GlobeNewswire – Page 361

MIL-OSI: CDPQ to sell 2,061,000 common shares of WSP

Source: GlobeNewswire (MIL-OSI)

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, April 24, 2025 (GLOBE NEWSWIRE) — CDPQ announced today its intention to sell 2,061,000 common shares of WSP Global Inc. (TSX: WSP), representing approximately 1.6% of WSP’s issued and outstanding common shares as of April 23, 2025.

The common shares will be sold at a gross price per share of $242.70 in a block trade underwritten by BMO Capital Markets and National Bank Financial Inc. (the “underwriters”). CDPQ expects to receive gross cash proceeds of approximately $500 million from this transaction.

This transaction is part of CDPQ’s periodic portfolio rebalancing. Once completed, CDPQ will still hold around 14.2% of WSP Global’s issued and outstanding common shares.

“Since 2011, CDPQ has played a key role in supporting WSP Global through eight major acquisitions, propelling the company into a global leader in its sector. CDPQ is now seeking to monetize part of its investment while remaining a principal shareholder. This capital may be reinvested in Québec companies, including WSP Global, to support and accelerate the growth of local companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

“CDPQ is a longstanding partner that has been by our side as we’ve grown into one of the largest professional services firms in the world. Following this transaction, CDPQ remains our largest shareholder as we begin executing our new 2025–2027 global strategic action plan to drive change for dynamic growth. Guided by our renewed ambitions, we remain confident in our ability to continue creating sustainable value for our shareholders,” said Alexandre L’Heureux, President and CEO of WSP Global.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As of December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information about CDPQ, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

For more information
MEDIA CONTACT
1 514 847 5493
medias@cdpq.com

The MIL Network –

April 25, 2025

MIL-OSI: Crane Harbor Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

PHILADELPHIA, PA, April 24, 2025 (GLOBE NEWSWIRE) — Crane Harbor Acquisition Corp. (NASDAQ:CHACU) (the “Company”) today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The Company’s units will be listed on the Nasdaq Global Market under the symbol “CHACU” and will begin trading on April 25, 2025. Each unit issued in the offering consists of one Class A ordinary share of the Company and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of the Company’s initial business combination. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on NASDAQ under the symbols “CHAC” and “CHACR,” respectively. The closing of the offering is anticipated to take place on or about April 28, 2025, subject to customary closing conditions.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be to identify companies in the technology, real assets, and energy sectors. The Company’s management team is led by Jonathan Z. Cohen, its Chairman of the Board of Directors, Edward E. Cohen, Vice Chairman, William Fradin, Chief Executive Officer, Tom Elliott, Chief Financial Officer, and Jeffrey Brotman, Chief Legal Officer and Chief Operating Officer.

“We are thrilled to partner with Cohen & Company Capital Markets and our world-class board of directors to bring another high-quality business to the public markets,” said Bill Fradin, Chief Executive Officer of Crane Harbor Acquisition Corp. “We look forward to identifying a compelling opportunity that can create long-term value for our shareholders.”

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the sole book-running manager for the offering. JonesTrading Institutional Services LLC acted as joint book-running manager. Stevens & Lee, P.C. served as legal counsel to the Company, and Kirkland & Ellis LLP served as legal counsel to the underwriters. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on April 24, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus, copies of which may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24^th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com. Copies of the registration statement can be accessed for free through the SEC’s website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Crane Harbor Acquisition Corp.
craneharbor@hepcollc.com

The MIL Network –

April 25, 2025

MIL-OSI: Ring Energy Updates Second Quarter 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, April 24, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today provided updated guidance for the second quarter of 2025, which included reaffirming its previous outlook for oil and total sales volumes despite a significant reduction in the Company’s capital spending guidance, which was lowered in response to the recent decline in oil prices.

KEY Q2 UPDATED GUIDANCE HIGHLIGHTS

Reduced capital spending guidance range with a midpoint decrease of over 50% to $18 million;
Reaffirmed guidance range for both oil and total sales volumes with midpoints of 14,200 barrels of oil per day (“Bo/d”) and 21,500 barrels of oil equivalent per day (“Boe/d”) respectively and;
Reaffirmed Lease Operating Expense (“LOE”) range with a midpoint of $12.00 per Boe.

Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “In the past we have discussed the benefits of our value-focused proven strategy designed to maximize cash flow generation and effectively navigate the volatility of commodity prices to strengthen the balance sheet. The better-than-expected performance of our first quarter drilling program, underlying PDP assets, and recently acquired Lime Rock assets provided us the opportunity to quickly respond to lower oil prices by reducing our second quarter capital spending by more than 50% while maintaining our sales volumes guidance. Although our breakeven costs are well below the current price of oil, we believe emphasizing debt reduction during this time better positions the Company to manage the potential risks of an extended period of low oil prices. We also believe this change is warranted considering the uncertainty of future oil prices and is in the best interests of our stockholders. Regarding the rest of the year, we intend to provide updated guidance when we report our first quarter results in early May.”

Q2 UPDATED GUIDANCE TABLE

Sales Volumes
Total (Bo/d)	13,700 – 14,700
Mid Point (Bo/d)	14,200
Total (Boe/d)	20,500 – 22,500
Mid Point (Boe/d)	21,500
– Oil (%)	66%
– NGLs (%)	18%
– Gas (%)	16%
Capital Program
Capital Spending¹ (millions)	$14 – $22
Mid Point (millions)	$18
Operating Expenses
LOE (per Boe)	$11.50 – $12.50
Mid Point (per Boe)	$12.00

⁽¹⁾In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades, well reactivations and leasing acreage. Also included is anticipated spending for non-operated drilling, completions, capital workovers, and facility improvements.

ABOUT RING ENERGY, INC.

Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

SAFE HARBOR STATEMENT

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitation, statements with respect to the Company’s strategy and prospects, including: expected second quarter 2025 sales volumes and capital spending levels; the potential impact of and the Company’s efforts to manage commodity price volatility through targeted contracting, hedging and other Company-directed strategies; and, the expected benefits afforded by the recent completion of the recent Lime Rock acquisition. The forward-looking statements include the Company’s ability to keep operating costs low while maintaining production targets and generally to execute its proven strategy designed to further position the Company for long-term success. Forward-looking statements are based on current expectations and subject to numerous assumptions and analyses made by Ring and its management considering their experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the fiscal year ended December 31, 2024, and its other SEC filings. Ring undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

CONTACT INFORMATION

Al Petrie Advisors
Al Petrie, Senior Partner
Phone: 281-975-2146
Email: apetrie@ringenergy.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 25, 2025

MIL-OSI: Commercial National Financial Corporation Reports 1st Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

ITHACA, Mich., April 24, 2025 (GLOBE NEWSWIRE) — Commercial National Financial Corporation (Pink Sheets: CEFC) reported net income for the first quarter of 2025 of $1,429,000 or $0.36 per share compared to first quarter 2024 net income of $1,161,000 or $0.29 per share. Return on Equity (ROE) was 11.31% for the first quarter of 2025 compared to 9.95% for the first quarter of 2024.

Net interest income for the first quarter of 2025 increased by $348,000 or 7.7% compared to the respective 2024 period. Interest income decreased by $140,000, mainly due to a decrease in loan balances. Interest expense decreased by $488,000, as deposit rates were reduced following the federal funds rate cuts during the second half of 2024. Non-interest income decreased by $67,000 or 12.5%, primarily due to lower interchange income and other miscellaneous income. Operating expenses decreased by $19,000 or 0.5%.

Total assets were $571 million as of March 31, 2025 compared to $592 million as of March 31, 2024. The decrease in assets was due to the repayment of wholesale borrowings and trust preferred debt totaling $13 million, along with a 2.5% decrease in deposit balances. While total loans decreased by $24 million or 5.7% due to the high interest rate environment and early loan payoffs, loan quality remained strong with a non-performing assets ratio of 0.32%. Additionally, CEFC’s wholly owned subsidiary, Commercial Bank, remains significantly above “well capitalized” for regulatory purposes.

Visit www.commercial-bank.com to view the latest news releases and other information about CEFC and Commercial Bank.

Selected Financial Data (unaudited):
	Quarter Ended
	Mar 31, 2025			Mar 31, 2024
Return on Equity (ROE)		11.31	%		9.95	%
Return on Assets (ROA)		1.03	%		0.79	%
Net Interest Margin		3.68	%		3.25	%

	Mar 31, 2025			Mar 31, 2024
Non-Performing Assets Ratio		0.32	%		0.20	%
Tier 1 Leverage Capital Ratio⁽¹⁾		10.45	%		9.70	%
Total Risk-Based Capital Ratio⁽¹⁾		17.18	%		15.81	%
Book Value Per Share	$	13.14		$	11.89
Market Value Per Share	$	10.50		$	9.15
_{⁽¹⁾ Ratios are for Commercial Bank}


Consolidated Statements of Income (unaudited):
	Quarter Ended
	Mar 31, 2025			Mar 31, 2024
Interest Income	$	6,475,293		$	6,615,474
Interest Expense		1,635,230			2,123,427
Net Interest Income		4,840,063			4,492,047
Provision for credit losses		–			40,000
Non-interest income		469,946			537,092
Operating Expenses		3,576,253			3,595,018
Income before taxes		1,733,756			1,394,121
Income tax expense		304,475			232,990
Net Income	$	1,429,281		$	1,161,131

Net Income per share – diluted	$	0.36		$	0.29
Dividends declared	$	0.14		$	0.14


Consolidated Balance Sheets (unaudited):
	Mar 31, 2025			Mar 31, 2024
Assets
Cash and cash equivalents	$	63,760,176		$	59,248,093
Time deposits with other banks		1,743,000			1,992,000
Securities		83,490,143			84,835,301
Loans		390,575,608			414,380,652
Allowance for credit losses		(3,482,427	)		(3,609,455	)
Loans, net		387,093,181			410,771,197
Premises and equipment, net		9,901,597			9,655,198
Other assets		24,663,342			25,205,622
Total Assets	$	570,651,439		$	591,707,411

Liabilities
Deposits	$	503,862,856		$	516,760,150
FHLB borrowings		4,000,000			14,000,000
Trust preferred		7,310,000			10,310,000
Other liabilities		3,363,007			3,490,066
Total Liabilities		518,535,863			544,560,216

Equity
Total Equity		52,115,576			47,147,195
Total Liabilities and Equity	$	570,651,439		$	591,707,411

Contact:
Benjamin Z. Ogle
CFO
989-875-5562

The MIL Network –

April 25, 2025

MIL-OSI: First Western Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Summary

Net income available to common shareholders of $4.2 million in Q1 2025, compared to $2.7 million in Q4 2024
Diluted earnings per share of $0.43 in Q1 2025, compared to $0.28 in Q4 2024
Net interest income of $17.5 million in Q1 2025, compared to $16.9 million in Q4 2024
Net interest margin increased 16 basis points from 2.45% in Q4 2024 to 2.61% in Q1 2025
Other real estate owned (“OREO”) decreased $31.5 million from $35.9 million in Q4 2024 to $4.4 million in Q1 2025 due to the sale of two properties for a net gain of $0.5 million
Noninterest-bearing deposits increased 9.1% from $375.6 million as of Q4 2024 to $409.7 million as of Q1 2025

DENVER, April 24, 2025 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the first quarter ended March 31, 2025.

Net income available to common shareholders was $4.2 million, or $0.43 per diluted share, for the first quarter of 2025. This compares to net income of $2.7 million, or $0.28 per diluted share, for the fourth quarter of 2024, and net income of $2.5 million, or $0.26 per diluted share, for the first quarter of 2024.

Scott C. Wylie, CEO of First Western, commented, “As expected, we generated a significant improvement in our level of profitability in the first quarter. We saw positive trends in many areas including an expansion in our net interest margin, a higher level of non-interest income, an increase in noninterest-bearing deposits, solid loan production, and well managed expenses. We also saw general stability in asset quality while having a substantial reduction in our nonperforming assets following the successful resolution of our two largest OREO properties, which were sold for a net gain.

“We expect to see a continuation of the positive trends we are seeing, while we also redeploy the cash from the sale of our two largest OREO properties into interest-earning assets. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie.


	For the Three Months Ended
	March 31,			December 31,			March 31,
*(Dollars in thousands, except per share data)*		2025			2024			2024
Earnings Summary
Net interest income	$	17,453		$	16,908		$	16,070
Less: Provision (release) for credit losses		80			(974	)		72
Total non-interest income		7,345			6,459			7,277
Total non-interest expense		19,361			20,427			19,696
Income before income taxes		5,357			3,914			3,579
Income tax expense		1,172			1,166			1,064
Net income available to common shareholders		4,185			2,748			2,515
Basic earnings per common share		0.43			0.28			0.26
Diluted earnings per common share		0.43			0.28			0.26

Return on average assets (annualized)		0.59	%		0.38	%		0.35	%
Return on average shareholders’ equity (annualized)		6.63			4.39			4.10
Return on tangible common equity (annualized)⁽¹⁾		7.44			4.98			4.71
Net interest margin		2.61			2.45			2.34
Efficiency ratio⁽¹⁾		79.16			80.74			83.68

_____________________

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Operating Results for the First Quarter 2025

Revenue

Total income before non-interest expense was $24.7 million for the first quarter of 2025, compared to $24.3 million for the fourth quarter of 2024. Gross revenue⁽¹⁾ was $24.6 million for the first quarter of 2025, compared to $23.8 million for the fourth quarter of 2024. Relative to the fourth quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income, Net gain on mortgage loans, Net gain on other real estate owned, and Net gain on loans held for sale, partially offset by an increase in provision for credit losses and a decrease in Risk management and insurance fees. Relative to the first quarter of 2024, total income before non-interest expense increased 6.0% from $23.3 million and Gross revenue increased 4.7% from $23.5 million. Relative to the first quarter of 2024, the increase in total income before non-interest expense was primarily driven by increases in Net interest income and Net gain on other real estate owned, partially offset by decreases in Bank fees and Trust and investment management fees.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Net Interest Income

Net interest income for the first quarter of 2025 was $17.5 million, an increase of 3.6% from $16.9 million in the fourth quarter of 2024. The increase quarter over quarter was primarily driven by a 16 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the first quarter of 2024, net interest income increased 8.7% from $16.1 million. The increase compared to the first quarter of 2024 was primarily driven by an 27 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets.

Net Interest Margin

Net interest margin for the first quarter of 2025 increased 16 basis points to 2.61% from 2.45% reported in the fourth quarter of 2024, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield.

The yield on interest-earning assets increased 4 basis points to 5.57% from 5.53% reported in the fourth quarter of 2024 and the cost of interest-bearing deposits decreased 19 basis points to 3.59% from 3.78% reported in the fourth quarter of 2024.

Relative to the first quarter of 2024, net interest margin increased 27 basis points from 2.34%, primarily due to a 32 basis point decrease in total cost of funds.

Non-interest Income

Non-interest income for the first quarter of 2025 was $7.3 million, an increase of 12.3% from $6.5 million in the fourth quarter of 2024. The increase was driven primarily by increases in Net gain on other real estate owned, Net gain on mortgage loans, and Net gain on loans held for sale, partially offset by a decrease in Risk management and insurance fees. The increase in Net gain on other real estate was due to the sale of our two largest OREO properties for a net gain of $0.5 million. The increase in Net gain on loans held for sale was due to the reversal of the previous quarter’s write-down on a non-performing loan. This loan was previously classified as held for sale; however, during the quarter it was transferred to held for investment and charged off through the Allowance for credit losses.

Relative to the first quarter of 2024, non-interest income increased slightly, driven primarily by increases in Net gain on other real estate owned and Net gain on loans accounted for under the fair value option, offset partially by decreases in Trust and investment management fees and Bank fees.

Non-interest Expense

Non-interest expense for the first quarter of 2025 was $19.4 million, a decrease of 4.9% from $20.4 million in the fourth quarter of 2024. The decrease was primarily driven by the one-time $1.1 million Other real estate owned (“OREO”) write-down recognized in the fourth quarter of 2024, offset partially by an increase in Salaries and employee benefits.

Relative to the first quarter of 2024, non-interest expense decreased 1.5% from $19.7 million, driven primarily by a decrease in Professional services due to decreases in legal expenses, audit fees, and FDIC insurance fees, partially offset by increases in Occupancy and equipment expenses and Salaries and employee benefits.

The Company’s efficiency ratio⁽¹⁾ was 79.2% in the first quarter of 2025, compared with 80.7% in the fourth quarter of 2024 and 83.7% in the first quarter of 2024.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Income Taxes

The Company recorded Income tax expense of $1.2 million for the first quarter of 2025, compared to Income tax expense of $1.2 million for the fourth quarter of 2024 and Income tax expense of $1.1 million for the first quarter of 2024.

Loans

Total loans held for investment of $2.43 billion as of March 31, 2025 was flat compared to December 31, 2024. Changes in the quarter included net growth in the commercial real estate and 1 – 4 family residential portfolios, offset by net decreases in the cash, securities, and other and construction and development portfolios. Total average loans were $2.41 billion for the first quarter of 2025, an increase of $21.4 million from $2.39 billion for the fourth quarter of 2024. Relative to the first quarter of 2024, total loans held for investment decreased from $2.48 billion as of March 31, 2024, primarily driven by net decreases in the commercial and industrial, construction and development, and cash, securities, and other portfolios, partially offset by net growth in the 1 – 4 family residential and non-owner occupied commercial real estate portfolios.

Deposits

Total deposits were $2.52 billion as of March 31, 2025, an increase of 0.4% from $2.51 billion as of December 31, 2024. Relative to the first quarter of 2024, total deposits decreased from $2.53 billion as of March 31, 2024, driven primarily by a decrease in Noninterest-bearing deposits.

Borrowings

Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $51.6 million as of March 31, 2025, a decrease of $5.4 million from $57.0 million as of December 31, 2024. The change when compared to December 31, 2024 was primarily driven by net pay downs on the Company’s FHLB line of credit. Relative to the first quarter of 2024, borrowings decreased $17.9 million from $69.5 million as of March 31, 2024. The decrease in borrowings from March 31, 2024 was primarily driven by BTFP payoffs and net pay downs on the Company’s FHLB line of credit.

Subordinated notes were $44.6 million as of March 31, 2025, compared to $52.6 million as of December 31, 2024. Subordinated notes decreased $7.8 million from $52.4 million as of March 31, 2024. Relative to the fourth quarter of 2024 and first quarter of 2024, the decrease was due to the call of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

Assets Under Management

Assets Under Management (“AUM”) decreased to $7.18 billion as of March 31, 2025, compared to $7.32 billion as of December 31, 2024. The decrease in AUM during the quarter was primarily attributable to net withdrawals throughout the first quarter of 2025. Compared to March 31, 2024, total AUM increased slightly from $7.14 billion.

Credit Quality

Non-performing assets totaled $17.1 million, or 0.59% of total assets, as of March 31, 2025, compared to $49.0 million, or 1.68% of total assets, as of December 31, 2024. The decrease in non-performing assets during the quarter was primarily due to the sale of two OREO properties for a net gain of $0.5 million. As of March 31, 2024, non-performing assets totaled $46.0 million, or 1.57% of total assets. Relative to the first quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of March 31, 2025 a decrease of $31.5 million from $35.9 million as of December 31, 2024. As of March 31, 2024, the Company held no OREO.

Non-performing loans totaled $12.8 million as of March 31, 2025, a decrease of $0.3 million from $13.1 million as of December 31, 2024. The decrease was primarily due to the charge-off of a non-performing loan that had previously been held for sale. As of March 31, 2024, non-performing loans totaled $46.0 million. The decrease when compared to March 31, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans.

During the first quarter of 2025, the Company recorded provision expense of $0.1 million, compared to a provision release of $1.0 million in the fourth quarter of 2024 and provision expense of $0.1 million in the first quarter of 2024.

Capital

As of March 31, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of March 31, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:


	March 31,
	2025
Consolidated Capital
Tier 1 capital to risk-weighted assets	10.35	%
Common Equity Tier 1 (“CET1”) to risk-weighted assets	10.35
Total capital to risk-weighted assets	13.15
Tier 1 capital to average assets	8.12

Bank Capital
Tier 1 capital to risk-weighted assets	11.76	%
CET1 to risk-weighted assets	11.76
Total capital to risk-weighted assets	12.52
Tier 1 capital to average assets	9.24

Book value per common share increased 1.3% from $26.10 as of December 31, 2024 to $26.44 as of March 31, 2025. Book value per common share increase 3.6% from $25.52 as of March 31, 2024.

Tangible book value per common share⁽¹⁾ increased 1.6% from $22.83 as of December 31, 2024, to $23.18 as of March 31, 2025. Tangible book value per common share increased 4.4% from $22.21 as of March 31, 2024.

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, April 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI019349e043a94dc394d0159a3c41719d.

A slide presentation relating to the first quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com.

About First Western

First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” “Gross Revenue,” and “Allowance for Credit Losses to Adjusted Loans”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

Forward-Looking Statements

Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the lack of soundness of other financial institutions or financial market utilities may adversely affect the Company; the Company’s ability to engage in routine funding and other transactions could be adversely affected by the actions and commercial soundness of other financial institutions; financial institutions are interrelated because of trading, clearing, counterparty or other relationships; defaults by, or even rumors or questions about, one or more financial institutions or financial market utilities, or the financial services industry generally, may lead to market-wide liquidity problems and losses of client, creditor and counterparty confidence and could lead to losses or defaults by other financial institutions, or the Company; integration risks and projected cost savings in connection with acquisitions; the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of competition for investment managers and professionals; the risk of fluctuation in the value of our debt securities; the risk of changes in interest rates; the risk of the adequacy of our allowance for credit losses; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources; the risk of weak economic conditions and global trade, including the imposition of tariffs; the risk that legislative or regulatory actions may have a significant adverse effect on our operations. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts:
Financial Profiles, Inc.
Tony Rossi
310-622-8221
MYFW@finprofiles.com
IR@myfw.com


First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)

	Three Months Ended
	March 31,		December 31,			March 31,
*(dollars in thousands, except per share amounts)*		2025		2024			2024
Interest and dividend income:
Loans, including fees	$	34,068	$	34,287		$	35,139
Loans accounted for under the fair value option		111		118			209
Investment securities		681		696			603
Interest-bearing deposits in other financial institutions		2,221		2,879			2,352
Dividends, restricted stock		128		129			95
Total interest and dividend income		37,209		38,109			38,398

Interest expense:
Deposits		18,516		19,921			20,622
Other borrowed funds		1,240		1,280			1,706
Total interest expense		19,756		21,201			22,328
Net interest income		17,453		16,908			16,070
Less: Provision (release) for credit losses		80		(974	)		72
Net interest income, after provision (release) for credit losses		17,373		17,882			15,998

Non-interest income:
Trust and investment management fees		4,677		4,660			4,930
Net gain on mortgage loans		1,067		377			1,264
Net gain (loss) on loans held for sale		222		(222	)		117
Bank fees		422		426			891
Risk management and insurance fees		259		1,139			49
Income on company-owned life insurance		110		112			105
Net gain (loss) on loans accounted for under the fair value option		6		(149	)		(302	)
Net gain on other real estate owned		459		—			—
Unrealized gain (loss) recognized on equity securities		11		(49	)		(6	)
Other		112		165			229
Total non-interest income		7,345		6,459			7,277
Total income before non-interest expense		24,718		24,341			23,275

Non-interest expense:
Salaries and employee benefits		11,480		11,237			11,267
Occupancy and equipment		2,210		2,100			1,976
Professional services		1,704		1,821			2,411
Technology and information systems		1,078		1,073			1,010
Data processing		1,122		1,029			948
Marketing		216		397			194
Amortization of other intangible assets		51		56			57
Other		1,500		2,714			1,833
Total non-interest expense		19,361		20,427			19,696
Income before income taxes		5,357		3,914			3,579
Income tax expense		1,172		1,166			1,064
Net income available to common shareholders	$	4,185	$	2,748		$	2,515
Earnings per common share:
Basic	$	0.43	$	0.28		$	0.26
Diluted		0.43		0.28			0.26


First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	15,924		$	9,770		$	8,136
Interest-bearing deposits in other financial institutions		255,658			226,271			249,753
Total cash and cash equivalents		271,582			236,041			257,889

Held-to-maturity debt securities (fair value of $67,479, $68,161 and $64,908, respectively), net of allowance for credit losses of $71		73,775			75,724			72,303
Correspondent bank stock, at cost		5,968			5,864			4,461
Mortgage loans held for sale, at fair value		10,557			25,455			10,470
Loans held for sale, at fair value		—			251			—
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)		2,425,367			2,425,565			2,475,524
Allowance for credit losses		(17,956	)		(18,330	)		(24,630	)
Loans, net		2,407,411			2,407,235			2,450,894
Premises and equipment, net		24,554			24,129			24,869
Accrued interest receivable		10,623			10,364			11,919
Accounts receivable		4,505			4,763			4,980
Other receivables		4,608			5,710			5,254
Other real estate owned, net		4,385			35,929			—
Goodwill and other intangible assets, net		31,576			31,627			31,797
Deferred tax assets, net		2,856			3,079			5,695
Company-owned life insurance		17,071			16,961			16,635
Other assets		36,829			35,905			35,051
Total assets	$	2,906,300		$	2,919,037		$	2,932,217

Liabilities
Deposits:
Noninterest-bearing	$	409,696		$	375,603		$	434,236
Interest-bearing		2,105,701			2,138,606			2,097,734
Total deposits		2,515,397			2,514,209			2,531,970
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		51,612			57,038			69,484
Subordinated notes		44,621			52,565			52,397
Accrued interest payable		2,371			1,995			2,415
Other liabilities		35,744			40,908			30,423
Total liabilities		2,649,745			2,666,715			2,686,689

Shareholders’ Equity
Total shareholders’ equity		256,555			252,322			245,528
Total liabilities and shareholders’ equity	$	2,906,300		$	2,919,037		$	2,932,217


First Western Financial, Inc. Consolidated Financial Summary (unaudited)

	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Loan Portfolio
Cash, Securities, and Other⁽¹⁾	$	101,078		$	120,005		$	151,178
Consumer and Other		16,688			17,333			18,556
Construction and Development		291,133			315,686			333,284
1-4 Family Residential		971,179			960,354			910,129
Non-Owner Occupied CRE		636,820			614,384			562,862
Owner Occupied CRE		182,417			173,223			194,338
Commercial and Industrial		223,197			220,501			297,573
Total		2,422,512			2,421,486			2,467,920
Loans accounted for under the fair value option		6,280			7,508			12,276
Total loans held for investment		2,428,792			2,428,994			2,480,196
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽²⁾		(3,425	)		(3,429	)		(4,672	)
Loans (includes $6,112, $7,283, and $11,922 measured at fair value, respectively)	$	2,425,367		$	2,425,565		$	2,475,524
Mortgage loans held for sale		10,557			25,455			10,470
Loans held for sale		—			251			—

Deposit Portfolio
Money market deposit accounts	$	1,566,737		$	1,513,605		$	1,503,598
Time deposits		379,533			471,415			442,834
Interest checking accounts		144,980			139,374			132,415
Savings accounts		14,451			14,212			18,887
Total interest-bearing deposits		2,105,701			2,138,606			2,097,734
Noninterest-bearing accounts		409,696			375,603			434,236
Total deposits	$	2,515,397		$	2,514,209		$	2,531,970

____________________

⁽¹⁾	Includes PPP loans of $1.6 million as of March 31, 2025, $2.1 million as of December 31, 2024, and $3.8 million as of March 31, 2024.
⁽²⁾	Includes fair value adjustments on loans held for investment accounted for under the fair value option.


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands)*		2025			2024			2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	198,294		$	236,152		$	177,523
Debt securities		75,592			77,464			74,666
Correspondent bank stock		5,806			5,738			4,451
Gross loans		2,407,482			2,386,070			2,490,300
Mortgage loans held for sale		13,593			26,623			6,752
Loans held at fair value		6,846			8,136			13,134
Total interest-earning assets		2,707,613			2,740,183			2,766,826
Noninterest-earning assets		145,479			161,783			100,170
Total assets	$	2,853,092		$	2,901,966		$	2,866,996

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,090,505		$	2,095,204		$	2,008,246
FHLB and Federal Reserve borrowings		51,885			54,428			92,195
Subordinated notes		52,495			52,528			52,360
Total interest-bearing liabilities		2,194,885			2,202,160			2,152,801
Noninterest-bearing liabilities:
Noninterest-bearing deposits		363,922			403,433			446,457
Other liabilities		41,656			45,889			22,250
Total noninterest-bearing liabilities		405,578			449,322			468,707
Total shareholders’ equity		252,629			250,484			245,488
Total liabilities and shareholders’ equity	$	2,853,092		$	2,901,966		$	2,866,996

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.54	%		4.85	%		5.33	%
Debt securities		3.65			3.57			3.25
Correspondent bank stock		8.94			8.94			8.58
Loans		5.71			5.65			5.66
Loan held at fair value		6.58			5.77			6.40
Mortgage loans held for sale		5.46			6.02			6.79
Total interest-earning assets		5.57			5.53			5.58
Interest-bearing deposits		3.59			3.78			4.13
Total deposits		3.06			3.17			3.38
FHLB and Federal Reserve borrowings		3.92			3.96			4.23
Subordinated notes		5.70			5.59			5.66
Total interest-bearing liabilities		3.65			3.83			4.17
Net interest margin		2.61			2.45			2.34
Net interest rate spread		1.92			1.70			1.41


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Asset Quality
Non-performing loans	$	12,758		$	13,052		$	46,044
Non-performing assets		17,143			48,981			46,044
Net charge-offs (recoveries)		566			(270	)		—
Non-performing loans to total loans		0.53	%		0.54	%		1.86	%
Non-performing assets to total assets		0.59			1.68			1.57
Allowance for credit losses to non-performing loans		140.74			140.44			53.49
Allowance for credit losses to total loans		0.74			0.76			1.00
Allowance for credit losses to adjusted loans⁽¹⁾		0.74			0.76			1.00
Net charge-offs (recoveries) to average loans		0.02			(0.01	)		—

Assets Under Management	$	7,176,624		$	7,321,147		$	7,141,453

Market Data
Book value per share at period end	$	26.44		$	26.10		$	25.52
Tangible book value per common share⁽¹⁾		23.18			22.83			22.21
Weighted average outstanding shares, basic		9,704,419			9,665,621			9,621,309
Weighted average outstanding shares, diluted		9,798,591			9,794,797			9,710,764
Shares outstanding at period end		9,704,320			9,667,142			9,621,309

Consolidated Capital
Tier 1 capital to risk-weighted assets		10.35	%		10.07	%		9.77	%
CET1 to risk-weighted assets		10.35			10.07			9.77
Total capital to risk-weighted assets		13.15			13.12			13.15
Tier 1 capital to average assets		8.12			7.88			7.73

Bank Capital
Tier 1 capital to risk-weighted assets		11.76	%		11.41	%		11.00	%
CET1 to risk-weighted assets		11.76			11.41			11.00
Total capital to risk-weighted assets		12.52			12.10			12.02
Tier 1 capital to average assets		9.24			8.94			8.70

________________________

⁽¹⁾	Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.


First Western Financial, Inc. Consolidated Financial Summary (unaudited) (continued)

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
*(dollars in thousands, except share and per share amounts)*		2025			2024			2024
Tangible Common
Total shareholders’ equity	$	256,555		$	252,322		$	245,528
Less: goodwill and other intangibles, net		31,576			31,627			31,797
Tangible common equity	$	224,979		$	220,695		$	213,731

Common shares outstanding, end of period		9,704,320			9,667,142			9,621,309
Tangible common book value per share	$	23.18		$	22.83		$	22.21
Net income available to common shareholders		4,185			2,748			2,515
Return on tangible common equity (annualized)		7.44	%		4.98	%		4.71	%

Efficiency
Non-interest expense	$	19,361		$	20,427		$	19,696
Less: OREO expenses and write-downs		(80	)		1,222			—
Adjusted non-interest expense	$	19,441		$	19,205		$	19,696

Total income before non-interest expense	$	24,718		$	24,341		$	23,275
Less: unrealized gain (loss) recognized on equity securities		11			(49	)		(6	)
Less: net gain (loss) on loans accounted for under the fair value option		6			(149	)		(302	)
Less: net gain (loss) on loans held for sale		222			(222	)		117
Plus: provision (release) for credit losses		80			(974	)		72
Gross revenue	$	24,559		$	23,787		$	23,538
Efficiency ratio		79.16	%		80.74	%		83.68	%

The MIL Network –

April 25, 2025

MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter ended March 31, 2025.

Net income attributable to common stockholders per diluted share of common stock was $0.16 for the quarter ended March 31, 2025. Distributable Earnings per diluted share of common stock (a non-GAAP financial measure defined below) was $0.24 for the quarter ended March 31, 2025.

Commenting on first quarter 2025 performance, Stuart Rothstein, Chief Executive Officer and President of the Company, said:

“ARI’s first quarter earnings reflect the impact of elevated repayments at the end of fourth quarter of 2024 and the timing of our first quarter capital deployment, which totaled $650 million,” said Stuart Rothstein, Chief Executive Officer and President of ARI. “We continue to make progress with our focus assets and remain focused on redeploying the capital into newly originated loans.”

ARI issued a detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review first quarter results on April 25, 2025 at 10am ET. To register for the call, please use the following link:

https://register-conf.media-server.com/register/BI9d454c5338474977930d8dafd9ec06d9

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

Distributable Earnings
“Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for current expected credit losses.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

The Company believes it is useful to its investors to also present Distributable Earnings prior to net realized loss on investments, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to net realized loss on investments or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

During the three months ended March 31, 2025, the Company recorded no realized losses in the consolidated statement of operations.

A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter ended March 31, 2025 results, which can be viewed at www.apollocref.com.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $751 billion of assets under management at December 31, 2024.

Additional information can be found on the Company’s website at www.apollocref.com.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT:	Hilary Ginsberg
	Investor Relations
	(212) 822-0767

The MIL Network –

April 25, 2025

MIL-OSI: American Coastal Insurance Corporation Schedules First Quarter Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”) the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the first quarter ended March 31, 2025, on Thursday, May 8, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

First Quarter 2025 Conference Call Details:
Thursday, May 8, 2025 – 5:00 p.m. ET

Participant Dial-In Numbers:

United States: 877-445-9755
International: 201-493-6744

To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623

The MIL Network –

April 25, 2025

MIL-OSI: NBT Bancorp Inc. Announces First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

NORWICH, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) reported net income and diluted earnings per share for the three months ended March 31, 2025.

Net income for the first quarter of 2025 was $36.7 million, or $0.77 per diluted common share, compared to $33.8 million, or $0.71 per diluted common share, for the first quarter of 2024, and $36.0 million, or $0.76 per diluted common share, for the fourth quarter of 2024. Operating diluted earnings per share⁽¹⁾, a non-GAAP measure, was $0.80 for the first quarter of 2025, compared to $0.68 for the first quarter of 2024 and $0.77 for the fourth quarter of 2024.

CEO Comments

“Growth in both net interest income and noninterest income compared to the prior quarter and the first quarter of 2024 resulted in the generation of positive operating leverage by our team in the first quarter of 2025.” said NBT President and Chief Executive Officer Scott A. Kingsley. “Our capital position remains a key strength as we execute on strategic growth initiatives. We recently added new banking locations in South Burlington, VT and Webster, NY, and we look forward to completing our planned merger with Evans Bancorp, Inc. in early May. The addition of over 200 experienced bankers and 18 locations from Evans will firmly establish NBT’s presence in Buffalo and Rochester, Upstate New York’s two largest markets by population.”

First Quarter 2025 Financial Highlights

Net Income	Net income was $36.7 million and diluted earnings per share was $0.77
Net Interest Income / NIM	Net interest income on a fully taxable equivalent (“FTE”) basis was $107.2 million, an increase of $1.1 million from the prior quarter⁽¹⁾ Net interest margin (“NIM”) on an FTE basis was 3.44%⁽¹⁾, an increase of 10 basis points (“bps”) from the prior quarter Included in FTE net interest income was $2.2 million of acquisition-related net accretion, which was down $0.4 million from the fourth quarter of 2024 Earning asset yields of 4.95% were down 1 bp from the prior quarter Total cost of funds of 1.60% was down 11 bps from the prior quarter
Noninterest Income	Noninterest income was $47.6 million, an increase of 12.7% from the fourth quarter of 2024, excluding net securities gains (losses)
Loans and Credit Quality	Period end total loans were $9.98 billion as of March 31, 2025, up $10.4 million, or 0.4% annualized, from December 31, 2024 Net charge-offs to average loans was 0.27% annualized Nonperforming loans to total loans was 0.48% Allowance for loan losses to total loans was 1.17%
Deposits	Deposits were $11.71 billion as of March 31, 2025, up $161.8 million, or 1.4%, from December 31, 2024 Total cost of deposits was 1.49% for the first quarter of 2025, down 11 bps from the fourth quarter of 2024
Capital	Stockholders’ equity was $1.57 billion as of March 31, 2025 Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 Tangible equity to assets of 8.68%⁽¹⁾ CET1 ratio of 12.12%; Leverage ratio of 10.39%

Loans

Period end total loans were $9.98 billion at March 31, 2025, compared to $9.97 billion at December 31, 2024.
Period end total loans increased $10.4 million from December 31, 2024. Total commercial loans increased $23.9 million to $5.33 billion while total consumer loans decreased $13.6 million to $4.65 billion. Excluding the other consumer and residential solar portfolios, which are in a planned run-off status, period end loans increased $40.5 million, or 1.8% annualized. Residential real estate loan balances decreased $14.7 million from December 31, 2024 primarily due to seasonally lower originations and market conditions. In addition, the Company originated and sold $7.4 million of 30-year fixed rate mortgages in the first quarter of 2025.

Deposits

Total deposits at March 31, 2025 were $11.71 billion, compared to $11.55 billion at December 31, 2024. The $161.8 million increase in deposits from December 31, 2024 was primarily due to the inflow of seasonal municipal deposits during the quarter.
The loan to deposit ratio was 85.2% at March 31, 2025, compared to 86.3% at December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2025 was $107.2 million, an increase of $1.1 million, or 1.1%, from the fourth quarter of 2024 and an increase of $12.0 million, or 12.7%, from the first quarter of 2024. The increase in net interest income from the fourth quarter of 2024 resulted primarily from a decrease in the cost of deposits, partially offset by lower yields on loans and two fewer days in the first quarter of 2025.
The NIM on an FTE basis for the first quarter of 2025 was 3.44%, an increase of 10 bps from the fourth quarter of 2024. This increase was driven by the decrease in the cost of interest-bearing deposits. The NIM on an FTE basis increased 30 bps from the first quarter of 2024 due to higher average balances of earning assets and the yields on those assets, lower average balances of short-term borrowings and the decrease in the cost of interest-bearing deposits.
Earning asset yields for the three months ended March 31, 2025 decreased 1 bp from the prior quarter to 4.95%. Loan yields for the three months ended March 31, 2025 decreased 3 bps from the prior quarter to 5.62% primarily due to the repricing of $2.1 billion in variable rate loans from the 25 bps federal funds rate decrease in December, partially offset by loans originating at higher rates than portfolio yields during the quarter. Earnings asset yields increased 11 bps from the same quarter in the prior year as new loan yields were priced higher than portfolio yields. Average earning assets were consistent with the fourth quarter of 2024 due to the decrease in short-term interest-bearing accounts being mostly offset by an increase in securities and organic loan growth. Average earning assets grew $427.5 million, or 3.5%, from the first quarter of 2024 due to growth in average loans and securities.
Total cost of deposits, including noninterest bearing deposits, was 1.49% for the first quarter of 2025, a decrease of 11 bps from the prior quarter and a decrease of 12 bps from the same period in the prior year.
Total cost of funds for the three months ended March 31, 2025 was 1.60%, a decrease of 11 bps from the prior quarter and a decrease of 19 bps from the first quarter of 2024.

Asset Quality and Allowance for Loan Losses

Net charge-offs to total average loans for the first quarter of 2025 was 27 bps compared to 23 bps in the prior quarter primarily due to an increase in consumer net charge-offs. Included in net charge-offs for the first quarter of 2025 was a $2.1 million write-down of a nonperforming commercial real estate loan to the estimated fair value.
Nonperforming assets to total assets was 0.35% at March 31, 2025, compared to 0.38% at December 31, 2024.
Provision expense for the three months ended March 31, 2025 was $7.6 million, compared to $2.2 million for the fourth quarter of 2024. The increase in provision expense from the prior quarter was primarily due to the deterioration in economic forecasts and a higher level of net charge-offs partially offset by the run-off of the other consumer and residential solar portfolios.
The allowance for loan losses was $117.0 million, or 1.17% of total loans, at March 31, 2025, compared to $116.0 million, or 1.16% of total loans, at December 31, 2024.
The reserve for unfunded loan commitments was $4.5 million at March 31, 2025, compared to $4.4 million at December 31, 2024.

Noninterest Income

Total noninterest income, excluding securities gains (losses), was $47.6 million for the three months ended March 31, 2025, up $5.4 million, or 12.7%, from the fourth quarter of 2024, and up $4.3 million, or 10.1%, from the first quarter of 2024.
Retirement plan administration fees were up $2.9 million from the prior quarter and increased $1.6 million from the first quarter of 2024. The increase from the prior quarter was due to higher seasonal activity-based fees in the first quarter and the additional revenue from both organic growth and the acquisition of a small third-party administrator (“TPA”) business in the fourth quarter of 2024. The increase from the first quarter of 2024 was driven by the additional revenue from new customer plans, the TPA acquisition and higher market values of assets under administration.
Wealth management fees were consistent with the prior quarter and increased $1.2 million from the first quarter of 2024. The increase from the first quarter of 2024 was driven by market performance and growth in new customer accounts.
Insurance revenues increased $0.9 million from the fourth quarter of 2024 due to organic growth, higher levels of policy renewals and first quarter seasonality.
Bank owned life insurance income increased from both the fourth quarter of 2024 and the first quarter of 2024 due to a $1.3 million nonrecurring gain.

Noninterest Expense

Total noninterest expense was $99.9 million for the first quarter of 2025, compared to $100.8 million for the fourth quarter of 2024 and $91.8 million for the first quarter of 2024. Total noninterest expense decreased 1.1% compared to the previous quarter and increased 7.5% from the first quarter of 2024, excluding $1.2 million of acquisition expenses in the first quarter of 2025 and $1.0 million in the fourth quarter of 2024, respectively.
Salaries and benefits decreased 1.7% from the prior quarter driven by lower medical and other benefit costs, lower levels of incentive compensation and lower salaries due to two fewer payroll days in the quarter, partially offset by seasonally higher payroll taxes and stock-based compensation expenses. The increase from the first quarter of 2024 was driven by merit pay increases which were effective annually in March, an increase in employees supporting growth in our markets and higher medical and other benefit costs.
Occupancy costs increased $1.2 million from the prior quarter primarily due to seasonal maintenance and utilities costs. The $0.9 million increase from the first quarter of 2024 was driven by higher seasonal maintenance and utilities given the harsher winter and higher facilities costs related to new banking locations.
Other expense decreased $1.7 million from the prior quarter and was consistent with the first quarter of 2024. The decrease from the previous quarter was driven by timing of expenses and Company initiatives in the fourth quarter of 2024.

Income Taxes

The effective tax rate for the first quarter of 2025 was 22.2% which was up from 21.7% for the first quarter of 2024 primarily due to a lower level of tax-exempt income as a percentage of total taxable income.

Capital

Tangible common equity to tangible assets⁽¹⁾ was 8.68% at March 31, 2025. Tangible book value per share⁽²⁾ was $24.74 at March 31, 2025 and $23.88 at December 31, 2024.
Stockholders’ equity increased $39.6 million from December 31, 2024 driven by net income generation of $36.7 million and a $20.3 million decrease in accumulated other comprehensive loss reflecting the change in the fair value of securities available for sale, partially offset by dividends declared of $16.1 million.
As of March 31, 2025, CET1 capital ratio of 12.12%, leverage ratio of 10.39% and total risk-based capital ratio of 15.24%.

Stock Repurchase

The Company did not purchase shares of its common stock during the three months ended March 31, 2025. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of March 31, 2025, there were 1,992,400 shares available under the Company’s share repurchase program.

