025. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $143.4 million, or 6%, our commercial and industrial loan portfolio growing by $46.3 million, or 3%, our consumer 1-4 family mortgage loans portfolio growing by $39.7 million, or 9%, and our agri-business and agricultural loan portfolio growing by $15.9 million, or 4%. These increases were offset by a decrease to other commercial loans of $25.4 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $104.9 million, or 2%, from $5.12 billion at December 31, 2024. The linked quarter increase was primarily a result of growth in total commercial and industrial loans of $72.7 million, or 5%, growth in total commercial real estate and multi-family residential loans of $28.3 million, or 1%, and growth in our consumer 1-4 family mortgage loans portfolio of $10.0 million, or 2%.

Commercial loan originations for the first quarter included approximately $365.0 million in loan originations, offset by approximately $268.0 million in commercial loan pay downs. Line of credit usage increased to 43% as of March 31, 2025, compared to 39% at March 31, 2024 and 41% as of December 31, 2024. Total available lines of credit contracted by $153.0 million, or 3%, as compared to a year ago, and line usage increased by $122.0 million, or 7%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $100.6 million for this sector represented 2% of total loans at March 31, 2025, a decrease of $1.1 million, or 1%, from December 31, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 214% of total risk-based capital at March 31, 2025.

“We are encouraged by the continued organic loan growth during the quarter. In particular, we are pleased to see the upward trend in commercial line utilization, which reached 43% in the first quarter compared to 39% a year ago. Commercial and Industrial loan growth was a highlight this quarter and positively impacted our commercial line utilization,” added Findlay. “Linked quarter loan growth was largely driven by expansion in working capital lines of credit loans and construction and land development loans.”

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

DEPOSIT DETAIL (unaudited, in thousands)

	March 31, 2025				December 31, 2024				March 31, 2024
Retail	$	1,787,992	30.0	%	$	1,780,726	30.2	%	$	1,770,007	31.5	%
Commercial		2,336,910	39.2			2,269,049	38.4			2,117,536	37.7
Public funds		1,709,883	28.7			1,809,631	30.7			1,544,775	27.5
Core deposits		5,834,785	97.9			5,859,406	99.3			5,432,318	96.7
Brokered deposits		125,409	2.1			41,560	0.7			185,767	3.3
Total	$	5,960,194	100.0	%	$	5,900,966	100.0	%	$	5,618,085	100.0	%

Total deposits increased $342.1 million, or 6%, from $5.62 billion as of March 31, 2024, to $5.96 billion as of March 31, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $402.5 million, or 7%. Total core deposits at March 31, 2025 were $5.83 billion and represented 98% of total deposits, as compared to $5.43 billion and 97% of total deposits at March 31, 2024. Brokered deposits were $125.4 million, or 2% of total deposits, at March 31, 2025, compared to $185.8 million, or 3% of total deposits, at March 31, 2024.

The increase in core deposits since March 31, 2024, reflects growth in all three core deposit components. Commercial deposits grew annually by $219.4 million, or 10%, to $2.34 billion. Commercial deposits as a percentage of total deposits expanded to 39%, up from 38%. Public funds deposits grew annually by $165.1 million, or 11%, to $1.71 billion. Public funds deposits as a percentage of total deposits was 29%, up from 28%. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Retail deposits expanded by $18.0 million, or 1%, to $1.79 billion. Retail deposits as a percentage of total deposits was 30% of total deposits, down from 32%.

On a linked quarter basis, total deposits increased $59.2 million, or 1%, from $5.90 billion at December 31, 2024, to $5.96 billion at March 31, 2025. Core deposits decreased by $24.6 million, or less than 1%, while brokered deposits increased by $83.8 million, or 202%. The linked quarter reduction in core deposits resulted primarily from a seasonal decrease in public funds deposits of $99.7 million, or 6%. Offsetting this increase was an increase in commercial deposits of $67.9 million, or 3%, and an increase in retail deposits of $7.3 million, or less than 1%.

“Annual core deposit growth of 7% continues to provide liquidity to fund loan growth. We continue to see opportunities to gain market share in our Indiana footprint,” noted Lisa M. O’Neill, Executive Vice President and Chief Financial Officer. “Our diversified funding base is stable, and average checking account balances continue to maintain liquidity in excess of pre-pandemic levels.”

Average total deposits were $5.87 billion for the first quarter of 2025, an increase of $244.3 million, or 4%, from $5.63 billion for the first quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $260.1 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $439.5 million, or 14%. Offsetting this increase was a reduction in average time deposits of $167.7 million, or 17%, and a decrease to average savings deposits of $11.8 million, or 4%. Average noninterest-bearing demand deposits decreased by $15.8 million, or 1%.

On a linked quarter basis, average total deposits decreased by $136.4 million, or 2%, from $6.01 billion for the fourth quarter of 2024 to $5.87 billion for the first quarter of 2025. Average interest bearing deposits drove the decrease to total average deposits, which decreased by $112.8 million, or 2%. Driving the decrease to average interest bearing deposits were decreases to total average time deposits of $102.7 million, or 11%, and interest bearing checking accounts of $19.0 million, or 1%. Average noninterest bearing demand deposits decreased by $23.6 million, or 2%.

Checking account trends as of March 31, 2025 compared to March 31, 2024, include growth of $222.5 million, or 17%, in aggregate public fund checking account balances, growth of $212.3 million, or 11%, in aggregate commercial checking account balances, and growth of $35.5 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 57% as of March 31, 2025, compared to 62% at December 31, 2024, and 54% at March 31, 2024, reflecting changes in core deposits and growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 29% of total deposits at March 31, 2025, compared to 32% at December 31, 2024, and 27% at March 31, 2024. At March 31, 2025, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.40% for the first quarter of 2025, representing a 25 basis point increase from 3.15% for the first quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 45 basis points from 2.82% for the first quarter of 2024 to 2.37% for the first quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 20 basis points from 5.97% for the first quarter of 2024 to 5.77% for the first quarter of 2025.

Linked quarter net interest margin expanded by 15 basis points to 3.40% for the first quarter of 2025, compared to 3.25% for the fourth quarter of 2024. Interest expense as a percentage of average earning assets decreased 19 basis points from 2.56% to 2.37% on a linked quarter basis. Average earning asset yields decreased by 4 basis points from 5.81% to 5.77% on a linked quarter basis. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the previous monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at March 31, 2025, March 31, 2024 and December 31, 2024.

“We continue to see improvements in net interest margin due to the Federal Reserve Bank’s rate easing cycle. Our deposit costs have declined more than loan yields resulting in year over year improvements in net interest margin of 25 basis points and linked quarter improvements of 15 basis points,” stated O’Neill. “Net interest margin expansion combined with healthy loan growth has contributed to double digit growth in net interest income.”

The loan beta for the current rate-easing cycle is 37% compared to the deposit beta of 55%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

Net interest income was $52.9 million for the first quarter of 2025, representing an increase of $5.5 million, or 12%, as compared to the first quarter of 2024. Net interest income for the first quarter of 2025 benefited from a decrease in deposit interest expense of $4.7 million and a decrease in borrowings interest expense of $1.3 million. Offsetting these effects on net interest income was a decrease in loan interest of $910,000. On a linked quarter basis, net interest income increased $1.2 million, or 2%, from $51.7 million for the fourth quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a reduction in interest expense of $4.1 million and offset by a reduction in interest income of $2.9 million.

Asset Quality

The company recorded a provision for credit losses of $6.8 million in the first quarter of 2025, an increase of $5.3 million, as compared to $1.5 million in the first quarter of 2024. On a linked quarter basis, the provision expense increased by $3.1 million, from $3.7 million for the fourth quarter of 2024. Provision expense during the first quarter of 2025 was primarily attributable to an increase in the specific allocation for the previously disclosed $43.3 million nonperforming credit to an industrial company in Northern Indiana.

The allowance for credit loss reserve to total loans was 1.77% at March 31, 2025, up from 1.46% at March 31, 2024, and 1.68% at December 31, 2024. Net charge offs in the first quarter of 2025 were $327,000 compared to $312,000 in the first quarter of 2024 and $1.4 million during the linked fourth quarter of 2024. Annualized net charge offs to average loans were 0.03% for the first quarter of 2025, compared to 0.03% for the first quarter of 2024, and 0.11% for the linked fourth quarter of 2024.

Nonperforming assets increased $42.6 million, or 280%, to $57.9 million as of March 31, 2025, versus $15.2 million as of March 31, 2024. On a linked quarter basis, nonperforming assets increased $1.0 million, or 2%, compared to $56.9 million as of December 31, 2024. The ratio of nonperforming assets to total assets at March 31, 2025 increased to 0.84% from 0.23% at March 31, 2024, and decreased from 0.85% at December 31, 2024. The increase in nonperforming assets was primarily driven by the aforementioned credit.

Total individually analyzed and watch list loans increased by $32.3 million, or 18%, to $215.6 million as of March 31, 2025, versus $183.3 million as of March 31, 2024. On a linked quarter basis, total individually analyzed and watch list loans increased by $4.4 million, or 2%, from $211.1 million at December 31, 2024. The linked quarter increase in total individually analyzed and watch list loans was primarily driven by the addition of five commercial relationships to the watch list with aggregate balances of $11.5 million and offset by watch list removals of two relationships with aggregate balances of $8.0 million. Watch list loans as a percentage of total loans were 4.13% at March 31, 2025, an increase of 46 basis points compared to 3.67% at March 31, 2024, and unchanged from December 31, 2024.

“Asset quality remains stable with watch list loans as a percentage of total loans at 4.13%,” commented Findlay. “It is premature to comment on the impact of the tariff activity on our borrowers’ businesses and we are actively talking with our clients to understand the impact of this trade policy activity. As part of our internal credit administration and loan review process, we initiated a detailed plan to identify and analyze specific industries and clients that may be more sensitive to the effects of tariffs. As part of this process, our credit team is aggregating and segmenting direct and indirect exposure that our commercial and industrial borrowers have with international trading partners.”

Investment Portfolio Overview

Total investment securities were $1.13 billion at March 31, 2025, reflecting a decrease of $12.0 million, or 1%, as compared to $1.14 billion at March 31, 2024. On a linked quarter basis, investment securities increased $9.9 million, or 1%, due primarily to security purchases of $22.2 million, offset by improvement in the fair market value of available-for-sale securities of $2.8 million, and cash flows from calls, paydowns and maturities of $14.7 million. Investment securities represented 17% of total assets on March 31, 2025, March 31, 2024 and December 31, 2024. The company anticipates receiving principal and interest cash flows of approximately $82.3 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and reinvestment of investment securities cash flows. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at March 31, 2025, compared to 6.6 years at March 31, 2024 and 6.0 years December 31, 2024.

Noninterest Income

The company’s noninterest income decreased $1.7 million, or 13%, to $10.9 million for the first quarter of 2025, compared to $12.6 million for the first quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the insurance recovery recorded during the first quarter of 2024, was $11.6 million for the first quarter of 2024, a decrease of $684,000, or 6%, compared to $10.9 million for the first quarter of 2025. Wealth advisory fees increased $412,000, or 17%, driven by growth in customers and assets under management. Deposit fees increased $83,000, or 3% driven primarily by growth in our treasury management services. Other income decreased $1.3 million, or 61%. Other income during the first quarter of 2024 benefited from a $1.0 million insurance recovery related to the wire fraud loss from 2023 and death benefits received from the company’s bank owned life insurance program. Bank owned life insurance income decreased $714,000, or 69%, primarily due to a reduction in the market performance of the company’s variable bank owned life insurance policies, which are tied to the equity markets.

Noninterest income for the first quarter of 2025 decreased by $948,000, or 8%, on a linked quarter basis from $11.9 million during the fourth quarter of 2024. Wealth advisory fees increased by $168,000, or 6%. The linked quarter decrease in noninterest income was impacted by a decrease in bank owned life insurance income, which decreased $894,000, or 74%, due to market performance of the company’s variable bank owned life insurance policies.

“The growth of our wealth advisory business continues to positively impact revenue growth with 17% improvement in fees on a year over year basis,” added Findlay, “We continue to focus on our fee-based businesses that contribute to noninterest income and revenue growth.”

Noninterest Expense

Noninterest expense increased $2.1 million, or 7%, to $32.8 million for the first quarter of 2025, compared to $30.7 million during the first quarter of 2024. Salaries and benefits expense increased by $1.1 million, or 6%, driven by performance-based incentive compensation expense of $1.3 million and salary expense of $524,000. These increases were offset by reduced deferred compensation expense of $687,000, which moves in tandem with the market performance of the company’s variable bank owned life insurance. Other expense increased by $400,000, or 18%, from increased customer reimbursements for counterfeit checks and account takeover wire fraud losses. Data processing fees and supplies expense increased $426,000, or 11%, from continued investment in customer-facing and operational technology solutions.

On a linked quarter basis, noninterest expense increased by $2.1 million, or 7%, from $30.7 million during the fourth quarter of 2024. Salaries and employee benefits increased by $641,000, or 4%, due to merit-based increases for salaries, incentive pay, and annual health insurance benefits that are funded at the beginning of each year. Data processing fees and supplies expense increased $523,000, or 14%. Corporate and business development expense increased by $456,000, or 48%, which was primarily driven by an increase in advertising expense of $462,000 during the quarter from the company’s seasonal promotional campaigns. Other expense increased $228,000, or 9%.