Evans Bancorp, Inc. Merger

NBT and Evans anticipate completing the previously announced merger on May 2, 2025 simultaneously with the core system conversion, pending customary closing conditions. Evans had assets of $2.19 billion, deposits of $1.87 billion and net loans of $1.76 billion as of December 31, 2024. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans.

Conference Call and Webcast

The Company will host a conference call at 10:00 a.m. (Eastern) Friday, April 25, 2025, to review the first quarter 2025 financial results. The audio webcast link, along with the corresponding presentation slides, will be available on the Company’s Event Calendar page at www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.

Corporate Overview

NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of $13.86 billion at March 31, 2025. The Company primarily operates through NBT Bank, N.A., a full-service community bank, and through two financial services companies. NBT Bank, N.A. has 157 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, NY, is a national benefits administration firm. NBT Insurance Agency, LLC, based in Norwich, NY, is a full-service insurance agency. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtbank.com/Insurance.

Forward-Looking Statements

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers, and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board (“FRB”) and international trade disputes (including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation); (5) inflation, interest rate, securities market and monetary fluctuations; (6) political instability; (7) acts of war, including international military conflicts, or terrorism; (8) the timely development and acceptance of new products and services and the perceived overall value of these products and services by users; (9) changes in consumer spending, borrowing and saving habits; (10) changes in the financial performance and/or condition of the Company’s borrowers; (11) technological changes; (12) acquisition and integration of acquired businesses; (13) the possibility that NBT and Evans may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all or to successfully integrate Evans operations and those of NBT; (14) the ability to increase market share and control expenses; (15) changes in the competitive environment among financial holding companies; (16) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which the Company and its subsidiaries must comply, including those under the Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018; (17) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; (18) changes in the Company’s organization, compensation and benefit plans; (19) the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries, and the results of regulatory examinations or reviews; (20) greater than expected costs or difficulties related to the integration of new products and lines of business; and (21) the Company’s success at managing the risks involved in the foregoing items.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the SEC, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Non-GAAP Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation.

Contact:	Scott A. Kingsley, President and CEO
	Annette L. Burns, Executive Vice President and CFO
	NBT Bancorp Inc.
	52 South Broad Street
	Norwich, NY 13815
	607-337-6589

NBT Bancorp Inc. and Subsidiaries
Selected Financial Data
(unaudited, dollars in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (reported)
Diluted earnings per share	$	0.77		$	0.76		$	0.80		$	0.69		$	0.71
Weighted average diluted common shares outstanding		47,477,391			47,505,760			47,473,417			47,382,814			47,370,145
Return on average assets⁽³⁾		1.08	%		1.04	%		1.12	%		0.98	%		1.02	%
Return on average equity⁽³⁾		9.68	%		9.44	%		10.21	%		9.12	%		9.52	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%
Net interest margin⁽¹⁾⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Profitability (operating)
Diluted earnings per share⁽¹⁾	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68
Return on average assets⁽¹⁾⁽³⁾		1.11	%		1.06	%		1.12	%		0.98	%		0.97	%
Return on average equity⁽¹⁾⁽³⁾		9.95	%		9.60	%		10.23	%		9.14	%		9.04	%
Return on average tangible common equity⁽¹⁾⁽³⁾		13.99	%		13.57	%		14.56	%		13.26	%		13.20	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Balance sheet data
Short-term interest-bearing accounts	$	37,385		$	78,973		$	231,671		$	35,207		$	156,632
Securities available for sale		1,704,677			1,574,664			1,509,338			1,439,445			1,418,471
Securities held to maturity		836,833			842,921			854,941			878,909			890,863
Net loans		9,863,267			9,853,910			9,787,541			9,733,847			9,572,777
Total assets		13,864,251			13,786,666			13,839,552			13,501,909			13,439,199
Total deposits		11,708,511			11,546,761			11,588,278			11,271,459			11,195,289
Total borrowings		312,977			414,983			456,666			476,082			518,190
Total liabilities		12,298,476			12,260,525			12,317,572			12,039,954			11,997,784
Stockholders’ equity		1,565,775			1,526,141			1,521,980			1,461,955			1,441,415

Capital
Equity to assets		11.29	%		11.07	%		11.00	%		10.83	%		10.73	%
Tangible equity ratio⁽¹⁾		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%
Book value per share	$	33.13		$	32.34		$	32.26		$	31.00		$	30.57
Tangible book value per share⁽²⁾	$	24.74		$	23.88		$	23.83		$	22.54		$	22.07
Leverage ratio		10.39	%		10.24	%		10.29	%		10.16	%		10.09	%
Common equity tier 1 capital ratio		12.12	%		11.93	%		11.86	%		11.70	%		11.68	%
Tier 1 capital ratio		13.02	%		12.83	%		12.77	%		12.61	%		12.61	%
Total risk-based capital ratio		15.24	%		15.03	%		15.02	%		14.88	%		14.87	%
Common stock price (end of period)	$	42.90		$	47.76		$	44.23		$	38.60		$	36.68

NBT Bancorp Inc. and Subsidiaries
Asset Quality and Consolidated Loan Balances
(unaudited, dollars in thousands)

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Asset quality
Nonaccrual loans	$	44,829		$	45,819		$	33,338		$	34,755		$	35,189
90 days past due and still accruing		2,862			5,798			3,981			3,333			2,600
Total nonperforming loans		47,691			51,617			37,319			38,088			37,789
Other real estate owned		308			182			127			74			–
Total nonperforming assets		47,999			51,799			37,446			38,162			37,789
Allowance for loan losses		117,000			116,000			119,500			120,500			115,300

Asset quality ratios
Allowance for loan losses to total loans		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%
Total nonperforming loans to total loans		0.48	%		0.52	%		0.38	%		0.39	%		0.39	%
Total nonperforming assets to total assets		0.35	%		0.38	%		0.27	%		0.28	%		0.28	%
Allowance for loan losses to total nonperforming loans		245.33	%		224.73	%		320.21	%		316.37	%		305.12	%
Past due loans to total loans⁽⁴⁾		0.32	%		0.34	%		0.36	%		0.30	%		0.33	%
Net charge-offs to average loans⁽³⁾		0.27	%		0.23	%		0.16	%		0.15	%		0.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loan net charge-offs by line of business
Commercial	$	2,109		$	2,542		$	807		$	(8	)	$	772
Residential real estate and home equity		(25	)		(25	)		(64	)		(76	)		(32	)
Indirect auto		1,155			675			725			747			665
Residential solar and other consumer		3,315			2,517			2,452			3,036			3,274
Total loan net charge-offs	$	6,554		$	5,709		$	3,920		$	3,699		$	4,679

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Allowance for loan losses as a percentage of loans by segment
Commercial & industrial		0.76	%		0.73	%		0.73	%		0.76	%		0.79	%
Commercial real estate		1.02	%		0.95	%		1.01	%		1.00	%		0.97	%
Residential real estate		1.00	%		1.00	%		1.00	%		0.98	%		0.89	%
Auto		0.72	%		0.81	%		0.83	%		0.85	%		0.81	%
Residential solar and other consumer		3.61	%		3.64	%		3.69	%		3.78	%		3.63	%
Total		1.17	%		1.16	%		1.21	%		1.22	%		1.19	%

		2025			2024
	1st Q			4th Q			3rd Q			2nd Q			1st Q
Loans by line of business
Commercial & industrial	$	1,436,990		$	1,426,482		$	1,458,926		$	1,397,935		$	1,353,446
Commercial real estate		3,890,115			3,876,698			3,792,498			3,784,214			3,646,739
Residential real estate		2,127,588			2,142,249			2,143,766			2,134,875			2,133,289
Home equity		331,400			334,268			328,687			326,556			328,673
Indirect auto		1,309,084			1,273,253			1,235,175			1,225,786			1,190,734
Residential solar and other consumer		885,090			916,960			947,989			984,981			1,035,196
Total loans	$	9,980,267		$	9,969,910		$	9,907,041		$	9,854,347		$	9,688,077

NBT Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(unaudited, in thousands)

	March 31,		December 31,
	2025		2024
Assets
Cash and due from banks	$	216,698	$	205,083
Short-term interest-bearing accounts		37,385		78,973
Equity securities, at fair value		41,561		42,372
Securities available for sale, at fair value		1,704,677		1,574,664
Securities held to maturity (fair value $756,404 and $749,945, respectively)		836,833		842,921
Federal Reserve and Federal Home Loan Bank stock		32,117		33,957
Loans held for sale		13,628		9,744
Loans		9,980,267		9,969,910
Less allowance for loan losses		117,000		116,000
Net loans	$	9,863,267	$	9,853,910
Premises and equipment, net		81,598		80,840
Goodwill		362,663		362,663
Intangible assets, net		34,249		36,360
Bank owned life insurance		271,723		272,657
Other assets		367,852		392,522
Total assets	$	13,864,251	$	13,786,666

Liabilities and stockholders’ equity
Demand (noninterest bearing)	$	3,399,393	$	3,446,068
Savings, NOW and money market		6,858,372		6,658,188
Time		1,450,746		1,442,505
Total deposits	$	11,708,511	$	11,546,761
Short-term borrowings		85,597		162,942
Long-term debt		4,605		29,644
Subordinated debt, net		121,579		121,201
Junior subordinated debt		101,196		101,196
Other liabilities		276,988		298,781
Total liabilities	$	12,298,476	$	12,260,525

Total stockholders’ equity	$	1,565,775	$	1,526,141

Total liabilities and stockholders’ equity	$	13,864,251	$	13,786,666

NBT Bancorp Inc. and Subsidiaries
Quarterly Consolidated Statements of Income
(unaudited, in thousands except per share data)

		2025			2024
	1st Q			4th Q			3rd Q		2nd Q			1st Q
Interest, fee and dividend income
Interest and fees on loans	$	138,052		$	141,103		$	141,991	$	136,606		$	133,146
Securities available for sale		10,262			8,773			7,815		7,562			7,124
Securities held to maturity		4,914			4,931			5,042		5,190			5,303
Other		1,176			2,930			1,382		1,408			1,364
Total interest, fee and dividend income	$	154,404		$	157,737		$	156,230	$	150,766		$	146,937
Interest expense
Deposits	$	42,588		$	46,815		$	49,106	$	46,688		$	44,339
Short-term borrowings		866			918			1,431		2,899			3,421
Long-term debt		266			293			292		291			290
Subordinated debt		1,822			1,816			1,810		1,806			1,800
Junior subordinated debt		1,639			1,790			1,922		1,908			1,913
Total interest expense	$	47,181		$	51,632		$	54,561	$	53,592		$	51,763
Net interest income	$	107,223		$	106,105		$	101,669	$	97,174		$	95,174
Provision for loan losses		7,554			2,209			2,920		8,899			5,579
Net interest income after provision for loan losses	$	99,669		$	103,896		$	98,749	$	88,275		$	89,595
Noninterest income
Service charges on deposit accounts	$	4,243		$	4,411		$	4,340	$	4,219		$	4,117
Card services income		5,317			5,652			5,897		5,587			5,195
Retirement plan administration fees		15,858			12,924			14,578		14,798			14,287
Wealth management		10,946			10,842			10,929		10,173			9,697
Insurance services		4,761			3,883			4,913		3,848			4,388
Bank owned life insurance income		3,397			2,271			1,868		1,834			2,352
Net securities (losses) gains		(104	)		222			476		(92	)		2,183
Other		3,034			2,221			2,773		2,865			3,173
Total noninterest income	$	47,452		$	42,426		$	45,774	$	43,232		$	45,392
Noninterest expense
Salaries and employee benefits	$	60,694		$	61,749		$	59,641	$	55,393		$	55,704
Technology and data services		10,238			10,220			9,920		9,249			9,750
Occupancy		9,027			7,786			7,754		7,671			8,098
Professional fees and outside services		4,952			4,843			4,871		4,565			4,853
Amortization of intangible assets		2,111			2,080			2,062		2,133			2,168
Reserve for unfunded loan commitments		90			(125	)		250		(380	)		(450	)
Acquisition expenses		1,221			988			543		–			–
Other		11,567			13,234			10,704		10,957			11,650
Total noninterest expense	$	99,900		$	100,775		$	95,745	$	89,588		$	91,773
Income before income tax expense	$	47,221		$	45,547		$	48,778	$	41,919		$	43,214
Income tax expense		10,476			9,542			10,681		9,203			9,391
Net income	$	36,745		$	36,005		$	38,097	$	32,716		$	33,823
Earnings Per Share
Basic	$	0.78		$	0.76		$	0.81	$	0.69		$	0.72
Diluted	$	0.77		$	0.76		$	0.80	$	0.69		$	0.71

NBT Bancorp Inc. and Subsidiaries
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)

	Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates		Average Balance		Yield / Rates
	Q1 – 2025				Q4 – 2024				Q3 – 2024				Q2 – 2024				Q1 – 2024
Assets
Short-term interest-bearing accounts	$	63,198	4.51	%	$	184,988	5.27	%	$	62,210	4.87	%	$	48,861	5.48	%	$	47,972	4.48	%
Securities taxable⁽¹⁾		2,402,772	2.30	%		2,317,034	2.10	%		2,266,930	1.99	%		2,280,767	1.97	%		2,278,029	1.91	%
Securities tax-exempt⁽¹⁾⁽⁵⁾		220,210	3.60	%		211,493	3.46	%		217,251	3.47	%		226,032	3.56	%		230,468	3.58	%
FRB and FHLB stock		33,469	5.73	%		33,261	5.75	%		35,395	6.97	%		40,283	7.41	%		42,296	7.89	%
Loans⁽¹⁾⁽⁶⁾		9,981,487	5.62	%		9,957,879	5.65	%		9,865,412	5.74	%		9,772,014	5.63	%		9,674,892	5.54	%
Total interest-earning assets	$	12,701,136	4.95	%	$	12,704,655	4.96	%	$	12,447,198	5.01	%	$	12,367,957	4.92	%	$	12,273,657	4.84	%
Other assets		1,088,069				1,093,419				1,072,277				1,064,487				1,055,386
Total assets	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Liabilities and stockholders’ equity
Money market deposit accounts	$	3,496,552	3.04	%	$	3,504,937	3.27	%	$	3,342,845	3.68	%	$	3,254,252	3.65	%	$	3,129,160	3.56	%
NOW deposit accounts		1,682,265	0.84	%		1,664,960	0.91	%		1,600,547	0.87	%		1,603,695	0.78	%		1,600,288	0.75	%
Savings deposits		1,571,673	0.05	%		1,561,703	0.05	%		1,566,316	0.05	%		1,586,753	0.05	%		1,607,659	0.04	%
Time deposits		1,450,846	3.55	%		1,446,798	3.85	%		1,442,424	4.00	%		1,391,062	4.00	%		1,352,559	4.00	%
Total interest-bearing deposits	$	8,201,336	2.11	%	$	8,178,398	2.28	%	$	7,952,132	2.46	%	$	7,835,762	2.40	%	$	7,689,666	2.32	%
Federal funds purchased		2,278	4.45	%		–	–			2,609	5.34	%		29,945	5.56	%		19,769	5.53	%
Repurchase agreements		107,496	2.87	%		116,408	3.13	%		98,035	2.80	%		86,405	1.55	%		82,419	1.55	%
Short-term borrowings		7,033	4.61	%		174	4.57	%		48,875	5.74	%		155,159	5.58	%		213,390	5.34	%
Long-term debt		27,674	3.90	%		29,657	3.93	%		29,696	3.91	%		29,734	3.94	%		29,772	3.92	%
Subordinated debt, net		121,331	6.09	%		120,967	5.97	%		120,594	5.97	%		120,239	6.04	%		119,873	6.04	%
Junior subordinated debt		101,196	6.57	%		101,196	7.04	%		101,196	7.56	%		101,196	7.58	%		101,196	7.60	%
Total interest-bearing liabilities	$	8,568,344	2.23	%	$	8,546,800	2.40	%	$	8,353,137	2.60	%	$	8,358,440	2.58	%	$	8,256,085	2.52	%
Demand deposits		3,385,080				3,438,194				3,389,894				3,323,906				3,356,607
Other liabilities		296,983				295,292				292,446				306,747				286,749
Stockholders’ equity		1,538,798				1,517,788				1,483,998				1,443,351				1,429,602
Total liabilities and stockholders’ equity	$	13,789,205			$	13,798,074			$	13,519,475			$	13,432,444			$	13,329,043
Interest rate spread			2.72	%			2.56	%			2.41	%			2.34	%			2.32	%
Net interest margin (FTE)⁽¹⁾			3.44	%			3.34	%			3.27	%			3.18	%			3.14	%


⁽¹⁾	The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release:

	Non-GAAP measures
	(unaudited, dollars in thousands except per share data)

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Operating net income
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Acquisition expenses		1,221			988			543			–			–
	Securities losses (gains)		104			(222	)		(476	)		92			(2,183	)
	Adjustments to net income	$	1,325		$	766		$	67		$	92		$	(2,183	)
	Adjustments to net income (net of tax)	$	1,020		$	604		$	52		$	72		$	(1,703	)
	Operating net income	$	37,765		$	36,609		$	38,149		$	32,788		$	32,120
	Operating diluted earnings per share	$	0.80		$	0.77		$	0.80		$	0.69		$	0.68

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	FTE adjustment
	Net interest income	$	107,223		$	106,105		$	101,669		$	97,174		$	95,174
	Add: FTE adjustment		636			619			639			658			658
	Net interest income (FTE)	$	107,859		$	106,724		$	102,308		$	97,832		$	95,832
	Average earning assets	$	12,701,136		$	12,704,655		$	12,447,198		$	12,367,957		$	12,273,657
	Net interest margin (FTE)⁽³⁾		3.44	%		3.34	%		3.27	%		3.18	%		3.14	%

	Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%.

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Tangible equity to tangible assets
	Total equity	$	1,565,775		$	1,526,141		$	1,521,980		$	1,461,955		$	1,441,415
	Intangible assets		396,912			399,023			397,853			398,686			400,819
	Total assets	$	13,864,451		$	13,786,666		$	13,839,552		$	13,501,909		$	13,439,199
	Tangible equity to tangible assets		8.68	%		8.42	%		8.36	%		8.11	%		7.98	%

			2025			2024
		1st Q			4th Q			3rd Q			2nd Q			1st Q
	Return on average tangible common equity
	Net income	$	36,745		$	36,005		$	38,097		$	32,716		$	33,823
	Amortization of intangible assets (net of tax)		1,583			1,560			1,547			1,600			1,626
	Net income, excluding intangibles amortization	$	38,328		$	37,565		$	39,644		$	34,316		$	35,449

	Average stockholders’ equity	$	1,538,798		$	1,517,788		$	1,483,998		$	1,443,351		$	1,429,602
	Less: average goodwill and other intangibles		398,233			399,139			399,113			399,968			401,756
	Average tangible common equity	$	1,140,565		$	1,118,649		$	1,084,885		$	1,043,383		$	1,027,846
	Return on average tangible common equity⁽³⁾		13.63	%		13.36	%		14.54	%		13.23	%		13.87	%

⁽²⁾	Non-GAAP measure – Stockholders’ equity less goodwill and intangible assets divided by common shares outstanding.
⁽³⁾	Annualized.
⁽⁴⁾	Total past due loans, defined as loans 30 days or more past due and in an accrual status.
⁽⁵⁾	Securities are shown at average amortized cost.
⁽⁶⁾	For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 25, 2025

MIL-OSI: Credicorp Ltd.: Credicorp’s “1Q25 quiet period”

Source: GlobeNewswire (MIL-OSI)

Lima, April 24, 2025 (GLOBE NEWSWIRE) — Lima, PERU, April 24^th, 2025 – Credicorp Ltd. (“Credicorp”) (NYSE: BAP | BVL: BAP) announces that in accordance with its corporate disclosure policies and to prevent any leaks of financial results and ensure fairness, the Company will start the quiet period for 1Q25’s earnings release on May 1^st. This period will end on the date of the release, May 15^th. During the quiet period, the Company will not disclose any financial information, comment on financial results, or respond to related questions.

About Credicorp

Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

For further information, please contact the IR team:

investorrelations@credicorpperu.com

Investor Relations
Credicorp Ltd.

The MIL Network –

April 25, 2025

MIL-OSI: EMGS – Board of directors approves audited financial statements and annual report for 2024

Source: GlobeNewswire (MIL-OSI)

The board of directors of Electromagnetic Geoservices ASA (“EMGS” or the “Company”) has today approved EMGS’ 2024 annual financial statements and annual report. There are no material changes to the financial statements compared to the preliminary and unaudited full year results presented by the Company on 10 February 2025.

EMGS’ annual report for 2024 is enclosed to this stock exchange notification.

Based on ongoing dialogue, it is the Company’s understanding that bondholders in the Company’s outstanding convertible bond issue, whom in aggregate represent a sufficient majority to approve an extension of the maturity of the bond loan, intend to vote in favour of such an extension at a bondholders’ meeting to be summoned for that purpose.

The annual report will be published in European Single Electronic Format (ESEF) on or about Tuesday 29 April 2025.

Contact
Anders Eimstad, Chief Financial Officer, +47 948 25 836

This information is published in accordance with the Norwegian Securities Trading Act § 5-12.

About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company’s services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel. CSEM technology can also be used to detect the presence of marine mineral deposits (primarily Seabed Massive Sulphides) and EMGS believes that the technology can also be used to estimate the mineral content of such deposits. The Company is undertaking early-stage initiatives to position itself in this future market.

Attachment

2024 EMGS Annual Report

The MIL Network –

April 25, 2025

MIL-OSI: Archrock Announces Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today announced that its Board of Directors has declared a quarterly dividend of $0.19 per share of common stock, or $0.76 per share on an annualized basis. The first quarter 2025 dividend will be paid on May 13, 2025, to all stockholders of record on May 6, 2025.

The first quarter 2025 dividend per share amount is consistent with Archrock’s fourth quarter 2024 dividend level and represents an increase of approximately 15 percent over the Archrock first quarter 2024 dividend level.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA^TM, visit www.archrock.com.

Forward-Looking Statements

This press release contains forward-looking statements, which include statements about Archrock’s future financial performance and dividends. These statements are not guarantees of future performance or actions. Forward-looking statements rely on a number of assumptions concerning future events and are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Archrock expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in Archrock’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and as set forth from time to time in Archrock’s filings with the Securities and Exchange Commission. These filings are available online at www.sec.gov and www.archrock.com.

For information, contact:

Megan Repine
Vice President, Investor Relations
(281) 836-8360
investor.relations@archrock.com

The MIL Network –

April 25, 2025

MIL-OSI: NCS Multistage Holdings, Inc. Schedules First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (Nasdaq: NCSM) will host a conference call to discuss its first quarter 2025 results on Thursday, May 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its first quarter 2025 earnings release the evening prior to the conference call.

For those participants who wish to ask questions, please dial (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international) and enter the Conference ID: 7182351. A listen-only option is also available through this link. It is recommended that participants join at least 10 minutes prior to the event start. The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Contact:
Michael Morrison
Chief Financial Officer
+1 281-453-2222
IR@ncsmultistage.com

The MIL Network –

April 25, 2025

MIL-OSI: MidWestOne Financial Group, Inc. Reports Financial Results For the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

IOWA CITY, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we,” “our,” or the “Company”) today reported results for the first quarter of 2025.

First Quarter 2025 Summary¹

Net income of $15.1 million, or $0.73 per diluted common share.
- Net interest margin (tax equivalent) was 3.44%;² core net interest margin expanded 10 basis points (“bps”) to 3.36%.²
- Noninterest expenses were $36.3 million; efficiency ratio was 59.38%.²
- Return on average assets of 1.00%.
Criticized loans ratio improved 54 bps to 5.47%; nonperforming assets ratio improved 7 bps to 0.33%.
Tangible book value per share of $23.36,² an increase of 4.4%.
Common equity tier 1 (“CET1”) capital ratio improved 24 bps to 10.97%.

CEO Commentary

Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “We are pleased with the continued execution of our strategic plan initiatives despite a more uncertain economic environment. Our return on average assets eclipsed 1% for the second straight quarter driven by disciplined balance sheet management, core net interest margin expansion of 10 bps² and solid expense control. Loan growth was flat in the quarter, somewhat softer than anticipated, due to pay-offs and latter quarter market volatility. The majority of our asset quality metrics improved significantly, led by reductions in nonperforming assets and criticized loans. Net charge-offs increased to 29 basis points, with the majority of the increase due to a partial charge-off on a previously reserved CRE loan as we prepare for resolution. Driven by earnings and lower accumulated other comprehensive loss, tangible book value per share increased 4.4% to $23.36² and the CET1 ratio grew to 10.97%, edging closer to our target range of 11.0%-11.50%.

Thank you to our team members who continued to execute well and serve our customers amidst market volatility. We are pleased with the transformation of our company and our solid foundation of increased capital, earnings power, asset quality, and a premium core deposit franchise position us well for uncertain economic times and the remainder of 2025.”

¹ First Quarter Summary compares to the fourth quarter of 2024 (the “linked quarter”) unless noted.
² Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

	As of or for the quarter ended
(Dollars in thousands, except per share amounts and as noted)	March 31,			December 31,			March 31,
		2025			2024			2024
Financial Results
Revenue	$	57,575		$	59,775		$	44,481
Credit loss expense		1,687			1,291			4,689
Noninterest expense		36,293			37,372			35,565
Net income		15,138			16,330			3,269
Adjusted earnings⁽³⁾		15,301			16,112			4,504
Per Common Share
Diluted earnings per share	$	0.73		$	0.78		$	0.21
Adjusted earnings per share⁽³⁾		0.73			0.77			0.29
Book value		27.85			26.94			33.53
Tangible book value⁽³⁾		23.36			22.37			27.14
Balance Sheet & Credit Quality
Loans In millions	$	4,304.2		$	4,315.6		$	4,414.6
Investment securities In millions		1,305.5			1,328.4			1,862.2
Deposits In millions		5,489.1			5,478.0			5,585.2
Net loan charge-offs In millions		3.1			0.7			0.2
Allowance for credit losses ratio		1.25	%		1.28	%		1.27	%
Selected Ratios
Return on average assets		1.00	%		1.03	%		0.20	%
Net interest margin, tax equivalent⁽³⁾		3.44	%		3.43	%		2.33	%
Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽³⁾		13.75	%		14.80	%		4.18	%
Efficiency ratio⁽³⁾		59.38	%		59.06	%		71.28	%

REVENUE REVIEW

Revenue							Change	Change
Revenue							1Q25 vs	1Q25 vs
(Dollars in thousands)	1Q25		4Q24		1Q24		4Q24	1Q24
Net interest income	$	47,439	$	48,938	$	34,731	(3)%	37	%
Noninterest income		10,136		10,837		9,750	(6)%	4	%
Total revenue, net of interest expense	$	57,575	$	59,775	$	44,481	(4)%	29	%

Total revenue for the first quarter of 2025 decreased $2.2 million from the fourth quarter of 2024 due to lower net interest income and noninterest income during the quarter. When compared to the first quarter of 2024, total revenue increased $13.1 million, due to higher net interest income and higher noninterest income.

Net interest income of $47.4 million for the first quarter of 2025 decreased $1.5 million from the fourth quarter of 2024, due to lower earning asset volumes and yields, partially offset by lower funding volumes and costs. When compared to the first quarter of 2024, net interest income increased $12.7 million, due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

The Company’s tax equivalent net interest margin was 3.44%³ in the first quarter of 2025, compared to 3.43%³ in the fourth quarter of 2024, driven by lower funding costs, partially offset by a decline in earning asset yields. Interest bearing liability costs during the first quarter of 2025 decreased 11 bps to 2.41%, due to reductions of short-term borrowings, interest bearing deposits, and long-term debt costs of 78 bps, 10 bps, and 7 bps, to 3.75%, 2.31%, and 6.41%, respectively, from the fourth quarter of 2024.

The Company’s tax equivalent net interest margin was 3.44%³ in the first quarter of 2025, compared to 2.33%³ in the first quarter of 2024, driven by higher earning asset yields and lower interest-bearing liability costs. Total earning assets yield increased 79 bps from the first quarter of 2024, primarily due to increases of 192 bps and 20 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 34 bps to 2.41%, due to short-term borrowing costs of 3.75%, long-term debt costs of 6.41%, and interest-bearing deposit costs of 2.31%, which decreased 107 bps, 45 bps, and 14 bps, respectively, from the first quarter of 2024.

³ Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

Noninterest Income									Change		Change
Noninterest Income									1Q25 vs		1Q25 vs
(In thousands)	1Q25			4Q24		1Q24			4Q24		1Q24
Investment services and trust activities	$	3,544		$	3,779	$	3,503		(6)%		1	%
Service charges and fees		2,131			2,159		2,144		(1)%		(1)%
Card revenue		1,744			1,833		1,943		(5)%		(10)%
Loan revenue		1,194			1,841		856		(35)%		39	%
Bank-owned life insurance		1,057			719		660		47	%	60	%
Investment securities gains, net		33			161		36		(80)%		(8)%
Other		433			345		608		26	%	(29)%
Total noninterest income	$	10,136		$	10,837	$	9,750		(6)%		4	%

MSR adjustment (included above in Loan revenue)	$	(213	)	$	164	$	(368	)	(230)%		(42)%

Noninterest income for the first quarter of 2025 decreased $0.7 million from the linked quarter, primarily due to declines of $0.6 million and $0.2 million in loan revenue and investment services and trust activities revenue, respectively. The decrease in loan revenue was reflective of an unfavorable change in the fair value of our mortgage servicing rights of $0.4 million, coupled with a decrease in Small Business Administration (“SBA”) gain on sale revenue of $0.3 million. The decrease in investment services and trust activities revenue was driven by a decline in assets under administration due to market volatility. Partially offsetting these decreases was an increase of $0.3 million in bank-owned life insurance revenue, due primarily to $0.4 million of death benefit recognized in the first quarter of 2025.

Noninterest income for the first quarter of 2025 increased $0.4 million from the first quarter of 2024 due primarily to increases of $0.4 million and $0.3 million in bank-owned life insurance and loan revenue, respectively. The bank-owned life insurance increase was due primarily to the death benefit noted above. The increase in loan revenue was due primarily to the mortgage servicing right valuation adjustment, coupled with higher SBA gain on sale revenue and other loan income. Partially offsetting these increases were decreases of $0.2 million in each of card revenue and other revenue.

EXPENSE REVIEW

Noninterest Expense							Change		Change
Noninterest Expense							1Q25 vs		1Q25 vs
(In thousands)	1Q25		4Q24		1Q24		4Q24		1Q24
Compensation and employee benefits	$	21,212	$	20,684	$	20,930	3	%	1	%
Occupancy expense of premises, net		2,588		2,772		2,813	(7)%		(8)%
Equipment		2,426		2,688		2,600	(10)%		(7)%
Legal and professional		2,226		2,534		2,059	(12)%		8	%
Data processing		1,698		1,719		1,360	(1)%		25	%
Marketing		552		793		598	(30)%		(8)%
Amortization of intangibles		1,408		1,449		1,637	(3)%		(14)%
FDIC insurance		917		980		942	(6)%		(3)%
Communications		159		154		196	3	%	(19)%
Foreclosed assets, net		74		56		358	32	%	(79)%
Other		3,033		3,543		2,072	(14)%		46	%
Total noninterest expense	$	36,293	$	37,372	$	35,565	(3)%		2	%

Merger-related Expenses
Merger-related Expenses
(In thousands)	1Q25		4Q24		1Q24
Compensation and employee benefits	$	—	$	—	$	241
Occupancy expense of premises, net		—		—		152
Equipment		—		21		149
Legal and professional		40		—		573
Data processing		—		10		61
Marketing		—		—		32
Communications		—		—		1
Other		—		—		105
Total merger-related expenses	$	40	$	31	$	1,314

Noninterest expense for the first quarter of 2025 decreased $1.1 million from the linked quarter, primarily due to decreases in other noninterest expense, legal and professional, equipment, and occupancy expense of premises, net, of $0.5 million, $0.3 million, $0.3 million, and $0.2 million, respectively. The primary drivers of the decrease in other noninterest expense were declines in fraud loss expense of $0.3 million and customer deposit costs of $0.1 million. The $0.3 million decrease in legal and professional expense was primarily driven by lower litigation-related legal costs. The decrease in equipment of $0.3 million was primarily driven by fewer small equipment purchases, while the decrease in occupancy expense of premises, net was due primarily to lower property tax expense. Partially offsetting these decreases was an increase of $0.5 million in compensation and employee benefits which reflected an increase in equity compensation and payroll tax expenses.

Noninterest expense for the first quarter of 2025 increased $0.7 million from the first quarter of 2024 primarily due to increases in other noninterest expense, data processing, and compensation and employee benefits of $1.0 million, $0.3 million and $0.3 million, respectively. The increase in other noninterest expense was due primarily to customer deposit costs while the increase in data processing was driven core banking system costs. The increase in compensation and employee benefits was primarily driven by medical benefits expenses, wages expense, and incentive expense due to improved performance. Partially offsetting these identified increases was a decline of $1.3 million in merger-related expenses.

The Company’s effective tax rate was 22.7% in the first quarter of 2025 and the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

BALANCE SHEET REVIEW

Total assets were $6.25 billion at March 31, 2025, compared to $6.24 billion at December 31, 2024 and $6.75 billion at March 31, 2024. The increase from December 31, 2024 was primarily due to higher cash balances, partially offset by lower securities balances. Compared to March 31, 2024, the decrease was primarily driven by the sale of assets associated with our Florida banking operations in the second quarter of 2024 coupled with the pay-off of Bank Term Funding Program (“BTFP”) borrowings with proceeds received from securities sales transactions in the fourth quarter of 2024.

Loans Held for Investment	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Commercial and industrial	$1,140,138	26.5	%	$1,126,813	26.1	%	$1,105,718	25.0	%
Agricultural	131,409	3.1		119,051	2.8		113,029	2.6
Commercial real estate
Construction and development	293,280	6.8		324,896	7.5		403,571	9.1
Farmland	180,633	4.2		182,460	4.2		184,109	4.2
Multifamily	421,204	9.8		423,157	9.8		409,504	9.3
Other	1,425,062	33.0		1,414,168	32.7		1,440,645	32.7
Total commercial real estate	2,320,179	53.8		2,344,681	54.2		2,437,829	55.3
Residential real estate
One-to-four family first liens	471,688	11.0		477,150	11.1		495,408	11.2
One-to-four family junior liens	182,346	4.2		179,232	4.2		182,001	4.1
Total residential real estate	654,034	15.2		656,382	15.3		677,409	15.3
Consumer	58,424	1.4		68,700	1.6		80,661	1.8
Loans held for investment, net of unearned income	$4,304,184	100.0	%	$4,315,627	100.0	%	$4,414,646	100.0	%

Total commitments to extend credit	$1,080,300			$1,080,737			$1,230,612

Loans held for investment, net of unearned income, decreased $11.4 million, or 0.3%, to $4.30 billion from $4.32 billion at December 31, 2024, primarily due to the reclassification of $11.0 million of credit card receivables to loans held for sale in the first quarter of 2025. Management expects the credit card portfolio sale to close in the fourth quarter of 2025.

Loans held for investment, net of unearned income, decreased $110.5 million, or 2.5%, to $4.30 billion from $4.41 billion at March 31, 2024. The decrease from the first quarter of 2024 was driven primarily by the sale of loans associated with our Florida banking operations in the second quarter of 2024, partially offset by organic loan growth and higher line of credit usage.

Investment Securities	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Available for sale	$1,305,530	100.0	%	$1,328,433	100.0	%	$797,230	42.8	%
Held to maturity	—	—	%	—	—	%	1,064,939	57.2	%
Total investment securities	$1,305,530			$1,328,433			$1,862,169

Investment securities at March 31, 2025 were $1.31 billion, decreasing $22.9 million from December 31, 2024 and decreasing $556.6 million from March 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the first quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities.

Deposits	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Noninterest bearing deposits	$903,714	16.5	%	$951,423	17.4	%	$920,764	16.5	%
Interest checking deposits	1,283,328	23.3		1,258,191	22.9		1,349,823	24.2
Money market deposits	1,002,066	18.3		1,053,988	19.2		1,122,717	20.1
Savings deposits	877,348	16.0		820,549	15.0		728,276	13.0
Time deposits of $250 and under	818,012	14.9		826,793	15.1		787,851	14.1
Total core deposits	4,884,468	89.0		4,910,944	89.6		4,909,431	87.9
Brokered time deposits	200,000	3.6		200,000	3.7		205,000	3.7
Time deposits over $250	404,674	7.4		367,038	6.7		470,805	8.4
Total deposits	$5,489,142	100.0	%	$5,477,982	100.0	%	$5,585,236	100.0	%

Total deposits increased $11.2 million, or 0.2%, to $5.49 billion, from $5.48 billion at December 31, 2024. Total deposits decreased $96.1 million, or 1.7%, from $5.59 billion at March 31, 2024, primarily due to the deposits transferred in the sale of our Florida banking operations, partially offset by organic deposit growth in our targeted metropolitan markets.

Borrowed Funds	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Balance	% of Total		Balance	% of Total		Balance	% of Total
Short-term borrowings	$1,482	1.3	%	$3,186	2.7	%	$422,988	77.6	%
Long-term debt	111,398	98.7	%	113,376	97.3	%	122,066	22.4	%
Total borrowed funds	$112,880			$116,562			$545,054

Borrowed funds were $112.9 million at March 31, 2025, a decrease of $3.7 million from December 31, 2024 and a decrease of $432.2 million from March 31, 2024. The decrease compared to the linked quarter was due to lower customer repurchase agreement volumes and scheduled payments on long-term debt. The decrease compared to March 31, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and $13.0 million of a revolving credit facility, as well as scheduled payments on long-term debt.

Capital	March 31,			December 31,			March 31,
(Dollars in thousands)	2025 ⁽¹⁾				2024			2024
Total shareholders’ equity	$	579,625		$	559,696		$	528,040
Accumulated other comprehensive loss		(63,098	)		(72,762	)		(60,804	)
MidWestOneFinancial Group, Inc. Consolidated
Tier 1 leverage to average assets ratio		9.50	%		9.15	%		8.16	%
Common equity tier 1 capital to risk-weighted assets ratio		10.97	%		10.73	%		8.98	%
Tier 1 capital to risk-weighted assets ratio		11.84	%		11.59	%		9.75	%
Total capital to risk-weighted assets ratio		14.34	%		14.07	%		11.97	%
MidWestOneBank
Tier 1 leverage to average assets ratio		10.42	%		10.12	%		9.36	%
Common equity tier 1 capital to risk-weighted assets ratio		13.02	%		12.86	%		11.20	%
Tier 1 capital to risk-weighted assets ratio		13.02	%		12.86	%		11.20	%
Total capital to risk-weighted assets ratio		14.21	%		14.02	%		12.25	%
⁽¹⁾ Regulatory capital ratios for March 31, 2025 are preliminary

Total shareholders’ equity at March 31, 2025 increased $19.9 million from December 31, 2024, driven primarily by an increase in retained earnings and a decrease in accumulated other comprehensive loss. Total shareholders’ equity at March 31, 2025 increased $51.6 million from March 31, 2024, primarily due to increases in common stock and additional pain-in-capital stemming from the common equity capital raise in the third quarter of 2024, partially offset by a decrease in retained earnings.

On April 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

No common shares were repurchased by the Company during the period December 31, 2024 through March 31, 2025 or for the subsequent period through April 24, 2025. The current share repurchase program allows for the repurchase of up to $15.0 million of the Company’s common shares. As of March 31, 2025, $15.0 million remained available under this program.

CREDIT QUALITY REVIEW

Credit Quality	As of or For the Three Months Ended
Credit Quality	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Credit loss expense related to loans	$	1,787		$	1,891		$	4,589
Net charge-offs		3,087			691			189
Allowance for credit losses		53,900			55,200			55,900
Pass	$	4,068,707		$	4,056,361		$	4,098,102
Special Mention		121,494			148,462			152,604
Classified		113,983			110,804			163,940
Criticized		235,477			259,266			316,544
Loans greater than 30 days past due and accruing	$	6,119		$	9,378		$	8,772
Nonperforming loans	$	17,470		$	21,847		$	29,267
Nonperforming assets		20,889			25,184			33,164
Net charge-off ratio⁽¹⁾		0.29	%		0.06	%		0.02	%
Classified loans ratio⁽²⁾		2.65	%		2.57	%		3.71	%
Criticized loans ratio⁽³⁾		5.47	%		6.01	%		7.17	%
Nonperforming loans ratio⁽⁴⁾		0.41	%		0.51	%		0.66	%
Nonperforming assets ratio⁽⁵⁾		0.33	%		0.40	%		0.49	%
Allowance for credit losses ratio⁽⁶⁾		1.25	%		1.28	%		1.27	%
Allowance for credit losses to nonaccrual loans ratio⁽⁷⁾		309.47	%		254.32	%		197.53	%
⁽¹⁾ Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
⁽²⁾ Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽³⁾ Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁴⁾ Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁵⁾ Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
⁽⁶⁾ Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
⁽⁷⁾ Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

Nonperforming loans and nonperforming assets ratios improved 10 bps and 7 bps, to 0.41% and 0.33%, respectively, compared to the linked quarter. In addition, special mention loan balances decreased $27.0 million, or 18%, while classified loan balances remained relatively stable with an increase of $3.2 million, or 3%. When compared to the same period of the prior year, the nonperforming loans and nonperforming asset ratios improved 25 bps and 16 bps, respectively, while the classified loan ratio improved 106 bps. Special mention loan balances decreased $31.1 million, or 20%. The net charge-off ratio increased 23 bps from the linked quarter and 27 bps from the same period in the prior year.

As of March 31, 2025, the allowance for credit losses was $53.9 million and the allowance for credit losses ratio was 1.25%, compared with $55.2 million and 1.28%, respectively, at December 31, 2024. Credit loss expense of $1.7 million in the first quarter of 2025 primarily reflected additional reserve on pooled loans, offset by a reduction of $0.1 million in the reserve for unfunded loan commitments.

Nonperforming Loans Roll Forward	Nonaccrual	90+ Days Past Due & Still Accruing	Total
(Dollars in thousands)	Nonaccrual	90+ Days Past Due & Still Accruing	Total
Balance at December 31, 2024	$21,705	$142	$21,847
Loans placed on nonaccrual or 90+ days past due & still accruing	3,121	225	3,346
Proceeds related to repayment or sale	(4,158)	—	(4,158)
Loans returned to accrual status or no longer past due	(336)	(49)	(385)
Charge-offs	(2,774)	(259)	(3,033)
Transfers to foreclosed assets	(141)	—	(141)
Transfer to nonaccrual	—	(6)	(6)
Balance at March 31, 2025	$17,417	$53	$17,470

CONFERENCE CALL DETAILS

The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=29396e9f&confId=80376. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 527448 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until July 24, 2025 by calling 1-866-813-9403 and using the replay access code of 162684. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

ABOUT MIDWESTONE FINANCIAL GROUP, INC.

MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands)		2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	68,545		$	71,803		$	72,173		$	66,228		$	68,430
Interest earning deposits in banks		182,360			133,092			129,695			35,340			29,328
Federal funds sold		—			—			—			—			4
Total cash and cash equivalents		250,905			204,895			201,868			101,568			97,762
Debt securities available for sale at fair value		1,305,530			1,328,433			1,623,104			771,034			797,230
Held to maturity securities at amortized cost		—			—			—			1,053,080			1,064,939
Total securities		1,305,530			1,328,433			1,623,104			1,824,114			1,862,169
Loans held for sale		13,836			749			3,283			2,850			2,329
Gross loans held for investment		4,315,546			4,328,413			4,344,559			4,304,619			4,433,258
Unearned income, net		(11,362	)		(12,786	)		(15,803	)		(17,387	)		(18,612	)
Loans held for investment, net of unearned income		4,304,184			4,315,627			4,328,756			4,287,232			4,414,646
Allowance for credit losses		(53,900	)		(55,200	)		(54,000	)		(53,900	)		(55,900	)
Total loans held for investment, net		4,250,284			4,260,427			4,274,756			4,233,332			4,358,746
Premises and equipment, net		90,031			90,851			90,750			91,793			95,986
Goodwill		69,788			69,788			69,788			69,388			71,118
Other intangible assets, net		23,611			25,019			26,469			27,939			29,531
Foreclosed assets, net		3,419			3,337			3,583			6,053			3,897
Other assets		246,990			252,830			258,881			224,621			226,477
Total assets	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015
LIABILITIES
Noninterest bearing deposits	$	903,714		$	951,423		$	917,715		$	882,472		$	920,764
Interest bearing deposits		4,585,428			4,526,559			4,451,012			4,529,947			4,664,472
Total deposits		5,489,142			5,477,982			5,368,727			5,412,419			5,585,236
Short-term borrowings		1,482			3,186			410,630			414,684			422,988
Long-term debt		111,398			113,376			115,051			114,839			122,066
Other liabilities		72,747			82,089			95,836			96,430			89,685
Total liabilities		5,674,769			5,676,633			5,990,244			6,038,372			6,219,975
SHAREHOLDERS’ EQUITY
Common stock		21,580			21,580			21,580			16,581			16,581
Additional paid-in capital		414,258			414,987			414,965			300,831			300,845
Retained earnings		227,790			217,776			206,490			306,030			294,066
Treasury stock		(20,905	)		(21,885	)		(21,955	)		(22,021	)		(22,648	)
Accumulated other comprehensive loss		(63,098	)		(72,762	)		(58,842	)		(58,135	)		(60,804	)
Total shareholders’ equity		579,625			559,696			562,238			543,286			528,040
Total liabilities and shareholders’ equity	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended
	March 31,		December 31,		September 30,			June 30,		March 31,
(In thousands, except per share data)		2025		2024		2024			2024		2024
Interest income
Loans, including fees	$	59,462	$	62,458	$	62,521		$	61,643	$	57,947
Taxable investment securities		13,327		11,320		8,779			9,228		9,460
Tax-exempt investment securities		703		728		1,611			1,663		1,710
Other		1,247		3,761		785			242		418
Total interest income		74,739		78,267		73,696			72,776		69,535
Interest expense
Deposits		25,484		27,324		29,117			28,942		27,726
Short-term borrowings		25		115		5,043			5,409		4,975
Long-term debt		1,791		1,890		2,015			2,078		2,103
Total interest expense		27,300		29,329		36,175			36,429		34,804
Net interest income		47,439		48,938		37,521			36,347		34,731
Credit loss expense		1,687		1,291		1,535			1,267		4,689
Net interest income after credit loss expense		45,752		47,647		35,986			35,080		30,042
Noninterest income
Investment services and trust activities		3,544		3,779		3,410			3,504		3,503
Service charges and fees		2,131		2,159		2,170			2,156		2,144
Card revenue		1,744		1,833		1,935			1,907		1,943
Loan revenue		1,194		1,841		760			1,525		856
Bank-owned life insurance		1,057		719		879			668		660
Investment securities gains (losses), net		33		161		(140,182	)		33		36
Other		433		345		640			11,761		608
Total noninterest income (loss)		10,136		10,837		(130,388	)		21,554		9,750
Noninterest expense
Compensation and employee benefits		21,212		20,684		19,943			20,985		20,930
Occupancy expense of premises, net		2,588		2,772		2,443			2,435		2,813
Equipment		2,426		2,688		2,486			2,530		2,600
Legal and professional		2,226		2,534		2,261			2,253		2,059
Data processing		1,698		1,719		1,580			1,645		1,360
Marketing		552		793		619			636		598
Amortization of intangibles		1,408		1,449		1,470			1,593		1,637
FDIC insurance		917		980		923			1,051		942
Communications		159		154		159			191		196
Foreclosed assets, net		74		56		330			138		358
Other		3,033		3,543		3,584			2,304		2,072
Total noninterest expense		36,293		37,372		35,798			35,761		35,565
Income (loss) before income tax expense		19,595		21,112		(130,200	)		20,873		4,227
Income tax expense (benefit)		4,457		4,782		(34,493	)		5,054		958
Net income (loss)	$	15,138	$	16,330	$	(95,707	)	$	15,819	$	3,269

Earnings (loss) per common share
Basic	$	0.73	$	0.79	$	(6.05	)	$	1.00	$	0.21
Diluted	$	0.73	$	0.78	$	(6.05	)	$	1.00	$	0.21
Weighted average basic common shares outstanding		20,797		20,776		15,829			15,763		15,723
Weighted average diluted common shares outstanding		20,849		20,851		15,829			15,781		15,774
Dividends paid per common share	$	0.2425	$	0.2425	$	0.2425		$	0.2425	$	0.2425

MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS

	As of or for the Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share amounts)		2025			2024			2024
Earnings:
Net interest income	$	47,439		$	48,938		$	34,731
Noninterest income		10,136			10,837			9,750
Total revenue, net of interest expense		57,575			59,775			44,481
Credit loss expense		1,687			1,291			4,689
Noninterest expense		36,293			37,372			35,565
Income before income tax expense		19,595			21,112			4,227
Income tax expense		4,457			4,782			958
Net income	$	15,138		$	16,330		$	3,269
Adjusted earnings⁽¹⁾	$	15,301		$	16,112		$	4,504
Per Share Data:
Diluted earnings	$	0.73		$	0.78		$	0.21
Adjusted earnings⁽¹⁾		0.73			0.77			0.29
Book value		27.85			26.94			33.53
Tangible book value⁽¹⁾		23.36			22.37			27.14
Ending Balance Sheet:
Total assets	$	6,254,394		$	6,236,329		$	6,748,015
Loans held for investment, net of unearned income		4,304,184			4,315,627			4,414,646
Total securities		1,305,530			1,328,433			1,862,169
Total deposits		5,489,142			5,477,982			5,585,236
Short-term borrowings		1,482			3,186			422,988
Long-term debt		111,398			113,376			122,066
Total shareholders’ equity		579,625			559,696			528,040
Average Balance Sheet:
Average total assets	$	6,168,546		$	6,279,975		$	6,635,379
Average total loans		4,290,710			4,307,583			4,298,216
Average total deposits		5,398,819			5,464,900			5,481,114
Financial Ratios:
Return on average assets		1.00	%		1.03	%		0.20	%
Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽¹⁾		13.75	%		14.80	%		4.18	%
Efficiency ratio⁽¹⁾		59.38	%		59.06	%		71.28	%
Net interest margin, tax equivalent⁽¹⁾		3.44	%		3.43	%		2.33	%
Loans to deposits ratio		78.41	%		78.78	%		79.04	%
CET1 Ratio		10.97	%		10.73	%		8.98	%
Common equity ratio		9.27	%		8.97	%		7.83	%
Tangible common equity ratio⁽¹⁾		7.89	%		7.57	%		6.43	%
Credit Risk Profile:
Total nonperforming loans	$	17,470		$	21,847		$	29,267
Nonperforming loans ratio		0.41	%		0.51	%		0.66	%
Total nonperforming assets	$	20,889		$	25,184		$	33,164
Nonperforming assets ratio		0.33	%		0.40	%		0.49	%
Net charge-offs	$	3,087		$	691		$	189
Net charge-off ratio		0.29	%		0.06	%		0.02	%
Allowance for credit losses	$	53,900		$	55,200		$	55,900
Allowance for credit losses ratio		1.25	%		1.28	%		1.27	%
Allowance for credit losses to nonaccrual ratio		309.47	%		254.32	%		197.53	%

⁽¹⁾ Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

MIDWESTONE FINANCIAL GROUP, INC.
AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
(Dollars in thousands)	Average Balance	Interest Income/ Expense	Average Yield/ Cost	Average Balance	Interest Income/ Expense	Average Yield/ Cost	Average Balance	Interest Income/ Expense	Average Yield/ Cost
ASSETS
Loans, including fees ^(1)(2)(3)	$4,290,710	$60,443	5.71%	$4,307,583	$63,443	5.86%	$4,298,216	$58,867	5.51%
Taxable investment securities	1,207,844	13,327	4.47%	1,080,716	11,320	4.17%	1,557,603	9,460	2.44%
Tax-exempt investment securities ⁽²⁾⁽⁴⁾	105,563	865	3.32%	109,183	896	3.26%	328,736	2,097	2.57%
Total securities held for investment⁽²⁾	1,313,407	14,192	4.38%	1,189,899	12,216	4.08%	1,886,339	11,557	2.46%
Other	124,133	1,247	4.07%	309,904	3,761	4.83%	30,605	418	5.49%
Total interest earning assets⁽²⁾	$5,728,250	$75,882	5.37%	$5,807,386	$79,420	5.44%	$6,215,160	$70,842	4.58%
Other assets	440,296			472,589			420,219
Total assets	$6,168,546			$6,279,975			$6,635,379
LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest checking deposits	$1,240,586	$2,127	0.70%	$1,252,481	$2,205	0.70%	$1,301,470	$2,890	0.89%
Money market deposits	1,002,743	6,333	2.56%	1,046,571	7,197	2.74%	1,102,543	8,065	2.94%
Savings deposits	835,731	3,057	1.48%	799,931	3,158	1.57%	694,143	2,047	1.19%
Time deposits	1,397,595	13,967	4.05%	1,410,542	14,764	4.16%	1,446,981	14,724	4.09%
Total interest bearing deposits	4,476,655	25,484	2.31%	4,509,525	27,324	2.41%	4,545,137	27,726	2.45%
Securities sold under agreements to repurchase	2,705	5	0.75%	3,640	8	0.87%	5,330	11	0.83%
Other short-term borrowings	—	20	—%	6,465	107	6.58%	409,525	4,964	4.88%
Total short-term borrowings	2,705	25	3.75%	10,105	115	4.53%	414,855	4,975	4.82%
Long-term debt	113,364	1,791	6.41%	116,018	1,890	6.48%	123,266	2,103	6.86%
Total borrowed funds	116,069	1,816	6.35%	126,123	2,005	6.32%	538,121	7,078	5.29%
Total interest bearing liabilities	$4,592,724	$27,300	2.41%	$4,635,648	$29,329	2.52%	$5,083,258	$34,804	2.75%
Noninterest bearing deposits	922,164			955,375			935,977
Other liabilities	82,280			125,536			88,611
Shareholders’ equity	571,378			563,416			527,533
Total liabilities and shareholders’ equity	$6,168,546			$6,279,975			$6,635,379
Net interest income⁽²⁾		$48,582			$50,091			$36,038
Net interest spread⁽²⁾			2.96%			2.92%			1.83%
Net interest margin⁽²⁾			3.44%			3.43%			2.33%

Total deposits⁽⁵⁾	$5,398,819	$25,484	1.91%	$5,464,900	$27,324	1.99%	$5,481,114	$27,726	2.03%
Cost of funds⁽⁶⁾			2.01%			2.09%			2.33%

⁽¹⁾	Average balance includes nonaccrual loans.
⁽²⁾	Tax equivalent. The federal statutory tax rate utilized was 21%.
⁽³⁾	Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $256 thousand, $456 thousand, and $237 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Loan purchase discount accretion was $1.2 million, $2.5 million, and $1.2 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Tax equivalent adjustments were $981 thousand, $985 thousand, and $920 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
⁽⁴⁾	Interest income includes tax equivalent adjustments of $162 thousand, $168 thousand, and $387 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
⁽⁵⁾	Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
⁽⁶⁾	Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

Non-GAAP Measures

This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

Tangible Common Equity/Tangible Book Value
per Share/Tangible Common Equity Ratio	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2024			2024			2024
Total shareholders’ equity	$	579,625		$	559,696		$	562,238		$	543,286		$	528,040
Intangible assets, net		(93,399	)		(94,807	)		(96,257	)		(97,327	)		(100,649	)
Tangible common equity	$	486,226		$	464,889		$	465,981		$	445,959		$	427,391

Total assets	$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658		$	6,748,015
Intangible assets, net		(93,399	)		(94,807	)		(96,257	)		(97,327	)		(100,649	)
Tangible assets	$	6,160,995		$	6,141,522		$	6,456,225		$	6,484,331		$	6,647,366

Book value per share	$	27.85		$	26.94		$	27.06		$	34.44		$	33.53
Tangible book value per share⁽¹⁾	$	23.36		$	22.37		$	22.43		$	28.27		$	27.14
Shares outstanding		20,815,715			20,777,485			20,774,919			15,773,468			15,750,471

Common equity ratio		9.27	%		8.97	%		8.58	%		8.25	%		7.83	%
Tangible common equity ratio⁽²⁾		7.89	%		7.57	%		7.22	%		6.88	%		6.43	%

⁽¹⁾ Tangible common equity divided by shares outstanding.
⁽²⁾ Tangible common equity divided by tangible assets.

	Three Months Ended
Return on Average Tangible Equity	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Net income	$	15,138		$	16,330		$	3,269
Intangible amortization, net of tax⁽¹⁾		1,047			1,075			1,228
Tangible net income	$	16,185		$	17,405		$	4,497

Average shareholders’ equity	$	571,378		$	563,416		$	527,533
Average intangible assets, net		(94,169	)		(95,498	)		(95,296	)
Average tangible equity	$	477,209		$	467,918		$	432,237

Return on average equity		10.74	%		11.53	%		2.49	%
Return on average tangible equity⁽²⁾		13.75	%		14.80	%		4.18	%

⁽¹⁾ The income tax rate utilized was the blended marginal tax rate.
⁽²⁾ Annualized tangible net income divided by average tangible equity.

Net Interest Margin, Tax Equivalent/ Core Net Interest Margin	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Net interest income	$	47,439		$	48,938		$	34,731
Tax equivalent adjustments:
Loans⁽¹⁾		981			985			920
Securities⁽¹⁾		162			168			387
Net interest income, tax equivalent	$	48,582		$	50,091		$	36,038
Loan purchase discount accretion		(1,166	)		(2,496	)		(1,152	)
Core net interest income	$	47,416		$	47,595		$	34,886

Net interest margin		3.36	%		3.35	%		2.25	%
Net interest margin, tax equivalent⁽²⁾		3.44	%		3.43	%		2.33	%
Core net interest margin⁽³⁾		3.36	%		3.26	%		2.26	%
Average interest earning assets	$	5,728,250		$	5,807,386		$	6,215,160

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Annualized tax equivalent net interest income divided by average interest earning assets.
⁽³⁾ Annualized core net interest income divided by average interest earning assets.

	Three Months Ended
Loan Yield, Tax Equivalent / Core Yield on Loans	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Loan interest income, including fees	$	59,462		$	62,458		$	57,947
Tax equivalent adjustment⁽¹⁾		981			985			920
Tax equivalent loan interest income	$	60,443		$	63,443		$	58,867
Loan purchase discount accretion		(1,166	)		(2,496	)		(1,152	)
Core loan interest income	$	59,277		$	60,947		$	57,715

Yield on loans		5.62	%		5.77	%		5.42	%
Yield on loans, tax equivalent⁽²⁾		5.71	%		5.86	%		5.51	%
Core yield on loans⁽³⁾		5.60	%		5.63	%		5.40	%
Average loans	$	4,290,710		$	4,307,583		$	4,298,216

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Annualized tax equivalent loan interest income divided by average loans.
⁽³⁾ Annualized core loan interest income divided by average loans.

	Three Months Ended
Efficiency Ratio	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024
Total noninterest expense	$	36,293		$	37,372		$	35,565
Amortization of intangibles		(1,408	)		(1,449	)		(1,637	)
Merger-related expenses		(40	)		(31	)		(1,314	)
Noninterest expense used for efficiency ratio	$	34,845		$	35,892		$	32,614

Net interest income, tax equivalent⁽¹⁾	$	48,582		$	50,091		$	36,038
Plus: Noninterest income		10,136			10,837			9,750
Less: Investment securities gains, net		33			161			36
Net revenues used for efficiency ratio	$	58,685		$	60,767		$	45,752

Efficiency ratio ⁽²⁾		59.38	%		59.06	%		71.28	%

⁽¹⁾ The federal statutory tax rate utilized was 21%.
⁽²⁾ Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

	Three Months Ended
Adjusted Earnings	March 31,			December 31,		March 31,
(Dollars in thousands, except per share data)		2025			2024		2024
Net income	$	15,138		$	16,330	$	3,269
Less: Investment securities gains, net of tax⁽¹⁾		25			119		27
Less: Mortgage servicing rights (loss) gain, net of tax⁽¹⁾		(158	)		122		(276	)
Plus: Merger-related expenses, net of tax⁽¹⁾		30			23		986
Adjusted earnings	$	15,301		$	16,112	$	4,504

Weighted average diluted common shares outstanding		20,849			20,851		15,774

Earnings per common share – diluted	$	0.73		$	0.78	$	0.21
Adjusted earnings per common share⁽²⁾	$	0.73		$	0.77	$	0.29

⁽¹⁾ The income tax rate utilized was the blended marginal tax rate.
⁽²⁾ Adjusted earnings divided by weighted average diluted common shares outstanding.

Category: Earnings

This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

Source: MidWestOne Financial Group, Inc.

Industry: Banks

Contact:

	Charles N. Reeves	Barry S. Ray
	Chief Executive Officer	Chief Financial Officer
	319.356.5800	319.356.5800

The MIL Network –

April 25, 2025

MIL-OSI: South Plains Financial, Inc. Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LUBBOCK, Texas, April 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net income for the first quarter of 2025 was $12.3 million, compared to $16.5 million for the fourth quarter of 2024 and $10.9 million for the first quarter of 2024.
Diluted earnings per share for the first quarter of 2025 was $0.72, compared to $0.96 for the fourth quarter of 2024 and $0.64 for the first quarter of 2024.
Average cost of deposits for the first quarter of 2025 was 219 basis points, compared to 229 basis points for the fourth quarter of 2024 and 241 basis points for the first quarter of 2024.
Net interest margin, on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024.
Nonperforming assets to total assets were 0.16% at March 31, 2025, compared to 0.58% at December 31, 2024 and 0.10% at March 31, 2024.
Return on average assets for the first quarter of 2025 was 1.16%, compared to 1.53% for the fourth quarter of 2024 and 1.04% for the first quarter of 2024.
Tangible book value (non-GAAP) per share was $26.05 as of March 31, 2025, compared to $25.40 as of December 31, 2024 and $23.56 as of March 31, 2024.
The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at March 31, 2025 were 17.93%, 13.59%, and 12.04%, respectively.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered strong first quarter results highlighted by solid deposit growth, healthy margin expansion as our cost of funds continued to improve, and loan growth that was in line with our expectations. Additionally, the credit quality of our loan portfolio continued to strengthen in the quarter which is a testament to our conservative culture and proactive approach to managing credit. While the outlook is uncertain, we believe that we are in an advantageous position relative to our peers and are actively looking to expand in both our metropolitan and rural markets. We have the liquidity, capital, and team to take advantage of opportunities that come our way. While the economy may slow and businesses may reduce their risk appetites, we will be ready to meet the needs of our customers in these uncertain times. We will also continue to add experienced lenders who fit our culture and want to bring their customers to a better, more stable bank. However, we will maintain our conservative credit culture and will never sacrifice credit quality for growth as we work to maintain the strong credit quality of our loan portfolio. While we see many opportunities to continue growing the Bank, we believe our share price does not reflect the value that we are creating. As a result, we spent $8.3 million to repurchase 250,000 shares in the first quarter, leaving approximately $7 million under our previously announced share repurchase program.”

Results of Operations, Quarter Ended March 31, 2025

Net Interest Income

Net interest income was $38.5 million for the first quarter of 2025, compared to $38.5 million for the fourth quarter of 2024 and $35.4 million for the first quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 3.81% for the first quarter of 2025, compared to 3.75% for the fourth quarter of 2024 and 3.56% for the first quarter of 2024. The average yield on loans was 6.67% for the first quarter of 2025, compared to 6.69% for the fourth quarter of 2024 and 6.53% for the first quarter of 2024. The average cost of deposits was 219 basis points for the first quarter of 2025, which is 10 basis points lower than the fourth quarter of 2024 and 22 basis points lower than the first quarter of 2024.

Interest income was $59.9 million for the first quarter of 2025, compared to $61.3 million for the fourth quarter of 2024 and $58.7 million for the first quarter of 2024. Interest income decreased $1.4 million in the first quarter of 2025 from the fourth quarter of 2024, which was primarily comprised of a decrease of $692 thousand in loan interest income and a decrease of $408 thousand in interest income on other earning assets. The decline in interest income was due primarily to fewer days in the first quarter as compared to the fourth quarter of 2024. Interest income increased $1.2 million in the first quarter of 2025 compared to the first quarter of 2024. This increase was primarily due to an increase of average loans of $60.0 million and higher loan interest rates during the period, resulting in growth of $1.6 million in loan interest income.

Interest expense was $21.4 million for the first quarter of 2025, compared to $22.8 million for the fourth quarter of 2024 and $23.4 million for the first quarter of 2024. Interest expense decreased $1.4 million compared to the fourth quarter of 2024 and decreased $2.0 million compared to the first quarter of 2024. The $1.4 million decrease was primarily as a result of a 19 basis point decline in the cost of interest-bearing deposits and fewer days in the quarter, partially offset by an increase of $50.0 million in average interest-bearing deposits in the first quarter of 2025 as compared to the fourth quarter of 2024. The $2.0 million decrease was primarily as a result of a 34 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $83.4 million in average interest-bearing deposits in the first quarter of 2025 as compared to the first quarter of 2024.

Noninterest Income and Noninterest Expense

Noninterest income was $10.6 million for the first quarter of 2025, compared to $13.3 million for the fourth quarter of 2024 and $11.4 million for the first quarter of 2024. The decrease from the fourth quarter of 2024 was primarily due to a decrease of $2.8 million in mortgage banking revenues, mainly as a result of a decrease of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. The decrease in noninterest income for the first quarter of 2025 as compared to the first quarter of 2024 was primarily due to a decrease of $1.8 million in mortgage banking activities revenue mainly from a decrease of $1.6 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value decreased in the first quarter of 2025. This decrease in mortgage banking activities revenue was partially offset by growth in service charges on deposits revenue and bank card services and interchange revenue.

Noninterest expense was $33.0 million for the first quarter of 2025, compared to $29.9 million for the fourth quarter of 2024 and $31.9 million for the first quarter of 2024. The $3.1 million increase from the fourth quarter of 2024 was largely the result of an increase of $2.1 million in personnel expenses, primarily from annual salary adjustments, increased health insurance costs as the fourth quarter of 2024 included annual rebates received, and increased annual incentive compensation expense. There were also increases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The increase in noninterest expense for the first quarter of 2025 as compared to the first quarter of 2024 was largely the result of an increase of $453 thousand in personnel expenses, largely a result of annual salary adjustments.

Loan Portfolio and Composition

Loans held for investment were $3.08 billion as of March 31, 2025, compared to $3.06 billion as of December 31, 2024 and $3.01 billion as of March 31, 2024. The increase of $20.8 million, or 2.7% annualized, during the first quarter of 2025 as compared to the fourth quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans and commercial goods and services loans, partially offset by a seasonal decrease in agricultural production loans. As of March 31, 2025, loans held for investment increased $64.1 million, or 2.1%, from March 31, 2024, primarily attributable to organic loan growth, occurring broadly across the real estate and commercial loan segments, partially offset by decreases in auto loans and other consumer loans.

Deposits and Borrowings

Deposits totaled $3.79 billion as of March 31, 2025, compared to $3.62 billion as of December 31, 2024 and $3.64 billion as of March 31, 2024. Deposits increased by $171.6 million, or 4.7%, in the first quarter of 2025 from December 31, 2024. Deposits increased by $153.9 million, or 4.2%, at March 31, 2025 as compared to March 31, 2024. Noninterest-bearing deposits were $966.5 million as of March 31, 2025, compared to $935.5 million as of December 31, 2024 and $974.2 million as of March 31, 2024. Noninterest-bearing deposits represented 25.5% of total deposits as of March 31, 2025. The quarterly change in total deposits was mainly due to a seasonal increase of $70.2 million in public fund deposits and strong organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits.

Asset Quality

The Company recorded a provision for credit losses in the first quarter of 2025 of $420 thousand, compared to $1.2 million in the fourth quarter of 2024 and $830 thousand in the first quarter of 2024. The provision during the first quarter of 2025 was largely attributable to net charge-off activity and increased loan balances, partially offset by improved credit quality as noted below in the nonperforming assets to total assets ratio.

The ratio of allowance for credit losses to loans held for investment was 1.40% as of March 31, 2025, compared to 1.42% as of December 31, 2024 and 1.40% as of March 31, 2024.

The ratio of nonperforming assets to total assets was 0.16% as of March 31, 2025, compared to 0.58% as of December 31, 2024 and 0.10% as of March 31, 2024. A $19.0 million credit was placed back on accrual status at the end of the first quarter of 2025, based on sustained payment performance and improved credit structure. This credit was repaid in full subsequent to March 31, 2025. Annualized net charge-offs were 0.07% for the first quarter of 2025, compared to 0.11% for the fourth quarter of 2024 and 0.13% for the first quarter of 2024.

Capital

Book value per share increased to $27.33 at March 31, 2025, compared to $26.67 at December 31, 2024. The change was primarily driven by $9.8 million of net income after dividends paid and by an increase in accumulated other comprehensive income of $2.7 million, partially offset by stock repurchases of $8.3 million. The tangible common equity to tangible assets ratio (non-GAAP) decreased 28 basis points to 9.64% in the first quarter of 2025, largely due to growth of $173.0 million in tangible assets.

Conference Call

South Plains will host a conference call to discuss its first quarter 2025 financial results today, April 24, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

Available Information

The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	(866) 771-3347
	investors@city.bank

Source: South Plains Financial, Inc.

South Plains Financial, Inc.
Consolidated Financial Highlights – (Unaudited)
(Dollars in thousands, except share data)

	As of and for the quarter ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Selected Income Statement Data:
Interest income	$	59,922		$	61,324		$	61,640		$	59,208		$	58,727
Interest expense		21,395			22,776			24,346			23,320			23,359
Net interest income		38,527			38,548			37,294			35,888			35,368
Provision for credit losses		420			1,200			495			1,775			830
Noninterest income		10,625			13,319			10,635			12,709			11,409
Noninterest expense		33,030			29,948			33,128			32,572			31,930
Income tax expense		3,408			4,222			3,094			3,116			3,143
Net income		12,294			16,497			11,212			11,134			10,874
Per Share Data (Common Stock):
Net earnings, basic	$	0.75		$	1.01		$	0.68		$	0.68		$	0.66
Net earnings, diluted		0.72			0.96			0.66			0.66			0.64
Cash dividends declared and paid		0.15			0.15			0.14			0.14			0.13
Book value		27.33			26.67			27.04			25.45			24.87
Tangible book value (non-GAAP)		26.05			25.40			25.75			24.15			23.56
Weighted average shares outstanding, basic		16,415,862			16,400,361			16,386,079			16,425,360			16,429,919
Weighted average shares outstanding, dilutive		17,065,599			17,161,646			17,056,959			16,932,077			16,938,857
Shares outstanding at end of period		16,235,647			16,455,826			16,386,627			16,424,021			16,431,755
Selected Period End Balance Sheet Data:
Cash and cash equivalents	$	536,300		$	359,082		$	471,167		$	298,006		$	371,939
Investment securities		571,527			577,240			606,889			591,031			599,869
Total loans held for investment		3,075,860			3,055,054			3,037,375			3,094,273			3,011,799
Allowance for credit losses		42,968			43,237			42,886			43,173			42,174
Total assets		4,405,209			4,232,239			4,337,659			4,220,936			4,218,993
Interest-bearing deposits		2,826,055			2,685,366			2,720,880			2,672,948			2,664,397
Noninterest-bearing deposits		966,464			935,510			998,480			951,565			974,174
Total deposits		3,792,519			3,620,876			3,719,360			3,624,513			3,638,571
Borrowings		110,400			110,354			110,307			110,261			110,214
Total stockholders’ equity		443,743			438,949			443,122			417,985			408,712
Summary Performance Ratios:
Return on average assets (annualized)		1.16	%		1.53	%		1.05	%		1.07	%		1.04	%
Return on average equity (annualized)		11.30	%		14.88	%		10.36	%		10.83	%		10.72	%
Net interest margin⁽¹⁾		3.81	%		3.75	%		3.65	%		3.63	%		3.56	%
Yield on loans		6.67	%		6.69	%		6.68	%		6.60	%		6.53	%
Cost of interest-bearing deposits		2.93	%		3.12	%		3.36	%		3.33	%		3.27	%
Efficiency ratio		66.90	%		57.50	%		68.80	%		66.72	%		67.94	%
Summary Credit Quality Data:
Nonperforming loans	$	6,467		$	24,023		$	24,693		$	23,452		$	3,380
Nonperforming loans to total loans held for investment		0.21	%		0.79	%		0.81	%		0.76	%		0.11	%
Other real estate owned	$	600		$	530		$	973		$	755		$	862
Nonperforming assets to total assets		0.16	%		0.58	%		0.59	%		0.57	%		0.10	%
Allowance for credit losses to total loans held for investment		1.40	%		1.42	%		1.41	%		1.40	%		1.40	%
Net charge-offs to average loans outstanding (annualized)		0.07	%		0.11	%		0.11	%		0.10	%		0.13	%

	As of and for the quarter ended
	March 31 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Capital Ratios:
Total stockholders’ equity to total assets		10.07	%		10.37	%		10.22	%		9.90	%		9.69	%
Tangible common equity to tangible assets (non-GAAP)		9.64	%		9.92	%		9.77	%		9.44	%		9.22	%
Common equity tier 1 to risk-weighted assets		13.59	%		13.53	%		13.25	%		12.61	%		12.67	%
Tier 1 capital to average assets		12.04	%		12.04	%		11.76	%		11.81	%		11.51	%
Total capital to risk-weighted assets		17.93	%		17.86	%		17.61	%		16.86	%		17.00	%

(1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Average Balances and Yields – (Unaudited)
(Dollars in thousands)

	For the Three Months Ended
	March 31, 2025							March 31, 2024

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,074,568	$	50,577		6.67	%	$	3,014,537	$	48,940		6.53	%
Debt securities – taxable		510,354		4,692		3.73	%		554,081		5,511		4.00	%
Debt securities – nontaxable		153,229		1,014		2.68	%		156,254		1,024		2.64	%
Other interest-bearing assets		386,979		3,859		4.04	%		298,969		3,475		4.67	%

Total interest-earning assets		4,125,130		60,142		5.91	%		4,023,841		58,950		5.89	%
Noninterest-earning assets		171,683							184,293

Total assets	$	4,296,813						$	4,208,134

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,302,344		15,511		2.73	%	$	2,285,981		17,997		3.17	%
Time deposits		441,895		4,316		3.96	%		374,852		3,666		3.93	%
Short-term borrowings		3		–		0.00	%		3		–		0.00	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		63,984		835		5.29	%		63,798		835		5.26	%
Junior subordinated deferrable interest debentures		46,393		733		6.41	%		46,393		861		7.46	%

Total interest-bearing liabilities		2,854,619		21,395		3.04	%		2,771,027		23,359		3.39	%
Demand deposits		934,775							958,334
Other liabilities		66,073							70,860
Stockholders’ equity		441,346							407,913

Total liabilities & stockholders’ equity	$	4,296,813						$	4,208,134

Net interest income			$	38,747						$	35,591
Net interest margin⁽²⁾						3.81	%						3.56	%

(1) Average loan balances include nonaccrual loans and loans held for sale.
(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.

South Plains Financial, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025			December 31, 2024

Assets
Cash and due from banks	$	56,006		$	54,114
Interest-bearing deposits in banks		480,294			304,968
Securities available for sale		571,527			577,240
Loans held for sale		13,931			20,542
Loans held for investment		3,075,860			3,055,054
Less: Allowance for credit losses		(42,968	)		(43,237	)
Net loans held for investment		3,032,892			3,011,817
Premises and equipment, net		50,873			52,951
Goodwill		19,315			19,315
Intangible assets		1,569			1,720
Mortgage servicing rights		24,906			26,292
Other assets		153,896			163,280
Total assets	$	4,405,209		$	4,232,239

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	966,464		$	935,510
Interest-bearing deposits		2,826,055			2,685,366
Total deposits		3,792,519			3,620,876
Subordinated debt		64,007			63,961
Junior subordinated deferrable interest debentures		46,393			46,393
Other liabilities		58,547			62,060
Total liabilities		3,961,466			3,793,290
Stockholders’ Equity
Common stock		16,236			16,456
Additional paid-in capital		89,799			97,287
Retained earnings		395,652			385,827
Accumulated other comprehensive income (loss)		(57,944	)		(60,621	)
Total stockholders’ equity		443,743			438,949
Total liabilities and stockholders’ equity	$	4,405,209		$	4,232,239

South Plains Financial, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in thousands)

	Three Months Ended
	March 31, 2025		March 31, 2024

Interest income:
Loans, including fees	$	50,570	$	48,932
Other		9,352		9,795
Total interest income		59,922		58,727
Interest expense:
Deposits		19,827		21,663
Subordinated debt		835		835
Junior subordinated deferrable interest debentures		733		861
Other		–		–
Total interest expense		21,395		23,359
Net interest income		38,527		35,368
Provision for credit losses		420		830
Net interest income after provision for credit losses		38,107		34,538
Noninterest income:
Service charges on deposits		2,141		1,813
Income from insurance activities		28		34
Mortgage banking activities		2,113		3,945
Bank card services and interchange fees		3,379		3,061
Other		2,964		2,556
Total noninterest income		10,625		11,409
Noninterest expense:
Salaries and employee benefits		19,441		18,988
Net occupancy expense		4,027		3,920
Professional services		1,730		1,483
Marketing and development		905		754
Other		6,927		6,785
Total noninterest expense		33,030		31,930
Income before income taxes		15,702		14,017
Income tax expense		3,408		3,143
Net income	$	12,294	$	10,874

South Plains Financial, Inc.
Loan Composition
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025		December 31, 2024

Loans:
Commercial Real Estate	$	1,126,800	$	1,119,063
Commercial – Specialized		366,796		388,955
Commercial – General		584,705		557,371
Consumer:
1-4 Family Residential		569,799		566,400
Auto Loans		261,629		254,474
Other Consumer		64,090		64,936
Construction		102,041		103,855
Total loans held for investment	$	3,075,860	$	3,055,054

South Plains Financial, Inc.
Deposit Composition
(Unaudited)
(Dollars in thousands)

	As of
	March 31, 2025		December 31, 2024

Deposits:
Noninterest-bearing deposits	$	966,464	$	935,510
NOW & other transaction accounts		1,302,642		498,718
MMDA & other savings		1,082,596		1,741,988
Time deposits		440,817		444,660
Total deposits	$	3,792,519	$	3,620,876

South Plains Financial, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands)

	For the quarter ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Pre-tax, pre-provision income
Net income	$	12,294	$	16,497	$	11,212	$	11,134	$	10,874
Income tax expense		3,408		4,222		3,094		3,116		3,143
Provision for credit losses		420		1,200		495		1,775		830
Pre-tax, pre-provision income	$	16,122	$	21,919	$	14,801	$	16,025	$	14,847

	As of
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Tangible common equity
Total common stockholders’ equity	$	443,743		$	438,949		$	443,122		$	417,985		$	408,712
Less: goodwill and other intangibles		(20,884	)		(21,035	)		(21,197	)		(21,379	)		(21,562	)

Tangible common equity	$	422,859		$	417,914		$	421,925		$	396,606		$	387,150

Tangible assets
Total assets	$	4,405,209		$	4,232,239		$	4,337,659		$	4,220,936		$	4,218,993
Less: goodwill and other intangibles		(20,884	)		(21,035	)		(21,197	)		(21,379	)		(21,562	)

Tangible assets	$	4,384,325		$	4,211,204		$	4,316,462		$	4,199,557		$	4,197,431

Shares outstanding		16,235,647			16,455,826			16,386,627			16,424,021			16,431,755

Total stockholders’ equity to total assets		10.07	%		10.37	%		10.22	%		9.90	%		9.69	%
Tangible common equity to tangible assets		9.64	%		9.92	%		9.77	%		9.44	%		9.22	%
Book value per share	$	27.33		$	26.67		$	27.04		$	25.45		$	24.87
Tangible book value per share	$	26.05		$	25.40		$	25.75		$	24.15		$	23.56

The MIL Network –

April 25, 2025

MIL-OSI: Middlefield Banc Corp. Reports 2025 Three-Month Financial Results

Source: GlobeNewswire (MIL-OSI)

MIDDLEFIELD, Ohio, April 24, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today reported financial results for the three months ended March 31, 2025.

2025 Three-Month Financial Highlights (on a year-over-year basis):

	●	Earnings per share increased 17.6% year-over-year to $0.60 per diluted share
	●	Net interest margin expanded 15 basis points to 3.69%
	●	Return on average assets (annualized) increased 12 basis points year-over-year to 1.04%
	●	Asset quality improved from the 2024 fourth quarter with nonperforming assets to total assets decreasing by 6 basis points to 1.56%
	●	First quarter dividend payment increased 5% to $0.21 per share

“The first quarter of 2025 was a strong period of growth, profitability and value creation for Middlefield,” stated Ronald L. Zimmerly, Jr., President and Chief Executive Officer. “Total loans increased by 4% year-over-year to a record $1.55 billion, driven by stable economic trends within our Ohio markets, the strength of our balance sheet, and the continued execution of our strategic initiatives. The 15-basis point expansion in our net interest margin is encouraging, reflecting our disciplined approach to pricing and ongoing efforts to reduce our cost of funds. As a result, net income expanded by 15.9% year-over-year to $4.8 million, delivering a strong return on average assets of 1.04% and supporting a 5.5% increase in tangible book value per share⁽¹⁾, which reached $21.29 as of March 31, 2025.” ⁽¹⁾ See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.

“During the quarter, we made significant upgrades to our infrastructure to support our multi-year technology road map. Additional investments in our physical footprint and back-office capabilities are planned throughout the year as we continue to strengthen Middlefield’s platform and support our long-term growth. We believe 2025 will be another good year of profitable expansion, reflecting our commitment to disciplined underwriting, community banking values, and ongoing reinvestment in the business,” concluded Mr. Zimmerly.

Income Statement
Net interest income for the three months ended March 31, 2025, increased $1.1 million to $16.1 million, compared to $15.0 million for the same period last year. The increase was driven by strong loan growth and the impact of rate cuts on our short-term borrowings. The net interest margin for the three months ended March 31, 2025, was 3.69%, compared to 3.54% last year.

For the three months ended March 31, 2025, noninterest income increased $148,000 to $1.9 million, compared to $1.8 million for the same period in 2024.

Noninterest expense for the three months ended March 31, 2025, was $12.2 million, compared to $12.0 million for the same period in 2024.

Net income for the three months ended March 31, 2025, was $4.8 million, or $0.60 per diluted share, compared to $4.2 million, or $0.51 per diluted share, for the same period last year.

For the three months ended March 31, 2025, pre-tax, pre-provision net income was $5.8 million, compared to $4.8 million for the same period last year. (See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.)

Balance Sheet
Total assets at March 31, 2025, increased 3.9% to $1.89 billion, compared to $1.82 billion at March 31, 2024. Total loans at March 31, 2025, were $1.55 billion, compared to $1.49 billion at March 31, 2024. The 4.0% year-over-year increase in total loans was primarily due to higher residential real estate loans, home equity lines of credit, and non-owner occupied loans, partially offset by a reduction in construction and other loans.

The investment securities available-for-sale portfolio was $165.0 million at March 31, 2025, compared with $167.9 million at March 31, 2024.

Total liabilities at March 31, 2025, increased 3.9% to $1.67 billion, compared to $1.61 billion at March 31, 2024. Total deposits at March 31, 2025, were $1.54 billion, compared to $1.45 billion at March 31, 2024. The 6.4% year-over-year increase in deposits was primarily due to growth in money market and interest-bearing demand deposits, partially offset by declines in time and noninterest-bearing demand deposit accounts. Noninterest-bearing demand deposits were 24.0% of total deposits at March 31, 2025, compared to 27.0% at March 31, 2024. At March 31, 2025, the Company had brokered deposits of $92.4 million, compared to $90.4 million at March 31, 2024.

Michael C. Ranttila, Chief Financial Officer, stated, “We remain focused on proactively managing our funding sources to support loan growth, while optimizing our cost of funds. At March 31, 2025, we reduced our balance of Federal Home Loan Bank advances by $62.4 million from December 31, 2024, and ended the first quarter with $346.9 million in additional borrowing capacity. The combination of high levels of potentially liquid assets, cash flows from operations, and additional borrowing capacity continues to provide us with excellent liquidity levels to support our long-term growth strategies and our legacy of returning excess capital to shareholders.”

Middlefield’s CRE portfolio included the following categories at March 31, 2025:

			Percent of			Percent of			Weighted Average
(Dollar amounts in thousands)	Balance		CRE Portfolio			Loan Portfolio			Loan-to-Value

Multi-Family	$	88,737		12.9	%		5.7	%		61.3	%
Owner Occupied
Real Estate and Rental and Leasing		61,835		9.0	%		4.0	%		55.7	%
Other Services (except Public Administration)		32,815		4.8	%		2.1	%		54.1	%
Manufacturing		18,397		2.7	%		1.2	%		44.7	%
Agriculture, Forestry, Fishing and Hunting		12,628		1.8	%		0.8	%		36.4	%
Other		59,737		8.6	%		3.9	%		54.0	%
Total Owner Occupied	$	185,412		26.9	%		12.0	%
Non-Owner Occupied
Real Estate and Rental and Leasing		343,169		49.9	%		22.1	%		55.5	%
Accommodation and Food Services		40,039		5.8	%		2.6	%		55.9	%
Health Care and Social Assistance		19,328		2.8	%		1.2	%		65.5	%
Manufacturing		7,428		1.1	%		0.5	%		49.5	%
Other		3,657		0.6	%		0.2	%		85.4	%
Total Non-Owner Occupied	$	413,621		60.2	%		26.6	%
Total CRE	$	687,770		100.0	%		44.3	%

Stockholders’ Equity and Dividends
At March 31, 2025, stockholders’ equity was $213.8 million, compared to $205.6 million at March 31, 2024. The 4.0% year-over-year increase in stockholders’ equity was primarily from higher retained earnings, partially offset by an increase in the unrealized losses on the available-for-sale investment portfolio. On a per-share basis, shareholders’ equity at March 31, 2025, was $26.46, compared to $25.48 at March 31, 2024.

At March 31, 2025, tangible stockholders’ equity⁽¹⁾ was $172.1 million, compared to $162.8 million at March 31, 2024. On a per-share basis, tangible stockholders’ equity⁽¹⁾ was $21.29 at March 31, 2025, compared to $20.18 at March 31, 2024. ⁽¹⁾See non-GAAP reconciliation under the section “GAAP to Non-GAAP Reconciliations”.

For the three months ended March 31, 2025, the Company declared cash dividends of $0.21 per share, totaling $1.7 million. Beginning in the first quarter of 2025, the Company increased the quarterly cash dividend by $0.01 or 5% from the previous quarter’s $0.20 per share cash dividend.

For the three months ended March 31, 2025, the Company did not repurchase any shares of its common stock. The Company repurchased 43,858 shares of its common stock, at an average price of $24.00 per share during the same period in 2024.

At March 31, 2025, the Company’s equity-to-assets ratio was 11.32%, compared to 11.32% at March 31, 2024.

Asset Quality

For the 2025 first quarter, the Company recorded a provision for credit losses of $95,000, compared to a recovery of credit losses of $136,000 for the same period of 2024.

Net recoveries were $209,000, or (0.06%) of average loans, annualized, for the 2025 first quarter, compared to net recoveries of $68,000, or (0.02%) of average loans, annualized, for the same period of 2024.

Nonperforming loans at March 31, 2025, were $29.6 million, compared to $10.8 million at March 31, 2024. The increase in nonperforming assets is primarily the result of a $12.4 million loan moved to nonaccrual in the 2024 third quarter. The allowance for credit losses at March 31, 2025, stood at $22.4 million, or 1.44% of total loans, compared to $21.1 million, or 1.41% of total loans at March 31, 2024. The increase in the allowance for credit losses was mainly from changes in projected loss drivers, prepayment assumptions, curtailment expectations over the reasonable and supportable forecast period, and geographic footprint of unemployment data, as well as an overall increase in total loans.

Mr. Ranttila continued, “Asset quality remains stable, with nonperforming assets to total assets of 1.56% at March 31, 2025, compared to 1.62% at December 31, 2024. Nonperforming assets at March 31, 2025, included two relationships that moved into nonaccrual status in the second quarter of 2024 and one that moved into nonaccrual status in the third quarter of 2024. We remain well reserved for potential credit losses with an allowance for credit losses to total loans of 1.44% at March 31, 2025, compared to 1.48% at December 31, 2024, and 1.41% at March 31, 2024. We continue to expect stable economic activity across our Central, Western, and Northeast Ohio markets that will support loan demand and asset quality throughout 2025.”