The company’s efficiency ratio was 51.4% for the first quarter of 2025, compared to 51.2% for the first quarter of 2024 and 48.2% for the linked fourth quarter of 2024.

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

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,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. 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. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION FIRSTQUARTER2025FINANCIAL HIGHLIGHTS

	Three Months Ended
(Unaudited – Dollars in thousands, except per share data)	March 31,			December 31,			March 31,
END OF PERIOD BALANCES		2025			2024			2024
Assets	$	6,851,178		$	6,678,374		$	6,566,861
Investments		1,132,854			1,122,994			1,144,816
Loans		5,223,221			5,117,948			4,997,559
Allowance for Credit Losses		92,433			85,960			73,180
Deposits		5,960,194			5,900,966			5,618,085
Brokered Deposits		125,409			41,560			185,767
Core Deposits (1)		5,834,785			5,859,406			5,432,318
Total Equity		694,509			683,911			647,009
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803
Tangible Common Equity (2)		690,706			680,108			643,206
Adjusted Tangible Common Equity (2)		854,585			846,040			809,395
AVERAGE BALANCES
Total Assets	$	6,762,970		$	6,795,596		$	6,554,468
Earning Assets		6,430,804			6,470,920			6,216,929
Investments		1,136,404			1,134,011			1,158,503
Loans		5,185,918			5,086,614			4,971,020
Total Deposits		5,874,725			6,011,122			5,630,431
Interest Bearing Deposits		4,616,381			4,729,201			4,356,328
Interest Bearing Liabilities		4,716,465			4,729,206			4,532,137
Total Equity		696,053			693,744			645,007
INCOME STATEMENT DATA
Net Interest Income	$	52,875		$	51,694		$	47,416
Net Interest Income-Fully Tax Equivalent		53,983			52,804			48,683
Provision for Credit Losses		6,800			3,691			1,520
Noninterest Income		10,928			11,876			12,612
Noninterest Expense		32,763			30,653			30,705
Net Income		20,085			24,190			23,401
Pretax Pre-Provision Earnings (2)		31,040			32,917			29,323
PER SHARE DATA
Basic Net Income Per Common Share	$	0.78		$	0.94		$	0.91
Diluted Net Income Per Common Share		0.78			0.94			0.91
Cash Dividends Declared Per Common Share		0.50			0.48			0.48
Dividend Payout		64.10	%		51.06	%		52.75	%
Book Value Per Common Share (equity per share issued)	$	26.99		$	26.62		$	25.20
Tangible Book Value Per Common Share (2)		26.85			26.47			25.05
Market Value – High	$	71.77		$	78.61		$	73.22
Market Value – Low		58.24			61.10			60.56
Basic Weighted Average Common Shares Outstanding		25,714,818			25,686,276			25,657,063
Diluted Weighted Average Common Shares Outstanding		25,802,865			25,792,460			25,747,643


	Three Months Ended
(Unaudited – Dollars in thousands, except per share data)	March 31,			December 31,			March 31,
KEY RATIOS		2025			2024			2024
Return on Average Assets		1.20	%		1.42	%		1.44	%
Return on Average Total Equity		11.70			13.87			14.59
Average Equity to Average Assets		10.29			10.21			9.84
Net Interest Margin		3.40			3.25			3.15
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		51.35			48.22			51.15
Loans to Deposits		87.64			86.73			88.95
Investment Securities to Total Assets		16.54			16.82			17.43
Tier 1 Leverage (3)		12.30			12.15			12.01
Tier 1 Risk-Based Capital (3)		14.51			14.64			14.21
Common Equity Tier 1 (CET1) (3)		14.51			14.64			14.21
Total Capital (3)		15.77			15.90			15.46
Tangible Capital (2)		10.09			10.19			9.80
Adjusted Tangible Capital (2)		12.19			12.37			12.03
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	4,288		$	4,273		$	3,177
Loans Past Due 90 Days or More		7			28			7
Nonaccrual Loans		57,392			56,431			14,762
Nonperforming Loans		57,399			56,459			14,769
Other Real Estate Owned		284			284			384
Other Nonperforming Assets		193			143			78
Total Nonperforming Assets		57,876			56,886			15,231
Individually Analyzed Loans		81,346			78,647			15,181
Non-Individually Analyzed Watch List Loans		134,218			132,499			168,133
Total Individually Analyzed and Watch List Loans		215,564			211,146			183,314
Gross Charge Offs		508			1,657			504
Recoveries		181			299			192
Net Charge Offs/(Recoveries)		327			1,358			312
Net Charge Offs/(Recoveries) to Average Loans		0.03	%		0.11	%		0.03	%
Credit Loss Reserve to Loans		1.77			1.68			1.46
Credit Loss Reserve to Nonperforming Loans		161.04			152.25			495.51
Nonperforming Loans to Loans		1.10			1.10			0.30
Nonperforming Assets to Assets		0.84			0.85			0.23
Total Individually Analyzed and Watch List Loans to Total Loans		4.13	%		4.13	%		3.67	%
OTHER DATA
Full Time Equivalent Employees		647			643			628
Offices		54			54			53

__________________________________________________

(1)		Core deposits equals deposits less brokered deposits.
(2)		Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3)		Capital ratios for March 31, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
Cash and due from banks	$	89,325		$	71,733
Short-term investments		145,899			96,472
Total cash and cash equivalents		235,224			168,205

Securities available-for-sale, at fair value		1,000,875			991,426
Securities held-to-maturity, at amortized cost (fair value of $109,481 and $113,107, respectively)		131,979			131,568
Real estate mortgage loans held-for-sale		1,295			1,700

Loans, net of allowance for credit losses of $92,433 and $85,960		5,130,788			5,031,988

Land, premises and equipment, net		60,797			60,489
Bank owned life insurance		113,826			113,320
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		28,818			28,446
Goodwill		4,970			4,970
Other assets		121,186			124,842
Total assets	$	6,851,178		$	6,678,374


LIABILITIES
Noninterest bearing deposits	$	1,296,907		$	1,297,456
Interest bearing deposits		4,663,287			4,603,510
Total deposits		5,960,194			5,900,966

Borrowings – Federal Home Loan Bank advances		108,200			0
Accrued interest payable		14,699			15,117
Other liabilities		73,576			78,380
Total liabilities		6,156,669			5,994,463

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
26,016,494 shares issued and 25,556,904 outstanding as of March 31, 2025
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024		130,243			129,664
Retained earnings		743,650			736,412
Accumulated other comprehensive income (loss)		(163,879	)		(166,500	)
Treasury stock, at cost (459,590 shares and 469,239 shares as of March 31, 2025 and December 31, 2024, respectively)		(15,594	)		(15,754	)
Total stockholders’ equity		694,420			683,822
Noncontrolling interest		89			89
Total equity		694,509			683,911
Total liabilities and equity	$	6,851,178		$	6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
	Three Months Ended March 31,
		2025			2024
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	81,740		$	82,042
Tax exempt		292			900
Interest and dividends on securities
Taxable		3,389			3,039
Tax exempt		3,910			3,947
Other interest income		1,124			1,106
Total interest income		90,455			91,034

Interest on deposits		36,458			41,164
Interest on short-term borrowings		1,122			2,454
Total interest expense		37,580			43,618

NET INTEREST INCOME		52,875			47,416

Provision for credit losses		6,800			1,520

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		46,075			45,896

NONINTEREST INCOME
Wealth advisory fees		2,867			2,455
Investment brokerage fees		452			522
Service charges on deposit accounts		2,774			2,691
Loan and service fees		2,884			2,852
Merchant and interchange fee income		822			863
Bank owned life insurance income		322			1,036
Mortgage banking income (loss)		(51	)		52
Net securities gains (losses)		0			(46	)
Other income		858			2,187
Total noninterest income		10,928			12,612

NONINTEREST EXPENSE
Salaries and employee benefits		17,902			16,833
Net occupancy expense		1,980			1,740
Equipment costs		1,382			1,412
Data processing fees and supplies		4,265			3,839
Corporate and business development		1,406			1,381
FDIC insurance and other regulatory fees		800			789
Professional fees		2,380			2,463
Other expense		2,648			2,248
Total noninterest expense		32,763			30,705

INCOME BEFORE INCOME TAX EXPENSE		24,240			27,803
Income tax expense		4,155			4,402
NET INCOME	$	20,085		$	23,401

BASIC WEIGHTED AVERAGE COMMON SHARES		25,714,818			25,657,063

BASIC EARNINGS PER COMMON SHARE	$	0.78		$	0.91

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,802,865			25,747,643

DILUTED EARNINGS PER COMMON SHARE	$	0.78		$	0.91

LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	March 31, 2025					December 31, 2024					March 31, 2024
Commercial and industrial loans:
Working capital lines of credit loans	$	716,522		13.7	%	$	649,609		12.7	%	$	646,459		12.9	%
Non-working capital loans		807,048		15.5			801,256		15.6			830,817		16.6
Total commercial and industrial loans		1,523,570		29.2			1,450,865		28.3			1,477,276		29.5

Commercial real estate and multi-family residential loans:
Construction and land development loans		623,905		12.0			567,781		11.1			659,712		13.2
Owner occupied loans		804,933		15.4			807,090		15.8			833,410		16.7
Nonowner occupied loans		852,033		16.3			872,671		17.0			744,346		14.9
Multifamily loans		339,946		6.5			344,978		6.7			239,974		4.8
Total commercial real estate and multi-family residential loans		2,620,817		50.2			2,592,520		50.6			2,477,442		49.6

Agri-business and agricultural loans:
Loans secured by farmland		156,112		3.0			156,609		3.1			167,271		3.3
Loans for agricultural production		227,659		4.3			230,787		4.5			200,581		4.0
Total agri-business and agricultural loans		383,771		7.3			387,396		7.6			367,852		7.3

Other commercial loans		94,927		1.8			95,584		1.9			120,302		2.4
Total commercial loans		4,623,085		88.5			4,526,365		88.4			4,442,872		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		265,855		5.1			259,286		5.1			260,633		5.2
Open end and junior lien loans		217,981		4.2			214,125		4.2			188,927		3.8
Residential construction and land development loans		16,359		0.3			16,818		0.3			10,956		0.2
Total consumer 1-4 family mortgage loans		500,195		9.6			490,229		9.6			460,516		9.2

Other consumer loans		102,254		1.9			104,041		2.0			97,369		2.0
Total consumer loans		602,449		11.5			594,270		11.6			557,885		11.2
Subtotal		5,225,534		100.0	%		5,120,635		100.0	%		5,000,757		100.0	%
Less: Allowance for credit losses		(92,433	)				(85,960	)				(73,180	)
Net deferred loan fees		(2,313	)				(2,687	)				(3,198	)
Loans, net	$	5,130,788				$	5,031,988				$	4,924,379

LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	March 31, 2025		December 31, 2024		March 31, 2024
Noninterest bearing demand deposits	$	1,296,907	$	1,297,456	$	1,254,200
Savings and transaction accounts:
Savings deposits		293,768		276,179		296,671
Interest bearing demand deposits		3,554,310		3,471,455		3,041,025
Time deposits:
Deposits of $100,000 or more		602,577		642,776		805,832
Other time deposits		212,632		213,100		220,357
Total deposits	$	5,960,194	$	5,900,966	$	5,618,085
FHLB advances and other borrowings		108,200		0		200,000
Total funding sources	$	6,068,394	$	5,900,966	$	5,818,085

LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended March 31, 2025							Three Months Ended December 31, 2024							Three Months Ended March 31, 2024
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,160,031		$	81,740	6.42	%	$	5,060,397		$	83,253	6.54	%	$	4,916,943		$	82,042	6.71	%
Tax exempt (1)		25,887			361	5.66			26,217			364	5.52			54,077			1,118	8.31
Investments: (1)
Securities		1,136,404			8,338	2.98			1,134,011			7,953	2.79			1,158,503			8,035	2.79
Short-term investments		2,964			28	3.83			2,765			29	4.17			2,710			33	4.90
Interest bearing deposits		105,518			1,096	4.21			247,530			2,881	4.63			84,696			1,073	5.10
Total earning assets	$	6,430,804		$	91,563	5.77	%	$	6,470,920		$	94,480	5.81	%	$	6,216,929		$	92,301	5.97	%
Less: Allowance for credit losses		(87,477	)						(84,687	)						(72,433	)
Nonearning Assets
Cash and due from banks		71,004							67,994							68,584
Premises and equipment		60,523							60,325							57,883
Other nonearning assets		288,116							281,044							283,505
Total assets	$	6,762,970						$	6,795,596						$	6,554,468

Interest Bearing Liabilities
Savings deposits	$	283,888		$	42	0.06	%	$	274,960		$	43	0.06	%	$	295,650		$	49	0.07	%
Interest bearing checking accounts		3,486,447			28,075	3.27			3,505,470			31,562	3.58			3,046,958			30,365	4.01
Time deposits:
In denominations under $100,000		212,934			1,832	3.49			214,429			1,921	3.56			224,139			1,918	3.44
In denominations over $100,000		633,112			6,509	4.17			734,342			8,150	4.42			789,581			8,832	4.50
Miscellaneous short-term borrowings		99,830			1,122	4.56			5			0	5.30			175,809			2,454	5.61
Long-term borrowings		254			0	0.00			0			0	0.00			0			0	0.00
Total interest bearing liabilities	$	4,716,465		$	37,580	3.23	%	$	4,729,206		$	41,676	3.51	%	$	4,532,137		$	43,618	3.87	%
Noninterest Bearing Liabilities
Demand deposits		1,258,344							1,281,921							1,274,103
Other liabilities		92,108							90,725							103,221
Stockholders’ Equity		696,053							693,744							645,007
Total liabilities and stockholders’ equity	$	6,762,970						$	6,795,596						$	6,554,468
Interest Margin Recap
Interest income/average earning assets					91,563	5.77	%					94,480	5.81	%					92,301	5.97	%
Interest expense/average earning assets					37,580	2.37						41,676	2.56						43,618	2.82
Net interest income and margin				$	53,983	3.40	%				$	52,804	3.25	%				$	48,683	3.15	%

(1)		Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.27 million in the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2)		Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, are included as taxable loan interest income.
(3)		Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Mar. 31, 2024
Total Equity	$	694,509		$	683,911		$	647,009
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167
Tangible Common Equity		690,706			680,108			643,206
Market Value Adjustment in AOCI		163,879			165,932			166,189
Adjusted Tangible Common Equity		854,585			846,040			809,395

Assets	$	6,851,178		$	6,678,374		$	6,566,861
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167
Tangible Assets		6,847,375			6,674,571			6,563,058
Market Value Adjustment in AOCI		163,879			165,932			166,189
Adjusted Tangible Assets		7,011,254			6,840,503			6,729,247

Ending Common Shares Issued		25,727,393			25,689,730			25,677,399

Tangible Book Value Per Common Share	$	26.85		$	26.47		$	25.05

Tangible Common Equity/Tangible Assets		10.09	%		10.19	%		9.80	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.19	%		12.37	%		12.03	%

Net Interest Income	$	52,875		$	51,694		$	47,416
Plus: Noninterest Income		10,928			11,876			12,612
Minus: Noninterest Expense		(32,763	)		(30,653	)		(30,705	)

Pretax Pre-Provision Earnings	$	31,040		$	32,917		$	29,323

Adjusted core noninterest income, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of insurance recoveries related to the 2023 wire fraud loss for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Mar. 31, 2024
Noninterest Income	$	10,928		$	11,876		$	12,612
Less: Insurance Recovery		0			0			(1,000	)
Adjusted Core Noninterest Income	$	10,928		$	11,876		$	11,612

Earnings Before Income Taxes	$	24,240		$	29,226		$	27,803
Adjusted Core Impact:
Noninterest Income		0			0			(1,000	)
Total Adjusted Core Impact		0			0			(1,000	)
Adjusted Earnings Before Income Taxes		24,240			29,226			26,803
Tax Effect		(4,155	)		(5,036	)		(4,153	)
Core Operational Profitability (1)	$	20,085		$	24,190		$	22,650

Diluted Earnings Per Common Share	$	0.78		$	0.94		$	0.91
Impact of Adjusted Core Items		0.00			0.00			(0.03	)
Core Operational Diluted Earnings Per Common Share	$	0.78		$	0.94		$	0.88

Adjusted Core Efficiency Ratio		51.35	%		48.22	%		52.02	%

(1)

Core operational profitability was $751,000 lower than reported net income for the three months ended March 31, 2024.

Contact
Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

MIL-OSI: Tunnl Sets May 2025 Mainnet Launch for Bridgeless Interchain DeFi Protocol

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, April 25, 2025 (GLOBE NEWSWIRE) — Bridgeless DeFi is becoming reality. Tunnl, a next-generation decentralized finance protocol, has announced that it will officially launch and roll out its TUN token in May 2025. The launch brings to life Tunnl’s vision of a fully interchain DeFi platform that allows users to trade and lend native assets across multiple blockchains—without bridges, wrapped tokens, or workarounds.

Tunnl is preparing to open access to a global DeFi audience in just a few weeks, delivering a protocol designed to unify fragmented liquidity and streamline cross-chain functionality like never before.

A Tunnl, Not a Bridge

Today’s cross‑chain trading typically means locking your BTC in a wrapped token, bridging it onto Ethereum or Polygon, then trading that wrapped asset against other tokens. Tunnl does away with that complexity entirely: you deposit native BTC from the Bitcoin network and trade directly against tokens on Ethereum, Polygon, Avalanche, Arbitrum, Tron and beyond.

Built on Three Pillars

Tunnl’s innovative design combines:

Off‑chain orderbook & matching engine for CEX‑grade speed and price discovery.
On‑chain execution engine that settles trades natively across each blockchain.
MPC vaults to securely manage assets across all supported chains.

Together, this stack seamlessly aggregates liquidity from every network—EVM and non‑EVM alike—so you never have to worry about which chain your tokens “live” on.

Deep, chain‑agnostic liquidity

At Tunnl, USDC deposits—whether on Polygon, Avalanche, or any CCTP‑connected chain—feed into a single aggregated USDC pool.

Your balance is chain‑agnostic, so you can trade any token on any chain against the same USDC liquidity.
USDC withdrawals automatically pull from the chain with the largest available USDC balance and, if needed, cascade through other networks via CCTP until your request is satisfied.
Regular withdrawals are handled on their native blockchains to your wallet on that native blockchain.
This unified USDC model delivers deeper orderbooks, tighter spreads, and minimal slippage for cross‑chain swaps.

Native interblockchain borrowing & margin

Borrow and lend natively across chains using the same on‑chain collateral:

Use any supported native token—BTC on Bitcoin, ETH on Ethereum, USDT on TRON, AVAX on Avalanche, and more—as collateral to borrow assets across chains with zero bridges required.
Enable margin trading with one click, opening larger positions or shorting assets you don’t hold, just like a centralized exchange.
Risk parameters (collateral multipliers, initial and maintenance margin requirements) keep positions safe, while our decentralized liquidation mechanism ensures solvency across networks.

Security by Design

Using MPC vaults, all cryptographic key operations are controlled by smart contracts. This ensures full custody over user funds while enabling instant access for trading, lending, and withdrawals across supported blockchains.

Mainnet Launch & TUN Token Coming May 2025

The Tunnl mainnet is set to go live in May 2025, alongside the rollout of the TUN token—fueling network participation and governance. The team is currently completing its final round of internal testing and integration audits to ensure readiness for launch.

This upcoming release signals a significant leap forward for DeFi, empowering users to engage in truly bridgeless, interchain trading and lending for the first time.

Why Tunnl stands out

Truly interblockchain: No other DEX lets you trade native assets across multiple blockchains in one place.
Unified liquidity: Aggregated USDC pools deliver institutional‑grade depth and efficiency.
Integrated borrowing & margin: One platform for spot, margin, and lending—cross‑chain.
CEX performance, DEX security: Off‑chain matching meets on‑chain settlement under MPC protection.

Tunnl is about to reshape the future of decentralized finance. Bookmark https://tunnl.exchange and follow https://x.com/TunnlExchange to be among the first to experience native cross-chain DeFi.

Media Contact Details:

Company Name: Tunnl Exchange
Company website: https://tunnl.exchange/
Company Email: Constantino@Tunnl.Exchange
Concerned Person: Constantino Heredia

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MIL-OSI: Best Online Casinos Canada: Why 7Bit Casino Is Ranked As Top Canadian Online Casino

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Ore., April 25, 2025 (GLOBE NEWSWIRE) — Whether you are looking for luck-based games like slots or skill-based games like poker, 7Bit Casino delivers the best. In this review, we’ll examine its features, including its bonus offers, game collection, payment methods, and signup process, which make 7Bit the best online casino in Canada.

A Closer Look at the Best Online Casino in Canada: 7Bit Casino

Serving Canadian online casino players with a unique gambling experience for years, 7Bit, the best online casino Canada has established a strong position in the online gambling industry. With a generous bonus package, including a 325% welcome pack up to 5.25 BTC and 250 free spins, special cashbacks, exclusive Monday, Wednesday, and Thursday bonuses, this best online casino Canada offers its players an enhanced bankroll, giving them more reason to play.

7Bit’s game collection is incomparable, from slots to table games and video poker to live dealer games, players are offered an extensive game library. It is rare that you don’t find a game that caters to your preferences at 7Bit online casino Canada.

In addition to traditional blackjack, roulette, and poker, players can enjoy premier Bitcoin games, making it a go-to gambling platform for crypto enthusiasts. Of the approximately 5,000 games available, at least 4,000 are based on crypto gambling. For players who are afraid of risking money, demo games are available; enjoy gambling without staking your pocket at 7Bit, the best online casino in Canada.

Payment options are numerous. Whether you are into traditional payments or digital transactions like cryptocurrency, you can find your choice of payment option at 7Bit, the best Canadian online casino. With a wide range of options, the deposit and withdrawal process is seamless, helping players to focus more on gaming without waiting long for transactions to complete. However, the credit card and bank transfers take a bit more time to complete, compared to e-wallet and crypto transactions.

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Integrating encryption technologies and responsible gambling tools, this best casino online Canada offers players security over their financial and personal information and promotes responsible gambling. With a supportive customer service and user-friendly interface, players can easily navigate through the 7Bit Canadian online casino and play immersive and engaging gambling games.

A Quick Overview of 7Bit Casino

Launched in: 2014
License: Curacao eGaming License
Bonus Offers:
- 325% welcome bonus up to 1.5 BTC
- 250 free spins on the first four deposits
- Cashbacks and reload bonuses

Game Collection:
- Roulette
- Slots
- Blackjack
- Video Poker
- Live dealer games
- Exclusive Bitcoin games
Supported Payments:
- Cryptocurrency, Bank transfers, E-wallets, Credit/debit cards
iGaming Providers: NetEnt, Pragmatic Play, Microgaming, Betsoft, Others
Available Countries: Available in most countries, with restrictions in regions like:
- USA, UK, Spain, Netherlands, Greece, France, Serbia
KYC: Required for withdrawals
Deposit and Withdrawal Limits:
- Minimum: $10 or 0.0005 BTC
- Maximum: $4,000
Payout Speed: Instant to 3–5 business days
VPN Friendly: Yes

How to Sign Up for 7Bit Canadian Online Casino?

Signing up for 7Bit online casino Canada is simple and straightforward. Below are the step-by-step instructions for signing up for the 7Bit Casino.

Step 1: Open the Official 7Bit Canadian Casino Website
To sign up, Click Here To Navigate To The Signup Section Of The 7Bit Casino.

Step 2: Create your Account
Here, players are instructed to enter their personal information, such as name, email address, country of residence, and preferred currency. Secure your account with a strong password to prevent malicious attacks.

Step 3: Verify your Account
Account verification is mandatory for high-value withdrawals. KYC verification includes submitting a photo ID, address, and preferred payment information.

Step 4: Claim Welcome Bonus
Once you sign up for the 7Bit casino, you receive welcome bonuses. Claim these bonuses and utilize them in your games to enhance your winning chances.

Step 4: Start Playing
Once bonuses are claimed, players can begin their gameplay. Navigate to the game section and choose your favorite game from the top list of casino games.

Pros & Cons of 7Bit Best Online Casinos Canada

Pros:

Wide Collection of Games: Whether slots, table games, live dealer games, or exclusive crypto games, every player is offered a variety of choices at 7Bit Canadian online casino. Players can select the game according to their level of experience and bankroll.
Generous Welcome Bonus: 325% match bonus up to 5 BTC and 250 free spins on your first four deposits.
Crypto Payments: Apart from traditional payment methods like Visa, Mastercard, and Maestro, cryptocurrencies such as Bitcoin, Litecoin, and Ethereum are accepted. 7Bit best online casino Canada stands out as a crypto casino due to its wide variety of crypto payment options.
User-friendly interface and 24/7 Customer Support: With an intuitive and well-designed interface, players can enjoy a stress-free gambling experience on both mobile and desktop devices. Offering players assistance on gaming and transaction processes, 7Bit’s customer support is responsive and excellent.

Cons:

Require KYC Verification for Withdrawal above $2,000: Though KYC verification enhances player security, it requires submitting players’ personal information, which can sometimes be exploited. In addition, the KYC process is time-consuming, and players have to wait a bit more time to complete the registration process, causing inconvenience.
Restricted in Some Countries: Due to regulatory and legal restrictions, 7Bit best casino online Canada is prohibited in countries like Spain, Ukraine, and Israel.
Limited Language Availability: 7Bit is less efficient when it comes to language. The site supports only the main languages like English, German, French, and Russian, making it difficult for players who are less familiar with these languages to interact with the casino.
$10 Withdrawal Fee on all Payments: Whether you are paying using cryptocurrency, e-wallet, or debit card, you have to pay a $10 withdrawal fee.
40x Wagering Requirement: To claim the bonus offers, players have to complete the 40x wagering requirement, a bit higher compared to other online casinos in Canada.