About Middlefield Banc Corp.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.89 billion at March 31, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at www.middlefieldbank.bank.

NON-GAAP FINANCIAL MEASURES

This press release includes disclosure of Middlefield Banc Corp.’s tangible book value per share, return on average tangible equity, and pre-tax, pre-provision for loan losses income, which are financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts required to be disclosed by GAAP. Middlefield Banc Corp. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Middlefield Banc Corp.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. The reconciliations of non-GAAP financial measures are included in the following Consolidated Financial Highlights tables below.

FORWARD-LOOKING STATEMENTS
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are several important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

Company Contact:	Investor and Media Contact:
Ronald L. Zimmerly, Jr. President and Chief Executive Officer Middlefield Banc Corp. (419) 673-1217 rzimmerly@middlefieldbank.com	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)

	March 31,		December 31,		September 30,		June 30,		March 31,
Balance Sheets (period end)	2025		2024		2024		2024		2024
ASSETS
Cash and due from banks	$	56,150	$	46,037	$	61,851	$	50,496	$	44,816
Federal funds sold		10,720		9,755		12,022		1,762		1,438
Cash and cash equivalents		66,870		55,792		73,873		52,258		46,254
Investment securities available for sale, at fair value		165,014		165,802		169,895		166,424		167,890
Other investments		1,021		855		895		881		907
Loans held for sale		–		–		249		–		–
Loans:
Commercial real estate:
Owner occupied		185,412		181,447		187,313		182,809		178,543
Non-owner occupied		413,621		412,291		407,159		385,648		398,845
Multifamily		88,737		89,849		94,798		86,951		81,691
Residential real estate		351,274		353,442		345,748		337,121		331,480
Commercial and industrial		235,547		229,034		213,172		234,702		227,433
Home equity lines of credit		147,154		143,379		137,761		131,047		129,287
Construction and other		122,653		103,608		111,550		132,530		135,716
Consumer installment		5,951		6,564		7,030		6,896		7,131
Total loans		1,550,349		1,519,614		1,504,531		1,497,704		1,490,126
Less allowance for credit losses		22,401		22,447		22,526		21,795		21,069
Net loans		1,527,948		1,497,167		1,482,005		1,475,909		1,469,057
Premises and equipment, net		22,339		20,565		20,528		20,744		21,035
Goodwill		36,356		36,356		36,356		36,356		36,356
Core deposit intangibles		5,361		5,611		5,869		6,126		6,384
Bank-owned life insurance		34,866		35,259		35,049		34,802		34,575
Accrued interest receivable and other assets		28,581		35,952		32,916		34,686		34,210
TOTAL ASSETS	$	1,888,356	$	1,853,359	$	1,857,635	$	1,828,186	$	1,816,668

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
LIABILITIES
Deposits:
Noninterest-bearing demand	$	369,492		$	377,875		$	390,933		$	387,024		$	390,185
Interest-bearing demand		222,953			208,291			218,002			206,542			209,015
Money market		481,664			414,074			376,619			355,630			318,823
Savings		189,943			197,749			199,984			192,472			196,721
Time		275,673			247,704			327,231			327,876			332,165
Total deposits		1,539,725			1,445,693			1,512,769			1,469,544			1,446,909
Federal Home Loan Bank advances		110,000			172,400			106,000			125,000			137,000
Other borrowings		11,609			11,660			11,711			11,762			11,812
Accrued interest payable and other liabilities		13,229			13,044			16,450			15,092			15,372
TOTAL LIABILITIES		1,674,563			1,642,797			1,646,930			1,621,398			1,611,093
STOCKHOLDERS’ EQUITY
Common stock, no par value; 25,000,000 shares authorized, 9,960,503
shares issued, 8,081,193 shares outstanding as of March 31, 2025		162,195			161,999			161,916			161,823			161,823
Additional paid-in capital		515			246			108			–			–
Retained earnings		112,432			109,299			106,067			105,342			102,791
Accumulated other comprehensive loss		(20,440	)		(20,073	)		(16,477	)		(19,468	)		(18,130	)
Treasury stock, at cost; 1,879,310 shares as of March 31, 2025		(40,909	)		(40,909	)		(40,909	)		(40,909	)		(40,909	)
TOTAL STOCKHOLDERS’ EQUITY		213,793			210,562			210,705			206,788			205,575

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,888,356		$	1,853,359		$	1,857,635		$	1,828,186		$	1,816,668

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,		June 30,			March 31,
Statements of Income	2025			2024			2024		2024			2024

INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	23,387		$	23,308		$	23,441	$	23,422		$	22,395
Interest-earning deposits in other institutions		291			320			348		386			437
Federal funds sold		155			151			143		122			152
Investment securities:
Taxable interest		530			528			528		505			467
Tax-exempt interest		960			961			962		966			972
Dividends on stock		150			170			191		198			189
Total interest and dividend income		25,473			25,438			25,613		25,599			24,612
INTEREST EXPENSE
Deposits		7,885			8,582			8,792		8,423			7,466
Short-term borrowings		1,347			1,128			1,575		1,920			1,993
Other borrowings		143			173			173		173			184
Total interest expense		9,375			9,883			10,540		10,516			9,643
NET INTEREST INCOME		16,098			15,555			15,073		15,083			14,969
Provision for (recovery of) credit losses		95			(177	)		2,234		87			(136	)
NET INTEREST INCOME AFTER PROVISION
FOR (RECOVERY OF) CREDIT LOSSES		16,003			15,732			12,839		14,996			15,105
NONINTEREST INCOME
Service charges on deposit accounts		989			1,068			959		971			909
Gain (Loss) on equity securities		(34	)		56			14		(27	)		(52	)
Earnings on bank-owned life insurance		493			230			246		227			227
Gain on sale of loans		24			64			56		69			10
Revenue from investment services		268			237			206		269			204
Gross rental income		–			1			–		–			67
Other income		204			258			262		251			431
Total noninterest income		1,944			1,914			1,743		1,760			1,796

NONINTEREST EXPENSE
Salaries and employee benefits		6,557			5,996			6,201		6,111			6,333
Occupancy expense		687			596			627		601			552
Equipment expense		225			221			203		261			240
Data processing costs		1,271			1,174			1,214		1,135			1,217
Ohio state franchise tax		399			390			399		397			397
Federal deposit insurance expense		267			293			255		256			251
Professional fees		598			611			539		557			558
Advertising expense		364			371			283		508			419
Software amortization expense		90			83			74		21			22
Core deposit intangible amortization		249			258			257		258			258
Gross other real estate owned expenses		–			–			–		–			99
Other expense		1,486			1,810			1,819		1,797			1,619
Total noninterest expense		12,193			11,803			11,871		11,902			11,965

Income before income taxes		5,754			5,843			2,711		4,854			4,936
Income taxes		924			995			371		690			769

NET INCOME	$	4,830		$	4,848		$	2,340	$	4,164		$	4,167

PTPP ⁽¹⁾	$	5,849		$	5,666		$	4,945	$	4,941		$	4,800

⁽¹⁾ See section “GAAP to Non-GAAP Reconciliations” for the reconciliation of GAAP performance measures to non-GAAP measures.

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(Dollar amounts in thousands, except per share and share amounts, unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Per common share data
Net income per common share – basic	$	0.60		$	0.60		$	0.29		$	0.52		$	0.52
Net income per common share – diluted	$	0.60		$	0.60		$	0.29		$	0.52		$	0.51
Dividends declared per share	$	0.21		$	0.20		$	0.20		$	0.20		$	0.20
Book value per share (period end)	$	26.46		$	26.08		$	26.11		$	25.63		$	25.48
Tangible book value per share (period end) (1) (2)	$	21.29		$	20.88		$	20.87		$	20.37		$	20.18
Dividends declared	$	1,697		$	1,616		$	1,615		$	1,613		$	1,613
Dividend yield		3.05	%		2.84	%		2.76	%		3.34	%		3.37	%
Dividend payout ratio		35.13	%		33.33	%		69.02	%		38.74	%		38.71	%
Average shares outstanding – basic		8,078,805			8,071,905			8,071,032			8,067,144			8,091,203
Average shares outstanding – diluted		8,097,545			8,092,357			8,086,872			8,072,499			8,096,317
Period ending shares outstanding		8,081,193			8,073,708			8,071,032			8,067,144			8,067,144

Selected ratios
Return on average assets (Annualized)		1.04	%		1.04	%		0.50	%		0.91	%		0.92	%
Return on average equity (Annualized)		9.22	%		9.19	%		4.45	%		8.15	%		8.16	%
Return on average tangible common equity (1) (3)		11.48	%		11.50	%		5.58	%		10.29	%		10.30	%
Efficiency (4)		65.22	%		65.05	%		67.93	%		67.97	%		68.68	%
Equity to assets at period end		11.32	%		11.36	%		11.34	%		11.31	%		11.32	%
Noninterest expense to average assets		0.65	%		0.63	%		0.66	%		0.64	%		0.66	%

⁽¹⁾ See section “GAAP to Non-GAAP Reconciliations” for the reconciliation of GAAP performance measures to non-GAAP measures.

⁽²⁾ Calculated by dividing tangible common equity by shares outstanding.

⁽³⁾ Calculated by dividing annualized net income for each period by average tangible common equity.

⁽⁴⁾ The efficiency ratio is calculated by dividing noninterest expense less amortization of intangibles by the sum of net interest income on a fully taxable equivalent basis plus noninterest income.

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Yields	2025			2024			2024			2024			2024
Interest-earning assets:
Loans receivable (1)		6.17	%		6.12	%		6.19	%		6.27	%		6.11	%
Investment securities (1) (2)		3.69	%		3.63	%		3.62	%		3.59	%		3.52	%
Interest-earning deposits with other banks		3.57	%		4.23	%		4.27	%		4.59	%		4.88	%
Total interest-earning assets		5.81	%		5.78	%		5.84	%		5.92	%		5.77	%
Deposits:
Interest-bearing demand deposits		2.13	%		2.07	%		2.16	%		1.93	%		1.86	%
Money market deposits		3.38	%		3.81	%		3.93	%		3.95	%		3.81	%
Savings deposits		0.82	%		0.75	%		0.71	%		0.64	%		0.58	%
Certificates of deposit		3.93	%		4.21	%		4.49	%		4.57	%		4.06	%
Total interest-bearing deposits		2.82	%		3.05	%		3.17	%		3.15	%		2.88	%
Non-Deposit Funding:
Borrowings		4.58	%		4.93	%		5.54	%		5.60	%		5.61	%
Total interest-bearing liabilities		3.01	%		3.21	%		3.41	%		3.45	%		3.23	%
Cost of deposits		2.10	%		2.24	%		2.33	%		2.30	%		2.08	%
Cost of funds		2.30	%		2.41	%		2.58	%		2.61	%		2.42	%
Net interest margin (3)		3.69	%		3.56	%		3.46	%		3.51	%		3.54	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were determined using an effective tax rate of 21%.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

MIDDLEFIELD BANC CORP.
Consolidated Selected Financial Highlights
(unaudited)

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Asset quality data	2025			2024			2024			2024			2024
(Dollar amounts in thousands, unaudited)
Nonperforming assets ⁽¹⁾	$	29,550		$	29,984		$	30,078		$	15,961		$	10,831

Allowance for credit losses	$	22,401		$	22,447		$	22,526		$	21,795		$	21,069
Allowance for credit losses/total loans		1.44	%		1.48	%		1.50	%		1.46	%		1.41	%
Net charge-offs (recoveries):
Quarter-to-date	$	(209	)	$	151		$	1,382		$	(29	)	$	(68	)
Year-to-date		(209	)		1,436			1,285			(97	)		(68	)
Net charge-offs (recoveries) to average loans, annualized:
Quarter-to-date		(0.06	%)		0.04	%		0.36	%		(0.01	%)		(0.02	%)
Year-to-date		(0.06	%)		0.10	%		0.11	%		(0.01	%)		(0.02	%)

Nonperforming loans/total loans		1.91	%		1.97	%		2.00	%		1.07	%		0.73	%
Allowance for credit losses/nonperforming loans		75.81	%		74.86	%		74.89	%		136.55	%		194.52	%
Nonperforming assets/total assets		1.56	%		1.62	%		1.62	%		0.87	%		0.60	%

(1) Nonperforming assets consist of nonperforming loans.

MIDDLEFIELD BANC CORP.
GAAP to Non-GAAP Reconciliations

Reconciliation of Common Stockholders’ Equity to Tangible Common Equity	For the Three Months Ended
(Dollar amounts in thousands, unaudited)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

Stockholders’ equity	$	213,793	$	210,562	$	210,705	$	206,788	$	205,575
Less goodwill and other intangibles		41,717		41,967		42,225		42,482		42,740
Tangible common equity	$	172,076	$	168,595	$	168,480	$	164,306	$	162,835

Shares outstanding		8,081,193		8,073,708		8,071,032		8,067,144		8,067,144
Tangible book value per share	$	21.29	$	20.88	$	20.87	$	20.37	$	20.18

Reconciliation of Average Equity to Return on Average Tangible Common Equity	For the Three Months Ended

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

Average stockholders’ equity	$	212,465		$	209,864		$	209,096		$	205,379		$	205,342
Less average goodwill and other intangibles		41,839			42,092			42,350			42,607			42,654
Average tangible common equity	$	170,626		$	167,772		$	166,746		$	162,772		$	162,688

Net income	$	4,830		$	4,848		$	2,340		$	4,164		$	4,167
Return on average tangible common equity (annualized)		11.48	%		11.50	%		5.58	%		10.29	%		10.30	%

Reconciliation of Pre-Tax Pre-Provision Income (PTPP)	For the Three Months Ended

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

Net income	$	4,830	$	4,848		$	2,340	$	4,164	$	4,167
Add income taxes		924		995			371		690		769
Add provision for (recovery of) credit losses		95		(177	)		2,234		87		(136	)
PTPP	$	5,849	$	5,666		$	4,945	$	4,941	$	4,800

MIDDLEFIELD BANC CORP.
Average Balance Sheets
(Dollar amounts in thousands, unaudited)

	For the Three Months Ended
	March 31,							March 31,
	2025							2024
	Average				Average			Average				Average
	Balance		Interest		Yield/Cost			Balance		Interest		Yield/Cost
Interest-earning assets:
Loans receivable (1)	$	1,537,337	$	23,387		6.17	%	$	1,476,543	$	22,395		6.11	%
Investment securities (1) (2)		191,996		1,490		3.69	%		191,851		1,439		3.56	%
Interest-earning deposits with other banks (3)		67,661		596		3.57	%		64,139		778		4.88	%
Total interest-earning assets		1,796,994		25,473		5.81	%		1,732,533		24,612		5.78	%
Noninterest-earning assets		84,542							90,151
Total assets	$	1,881,536						$	1,822,684
Interest-bearing liabilities:
Interest-bearing demand deposits	$	220,192	$	1,154		2.13	%	$	211,009	$	978		1.86	%
Money market deposits		458,446		3,816		3.38	%		298,479		2,827		3.81	%
Savings deposits		192,931		388		0.82	%		201,080		290		0.58	%
Certificates of deposit		261,006		2,527		3.93	%		333,871		3,371		4.06	%
Short-term borrowings		120,238		1,347		4.54	%		144,357		1,993		5.55	%
Other borrowings		11,639		143		4.98	%		11,840		184		6.25	%
Total interest-bearing liabilities		1,264,452		9,375		3.01	%		1,200,636		9,643		3.23	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		390,354							400,209
Other liabilities		14,265							16,497
Stockholders’ equity		212,465							205,342
Total liabilities and stockholders’ equity	$	1,881,536						$	1,822,684
Net interest income			$	16,098						$	14,969
Interest rate spread (4)						2.80	%						2.55	%
Net interest margin (5)						3.69	%						3.54	%
Ratio of average interest-earning assets to average interest-bearing liabilities						142.12	%						144.30	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $272 and $281 for the three months ended March 31, 2025 and 2024, respectively.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Includes dividends received on restricted stock.

⁽⁴⁾ Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

	For the Three Months Ended
	March 31,							December 31,
	2025							2024
	Average				Average			Average				Average
	Balance		Interest		Yield/Cost			Balance		Interest		Yield/Cost
Interest-earning assets:
Loans receivable (1)	$	1,537,337	$	23,387		6.17	%	$	1,517,051	$	23,308		6.12	%
Investment securities (1) (2)		191,996		1,490		3.69	%		191,390		1,489		3.63	%
Interest-earning deposits with other banks (3)		67,661		596		3.57	%		60,241		641		4.23	%
Total interest-earning assets		1,796,994		25,473		5.81	%		1,768,682		25,438		5.78	%
Noninterest-earning assets		84,542							88,205
Total assets	$	1,881,536						$	1,856,887
Interest-bearing liabilities:
Interest-bearing demand deposits	$	220,192	$	1,154		2.13	%	$	216,492	$	1,126		2.07	%
Money market deposits		458,446		3,816		3.38	%		393,298		3,768		3.81	%
Savings deposits		192,931		388		0.82	%		197,257		373		0.75	%
Certificates of deposit		261,006		2,527		3.93	%		313,582		3,315		4.21	%
Short-term borrowings		120,238		1,347		4.54	%		93,200		1,128		4.81	%
Other borrowings		11,639		143		4.98	%		11,690		173		5.89	%
Total interest-bearing liabilities		1,264,452		9,375		3.01	%		1,225,519		9,883		3.21	%
Noninterest-bearing liabilities:
Noninterest-bearing demand deposits		390,354							404,428
Other liabilities		14,265							17,076
Stockholders’ equity		212,465							209,864
Total liabilities and stockholders’ equity	$	1,881,536						$	1,856,887
Net interest income			$	16,098						$	15,555
Interest rate spread (4)						2.80	%						2.57	%
Net interest margin (5)						3.69	%						3.56	%
Ratio of average interest-earning assets to average interest-bearing liabilities						142.12	%						144.32	%

⁽¹⁾ Tax-equivalent adjustments to calculate the yield on tax-exempt securities and loans were $272 and $280 for the three months ended March 31, 2025 and December 31, 2024, respectively.

⁽²⁾ Yield is calculated on the basis of amortized cost.

⁽³⁾ Includes dividends received on restricted stock.

⁽⁴⁾ Interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.

⁽⁵⁾ Net interest margin represents net interest income as a percentage of average interest-earning assets.

The MIL Network –

April 25, 2025

MIL-OSI: Trisura Announces Timing of First Quarter Results Release and Earnings Conference Call

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of first quarter 2025 results release and earnings conference call.

Trisura will release its first quarter 2025 results after market close on Thursday, May 1^st, 2025. The company will host a conference call for analysts and investors on Friday, May 2^nd, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

To listen to the call via live audio webcast, please follow the link below:
https://edge.media-server.com/mmc/p/tzhsg4ir

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: bryan.sinclair@trisura.com

The MIL Network –

April 25, 2025

MIL-OSI: USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.38 for Q1 2025, a 65% increase over same period last year; ROAA of 1.19% and ROAE of 14.15%

Source: GlobeNewswire (MIL-OSI)

MIAMI, April 24, 2025 (GLOBE NEWSWIRE) — USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $7.7 million or $0.38 per fully diluted share for the three months ended March 31, 2025, compared with net income of $4.6 million or $0.23 per fully diluted share for the same period in 2024.

“We are proud to report a record quarter, highlighted by fully diluted EPS of $0.38. This performance reflects solid execution across all of our strategic priorities including annualized double-digit loan and deposit growth, maintaining disciplined pricing, clean asset quality, and strong cost controls. Our return on average assets was 1.19%, the highest since the fourth quarter of 2021,” said Luis de la Aguilera. Chairman, President and CEO. “Our continued focus on asset quality, profitability, and growing the Bank in a safe and sound manner has positioned the Company well to navigate the current challenging market and economic environment with confidence and resilience.”

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended March 31, 2025 compared to at or for the quarter ended March 31, 2024 and annualized where appropriate.

Profitability

Annualized return on average assets for the quarter ended March 31, 2025 was 1.19% compared to 0.76% for the first quarter of 2024.
Annualized return on average stockholders’ equity for the quarter ended March 31, 2025 was 14.15% compared to 9.61% for the first quarter of 2024.
The efficiency ratio for the quarter ended March 31, 2025 was 52.79% compared to 63.41% for the first quarter of 2024.
Net interest margin for the quarter ended March 31, 2025 was 3.10% compared to 2.62% for the first quarter of 2024.
Net interest income before provision for credit losses was $19.1 million for the quarter ended March 31, 2025, an increase of $4.0 million or 26.1% compared to $15.2 million for the same period in 2024.

Balance Sheet

Total assets were $2.7 billion at March 31, 2025, representing an increase of $188.2 million or 7.6% from $2.5 billion at March 31, 2024.
Total loans held for investment were $2.0 billion at March 31, 2025, representing an increase of $215.0 million or 11.8% from $1.8 billion at March 31, 2024.
Total deposits were $2.3 billion at March 31, 2025, representing an increase of $206.8 million or 9.8% from $2.1 billion at March 31, 2024.
Total stockholders’ equity was $225.1 million at March 31, 2025, representing an increase of $30.1 million or 15.4% from $195.0 million at March 31, 2024. Total stockholders’ equity included accumulated comprehensive loss of $41.1 million at March 31, 2025 compared to accumulated comprehensive loss of $45.4 million at March 31, 2024.

Asset Quality

The allowance for credit losses (“ACL”) increased by $3.3 million to $24.7 million at March 31, 2025 from $21.5 million at March 31, 2024.
The ACL represented 1.22% of total loans at March 31, 2025 and 1.18% at March 31, 2024.
The provision for credit loss was $681 thousand for the quarter ended March 31, 2025, an increase of $271 thousand compared to $410 thousand for the same period in 2024.
The ratio of non-performing loans to total loans was 0.20% at March 31, 2025 and 0.03% at March 31, 2024. Non-performing loans totaled $4.2 million at March 31, 2025 and $456 thousand at March 31, 2024.

Non-interest Income and Non-interest Expense

Non-interest income was $3.7 million for the three months ended March 31, 2025, an increase of $1.3 million or 50.8% compared to $2.5 million for the same period in 2024.
Non-interest expense was $12.1 million for the three months ended March 31, 2025, an increase of $0.9 million or 7.9% compared to $11.2 million for the same period in 2024.

Capital

On April 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s Class A common stock. The dividend will be paid on June 5, 2025 to shareholders of record at the close of business on May 15, 2025.
As of March 31, 2025, total risk-based capital ratios for the Company and the Bank were 13.72% and 13.65%, respectively.
Tangible book value per common share (a non-GAAP measure) was $11.23 at March 31, 2025, representing increase of $0.42 or 3.9% from $10.81 at December 31, 2024. At March 31, 2025, tangible book value per common share was negatively affected by ($2.05) per share due to an accumulated comprehensive loss of $41.1 million mostly due to changes in the market value of the Company’s available for sale securities. At December 31, 2024, tangible book value per common share was negatively affected by ($2.24) per share due to an accumulated comprehensive loss of $44.5 million.

Conference Call and Webcast

The Company will host a conference call on Friday, April 25, 2025, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended March 31, 2025. To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask to join the USCB Financial Holdings Call.

Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website at www.uscentury.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

About USCB Financial Holdings, Inc.

USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us or to find a banking center near you, please call (305) 715-5200 or visit www.uscentury.com.

Forward-Looking Statements

This earnings release may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that are not historical facts. The words “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,”, the negative of these terms, as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on our results of operations and financial condition from expected or potential developments or events, or business and growth strategies, including anticipated internal growth and balance sheet restructuring.

These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:

the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;
the efficiency and effectiveness of our internal control procedures and processes;
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
deposit attrition and the level of our uninsured deposits;
legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the Current Expected Credit Losses (“CECL”) standard;
the lack of a significantly diversified loan portfolio and the concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;
the effects of climate change;
the concentration of ownership of our common stock;
fluctuations in the price of our common stock;
our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;
inflation, interest rate, unemployment rate, and market and monetary fluctuations;
the effects of potential new or increased tariffs and trade restrictions
impacts of international hostilities and geopolitical events;
increased competition and its effect on the pricing of our products and services as well as our interest rate spread and net interest margin;
the loss of key employees;
the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or third-party fraud and security breaches; and
other risks described in this earnings release and other filings we make with the Securities and Exchange Commission (“SEC”).

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward-looking statements. Further, forward-looking statements included in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You should also review the risk factors described in the reports the Company filed or will file with the SEC.

Non-GAAP Financial Measures

This earnings release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures. Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s operations and underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this earnings release.

All numbers included in this press release are unaudited unless otherwise noted.

Contacts:

Investor Relations
InvestorRelations@uscentury.com

Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com


USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)

	Three Months Ended March 31,
	2025		2024
Interest income:
Loans, including fees	$	30,245	$	26,643
Investment securities		3,024		2,811
Interest-bearing deposits in financial institutions		709		1,433
Total interest income		33,978		30,887
Interest expense:
Interest-bearing checking deposits		338		369
Savings and money market deposits		9,335		10,394
Time deposits		3,918		3,294
FHLB advances and other borrowings		1,272		1,672
Total interest expense		14,863		15,729
Net interest income before provision for credit losses		19,115		15,158
Provision for credit losses		681		410
Net interest income after provision for credit losses		18,434		14,748
Non-interest income:
Service fees		2,331		1,651
Gain on sale of loans held for sale, net		525		67
Other non-interest income		860		746
Total non-interest income		3,716		2,464
Non-interest expense:
Salaries and employee benefits		7,636		6,310
Occupancy		1,284		1,314
Regulatory assessments and fees		421		433
Consulting and legal fees		193		592
Network and information technology services		505		507
Other operating expense		2,013		2,018
Total non-interest expense		12,052		11,174
Net income before income tax expense		10,098		6,038
Income tax expense		2,440		1,426
Net income	$	7,658	$	4,612
Per share information:
Net income per common share, basic	$	0.38	$	0.23
Net income per common share, diluted	$	0.38	$	0.23
Cash dividends declared	$	0.10	$	0.05
Weighted average shares outstanding:
Common shares, basic		20,020,933		19,633,330
Common shares, diluted		20,319,535		19,698,258

USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)

	As of or For the Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Income statement data:
Net interest income	$	19,115		$	19,358		$	18,109		$	17,311		$	15,158
Provision for credit losses		681			1,030			931			786			410
Net interest income after provision for credit losses		18,434			18,328			17,178			16,525			14,748
Service fees		2,331			2,667			2,544			1,977			1,651
Gain on sale of securities available for sale, net		–			–			–			14			–
Gain on sale of loans held for sale, net		525			154			109			417			67
Other income		860			806			785			803			746
Total non-interest income		3,716			3,627			3,438			3,211			2,464
Salaries and employee benefits		7,636			7,930			7,200			7,353			6,310
Occupancy		1,284			1,337			1,341			1,266			1,314
Regulatory assessments and fees		421			405			452			476			433
Consulting and legal fees		193			552			161			263			592
Network and information technology services		505			494			513			479			507
Other operating expense		2,013			2,136			1,787			1,723			2,018
Total non-interest expense		12,052			12,854			11,454			11,560			11,174
Net income before income tax expense		10,098			9,101			9,162			8,176			6,038
Income tax expense		2,440			2,197			2,213			1,967			1,426
Net income	$	7,658		$	6,904		$	6,949		$	6,209		$	4,612
Per share information:
Net income per common share, basic	$	0.38		$	0.35		$	0.35		$	0.32		$	0.23
Net income per common share, diluted	$	0.38		$	0.34		$	0.35		$	0.31		$	0.23
Cash dividends declared	$	0.10		$	0.05		$	0.05		$	0.05		$	0.05
Balance sheet data (at period-end):
Cash and cash equivalents	$	97,984		$	77,035		$	38,486		$	77,261		$	126,546
Securities available-for-sale	$	275,139		$	260,221		$	259,527		$	236,444		$	259,992
Securities held-to-maturity	$	161,790		$	164,694		$	167,001		$	169,606		$	173,038
Total securities	$	436,929		$	424,915		$	426,528		$	406,050		$	433,030
Loans held for investment ⁽¹⁾	$	2,036,212		$	1,972,848		$	1,931,362		$	1,869,249		$	1,821,196
Allowance for credit losses	$	(24,740	)	$	(24,070	)	$	(23,067	)	$	(22,230	)	$	(21,454	)
Total assets	$	2,677,382		$	2,581,216		$	2,503,954		$	2,458,270		$	2,489,142
Non-interest-bearing demand deposits	$	605,489		$	575,159		$	637,313		$	579,243		$	576,626
Interest-bearing deposits	$	1,704,080		$	1,598,845		$	1,489,304		$	1,477,459		$	1,526,168
Total deposits	$	2,309,569		$	2,174,004		$	2,126,617		$	2,056,702		$	2,102,794
FHLB advances and other borrowings	$	108,000		$	163,000		$	118,000		$	162,000		$	162,000
Total liabilities	$	2,452,294		$	2,365,828		$	2,290,038		$	2,257,250		$	2,294,131
Total stockholders’ equity	$	225,088		$	215,388		$	213,916		$	201,020		$	195,011
Capital ratios:⁽²⁾
Leverage ratio		9.61	%		9.53	%		9.34	%		9.03	%		8.91	%
Common equity tier 1 capital		12.48	%		12.28	%		12.01	%		11.93	%		11.80	%
Tier 1 risk-based capital		12.48	%		12.28	%		12.01	%		11.93	%		11.80	%
Total risk-based capital		13.72	%		13.51	%		13.22	%		13.12	%		12.98	%

(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company’s regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. The Bank’s total risk-based capital at March 31, 2025 was 13.65%.

USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)

	As of or For the Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Average balance sheet data:
Cash and cash equivalents	$	82,610		$	56,937		$	87,937		$	107,831		$	132,266
Securities available-for-sale	$	265,154		$	255,786		$	244,882		$	263,345		$	239,896
Securities held-to-maturity	$	163,510		$	165,831		$	168,632		$	171,682		$	174,142
Total securities	$	428,664		$	421,617		$	413,514		$	435,027		$	414,038
Loans held for investment⁽¹⁾	$	1,986,856		$	1,958,566		$	1,878,230		$	1,828,487		$	1,781,528
Total assets	$	2,606,593		$	2,544,592		$	2,485,434		$	2,479,222		$	2,436,103
Interest-bearing deposits	$	1,652,147		$	1,547,789		$	1,468,067		$	1,473,513		$	1,473,831
Non-interest-bearing demand deposits	$	563,040		$	590,829		$	609,456		$	610,370		$	574,760
Total deposits	$	2,215,187		$	2,138,618		$	2,077,523		$	2,083,883		$	2,048,591
FHLB advances and other borrowings	$	138,944		$	151,804		$	156,043		$	162,000		$	164,187
Total liabilities	$	2,387,088		$	2,328,877		$	2,278,793		$	2,281,467		$	2,243,011
Total stockholders’ equity	$	219,505		$	215,715		$	206,641		$	197,755		$	193,092
Performance ratios:
Return on average assets ⁽²⁾		1.19	%		1.08	%		1.11	%		1.01	%		0.76	%
Return on average equity ⁽²⁾		14.15	%		12.73	%		13.38	%		12.63	%		9.61	%
Net interest margin ⁽²⁾		3.10	%		3.16	%		3.03	%		2.94	%		2.62	%
Non-interest income to average assets ⁽²⁾		0.58	%		0.57	%		0.55	%		0.52	%		0.41	%
Non-interest expense to average assets ⁽²⁾		1.88	%		2.01	%		1.83	%		1.88	%		1.84	%
Efficiency ratio ⁽³⁾		52.79	%		55.92	%		53.16	%		56.33	%		63.41	%
Loans by type (at period end): ⁽⁴⁾
Residential real estate	$	301,164		$	297,979		$	283,477		$	256,807		$	237,906
Commercial real estate	$	1,150,129		$	1,128,399		$	1,095,112		$	1,053,030		$	1,057,800
Commercial and industrial	$	256,326		$	258,311		$	246,539		$	248,525		$	228,045
Correspondent banks	$	103,026		$	82,438		$	103,815		$	112,510		$	100,182
Consumer and other	$	218,711		$	198,091		$	198,604		$	194,644		$	194,325
Asset quality data:
Allowance for credit losses to total loans		1.22	%		1.22	%		1.19	%		1.19	%		1.18	%
Allowance for credit losses to non-performing loans		595	%		889	%		846	%		2,933	%		4,705	%
Total non-performing loans⁽⁵⁾	$	4,156		$	2,707		$	2,725		$	758		$	456
Non-performing loans to total loans		0.20	%		0.14	%		0.14	%		0.04	%		0.03	%
Non-performing assets to total assets⁽⁵⁾		0.16	%		0.10	%		0.11	%		0.03	%		0.02	%
Net charge-offs (recoveries of) to average loans ⁽²⁾		0.00	%		(0.00	)%		(0.00	)%		(0.00	)%		(0.00	)%
Net charge-offs (recovery) of credit losses	$	2		$	(11	)	$	(6	)	$	(2	)	$	(7	)
Interest rates and yields:⁽²⁾
Loans held for investment		6.17	%		6.25	%		6.32	%		6.16	%		6.01	%
Investment securities		2.81	%		2.63	%		2.61	%		2.80	%		2.69	%
Total interest-earning assets		5.51	%		5.57	%		5.61	%		5.54	%		5.34	%
Deposits⁽⁶⁾		2.49	%		2.48	%		2.66	%		2.64	%		2.76	%
FHLB advances and other borrowings		3.71	%		3.81	%		4.05	%		4.03	%		4.10	%
Total interest-bearing liabilities		3.37	%		3.47	%		3.79	%		3.76	%		3.86	%
Other information:
Full-time equivalent employees		201			199			198			197			199

(1) Loan amounts include deferred fees/costs.
(2) Annualized.
(3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.
(4) Loan amounts exclude deferred fees/costs.
(5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO) recorded at any of the dates presented.
(6) Reflects effect of non-interest-bearing deposits.

USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)

	Three Months Ended March 31,
	2025						2024
	Average Balance		Interest		Yield/Rate ⁽¹⁾		Average Balance		Interest		Yield/Rate ⁽¹⁾
Assets
Interest-earning assets:
Loans held for investment⁽²⁾	$	1,986,856	$	30,245	6.17	%	$	1,781,528	$	26,643	6.01	%
Investment securities ⁽³⁾		436,935		3,024	2.81	%		419,989		2,811	2.69	%
Other interest-earning assets		75,182		709	3.82	%		125,244		1,433	4.60	%
Total interest-earning assets		2,498,973		33,978	5.51	%		2,326,761		30,887	5.34	%
Non-interest-earning assets		107,620						109,342
Total assets	$	2,606,593					$	2,436,103
Liabilities and stockholders’ equity
Interest-bearing liabilities:
Interest-bearing checking deposits	$	53,611		338	2.56	%	$	53,344		369	2.78	%
Saving and money market deposits		1,199,027		9,335	3.16	%		1,097,575		10,394	3.81	%
Time deposits		399,509		3,918	3.98	%		322,912		3,294	4.10	%
Total interest-bearing deposits		1,652,147		13,591	3.34	%		1,473,831		14,057	3.84	%
FHLB advances and other borrowings		138,944		1,272	3.71	%		164,187		1,672	4.10	%
Total interest-bearing liabilities		1,791,091		14,863	3.37	%		1,638,018		15,729	3.86	%
Non-interest-bearing demand deposits		563,040						574,760
Other non-interest-bearing liabilities		32,957						30,233
Total liabilities		2,387,088						2,243,011
Stockholders’ equity		219,505						193,092
Total liabilities and stockholders’ equity	$	2,606,593					$	2,436,103
Net interest income			$	19,115					$	15,158
Net interest spread ⁽⁴⁾					2.14	%					1.48	%
Net interest margin ⁽⁵⁾					3.10	%					2.62	%

(1) Annualized.
(2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs.
(3) At fair value except for securities held to maturity. This amount includes FHLB stock.
(4) Net interest spread is the average yield earned on total interest-earning assets minus the average rate paid on total interest-bearing liabilities.
(5) Net interest margin is the ratio of net interest income to total interest-earning assets.

USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands)

	As of or For the Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Pre-tax pre-provision (“PTPP”) income:⁽¹⁾
Net income	$	7,658		$	6,904		$	6,949		$	6,209		$	4,612
Plus: Provision for income taxes		2,440			2,197			2,213			1,967			1,426
Plus: Provision for credit losses		681			1,030			931			786			410
PTPP income	$	10,779		$	10,131		$	10,093		$	8,962		$	6,448

PTPP return on average assets:⁽¹⁾
PTPP income	$	10,779		$	10,131		$	10,093		$	8,962		$	6,448
Average assets	$	2,606,593		$	2,544,592		$	2,485,434		$	2,479,222		$	2,436,103
PTPP return on average assets ⁽²⁾		1.68	%		1.58	%		1.62	%		1.45	%		1.06	%

Operating net income:⁽¹⁾
Net income	$	7,658		$	6,904		$	6,949		$	6,209		$	4,612
Less: Net gains on sale of securities		–			–			–			14			–
Less: Tax effect on sale of securities		–			–			–			(4	)		–
Operating net income	$	7,658		$	6,904		$	6,949		$	6,199		$	4,612

Operating PTPP income:⁽¹⁾
PTPP income	$	10,779		$	10,131		$	10,093		$	8,962		$	6,448
Less: Net gains on sale of securities		–			–			–			14			–
Operating PTPP income	$	10,779		$	10,131		$	10,093		$	8,948		$	6,448

Operating PTPP return on average assets:⁽¹⁾
Operating PTPP income	$	10,779		$	10,131		$	10,093		$	8,948		$	6,448
Average assets	$	2,606,593		$	2,544,592		$	2,485,434		$	2,479,222		$	2,436,103
Operating PTPP return on average assets ⁽²⁾		1.68	%		1.58	%		1.62	%		1.45	%		1.06	%

Operating return on average assets:⁽¹⁾
Operating net income	$	7,658		$	6,904		$	6,949		$	6,199		$	4,612
Average assets	$	2,606,593		$	2,544,592		$	2,485,434		$	2,479,222		$	2,436,103
Operating return on average assets ⁽²⁾		1.19	%		1.08	%		1.11	%		1.01	%		0.76	%

Operating return on average equity:⁽¹⁾
Operating net income	$	7,658		$	6,904		$	6,949		$	6,199		$	4,612
Average equity	$	219,505		$	215,715		$	206,641		$	197,755		$	193,092
Operating return on average equity ⁽²⁾		14.15	%		12.73	%		13.38	%		12.61	%		9.61	%

Operating Revenue:⁽¹⁾
Net interest income	$	19,115		$	19,358		$	18,109		$	17,311		$	15,158
Non-interest income		3,716			3,627			3,438			3,211			2,464
Less: Net gains on sale of securities		–			–			–			14			–
Operating revenue	$	22,831		$	22,985		$	21,547		$	20,508		$	17,622

Operating Efficiency Ratio:⁽¹⁾
Total non-interest expense	$	12,052		$	12,854		$	11,454		$	11,560		$	11,174
Operating revenue	$	22,831		$	22,985		$	21,547		$	20,508		$	17,622
Operating efficiency ratio		52.79	%		55.92	%		53.16	%		56.37	%		63.41	%

(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
(2) Annualized.

USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands, except per share data)

	As of or For the Three Months Ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Tangible book value per common share (at period-end):⁽¹⁾
Total stockholders’ equity	$	225,088		$	215,388		$	213,916		$	201,020		$	195,011
Less: Intangible assets		–			–			–			–			–
Tangible stockholders’ equity	$	225,088		$	215,388		$	213,916		$	201,020		$	195,011
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding		20,048,385			19,924,632			19,620,632			19,630,632			19,650,463
Tangible book value per common share⁽²⁾	$	11.23		$	10.81		$	10.90		$	10.24		$	9.92

Operating diluted net income per common share:⁽¹⁾
Operating net income	$	7,658		$	6,904		$	6,949		$	6,199		$	4,612
Total weighted average diluted shares of common stock		20,319,535			20,183,731			19,825,211			19,717,167			19,698,258
Operating diluted net income per common share:	$	0.38		$	0.34		$	0.35		$	0.31		$	0.23

Tangible Common Equity/Tangible Assets⁽¹⁾
Tangible stockholders’ equity	$	225,088		$	215,388		$	213,916		$	201,020		$	195,011
Tangible total assets⁽³⁾	$	2,677,382		$	2,581,216		$	2,503,954		$	2,458,270		$	2,489,142
Tangible Common Equity/Tangible Assets		8.41	%		8.34	%		8.54	%		8.18	%		7.83	%

(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
(3) Since the Company has no intangible assets, tangible total assets is the same amount as total assets calculated under GAAP.

The MIL Network –

April 25, 2025

MIL-OSI: BIO-key Regains Compliance with Nasdaq Listing Rules After Receiving Notice of Non-Compliance

Source: GlobeNewswire (MIL-OSI)

HOLMDEL, N.J. , April 24, 2025 (GLOBE NEWSWIRE) — BIO-key^® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced today that on April 17, 2025, it received a notification letter from The Nasdaq Stock Market, LLC informing the Company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission, due to the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024. The notification letter has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

On April 23, 2025, the Company filed its Form 10-K for the year ended December 31, 2024 with the SEC. On April 24, 2025, the Company received notice from Nasdaq stating that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) and that the matter has been closed.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

Engage with BIO-key

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com or 212-924-9800

The MIL Network –

April 25, 2025

MIL-OSI: Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

1st Quarter 2025 Highlights:

Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.
Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.
Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.
The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.
The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.
The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.
The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.

Financial Summary

	At or for the Three Months ended
(Dollars in thousands, except per share and market data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Operating results
Net income	$	54,568		61,754		32,627
Basic earnings per share	$	0.48		0.54		0.29
Diluted earnings per share	$	0.48		0.54		0.29
Dividends declared per share	$	0.33		0.33		0.33
Market value per share
Closing	$	44.22		50.22		40.28
High	$	52.81		60.67		42.75
Low	$	43.18		43.70		34.74
Selected ratios and other data
Number of common stock shares outstanding		113,517,944		113,401,955		113,388,590
Average outstanding shares – basic		113,451,199		113,398,213		112,492,142
Average outstanding shares – diluted		113,546,365		113,541,026		112,554,402
Return on average assets (annualized)		0.80	%	0.87	%	0.47	%
Return on average equity (annualized)		6.77	%	7.62	%	4.25	%
Efficiency ratio		65.49	%	60.50	%	74.41	%
Loan to deposit ratio		83.64	%	84.17	%	82.04	%
Number of full time equivalent employees		3,457		3,441		3,438
Number of locations		227		227		232
Number of ATMs		286		284		285

KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.”

On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.

Asset Summary

								$ Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Cash and cash equivalents	$	981,485		848,408		788,660		133,077		192,825
Debt securities, available-for-sale		4,172,312		4,245,205		4,629,073		(72,893	)	(456,761	)
Debt securities, held-to-maturity		3,261,575		3,294,847		3,451,583		(33,272	)	(190,008	)
Total debt securities		7,433,887		7,540,052		8,080,656		(106,165	)	(646,769	)
Loans receivable
Residential real estate		1,850,079		1,858,929		1,752,514		(8,850	)	97,565
Commercial real estate		10,952,809		10,963,713		10,672,269		(10,904	)	280,540
Other commercial		3,121,477		3,119,535		3,030,608		1,942		90,869
Home equity		920,132		930,994		883,062		(10,862	)	37,070
Other consumer		374,021		388,678		394,049		(14,657	)	(20,028	)
Loans receivable		17,218,518		17,261,849		16,732,502		(43,331	)	486,016
Allowance for credit losses		(210,400	)	(206,041	)	(198,779	)	(4,359	)	(11,621	)
Loans receivable, net		17,008,118		17,055,808		16,533,723		(47,690	)	474,395
Other assets		2,435,389		2,458,719		2,419,131		(23,330	)	16,258
Total assets	$	27,858,879		27,902,987		27,822,170		(44,108	)	36,709

The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.

The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.