What Makes 7Bit the Best Online Casino in Canada?

Reviewing many online casinos, including their bonus policies, game varieties, encryption technologies, customer support, and many other factors, we concluded 7Bit as the best online casino in Canada. Below, we discuss the features of this casino that contributed to its wide popularity and acceptance among Canadian players.

License and Reputation

7Bit Casino is licensed under the regulation of Curacao, a renowned regulator in the online gambling industry. Operating under the Curacao eGaming Control Board, 7Bit, the best online casino Canada, ensures fairness, security, and privacy to users.

All games utilize a random number generator or provably fair algorithms, assuring players that no games are biased and there is an equal probability of winning and losing in every game they play. Not only fairness in games, this license also guarantees players’ regulated deposit and withdrawal process and prevents casinos from offering bonuses with hidden wagering conditions.

Since its launch in 2014, 7Bit Ontario online casino has established itself as a trustworthy and reliable casino, delivering players with an enjoyable and safe gambling experience. Solving every complaint, though not rising often, as soon as possible, this best online casino Canada stands out from its competitors for its reputation and transparency. 7Bit uses 128-bit SSL encryption for all data transactions.

Bonus and Promotions

With most features being the same at online casinos in Canada, the variations and uniqueness in bonuses and promotions attract players. 7Bit Ontario online casino’s bonus offers are promising and capable of boosting player confidence. On registering for the account, players receive an impressive 325% match deposit bonus of up to 5 BTC and 250 free spins. This bonus is applied to your first four deposits, increasing your probability of winning at your favorite games.

Only new registrants can claim the welcome bonus, sign up for 7Bit, and make the minimum required deposit, and you will be qualified for the bonus. One major advantage of the welcome bonus at 7Bit Ontario online casino is that you don’t have a maximum limit on what you can win from the bonus; whatever you win goes to your profits. However, it is important to read the terms and conditions to know the rules and measures you have to follow to claim the bonus. Most bonuses come with a 40x wagering requirement.

Here is how the welcome deposit bonuses are allocated,

1st deposit: 100% match bonus along with 100 free spins.
2nd deposit: 75& match bonus along with 100 free spins.
3rd deposit: 50% match bonus
4th deposit: 100% match bonus along with 50 free spins.

In order to keep players retained, apart from welcome bonuses, 7Bit, the best online casino Canada, offers some exciting promotions and VIP programs. Promotions contain reload bonuses, cashbacks, and free spins, while VIP offerings trigger new bonuses as players complete each level of the 12-level program.

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Below are some promotions offered by 7Bit.

Monday reload bonuses
Free Spin Wednesday
Daily Cashback
Weekly Cashback

Game Library

With more than 5,000 games, including games from renowned iGaming providers like NetEnt, Pragmatic Play, and BetSoft, 7Bit Ontario online casino offers an impressive game library. Apart from traditional slots and table games like roulette, blackjack, and poker, players can find a variety of live dealer games and crypto games at 7Bit Casino. Based on players’ preferences and choices, there’s at least one game for everyone.

Navigating to the slot category, players could see some amazing collections that suit their style. With immersive graphics and ravishing bonus offers, players can spin the reels on luck-based slots to win huge prizes. Apart from popular traditional slots like 7Bit Hot&Hot Fruits, 7Bit Bonanza, and Throne of Camelot Hold and Win, players can try BTC slots such as Mega Moolah, Johnny Cash, Elvis Frog in Vegas, Wild Spin, and Raging Lion at 7Bit.

Combining the game of chance with elements of skill, blackjack has become a popular genre of games at online casinos. Trying to beat the dealer by making a hand worth 21 or close to it, players aim to win great prizes at the blackjack table. 7Bit online casino Canada offers many variety of blackjack games, from Classic blackjack to Multihand and American blackjack, players get a wide range of options to choose from.

Trying their luck at casinos, roulette has become a favorite game of seasonal players. Offering a gameplay that relies more on luck rather than skill, roulette has a huge fan base all over the world. Multiple variants of roulette are available at 7Bit, the best online casino in Canada, including American and European roulette. The gameplay is almost similar in all variants, only basic principles differ, making it easy to switch from one variant to another.

Video Poker

Playing against the dealer to get a strong hand from the best possible cards, Poker delivers a skill-based gambling adventure. With different variants including Jacks or Better, Tens or Better, Deuces Wild, Aces and Eights, 7Bit, the best online casino Canada offers a wide video poker collection to choose from. The basic rules, betting options, and payout percentage vary in different variants, however, the basic gameplay is the same.

Live Dealer Games

Live dealer games are similar to slots and table games, but they offer a real-time gambling experience as that in a brick-and-mortar casino. Players compete against the dealer and win huge prizes at live dealer tables. 7Bit live dealer collection includes live blackjack, roulette, and baccarat tables, offering players an immersive gameplay.

Exclusive Crypto Games

A standalone feature of 7Bit best casino online Canada is its inclusion of crypto games. The Bitcoin games at 7Bit Casino allow players to make bets directly using Bitcoins, promoting it as a Bitcoin casino. Best Bitcoin games at 7Bit include BTC Blackjack, BTC Baccarat, Keno, and Bitcoin Roulette.

Payment

Funding at a casino involves security and privacy risks, but 7Bit online casino Ontario makes it convenient and safe. Offering both traditional and digital payment, players can choose the payment option they are comfortable with.

Payment Options

Different payment options are available at 7Bit, the best online casino in Canada. Visa, MasterCard, and Maestro are suitable payment options for players who prefer traditional payment methods, while cryptocurrency payments are ideal for players who wish to transact through a digital interface.

Supported Cryptocurrencies

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Dogecoin (DOGE)
Bitcoin Cash (BCH)
Ripple (XRP)
Tether (USDT)

Supported Fiat Currencies

EUR
USD
AUD
CAD
NOK
PLN
NZD

Deposit and Withdrawal Limit

7Bit has a straightforward deposit process. The minimum deposit limit varies depending on the type of payment method chosen. All deposits are processed immediately, eliminating the cumbersome waiting time.This lets players focus more on games without getting interrupted. Similar to depositing, the minimum and maximum limits of withdrawal depend on your chosen payment option.

Payment Speed

Payments are pretty fast at 7Bit online casino Ontario. Crypto and e-wallet payments are processed instantly, while bank transfers take some time to process. The detailed processing time for different payment options at 7Bit casino is given below.

Cryptocurrency: Instant / Max 1 hour
Visa/MasterCard: Instant / 1-3 days
Skrill: Instant
Neteller: Instant
Bank Transfer: 3-5 business days

Responsible Gambling Practices

7Bit online casino Ontario is licensed under the Curacao government and adheres to its strict laws and regulations. Promoting responsible gambling, 7Bit includes various tools that ensure players are gambling responsibly. Tools like deposit limits, loss limits, self-exclusion tools, and wagering limits prevent players from uncontrolled gambling.

Deposit Limits: Limits the amount a player deposits for gambling.
Loss Limits: Restricts players’ ability to lose over a specific period of time.
Wagering Limits: Limits the amount of money a player wagers within a set timeframe.
Self-exclusion Tools: Temporarily deactivates a player’s account to prevent them from over-gambling or addiction.

Customer Support and User Experience
7Bit offers 24/7 customer support, solving all the queries of players with utmost diligence and accuracy. Customer assistance options include email and live chat with a quick response time. Generally, queries are solved within minutes in live chats and within 24 hours for emails. A detailed FAQ (Frequently Asked Questions) section is also available at 7Bit, solving all the fundamental queries within no time.

Evaluating the user experience, 7Bit, the best online casino in Ontario, delivers a mobile-friendly gambling experience, allowing players to gamble wherever they go. Players can navigate to the platform easily and locate their favorite games seamlessly. This best casino online Canada stands out for its top-notch graphics; the combined dark and light color theme mimics the real-time casinos, giving players a conventional gambling experience. The responsive design works well on both iOS and Android devices.

Final Verdict on 7Bit Casino: Best Online Casino Canada

7Bit Casino is a great option for players looking for a crypto-friendly gambling experience. With its generous bonus offers, massive game collection, and a smooth user experience, it stands out as one of the best online casinos in Canada, especially for those who enjoy both traditional and blockchain-based gaming. The 325% welcome bonus up to 5 BTC, 250 free spins, and additional reload bonuses and cashbacks make it an appealing choice for many players.

This casino doesn’t just offer amazing bonuses, but also boasts a wide variety of games, from classic slots to the latest crypto games, ensuring there’s something for everyone. The versatile payment options, including both crypto and fiat, make for seamless deposits and withdrawals, allowing for an uninterrupted gameplay experience.

The customer service at 7Bit Casino is top-notch, providing helpful support through live chat and email, ensuring players can feel confident and well-assisted throughout their time on the site. While the KYC requirement for withdrawals over $2,000 and geographical restrictions can be a slight inconvenience, these don’t overshadow the overall experience.

For players in Ontario and across Canada, 7Bit Casino offers a balanced blend of traditional and modern gambling features. If you’re searching for a reliable, rewarding, and user-friendly online casino, 7Bit is one of the best online casinos in Canada. Log in and enjoy the advantages—just make sure to read the terms and conditions for a smoother experience!

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Frequently Asked Questions

Is 7Bit Casino Legit?

Yes, 7Bit is a legitimate casino operating under a Curacao eGaming License.

Does 7Bit require KYC?

KYC is mandatory for withdrawals above $2,000 at 7Bit.

What are the different types of payment methods included in 7Bit, the best online casino in Canada?

Along with crypto payments, 7Bit supports credit/debit cards, e-wallets, and bank transfers.

Why should I play at 7Bit Casino in Canada?

7Bit offers you an impressive game library, attractive bonuses, wide payment options, an engaging interface, and efficient customer support, making it the best gambling platform in Canada.

How to claim the welcome bonus at 7Bit Casino?

New registrants can claim their welcome bonus by making the required initial deposits.

Email: Support@7bitCasino.com

Disclaimer and Affiliate Disclosure
General Disclaimer
This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

Casino and Gambling Disclaimer
Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

Affiliate Disclosure
This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products. Do your own research before signing up.

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MIL-OSI: Best Crypto Casinos 2025: JACKBIT, Rated as Best Bitcoin Casino Without Verification & Fast Payout

Source: GlobeNewswire (MIL-OSI)

LARNACA, Cyprus, April 25, 2025 (GLOBE NEWSWIRE) — Crypto casinos will thrive in 2025, but not every platform will deliver the same experience. After evaluating dozens of online casino sites, JACKBIT rises above the rest with its generous bonuses, cutting-edge games, lightning-fast registration, and no-KYC requirement.

In this guide, we’ll break down its key strengths and weaknesses, welcome bonuses, and why it’s one of the top crypto casinos of the year.

A Closer Look at the Best Online Crypto Casino: JACKBIT Casino

What sets JACKBIT apart from the competition? It’s not just the sleek design or the massive collection of 7,000+ casino games and free spins—it’s the complete crypto gambling experience. JACKBIT offers instant deposits and withdrawals, a strict no-KYC policy, and a rewarding VIP program with up to 30% rakeback.

As one of the top-rated Bitcoin casinos in 2025, JACKBIT prioritizes player security and delivers a seamless, responsible gaming environment. Add in $10,000 in weekly giveaways, 10,000 free spins every week, BTC 10 cashback every week, and a cutting-edge crypto sportsbook, and it’s clear: JACKBIT isn’t just another online casino—it’s a full-scale crypto entertainment destination.

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Why We Chose JACKBIT as the Best Crypto Casino

Integrating an intuitive game interface with an extensive gaming library, comprising more than 7000 games, along with an irreplaceable crypto-friendly environment, offering players a privacy-oriented, low-cost, and high-speed gambling experience, JACKBIT casino has quickly gained popularity since its launch in 2022. Licensed under the Curacao Gaming Control Board, this casino boasts a variety of games, including classic brick-and-mortar games to high-performance games from well-known developers like Pragmatic Play, NetEnt, and Microgaming.

Supporting different cryptocurrencies, JACKBIT casino streamlines its withdrawal and deposit process, making it easy for players to claim their winnings without hassles. Offering a secure platform for gambling while ensuring a unique and tangible reward system through bonuses and promotions, this crypto casino gives players a top-notch gameplay experience; once you log in, rare are the chances to get away.

Licensing & Regulation at JACKBIT Crypto Casino

Operates with a legitimate license under the Curacao Gaming Control Board

JACKBIT casino is licensed under the renowned licensing body for crypto casinos, the Curacao eGaming License. Unlike crypto casinos that prefer less stringent regulators, adhering to one of the strong and well-known regulatory bodies highlights JACKBIT’s commitment towards players, ensuring protection and compliance with law.

Integrating SSL encryption technology with its security system, the platform offers provably fair games, ensuring all games are fair and not manipulated by the casino. Eliminating the need for KYC verification, where players are required to provide their personal and financial information to enable gambling, JACKBIT promotes private and anonymous gambling.

JACKBIT Casino Game Library
A wide collection of games from popular and established game developers, such as roulette, poker, baccarat, blackjack, live dealer games, and progressive slots. JACKBIT casino is known for its extensive game library, offering more than 7,000 games, including games from over 80 renowned developers such as Pragmatic Play. This casino gives players a wide selection to choose from.

The fast and sleek interface delivers a unique gaming experience, irrespective of whether you play on desktop or mobile devices. From traditional slots to live dealer games and exclusive crypto games, JACKBIT has at least one game for every crypto enthusiast.

Game Category	Popular Games
Slots	7,000 slots, including retro-3 reel fruit slots to modern 5 reel video slots. Book of the Dead and Gates of Olympus are two popular slots available.
Blackjack	Multiple blackjack variants from popular providers covering classic blackjack, multi-hand, and VIP blackjack tables.
Roulette	European and American roulette, along with French and Auto roulette variants.
Poker	Caribbean Stud, Three-card poker, and Jacks or Better.
Live Casino Games	Live games from Pragmatic Live and Evolution Ezugi
Crash and Instant Games	Plinko, Aviator, Mines, Dice, and more
Jackpot games	Progressive jackpots

JACKBIT Bonus and Promotions

Whether you are a seasonal player or a high roller, JACKBIT Casino’s exciting bonuses and promotions meet your demands. With a unique rakeback system, delivering up to 30% for player losses, it boosts players’ confidence to play the game even after a loss. While some renowned slots offer free spins, sports betting players can make use of free bets; there’s a variety of bonuses tailored to every player’s needs.

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In addition to welcome bonuses and free spins, loyal players are rewarded with up to $10,000 in cash prizes and 10,000 free spins every week. The VIP players also get access to VIP tier levels, exclusive events, and perks, providing an enhanced reward opportunity.

The withdrawal speed and limits are high for VIP players compared to other random players. The transparent and generous rakeback system puts the player’s money back into their pocket, daily, weekly, or monthly, based on their activities.

Payment Options at JACKBIT Casino

JACKBIT consists of multiple payment options, including cryptocurrency transactions and fiat payments. JACKBIT casino is not just a crypto casino; players can choose modern transactions like crypto or utilize traditional banking methods.

Traditional payment methods include MasterCard, while crypto transactions include BTC, ETH, XRP, LTC, USDT, BNB, DASH, BCH, DOGE, XMR, TRX, MATIC, DAI, SHIBA, LINK, CARDANO, USDC, SOL, and BUSD.

Maximum Payout and Payout Speed

Instant deposits and faster withdrawals, with low fees and no KYC requirement.

Lining up with the player sentiments to not lose their portion of winnings on transaction fees, JACKBIT sets the payout fees at a minimum, giving players their maximum winnings from the game.

Cryptocurrencies being the main medium of transactions, JACKBIT casino promotes instant deposits and withdrawals, enhancing the overall gameplay without interruptions and delayed waiting time. Under the terms and conditions, the average withdrawal time is 1 to 10 minutes.

User Experience at JACKBIT Casino

Mobile-friendly user interface with sleek design and faster loading times.

The design and appearance of JACKBIT casino are incredible, from vibrant graphics to attractive tables and captivating color themes, everything adds to the engaging gambling adventure. The JACKBIT casino has a mobile-friendly interface, giving players seamless navigation and faster loading times. The casino operates on all iOS and Android devices, letting players play their favorite casino games from every corner of the world.

Also, the instant transaction process and minimal transaction fees relieve the players and let them focus completely on games without interruptions or the stress of high costs. The immersive gaming environment takes players to a new world, making them forget their daily life problems and issues.

JACKBIT Casino Customer Service

24/7 efficient customer service through emails, chat, and telephonic communications.

The customer support team at JACKBIT casino deserves appreciation; they deliver users crisp and clear information within a few seconds or minutes, depending on the rarity of the queries. The customer service agents are well-informed about their duties, and whether the question is about the game, deposit features, VIP programs, or anti-money laundering policies of the casino, the team has the answers. Offering a smooth and enjoyable customer service, through mail, chat, and live telephonic conversions, JACKBIT clears all your queries precisely and accurately in no time.

Responsible Gambling Tools at JACKBIT Casino

Exclusive responsible gambling tools, including self-exclusion programs like cooling-off periods, to prevent players from gambling addiction. Casino games can be addictive at times, preventing players from staying away from the game even if they want to.

Being one of the reputable and trusted casinos, JACKBIT offers players unique responsible gambling tools, putting a boundary on their gambling thirst, helping them to quit from their game when they can’t afford to lose.

Responsible gambling tools	Uses
Deposit limits	Prevents players from gambling outside their budgets
Loss limits	Controls how much a player is willing to lose over a specific period of time
Session time limits	Puts a limit on the time a player remains active
Wagering limits	Determines how much a player can bet over a specific timeframe
Cooling-off periods	Let players take a break from gambling by temporarily inactivating their accounts.
Reality checks	Reminds players how long they have been playing through pop-up messages

Countries Restricted

JACKBIT is available in most countries; however, restricted in some countries with strict gambling rules. With different gambling laws in different countries aligned with their cultural, economic, and social factors, JACKBIT casino is available in some countries while restricted in others.

The casino delivers its services to most countries; however is restricted in Belarus, Burma, Cuba, Curacao, Ivory Coast, Democratic Republic of Congo, Iraq, Iran, Israel, Liberia, Netherlands, Russia, Sudan, Syria, and Zimbabwe.

However, by using VPN services, players from these restricted countries can access the platform.

Pros and Cons of JACKBIT Casinos
Like every coin has two sides, JACKBIT casino has both pros and cons, players have to effectively balance these two attributes to make a maximum profit out of their winnings.

✅Pros	❌Cons
Mobile-friendly design	No traditional fiat payment available
Support multiple cryptocurrencies	Restricted to some countries
Impressive rakebacks on every deposit
Wide collection of games
Attractive bonuses, including 100 free spins on first deposit
No KYC requirement
Fast withdrawal and low transaction fees
A wide range of betting options is available

How to Sign Up for the JACKBIT Crypto Casino? Step By Step

Signing up for JACKBIT Casino is easy, safe, and hassle-free. Since players don’t have to verify KYC documents, the process gets completed in a few steps with less time involved. Below is the step-by-step guide to get signed up for the JACKBIT Crypto casino.

Visit the official website

To start playing at the JACKBIT casino, players have to navigate to the official website and complete the signup process. Signup includes entering the name, email address, and area of residence. Secure your account with a strong password and choose your preferred currency for gambling.

Make the first deposit

Once the signup is completed, go to the wallet section. Select your preferred deposit methods from the collection of deposit methods available, including Bitcoin, Tether, USDT, or any other crypto. Follow the instructions and complete the deposit process. Also, don’t forget to claim the 30% rakeback and 100 free spins first deposit bonuses.

Play your favorite games

After the deposit is confirmed, players can choose the games from the gaming library. Whether slots, table games, or live dealer games, select the game of your preference and enjoy a safe and secure gaming experience at JACKBIT.

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Tips for an Enjoyable and Safe Gambling Experience at JACKBIT Casino

Online casinos are indeed an advantage, from travelling miles to play their favorite casino games, now players can enjoy games at their fingertips, all with a network connection and a compatible device. The rise of crypto casinos has even eased the gambling process, allowing players to stay anonymous while taking part in instant and low-cost gambling transactions.

However, there are certain things players have to keep in mind while gambling at crypto casinos.

Protect your personal and financial data

Though crypto casinos don’t ask for personal information, being a platform prone to scams and risks, the chances are high that your data can be manipulated. Players have to protect their information with strong passwords and encryption technologies like two-factor authentication, preventing hackers from accessing their accounts. Never share private keys or recovery phrases of your custodial wallets with anyone.

Diversify Assets

Cryptocurrencies are highly volatile assets; their price fluctuates within minutes, sometimes resulting in significant losses. To mitigate the impact of losses, players are instructed to diversify their deposits, ie, instead of sticking only on one cryptocurrency, utilize different cryptocurrencies for their gambling needs, so that players can avoid the huge losses from price volatility.

Secure your account from Phishing and other scams

Crypto casinos are widely exploited by hackers. Stop responding to unauthorized and uninvited emails that ask for personal or financial information. It is important to note that reliable and trustworthy casinos never ask for personal information through illegitimate sources. If you have suspicions about scams, contact your casino customer service and take adequate steps to prevent losing money.

Responsible gambling is the key to success

The chances are high that players get into the allure of casino games and fail to go back even if they wanted to. Gambling causes addiction, and players have to practice responsible gambling for long-term wins and profits. Chasing losses is the act of desperados, and it is advised not to gamble money that you can’t afford a lose.

Also, make use of the responsible gambling tools at JACKBIT casino, like deposit limits, loss limits, reality checks, and cooling-off periods, to get rid of the addictive nature of gambling.

Conclusion: Why JACKBIT Casino is the Best Crypto Casino in 2025?

Offering players a wide collection of games, robust security, mobile-friendly design, exclusive bonuses, and promotions, along with instant and low-cost payments through cryptocurrency transactions, JACKBIT casino stands at the top of the best crypto casinos. Perfectly blending privacy, security, game varieties, and bonus features in a way many other casinos fail to line up, JACKBIT casino delivers players a unique and thrilling gambling experience.

Whether to hit the casino table, spin the wheel, or take part in live dealer games, JACKBIT casino is your go-to game hub, irrespective of your game experience. Sign up for the JACKBIT casino and explore the games and bonuses for your best gambling adventure in 2025.

Frequently Asked Questions

1. Is JACKBIT a legit gambling platform?
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Disclaimers and Affiliate Disclosure

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56744353-5ea8-4e4a-92b6-514796bc963a

MIL-OSI: Onni Bidco Oy has gained title to the minority shares in Innofactor Plc, and the Innofactor Plc shares will be delisted from the official list of Nasdaq Helsinki

Source: GlobeNewswire (MIL-OSI)

Innofactor Plc | Stock Exchange Release | April 25, 2025 at 12:55 EEST

Onni Bidco Oy has gained title to the minority shares in Innofactor Plc, and the Innofactor Plc shares will be delisted from the official list of Nasdaq Helsinki

Onni Bidco Oy (“Onni Bidco”) has posted a security approved by the arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce in connection with the redemption proceedings concerning the minority shares in Innofactor Plc (“Innofactor”). Onni Bidco has thus gained title to all the shares in Innofactor in accordance with Chapter 18, Section 6 of the Finnish Companies Act. As a result of the posting of the security and the transfer of title, the minority shareholders of Innofactor being parties to the redemption proceedings are entitled to receive only the redemption price when it falls due and the interest payable thereon.

Upon Innofactor’s application, Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) has on April 16, 2025 resolved that the shares in Innofactor will be delisted from the official list of Nasdaq Helsinki after Onni Bidco has gained title to all the shares in Innofactor in the pending redemption proceedings in accordance with the Finnish Companies Act. The listing of the Innofactor shares on the official list of Nasdaq Helsinki ceases today in accordance with a separate release published by Nasdaq Helsinki.

Investor and media enquiries:

Veera Vitie (Innofactor), ir@innofactor.com, +358 44 331 0207
Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

Distribution:
NASDAQ Helsinki
Main media

ABOUT INNOFACTOR

Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

MIL-OSI: GRAVITY ANNOUNCES FILING OF ANNUAL REPORT ON FORM 20-F FOR FISCAL YEAR 2024

Source: GlobeNewswire (MIL-OSI)

Seoul, South Korea, April 25, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”) today announced that the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 25, 2025. The annual report can be accessed on the Company’s investor relations Web site at https://www.gravity.co.kr/en/ir/notice.

The shareholders and ADS holders of Gravity may receive a hard copy of the annual report, which contains its audited consolidated financial statements, free of charge upon request. Requests should be directed to IR Unit, Gravity Co., Ltd., 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 03925, South Korea.

In the annual report on Form 20-F, the consolidated revenue is KRW 500,845 million, the operating profit is KRW 85,384 million, and the net profit attributable to parent company is KRW 84,919 million for the fiscal year ended December 31, 2024.

(In millions of KRW)

	2024	2023	YoY
Revenue	500,845	725,516	-31.0%
Operating profit	85,384	160,367	-46.8%
Net profit attributable to parent company	84,919	132,019	-35.7%

About GRAVITY Co., Ltd. —————————————————
Based in Korea, Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

Contact:
Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr

Ms. Jin Lee
Ms. Yujin Oh

IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7800

MIL-OSI: Beneficient Enters into New GP Primary Capital Transaction

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 25, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced it has closed on the financing of a $233,333 primary capital commitment for Cork & Vines Fund I, LP (“Fund”), a fund managed by Cork & Vines GP, LP, an asset manager investing in opportunities within the premium experiential, luxury dining segment with a differentiated culinary and strategic wine program focus.

The transaction represents Ben’s second GP Primary transaction of the fiscal year and third since formally launching the program in late 2024. In exchange for an interest in the Fund, the Fund received approximately $233,333 in stated value of shares of the Company’s Resettable Convertible Preferred Stock (the “Preferred Stock”), which is convertible at the election of the holder into shares of the Company’s Class A common stock, subject to the terms and conditions of the transaction documents. As a result of the transaction, the collateral for Company’s ExAlt loan portfolio is expected to increase by approximately $233,333 of interests in alternative assets. Concurrently, the Company also entered into a Preferred Liquidity Provider Program Agreement with the Fund, whereby the Company may facilitate ongoing liquidity solutions for the Fund and its limited partners.