Credit Quality Summary

	At or for the Three Months ended			At or for the Year ended		At or for the Three Months ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Allowance for credit losses
Balance at beginning of period	$	206,041		192,757		192,757
Acquisitions		—		3		3
Provision for credit losses		6,154		27,179		9,091
Charge-offs		(3,897	)	(18,626	)	(4,295	)
Recoveries		2,102		4,728		1,223
Balance at end of period	$	210,400		206,041		198,779
Provision for credit losses
Loan portfolio	$	6,154		27,179		9,091
Unfunded loan commitments		1,660		1,127		(842	)
Total provision for credit losses	$	7,814		28,306		8,249
Other real estate owned	$	1,085		1,085		432
Other foreclosed assets		68		79		459
Accruing loans 90 days or more past due		5,289		6,177		3,796
Non-accrual loans		32,896		20,445		20,738
Total non-performing assets	$	39,338		27,786		25,425
Non-performing assets as a percentage of subsidiary assets		0.14	%	0.10	%	0.09	%
Allowance for credit losses as a percentage of non-performing loans		551	%	774	%	810	%
Allowance for credit losses as a percentage of total loans		1.22	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.01	%	0.08	%	0.02	%
Accruing loans 30-89 days past due	$	46,458		32,228		62,423
U.S. government guarantees included in non-performing assets	$	685		748		1,490

Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.

The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
First quarter 2025	$	6,154	$	1,795	1.22	%	0.27	%	0.14	%
Fourth quarter 2024		6,041		5,170	1.19	%	0.19	%	0.10	%
Third quarter 2024		6,981		2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%
Second quarter 2023		5,254		2,473	1.19	%	0.16	%	0.12	%

Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

					$ Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Dec 31, 2024		Mar 31, 2024
Deposits
Non-interest bearing deposits	$	6,100,548	6,136,709	6,055,069	(36,161	)	45,479
NOW and DDA accounts		5,676,177	5,543,512	5,376,605	132,665		299,572
Savings accounts		2,896,378	2,845,124	2,949,908	51,254		(53,530	)
Money market deposit accounts		2,816,874	2,878,213	3,002,942	(61,339	)	(186,068	)
Certificate accounts		3,140,333	3,139,821	3,039,190	512		101,143
Core deposits, total		20,630,310	20,543,379	20,423,714	86,931		206,596
Wholesale deposits		3,740	3,615	3,809	125		(69	)
Deposits, total		20,634,050	20,546,994	20,427,523	87,056		206,527
Repurchase agreements		1,849,070	1,777,475	1,540,008	71,595		309,062
Deposits and repurchase agreements, total		22,483,120	22,324,469	21,967,531	158,651		515,589
Federal Home Loan Bank advances		1,520,000	1,800,000	2,140,157	(280,000	)	(620,157	)
Other borrowed funds		82,443	83,341	88,814	(898	)	(6,371	)
Subordinated debentures		133,145	133,105	132,984	40		161
Other liabilities		352,563	338,218	381,977	14,345		(29,414	)
Total liabilities	$	24,571,271	24,679,133	24,711,463	(107,862	)	(140,192	)

Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.

Stockholders’ Equity Summary

								$ Change from
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024	Mar 31, 2024
Common equity	$	3,550,719		3,533,150		3,483,012		17,569	67,707
Accumulated other comprehensive loss		(263,111	)	(309,296	)	(372,305	)	46,185	109,194
Total stockholders’ equity		3,287,608		3,223,854		3,110,707		63,754	176,901
Goodwill and intangibles, net		(1,099,229	)	(1,102,500	)	(1,069,808	)	3,271	(29,421	)
Tangible stockholders’ equity	$	2,188,379		2,121,354		2,040,899		67,025	147,480
Stockholders’ equity to total assets		11.80	%	11.55	%	11.18	%
Tangible stockholders’ equity to total tangible assets		8.18	%	7.92	%	7.63	%
Book value per common share	$	28.96		28.43		27.43		0.53	1.53
Tangible book value per common share	$	19.28		18.71		18.00		0.57	1.28

Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.

Cash Dividends
On March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended March 31, 2025
Compared to December 31, 2024, and March 31, 2024

Income Summary

	Three Months ended							$ Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Net interest income
Interest income	$	289,925		297,036		279,402		(7,111	)	10,523
Interest expense		99,946		105,593		112,922		(5,647	)	(12,976	)
Total net interest income		189,979		191,443		166,480		(1,464	)	23,499

Non-interest income
Service charges and other fees		18,818		20,322		18,563		(1,504	)	255
Miscellaneous loan fees and charges		4,664		4,541		4,362		123		302
Gain on sale of loans		4,311		3,926		3,362		385		949
Gain on sale of securities		—		—		16		—		(16	)
Other income		4,849		2,760		3,686		2,089		1,163
Total non-interest income		32,642		31,549		29,989		1,093		2,653
Total income	$	222,621		222,992		196,469		(371	)	26,152
Net interest margin (tax-equivalent)		3.04	%	2.97	%	2.59	%

Net Interest Income
Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.

The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.”

Non-interest Income
Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.

Non-interest Expense Summary

	Three Months ended				$ Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Dec 31, 2024		Mar 31, 2024
Compensation and employee benefits	$	91,443	81,600	85,789	9,843		5,654
Occupancy and equipment		12,294	11,589	11,883	705		411
Advertising and promotions		4,144	3,725	3,983	419		161
Data processing		9,138	9,145	9,159	(7	)	(21	)
Other real estate owned and foreclosed assets		63	30	25	33		38
Regulatory assessments and insurance		5,534	5,890	7,761	(356	)	(2,227	)
Intangibles amortization		3,270	3,613	2,760	(343	)	510
Other expenses		25,432	25,373	30,483	59		(5,051	)
Total non-interest expense	$	151,318	140,965	151,843	10,353		(525	)

Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.

Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.

Federal and State Income Tax Expense

Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.

Efficiency Ratio
The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or future acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024
Assets
Cash on hand and in banks	$	322,253		268,746		232,064
Interest bearing cash deposits		659,232		579,662		556,596
Cash and cash equivalents		981,485		848,408		788,660
Debt securities, available-for-sale		4,172,312		4,245,205		4,629,073
Debt securities, held-to-maturity		3,261,575		3,294,847		3,451,583
Total debt securities		7,433,887		7,540,052		8,080,656
Loans held for sale, at fair value		40,523		33,060		27,035
Loans receivable		17,218,518		17,261,849		16,732,502
Allowance for credit losses		(210,400	)	(206,041	)	(198,779	)
Loans receivable, net		17,008,118		17,055,808		16,533,723
Premises and equipment, net		411,095		411,968		379,826
Right-of-use assets, net		54,441		56,252		63,447
Other real estate owned and foreclosed assets		1,153		1,164		891
Accrued interest receivable		103,992		99,262		106,063
Deferred tax asset		122,942		138,955		161,327
Intangibles, net		47,911		51,182		46,046
Goodwill		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		88,134		99,669		111,129
Bank-owned life insurance		191,044		189,849		186,625
Other assets		322,836		326,040		312,980
Total assets	$	27,858,879		27,902,987		27,822,170
Liabilities
Non-interest bearing deposits	$	6,100,548		6,136,709		6,055,069
Interest bearing deposits		14,533,502		14,410,285		14,372,454
Securities sold under agreements to repurchase		1,849,070		1,777,475		1,540,008
FHLB advances		1,520,000		1,800,000		2,140,157
Other borrowed funds		82,443		83,341		88,814
Subordinated debentures		133,145		133,105		132,984
Accrued interest payable		30,231		33,626		32,584
Other liabilities		322,332		304,592		349,393
Total liabilities		24,571,271		24,679,133		24,711,463
Commitments and Contingent Liabilities		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,135		1,134		1,134
Paid-in capital		2,449,311		2,448,758		2,443,584
Retained earnings – substantially restricted		1,100,273		1,083,258		1,038,294
Accumulated other comprehensive loss		(263,111	)	(309,296	)	(372,305	)
Total stockholders’ equity		3,287,608		3,223,854		3,110,707
Total liabilities and stockholders’ equity	$	27,858,879		27,902,987		27,822,170

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024
Interest Income
Investment securities	$	45,646	50,381	56,218
Residential real estate loans		24,275	23,960	20,764
Commercial loans		197,388	199,260	181,472
Consumer and other loans		22,616	23,435	20,948
Total interest income		289,925	297,036	279,402
Interest Expense
Deposits		62,865	67,079	67,196
Securities sold under agreements to repurchase		13,733	14,822	12,598
Federal Home Loan Bank advances		20,719	21,848	4,249
FRB Bank Term Funding		—	—	27,097
Other borrowed funds		402	348	344
Subordinated debentures		2,227	1,496	1,438
Total interest expense		99,946	105,593	112,922
Net Interest Income		189,979	191,443	166,480
Provision for credit losses		7,814	8,534	8,249
Net interest income after provision for credit losses		182,165	182,909	158,231
Non-Interest Income
Service charges and other fees		18,818	20,322	18,563
Miscellaneous loan fees and charges		4,664	4,541	4,362
Gain on sale of loans		4,311	3,926	3,362
Gain on sale of securities		—	—	16
Other income		4,849	2,760	3,686
Total non-interest income		32,642	31,549	29,989
Non-Interest Expense
Compensation and employee benefits		91,443	81,600	85,789
Occupancy and equipment		12,294	11,589	11,883
Advertising and promotions		4,144	3,725	3,983
Data processing		9,138	9,145	9,159
Other real estate owned and foreclosed assets		63	30	25
Regulatory assessments and insurance		5,534	5,890	7,761
Intangibles amortization		3,270	3,613	2,760
Other expenses		25,432	25,373	30,483
Total non-interest expense		151,318	140,965	151,843
Income Before Income Taxes		63,489	73,493	36,377
Federal and state income tax expense		8,921	11,739	3,750
Net Income	$	54,568	61,754	32,627

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,497	$	24,275	5.15	%	$	1,885,146	$	23,960	5.08	%
Commercial loans ¹		14,091,210		198,921	5.73	%		14,059,864		200,956	5.69	%
Consumer and other loans		1,302,687		22,616	7.04	%		1,324,341		23,435	7.04	%
Total loans ²		17,279,394		245,812	5.77	%		17,269,351		248,351	5.72	%
Tax-exempt debt securities ³		1,604,851		13,936	3.47	%		1,615,474		14,501	3.59	%
Taxable debt securities ^{4, 5}		6,946,562		33,598	1.93	%		7,314,265		38,189	2.09	%
Total earning assets		25,830,807		293,346	4.61	%		26,199,090		301,041	4.57	%
Goodwill and intangibles		1,100,801						1,104,362
Non-earning assets		847,855						888,404
Total assets	$	27,779,463					$	28,191,856
Liabilities
Non-interest bearing deposits	$	5,989,490	$	—	—	%	$	6,343,443	$	—	—	%
NOW and DDA accounts		5,525,976		15,065	1.11	%		5,491,451		15,768	1.14	%
Savings accounts		2,861,675		5,159	0.73	%		2,824,126		5,316	0.75	%
Money market deposit accounts		2,849,470		13,526	1.93	%		2,878,415		14,232	1.97	%
Certificate accounts		3,152,198		29,075	3.74	%		3,174,923		31,716	3.97	%
Total core deposits		20,378,809		62,825	1.25	%		20,712,358		67,032	1.29	%
Wholesale deposits ⁶		3,600		40	4.53	%		3,654		47	4.95	%
Repurchase agreements		1,842,773		13,733	3.02	%		1,866,705		14,821	3.16	%
FHLB advances		1,744,000		20,719	4.75	%		1,800,000		21,848	4.75	%
Subordinated debentures and other borrowed funds		216,073		2,629	4.94	%		216,874		1,845	3.38	%
Total funding liabilities		24,185,255		99,946	1.68	%		24,599,591		105,593	1.71	%
Other liabilities		326,764						369,700
Total liabilities		24,512,019						24,969,291
Stockholders’ Equity
Stockholders’ equity		3,267,444						3,222,565
Total liabilities and stockholders’ equity	$	27,779,463					$	28,191,856
Net interest income (tax-equivalent)			$	193,400					$	195,448
Net interest spread (tax-equivalent)					2.93	%					2.86	%
Net interest margin (tax-equivalent)					3.04	%					2.97	%

______________________________

¹	Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁴	Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁵	Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,885,497	$	24,275	5.15	%	$	1,747,184	$	20,764	4.75	%
Commercial loans ¹		14,091,210		198,921	5.73	%		13,513,426		183,045	5.45	%
Consumer and other loans		1,302,687		22,616	7.04	%		1,283,388		20,948	6.56	%
Total loans ²		17,279,394		245,812	5.77	%		16,543,998		224,757	5.46	%
Tax-exempt debt securities ³		1,604,851		13,936	3.47	%		1,720,370		15,157	3.52	%
Taxable debt securities ^{4, 5}		6,946,562		33,598	1.93	%		8,176,974		43,477	2.13	%
Total earning assets		25,830,807		293,346	4.61	%		26,441,342		283,391	4.31	%
Goodwill and intangibles		1,100,801						1,051,954
Non-earning assets		847,855						611,550
Total assets	$	27,779,463					$	28,104,846
Liabilities
Non-interest bearing deposits	$	5,989,490	$	—	—	%	$	5,966,546	$	—	—	%
NOW and DDA accounts		5,525,976		15,065	1.11	%		5,275,703		15,918	1.21	%
Savings accounts		2,861,675		5,159	0.73	%		2,900,649		5,655	0.78	%
Money market deposit accounts		2,849,470		13,526	1.93	%		2,948,294		14,393	1.96	%
Certificate accounts		3,152,198		29,075	3.74	%		3,000,713		31,175	4.18	%
Total core deposits		20,378,809		62,825	1.25	%		20,091,905		67,141	1.34	%
Wholesale deposits ⁶		3,600		40	4.53	%		3,965		55	5.50	%
Repurchase agreements		1,842,773		13,733	3.02	%		1,513,397		12,598	3.35	%
FHLB advances		1,744,000		20,719	4.75	%		350,754		4,249	4.79	%
FRB Bank Term Funding		—		—	—	%		2,483,077		27,097	4.39	%
Subordinated debentures and other borrowed funds		216,073		2,629	4.94	%		218,271		1,782	3.28	%
Total funding liabilities		24,185,255		99,946	1.68	%		24,661,369		112,922	1.84	%
Other liabilities		326,764						356,554
Total liabilities		24,512,019						25,017,923
Stockholders’ Equity
Stockholders’ equity		3,267,444						3,086,923
Total liabilities and stockholders’ equity	$	27,779,463					$	28,104,846
Net interest income (tax-equivalent)			$	193,400					$	170,469
Net interest spread (tax-equivalent)					2.93	%					2.47	%
Net interest margin (tax-equivalent)					3.04	%					2.59	%

______________________________

¹	Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively.
⁴	Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively.
⁵	Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc.
Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024			Dec 31, 2024		Mar 31, 2024
Custom and owner occupied construction	$	233,584		$	242,844		$	273,835		(4)%		(15)%
Pre-sold and spec construction		200,921			191,926			223,294		5	%	(10)%
Total residential construction		434,505			434,770			497,129		—	%	(13)%
Land development		177,448			197,369			215,828		(10)%		(18)%
Consumer land or lots		197,553			187,024			188,635		6	%	5	%
Unimproved land		115,528			113,532			103,032		2	%	12	%
Developed lots for operative builders		64,782			61,661			47,591		5	%	36	%
Commercial lots		95,574			99,243			92,748		(4)%		3	%
Other construction		714,151			693,461			915,782		3	%	(22)%
Total land, lot, and other construction		1,365,036			1,352,290			1,563,616		1	%	(13)%
Owner occupied		3,182,589			3,197,138			3,057,348		—	%	4	%
Non-owner occupied		4,054,107			4,053,996			3,920,696		—	%	3	%
Total commercial real estate		7,236,696			7,251,134			6,978,044		—	%	4	%
Commercial and industrial		1,392,365			1,395,997			1,371,201		—	%	2	%
Agriculture		1,016,081			1,024,520			929,420		(1)%		9	%
First lien		2,499,494			2,481,918			2,276,638		1	%	10	%
Junior lien		85,343			76,303			51,579		12	%	65	%
Total 1-4 family		2,584,837			2,558,221			2,328,217		1	%	11	%
Multifamily residential		874,071			895,242			881,117		(2)%		(1)%
Home equity lines of credit		989,043			1,005,783			947,652		(2)%		4	%
Other consumer		188,388			209,457			223,566		(10)%		(16)%
Total consumer		1,177,431			1,215,240			1,171,218		(3)%		1	%
States and political subdivisions		1,001,058			983,601			848,454		2	%	18	%
Other		176,961			183,894			191,121		(4)%		(7)%
Total loans receivable, including loans held for sale		17,259,041			17,294,909			16,759,537		—	%	3	%
Less loans held for sale ¹		(40,523	)		(33,060	)		(27,035	)	23	%	50	%
Total loans receivable	$	17,218,518		$	17,261,849		$	16,732,502		—	%	3	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type				Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024	Mar 31, 2024	Mar 31, 2025	Mar 31, 2025	Mar 31, 2025
Custom and owner occupied construction	$	194	198	210	194	—	—
Pre-sold and spec construction		2,896	2,132	1,049	2,133	763	—
Total residential construction		3,090	2,330	1,259	2,327	763	—
Land development		935	966	28	935	—	—
Consumer land or lots		173	78	144	173	—	—
Developed lots for operative builders		531	531	608	—	531	—
Commercial lots		47	47	2,205	—	47	—
Total land, lot and other construction		1,686	1,622	2,985	1,108	578	—
Owner occupied		3,601	2,979	1,501	3,073	96	432
Non-owner occupied		2,235	2,235	8,853	1,582	—	653
Total commercial real estate		5,836	5,214	10,354	4,655	96	1,085
Commercial and Industrial		12,367	2,069	1,698	11,640	727	—
Agriculture		2,382	2,335	2,855	2,090	292	—
First lien		8,752	9,053	2,930	6,796	1,956	—
Junior lien		296	315	69	296	—	—
Total 1-4 family		9,048	9,368	2,999	7,092	1,956	—
Multifamily residential		400	389	395	400	—	—
Home equity lines of credit		3,479	3,465	1,892	2,726	753	—
Other consumer		1,003	955	927	858	77	68
Total consumer		4,482	4,420	2,819	3,584	830	68
Other		47	39	61	—	47	—
Total	$	39,338	27,786	25,425	32,896	5,289	1,153

Glacier Bancorp, Inc.
Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type						% Change from
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024		Dec 31, 2024		Mar 31, 2024
Custom and owner occupied construction	$	786	$	969	$	4,784	(19)%		(84)%
Pre-sold and spec construction		—		564		1,181	(100)%		(100)%
Total residential construction		786		1,533		5,965	(49)%		(87)%
Land development		—		1,450		59	(100)%		(100)%
Consumer land or lots		1,026		402		332	155	%	209	%
Unimproved land		32		36		575	(11)%		(94)%
Developed lots for operative builders		—		214		—	(100)%		n/m
Commercial lots		189		—		1,225	n/m		(85)%
Other construction		—		—		1,248	n/m		(100)%
Total land, lot and other construction		1,247		2,102		3,439	(41)%		(64)%
Owner occupied		3,786		2,867		2,991	32	%	27	%
Non-owner occupied		346		5,037		18,118	(93)%		(98)%
Total commercial real estate		4,132		7,904		21,109	(48)%		(80)%
Commercial and industrial		5,358		6,194		14,806	(13)%		(64)%
Agriculture		5,731		744		3,922	670	%	46	%
First lien		14,826		6,326		5,626	134	%	164	%
Junior lien		1,023		214		145	378	%	606	%
Total 1-4 family		15,849		6,540		5,771	142	%	175	%
Home equity lines of credit		6,993		3,731		3,668	87	%	91	%
Other consumer		1,824		1,775		1,948	3	%	(6)%
Total consumer		8,817		5,506		5,616	60	%	57	%
States and political subdivisions		3,220		—		—	n/m		n/m
Other		1,318		1,705		1,795	(23)%		(27)%
Total	$	46,458	$	32,228	$	62,423	44	%	(26)%

______________________________

_{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type							Charge-Offs	Recoveries
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024		Mar 31, 2024		Mar 31, 2025	Mar 31, 2025
Pre-sold and spec construction	$	—		(4	)	(4	)	—	—
Pre-sold and spec construction	$	—		(4	)	(4	)	—	—
Land development		(341	)	1,095		(1	)	—	341
Consumer land or lots		(3	)	(22	)	(1	)	—	3
Unimproved land		—		1,338		—		—	—
Commercial lots		—		319		—		—	—
Total land, lot and other construction		(344	)	2,730		(2	)	—	344
Owner occupied		(1	)	(73	)	(3	)	—	1
Non-owner occupied		(6	)	2		(1	)	—	6
Total commercial real estate		(7	)	(71	)	(4	)	—	7
Commercial and industrial		92		1,422		328		421	329
Agriculture		(1	)	64		68		—	1
First lien		(69	)	32		(4	)	—	69
Junior lien		(5	)	(65	)	(5	)	—	5
Total 1-4 family		(74	)	(33	)	(9	)	—	74
Home equity lines of credit		(20	)	69		5		—	20
Other consumer		276		1,078		251		331	55
Total consumer		256		1,147		256		331	75
Other		1,873		8,643		2,439		3,145	1,272
Total	$	1,795		13,898		3,072		3,897	2,102

Visit our website at www.glacierbancorp.com

The MIL Network –

April 25, 2025

MIL-OSI: Arq to Host First Quarter 2025 Conference Call on May 7, 2025

Source: GlobeNewswire (MIL-OSI)

GREENWOOD VILLAGE, Colo., April 24, 2025 (GLOBE NEWSWIRE) — GlobeNewswire – Arq, Inc. (NASDAQ: ARQ) (the “Company” or “Arq”), a producer of activated carbon and other environmentally efficient carbon products for use in purification and sustainable materials, today announced the Company will release its first quarter 2025 financial results and file its Quarterly Report on Form 10-Q for the period ended March 31, 2025 before market open on May 7, 2025. A conference call to discuss the Company’s financial performance is scheduled to begin the same day at 8:30 a.m. Eastern Time.

The conference call webcast information will be available via the Investor Resources section of Arq’s website at www.arq.com. Interested parties may participate in the conference call by registering at https://www.webcast-eqs.com/login/arq_q1_2025. Alternatively, the live conference call may be accessed by dialing (877) 407-0890 or +1 201-389-0918 and referencing Arq.

A supplemental investor presentation will be available on the Company’s Investor Resources section of the website prior to the start of the conference call.

A replay of the event will be made available shortly after the event and accessible via the same webcast link referenced above. Alternatively, the replay may be accessed by dialing (877) 660-6853 or (201) 612-7415 and entering Access ID 13752881. The dial-in replay will expire after May 14, 2025.

About Arq

Arq (NASDAQ: ARQ) is a diversified, environmental technology company with products that enable a cleaner and safer planet while actively reducing our environmental impact. As the only vertically integrated producer of activated carbon products in North America, we deliver a reliable domestic supply of innovative, hard-to-source, high-demand products. We apply our extensive expertise to develop groundbreaking solutions to remove harmful chemicals and pollutants from water, land and air. Learn more at: www.arq.com.

Source: Arq, Inc.

Investor Contact:

Anthony Nathan, Arq
Marc Silverberg, ICR
investors@arq.com

The MIL Network –

April 25, 2025

MIL-OSI: IBEX Limited to Announce Third Quarter 2025 Financial Results on May 8th, 2025

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, April 24, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”) (Nasdaq: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it will report third quarter 2025 financial results after the market close on Thursday, May 8, 2025. Management will host a conference call and webcast to discuss the Company’s financial results, recent developments, and business outlook at 4:30 p.m. ET.

About ibex
ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 31 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

ibex leverages its diverse global team of over 31,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

Investor Contact
Michael Darwal
ibex
Michael.Darwal@ibex.co

Media Contact
Dan Burris
ibex
Daniel.Burris@ibex.co

The MIL Network –

April 25, 2025

MIL-OSI: Heritage Commerce Corp Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), (the “Company”), the holding company for Heritage Bank of Commerce (the “Bank”) today announced its financial results for the first quarter of 2025. All data are unaudited.

QUARTERLY HIGHLIGHTS:

Net Income	Earnings Per Share	Pre-Provision Net Revenue (“PPNR”)⁽¹⁾	Fully Tax Equivalent (“FTE”) Net Interest Margin⁽¹⁾	Efficiency Ratio⁽¹⁾	Tangible Book Value Per Share⁽¹⁾

$11.6 million	$0.19	$16.6 million	3.39%	63.96%	$8.48

CEO COMMENTARY:
“We delivered a solid quarter of performance with a 9% increase in our level of profitability from the prior quarter,” said Clay Jones, President and Chief Executive Officer. “While our balance sheet trends reflected the seasonally low loan demand and deposit outflows in the first quarter, we generated a higher level of profitability due to improved net interest margin, strong expense control, and an improvement in our asset quality. We also redeployed some of our excess liquidity to purchase new investment securities, which we expect will have a positive impact on our net interest income and net interest margin going forward. Our longer-term trends remain positive as well, with notable improvement in many areas compared to the first quarter of last year, including a 14% increase in net income and increases in the annualized returns on average assets and average equity.”

“While economic uncertainty has increased over the past few months, we still expect to deliver solid financial performance in 2025 as we continue to capitalize on our market position to assist new clients that have been impacted by dislocation and disruption in our markets resulting from bank failures and acquisitions. We believe that we will continue to see positive trends in areas such as net interest margin, loan and deposit growth, and expense management, which should lead to strong financial performance for our shareholders as we move through the year,” said Mr. Jones.

LINKED-QUARTER BASIS	YEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
Net income of $11.6 million and earnings per share of $0.19, up 9% and 12%, from $10.6 million and $0.17, respectively Total revenue of $46.1 million, a decrease of 1%, or $314,000, compared to a decrease in noninterest expense of 3%, or $848,000 PPNR⁽¹⁾ of $16.6 million, up $534,000 from $16.1 million Effective tax rate of 28.8%, compared to 27.9%	Net income of $11.6 million and earnings per share of $0.19, up 14% and 12%, from $10.2 million and $0.17, respectively Total revenue of $46.1 million, an increase of 9%, or $3.9 million, compared to an increase in noninterest expense of 7%, or $1.9 million PPNR⁽¹⁾ of $16.6 million, up $2.0 million from $14.6 million Effective tax rate of 28.8%, compared to 29.5%
FINANCIAL CONDITION:
Loans held-for-investment (“HFI”) remained relatively flat at $3.5 billion Total deposits of $4.7 billion, down $136.8 million, or 3% Loan to deposit ratio of 74.45%, up from 72.45% Total shareholders’ equity of $696 million, up $6.5 million	Increase in loans HFI of $150.8 million, or 5% Increase in total deposits of $238.6 million, or 5% Loan to deposit ratio of 74.45%, down from 75.06% Increase in total shareholders’ equity of $19.9 million
CREDIT QUALITY:
Nonperforming assets (“NPAs”) to total assets of 0.11%, compared to 0.14% Classified assets to total assets of 0.73%, compared to 0.74%	NPAs to total assets of 0.11%, compared to 0.15% Classified assets to total assets of 0.73%, compared to 0.67%
KEY PERFORMANCE METRICS:
FTE net interest margin⁽¹⁾ of 3.39%, an increase from 3.32% Return on average tangible assets⁽¹⁾ and on tangible common equity⁽¹⁾ of 0.88% and 9.09%, compared to 0.78% and 8.25%, respectively Efficiency ratio⁽¹⁾ of 63.96%, compared to 65.35% Common equity tier 1 capital ratio of 13.6%, compared to 13.4% Total capital ratio of 15.9%, compared to 15.6% Tangible common equity ratio⁽¹⁾ of 9.78%, an increase of 4% from 9.43% Tangible book value per share⁽¹⁾ of $8.48, compared to $8.41	FTE net interest margin⁽¹⁾ of 3.39%, an increase from 3.31% Return on average tangible assets⁽¹⁾ and on tangible common equity⁽¹⁾ of 0.88% and 9.09%, compared to 0.82% and 8.24%, respectively Efficiency ratio⁽¹⁾ of 63.96%, compared to 65.34% Common equity tier 1 capital ratio of 13.6%, compared to 13.4% Total capital ratio of 15.9%, compared to 15.6% Tangible common equity ratio⁽¹⁾ of 9.78%, a decrease of 1% from 9.85% Tangible book value per share⁽¹⁾ of $8.48, compared to $8.17

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Results of Operations:

Net interest income totaled $43.4 million for the first quarter of 2025, a slight decrease of $235,000, or 1%, compared to $43.6 million for the fourth quarter of 2024. The decrease was primarily due to two fewer accrual days during the quarter from the prior linked quarter, together with a lower average balance on interest earning assets, which was largely offset by a decrease in rates paid on deposits and a decrease of higher cost deposit balances. Net interest income increased $3.9 million, or 10%, compared to $39.5 million for the first quarter of 2024. The increase was primarily due to growth in average earning asset balances, partially offset by an increase in interest-bearing deposit balances.

The FTE net interest margin⁽¹⁾ was 3.39% for the first quarter of 2025, an increase over 3.32% for the fourth quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of securities and loans, and higher average yields on securities, partially offset by a decrease in the average balance of noninterest-bearing demand deposits and a lower average yield on overnight funds. The FTE net interest margin⁽¹⁾ increased from 3.31% for the first quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average balances of loans, and higher average yields on securities and loans, and an increase in the average balance of deposits resulting in a higher average balance of overnight funds, partially offset by a lower average yield on overnight funds.

We recorded a provision for credit losses on loans of $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a $184,000 provision for credit losses on loans for the first quarter of 2024.

Total noninterest income remained relatively flat at $2.7 million for the first quarter of 2025, compared to $2.8 million for the fourth quarter of 2024, and $2.6 million for the first quarter of 2024.

Total revenue, which is defined as net interest income before provision for credit losses on loans plus noninterest income, decreased $314,000, or 1%, to $46.1 million for the first quarter of 2025, compared to $46.4 million for the fourth quarter of 2024, and increased $3.9 million, or 9%, from $42.1 million for the first quarter of 2024.

Total noninterest expense for the first quarter of 2025 decreased to $29.5 million, compared to $30.3 million for the fourth quarter of 2024, primarily due to nonrecurring personnel related expenses and legal fees of approximately $1.1 million, and higher professional fees and homeowner association vendor payments during the fourth quarter of 2024. Total noninterest expense increased compared to $27.5 million for the first quarter of 2024, primarily due to higher salaries and employee benefits, professional fees, and information technology related expenses.

Income tax expense was $4.7 million for the first quarter of 2025, compared to $4.1 million for the fourth quarter of 2024, and $4.3 million for the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 28.8%, compared to 27.9% for the fourth quarter of 2024, and 29.5% for the first quarter of 2024.

Net income was $11.6 million, or $0.19 per average diluted common share, for the first quarter of 2025, compared to $10.6 million, or $0.17 per average diluted common share, for the fourth quarter of 2024, and $10.2 million, or $0.17 per average diluted common share, for the first quarter of 2024.

For the first quarter of 2025, the Company’s PPNR⁽¹⁾, which is defined as total revenue less noninterest expense, was $16.6 million, compared to $16.1 million for the fourth quarter of 2024, and $14.6 million for the first quarter of 2024.

The efficiency ratio⁽¹⁾ improved to 63.96% for the first quarter of 2025, compared to 65.35% for the fourth quarter of 2024, as a result of lower noninterest expense, partially offset by lower total revenue. The efficiency ratio⁽¹⁾ improved from 65.34% for the first quarter of 2024, primarily due to higher total revenue, partially offset by higher noninterest expense during the first quarter of 2025.

Full time equivalent employees were 350 at March 31, 2025 compared to 355 at December 31, 2024, and 351 at March 31, 2024.

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Financial Condition and Capital Management:

Total assets decreased 2% to $5.5 billion at March 31, 2025, compared to $5.6 billion at December 31, 2024, primarily due to a decrease in deposits resulting in a decrease in overnight funds. Total assets increased 5% from $5.3 billion at March 31, 2024, primarily due to an increase in deposits resulting in an increase in overnight funds, and an increase in loans.

Investment securities available-for-sale (at fair value) totaled $371.0 million at March 31, 2025, compared to $256.3 million at December 31, 2024, and $404.5 million at March 31, 2024. The pre-tax unrealized loss on the securities available-for-sale portfolio was $3.1 million, or $2.3 million net of taxes, which equaled less than 1% of total shareholders’ equity at March 31, 2025.

During the first quarter of 2025, the Company purchased $62.3 million of agency mortgage-backed securities, $44.8 million of collateralized mortgage obligations, and $44.7 million of U.S. Treasury securities, for total purchases of $151.8 million in the available-for-sale portfolio. Securities purchased had a book yield of 4.86% and an average life of 4.34 years.

Investment securities held-to-maturity (at amortized cost, net of allowance for credit losses of $12,000), totaled $576.7 million at March 31, 2025, compared to $590.0 million at December 31, 2024, and $636.2 million at March 31, 2024. The fair value of the securities held-to-maturity portfolio was $496.3 million at March 31, 2025. The pre-tax unrecognized loss on the securities held-to-maturity portfolio was $80.5 million, or $56.7 million net of taxes, which equaled 8.1% of total shareholders’ equity at March 31, 2025.

The unrealized and unrecognized losses in both the available-for-sale and held-to-maturity portfolios were due to higher interest rates at March 31, 2025 compared to when the securities were purchased. The issuers are of high credit quality and all principal amounts are expected to be repaid when the securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline.

Loans HFI, net of deferred costs and fees, remained flat at $3.5 billion at March 31, 2025 as compared to December 31, 2024, and increased $150.8 million, or 5%, from $3.3 billion at March 31, 2024. Loans HFI, excluding residential mortgages, remained flat at $3.0 billion at March 31, 2025 as compared to December 31, 2024, and increased $175.5 million, or 6%, from $2.8 billion at March 31, 2024.

Commercial and industrial line utilization was 31% at March 31, 2025, compared to 34% at December 31, 2024, and 28% at March 31, 2024. Commercial real estate (“CRE”) loans totaled $2.0 billion at March 31, 2025, of which 31% were owner occupied and 69% were investor CRE loans. Owner occupied CRE loans totaled 31% at December 31, 2024 and 32% at March 31, 2024. At March 31, 2025, approximately 24% of the Company’s loan portfolio consisted of floating interest rate loans, compared to 26% at both December 31, 2024 and March 31, 2024.

At March 31, 2025, paydowns and maturities of investment securities and fixed interest rate loans maturing within one year totaled $395.6 million.

Total deposits decreased $136.8 million, or 3%, to $4.7 billion at March 31, 2025, compared to $4.8 billion at December 31, 2024 due to deposits outflows we typically see in the first quarter, and increased $238.6 million, or 5% from $4.4 billion at March 31, 2024.

The following table shows the Company’s deposit types as a percentage of total deposits at the dates indicated:


	March 31,		December 31,		March 31,
DEPOSITS TYPE % TO TOTAL DEPOSITS	2025		2024		2024
Demand, noninterest-bearing	24	%	25	%	28	%
Demand, interest-bearing	20	%	19	%	21	%
Savings and money market	29	%	28	%	25	%
Time deposits — under $250	1	%	1	%	1	%
Time deposits — $250 and over	5	%	4	%	4	%
ICS/CDARS — interest-bearing demand,
money market and time deposits	21	%	23	%	21	%
Total deposits	100	%	100	%	100	%

The loan to deposit ratio was 74.45% at March 31, 2025, compared to 72.45% at December 31, 2024, and 75.06% at March 31, 2024.

The Company’s total available liquidity and borrowing capacity was $3.2 billion at March 31, 2025, compared to $3.3 billion at December 31, 2024, and $3.0 billion at March 31, 2024.

Total shareholders’ equity was $696.2 million at March 31, 2025, compared to $689.7 million at December 31, 2024, and $676.3 million at March 31, 2024. The increase in shareholders’ equity at March 31, 2025 is primarily a function of net income and the decrease in the total accumulated other comprehensive loss, partially offset by dividends to stockholders.

Total accumulated other comprehensive loss of $6.8 million at March 31, 2025 was comprised of unrealized losses on securities available-for-sale of $2.3 million, a split dollar insurance contracts liability of $2.4 million, a supplemental executive retirement plan liability of $2.2 million, and a $49,000 unrealized gain on interest-only strip from SBA loans.

The Company’s consolidated capital ratios exceeded regulatory guidelines and the Bank’s capital ratios exceeded regulatory guidelines under the prompt corrective action (“PCA”) regulatory guidelines for a well-capitalized financial institution, and the Basel III minimum regulatory requirements at March 31, 2025.

Tangible book value per share⁽¹⁾ was $8.48 at March 31, 2025, compared to $8.41 at December 31, 2024, and $8.17 at March 31, 2024.

In July 2024, the Company announced that its Board of Directors adopted a share repurchase program under which the Company is authorized to repurchase up to $15 million of the Company’s shares of its issued and outstanding common stock. The Company did not repurchase any of its common stock during 2024 or the first quarter of 2025.

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” later in this press release.

Credit Quality:

The provision for credit losses on loans totaled $274,000 for the first quarter of 2025, compared to a $1.3 million provision for credit losses on loans for the fourth quarter of 2024, and a provision for credit losses on loans of $184,000 for the first quarter of 2024. Net charge-offs totaled $965,000 for the first quarter of 2025, compared to $197,000 for the fourth quarter of 2024, and $254,000 for the first quarter of 2024. More than half of the net charge-offs for the first quarter of 2025 related to one commercial contractor that was previously reserved for during the fourth quarter of 2024. The remaining charge-offs were related to five different small businesses in a variety of industries. Four loans were underwritten using a scored small business product whose underwriting guidelines have been tightened since the loans were made.

The allowance for credit losses on loans (“ACLL”) at March 31, 2025 was $48.3 million, or 1.38% of total loans, representing 765% of total nonperforming loans. The ACLL at December 31, 2024 was $49.0 million, or 1.40% of total loans, representing 638% of total nonperforming loans. The ACLL at March 31, 2024 was $47.9 million, or 1.44% of total loans, representing 608% of total nonperforming loans. The reduction to the allowance for credit on losses on loans reflects our credit assessment and economic factors.

NPAs were $6.3 million at March 31, 2025, compared to $7.7 million at December 31, 2024, and $7.9 million at March 31, 2024. There were no CRE loans in NPAs at March 31, 2025, December 31, 2024, or March 31, 2024. There were no foreclosed assets on the balance sheet at March 31, 2025, December 31, 2024, or March 31, 2024. There were no Shared National Credits (“SNCs”) or material purchased participations included in NPAs or total loans at March 31, 2025, December 31, 2024, or March 31, 2024.

Classified assets totaled $40.0 million, or 0.73% of total assets, at March 31, 2025, compared to $41.7 million, or 0.74% of total assets, at December 31, 2024, and $35.4 million, or 0.67% of total assets, at March 31, 2024. The increase in classified assets from March 31, 2024 was primarily the result of one downgraded owner occupied CRE credit, and a number of residential related loans downgraded during the fourth quarter of 2024. The loans are well-collateralized and we do not anticipate to incur losses as a result of the downgrades of these loans.

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. The contents of our website are not incorporated into, and do not form a part of, this release or of our filings with the Securities and Exchange Commission.

Reclassifications

During the first quarter of 2025, we reclassified Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock dividends from interest income to noninterest income and the related average asset balances were reclassified from interest earning assets to other assets on the “Net Interest Income and Net Interest Margin” tables. The amounts for the prior periods were reclassified to conform to the current presentation. These reclassifications did not affect previously reported net income or shareholders’ equity.

Non-GAAP Financial Measures

Financial results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. Management believes these non-GAAP financial measures are common in the banking industry, and may enhance comparability for peer comparison purposes. These non-GAAP financial measures should be supplemental to primary GAAP financial measures and should not be read in isolation or relied upon as a substitute for primary GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is presented in the tables at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.”