“We are excited to continue the momentum at the outset of this fiscal year by completing another GP primary capital transaction as we work to execute on our core liquidity and primary capital strategy,” said Beneficient management. “We believe this financing reflects our ability to close transactions that drive shareholder value and enhance the value of the collateral backing our ExAlt loan portfolio. We will continue to pursue additional opportunities that align with our strategic vision and growth objectives.”

Upon closing of the previously announced Public Stockholder Enhancement Transactions (the “Transactions”), the Company believes this transaction will result in the addition of approximately $77,777 (and an aggregate of approximately $10.54 million) of tangible book value attributable to the Company’s stockholders.

Beneficient’s GP Primary Commitment Program is focused on providing primary capital solutions and financing anchor commitments to general partners during their fundraising efforts while immediately deploying capital into our equity. Through the program, Beneficient seeks to help satisfy the up to $330 billion of potential demand for primary commitments to meet fundraising needs.

Reconciliation of Non-GAAP Financial Measures
The following tables reconciles these non-GAAP financial measures to the most comparable GAAP financial measures as of December 31, 2024, on an actual basis and pro forma assuming the Transactions occurred on December 31, 2024.
(dollars in thousands)	Actual			Pro forma – Transactions ⁽¹⁾		Pro forma – Transactions and GP Primary ⁽³⁾
Tangible Book Value
Total equity (deficit)		14,260		14,260		24,093
Less: Goodwill and intangible assets		(13,014	)	(13,014	)	(13,014	)
Plus: Total temporary equity		90,526		90,526		90,526
Tangible book value		91, 772		91,772		101,605

	Actual			Pro forma – Transactions ⁽¹⁾		Pro forma – Transactions and GP Primary ⁽³⁾
Tangible book value attributable to Ben public company stockholders
Tangible book value		91,772		91,772		101,605
Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders		(91,772	)	(82,595	)	(91,070	)
Tangible book value attributable to Ben’s public company stockholders		–		9,177	⁽²⁾	10,535	⁽⁴⁾

Market Capitalization of Ben’s Class A and Class B common stock as of April 24, 2025 ⁽⁵⁾	$	2,211

(1) Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings 10% of the first $100 million of distributions of Beneficient Holdings following the satisfaction of the debts and liabilities of Beneficient Holdings on a consolidated basis.
(2) Pro forma for the Transactions, represents 10% of the first $100 million of distributions of Beneficient Holdings in the event of the liquidation of Beneficient Holdings following the satisfaction of the debts and liabilities Beneficient Holdings on a consolidated basis.
(3) Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings (i) 10% of the first $100 million of distributions of Beneficient Holdings following the satisfaction of the debts and liabilities of Beneficient Holdings on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024. Pro forma for GP Primary includes the primary capital transaction described herein plus the previously disclosed $9.6 million primary capital commitment for Pulse Pioneer Fund, LP.
(4) Pro forma for the Transactions, represents (i) 10% of the first $100 million of distributions of Beneficient Holdings in the event of the liquidation of Beneficient Holdings following the satisfaction of the debts and liabilities Beneficient Holdings on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.
(5) Based upon the closing price of the Class A common stock as reported by Nasdaq as of market close on April 24, 2025.

About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.com

Important Information and Where You Can Find It
This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve the Transactions. In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.

INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

Participants in the Solicitation of Proxies in Connection with Transactions
Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the Transactions and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

Not an Offer of Securities
The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions, including receipt of required approvals and satisfaction of other customary closing conditions and excepted timing of closing of the Transactions, and expectations of future plans, strategies, and benefits of the Transactions. The words ”anticipate,” “believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions; and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

MIL-OSI: JD.com to Report First Quarter 2025 Financial Results on May 13, 2025

Source: GlobeNewswire (MIL-OSI)

BEIJING, April 25, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it plans to release its unaudited first quarter 2025 financial results on Tuesday, May 13, 2025, before the U.S. market opens.

JD.com’s management will hold a conference call at 8:00 am, Eastern Time on May 13, 2025, (8:00 pm, Beijing/Hong Kong Time on May 13, 2025) to discuss the first quarter 2025 financial results.

Please register in advance of the conference using the link provided below and dial in 15 minutes prior to the call, using participant dial-in numbers, the Passcode and unique access PIN which would be provided upon registering. You will be automatically linked to the live call after completion of this process, unless required to provide the conference ID below due to regional restrictions.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10046856-37hfgr.html

CONFERENCE ID: 10046856

A telephone replay will be available for one week until May 20, 2025. The dial-in details are as follows:

US:	+1-855-883-1031
International:	+61-7-3107-6325
Hong Kong:	800-930-639
Chinese Mainland:	400-120-9216
Passcode:	10046856

Additionally, a live and archived webcast of the conference call will also be available on JD.com’s investor relations website at http://ir.jd.com.

About JD.com, Inc.

JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

For investor and media inquiries, please contact:

Investor Relations
Sean Zhang
+86 (10) 8912-6804
IR@JD.com

Media Relations
+86 (10) 8911-6155
Press@JD.com

MIL-OSI: HSBC Bank Plc – Form 8.5 (EPT/NON-RI) – Bakkavor Group plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	HSBC Bank Plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Bakkavor Group plc
(c) Name of the party to the offer with which exempt principal trader is connected:	OFFEROR: Greencore Group plc
(d) Date dealing undertaken:	24 April 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	Greencore Group plc

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security

Purchases/ sales

Total number of securities

Highest price per unit paid/received
(GBP)

Lowest price per unit paid/received
(GBP)

Ordinary Shares

Purchase

7,267

173.229 p

4.800 p

Ordinary Shares

Sale

5,000

4.800 p

(b) Cash-settled derivative transactions

Class of relevant security	Product description	Nature of dealing	Number of reference securities	Price per unit (GBP)
Class of relevant security	e.g. CFD	e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit (GBP)
Ordinary Shares	Swap	Increasing a Short Position	2,102	173.230 p
Ordinary Shares	Swap	Increasing a Short Position	165	173.229 p

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing
e.g. subscription, conversion

Details

Price per unit (if applicable)

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	25 April 2025
Contact name:	Dhruti Singh
Telephone number:	0207 088 2000

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

CLICK HERE TO BUY THE RYOKO PRO WIFI DIRECTLY FROM THE OFFICIAL WEBSITE AT A DISCOUNTED PRICE

MIL-OSI: Ryoko Reviews: Must Read Before Buying Ryoko Pro Wi-Fi!

Source: GlobeNewswire (MIL-OSI)

FRANKLIN, Tenn., April 25, 2025 (GLOBE NEWSWIRE) — The internet has grown to become one of the greatest inventions of man. Many businesses, healthcare services, government operations and even the simplest day to day activities require some degree of Internet connection.

Ryoko Reviews

For something that is a necessity, many people are still struggling with fast, affordable and secure internet. You might have solved the problem of a stable internet in your home but what about when you are traveling?

The Ryoko claims to offer quick, safe, and hassle-free internet access worldwide. The Ryoko Portable Wi-Fi is marketed as a gadget that will simplify your life by bringing fast internet access to you anywhere, without the inconvenience of costly roaming fees or insecure public Wi-Fi.

Imagine being able to check your emails, surf the web, or even watch your favourite shows while camping in the woods or perhaps on a beautiful road trip. Doesn’t it sound like a dream? However, it is very much a reality with Ryoko.

No matter where you are, you can get fast and secure internet with this compact, stylish, and remarkably portable Wi-Fi hotspot. Ryoko claims to ensure a flawless experience by automatically connecting to the best local network, whether you’re in a foreign metropolis or a secluded lodge in the country.

Does it, however, truly live up to the hype? What is the difference between it and other portable Wi-Fi choices available on the market? Above all, is the investment worthwhile? Many USA intending buyers rated the product 4.9/5, with many searching for an honest review on Reddit, BBB and Trustpilot. We will be giving all the necessary details to help you make an informed purchase. Are you eager to learn more? Let’s get started!.

What Is Ryoko Pro Portable Wi-Fi?
(Ryoko Reviews)

Ryoko Pro is a pocket-sized wireless router that creates a personal Wi-Fi network using global 4G LTE signals. It’s designed to deliver a fast, secure internet connection on the go. The device comes with a SIM card already preloaded with 500 MB of mobile data and has additional ad-blocking/anti-phishing capabilities.

Ryoko Pro connects you to the best local networks, guaranteeing dependable service for all of your devices, whether you’re traveling to a remote location, heading out on a road trip, or just need a steady connection away from home. Ryoko ensures you stay connected to the world. With fast and reliable Wi-Fi available in more than 75+ countries, this gadget serves as a mobile hotspot and is a necessary travel companion both domestically and abroad.

The Ryoko is lightweight, portable, and fits neatly in your pocket or purse. It’s ideal for people who need to access the internet while on the road without having to deal with the weight of conventional routers or finding a public Wi-Fi connection. You may use Ryoko to access the internet from any location, whether you’re working remotely from your vacation home, fishing by a lake, or camping in the woods.

According to many verified USA, Canadian, UK, and Australian user reviews, Ryoko can run for up to eight hours between charges, which is more than enough power for an entire day of internet access while you’re out and about. Ryoko is designed to keep you online whether you are working while on the go, streaming a game, or keeping in touch with loved ones.

First Impression: Unboxing the Ryoko Wi-Fi
(Ryoko WiFi Reviews)

Unboxing the Ryoko Pro is a simple yet satisfying experience that instantly reflects the product’s core promise: convenience without complexity. The packaging is compact, clean, and minimal — designed for travel, just like the device itself.

Here’s what you will find inside the box:

Ryoko Pro Wi-Fi Device: The first thing you will notice is its size — smaller than a smartphone, lightweight, and sleek. Its matte finish and curved edges make it easy to grip and slip into your pocket, travel pouch, or even the palm of your hand.
Pre-installed SIM Card: One of Ryoko’s best features is that it arrives ready to use. You do not need to buy or insert a SIM — it is already installed and activated. This is a major relief for travelers who are used to fumbling with SIM trays or tracking down country-specific plans.
USB-C Charging Cable: The device includes a standard USB-C cable for quick charging. Some bundles may also include an optional magnetic charging dock, which lets you charge the device just by placing it on the base — no cords needed.
User Guide: A short, easy-to-follow instruction booklet walks you through setup. Spoiler: setup takes under 2 minutes. Most users don’t even need to open the manual.

No tech skills? No problem. There is no app to install, no complicated configuration screens, and no extra software. Just press the power button, wait a few seconds, and the device automatically connects to the nearest available 4G LTE tower. Then you connect your phone, tablet, or laptop to the Ryoko Wi-Fi network, just like you would at home.

From the moment you open the box, Ryoko feels like a device designed for modern life: lightweight, intuitive, and ready for action — whether that is working from the road, staying in touch on a hike, or streaming content in a cabin mile from the city.

DON’T MISS OUT: Ryoko Wi-Fi Is Available At A Special Price – Click Here To Order From The Official Website

How Does Ryoko Work?

The Ryoko Portable Wi-Fi is definitely different from your regular portable WiFi; it works by creating a private, secure Wi-Fi network which automatically connects to the best local network in more than 75+ countries using virtual SIM technology. By choosing the best network for your location, Ryoko guarantees a strong connection irrespective of your location.

The gadget is easy to set up; all you need to do is turn it on, connect your laptop, tablet, or phone to the Wi-Fi network, and you can begin working, browsing, or streaming. Up to ten devices can be online at once without compromising performance because of the device’s ability to connect to numerous devices at once. Even in places where regular cell coverage may not be strong, Ryoko’s 4G access guarantees high internet speeds.