Forward-Looking Statement Disclaimer

Certain matters discussed in this press release constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are inherently uncertain in that they reflect plans and expectations for future events. These statements may include, among other things, those relating to the Company’s future financial performance, plans and objectives regarding future events, expectations regarding changes in interest rates and market conditions, projected cash flows of our investment securities portfolio, the performance of our loan portfolio, estimated net interest income resulting from a shift in interest rates, expectation of high credit quality issuers ability to repay, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Any statements that reflect our belief about, confidence in, or expectations for future events, performance or condition should be considered forward-looking statements. Readers should not construe these statements as assurances of a given level of performance, nor as promises that we will take actions that we currently expect to take. All statements are subject to various risks and uncertainties, many of which are outside our control and some of which may fall outside our ability to predict or anticipate. Accordingly, our actual results may differ materially from our projected results, and we may take actions or experience events that we do not currently expect. Risks and uncertainties that could cause our financial performance to differ materially from our goals, plans, expectations and projections expressed in forward-looking statements include those set forth in our filings with the Securities and Exchange Commission, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and include: (i) risks of geographic concentration of our client base, our loans, and the collateral securing our loans, as those clients and assets may be particularly subject to natural disasters and to events and conditions that directly or indirectly affect those regions, including the particular risks of natural disasters (including earthquakes, fires, and flooding) and other events that disproportionately affect that region; (ii) cybersecurity risks that may affect us directly or may impact us indirectly by virtue of their effects on our clients, markets or vendors, including our ability to identify and address cybersecurity risks, including those posed by the increasing use of artificial intelligence, such as data security breaches, “denial of service” attacks, “hacking” and identity theft affecting us, our clients, and our third-party vendors and service providers; (iii) domestic, international and multinational political events that have accompanied or that may in the future accompany or result from recent political changes, particularly including sociopolitical events and conditions that result from political conflicts and law enforcement activities that may adversely affect our markets or our clients; (iv) media items and consumer confidence as those factors affect our clients’ confidence in the banking system generally and in our bank specifically; (v) adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; (vi) market, geographic and sociopolitical factors that arise by virtue of the fact that we operate primarily in the general San Francisco Bay Area of Northern California; (vii) the effects of recent wildfires affecting Southern California, which have affected certain clients and certain loans secured by mortgages in Los Angeles County, and which are affecting or may, in the future, affect other clients in those and other markets throughout California; (viii) factors that affect our liquidity and our ability to meet client demands for withdrawals from deposit accounts and undrawn lines of credit, including our cash on hand and the availability of funds from our own lines of credit; (ix) factors that affect the value and liquidity of our investment portfolios, particularly the values of securities available-for-sale; (x) our ability to estimate accurately, and to establish adequate reserves against, the risk of loss associated with our loan and lease portfolios and our factoring business; (xi) inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans to clients, whether held in the portfolio or in the secondary market; (xii) increased capital requirements for our continual growth or as imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; (xiii) operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; (xiv) events that affect our ability to attract, recruit, and retain qualified officers and other personnel to implement our strategic plan, and that enable current and future personnel to protect and develop our relationships with clients, and to promote our business, results of operations and growth prospects; (xv) the expense and uncertain resolution of litigation matters whether occurring in the ordinary course of business or otherwise, particularly including but not limited to the effects of recent and ongoing developments in California labor and employment laws, regulations and court decisions; and (xvi) our success in managing the risks involved in the foregoing factors.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542
Debbie.Reuter@herbank.com


	For the Quarter Ended:									Percent Change From:
CONSOLIDATED INCOME STATEMENTS	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Interest income	$	61,832		$	64,043		$	56,960		(3	)	%	9		%
Interest expense		18,472			20,448			17,458		(10	)	%	6		%
Net interest income before provision
for credit losses on loans		43,360			43,595			39,502		(1	)	%	10		%
Provision for credit losses on loans		274			1,331			184		(79	)	%	49		%
Net interest income after provision
for credit losses on loans		43,086			42,264			39,318		2		%	10		%
Noninterest income:
Service charges and fees on deposit
accounts		892			885			877		1		%	2		%
FHLB and FRB stock dividends		590			590			591		0		%	0		%
Increase in cash surrender value of
life insurance		538			528			518		2		%	4		%
Gain on sales of SBA loans		98			125			178		(22	)	%	(45	)	%
Servicing income		82			77			90		6		%	(9	)	%
Termination fees		87			18			13		383		%	569		%
Other		409			552			371		(26	)	%	10		%
Total noninterest income		2,696			2,775			2,638		(3	)	%	2		%
Noninterest expense:
Salaries and employee benefits		16,575			16,976			15,509		(2	)	%	7		%
Occupancy and equipment		2,534			2,495			2,443		2		%	4		%
Professional fees		1,580			1,711			1,327		(8	)	%	19		%
Other		8,767			9,122			8,257		(4	)	%	6		%
Total noninterest expense		29,456			30,304			27,536		(3	)	%	7		%
Income before income taxes		16,326			14,735			14,420		11		%	13		%
Income tax expense		4,700			4,114			4,254		14		%	10		%
Net income	$	11,626		$	10,621		$	10,166		9		%	14		%

PER COMMON SHARE DATA
(unaudited)
Basic earnings per share	$	0.19		$	0.17		$	0.17		12		%	12		%
Diluted earnings per share	$	0.19		$	0.17		$	0.17		12		%	12		%
Weighted average shares outstanding – basic		61,479,579			61,320,505			61,186,623		0		%	0		%
Weighted average shares outstanding – diluted		61,708,361			61,679,735			61,470,552		0		%	0		%
Common shares outstanding at period-end		61,611,121			61,348,095			61,253,625		0		%	1		%
Dividend per share	$	0.13		$	0.13		$	0.13		0		%	0		%
Book value per share	$	11.30		$	11.24		$	11.04		1		%	2		%
Tangible book value per share⁽¹⁾	$	8.48		$	8.41		$	8.17		1		%	4		%

KEY PERFORMANCE METRICS
(in $000’s, unaudited)
Annualized return on average equity		6.81	%		6.16	%		6.08	%	11		%	12		%
Annualized return on average tangible
common equity⁽¹⁾		9.09	%		8.25	%		8.24	%	10		%	10		%
Annualized return on average assets		0.85	%		0.75	%		0.79	%	13		%	8		%
Annualized return on average tangible assets⁽¹⁾		0.88	%		0.78	%		0.82	%	13		%	7		%
Net interest margin (FTE)⁽¹⁾		3.39	%		3.32	%		3.31	%	2		%	2		%
Total revenue	$	46,056		$	46,370		$	42,140		(1	)	%	9		%
Pre-provision net revenue⁽¹⁾	$	16,600		$	16,066		$	14,604		3		%	14		%
Efficiency ratio⁽¹⁾		63.96	%		65.35	%		65.34	%	(2	)	%	(2	)	%

AVERAGE BALANCES
(in $000’s, unaudited)
Average assets	$	5,559,896		$	5,607,840		$	5,178,636		(1	)	%	7		%
Average tangible assets⁽¹⁾	$	5,386,001		$	5,433,439		$	5,002,597		(1	)	%	8		%
Average earning assets	$	5,188,317		$	5,235,986		$	4,810,505		(1	)	%	8		%
Average loans held-for-sale	$	2,290		$	2,260		$	2,749		1		%	(17	)	%
Average loans held-for-investment	$	3,429,014		$	3,388,729		$	3,297,240		1		%	4		%
Average deposits	$	4,717,517		$	4,771,491		$	4,360,150		(1	)	%	8		%
Average demand deposits – noninterest-bearing	$	1,167,330		$	1,222,393		$	1,177,078		(5	)	%	(1	)	%
Average interest-bearing deposits	$	3,550,187		$	3,549,098		$	3,183,072		0		%	12		%
Average interest-bearing liabilities	$	3,589,872		$	3,588,755		$	3,222,603		0		%	11		%
Average equity	$	692,733		$	686,263		$	672,292		1		%	3		%
Average tangible common equity⁽¹⁾	$	518,838		$	511,862		$	496,253		1		%	5		%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended:
CONSOLIDATED INCOME STATEMENTS	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Interest income	$	61,832		$	64,043		$	60,852		$	58,489		$	56,960
Interest expense		18,472			20,448			21,523			19,622			17,458
Net interest income before provision
for credit losses on loans		43,360			43,595			39,329			38,867			39,502
Provision for credit losses on loans		274			1,331			153			471			184
Net interest income after provision
for credit losses on loans		43,086			42,264			39,176			38,396			39,318
Noninterest income:
Service charges and fees on deposit
accounts		892			885			908			891			877
FHLB and FRB stock dividends		590			590			586			588			591
Increase in cash surrender value of
life insurance		538			528			530			521			518
Gain on sales of SBA loans		98			125			94			76			178
Servicing income		82			77			108			90			90
Termination fees		87			18			46			100			13
Gain on proceeds from company-owned
life insurance		—			—			—			219			—
Other		409			552			554			379			371
Total noninterest income		2,696			2,775			2,826			2,864			2,638
Noninterest expense:
Salaries and employee benefits		16,575			16,976			15,673			15,794			15,509
Occupancy and equipment		2,534			2,495			2,599			2,689			2,443
Professional fees		1,580			1,711			1,306			1,072			1,327
Other		8,767			9,122			7,977			8,633			8,257
Total noninterest expense		29,456			30,304			27,555			28,188			27,536
Income before income taxes		16,326			14,735			14,447			13,072			14,420
Income tax expense		4,700			4,114			3,940			3,838			4,254
Net income	$	11,626		$	10,621		$	10,507		$	9,234		$	10,166

PER COMMON SHARE DATA
(unaudited)
Basic earnings per share	$	0.19		$	0.17		$	0.17		$	0.15		$	0.17
Diluted earnings per share	$	0.19		$	0.17		$	0.17		$	0.15		$	0.17
Weighted average shares outstanding – basic		61,479,579			61,320,505			61,295,877			61,279,914			61,186,623
Weighted average shares outstanding – diluted		61,708,361			61,679,735			61,546,157			61,438,088			61,470,552
Common shares outstanding at period-end		61,611,121			61,348,095			61,297,344			61,292,094			61,253,625
Dividend per share	$	0.13		$	0.13		$	0.13		$	0.13		$	0.13
Book value per share	$	11.30		$	11.24		$	11.18		$	11.08		$	11.04
Tangible book value per share⁽¹⁾	$	8.48		$	8.41		$	8.33		$	8.22		$	8.17

KEY PERFORMANCE METRICS
(in $000’s, unaudited)
Annualized return on average equity		6.81	%		6.16	%		6.14	%		5.50	%		6.08	%
Annualized return on average tangible
common equity⁽¹⁾		9.09	%		8.25	%		8.27	%		7.43	%		8.24	%
Annualized return on average assets		0.85	%		0.75	%		0.78	%		0.71	%		0.79	%
Annualized return on average tangible assets⁽¹⁾		0.88	%		0.78	%		0.81	%		0.74	%		0.82	%
Net interest margin (FTE)⁽¹⁾		3.39	%		3.32	%		3.15	%		3.23	%		3.31	%
Total revenue	$	46,056		$	46,370		$	42,155		$	41,731		$	42,140
Pre-provision net revenue⁽¹⁾	$	16,600		$	16,066		$	14,600		$	13,543		$	14,604
Efficiency ratio⁽¹⁾		63.96	%		65.35	%		65.37	%		67.55	%		65.34	%

AVERAGE BALANCES
(in $000’s, unaudited)
Average assets	$	5,559,896		$	5,607,840		$	5,352,067		$	5,213,171		$	5,178,636
Average tangible assets⁽¹⁾	$	5,386,001		$	5,433,439		$	5,177,114		$	5,037,673		$	5,002,597
Average earning assets	$	5,188,317		$	5,235,986		$	4,980,082		$	4,840,670		$	4,810,505
Average loans held-for-sale	$	2,290		$	2,260		$	1,493		$	1,503		$	2,749
Average loans held-for-investment	$	3,429,014		$	3,388,729		$	3,359,647		$	3,328,358		$	3,297,240
Average deposits	$	4,717,517		$	4,771,491		$	4,525,946		$	4,394,545		$	4,360,150
Average demand deposits – noninterest-bearing	$	1,167,330		$	1,222,393		$	1,172,304		$	1,127,145		$	1,177,078
Average interest-bearing deposits	$	3,550,187		$	3,549,098		$	3,353,642		$	3,267,400		$	3,183,072
Average interest-bearing liabilities	$	3,589,872		$	3,588,755		$	3,393,264		$	3,306,972		$	3,222,603
Average equity	$	692,733		$	686,263		$	680,404		$	675,108		$	672,292
Average tangible common equity⁽¹⁾	$	518,838		$	511,862		$	505,451		$	499,610		$	496,253

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	End of Period:									Percent Change From:
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	44,281		$	29,864		$	32,543		48		%	36		%
Other investments and interest-bearing deposits
in other financial institutions		700,769			938,259			508,816		(25	)	%	38		%
Securities available-for-sale, at fair value		370,976			256,274			404,474		45		%	(8	)	%
Securities held-to-maturity, at amortized cost		576,718			590,016			636,249		(2	)	%	(9	)	%
Loans – held-for-sale – SBA, including deferred costs		1,884			2,375			1,946		(21	)	%	(3	)	%
Loans – held-for-investment:
Commercial		489,241			531,350			452,231		(8	)	%	8		%
Real estate:
CRE – owner occupied		616,825			601,636			585,031		3		%	5		%
CRE – non-owner occupied		1,363,275			1,341,266			1,271,184		2		%	7		%
Land and construction		136,106			127,848			129,712		6		%	5		%
Home equity		119,138			127,963			122,794		(7	)	%	(3	)	%
Multifamily		284,510			275,490			269,263		3		%	6		%
Residential mortgages		465,330			471,730			490,035		(1	)	%	(5	)	%
Consumer and other		12,741			14,837			16,439		(14	)	%	(22	)	%
Loans		3,487,166			3,492,120			3,336,689		0		%	5		%
Deferred loan fees, net		(268	)		(183	)		(587	)	46		%	(54	)	%
Total loans – held-for-investment, net of deferred fees		3,486,898			3,491,937			3,336,102		0		%	5		%
Allowance for credit losses on loans		(48,262	)		(48,953	)		(47,888	)	(1	)	%	1		%
Loans, net		3,438,636			3,442,984			3,288,214		0		%	5		%
Company-owned life insurance		81,749			81,211			80,007		1		%	2		%
Premises and equipment, net		9,772			10,140			9,986		(4	)	%	(2	)	%
Goodwill		167,631			167,631			167,631		0		%	0		%
Other intangible assets		5,986			6,439			8,074		(7	)	%	(26	)	%
Accrued interest receivable and other assets		115,853			119,813			118,134		(3	)	%	(2	)	%
Total assets	$	5,514,255		$	5,645,006		$	5,256,074		(2	)	%	5		%

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, noninterest-bearing	$	1,128,593		$	1,214,192		$	1,242,059		(7	)	%	(9	)	%
Demand, interest-bearing		949,068			936,587			925,100		1		%	3		%
Savings and money market		1,353,293			1,325,923			1,124,900		2		%	20		%
Time deposits – under $250		37,592			38,988			38,105		(4	)	%	(1	)	%
Time deposits – $250 and over		213,357			206,755			200,739		3		%	6		%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,001,365			1,097,586			913,757		(9	)	%	10		%
Total deposits		4,683,268			4,820,031			4,444,660		(3	)	%	5		%
Subordinated debt, net of issuance costs		39,691			39,653			39,539		0		%	0		%
Accrued interest payable and other liabilities		95,106			95,595			95,579		(1	)	%	0		%
Total liabilities		4,818,065			4,955,279			4,579,778		(3	)	%	5		%

Shareholders’ Equity:
Common stock		511,596			510,070			507,578		0		%	1		%
Retained earnings		191,401			187,762			181,306		2		%	6		%
Accumulated other comprehensive loss		(6,807	)		(8,105	)		(12,588	)	(16	)	%	(46	)	%
Total shareholders’ equity		696,190			689,727			676,296		1		%	3		%
Total liabilities and shareholders’ equity	$	5,514,255		$	5,645,006		$	5,256,074		(2	)	%	5		%


	End of Period:
CONSOLIDATED BALANCE SHEETS	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	44,281		$	29,864		$	49,722		$	37,497		$	32,543
Other investments and interest-bearing deposits
in other financial institutions		700,769			938,259			906,588			610,763			508,816
Securities available-for-sale, at fair value		370,976			256,274			237,612			273,043			404,474
Securities held-to-maturity, at amortized cost		576,718			590,016			604,193			621,178			636,249
Loans – held-for-sale – SBA, including deferred costs		1,884			2,375			1,649			1,899			1,946
Loans – held-for-investment:
Commercial		489,241			531,350			481,266			477,929			452,231
Real estate:
CRE – owner occupied		616,825			601,636			602,062			594,504			585,031
CRE – non-owner occupied		1,363,275			1,341,266			1,310,578			1,283,323			1,271,184
Land and construction		136,106			127,848			125,761			125,374			129,712
Home equity		119,138			127,963			124,090			126,562			122,794
Multifamily		284,510			275,490			273,103			268,968			269,263
Residential mortgages		465,330			471,730			479,524			484,809			490,035
Consumer and other		12,741			14,837			14,179			18,758			16,439
Loans		3,487,166			3,492,120			3,410,563			3,380,227			3,336,689
Deferred loan fees, net		(268	)		(183	)		(327	)		(434	)		(587	)
Total loans – held-for-investment, net of deferred fees		3,486,898			3,491,937			3,410,236			3,379,793			3,336,102
Allowance for credit losses on loans		(48,262	)		(48,953	)		(47,819	)		(47,954	)		(47,888	)
Loans, net		3,438,636			3,442,984			3,362,417			3,331,839			3,288,214
Company-owned life insurance		81,749			81,211			80,682			80,153			80,007
Premises and equipment, net		9,772			10,140			10,398			10,310			9,986
Goodwill		167,631			167,631			167,631			167,631			167,631
Other intangible assets		5,986			6,439			6,966			7,521			8,074
Accrued interest receivable and other assets		115,853			119,813			123,738			121,190			118,134
Total assets	$	5,514,255		$	5,645,006		$	5,551,596		$	5,263,024		$	5,256,074

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, noninterest-bearing	$	1,128,593		$	1,214,192		$	1,272,139		$	1,187,320		$	1,242,059
Demand, interest-bearing		949,068			936,587			913,910			928,246			925,100
Savings and money market		1,353,293			1,325,923			1,309,676			1,126,520			1,124,900
Time deposits – under $250		37,592			38,988			39,060			39,046			38,105
Time deposits – $250 and over		213,357			206,755			196,945			203,886			200,739
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,001,365			1,097,586			997,803			959,592			913,757
Total deposits		4,683,268			4,820,031			4,729,533			4,444,610			4,444,660
Other short-term borrowings		—			—			—			—			—
Subordinated debt, net of issuance costs		39,691			39,653			39,615			39,577			39,539
Accrued interest payable and other liabilities		95,106			95,595			97,096			99,638			95,579
Total liabilities		4,818,065			4,955,279			4,866,244			4,583,825			4,579,778

Shareholders’ Equity:
Common stock		511,596			510,070			509,134			508,343			507,578
Retained earnings		191,401			187,762			185,110			182,571			181,306
Accumulated other comprehensive loss		(6,807	)		(8,105	)		(8,892	)		(11,715	)		(12,588	)
Total shareholders’ equity		696,190			689,727			685,352			679,199			676,296
Total liabilities and shareholders’ equity	$	5,514,255		$	5,645,006		$	5,551,596		$	5,263,024		$	5,256,074


	At or For the Quarter Ended:									Percent Change From:
CREDIT QUALITY DATA	March 31,			December 31,			March 31,			December 31,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Nonaccrual loans – held-for-investment:
Land and construction loans	$	4,793		$	5,874		$	4,673		(18	)	%	3		%
Home equity and other loans		927			290			120		220		%	673		%
Commercial loans		324			1,014			1,127		(68	)	%	(71	)	%
CRE loans		—			—			—		N/A			N/A
Total nonaccrual loans – held-for-investment:		6,044			7,178			5,920		(16	)	%	2		%
Loans over 90 days past due
and still accruing		268			489			1,951		(45	)	%	(86	)	%
Total nonperforming loans		6,312			7,667			7,871		(18	)	%	(20	)	%
Foreclosed assets		—			—			—		N/A			N/A
Total nonperforming assets	$	6,312		$	7,667		$	7,871		(18	)	%	(20	)	%
Net charge-offs during the quarter	$	965		$	197		$	254		390		%	280		%
Provision for credit losses on loans during the quarter	$	274		$	1,331		$	184		(79	)	%	49		%
Allowance for credit losses on loans	$	48,262		$	48,953		$	47,888		(1	)	%	1		%
Classified assets	$	40,034		$	41,661		$	35,392		(4	)	%	13		%
Allowance for credit losses on loans to total loans		1.38	%		1.40	%		1.44	%	(1	)	%	(4	)	%
Allowance for credit losses on loans to total nonperforming loans		764.61	%		638.49	%		608.41	%	20		%	26		%
Nonperforming assets to total assets		0.11	%		0.14	%		0.15	%	(21	)	%	(27	)	%
Nonperforming loans to total loans		0.18	%		0.22	%		0.24	%	(18	)	%	(25	)	%
Classified assets to Heritage Commerce Corp
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%	0		%	17		%
Classified assets to Heritage Bank of Commerce
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%	0		%	17		%

OTHER PERIOD-END STATISTICS
(in $000’s, unaudited)
Heritage Commerce Corp:
Tangible common equity ⁽¹⁾	$	522,573		$	515,657		$	500,591		1		%	4		%
Shareholders’ equity / total assets		12.63	%		12.22	%		12.87	%	3		%	(2	)	%
Tangible common equity / tangible assets ⁽¹⁾		9.78	%		9.43	%		9.85	%	4		%	(1	)	%
Loan to deposit ratio		74.45	%		72.45	%		75.06	%	3		%	(1	)	%
Noninterest-bearing deposits / total deposits		24.10	%		25.19	%		27.94	%	(4	)	%	(14	)	%
Total capital ratio		15.9	%		15.6	%		15.6	%	2		%	2		%
Tier 1 capital ratio		13.6	%		13.4	%		13.4	%	1		%	1		%
Common Equity Tier 1 capital ratio		13.6	%		13.4	%		13.4	%	1		%	1		%
Tier 1 leverage ratio		9.8	%		9.6	%		10.2	%	2		%	(4	)	%
Heritage Bank of Commerce:
Tangible common equity / tangible assets ⁽¹⁾		10.15	%		9.79	%		10.22	%	4		%	(1	)	%
Total capital ratio		15.4	%		15.1	%		15.1	%	2		%	2		%
Tier 1 capital ratio		14.1	%		13.9	%		13.9	%	1		%	1		%
Common Equity Tier 1 capital ratio		14.1	%		13.9	%		13.9	%	1		%	1		%
Tier 1 leverage ratio		10.2	%		10.0	%		10.6	%	2		%	(4	)	%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	At or For the Quarter Ended:
CREDIT QUALITY DATA	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Nonaccrual loans – held-for-investment:
Land and construction loans	$	4,793		$	5,874		$	5,862		$	4,774		$	4,673
Home equity and other loans		927			290			84			108			120
Commercial loans		324			1,014			752			900			1,127
CRE loans		—			—			—			—			—
Total nonaccrual loans – held-for-investment:		6,044			7,178			6,698			5,782			5,920
Loans over 90 days past due
and still accruing		268			489			460			248			1,951
Total nonperforming loans		6,312			7,667			7,158			6,030			7,871
Foreclosed assets		—			—			—			—			—
Total nonperforming assets	$	6,312		$	7,667		$	7,158		$	6,030		$	7,871
Net charge-offs during the quarter	$	965		$	197		$	288		$	405		$	254
Provision for credit losses on loans during the quarter	$	274		$	1,331		$	153		$	471		$	184
Allowance for credit losses on loans	$	48,262		$	48,953		$	47,819		$	47,954		$	47,888
Classified assets	$	40,034		$	41,661		$	32,609		$	33,605		$	35,392
Allowance for credit losses on loans to total loans		1.38	%		1.40	%		1.40	%		1.42	%		1.44	%
Allowance for credit losses on loans to total nonperforming loans		764.61	%		638.49	%		668.05	%		795.26	%		608.41	%
Nonperforming assets to total assets		0.11	%		0.14	%		0.13	%		0.11	%		0.15	%
Nonperforming loans to total loans		0.18	%		0.22	%		0.21	%		0.18	%		0.24	%
Classified assets to Heritage Commerce Corp
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%		6	%		6	%
Classified assets to Heritage Bank of Commerce
Tier 1 capital plus allowance for credit losses on loans		7	%		7	%		6	%		6	%		6	%

OTHER PERIOD-END STATISTICS
(in $000’s, unaudited)
Heritage Commerce Corp:
Tangible common equity ⁽¹⁾	$	522,573		$	515,657		$	510,755		$	504,047		$	500,591
Shareholders’ equity / total assets		12.63	%		12.22	%		12.35	%		12.91	%		12.87	%
Tangible common equity / tangible assets ⁽¹⁾		9.78	%		9.43	%		9.50	%		9.91	%		9.85	%
Loan to deposit ratio		74.45	%		72.45	%		72.11	%		76.04	%		75.06	%
Noninterest-bearing deposits / total deposits		24.10	%		25.19	%		26.90	%		26.71	%		27.94	%
Total capital ratio		15.9	%		15.6	%		15.6	%		15.6	%		15.6	%
Tier 1 capital ratio		13.6	%		13.4	%		13.4	%		13.4	%		13.4	%
Common Equity Tier 1 capital ratio		13.6	%		13.4	%		13.4	%		13.4	%		13.4	%
Tier 1 leverage ratio		9.8	%		9.6	%		10.0	%		10.2	%		10.2	%
Heritage Bank of Commerce:
Tangible common equity / tangible assets ⁽¹⁾		10.15	%		9.79	%		9.86	%		10.28	%		10.22	%
Total capital ratio		15.4	%		15.1	%		15.1	%		15.1	%		15.1	%
Tier 1 capital ratio		14.1	%		13.9	%		13.9	%		13.9	%		13.9	%
Common Equity Tier 1 capital ratio		14.1	%		13.9	%		13.9	%		13.9	%		13.9	%
Tier 1 leverage ratio		10.2	%		10.0	%		10.4	%		10.6	%		10.6	%

⁽¹⁾This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended								For the Quarter Ended
	March 31, 2025								December 31, 2024
				Interest			Average					Interest			Average
NET INTEREST INCOME AND NET INTEREST MARGIN	Average			Income/			Yield/		Average			Income/			Yield/
(in $000’s, unaudited)	Balance			Expense			Rate		Balance			Expense			Rate
Assets:
Loans, core bank	$	2,945,072			39,758		5.47	%	$	2,899,347		$	39,852		5.47	%
Prepayment fees		—			224		0.03	%		—			35		0.00	%
Bay View Funding factored receivables		60,250			2,942		19.80	%		59,153			3,084		20.74	%
Purchased residential mortgages		427,963			3,597		3.41	%		434,846			3,732		3.41	%
Loan fair value mark / accretion		(1,981	)		181		0.02	%		(2,357	)		429		0.06	%
Loans, gross ⁽¹⁾⁽²⁾		3,431,304			46,702		5.52	%		3,390,989			47,132		5.53	%
Securities – taxable		876,092			5,559		2.57	%		800,174			4,475		2.22	%
Securities – exempt from Federal tax ⁽³⁾		30,480			275		3.66	%		30,570			274		3.57	%
Other investments and interest-bearing deposits
in other financial institutions		850,441			9,354		4.46	%		1,014,253			12,220		4.79	%
Total interest earning assets ⁽³⁾		5,188,317			61,890		4.84	%		5,235,986			64,101		4.87	%
Cash and due from banks		31,869								32,569
Premises and equipment, net		10,007								10,301
Goodwill and other intangible assets		173,895								174,401
Other assets		155,808								154,583
Total assets	$	5,559,896							$	5,607,840

Liabilities and shareholders’ equity:
Deposits:
Demand, noninterest-bearing	$	1,167,330							$	1,222,393

Demand, interest-bearing		944,375			1,438		0.62	%		906,581			1,452		0.64	%
Savings and money market		1,323,038			8,073		2.47	%		1,339,397			9,090		2.70	%
Time deposits – under $100		11,383			47		1.67	%		11,388			49		1.71	%
Time deposits – $100 and over		234,421			2,129		3.68	%		234,446			2,310		3.92	%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,036,970			6,248		2.44	%		1,057,286			7,009		2.64	%
Total interest-bearing deposits		3,550,187			17,935		2.05	%		3,549,098			19,910		2.23	%
Total deposits		4,717,517			17,935		1.54	%		4,771,491			19,910		1.66	%

Short-term borrowings		18			—		0.00	%		28			—		0.00	%
Subordinated debt, net of issuance costs		39,667			537		5.49	%		39,629			538		5.40	%
Total interest-bearing liabilities		3,589,872			18,472		2.09	%		3,588,755			20,448		2.27	%
Total interest-bearing liabilities and demand,
noninterest-bearing / cost of funds		4,757,202			18,472		1.57	%		4,811,148			20,448		1.69	%
Other liabilities		109,961								110,429
Total liabilities		4,867,163								4,921,577
Shareholders’ equity		692,733								686,263
Total liabilities and shareholders’ equity	$	5,559,896							$	5,607,840

Net interest income / margin ⁽³⁾					43,418		3.39	%					43,653		3.32	%
Less tax equivalent adjustment ⁽³⁾					(58	)							(58	)
Net interest income				$	43,360		3.39	%				$	43,595		3.31	%

⁽¹⁾Includes loans held-for-sale. Nonaccrual loans are included in average balances.
⁽²⁾Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $167,000 for the fourth quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $35,000 for the fourth quarter of 2024.
⁽³⁾Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.


	For the Quarter Ended								For the Quarter Ended
	March 31, 2025								March 31, 2024
				Interest			Average					Interest			Average
NET INTEREST INCOME AND NET INTEREST MARGIN	Average			Income/			Yield/		Average			Income/			Yield/
(in $000’s, unaudited)	Balance			Expense			Rate		Balance			Expense			Rate
Assets:
Loans, core bank	$	2,945,072		$	39,758		5.47	%	$	2,795,351		$	37,721		5.43	%
Prepayment fees		—			224		0.03	%		—			24		0.00	%
Bay View Funding factored receivables		60,250			2,942		19.80	%		53,511			2,838		21.33	%
Purchased residential mortgages		427,963			3,597		3.41	%		454,240			3,788		3.35	%
Loan fair value mark / accretion		(1,981	)		181		0.02	%		(3,113	)		229		0.03	%
Loans, gross ⁽¹⁾⁽²⁾		3,431,304			46,702		5.52	%		3,299,989			44,600		5.44	%
Securities – taxable		876,092			5,559		2.57	%		1,042,484			6,183		2.39	%
Securities – exempt from Federal tax ⁽³⁾		30,480			275		3.66	%		31,939			286		3.60	%
Other investments and interest-bearing deposits
in other financial institutions		850,441			9,354		4.46	%		436,093			5,951		5.49	%
Total interest earning assets ⁽³⁾		5,188,317			61,890		4.84	%		4,810,505			57,020		4.77	%
Cash and due from banks		31,869								33,214
Premises and equipment, net		10,007								10,015
Goodwill and other intangible assets		173,895								176,039
Other assets		155,808								148,863
Total assets	$	5,559,896							$	5,178,636

Liabilities and shareholders’ equity:
Deposits:
Demand, noninterest-bearing	$	1,167,330							$	1,177,078

Demand, interest-bearing		944,375			1,438		0.62	%		920,048			1,554		0.68	%
Savings and money market		1,323,038			8,073		2.47	%		1,067,581			6,649		2.50	%
Time deposits – under $100		11,383			47		1.67	%		10,945			42		1.54	%
Time deposits – $100 and over		234,421			2,129		3.68	%		221,211			2,064		3.75	%
ICS/CDARS – interest-bearing demand, money market
and time deposits		1,036,970			6,248		2.44	%		963,287			6,611		2.76	%
Total interest-bearing deposits		3,550,187			17,935		2.05	%		3,183,072			16,920		2.14	%
Total deposits		4,717,517			17,935		1.54	%		4,360,150			16,920		1.56	%

Short-term borrowings		18			—		0.00	%		15			—		0.00	%
Subordinated debt, net of issuance costs		39,667			537		5.49	%		39,516			538		5.48	%
Total interest-bearing liabilities		3,589,872			18,472		2.09	%		3,222,603			17,458		2.18	%
Total interest-bearing liabilities and demand,
noninterest-bearing / cost of funds		4,757,202			18,472		1.57	%		4,399,681			17,458		1.60	%
Other liabilities		109,961								106,663
Total liabilities		4,867,163								4,506,344
Shareholders’ equity		692,733								672,292
Total liabilities and shareholders’ equity	$	5,559,896							$	5,178,636

Net interest income / margin ⁽³⁾					43,418		3.39	%					39,562		3.31	%
Less tax equivalent adjustment ⁽³⁾					(58	)							(60	)
Net interest income				$	43,360		3.39	%				$	39,502		3.30	%

⁽¹⁾Includes loans held-for-sale. Nonaccrual loans are included in average balances.
⁽²⁾Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $214,000 for the first quarter of 2025, compared to $160,000 for the first quarter of 2024. Prepayment fees totaled $224,000 for the first quarter of 2025, compared to $24,000 for the first quarter of 2024.
⁽³⁾Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Management considers tangible book value per share as a useful measurement of the Company’s equity. The Company references the return on average tangible common equity and the return on average tangible assets as measurements of profitability.

The following table summarizes components of the tangible book value per share at the dates indicated:


TANGIBLE BOOK VALUE PER SHARE	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Capital components:
Total Equity (GAAP)	$	696,190		$	689,727		$	685,352		$	679,199		$	676,296
Less: Preferred Stock		—			—			—			—			—
Total Common Equity		696,190			689,727			685,352			679,199			676,296
Less: Goodwill		(167,631	)		(167,631	)		(167,631	)		(167,631	)		(167,631	)
Less: Other Intangible Assets		(5,986	)		(6,439	)		(6,966	)		(7,521	)		(8,074	)
Total Tangible Common Equity (non-GAAP)	$	522,573		$	515,657		$	510,755		$	504,047		$	500,591

Common shares outstanding at period-end		61,611,121			61,348,095			61,297,344			61,292,094			61,253,625

Tangible book value per share (non-GAAP)	$	8.48		$	8.41		$	8.33		$	8.22		$	8.17

The following tables summarize components of the annualized return on average tangible common equity and the annualized return on average tangible assets for the periods indicated:


RETURN ON AVERAGE TANGIBLE COMMON	For the Quarter Ended:
EQUITY AND AVERAGE TANGIBLE COMMON ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024					2024			2024				2024
Net income	$	11,626			$	10,621			$	10,507			$	9,234			$	10,166

Average tangible common equity components:
Average Equity (GAAP)	$	692,733			$	686,263			$	680,404			$	675,108			$	672,292
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(6,264	)			(6,770	)			(7,322	)			(7,867	)			(8,408	)
Total Average Tangible Common Equity (non-GAAP)	$	518,838			$	511,862			$	505,451			$	499,610			$	496,253

Annualized return on average tangible common equity (non-GAAP)		9.09		%		8.25		%		8.27		%		7.43		%		8.24		%

Average tangible assets components:
Average Assets (GAAP)	$	5,559,896			$	5,607,840			$	5,352,067			$	5,213,171			$	5,178,636
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(6,264	)			(6,770	)			(7,322	)			(7,867	)			(8,408	)
Total Average Tangible Assets (non-GAAP)	$	5,386,001			$	5,433,439			$	5,177,114			$	5,037,673			$	5,002,597

Annualized return on average tangible assets (non-GAAP)		0.88		%		0.78		%		0.81		%		0.74		%		0.82		%

Management reviews yields on certain asset categories and the net interest margin of the Company on an FTE basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. The following tables summarize components of FTE net interest income of the Company for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Net interest income before
credit losses on loans (GAAP)	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Tax-equivalent adjustment on securities –
exempt from Federal tax		58			58			59			60			60
Net interest income, FTE (non-GAAP)	$	43,418		$	43,653		$	39,388		$	38,927		$	39,562

Average balance of total interest earning assets	$	5,188,317		$	5,235,986		$	4,980,082		$	4,840,670		$	4,810,505

Net interest margin (annualized net interest income divided by the
average balance of total interest earnings assets) (GAAP)		3.39	%		3.31	%		3.14	%		3.23	%		3.30	%

Net interest margin, FTE (annualized net interest income, FTE,
divided by the average balance of total
earnings assets) (non-GAAP)		3.39	%		3.32	%		3.15	%		3.23	%		3.31	%

Management views its non-GAAP PPNR as a key metric for assessing the Company’s earnings power. The following table summarizes the components of PPNR for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024


Net interest income before credit losses on loans	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Noninterest income		2,696			2,775			2,826			2,864			2,638
Total revenue		46,056			46,370		$	42,155		$	41,731		$	42,140
Less: Noninterest expense		(29,456	)		(30,304	)		(27,555	)		(28,188	)		(27,536	)
PPNR (non-GAAP)	$	16,600		$	16,066		$	14,600		$	13,543		$	14,604

The efficiency ratio is a non-GAAP financial measure, which is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income), and measures how much it costs to produce one dollar of revenue. The following tables summarize components of the efficiency ratio of the Company for the periods indicated:


	For the Quarter Ended:
	March 31,			December 31,			September 30,			June 30,			March 31,
(in $000’s, unaudited)	2025			2024			2024			2024			2024
Noninterest expense	$	29,456		$	30,304		$	27,555		$	28,188		$	27,536

Net interest income before credit losses on loans	$	43,360		$	43,595		$	39,329		$	38,867		$	39,502
Noninterest income		2,696			2,775			2,826			2,864			2,638
Total revenue	$	46,056		$	46,370		$	42,155		$	41,731		$	42,140

Efficiency ratio (noninterest expense divided
by total revenue) (non-GAAP)		63.96	%		65.35	%		65.37	%		67.55	%		65.34	%

Management considers the tangible common equity ratio as a useful measurement of the Company’s and the Bank’s equity. The following table summarizes components of the tangible common equity to tangible assets ratio of the Company at the dates indicated:


TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024				2024				2024				2024
Capital components:
Total Equity (GAAP)	$	696,190			$	689,727			$	685,352			$	679,199			$	676,296
Less: Preferred Stock		—				—				—				—				—
Total Common Equity		696,190				689,727				685,352				679,199				676,296
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Common Equity (non-GAAP)	$	522,573			$	515,657			$	510,755			$	504,047			$	500,591

Asset components:
Total Assets (GAAP)	$	5,514,255			$	5,645,006			$	5,551,596			$	5,263,024			$	5,256,074
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Assets (non-GAAP)	$	5,340,638			$	5,470,936			$	5,376,999			$	5,087,872			$	5,080,369

Tangible common equity / tangible assets (non-GAAP)		9.78		%		9.43		%		9.50		%		9.91		%		9.85		%

The following table summarizes components of the tangible common equity to tangible assets ratio of the Bank at the dates indicated:


TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS	March 31,				December 31,				September 30,				June 30,				March 31,
(in $000’s, unaudited)	2025				2024				2024				2024				2024
Capital components:
Total Equity (GAAP)	$	715,605			$	709,379			$	704,585			$	697,964			$	694,543
Less: Preferred Stock		—				—				—				—				—
Total Common Equity		715,605				709,379				704,585				697,964				694,543
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Common Equity (non-GAAP)	$	541,988			$	535,309			$	529,988			$	522,812			$	518,838

Asset components:
Total Assets (GAAP)	$	5,512,160			$	5,641,646			$	5,548,576			$	5,260,500			$	5,254,044
Less: Goodwill		(167,631	)			(167,631	)			(167,631	)			(167,631	)			(167,631	)
Less: Other Intangible Assets		(5,986	)			(6,439	)			(6,966	)			(7,521	)			(8,074	)
Total Tangible Assets (non-GAAP)	$	5,338,543			$	5,467,576			$	5,373,979			$	5,085,348			$	5,078,339

Tangible common equity / tangible assets (non-GAAP)		10.15		%		9.79		%		9.86		%		10.28		%		10.22		%

The MIL Network –

April 25, 2025

MIL-OSI: OceanFirst Financial Corp. Announces First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

RED BANK, N.J., April 24, 2025 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $20.5 million, or $0.35 per diluted share, for the quarter ended March 31, 2025, a decrease from $27.7 million, or $0.47 per diluted share, for the corresponding prior year period, and a decrease from $20.9 million, or $0.36 per diluted share, for the linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,
	March 31,		December 31,		March 31,
Performance Ratios (Annualized):	2025		2024		2024
Return on average assets	0.62	%	0.61	%	0.82	%
Return on average stockholders’ equity	4.85		4.88		6.65
Return on average tangible stockholders’ equity ^(a)	7.05		7.12		9.61
Return on average tangible common equity ^(a)	7.40		7.47		10.09
Efficiency ratio	65.67		67.86		59.56
Net interest margin	2.90		2.69		2.81

_{^(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.}

Core earnings¹ for the quarter ended March 31, 2025 were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, for the corresponding prior year period, and a decrease from $22.1 million, or $0.38 per diluted share, for the linked quarter.

Core earnings PTPP¹ for the quarter ended March 31, 2025 was $32.4 million, or $0.56 per diluted share, as compared to $36.2 million, or $0.62 per diluted share, for the corresponding prior year period, and $29.6 million, or $0.51 per diluted share, for the linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,
	March 31,			December 31,			March 31,
Core Ratios¹(Annualized):		2025			2024			2024
Return on average assets		0.62	%		0.65	%		0.76	%
Return on average tangible stockholders’ equity		7.00			7.51			8.91
Return on average tangible common equity		7.34			7.89			9.36
Efficiency ratio		65.81			67.74			61.05
Core diluted earnings per share	$	0.35		$	0.38		$	0.44
Core PTPP diluted earnings per share		0.56			0.51			0.62

Key developments for the recent quarter are described below:

Margin Expansion: Net interest margin increased 21 basis points to 2.90%, from 2.69%, and net interest income increased by $3.3 million to $86.7 million driven by a decrease in total cost of deposits to 2.06% from 2.32% in the linked quarter.
Commercial Loans: Commercial and industrial loans increased $95.1 million, or 6.1% as compared to the linked quarter. Additionally, the total commercial loan pipeline increased 90% to $375.6 million from $197.5 million in the linked quarter.
Provision for Credit Losses: Provision for credit losses was $5.3 million reflecting a net loan reserve build of $5.2 million, primarily driven by elevated uncertainty around macroeconomic conditions. This resulted in an increase of five basis points in the allowance for loan credit losses to total loans to 0.78%. Criticized and classified loans decreased by 5% to $149.3 million compared to the linked quarter, providing strong evidence of stable credit performance for the Company’s loan portfolio.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to present our current quarter results, which reflect a meaningful expansion of net interest income and net interest margin, continued strong asset quality metrics, and further capital accretion, including share repurchases.” Mr. Maher added, “Additionally, we understand the increased market uncertainty and volatility, but we have confidence that the Company is well-positioned. Finally, we are pleased that the first quarter talent recruiting season has resulted in a robust addition of commercial banking talent. Reflecting the strength of the commercial banking platform we have built, 36 highly experienced commercial bankers have joined OceanFirst this year.”

The Company’s Board of Directors declared its 113th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on May 16, 2025 to common stockholders of record on May 5, 2025. The Company’s Board of Directors also previously declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on May 15, 2025 to preferred stockholders of record on April 30, 2025. The Company has notified the preferred stockholders that it intends to redeem the Series A Preferred Stock in full on May 15, 2025.

_{¹ Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Results of Operations

The current quarter was impacted by a decrease in average interest earning assets and liabilities, benefited from funding cost repricing efforts, and included a sale of non-performing residential and consumer loans of $5.1 million, which had related charge-offs of $720,000. Additionally, the current quarter included non-recurring benefits of $842,000 in other income and $1.3 million in normal incentive related adjustments.

Net Interest Income and Margin

Three months ended March 31, 2025 vs. March 31, 2024

Net interest income increased to $86.7 million, from $86.2 million, primarily reflecting the net impact of the decreasing interest rate environment. Net interest margin increased to 2.90%, from 2.81%, which included the impact of purchase accounting accretion and prepayment fees of 0.03% and 0.04%, respectively. Net interest margin increased primarily due to the decrease in cost of funds outpacing the decrease in yield on average interest-earning assets.

Average interest-earning assets decreased by $238.4 million primarily due to a decrease in commercial loans and securities. The average yield for interest-earning assets decreased to 5.13%, from 5.26%.

The cost of average interest-bearing liabilities decreased to 2.78%, from 3.03%, primarily due to lower cost of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits decreased 25 basis points to 2.06%, from 2.31%. Average interest-bearing liabilities decreased by $226.1 million, primarily due to decreases in savings, time deposits and other borrowings, largely offset by an increase in FHLB advances.

Three months ended March 31, 2025 vs. December 31, 2024

Net interest income increased by $3.3 million and net interest margin increased to 2.90%, from 2.69%, primarily reflecting the impact of deposit repricing. Net interest income included the impact of purchase accounting accretion and prepayment fees of 0.03% in the current quarter and none in the prior quarter.

Average interest-earning assets decreased by $219.5 million, primarily due to decreases in securities and interest-earning cash deposits. The yield on average interest-earning assets decreased to 5.13%, from 5.15%.

Average interest-bearing liabilities decreased by $211.3 million, primarily due to decreases in deposits and other borrowings, partly offset by an increase in FHLB advances. The total cost of average interest-bearing liabilities decreased to 2.78%, from 3.04%, primarily due to lower cost of deposits. The total cost of deposits decreased to 2.06%, from 2.32%.

Provision for Credit Losses

Provision for credit losses for the quarter ended March 31, 2025 was $5.3 million, as compared to $591,000 for the corresponding prior year period and $3.5 million for the linked quarter. The linked quarter included a $1.4 million initial provision for credit losses related to the acquisition of Spring Garden. The current quarter provision was primarily driven by elevated uncertainty around macroeconomic conditions.

Net loan charge-offs were $636,000 for the quarter ended March 31, 2025, as compared to net loan charge-offs of $349,000 for the corresponding prior year period and net loan recoveries of $158,000 in the linked quarter. The current quarter includes charge-offs of $720,000 related to the sale of $5.1 million non-performing residential and consumer loans. Refer to “Results of Operations” section for further discussion.

Non-interest Income

Three months ended March 31, 2025 vs. March 31, 2024

Other income decreased to $11.3 million, as compared to $12.3 million. Other income was favorably impacted by non-core operations of $205,000 related to net gains on equity investments in the current quarter. The prior year other income was favorably impacted by non-core operations of $3.1 million related to net gains on equity investments and a gain on sale of a portion of the Company’s trust business.

Excluding non-core operations, other income increased by $1.8 million. The primary drivers were increases related to net gain on sale of loans of $501,000, commercial loan swap income of $482,000, and an increase in non-recurring other income of $842,000 as noted above.

Three months ended March 31, 2025 vs. December 31, 2024

Excluding non-core operations, other income decreased by $1.2 million from $12.2 million in the linked quarter. The primary drivers were decreases in fees and service charges of $1.5 million, primarily due to lower title fee income as a result of seasonality, and income from bank owned life insurance of $686,000, related to non-recurring death benefits of $768,000 in the linked quarter. This was partly offset by increases in commercial loan swap income of $534,000 and non-recurring other income of $842,000 noted above.

Non-interest Expense

Three months ended March 31, 2025 vs. March 31, 2024

Operating expenses increased to $64.3 million, as compared to $58.7 million. Operating expenses in the prior year were adversely impacted by non-core operations of $418,000 from an FDIC special assessment.

Excluding non-core operations, operating expenses increased by $6.0 million. The primary driver was an increase in compensation and benefits of $4.0 million, mostly due to acquisitions at the end of the prior year and annual merit increases. Additional drivers were increases in other operating expenses of $1.0 million, due to additional loan servicing expense, and increases in data processing expense of $691,000, partly due to acquisitions at the end of the prior year.

Three months ended March 31, 2025 vs. December 31, 2024

Operating expenses in the linked quarter were $64.8 million and were adversely impacted by non-core items of $110,000 from merger-related expenses. Excluding non-core operations, operating expenses decreased by $445,000. This included a decrease in normal incentive related adjustments of $1.3 million, offset by annual merit increases during the year. Additionally, there were decreases in other operating expense of $840,000, mostly related to lower title costs and marketing of $507,000. This was partly offset by an increase in federal deposit insurance and regulatory assessments of $466,000.