Key Features Of Ryoko Portable Router
(Ryoko Pro Reviews)

Let’s go through the features and specifications that make the Ryoko special:

Worldwide Coverage Without Roaming Fees: Ryoko provides worldwide coverage in over 75+ countries, guaranteeing that you can stay connected wherever you are. Without having to buy pricey overseas SIM cards or worry about erratic roaming fees, Ryoko Pro effortlessly switches to the best local network. It’s a great device for tourists from other countries who wish to avoid paying expensive mobile data prices. As Sophia N. writes: “The connection was consistently fast and reliable, even in a remote area of the woods. It worked everywhere, from my campsite to the lakeside.”
Integrated Ad Blocker: Ryoko has a smart ad-blocking tool that protects against malware and phishing websites. For anyone who values privacy and performance, this means faster surfing, improved speed, and an extra layer of online security.
Lightweight and No Tangled Cables: Ryoko was created with portability in mind and is small enough to fit in your pocket or in the palm of your hand. Its elegant, wire-free design guarantees that you can access fast internet anywhere; no cumbersome setup or tangled cables, just unrestricted mobility.
USB-C Fast Charging: Ryoko uses a USB-C connector, which reduces downtime and the hassle of finding a special charger. Better yet, the kit comes with a USB-C cable, so you don’t need any more purchases to power up and stay connected.
Fast, Data-Efficient Connectivity: Take advantage of speeds of up to 150 MB/s while Ryoko’s data-saving technology makes every megabyte matter. Whether you use Ryoko for business, streaming, or surfing, it provides quick, efficient internet without using up too much data.
Longer Battery Life: You may not always have access to a power outlet when you’re traveling or working in the field. That’s where Ryoko’s remarkable battery life comes into play. With up to 8 hours of continuous use on a single charge, you won’t have to worry about running out of battery power when working, streaming, or browsing. Another verified USA buyer, David T., reported, “The battery life really exceeded my expectations. I can’t imagine traveling without it!” Ryoko is ideal for travels, treks, and even working remotely from a café without always needing to recharge.
Easy to Use and Set Up: If you are not too tech-savvy, setting up a mobile hotspot can sometimes be a pain. Ryoko’s straightforward plug-and-play design solves that issue. It will take little time to get you up and running, even if you are not a tech specialist. “She set it up on her own, and she’s not a big techie. It’s that easy!” David T. claims that his wife set it up easily. The Ryoko hassle-free experience is a great bonus for individuals who wish to be online without needless complex installations.
Supports Multiple Devices at Once: Ryoko enables you to connect up to ten devices at once, meaning that you can simultaneously use your tablet, phone, laptop, and other devices online. Families, groups, or everyone else who needs to keep several devices connected while traveling will find it ideal. Sophia N. “I was using my tablet while my dad was using his phone by the lake. Ryoko handled both connections smoothly!” She remembers using it during a camping trip with her family.
Safe Connection: Wi-Fi networks, such as those in cafes and airports, are notoriously unreliable. If you are handling sensitive data, such as online banking or business correspondence, Ryoko’s private and secure connection is definitely what you need. You can now travel with peace of mind knowing that your data is secure thanks to its secure connectivity. According to Carlanaise, “I need a stable, secure connection, and I get that 95% of the time with Ryoko.
Affordable: Ryoko is designed to save you a whole lot of money. Frequent traveler NomadNetizen expressed his dissatisfaction with traditional mobile providers, saying, “International data charges are a nightmare. Ryoko saved me from those expensive fees, and now I never travel without it.” Ryoko makes staying connected simple and affordable for families, digital nomads, and anyone else who needs dependable internet on the go.

Who Needs The Ryoko Portable Wi-Fi Device?
(Muama Ryoko Reviews)

Everywhere, at any time, Ryoko provides the ease of a reliable connection. The following people will find the Ryoko Pro most beneficial:

International Travelers
If you’ve ever landed in a new country and immediately stressed over mobile data, Ryoko is for you. Instead of buying a new SIM card in every country — or worse, paying for expensive roaming — you can just turn on your Ryoko device and connect. It works in over 70 countries (more on that later), so you stay online the moment your flight touches down.

Digital Nomads and Remote Workers
From freelancers to full-time remote employees, stable Wi-Fi is non-negotiable. Ryoko eliminates the need to rely on cafes, coworking spaces, or hotel networks. It gives you a private, secure, and fast connection wherever you go — ideal for Zoom calls, email, file uploads, and cloud-based work.

Campers, Hikers & Outdoor Adventurers
Ryoko has become a favorite among adventurers, especially those who travel to remote areas. Whether you’re camping by a lake, hiking through trails, or road-tripping across states, Ryoko can keep you online where traditional mobile signal might fail. Tim Bennet, an extreme athlete, even described it as a replacement for bulky satellite gear.

Families and Group Travelers
With support for up to 10 devices at once, Ryoko is perfect for groups. Instead of buying separate data plans for each phone, tablet, or laptop, the whole family or team can connect to one secure network — saving money and making coordination easier during trips.

Anyone Tired of Public Wi-Fi
Even at home or in the city, Ryoko is useful. Public Wi-Fi in cafes, airports, or malls is often slow, unreliable, or risky. Ryoko gives you your own private connection, reducing the chances of data theft or signal drops when you need to stay productive.

In short, Ryoko is made for people who value mobility, security, and simplicity. If you’ve ever wished you could bring your home internet connection with you, this device is exactly that — only smarter, smaller, and safer.

MUST SEE: CLICK HERE NOW TO GET THE RYOKO PRO DIRECTLY FROM THE OFFICIAL WEBSITE AT A DISCOUNTED PRICE

Is Ryoko Legit or Scam?

The Ryoko Portable Wi-Fi device is a genuine product that has gained a strong reputation among consumers for offering a secure and fast way to stay connected while on the go. Ryoko provides a safe substitute for costly roaming fees or slow public Wi-Fi networks.

The Muama Ryoko’s capacity to offer internet access in more than 75+ countries makes it a great choice for tourists visiting other nations. Users will enjoy quick, safe connections even in more isolated or underdeveloped locations, such as lakes and forests, thanks to this worldwide coverage. Ryoko can sustain a strong connection even in locations that regular networks are unable to reach, as numerous consumers have noted in their reviews.

Many people have mentioned how handy it is to have weather when going on road vacations, camping excursions, or visits to their summer residences. Also, many USA customers have confirmed that the device lasts for over 8 hours on a single charge, which is more than enough for the majority of trip days.

Not to be overlooked is how easy it is to set up and use. Customers have reported that it is very user-friendly, with simple instructions that even people who are not tech-savvy can follow. The Ryoko Pro Portable Wi-Fi is authentic as all of its claims have been verified by real customers with an average rating of a whopping 4.9/5 . You have no reason to be scared; Ryoko is not a fraud!

Ryoko Pro Wi-Fi vs. Regular Portable Wi-Fi
(Ryoko Reviews)

Several important factors distinguish the Ryoko Portable Wi-Fi from standard portable Wi-Fi. To help you make a better choice, we will compare the variations in performance, portability, battery life, and general user experience of the Ryoko and other portable Wi-Fi devices:

Performance

Ryoko Pro has received recognition for sustaining a steady internet connection even in remote locales. According to many USA user feedback, Ryoko performs exceptionally in remote locations, wooded areas, and lakes where other portable hotspots sometimes falter. This is a huge benefit for anyone who needs dependable internet, even while traveling.

On the other hand, standard portable Wi-Fi devices are not always reliable. They often depend on carrier-specific data plans or local networks, which might not always provide the best coverage or speed, particularly in rural or isolated places, so the Ryoko got the win on this one

Mobility

The Ryoko Portable Wi-Fi has a huge edge in terms of portability. Among the lightest gadgets in its class, it’s compact enough to fit in your pocket, purse, or even your hand. Its portability has been praised by many users, making it ideal for lengthy road trips and trekking adventures.

Regular portable Wi-Fi devices, on the other hand, are usually bigger. Additionally, they can have a less elegant design, which would make them more difficult to transport without a special place to store them in your backpack or travel box.

Battery Life

Another notable edge of the Ryoko Portable Wi-Fi is its battery life. Ryoko guarantees that you can stay online all day long without having to continuously recharge because of its remarkable 8-hour battery life on a single charge. Ryoko’s long-lasting battery is designed to meet your needs, whether you’re working remotely from a remote location or watching a game while camping.

However, most standard portable Wi-Fi devices will not last as long. Many types require frequent charging, particularly when used for extended periods of time. The longer battery life of Ryoko is a significant advantage for tourists who require reliable internet connectivity for lengthy periods of time.

Usability

The Ryoko Portable Wi-Fi device is renowned for being easy to set up. It’s really simple to connect to, according to many verified users, and doesn’t require any additional programs or complex setups. It’s a fantastic option for anyone looking for rapid and easy internet access because of its user-friendly interface.

Regular portable Wi-Fi devices, on the other hand, may call for more complicated configuration or particular carrier support, which might be difficult for non-techies. Additionally, some devices require manual setups or other programs, which complicates the experience for novices.

It’s obvious that Ryoko Portable router delivers better performance, portability, battery life, and user-friendliness than a standard portable Wi-Fi device. Ryoko is the obvious choice if you need a secure connection that functions in remote locations and a portable gadget with a long battery life. Ryoko makes sure you stay connected with the least amount of trouble, whether you’re traveling for business, pleasure, or adventure.

How To Use Ryoko WiFi (Setting Up and Instructions)

One of the most impressive things about Ryoko Pro is how quickly and easily it gets you connected — no apps, no installations, and definitely no tech stress.

Here’s how setup works from the moment you open the box:

1. Power It On:
Press the power button. Ryoko boots up and automatically connects to the best available mobile network in your location.

2.   Connect Your Device:
You have two options:
        •        Scan the QR code on Ryoko’s screen using your device’s camera, or
        •        Open your Wi-Fi settings, find the Ryoko network, and enter the provided password.

3. Enjoy Private, Secure Internet:
Once connected, you can browse, stream, email, or work online just as you would on home Wi-Fi — only now, your connection is mobile and encrypted.

4. Recharge When Needed:
Ryoko lasts between up to 8 hours depending on how many devices are connected and how actively you use it. It charges with a USB-C cable or an optional magnetic dock — both are easy to travel with.

No SIM switching, no waiting for activation, and no surprise fees — that’s the experience Ryoko was built to deliver.

DON’T MISS OUT: Ryoko Pro Portable Wi-Fi Is Available At A Special Price – Click Here To Order Directly From The Official Website

Is Ryoko Wi-Fi Free?

One of the most common questions people ask before buying Ryoko Pro is:
“Is the Wi-Fi free once I buy the device?”

The short answer is — Ryoko Wi-Fi isn’t completely free, but it’s far more flexible and affordable than traditional options like roaming plans or country-specific SIM cards.

Every Ryoko device comes with a pre-installed SIM card and an initial 500MB of free data. After that, users can top up their data anytime online — without contracts or surprise fees.

You are not tied to a fixed monthly subscription. You only pay for what you use, when you need it — which makes it ideal for travelers, seasonal users, and people who want full control over their internet costs.

While Ryoko Pro is not completely free to operate, it gives you full control over your data spending — no contracts, no surprises, and no overpriced roaming charges. You pay for data only when you need it, and at a rate that is easy to manage.

Ryoko Reviews Consumer Reports and Complaints USA

Ryoko Pro has gotten wonderful feedback from clients worldwide. Users praise its mobility, reliability, and ease of use. The encouraging comments demonstrate how well it works in both urban and rural settings. We have included some verified reviews from actual customers:

Jenny P. | Verified Buyer – I love it. Im using it when going to my summer house or short road trips. Everywhere connection is fast and great! I love its portable design. It is very light, small and stylish, and easy to hold in my hand or pocket. Battery worked for more than 8 hours, that’s what I need when I am on the road. It brings Internet to the most remote places, woods, lakes. With Ryoko I can enjoy watching the game on my phone while im away.
Sophia N.| Verified Buyer – Absolutely looove my ryoko! My cousin lent me hers and I tried it while camping. the connection was consistently fast and reliable; even though it was quite a remote area of the woods. I really liked how portable ryoko is, super light, didn’t take up any space in our backpacks. battery life also exceeded my expectations, lasted more than 8h. I was even able to enjoy the game on my tablet while fishing with my dad at the lake. Got home and immediately bought one for me and my husband.
David T.| Verified Buyer – The connection is fast and hardly ever patchy, even in the woods, it blew my mind. It’s super light, and the battery life really exceeded my expectations. I can’t imagine traveling without it! It’s a MUST if you’re outdoors a lot. my wife got one as well. She says that it was super easy to set up, which she did not expect because she’s not a big techie.
Dilip G. | Verified USA Customer – The product is fantastic. It works as advertised, and my family is happy with it. The connection is consistent and fast. It is a good recommendation, as I tried it and everything worked just as it should.

MUST SEE: CLICK HERE NOW TO GET THE RYOKO WIFI DIRECTLY FROM THE OFFICIAL WEBSITE AT A DISCOUNTED PRICE

Ryoko Reviews: Pros

Truly Portable: Ryoko is easy to carry in your pocket, backpack, or even your hand because of its stylish and small design. Perfect for tourists who appreciate ease of use.
Reliable Connection in Remote Areas: Numerous users have attested to the device’s ability to function even in isolated locations, such as forests, lakeshores, and rural cabins, perfect for outdoor excursions.
Long Battery Life: Ryoko can sustain prolonged surfing, streaming, or working sessions without need frequent recharging thanks to a battery that lasts more than eight hours.
Fast and Stable Internet: Even in areas where standard mobile networks fail, customer reviews highlight quick and reliable connections.
No Installation Difficulties: Simply turn it on and connect to get started. Without expert assistance, even non-technical individuals have found it simple to get started.
Supports Multiple Devices: Ryoko is ideal for small families or groups of friends traveling together because it can connect multiple devices at once.
Perfect for Gaming and Streaming: Users have used it to stream videos and games on tablets and smartphones, even when they’re outside without any lagging
Excellent for foreign Travel: Ryoko has consistently performed well for travelers throughout Europe, help them save money on expensive foreign data roaming fees.
Elegant and Understated Design: In addition to being highly efficient, the gadget has a nice appearance. It is fashionable, lightweight, and will not draw undue attention.