Income Tax Expense

The provision for income taxes was $6.8 million for the quarter ended March 31, 2025, as compared to $10.6 million for the same prior year period and $5.1 million for the linked quarter. The effective tax rate was 24.1% for the quarter ended March 31, 2025, as compared to 27.1% for the same prior year period and 18.7% for the linked quarter. The prior year’s effective tax rate was negatively impacted by 3.0% due to a one-time write-off of a deferred tax asset of $1.2 million. The linked quarter’s effective tax rate was positively impacted by utilization of higher tax credits.

Financial Condition

March 31, 2025 vs. December 31, 2024

Total assets decreased by $112.0 million to $13.31 billion, from $13.42 billion, primarily due to decreases in total debt securities. Debt securities available-for-sale decreased by $81.3 million to $746.2 million, from $827.5 million, primarily due to principal reductions, maturities and calls. Debt securities held-to-maturity decreased by $40.4 million to $1.01 billion, from $1.05 billion, primarily due to principal repayments. Loans held-for-sale decreased by $11.5 million to $9.7 million from $21.2 million. Total loans increased by $7.2 million to $10.13 billion, from $10.12 billion, while the loan pipeline increased by $197.8 million to $504.4 million, from $306.7 million. Other assets decreased by $14.9 million to $170.8 million, from $185.7 million, primarily due to a decrease in market values associated with customer interest rate swap programs.

Total liabilities decreased by $118.3 million to $11.60 billion, from $11.72 billion primarily related to a funding mix-shift. Deposits increased by $110.7 million to $10.18 billion, from $10.07 billion, primarily due to increases in non-interest bearing, savings and time deposits. Time deposits increased to $2.12 billion, from $2.08 billion, representing 20.8% and 20.7% of total deposits, respectively. Time deposits included an increase in brokered time deposits of $295.8 million, offset by a decrease in retail time deposits of $251.1 million. The loan-to-deposit ratio was 99.5%, as compared to 100.5%. FHLB advances decreased by $181.6 million to $891.0 million, from $1.07 billion partly driven by a shift to slightly favorably priced brokered deposits.

Other liabilities decreased by $58.0 million to $240.4 million, from $298.4 million, primarily due to a decrease in the market values of derivatives associated with customer interest rate swaps and related collateral received from counterparties.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at March 31, 2025, including the Company’s estimated common equity tier one capital ratio which remained at 11.2%.

Total stockholders’ equity increased to $1.71 billion, as compared to $1.70 billion, primarily reflecting net income, partially offset by capital returns comprising of dividends and share repurchases. During the quarter ended March 31, 2025, the Company repurchased 398,395 shares totaling $6.9 million representing a weighted average cost of $17.20. The Company had 1,228,863 shares available for repurchase under the authorized repurchase program. Additionally, accumulated other comprehensive loss decreased by $2.6 million primarily due to increases in fair market value of available-for-sale debt securities, net of tax.

The Company’s tangible common equity² increased by $7.3 million to $1.12 billion. The Company’s stockholders’ equity to assets ratio was 12.84% at March 31, 2025, and tangible common equity to tangible assets ratio increased by 14 basis points during the quarter to 8.76%, primarily due to the drivers described above.

Book value per common share increased to $29.27, as compared to $29.08. Tangible book value per common share² increased to $19.16, as compared to $18.98.

_{² Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Asset Quality

March 31, 2025 vs. December 31, 2024

The Company’s non-performing loans increased to $37.0 million, from $35.5 million, and represented 0.37% and 0.35% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 213.14%, as compared to 207.19%. The level of 30 to 89 days delinquent loans increased to $46.2 million, from $36.6 million, primarily related to commercial loans. Criticized and classified assets, including other real estate owned, decreased to $151.2 million, from $159.9 million. The Company’s allowance for loan credit losses was 0.78% of total loans, as compared to 0.73%. Refer to “Provision for Credit Losses” section for further discussion.

The Company’s asset quality, excluding purchased with credit deterioration (“PCD”) loans, was as follows. Non-performing loans increased to $29.2 million, from $27.6 million. The allowance for loan credit losses as a percentage of total non-performing loans was 269.43%, as compared to 266.73%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, increased to $35.8 million, from $33.6 million.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Annual Meeting

The Company previously announced that its Annual Meeting of Stockholders will be held on Monday, May 19, 2025 at 8:00 a.m. Eastern Time. The record date for stockholders to vote at the Annual Meeting is Tuesday, March 25, 2025. Voting before the meeting is encouraged, even for stockholders planning to participate in the virtual webcast. Votes may be submitted by telephone or online according to the instructions on the proxy card or by mail. A link to the live webcast is available by visiting oceanfirst.com – Investor Relations. Access will begin at 7:45 a.m. Eastern Time to allow time for stockholders to log-in with the control number provided on the proxy card prior to the 8:00 a.m. Eastern Time scheduled start. Eligible stockholders may also vote during the live meeting online at www.virtualshareholdermeeting.com/OCFC2025 by entering the 16-digit control number included on the proxy card or notice. As a reminder, participants of the meeting are not required to vote. Additional information regarding virtual access to the meeting will be distributed prior to the meeting.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, April 25, 2025 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 934356. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (855) 762-8306, from one hour after the end of the call until May 2, 2025. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com.

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A – Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)

	March 31,		December 31,		March 31,
		2025		2024		2024
	(Unaudited)				(Unaudited)
Assets
Cash and due from banks	$	163,721	$	123,615	$	130,422
Debt securities available-for-sale, at estimated fair value		746,168		827,500		744,944
Debt securities held-to-maturity, net of allowance for securities credit losses of $898 at March 31, 2025, $967 at December 31, 2024, and $1,058 at March 31, 2024 (estimated fair value of $926,075 at March 31, 2025, $952,917 at December 31, 2024, and $1,029,965 at March 31, 2024)		1,005,476		1,045,875		1,128,666
Equity investments		87,365		84,104		103,201
Restricted equity investments, at cost		102,172		108,634		85,689
Loans receivable, net of allowance for loan credit losses of $78,798 at March 31, 2025, $73,607 at December 31, 2024, and $67,173 at March 31, 2024		10,058,072		10,055,429		10,068,209
Loans held-for-sale		9,698		21,211		4,702
Interest and dividends receivable		44,843		45,914		52,502
Other real estate owned		1,917		1,811		—
Premises and equipment, net		114,588		115,256		119,211
Bank owned life insurance		269,398		270,208		266,615
Assets held for sale		—		—		28
Goodwill		523,308		523,308		506,146
Intangibles		11,740		12,680		8,669
Other assets		170,812		185,702		199,974
Total assets	$	13,309,278	$	13,421,247	$	13,418,978
Liabilities and Stockholders’ Equity
Deposits	$	10,177,023	$	10,066,342	$	10,236,851
Federal Home Loan Bank advances		891,021		1,072,611		658,436
Securities sold under agreements to repurchase with customers		65,132		60,567		66,798
Other borrowings		197,808		197,546		425,722
Advances by borrowers for taxes and insurance		28,789		23,031		28,187
Other liabilities		240,388		298,393		337,147
Total liabilities		11,600,161		11,718,490		11,753,141
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity		1,708,322		1,701,650		1,665,112
Non-controlling interest		795		1,107		725
Total stockholders’ equity		1,709,117		1,702,757		1,665,837
Total liabilities and stockholders’ equity	$	13,309,278	$	13,421,247	$	13,418,978

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

	For the Three Months Ended,
	March 31,			December 31,			March 31,
		2025			2024			2024
	\|———————- (Unaudited) ———————-\|
Interest income:
Loans	$	133,019		$	135,438		$	137,121
Debt securities		17,270			19,400			19,861
Equity investments and other		3,414			4,782			4,620
Total interest income		153,703			159,620			161,602
Interest expense:
Deposits		51,046			59,889			59,855
Borrowed funds		16,005			16,402			15,523
Total interest expense		67,051			76,291			75,378
Net interest income		86,652			83,329			86,224
Provision for credit losses		5,340			3,467			591
Net interest income after provision for credit losses		81,312			79,862			85,633
Other income:
Bankcard services revenue		1,463			1,595			1,416
Trust and asset management revenue		406			416			526
Fees and service charges		4,712			6,207			4,473
Net gain on sales of loans		858			1,076			357
Net gain (loss) on equity investments		205			(5	)		1,923
Net loss from other real estate operations		(16	)		(20	)		—
Income from bank owned life insurance		1,852			2,538			1,862
Commercial loan swap income		620			86			138
Other		1,153			339			1,591
Total other income		11,253			12,232			12,286
Operating expenses:
Compensation and employee benefits		36,740			36,602			32,759
Occupancy		5,497			5,280			5,199
Equipment		921			1,026			1,130
Marketing		1,108			1,615			990
Federal deposit insurance and regulatory assessments		2,983			2,517			3,135
Data processing		6,647			6,366			5,956
Check card processing		1,170			1,134			1,050
Professional fees		2,425			2,620			2,732
Amortization of intangibles		940			876			844
Merger related expenses		—			110			—
Other operating expense		5,863			6,703			4,877
Total operating expenses		64,294			64,849			58,672
Income before provision for income taxes		28,271			27,245			39,247
Provision for income taxes		6,808			5,083			10,637
Net income		21,463			22,162			28,610
Net (loss) income attributable to non-controlling interest		(46	)		253			(57	)
Net income attributable to OceanFirst Financial Corp.		21,509			21,909			28,667
Dividends on preferred shares		1,004			1,004			1,004
Net income available to common stockholders	$	20,505		$	20,905		$	27,663
Basic earnings per share	$	0.35		$	0.36		$	0.47
Diluted earnings per share	$	0.35		$	0.36		$	0.47
Average basic shares outstanding		58,102			58,026			58,789
Average diluted shares outstanding		58,111			58,055			58,791

OceanFirst Financial Corp.
SELECTEDLOANAND DEPOSIT DATA
(dollars in thousands)

LOANS RECEIVABLE			At
			March 31,			December 31,			September 30,			June 30,			March 31,
				2025			2024			2024			2024			2024
Commercial:
Commercial real estate – investor			$	5,200,137		$	5,287,683		$	5,273,159		$	5,324,994		$	5,322,755
Commercial and industrial:
Commercial and industrial – real estate ⁽¹⁾				896,647			902,219			841,930			857,710			914,582
Commercial and industrial – non-real estate ⁽¹⁾				748,575			647,945			660,879			616,400			677,176
Total commercial and industrial				1,645,222			1,550,164			1,502,809			1,474,110			1,591,758
Total commercial				6,845,359			6,837,847			6,775,968			6,799,104			6,914,513
Consumer:
Residential real estate				3,053,318			3,049,763			3,003,213			2,977,698			2,965,276
Home equity loans and lines and other consumer (“other consumer”)				226,633			230,462			242,975			242,526			245,859
Total consumer				3,279,951			3,280,225			3,246,188			3,220,224			3,211,135
Total loans				10,125,310			10,118,072			10,022,156			10,019,328			10,125,648
Deferred origination costs (fees), net				11,560			10,964			10,508			10,628			9,734
Allowance for loan credit losses				(78,798	)		(73,607	)		(69,066	)		(68,839	)		(67,173	)
Loans receivable, net			$	10,058,072		$	10,055,429		$	9,963,598		$	9,961,117		$	10,068,209
Mortgage loans serviced for others			$	222,963		$	191,279		$	142,394		$	104,136		$	89,555
	At March 31, 2025 Average Yield
Loan pipeline ⁽²⁾:
Commercial	7.37	%	$	375,622		$	197,491		$	199,818		$	166,206		$	66,167
Residential real estate	6.41			116,121			97,385			137,978			80,330			57,340
Other consumer	8.51			12,681			11,783			13,788			12,586			13,030
Total	7.18	%	$	504,424		$	306,659		$	351,584		$	259,122		$	136,537

	For the Three Months Ended
	March 31,					December 31,		September 30,		June 30,		March 31,
	2025						2024		2024		2024		2024
	Average Yield
Loan originations:
Commercial ⁽³⁾	7.61	%	$	233,968		$	268,613	$	245,886	$	56,053	$	123,010
Residential real estate	6.53			167,162			235,370		169,273		121,388		78,270
Other consumer	8.49			15,825			11,204		15,760		16,970		11,405
Total	7.21	%	$	416,955		$	515,187	$	430,919	$	194,411	$	212,685
Loans sold			$	104,991	⁽⁴⁾	$	127,508	$	65,296	$	45,045	$	29,965

_⁽¹⁾	_{During the quarter ended March 31, 2025, the Company retrospectively reclassified loans which were previously referred to as ‘commercial real estate – owner occupied’ and ‘commercial and industrial’ to ‘commercial and industrial – real estate’ and ‘commercial and industrial – non-real estate’, respectively. Collectively, these loans are referred to as ‘commercial and industrial’.}
_⁽²⁾	_{Loan pipeline includes loans approved but not funded.}
_⁽³⁾	_{Excludes commercial loan pool purchases of $24.3 million and $76.1 million for the three months ended March 31, 2025 and December 31, 2024, respectively.}
_⁽⁴⁾	_{Excludes sale of non-performing residential and consumer loans of $5.1 million for the three months ended March 31, 2025.}

DEPOSITS	At
	March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Type of Account
Non-interest-bearing	$	1,660,738	$	1,617,182	$	1,638,447	$	1,632,521	$	1,639,828
Interest-bearing checking		4,006,653		4,000,553		3,896,348		3,667,837		3,865,699
Money market		1,337,570		1,301,197		1,288,555		1,210,312		1,150,979
Savings		1,052,504		1,066,438		1,071,946		1,115,688		1,260,309
Time deposits ⁽¹⁾		2,119,558		2,080,972		2,220,871		2,367,659		2,320,036
Total deposits	$	10,177,023	$	10,066,342	$	10,116,167	$	9,994,017	$	10,236,851

_⁽¹⁾	_{Includes brokered time deposits of $370.5 million, $74.7 million, $201.0 million, $401.6 million, and $543.4 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.}

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)

	March 31,			December 31,			September 30,			June 30,			March 31,
ASSET QUALITY⁽¹⁾		2025			2024			2024			2024			2024
Non-performing loans:
Commercial real estate – investor	$	23,595		$	17,000		$	12,478		$	19,761		$	21,507
Commercial and industrial:
Commercial and industrial – real estate		4,690			4,787			4,368			4,081			3,355
Commercial and industrial – non-real estate		22			32			122			434			567
Total commercial and industrial		4,712			4,819			4,490			4,515			3,922
Residential real estate		5,709			10,644			9,108			7,213			7,181
Other consumer		2,954			3,064			2,063			1,933			2,401
Total non-performing loans⁽¹⁾	$	36,970		$	35,527		$	28,139		$	33,422		$	35,011
Other real estate owned		1,917			1,811			—			—			—
Total non-performing assets	$	38,887		$	37,338		$	28,139		$	33,422		$	35,011
Delinquent loans 30 to 89 days	$	46,246		$	36,550		$	15,458		$	9,655		$	17,534
Modifications to borrowers experiencing financial difficulty⁽²⁾
Non-performing (included in total non-performing loans above)	$	8,307		$	3,232		$	3,043		$	3,210		$	3,467
Performing		27,592			27,631			20,652			20,529			8,579
Total modifications to borrowers experiencing financial difficulty⁽²⁾	$	35,899		$	30,863		$	23,695		$	23,739		$	12,046
Allowance for loan credit losses	$	78,798		$	73,607		$	69,066		$	68,839		$	67,173
Allowance for loan credit losses as a percent of total loans receivable⁽³⁾		0.78	%		0.73	%		0.69	%		0.69	%		0.66	%
Allowance for loan credit losses as a percent of total non-performing loans⁽³⁾		213.14			207.19			245.45			205.97			191.86
Non-performing loans as a percent of total loans receivable		0.37			0.35			0.28			0.33			0.35
Non-performing assets as a percent of total assets		0.29			0.28			0.21			0.25			0.26
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses	$	21,737		$	22,006		$	15,323		$	16,058		$	16,700
Non-performing PCD loans		7,724			7,931			2,887			2,841			3,525
Delinquent PCD and non-performing loans 30 to 89 days		10,489			2,997			1,279			1,188			2,088
PCD modifications to borrowers experiencing financial difficulty⁽²⁾		22			23			24			26			25
Asset quality, excluding PCD loans⁽⁴⁾
Non-performing loans⁽¹⁾		29,246			27,596			25,252			30,581			31,486
Non-performing assets		31,163			29,407			25,252			30,581			31,486
Delinquent loans 30 to 89 days (excludes non-performing loans)		35,757			33,553			14,179			8,467			15,446
Modifications to borrowers experiencing financial difficulty⁽²⁾		35,877			30,840			23,671			23,713			12,021
Allowance for loan credit losses as a percent of total non-performing loans⁽³⁾		269.43	%		266.73	%		273.51	%		225.10	%		213.34	%
Non-performing loans as a percent of total loans receivable		0.29			0.27			0.25			0.31			0.31
Non-performing assets as a percent of total assets		0.23			0.22			0.19			0.23			0.23

_⁽¹⁾	_{The quarter ended March 31, 2025 included the sale of non-performing residential and consumer loans of $5.1 million and the quarter ended September 30, 2024 included the resolution of a single commercial relationship exposure of $7.2 million.}
_⁽²⁾	_{Balances have been revised to represent only modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023.}
_⁽³⁾	_{Loans acquired from acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, was $5.6 million, $6.0 million, $5.7 million, $6.1 million and $7.0 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively.}
_⁽⁴⁾	_{All balances and ratios exclude PCD loans.}

NET LOAN (CHARGE-OFFS) RECOVERIES	For the Three Months Ended
	March 31,				December 31,			September 30,			June 30,				March 31,
		2025				2024			2024			2024				2024
Net loan (charge-offs) recoveries:
Loan charge-offs	$	(798	)		$	(55	)	$	(124	)	$	(1,600	)		$	(441	)
Recoveries on loans		162				213			212			148				92
Net loan (charge-offs) recoveries	$	(636	)		$	158		$	88		$	(1,452	)		$	(349	)
Net loan (charge-offs) recoveries to average total loans (annualized)		0.03	%			NM	*		NM	*		0.06	%			0.01	%
Net loan (charge-offs) recoveries detail:
Commercial	$	25			$	92		$	129		$	(1,576	)	⁽¹⁾	$	(35	)
Residential real estate		(720	)	⁽²⁾		(17	)		(6	)		87				66
Other consumer		59				83			(35	)		37				(380	)
Net loan (charge-offs) recoveries	$	(636	)		$	158		$	88		$	(1,452	)		$	(349	)

_⁽¹⁾	_{The three months ended June 30, 2024 included a charge-off related to a single commercial real estate relationship of $1.6 million.}
_⁽²⁾	_{The three months ended March 31, 2025 included charge-offs of $720,000 related to the sale of non-performing residential loans.}
_^*	_{Not meaningful as amounts are net loan recoveries.}

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME

	For the Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(dollars in thousands)	Average Balance			Interest		Average Yield/ Cost ⁽¹⁾		Average Balance			Interest		Average Yield/ Cost ⁽¹⁾		Average Balance			Interest		Average Yield/ Cost ⁽¹⁾
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	95,439		$	983	4.18	%	$	195,830		$	2,415	4.91	%	$	163,192		$	2,226	5.49	%
Securities ⁽²⁾		2,003,206			19,701	3.99			2,116,911			21,767	4.09			2,098,421			22,255	4.27
Loans receivable, net ⁽³⁾
Commercial		6,781,005			98,260	5.88			6,794,158			101,003	5.91			6,925,048			104,421	6.06
Residential real estate		3,065,679			31,270	4.08			3,049,092			30,455	4.00			2,974,468			28,596	3.85
Other consumer		228,553			3,489	6.19			236,161			3,980	6.70			248,396			4,104	6.65
Allowance for loan credit losses, net of deferred loan costs and fees		(61,854	)		—	—			(60,669	)		—	—			(59,141	)		—	—
Loans receivable, net		10,013,383			133,019	5.37			10,018,742			135,438	5.38			10,088,771			137,121	5.46
Total interest-earning assets		12,112,028			153,703	5.13			12,331,483			159,620	5.15			12,350,384			161,602	5.26
Non-interest-earning assets		1,199,865							1,213,569							1,206,336
Total assets	$	13,311,893						$	13,545,052						$	13,556,720
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,135,952			21,433	2.10	%	$	4,050,428			22,750	2.23	%	$	3,925,965			20,795	2.13	%
Money market		1,322,003			9,353	2.87			1,325,119			10,841	3.25			1,092,003			9,172	3.38
Savings		1,058,015			1,785	0.68			1,070,816			2,138	0.79			1,355,718			4,462	1.32
Time deposits		1,916,109			18,475	3.91			2,212,750			24,160	4.34			2,414,063			25,426	4.24
Total		8,432,079			51,046	2.46			8,659,113			59,889	2.75			8,787,749			59,855	2.74
FHLB Advances		996,293			11,359	4.62			854,748			10,030	4.67			644,818			7,771	4.85
Securities sold under agreements to repurchase		64,314			428	2.70			76,856			513	2.66			68,500			411	2.41
Other borrowings		283,150			4,218	6.04			396,412			5,859	5.88			500,901			7,341	5.89
Total borrowings		1,343,757			16,005	4.83			1,328,016			16,402	4.91			1,214,219			15,523	5.14
Total interest-bearing liabilities		9,775,836			67,051	2.78			9,987,129			76,291	3.04			10,001,968			75,378	3.03
Non-interest-bearing deposits		1,597,972							1,627,376							1,634,583
Non-interest-bearing liabilities		222,951							227,221							247,129
Total liabilities		11,596,759							11,841,726							11,883,680
Stockholders’ equity		1,715,134							1,703,326							1,673,040
Total liabilities and equity	$	13,311,893						$	13,545,052						$	13,556,720
Net interest income				$	86,652						$	83,329						$	86,224
Net interest rate spread ⁽⁴⁾						2.35	%						2.11	%						2.23	%
Net interest margin ⁽⁵⁾						2.90	%						2.69	%						2.81	%
Total cost of deposits (including non-interest-bearing deposits)						2.06	%						2.32	%						2.31	%

_⁽¹⁾	_{Average yields and costs are annualized.}
_⁽²⁾	_{Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.}
_⁽³⁾	_{Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held for sale and non-performing loans.}
_⁽⁴⁾	_{Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.}
_⁽⁵⁾	_{Net interest margin represents net interest income divided by average interest-earning assets.}

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)

	March 31,		December 31,		September 30,		June 30,		March 31,
		2025		2024		2024		2024		2024
Selected Financial Condition Data:
Total assets	$	13,309,278	$	13,421,247	$	13,488,483	$	13,321,755	$	13,418,978
Debt securities available-for-sale, at estimated fair value		746,168		827,500		911,753		721,484		744,944
Debt securities held-to-maturity, net of allowance for securities credit losses		1,005,476		1,045,875		1,075,131		1,105,843		1,128,666
Equity investments		87,365		84,104		95,688		104,132		103,201
Restricted equity investments, at cost		102,172		108,634		98,545		92,679		85,689
Loans receivable, net of allowance for loan credit losses		10,058,072		10,055,429		9,963,598		9,961,117		10,068,209
Deposits		10,177,023		10,066,342		10,116,167		9,994,017		10,236,851
Federal Home Loan Bank advances		891,021		1,072,611		891,860		789,337		658,436
Securities sold under agreements to repurchase and other borrowings		262,940		258,113		501,090		504,490		492,520
Total stockholders’ equity		1,709,117		1,702,757		1,694,508		1,676,669		1,665,837

	For the Three Months Ended,
	March 31,			December 31,			September 30,		June 30,		March 31,
		2025			2024			2024		2024		2024
Selected Operating Data:
Interest income	$	153,703		$	159,620		$	161,525	$	159,426	$	161,602
Interest expense		67,051			76,291			79,306		77,163		75,378
Net interest income		86,652			83,329			82,219		82,263		86,224
Provision for credit losses (excluding Spring Garden)		5,340			2,041			517		3,114		591
Spring Garden opening provision for credit losses		—			1,426			—		—		—
Net interest income after provision for credit losses		81,312			79,862			81,702		79,149		85,633
Other income (excluding equity investments and sale of trust)		11,048			12,237			11,826		10,098		9,201
Net gain (loss) on equity investments		205			(5	)		1,420		887		1,923
Net gain on sale of trust business		—			—			1,438		—		1,162
Operating expenses (excluding FDIC special assessment and merger related expenses)		64,294			64,739			62,067		58,620		58,254
FDIC special assessment		—			—			—		—		418
Merger related expenses		—			110			1,669		—		—
Income before provision for income taxes		28,271			27,245			32,650		31,514		39,247
Provision for income taxes		6,808			5,083			7,464		7,082		10,637
Net income		21,463			22,162			25,186		24,432		28,610
Net (loss) income attributable to non-controlling interest		(46	)		253			70		59		(57	)
Net income attributable to OceanFirst Financial Corp.	$	21,509		$	21,909		$	25,116	$	24,373	$	28,667
Net income available to common stockholders	$	20,505		$	20,905		$	24,112	$	23,369	$	27,663
Diluted earnings per share	$	0.35		$	0.36		$	0.42	$	0.40	$	0.47
Net accretion/amortization of purchase accounting adjustments included in net interest income	$	219		$	20		$	741	$	1,086	$	921

	At or For the Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Selected Financial Ratios and Other Data ^{(1) (2)}:
Performance Ratios (Annualized):
Return on average assets ⁽³⁾	0.62	%	0.61	%	0.71	%	0.70	%	0.82	%
Return on average tangible assets ^{(3) (4)}	0.65		0.64		0.74		0.73		0.85
Return on average stockholders’ equity ⁽³⁾	4.85		4.88		5.68		5.61		6.65
Return on average tangible stockholders’ equity ^{(3) (4)}	7.05		7.12		8.16		8.10		9.61
Return on average tangible common equity ^{(3) (4)}	7.40		7.47		8.57		8.51		10.09
Stockholders’ equity to total assets	12.84		12.69		12.56		12.59		12.41
Tangible stockholders’ equity to tangible assets ⁽⁴⁾	9.19		9.06		9.10		9.08		8.92
Tangible common equity to tangible assets ⁽⁴⁾	8.76		8.62		8.68		8.64		8.49
Net interest rate spread	2.35		2.11		2.06		2.11		2.23
Net interest margin	2.90		2.69		2.67		2.71		2.81
Operating expenses to average assets	1.96		1.90		1.89		1.75		1.74
Efficiency ratio ⁽⁵⁾	65.67		67.86		65.77		62.86		59.56
Loan-to-deposit ratio	99.50		100.50		99.10		100.30		98.90

	At or For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)	$	149,106		$	147,956		$	152,797		$	150,519		$	236,891
Nest Egg AUA/M		453,803			431,434			430,413			403,647			407,478
Total AUA/M		602,909			579,390			583,210			554,166			644,369
Per Share Data:
Cash dividends per common share	$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Book value per common share at end of period		29.27			29.08			29.02			28.67			28.32
Tangible book value per common share at end of period ⁽⁴⁾		19.16			18.98			19.28			18.93			18.63
Common shares outstanding at end of period		58,383,525			58,554,871			58,397,094			58,481,418			58,812,498
Preferred shares outstanding at end of period		57,370			57,370			57,370			57,370			57,370
Number of full-service customer facilities:		39			39			39			39			39
Quarterly Average Balances
Total securities	$	2,003,206		$	2,116,911		$	2,063,633		$	2,058,711		$	2,098,421
Loans receivable, net		10,013,383			10,018,742			9,958,794			10,012,491			10,088,771
Total interest-earning assets		12,112,028			12,331,483			12,232,672			12,203,776			12,350,384
Total goodwill and intangibles		535,657			534,942			513,731			514,535			515,356
Total assets		13,311,893			13,545,052			13,438,696			13,441,218			13,556,720
Time deposits		1,916,109			2,212,750			2,339,370			2,337,458			2,414,063
Total deposits (including non-interest-bearing deposits)		10,030,051			10,286,489			10,175,856			10,173,315			10,422,332
Total borrowings		1,343,757			1,328,016			1,333,245			1,325,372			1,214,219
Total interest-bearing liabilities		9,775,836			9,987,129			9,874,358			9,872,522			10,001,968
Non-interest bearing deposits		1,597,972			1,627,376			1,634,743			1,626,165			1,634,583
Stockholders’ equity		1,715,134			1,703,326			1,689,035			1,674,453			1,673,040
Tangible stockholders’ equity ⁽⁴⁾		1,179,477			1,168,384			1,175,304			1,159,918			1,157,684

Quarterly Yields and Costs
Total securities		3.99	%		4.09	%		4.23	%		4.22	%		4.27	%
Loans receivable, net		5.37			5.38			5.46			5.46			5.46
Total interest-earning assets		5.13			5.15			5.26			5.25			5.26
Time deposits		3.91			4.34			4.58			4.46			4.24
Total cost of deposits (including non-interest-bearing deposits)		2.06			2.32			2.44			2.37			2.31
Total borrowed funds		4.83			4.91			5.07			5.19			5.14
Total interest-bearing liabilities		2.78			3.04			3.20			3.14			3.03
Net interest spread		2.35			2.11			2.06			2.11			2.23
Net interest margin		2.90			2.69			2.67			2.71			2.81

_⁽¹⁾	_{With the exception of end of quarter ratios, all ratios are based on average daily balances.}
_⁽²⁾	_{Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Non-GAAP Reconciliation.”}
_⁽³⁾	_{Ratios for each period are based on net income available to common stockholders.}
_⁽⁴⁾	_{Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Non-GAAP Reconciliation.”}
_⁽⁵⁾	_{Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.}

OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION

	For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Core Earnings:
Net income available to common stockholders (GAAP)	$	20,505		$	20,905		$	24,112		$	23,369		$	27,663
(Less) add non-recurring and non-core items:
Spring Garden opening provision for credit losses		—			1,426			—			—			—
Net (gain) loss on equity investments		(205	)		5			(1,420	)		(887	)		(1,923	)
Net gain on sale of trust business		—			—			(1,438	)		—			(1,162	)
FDIC special assessment		—			—			—			—			418
Merger related expenses		—			110			1,669			—			—
Income tax expense (benefit) on items		49			(388	)		270			188			642
Core earnings (Non-GAAP)	$	20,349		$	22,058		$	23,193		$	22,670		$	25,638
Income tax expense	$	6,808		$	5,083		$	7,464		$	7,082		$	10,637
Provision for credit losses		5,340			3,467			517			3,114			591
Less: non-core provision for credit losses		—			1,426			—			—			—
Less: income tax expense (benefit) on non-core items		49			(388	)		270			188			642
Core earnings PTPP (Non-GAAP)	$	32,448		$	29,570		$	30,904		$	32,678		$	36,224
Core earnings diluted earnings per share	$	0.35		$	0.38		$	0.39		$	0.39		$	0.44
Core earnings PTPP diluted earnings per share	$	0.56		$	0.51		$	0.53		$	0.56		$	0.62

Core Ratios (Annualized):
Return on average assets		0.62	%		0.65	%		0.69	%		0.68	%		0.76	%
Return on average tangible stockholders’ equity		7.00			7.51			7.85			7.86			8.91
Return on average tangible common equity		7.34			7.89			8.24			8.26			9.36
Efficiency ratio		65.81			67.74			66.00			63.47			61.05

	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Tangible Equity:
Total stockholders’ equity	$	1,709,117		$	1,702,757		$	1,694,508		$	1,676,669		$	1,665,837
Less:
Goodwill		523,308			523,308			506,146			506,146			506,146
Intangibles		11,740			12,680			7,056			7,859			8,669
Tangible stockholders’ equity		1,174,069			1,166,769			1,181,306			1,162,664			1,151,022
Less:
Preferred stock		55,527			55,527			55,527			55,527			55,527
Tangible common equity	$	1,118,542		$	1,111,242		$	1,125,779		$	1,107,137		$	1,095,495

Tangible Assets:
Total assets	$	13,309,278		$	13,421,247		$	13,488,483		$	13,321,755		$	13,418,978
Less:
Goodwill		523,308			523,308			506,146			506,146			506,146
Intangibles		11,740			12,680			7,056			7,859			8,669
Tangible assets	$	12,774,230		$	12,885,259		$	12,975,281		$	12,807,750		$	12,904,163

Tangible stockholders’ equity to tangible assets		9.19	%		9.06	%		9.10	%		9.08	%		8.92	%
Tangible common equity to tangible assets		8.76	%		8.62	%		8.68	%		8.64	%		8.49	%

Company Contact:

Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com

The MIL Network –

April 25, 2025

MIL-OSI: APA Corporation and Partners Lagniappe Alaska and Santos Announce Successful Flow Test in Alaska’s North Slope at Sockeye-2 Exploration Well

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 24, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) and its partners Lagniappe Alaska, LLC, an Armstrong company, and Oil Search (Alaska), LLC, a subsidiary of Santos Limited, today announced the results of the successful flow testing of the Sockeye-2 exploratory well. Apache holds a 50% working interest, operator Lagniappe and partner Santos each hold 25% working interests in the 325,411-acre exploratory block located on state lands of the eastern North Slope.

As previously announced, the Sockeye-2 well was successfully drilled to a depth of approximately 10,500 feet and encountered a high-quality Paleocene-aged clastic reservoir with an average porosity of 20%. The vertical Sockeye-2 well was completed in a single 25-foot interval at approximately 9,200 feet TVD, without stimulation. The well performed in line with expectations during the 12-day production test, averaging 2,700 barrels of oil per day during the final flow period, without artificial lift. The results of the flow test indicate significantly higher reservoir quality compared to similar topset discoveries to the west. Further appraisal drilling will determine the ultimate size of the discovery, but the flow test demonstrates the exceptional productivity of this shallow-marine reservoir.

“We are excited about the performance from the Sockeye-2 well, which could greatly benefit the state of Alaska and the U.S.,” said Bill Armstrong, CEO of Armstrong Oil & Gas. “This discovery significantly extends the prolific Brookian topset play first established with our Pikka discovery in 2013.  We have identified analogous anomalies to investigate following on this success.”

“The results from the Sockeye-2 flow test are consistent with our expectations, demonstrating high quality reservoir, confirming our geologic and geophysical models and derisking additional prospectivity in the block. We will evaluate the data from the Sockeye-2 well to determine the next steps in our Alaska program,” added John J. Christmann, APA Corporation CEO.

About APA

APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “continues,” “could,” “estimates,” “expects,” “goals,” “guidance,” “may,” “might,” “outlook,” “possibly,” “potential,” “projects,” “prospects,” “should,” “will,” “would,” and similar references to future periods, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for operations, including statements about our capital plans, drilling plans, production expectations, asset sales, and monetizations. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See “Risk Factors” in APA’s Form 10-K for the year ended December 31, 2024, and in our quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. APA and its subsidiaries undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

Contacts

Investor: (281) 302-2286
Media: (713) 296-7276
Website: www.apacorp.com

APA-G

The MIL Network –

April 25, 2025

MIL-OSI: BayFirst Financial Corp. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., April 24, 2025 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported a net loss of $0.3 million, or $0.17 per common share and diluted common share, for the first quarter of 2025, a decrease of 103.4% compared to $9.8 million, or $2.27 per common share or $2.11 per diluted common share, in the fourth quarter of 2024.

“While we were encouraged by net interest margin expansion and steady operating expenses during the quarter, our operating results were impacted by deteriorating economic conditions, resulting in net charge-offs and provision expense continuing to be elevated and lower valuations on our portfolio of loans measured at fair value,” stated Thomas G. Zernick, Chief Executive Officer. “Our business customers have been impacted by inflationary pressures, the continued high interest rate environment, recent macro economic changes and the resulting uncertainty. While we wait for clarity regarding the level and duration of the tariffs and begin to see the impact to the general economy from the recent policy changes, we will continue our practice of robust loan oversight and maintain close contact with our borrowers to better understand the longer-term implication to their businesses.”

“Part of our strategic plan is to grow recurring revenue through net interest income, thereby resulting in less reliance on the gain on sale from government guaranteed loans,” Zernick continued. “A critical element of this strategy focuses on growing our low-cost deposit account base to fund our rapidly expanding conventional commercial and consumer loan portfolios. During the quarter, we did a good job of growing core deposit accounts while letting higher-cost time deposits run off. We serve individuals, families and small businesses, with a focus on checking and savings accounts which are not only less rate sensitive but also are far less volatile. Moreover, our focus on providing checking and savings accounts to a broad segment of the communities we serve expands our overall franchise in the attractive Tampa Bay region and increases opportunities for offering consumer loans, residential mortgages, and small business loans throughout our markets. As management works diligently to address credit concerns moving forward, we are exploring strategies to de-risk unguaranteed SBA loan balances on our balance sheet including portfolio sales and continuing to strengthen credit underwriting on SBA 7(a) loans.”

“One of the highlights of the first quarter was strong loan growth within the community bank, supported by steady loan demand in the greater Tampa Bay market,” said Zernick. “Total loans held for investment increased nearly 2% during the first quarter and 16% over the past year. Community bank loans increased 4% during the current quarter, which included increases in CRE and consumer loans, while government guaranteed loan balances decreased 2% during the quarter. Despite a volatile national economic environment, our focus on local relationships and personalized banking solutions remains at the core of our success. We remain confident in our ability to return to profitability and drive long-term shareholder value while staying true to our mission of supporting the financial well-being of our local communities.”

First Quarter 2025 Performance Review

Net interest margin was 3.77% in the first quarter of 2025, an increase of 17 basis points from 3.60% in the fourth quarter of 2024 and an increase of 35 basis points from 3.42% in the first quarter of 2024.
The Company’s government guaranteed loan team originated $106.3 million in new loans during the first quarter of 2025, a slight decrease from $107.8 million of loans produced in the previous quarter, and a decrease from $130.6 million of loans produced during the first quarter of 2024. Since the launch in 2022 of the Company’s Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of $150 thousand or less, the Company has originated 6,207 Bolt loans totaling $802.0 million, of which 481 Bolt loans totaling $60.5 million were originated during the first quarter.
As we reported last quarter, the Company is pausing the practice of electing to measure SBA 7(a) loans at fair value and continued that in the first quarter, however one originated USDA guaranteed loan for $4.8 million was measured at fair value during the first quarter of 2025 versus no loans in the fourth quarter of 2024 and $37 million in the first quarter of 2024.
Loans held for investment increased by $18.3 million, or 1.7%, during the first quarter of 2025 to $1.08 billion and increased $149.9 million, or 16.0%, over the past year. During the quarter, the Company originated $157.5 million of loans and sold $72.5 million of government guaranteed loan balances.
Deposits decreased $15.0 million, or 1.3%, during the first quarter of 2025 and increased $121.0 million, or 12.0%, over the past year to $1.13 billion. A $19.5 million decrease in deposits during the quarter was in primarily high cost interest-bearing time deposits while noninterest-bearing checking accounts increased $4.5 million during the quarter.
Book value and tangible book value at March 31, 2025 were $22.77 per common share, a decrease from $22.95 at December 31, 2024.

Results of Operations

Net Income (Loss)

The Company had a net loss of $0.3 million for the first quarter of 2025, compared to net income of $9.8 million in the fourth quarter of 2024 and $0.8 million in the first quarter of 2024. The change in the first quarter of 2025 from the preceding quarter was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, which was part of a sale-leaseback transaction. Also contributing to lower earnings was a decrease in gain on sale of government guaranteed loans of $1.1 million, a decrease in government guaranteed loan fair value gains of $0.7 million, and an increase in noninterest expense of $0.5 million, primarily higher occupancy and data processing costs, partially offset by an increase in net interest income of $0.3 million and a decrease in income tax expense on continuing operations of $3.4 million. The change from the first quarter of 2024 was due to a decrease in gain on sale of government guaranteed loans of $0.8 million, a decrease in government guaranteed loan fair value gains of $4.1 million, and a decrease in government guaranteed loan packaging fees of $0.7 million. This was partially offset by an increase in net interest income of $2.3 million and a decrease in noninterest expense of $2.0 million.

Net Interest Income and Net Interest Margin

Net interest income from continuing operations was $11.0 million in the first quarter of 2025, an increase from $10.7 million during the fourth quarter of 2024, and an increase from $8.7 million during the first quarter of 2024. The net interest margin was 3.77% in the first quarter of 2025, an increase of 17 basis points from 3.60% in the fourth quarter of 2024 and an increase of 35 basis points from 3.42% in the first quarter of 2024.

The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the fourth quarter of 2024, was mainly due to a decrease in interest cost on deposits of $1.2 million, partially offset by a decrease in loan interest income, including fees, of $1.0 million.

The increase in net interest income from continuing operations during the first quarter of 2025, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of $1.5 million and a decrease in interest expense on deposits of $0.8 million.

Noninterest Income

Noninterest income from continuing operations was $8.8 million for the first quarter of 2025, which was a decrease from $22.3 million in the fourth quarter of 2024 and a decrease from $14.3 million in the first quarter of 2024. This $5.5 million decrease is due to lower borrower demand combined with tighter credit guidelines deployed over the past year. The decrease in the first quarter of 2025, as compared to the fourth quarter of 2024, was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million in the fourth quarter of 2024, which was part of a sale-leaseback transaction, and decreases in gain on sale of government guaranteed loans of $1.1 million and government guaranteed loan fair value gains of $0.7 million. The decrease in the first quarter of 2025, as compared to the first quarter of 2024, was the result of decreases in gain on sale of government guaranteed loans of $0.8 million, fair value gains on government guaranteed loans of $4.1 million, and government guaranteed loan packaging fees of $0.7 million.

Noninterest Expense

Noninterest expense from continuing operations was $15.8 million in the first quarter of 2025 compared to $15.3 million in the fourth quarter of 2024 and $17.8 million in the first quarter of 2024. The increase in the first quarter of 2025, as compared to the prior quarter, was primarily due to increases in occupancy expense of $0.4 million, data processing expense of $0.3 million, and loan origination and collection expenses of $0.3 million, partially offset by a decrease in compensation expense of $0.4 million. The decrease in the first quarter of 2025, as compared to the first quarter of 2024, was primarily due to lower compensation expense of $1.5 million, professional fees of $0.6 million, and loan origination and collection expenses of $0.7 million. This was partially offset by higher occupancy expense of $0.5 million and data processing expense of $0.5 million.

Balance Sheet

Assets

Total assets increased $3.7 million, or 0.3%, during the first quarter of 2025 to $1.29 billion, mainly due to increases in loans held for investment of $18.3 million, partially offset by a decrease in cash and cash equivalents of $14.6 million. Compared to the end of the first quarter last year, total assets increased $147.8 million, or 12.9%, driven primarily by growth of loans held for investment of $149.9 million.

Loans

Loans held for investment increased $18.3 million, or 1.7%, during the first quarter of 2025 and $149.9 million, or 16.0%, over the past year to $1.08 billion, due to originations in both conventional community bank loans and government guaranteed loans, partially offset by government guaranteed loan sales.

Deposits

Deposits decreased $15.0 million, or 1.3%, during the first quarter of 2025 and increased $121.0 million, or 12.0%, from the first quarter of 2024, ending March 31, 2025 at $1.13 billion. During the first quarter, there were decreases in savings and money market deposit account balances of $6.7 million and time deposit balances of $17.1 million, partially offset by increases in noninterest-bearing deposit account balances of $4.5 million and interest-bearing transaction account balances of $4.3 million. The majority of the deposits are generated through the community bank in the Tampa Bay/Sarasota area. At March 31, 2025, approximately 81% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At March 31, 2025, December 31, 2024, and March 31, 2024, the Company had $112.3 million, $112.1 million, and $30.5 million, respectively, of brokered deposits.

Asset Quality

The Company recorded a provision for credit losses in the first quarter of $4.4 million, compared to provisions of $4.5 million for the fourth quarter of 2024 and $4.1 million during the first quarter of 2024.

The ratio of ACL to total loans held for investment at amortized cost was 1.61% at March 31, 2025, 1.54% as of December 31, 2024, and 1.62% as of March 31, 2024. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 1.84% at March 31, 2025, 1.79% as of December 31, 2024, and 1.88% as of March 31, 2024.