Ryoko Pro Reviews: Cons

Initial Cost Could Be a Barrier: While it will definitely help you save money over time, some purchasers could find the initial cost to be a problem.
Not Available on Retail Stores: The best place to get the Ryoko is the official website online.
Limited in stock: The Ryoko is trending on many platforms online, so it will not be surprising if it runs out of stock.

Ryoko Pro Price – What is the Cost?

The Ryoko Portable Wi-Fi is marketed as a cost-effective, secure internet solution for anyone in need of safe, mobile connectivity, including tourists and home users. You can get yours at the following prices:

Ryoko is currently available for a temporary discount of up to 70% off. Also, the manufacturers have made available a 30-Day money back guarantee rerun policy: Hurry while supplies last.

Where To Buy Ryoko Pro Portable Wi-Fi

To ensure you are getting a genuine Ryoko Pro Portable Wi-Fi with full features and warranty, it’s strongly recommended to purchase only from the official website.

Buying directly from the source comes with several important benefits:

Authenticity guaranteed — no risk of counterfeits or outdated models
Exclusive deals — up to 70% off, free shipping, and other limited-time offers you won’t find elsewhere
Risk-free purchase — backed by a 30-day money-back guarantee and often a 1-year warranty

The official website is the only place where you are guaranteed the latest version of Ryoko Pro, complete with updates, customer support, and trusted delivery.

Frequently Asked Questions (Ryoko Pro Reviews)

The Ryoko Portable Wi-Fi device has quickly gained popularity among digital nomads, tourists, and everyone else who needs secure on-the-go internet connectivity. Based on customer reviews and product specifications, below are the answers to some commonly asked questions concerning Ryoko.

How many devices is Ryoko able to connect to?

You can connect up to ten devices at once with Ryoko. Families, parties, or business travelers who need to keep several devices online would find this excellent. Ryoko makes sure that everyone stays connected without sacrificing speed.

Is Ryoko’s battery life really good?

Ryoko’s battery life is one of its noteworthy qualities. Depending on usage, it can run for up to eight hours on a single charge. It’s ideal for long flights, day trips, and remote work sessions when you might not always have access to a power source.

Is it possible to use Ryoko abroad?

Of course! With coverage in more than 75+ countries, Ryoko is made to be used anywhere in the world. Ryoko guarantees dependable internet access without incurring costly roaming fees, whether you’re visiting distant regions of North America, Europe, or Asia. You won’t have to worry about signal loss in far-off places because it automatically switches to the best network available in each location.

How fast is Ryoko’s internet connection?

Ryoko’s 4G network allows for high internet rates. Even in remote locations, users have reported seamless video calls, browsing, and streaming. Ryoko guarantees a quick and dependable connection whether you’re working, watching a game, or just surfing the internet.

Is it safe to use Ryoko?

It is safe to use the Ryoko Portable Wi-Fi. Compared to public Wi-Fi, it offers a private connection that is far safer than most other devices. It also aids in defence against dangerous websites and pop-ups thanks to an integrated ad blocker. Its dependability and security, particularly in remote areas, have been commended by numerous Canada consumer reports. Ryoko gives you peace of mind at all times, protecting your data as you browse, work, or stream.

Which devices are compatible with my Ryoko router?

Your Ryoko router can be connected to a smartphone, laptop, tablet, PC, or even a smartwatch. Additionally, you can share the Internet with the devices of your friends and family. Ten devices can be used simultaneously!

Does the Ryoko come with a SIM card? What are my options for topping up, and how much data do I get with it?

It already has 500MB of mobile data, and the SIM card is included! Ryoko has no roaming charges, and you can top it up at any time.

Can my parents or children use it? They are not tech-savvy

Of course! Ryoko was created with an emphasis on simplicity. It only needs two button controllers!

What is the purpose of the Ad Blocker feature?

Block trackers and ads: To shield you from undesired ads and trackers, Ryoko employs one of the most extensive ad and tracker blocking lists available, which is compiled from more than two dozen carefully selected block lists.
Stops malware: The Ryoko stops malware from websites that have a reputation for spreading malware, initiating phishing scams, or acting as servers to connect to devices that are already infected.
Blocks phishing domains: Blocks phishing domains, which are designed to steal personal information by tricking you into believing you are on a website you are familiar with. For example, playpal.com can look a lot like paypal.com, which you may not notice unless you’re paying attention. Ryoko will help make sure that you are protected from such websites.

Final Thoughts On Ryoko Reviews

Customers all over the world have made the Ryoko Portable Wi-Fi their go-to mobile internet solution because of its features, which include but are not limited to global coverage, long battery life, and ease of use. Staying connected is one less worry with Ryoko, whether you’re traveling to a rural cabin, fishing by the lake, camping in the woods, or just doing your everyday tasks

The entire purchase process is easy and stress-free. All users, from casual road trippers to tech-savvy digital nomads, have expressed the same sentiment: it works, and it works well. Simple setup. No heavy equipment. Just a quick, stable internet connection in your pocket. Additionally, you can rely on it all day long due to its long-lasting battery and lightweight design. Try the Ryoko out; you will find yourself wondering how you managed to survive without it. Hurry to the official website while supplies last!

DON’T MISS OUT: Ryoko Pro Is Available At A Special Price – Click Here To Order Directly From The Official Website
Media Contact:
support@getryoko.com

Disclaimer: All the information in this release is published in good faith and for general information purposes only. The content provider does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this press release, is strictly at your own risk. We will not be liable for any losses and/or damages in connection with the use of our website.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/eb45d18d-b609-40bf-9259-44b06e25443f

https://www.globenewswire.com/NewsRoom/AttachmentNg/7f9261dd-37a6-4ccd-b6e8-95f240796419

https://www.globenewswire.com/NewsRoom/AttachmentNg/c4ff26b7-e0b0-4322-9361-39d827dc0f9b

https://www.globenewswire.com/NewsRoom/AttachmentNg/a62beedd-817a-4dd9-805e-f3f240d21938

MIL-OSI: Prosafe SE: Key information relating to the conditional offering of warrants to existing shareholders

Source: GlobeNewswire (MIL-OSI)

Prosafe SE (the “Company”) refers to the notice of an extraordinary general meeting published on 25 April 2025 in connection with the proposed recapitalisation of the Company announced on 24 April 2025, including the proposal to issue warrants (“Warrants” and the “Warrant Issue”) in accordance with the Norwegian Public Limited Liability Companies Act Section 11-12 to existing shareholders as of the date of the extraordinary general meeting, conditional upon completion of the recapitalisation.

Please see below for key information in relation to the Warrant Issue.

Date on which the terms and conditions of the Warrant Issue were announced: 25 April 2025

Last day including right: 16 May 2025

Ex-date: 19 May 2025

Record date: 20 May 2025

Maximum number of Warrants: 17,868,651

Subscription price: None, the Warrants will be offered without consideration

Ratio for Warrants: 1 existing share gives the right to subscribe for 1 Warrant

Will the Warrants be listed: No

Other information: 1 Warrant will give the right to subscribe for 1 new share in the Company at a subscription price of EUR 0.01 per new share. The Warrants will be non-tradable. The Warrants Issue and the subsequent exercise period for the Warrants is conditional upon the Company completing the proposed recapitalization, expected to take place in Q3 2025. The Warrants Issue is subject to the preparation and publication of a prospectus. Warrants will not be offered to shareholders in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action, other than in accordance with applicable exemptions.

Oslo, 25 April 2025

Prosafe SE For further information, please contact:

Terje Askvig, CEO Phone: +47 51 65 24 90 / +47 952 03 886

Reese McNeel, CFO Phone: +47 47 51 64 25 17 / +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

MIL-OSI: Prosafe SE: Notice of Extraordinary General Meeting to be held on 16 May 2025

Source: GlobeNewswire (MIL-OSI)

Prosafe SE (the “Company”) refers to the announcement published on 24 April 2025 in connection with the proposed recapitalisation of the Company (the “Transaction”).

An Extraordinary General Meeting of the Company will be held on 16 May 2025 at 13:00 CEST to pass resolutions required for the completion of the Transaction.

The notice of the meeting, together with attendance and proxy forms are attached hereto.

The Extraordinary General Meeting will be arranged virtually through Lumi.

All documents to be processed in the meeting, including a guide for online participation, are available on https://www.prosafe.com/investor-information/corporate-governance/general-meetings/

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com (http://www.prosafe.com)

Oslo, 25 April 2025

Prosafe SE

For further information, please contact:

Terje Askvig, CEO

Phone: +47 51 65 24 90 / +47 952 03 886

Reese McNeel, CFO

Phone: +47 47 51 64 25 17 / +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachment

Prosafe SE – Notice of EGM on 16 May 2025

MIL-OSI: Registration of share capital reduction by reduction of the par value of shares in IDEX Biometrics – 25 April 2025

Source: GlobeNewswire (MIL-OSI)

Reference is made to the share capital reduction in IDEX Biometrics ASA (the “Company”) resolved by the extraordinary general meeting on 11 April 2025, agenda item 3.

The share capital reduction by reduction of the par value of the shares in the Company has been registered.

Following the registration, the Company’s share capital is NOK 8,315,942.32 divided into 831,594,232 shares, each with a nominal value of NOK 0.01.

For further information contact:

Marianne Bøe, Head of Investor Relations, Tel: +47 91800186

Kristian Flaten, CFO, Tel: +47 95092322

E-mail: ir@idexbiometrics.com

About IDEX Biometrics:

IDEX Biometrics ASA ( IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. For more information, visit www.idexbiometrics.com .

About this notice:

This notice was published by Kristian Flaten, CFO, 25 April 2025 at 11:30 CET on behalf of IDEX Biometrics ASA. This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

MIL-OSI: Form 8.5 (EPT/RI) – AMENDMENT – Anexo Group Plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	Shore Capital Stockbrokers Ltd
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Anexo Group Plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Anexo Group Plc
(d) Date dealing undertaken:	23 April 2025
(e) Has the EPT previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer?	No

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary	Purchases	49,503	62.25p	60p
Ordinary	Sales	139,580	62.4p	60p

(b) Derivatives transactions (other than option)

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit

(ii) Exercising

Class of relevant security	Product description e.g. call option	Number of securities	Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	24 April 2025
Contact name:	Clare Gamble-Dale
Telephone number:	0207 601 6132

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

MIL-OSI: ZA Miner Introduces Free Cloud Mining Platform for Bitcoin and Dogecoin

Source: GlobeNewswire (MIL-OSI)

ZA Miner offers accessible cloud-based crypto mining for Bitcoin, Dogecoin, and Litecoin, no hardware required.

MIDDLESEX, United Kingdom , April 25, 2025 (GLOBE NEWSWIRE) — ZA Miner, a UK-based cloud mining provider, announces the launch of its no-cost cloud mining platform, designed to make cryptocurrency mining more accessible for users of all experience levels. New users receive a complimentary $100 trial mining contract upon registration, allowing them to explore mining without purchasing equipment or paying setup fees.

The platform supports mining for Bitcoin (BTC), Dogecoin (DOGE), and Litecoin (LTC), and offers a streamlined experience for users to track their mining activity and performance online. With a focus on simplicity and transparency, ZA Miner enables users to begin mining through a user-friendly dashboard—no prior technical knowledge required.

“We built ZA Miner to remove the barriers typically associated with cryptocurrency mining,” said a representative of ZA Miner. “By offering an accessible cloud-based platform and a $100 trial contract, we hope to help more individuals understand and participate in the digital asset ecosystem.”

ZA Miner’s cloud infrastructure operates in locations with energy-efficient resources, such as Kazakhstan and Iceland. These regions are chosen for their access to renewable or low-cost electricity, aligning with the company’s sustainability and affordability goals.

Key Features:

Complimentary $100 trial mining contract for new users
Web-based mining for Bitcoin, Dogecoin, and Litecoin
No hardware or maintenance required
Daily activity updates through a secure online dashboard
SSL encryption and anti-DDoS protection for account safety
Referral program offering commissions for invited users

To get started, users can create an account at www.zaminer.com, claim their trial contract, and begin monitoring their mining activity. While returns are not guaranteed and depend on various operational factors, the platform is structured to provide an entry-level introduction to cloud mining.

About ZA Miner

ZA Miner is a cloud mining company based in Middlesex, United Kingdom, offering cryptocurrency mining services for Bitcoin, Dogecoin, and Litecoin. The company’s mission is to make crypto mining approachable and cost-effective through user-friendly tools, sustainable operations, and inclusive access to digital assets.

Media Contact:
SHEIKH, Anisah Fatema
ZA FUNDINGS LTD
info@zaminer.com
https://www.zaminer.com/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14ef95e8-d3e3-4503-a919-c26510ecbeb3

MIL-OSI: Terranet publishes the annual report for 2024

Source: GlobeNewswire (MIL-OSI)

Terranet AB (publ) today publishes the annual report for 2024, including the corporate governance report and the auditor’s report. The report is available at the company’s website www.terranet.se/en/reports

This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person below on 25 April 2025, at 09.30 CET.

For more information, please contact:
Lars Lindell, VD
E-mail: lars.lindell@terranet.se

About Terranet AB (publ)
Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.

The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

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