Net charge-offs for the first quarter of 2025 were $3.3 million, which was a decrease from $3.4 million for the fourth quarter of 2024 and $3.7 million in the first quarter of 2024. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.28% for the first quarter of 2025, compared to 1.34% in the fourth quarter of 2024 and 1.71% in the first quarter of 2024. Nonperforming assets were 2.08% of total assets as of March 31, 2025, compared to 1.50% as of December 31, 2024, and 0.97% as of March 31, 2024. Nonperforming assets, excluding government guaranteed loan balances, were 1.22% of total assets as of March 31, 2025, compared to 1.06% as of December 31, 2024, and 0.70% as of March 31, 2024. As we discussed in previous quarters, the Bank developed an express modification program for SBA 7(a) borrowers to help those borrowers who are challenged with larger payments in the higher interest rate environment compared to interest rates at the time the loans were originated.

Capital

The Bank’s Tier 1 leverage ratio was 8.56% as of March 31, 2025, compared to 8.82% as of December 31, 2024, and 9.12% as of March 31, 2024. The CET 1 and Tier 1 capital ratio to risk-weighted assets were 10.47% as of March 31, 2025, compared to 10.89% as of December 31, 2024, and 11.04% as of March 31, 2024. The total capital to risk-weighted assets ratio was 11.73% as of March 31, 2025, compared to 12.14% as of December 31, 2024, and 12.29% as of March 31, 2024.

Liquidity

The Bank’s overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at March 31, 2025 was 8.04%, as compared to 9.17% at December 31, 2024. The Bank has robust liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of March 31, 2025, the Bank had $20.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions. This compared to no borrowings from FHLB, the FRB, or other financial institutions at December 31, 2024.

Recent Events

Share Repurchase Program. During the first quarter of 2025, the Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares, over a period beginning on January 28, 2025, and continuing until the earlier of the completion of the repurchase, or December 31, 2025, or termination of the program by the Board of Directors. To date, the Company has purchased $335 thousand of shares through this share repurchase program.

Second Quarter Common Stock Dividend. On April 22, 2025, BayFirst’s Board of Directors declared a second quarter 2025 cash dividend of $0.08 per common share. The dividend will be payable June 15, 2025 to common shareholders of record as of June 1, 2025. The Company has continuously paid quarterly common stock cash dividends since 2016.

Conference Call

BayFirst’s management team will host a conference call on Friday, April 25, 2025, at 9:00 a.m. ET to discuss its first quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 90275. A replay of the call will be available for one year at www.bayfirstfinancial.com.

About BayFirst Financial Corp.

BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. It was named the best bank in Florida in 2024, according to Forbes and was the 10th largest SBA 7(a) lender by number of units originated and 19th largest by dollar volume nationwide through the SBA’s quarter ended March 31, 2025. As of March 31, 2025, BayFirst Financial Corp. had $1.29 billion in total assets.

Forward-Looking Statements

In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.


BAYFIRST FINANCIAL CORP. SELECTED FINANCIAL DATA (Unaudited)

	At or for the three months ended
(Dollars in thousands, except for share data)	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Net income (loss)	$	(335	)	$	9,776		$	1,137		$	866		$	824
Balance sheet data:
Average loans held for investment at amortized cost		1,027,648			1,003,867			948,528			902,417			855,040
Average total assets		1,287,618			1,273,296			1,228,040			1,178,501			1,126,315
Average common shareholders’ equity		96,053			87,961			86,381			84,948			85,385
Total loans held for investment		1,084,817			1,066,559			1,042,445			1,008,314			934,868
Total loans held for investment, excl gov’t gtd loan balances		943,979			917,075			885,444			844,659			776,302
Allowance for credit losses		16,513			15,512			14,186			13,843			13,906
Total assets		1,291,957			1,288,297			1,245,099			1,217,869			1,144,194
Total deposits		1,128,267			1,143,229			1,112,196			1,042,388			1,007,315
Common shareholders’ equity		94,034			94,869			86,242			84,911			84,578
Share data:
Basic earnings (loss) per common share	$	(0.17	)	$	2.27		$	0.18		$	0.12		$	0.11
Diluted earnings (loss) per common share		(0.17	)		2.11			0.18			0.12			0.11
Dividends per common share		0.08			0.08			0.08			0.08			0.08
Book value per common share		22.77			22.95			20.86			20.54			20.45
Tangible book value per common share ⁽¹⁾		22.77			22.95			20.86			20.54			20.45
Performance and capital ratios:
Return on average assets⁽²⁾	(0.10		)%		3.07	%		0.37	%		0.29	%		0.29	%
Return on average common equity⁽²⁾	(3.00		)%		42.71	%		3.48	%		2.26	%		2.06	%
Net interest margin⁽²⁾		3.77	%		3.60	%		3.34	%		3.43	%		3.42	%
Dividend payout ratio	(46.01		)%		3.52	%		43.98	%		68.91	%		75.27	%
Asset quality ratios:
Net charge-offs	$	3,301		$	3,369		$	2,757		$	3,261		$	3,652
Net charge-offs/avg loans held for investment at amortized cost⁽²⁾		1.28	%		1.34	%		1.16	%		1.45	%		1.71	%
Nonperforming loans⁽³⁾	$	24,806		$	17,607		$	15,489		$	12,312		$	9,877
Nonperforming loans (excluding gov’t gtd balance)⁽³⁾	$	15,078		$	13,570		$	10,992		$	8,054		$	7,568
Nonperforming loans/total loans held for investment⁽³⁾		2.42	%		1.75	%		1.62	%		1.34	%		1.15	%
Nonperforming loans (excl gov’t gtd balance)/total loans held for investment⁽³⁾		1.47	%		1.35	%		1.15	%		0.87	%		0.88	%
ACL/Total loans held for investment at amortized cost		1.61	%		1.54	%		1.48	%		1.50	%		1.62	%
ACL/Total loans held for investment at amortized cost, excl government guaranteed loans		1.84	%		1.79	%		1.70	%		1.73	%		1.88	%
Other Data:
Full-time equivalent employees		305			299			295			302			313
Banking center offices		12			12			12			12			12
⁽¹⁾ See section entitled “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for a reconciliation to most comparable GAAP equivalent.
⁽²⁾ Annualized
⁽³⁾ Excludes loans measured at fair value

Reconciliation and Management Explanation of Non-GAAP Financial Measures

Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders’ equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.

The following presents the calculation of the non-GAAP financial measures.


Tangible Common Shareholders’ Equity and Tangible Book Value Per Common Share (Unaudited)
	As of
(Dollars in thousands, except for share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total shareholders’ equity	$	110,085		$	110,920		$	102,293		$	100,962		$	100,629
Less: Preferred stock liquidation preference		(16,051	)		(16,051	)		(16,051	)		(16,051	)		(16,051	)
Total equity available to common shareholders		94,034			94,869			86,242			84,911			84,578
Less: Goodwill		—			—			—			—			—
Tangible common shareholders’ equity	$	94,034		$	94,869		$	86,242		$	84,911		$	84,578

Common shares outstanding		4,129,027			4,132,986			4,134,059			4,134,219			4,134,914
Tangible book value per common share	$	22.77		$	22.95		$	20.86		$	20.54		$	20.45

BAYFIRST FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)	3/31/2025			12/31/2024			3/31/2024
Assets	(Unaudited)						(Unaudited)
Cash and due from banks	$	6,517		$	4,499		$	4,425
Interest-bearing deposits in banks		56,637			73,289			53,080
Cash and cash equivalents		63,154			77,788			57,505
Time deposits in banks		2,025			2,270			3,000
Investment securities available for sale, at fair value (amortized cost $39,507, $40,279, and $46,816 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively)		36,318			36,291			42,514
Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $12, $12, and $14 (fair value: $2,356, $2,346, and $2,352 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively)		2,488			2,488			2,487
Nonmarketable equity securities		5,480			4,526			5,228
Government guaranteed loans held for sale		—			—			2,226
Government guaranteed loans held for investment, at fair value		57,901			60,833			77,769
Loans held for investment, at amortized cost		1,026,916			1,005,726			857,099
Allowance for credit losses on loans		(16,513	)		(15,512	)		(13,906	)
Net Loans held for investment, at amortized cost		1,010,403			990,214			843,193
Accrued interest receivable		9,153			9,155			7,625
Premises and equipment, net		32,769			33,249			39,327
Loan servicing rights		16,460			16,534			15,742
Right-of-use operating lease assets		15,484			15,814			2,499
Bank owned life insurance		26,696			26,513			25,974
Other real estate owned		132			132			404
Other assets		13,494			12,490			18,401
Assets from discontinued operations		—			—			300
Total assets	$	1,291,957		$	1,288,297		$	1,144,194
Liabilities:
Noninterest-bearing deposit accounts	$	106,236		$	101,743		$	96,977
Interest-bearing transaction accounts		261,074			256,793			250,478
Savings and money market deposit accounts		467,766			474,425			391,915
Time deposits		293,191			310,268			267,945
Total deposits		1,128,267			1,143,229			1,007,315
FHLB borrowings		20,000			—			15,000
Subordinated debentures		5,957			5,956			5,950
Notes payable		1,820			1,934			2,276
Accrued interest payable		1,053			1,036			1,598
Operating lease liabilities		14,102			14,510			2,673
Deferred income tax liabilities		648			301			728
Accrued expenses and other liabilities		10,025			10,411			7,496
Liabilities from discontinued operations		—			—			529
Total liabilities		1,181,872			1,177,377			1,043,565
Shareholders’ equity:	(Unaudited)						(Unaudited)
Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $6,395 each period		6,161			6,161			6,161
Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $3,210 each period		3,123			3,123			3,123
Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024; aggregate liquidation preference of $6,446 at March 31, 2025, December 31, 2024, and March 31, 2024		6,446			6,446			6,446
Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,129,027, 4,132,986, and 4,134,914 shares issued and outstanding at March 31, 2025, December 31, 2024, and March 31, 2024, respectively		54,657			54,764			54,776
Accumulated other comprehensive loss, net		(2,378	)		(2,956	)		(3,188	)
Unearned compensation		(1,006	)		(752	)		(1,192	)
Retained earnings		43,082			44,134			34,503
Total shareholders’ equity		110,085			110,920			100,629
Total liabilities and shareholders’ equity	$	1,291,957		$	1,288,297		$	1,144,194

BAYFIRST FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME
	For the Quarter Ended
(Dollars in thousands, except per share data)	3/31/2025			12/31/2024			3/31/2024
Interest income:	(Unaudited)			(Unaudited)			(Unaudited)
Loans, including fees	$	19,751		$	20,747		$	18,228
Interest-bearing deposits in banks and other		934			1,007			959
Total interest income		20,685			21,754			19,187
Interest expense:
Deposits		9,431			10,600			10,215
Other		255			501			230
Total interest expense		9,686			11,101			10,445
Net interest income		10,999			10,653			8,742
Provision for credit losses		4,400			4,546			4,058
Net interest income after provision for credit losses		6,599			6,107			4,684
Noninterest income:
Loan servicing income, net		736			582			795
Gain on sale of government guaranteed loans, net		7,327			8,425			8,089
Service charges and fees		449			451			444
Government guaranteed loans fair value gain (loss), net		(755	)		(80	)		3,305
Government guaranteed loan packaging fees		716			773			1,407
Gain on sale of premises and equipment		—			11,649			—
Other noninterest income		278			476			228
Total noninterest income		8,751			22,276			14,268
Noninterest Expense:
Salaries and benefits		7,998			7,351			8,005
Bonus, commissions, and incentives		71			1,074			1,571
Occupancy and equipment		1,634			1,217			1,110
Data processing		2,045			1,749			1,560
Marketing and business development		487			390			588
Professional services		732			803			1,349
Loan origination and collection		1,035			758			1,719
Employee recruiting and development		617			445			597
Regulatory assessments		339			379			282
Other noninterest expense		855			1,169			992
Total noninterest expense		15,813			15,335			17,773
Income (loss) before taxes from continuing operations		(463	)		13,048			1,179
Income tax expense (benefit) from continuing operations		(128	)		3,272			296
Net income (loss) from continuing operations		(335	)		9,776			883
Loss from discontinued operations before income taxes		—			—			(78	)
Income tax benefit from discontinued operations		—			—			(19	)
Net loss from discontinued operations		—			—			(59	)

Net income (loss)		(335	)		9,776			824
Preferred dividends		385			385			385
Net income available to (loss attributable to) common shareholders	$	(720	)	$	9,391		$	439
Basic earnings (loss) per common share:	(Unaudited)			(Unaudited)			(Unaudited)
Continuing operations	$	(0.17	)	$	2.27		$	0.12
Discontinued operations		—			—			(0.01	)
Basic earnings (loss) per common share	$	(0.17	)	$	2.27		$	0.11

Diluted earnings (loss) per common share:
Continuing operations	$	(0.17	)	$	2.11		$	0.12
Discontinued operations		—			—			(0.01	)
Diluted earnings (loss) per common share	$	(0.17	)	$	2.11		$	0.11

Loan Composition

(Dollars in thousands)	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Real estate:
Residential	$	339,886		$	330,870		$	321,740		$	304,234		$	285,214
Commercial		296,351			305,721			292,026			288,185			273,227
Construction and land		46,740			32,914			33,784			35,759			36,764
Commercial and industrial		234,384			226,522			200,212			192,140			182,264
Commercial and industrial – PPP		457			941			1,656			2,324			2,965
Consumer and other		93,889			93,826			92,546			85,789			63,854
Loans held for investment, at amortized cost, gross		1,011,707			990,794			941,964			908,431			844,288
Deferred loan costs, net		20,521			19,499			18,060			17,299			16,233
Discount on government guaranteed loans		(8,727	)		(8,306	)		(7,880	)		(7,731	)		(7,674	)
Premium on loans purchased, net		3,415			3,739			3,860			4,173			4,252
Loans held for investment, at amortized cost, net		1,026,916			1,005,726			956,004			922,172			857,099
Government guaranteed loans held for investment, at fair value		57,901			60,833			86,441			86,142			77,769
Total loans held for investment, net	$	1,084,817		$	1,066,559		$	1,042,445		$	1,008,314		$	934,868

Nonperforming Assets (Unaudited)

(Dollars in thousands)	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Nonperforming loans (government guaranteed balances), at amortized cost, gross	$	9,728		$	4,037		$	4,497		$	4,258		$	2,309
Nonperforming loans (unguaranteed balances), at amortized cost, gross		15,078			13,570			10,992			8,054			7,568
Total nonperforming loans, at amortized cost, gross		24,806			17,607			15,489			12,312			9,877
Nonperforming loans (government guaranteed balances), at fair value		507			—			24			341			94
Nonperforming loans (unguaranteed balances), at fair value		1,419			1,490			1,535			1,284			729
Total nonperforming loans, at fair value		1,926			1,490			1,559			1,625			823
OREO		132			132			—			1,633			404
Repossessed assets		36			36			94			—			—
Total nonperforming assets, gross	$	26,900		$	19,265		$	17,142		$	15,570		$	11,104
Nonperforming loans as a percentage of total loans held for investment⁽¹⁾		2.42	%		1.75	%		1.62	%		1.34	%		1.15	%
Nonperforming loans (excluding government guaranteed balances) to total loans held for investment⁽¹⁾		1.47	%		1.35	%		1.15	%		0.87	%		0.88	%
Nonperforming assets as a percentage of total assets		2.08	%		1.50	%		1.38	%		1.28	%		0.97	%
Nonperforming assets (excluding government guaranteed balances) to total assets		1.22	%		1.06	%		0.88	%		0.82	%		0.70	%
ACL to nonperforming loans⁽¹⁾		66.57	%		88.10	%		91.59	%		112.44	%		140.79	%
ACL to nonperforming loans (excluding government guaranteed balances)⁽¹⁾		109.52	%		114.31	%		129.06	%		171.88	%		183.75	%
⁽¹⁾ Excludes loans measured at fair value

Contacts:
Thomas G. Zernick	Scott J. McKim
Chief Executive Officer	Chief Financial Officer
727.399.5680	727.521.7085

The MIL Network –

April 25, 2025

MIL-OSI: EverCommerce Announces Date of First Quarter 2025 Earnings Call

Source: GlobeNewswire (MIL-OSI)

DENVER, April 24, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its first quarter 2025 financial results after the U.S. financial markets close on Thursday, May 8, 2025.

Management will host a conference call on Thursday, May 8 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

About EverCommerce

EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 740,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

Investor Contact:
Brad Korch
SVP and Head of Investor Relations
720-796-7664
ir@evercommerce.com

Press Contact:
Jeanne Trogan
VP of Corporate Communications
512-705-1293
press@evercommerce.com

The MIL Network –

April 25, 2025

MIL-OSI: Business First Bancshares, Inc., Announces Financial Results for Q1 2025

Source: GlobeNewswire (MIL-OSI)

BATON ROUGE, La., April 24, 2025 (GLOBE NEWSWIRE) — Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for the quarter ended March 31, 2025. Business First reported net income available to common shareholders of $19.2 million or $0.65 per diluted common share, increases of $4.1 million and $0.14, respectively, compared to the linked quarter ended Dec. 31, 2024. On a non-GAAP basis, core net income for the quarter ended March 31, 2025, which excludes certain income and expenses, was $19.3 million or $0.65 per diluted common share, a decrease of $0.2 million and $0.01, from the linked quarter.

“We are excited to start the year off with solid earnings,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “We increased our capital, our reserves, and our per share tangible book value at healthy rates, while demonstrating diversity of our revenue streams and growth of margins in our core spread business. We are also proud of our less tangible development, continuing to integrate our latest acquisition and implementing a number of technological initiatives including preparation for our core conversion in the second quarter, investments that will enable us to provide high quality and more efficient service for our client base into the future.”

On Thursday, April 24, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for the first quarter in the amount of $0.14 per share of common stock. The preferred and common dividends will be paid on May 31, 2025, or as soon thereafter as practicable, to the shareholders of record as of May 15, 2025.

Quarterly Highlights

Solid Core Performance. Return to common shareholders on average assets, on an annualized basis, was 1.00% for the quarter ended March 31, 2025, or 1.01% on a non-GAAP basis, compared to 0.78% or 1.00% on a non-GAAP basis for the linked quarter.

Net Interest Margin (NIM) Expansion. Net interest income totaled $66.0 million and net interest margin and net interest spread were 3.68% and 2.91%, respectively, compared to $65.7 million, 3.61% and 2.77% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.86% for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. The increases of 8 basis points (bps) and 14 bps were driven by a reduction in Business First’s overall cost of funding.

Noninterest Income Investments. Various noninterest income channels produced solid aggregate returns. Loan sales, mostly attributable to Small Business Administration (SBA) loans, produced income of $1.3 million, an increase of $1.0 million when compared to the linked quarter, along with continued consistent performance in the swap business with revenue of $739,000. Appreciation and income from our equity investments also produced income of $751,000 for the quarter.

Capital Growth. Common equity to total assets increased from 9.26% to 9.69% compared to the linked quarter. Tangible common equity to tangible assets increased from 7.63% to 8.06%, 5.64% or 22.89% annualized, compared to the linked quarter. The increase was largely driven by quarterly earnings, which accounted for approximately 69.9%, or 32 bps. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.

Statement of Financial Condition

Loans

Loans held for investment were flat compared to the linked quarter with a decrease of $480,000 or .01%, .03% annualized. Real estate construction loans decreased $36.8 million from the linked quarter, compared to an increase of $49.8 million from the linked quarter in real estate residential loans, largely due to the conversion of multi- family construction to permanent financing. Based on unpaid principal balances, Texas- based loans represented approximately 41% of the overall loan portfolio as of March 31, 2025, no change from the linked quarter.

Credit Quality

Credit quality metrics regressed with isolated credit migration occurring during the quarter. The ratio of nonperforming loans compared to loans held for investment increased 27 bps to 0.69% at March 31, 2025, while the ratio of nonperforming assets compared to total assets increased 16 bps to 0.55% compared to the linked quarter.

The increase in loans past due 90 days and accruing is attributable to a single $4.6 million relationship. The increase in nonaccrual loans is largely attributable to two relationships with outstanding balances of $8.4 million for which Business First reserved a total of $2.3 million during the quarter.

Securities

The securities portfolio increased $27.0 million, or 3.02%, from the linked quarter, impacted by $12.9 million in positive fair value adjustments and the remainder of the increase was primarily attributed to purchases of mortgage-backed securities. The securities portfolio, based on estimated fair value, represented 11.83% of total assets as of March 31, 2025.

Deposits

Deposits decreased $53.1 million or 0.82%, 3.31% annualized, for the quarter ended March 31, 2025, compared to the linked quarter. Noninterest bearing deposits decreased $48.7 million, with the decline driven primarily by customer withdrawals as opposed to full account closures. New account openings continued in the quarter led by our Houston, Dallas, and Southwest Louisiana regions. Business First generated approximately $379.9 million from new deposit accounts during the quarter.

Borrowings

Borrowings decreased $49.2 million or 10.17%, from the linked quarter due primarily to a reduction in short-term Federal Home Loan Bank advances and a $7.0 million redemption of subordinated debt by Business First.

Shareholders’ Equity

Shareholders’ equity increased $26.8 million during the quarter ended March 31, 2025. Accumulated other comprehensive income (AOCI) increased $10.1 million or 16.12%, during the quarter due to positive after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $25.51 at March 31, 2025, compared to $24.62 at Dec. 31, 2024 due to strong earnings and positive fair value adjustments attributable to the securities portfolio. On a non-GAAP basis, tangible book value per common share increased from $19.92 at Dec. 31, 2024, to $20.84 at March 31, 2025, 4.62% or 18.73% annualized.

Results of Operations

Net Interest Income

For the quarter ended March 31, 2025, net interest income totaled $66.0 million, compared to $65.7 million from the linked quarter. Loan and interest-earning asset yields of 6.99% and 6.35%, decreased 6 and 3 bps, respectively, compared to 7.05% and 6.38% from the linked quarter. However, net interest margin and net interest spread were 3.68% and 2.91% compared to 3.61% and 2.77% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, declined 11 bps from 2.93% from the linked quarter to 2.82% for the quarter ended March 31, 2025, through continued management of deposit costs.

Non-GAAP net interest income (excluding loan discount accretion of $0.8 million) totaled $65.2 million for the quarter ended March 31, 2025, compared to $64.7 million (excluding loan discount accretion of $1.0 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $0.8 million) were 3.64% and 2.86%, respectively, for the quarter ended March 31, 2025, compared to 3.56% and 2.72% (excluding loan discount accretion of $1.0 million) for the linked quarter. Excluding loan discount accretion, loan yields decreased 4 bps to 6.94% from 6.98%, and interest earnings asset yields decreased 3 bps to 6.30% from 6.33%, compared to the linked quarter.

Provision for Credit Losses

During the quarter ended March 31, 2025, Business First recorded a provision for credit losses of $2.8 million, compared to $6.7 million from the linked quarter. The linked quarter’s reserve was primarily associated with the Oakwood acquisition on October 1, 2024. The current quarter’s reserve was largely associated with $2.3 million in additional individual reserves for two commercial lending relationships, resulting in a 30.7% coverage ratio of their remaining book balances as of March 31, 2025.

Other Income

For the quarter ended March 31, 2025, other income increased $1.4 million or 11.55%, compared to the linked quarter. The net increase was largely attributable to a $1.0 million increase in gain on sales of loans, attributable to SBA sales, a $630,000 gain on extinguishment of debt related to an early redemption of $7.0 million in subordinated debt, and a $565,000 increase in pass-through income on equity investments, offset by a $549,000 reduction in swap fee income.

Other Expenses

For the quarter ended March 31, 2025, other expenses increased by $1.0 million or 2.03%, compared to the linked quarter. The increase was largely attributable to a $1.4 million increase in salaries and benefits, of which $430,000 were associated with acquisition-related expenses attributable to retention, severance, and stay payments, and the remainder largely associated with merit increases and annual reset in FICA taxes and bonus accruals.

Return on Assets and Common Equity

Return to common shareholders on average assets and common equity, each on an annualized basis, were 1.00% and 10.48% for the quarter ended March 31, 2025, compared to 0.78% and 8.23%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.01% and 10.53% for the quarter ended March 31, 2025, compared to 1.00% and 10.58%, for the linked quarter.

Conference Call and Webcast

Executive management will host a conference call and webcast to discuss results on Thursday, April 24, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 8825623, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/ziae6qsd. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.

About Business First Bancshares, Inc.

Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.8 billion in assets, $7.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition- related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non- GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.

Special Note Regarding Forward-Looking Statements

Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

Additional Information

For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)
	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024

Balance Sheet Ratios

Loans (HFI) to Deposits		92.61	%		91.86	%		91.32	%
Shareholders’ Equity to Assets Ratio		10.61	%		10.18	%		9.69	%

Loans Receivable Held for Investment (HFI)

Commercial	$	1,862,176		$	1,868,675		$	1,426,957
Real Estate:
Commercial		2,472,121			2,483,223			2,215,889
Construction		633,698			670,502			662,013
Residential		934,357			884,533			717,007
Total Real Estate		4,040,176			4,038,258			3,594,909
Consumer and Other		78,567			74,466			66,973
Total Loans (Held for Investment)	$	5,980,919		$	5,981,399		$	5,088,839

Allowance for Loan Losses

Balance, Beginning of Period	$	54,840		$	42,154		$	40,414
Oakwood – PCD ALLL		–			8,410			–
Charge-offs – Quarterly		(1,648	)		(2,290	)		(533	)
Recoveries – Quarterly		671			654			141
Provision for Loan Losses – Quarterly		3,000			5,912			1,143
Balance, End of Period	$	56,863		$	54,840		$	41,165

Allowance for Loan Losses to Total Loans (HFI)		0.95	%		0.92	%		0.81	%
Allowance for Credit Losses to Total Loans (HFI) (1)		1.01	%		0.98	%		0.88	%
Net Charge-offs (Recoveries) to Average Quarterly Total Loans		0.02	%		0.03	%		0.01	%

Remaining Loan Purchase Discount	$	11,322		$	12,121		$	11,411

Nonperforming Assets

Nonperforming Loans:
Nonaccrual Loans	$	35,915		$	24,147		$	20,778
Loans Past Due 90 Days or More		5,635			860			855
Total Nonperforming Loans		41,550			25,007			21,633
Other Nonperforming Assets:
Other Real Estate Owned		1,282			5,529			1,339
Other Nonperforming Assets		–			–			–
Total Other Nonperforming Assets		1,282			5,529			1,339
Total Nonperforming Assets	$	42,832		$	30,536		$	22,972

Nonperforming Loans to Total Loans (HFI)		0.69	%		0.42	%		0.43	%
Nonperforming Assets to Total Assets		0.55	%		0.39	%		0.34	%

(1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments.

Business First Bancshares, Inc.
Selected Financial Information
(Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2024

Per Share Data

Basic Earnings per Common Share	$	0.65		$	0.52		$	0.49
Diluted Earnings per Common Share		0.65			0.51			0.48
Dividends per Common Share		0.14			0.14			0.14
Book Value per Common Share		25.51			24.62			22.64


Average Common Shares Outstanding		29,329,668			29,311,111			25,127,187
Average Diluted Common Shares Outstanding		29,545,921			29,520,781			25,429,194
End of Period Common Shares Outstanding		29,572,297			29,552,358			25,485,383


Annualized Performance Ratios

Return to Common Shareholders on Average Assets (1)		1.00	%		0.78	%		0.74	%
Return to Common Shareholders on Average Common Equity (1)		10.48	%		8.23	%		8.51	%
Net Interest Margin (1)		3.68	%		3.61	%		3.32	%
Net Interest Spread (1)		2.91	%		2.77	%		2.36	%
Efficiency Ratio (2)		63.85	%		63.91	%		69.80	%

Total Quarterly/Year-to-Date Average Assets	$	7,750,982		$	7,721,338		$	6,667,527
Total Quarterly/Year-to-Date Average Common Equity		742,930			731,820			577,643

Other Expenses

Salaries and Employee Benefits	$	29,497		$	28,101		$	25,416
Occupancy and Bank Premises		3,401			3,166			2,514
Depreciation and Amortization		2,152			2,278			1,676
Data Processing		3,236			3,856			2,579
FDIC Assessment Fees		1,184			1,009			828
Legal and Other Professional Fees		1,013			975			866
Advertising and Promotions		1,291			1,710			1,145
Utilities and Communications		733			775			674
Ad Valorem Shares Tax		1,125			1,357			900
Directors’ Fees		279			290			282
Other Real Estate Owned Expenses and Write-Downs		23			182			37
Merger and Conversion-Related Expenses		250			168			340
Other		6,394			5,703			5,265
Total Other Expenses	$	50,578		$	49,570		$	42,522

Other Income

Service Charges on Deposit Accounts	$	2,860		$	2,878		$	2,439
Gain (Loss) on Sales of Securities		(1	)		21			(1	)
Debit Card and ATM Fee Income		1,858			2,069			1,776
Bank-Owned Life Insurance Income		808			990			579
Gain on Sales of Loans		1,256			252			139
Mortgage Origination Income		110			36			69
Fees and Brokerage Commission		2,148			2,063			1,937
Gain (Loss) on Sales of Other Real Estate Owned		(268	)		40			63
Loss on Disposal of Other Assets		155			–			–
Gain on Extinguishment of Debt		630			–			–
Swap Fee Income		739			1,288			229
Pass-Through Income (Loss) from Other Investments		751			186			294
Other		2,180			2,034			1,862
Total Other Income	$	13,226		$	11,857		$	9,386


(1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention.
(2) Noninterest expense (excluding provision for loan losses) divided by noninterest income plus net interest income less gain/loss on sales of securities.

Business First Bancshares, Inc.
Consolidated Balance Sheets
(Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands)		2025			2024			2024

Assets

Cash and Due From Banks	$	312,887		$	319,098		$	185,906
Federal Funds Sold		117,422			197,669			211,292
Securities Purchased under Agreements to Resell		50,589			50,835			–
Securities Available for Sale, at Fair Values		920,573			893,549			872,903
Mortgage Loans Held for Sale		–			717			77
Loans and Lease Receivable		5,980,919			5,981,399			5,088,839
Allowance for Loan Losses		(56,863	)		(54,840	)		(41,165	)
Net Loans and Lease Receivable		5,924,056			5,926,559			5,047,674
Premises and Equipment, Net		81,582			81,953			68,716
Accrued Interest Receivable		33,741			35,872			29,326
Other Equity Securities		40,947			41,100			34,940
Other Real Estate Owned		1,282			5,529			1,339
Cash Value of Life Insurance		117,950			117,645			100,056
Deferred Taxes, Net		25,289			29,591			26,800
Goodwill		121,691			121,572			91,527
Core Deposit and Customer Intangibles		16,538			17,252			11,372
Other Assets		20,181			18,149			13,630

Total Assets	$	7,784,728		$	7,857,090		$	6,695,558

Liabilities

Deposits
Noninterest-Bearing	$	1,308,312		$	1,357,045		$	1,295,050
Interest-Bearing		5,149,869			5,154,286			4,277,700
Total Deposits		6,458,181			6,511,331			5,572,750

Securities Sold Under Agreements to Repurchase		19,046			22,621			17,207
Federal Home Loan Bank Borrowings		317,352			355,875			308,206
Subordinated Debt		92,702			99,760			99,933
Subordinated Debt – Trust Preferred Securities		5,000			5,000			5,000
Accrued Interest Payable		5,356			5,969			3,930
Other Liabilities		60,779			57,068			39,498

Total Liabilities		6,958,416			7,057,624			6,046,524

Shareholders’ Equity

Preferred Stock		71,930			71,930			71,930
Common Stock		29,572			29,552			25,485
Additional Paid-In Capital		501,609			500,024			398,511
Retained Earnings		276,045			260,958			224,742
Accumulated Other Comprehensive Loss		(52,844	)		(62,998	)		(71,634	)

Total Shareholders’ Equity		826,312			799,466			649,034

Total Liabilities and Shareholders’ Equity	$	7,784,728		$	7,857,090		$	6,695,558

Business First Bancshares, Inc.
Consolidated Statements of Income
(Unaudited)

	Three Months Ended
	March 31,			December 31,		March 31,
(Dollars in thousands)		2025			2024		2024

Interest Income:
Interest and Fees on Loans	$	102,992		$	104,697	$	85,947
Interest and Dividends on Securities		7,265			7,310		5,599
Interest on Federal Funds Sold and Due From Banks		3,436			4,135		4,465
Total Interest Income		113,693			116,142		96,011

Interest Expense:
Interest on Deposits		42,439			44,862		38,029
Interest on Borrowings		5,271			5,551		6,451
Total Interest Expense		47,710			50,413		44,480

Net Interest Income		65,983			65,729		51,531

Provision for Credit Losses		2,812			6,712		1,186

Net Interest Income After Provision for Credit Losses		63,171			59,017		50,345

Other Income:
Service Charges on Deposit Accounts		2,860			2,878		2,439
(Loss) Gain on Sales of Securities		(1	)		21		(1	)
Gain on Sales of Loans		1,256			252		139
Other Income		9,111			8,706		6,809
Total Other Income		13,226			11,857		9,386

Other Expenses:
Salaries and Employee Benefits		29,497			28,101		25,416
Occupancy and Equipment Expense		7,356			7,087		5,357
Merger and Conversion-Related Expense		250			168		340
Other Expenses		13,475			14,214		11,409
Total Other Expenses		50,578			49,570		42,522

Income Before Income Taxes		25,819			21,304		17,209

Provision for Income Taxes		5,276			4,816		3,639

Net Income		20,543			16,488		13,570

Preferred Stock Dividends		1,350			1,350		1,350

Net Income Available to Common Shareholders	$	19,193		$	15,138	$	12,220

Business First Bancshares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025								December 31, 2024								March 31, 2024
(Dollars in thousands)	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate			Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate			Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate

Assets

Interest-Earning Assets:
Total Loans	$	5,972,120		$	102,992		6.99	%	$	5,911,183		$	104,697		7.05	%	$	5,026,937		$	85,947		6.88	%
Securities		924,693			6,614		2.90	%		936,314			6,707		2.85	%		888,933			5,599		2.53	%
Securities Purchased under Agreements to Resell		50,836			651		5.19	%		44,252			603		5.42	%		–			–		0.00	%
Interest-Bearing Deposit in Other Banks		315,750			3,436		4.41	%		346,035			4,135		4.75	%		330,260			4,465		5.44	%
Total Interest-Earning Assets		7,263,399			113,693		6.35	%		7,237,784			116,142		6.38	%		6,246,130			96,011		6.18	%
Allowance for Loan Losses		(54,711	)			.				(52,130	)							(40,526	)
Noninterest-Earning Assets		542,294								535,684								461,923
Total Assets	$	7,750,982		$	113,693				$	7,721,338		$	116,142				$	6,667,527		$	96,011


Liabilities and Shareholders’ Equity

Interest-Bearing Liabilities:
Interest-Bearing Deposits	$	5,141,498		$	42,439		3.35	%	$	5,053,759		$	44,862		3.53	%	$	4,072,600		$	38,029		3.76	%
Subordinated Debt		97,251			1,262		5.26	%		99,797			1,331		5.31	%		99,972			1,356		5.46	%
Subordinated Debt – Trust Preferred Securities		5,000			99		8.03	%		5,000			107		8.51	%		5,000			113		9.09	%
Bank Term Funding Program		–			–		0.00	%		–			–		0.00	%		260,440			2,788		4.31	%
Advances from Federal Home Loan Bank (FHLB)		362,092			3,796		4.25	%		373,236			3,975		4.24	%		223,501			2,094		3.77	%
Other Borrowings		18,321			114		2.52	%		21,569			138		2.55	%		16,116			100		2.50	%
Total Interest-Bearing Liabilities		5,624,162			47,710		3.44	%		5,553,361			50,413		3.61	%		4,677,629			44,480		3.82	%

Noninterest-Bearing Liabilities:
Noninterest-Bearing Deposits		1,244,793							$	1,292,623							$	1,282,815
Other Liabilities		67,167								71,604								57,510
Total Noninterest-Bearing Liabilities		1,311,960								1,364,227								1,340,325
Shareholders’ Equity:
Common Shareholders’ Equity		742,930								731,820								577,643
Preferred Equity		71,930								71,930								71,930
Total Shareholders’ Equity		814,860								803,750								649,573
Total Liabilities and Shareholders’ Equity	$	7,750,982							$	7,721,338							$	6,667,527

Net Interest Spread							2.91	%							2.77	%							2.36	%
Net Interest Income				$	65,983							$	65,729							$	51,531
Net Interest Margin							3.68	%							3.61	%							3.32	%
Overall Cost of Funds							2.82	%							2.93	%							3.00	%

NOTE: Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an Actual/365/366 day count convention.

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2024

Interest Income:
Interest income	$	113,693		$	116,142		$	96,011
Core interest income		113,693			116,142			96,011
Interest Expense:
Interest expense		47,710			50,413			44,480
Core interest expense		47,710			50,413			44,480
Provision for Credit Losses: (b)
Provision for credit losses		2,812			6,712			1,186
CECL Oakwood impact (3)		–			(4,824	)		–
Core provision expense		2,812			1,888			1,186

Other Income:
Other income		13,226			11,857			9,386
Gain on former bank premises and equipment		(155	)		–			(50	)
Loss (gain) on sale of securities		1			(21	)		1
Gain on extinguishment of debt		(630	)		–			–
Core other income		12,442			11,836			9,337

Other Expense:
Other expense		50,578			49,570			42,522
Acquisition-related expenses (2)		(679	)		(168	)		(715	)
Core conversion expenses		(216	)		(463	)		–
Core other expense		49,683			48,939			41,807

Pre-Tax Income: (a)
Pre-tax income		25,819			21,304			17,209
CECL Oakwood impact (3)		–			4,824			–
Gain on former bank premises and equipment		(155	)		–			(50	)
Loss (gain) on sale of securities		1			(21	)		1
Gain on extinguishment of debt		(630	)		–			–
Acquisition-related expenses (2)		679			168			715
Core conversion expenses		216			463			–
Core pre-tax income		25,930			26,738			17,875

Provision for Income Taxes: (1)
Provision for income taxes		5,276			4,816			3,639
Tax on CECL Oakwood impact (3)		–			1,019			–
Tax on gain on former bank premises and equipment		(33	)		–			(11	)
Tax on loss (gain) on sale of securities		0			(4	)		–
Tax on gain on extinguishment of debt		(133	)		–			–
Tax on acquisition-related expenses (2)		143			6			89
Tax on core conversion expenses		46			97			–
Core provision for income taxes		5,299			5,934			3,717

Preferred Dividends:
Preferred dividends		1,350			1,350			1,350
Core preferred dividends		1,350			1,350			1,350

Net Income Available to Common Shareholders:
Net income available to common shareholders		19,193			15,138			12,220
CECL Oakwood impact (3), net of tax		–			3,805			–
Gain on former bank premises and equipment, net of tax		(122	)		–			(39	)
Loss (gain) on sale of securities, net of tax		1			(17	)		1
Gain on extinguishment of debt, net of tax		(497	)		–			–
Acquisition-related expenses (2), net of tax		536			162			626
Core conversion expenses, net of tax		170			366			–
Core net income available to common shareholders	$	19,281		$	19,454		$	12,808

Pre-tax, pre-provision earnings available to common shareholders (a+b)	$	28,631		$	28,016		$	18,395
CECL Oakwood impact (3)		–			4,824			–
Gain on former bank premises and equipment		(155	)		–			(50	)
Loss (gain) on sale of securities		1			(21	)		1
Gain on extinguishment of debt		(630	)		–			–
Acquisition-related expenses (2)		679			168			715
Core conversion expenses		216			463			–
Core pre-tax, pre-provision earnings	$	28,742		$	33,450		$	19,061

Average Diluted Common Shares Outstanding		29,545,921			29,520,781			25,429,194

Diluted Earnings Per Common Share:
Diluted earnings per common share	$	0.65		$	0.51		$	0.48
CECL Oakwood impact (3), net of tax		–			0.13			–
Gain on former bank premises and equipment, net of tax		–			–			(0.00	)
Loss (gain) on sale of securities, net of tax		0.00			(0.00	)		–
Gain on extinguishment of debt, net of tax		(0.02	)		–			–
Acquisition-related expenses (2), net of tax		0.02			0.01			0.02
Core conversion expenses, net of tax		–			0.01			–
Core diluted earnings per common share	$	0.65		$	0.66		$	0.50

Pre-tax, pre-provision profit diluted earnings per common share	$	0.97		$	0.95		$	0.72
CECL Oakwood impact (3)		–			0.16			–
Gain on former bank premises and equipment		(0.01	)		–			(0.00	)
Loss (gain) on sale of securities		0.00			(0.00	)		–
Gain on extinguishment of debt		(0.02	)		–			–
Acquisition-related expenses (2)		0.02			0.01			0.03
Core conversion expenses		0.01			0.02			–
Core pre-tax, pre-provision diluted earnings per common share	$	0.97		$	1.14		$	0.75

(1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2025 and 2024. These rates approximated the marginal tax rates.
(2) Includes merger and conversion-related expenses and salary and employee benefits.
(3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to Oakwood.

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)


	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2023

Total Shareholders’ (Common) Equity:
Total shareholders’ equity	$	826,312		$	799,466		$	649,034
Preferred stock		(71,930	)		(71,930	)		(71,930	)
Total common shareholders’ equity		754,382			727,536			577,104
Goodwill		(121,691	)		(121,572	)		(91,527	)
Core deposit and customer intangible		(16,538	)		(17,252	)		(11,372	)
Total tangible common equity	$	616,153		$	588,712		$	474,205


Total Assets:
Total assets	$	7,784,728		$	7,857,090		$	6,695,558
Goodwill		(121,691	)		(121,572	)		(91,527	)
Core deposit and customer intangible		(16,538	)		(17,252	)		(11,372	)
Total tangible assets	$	7,646,499		$	7,718,266		$	6,592,659

Common shares outstanding		29,572,297			29,552,358			25,485,383

Book value per common share	$	25.51		$	24.62		$	22.64
Tangible book value per common share	$	20.84		$	19.92		$	18.61
Common equity to total assets		9.69	%		9.26	%		8.62	%
Tangible common equity to tangible assets		8.06	%		7.63	%		7.19	%

Business First Bancshares, Inc.
Non-GAAP Measures
(Unaudited)

	Three Months Ended
	March 31,			December 31,			March 31,
(Dollars in thousands, except per share data)		2025			2024			2024


Total Quarterly Average Assets	$	7,750,982		$	7,721,338		$	6,667,527
Total Quarterly Average Common Equity	$	742,930		$	731,820		$	577,643

Net Income Available to Common Shareholders:
Net income available to common shareholders	$	19,193		$	15,138		$	12,220
CECL Oakwood impact (3), net of tax		–			3,805			–
Gain on former bank premises and equipment, net of tax		(122	)		–			(39	)
Loss (gain) on sale of securities, net of tax		1			(17	)		1
Gain on extinguishment of debt, net of tax		(497	)		–			–
Acquisition-related expenses, net of tax		536			162			626
Core conversion expenses, net of tax		170			366			–
Core net income available to common shareholders	$	19,281		$	19,455		$	12,808

Return to common shareholders on average assets (annualized) (2)		1.00	%		0.78	%		0.74	%
Core return on average assets (annualized) (2)		1.01	%		1.00	%		0.77	%
Return to common shareholders on average common equity (annualized) (2)		10.48	%		8.23	%		8.51	%
Core return on average common equity (annualized) (2)		10.53	%		10.58	%		8.92	%

Interest Income:
Interest income	$	113,693		$	116,142		$	96,011
Core interest income		113,693			116,142			96,011
Interest Expense:
Interest expense		47,710			50,413			44,480
Core interest expense		47,710			50,413			44,480
Other Income:
Other income		13,226			11,857			9,386
Gain on former bank premises and equipment		(155	)		–			(50	)
Loss (gain) on sale of securities		1			(21	)		1
Gain on extinguishment of debt		(630	)		–			–
Core other income		12,442			11,836			9,337
Other Expense:
Other expense		50,578			49,570			42,522
Acquisition-related expenses		(679	)		(168	)		(715	)
Core conversion expenses		(216	)		(463	)		–
Core other expense	$	49,683		$	48,939		$	41,807

Efficiency Ratio:
Other expense (a)	$	50,578		$	49,570		$	42,522
Core other expense (c)	$	49,683		$	48,939		$	41,807
Net interest and other income (1) (b)	$	79,210		$	77,565		$	60,918
Core net interest and other income (1) (d)	$	78,425		$	77,565		$	60,868
Efficiency ratio (a/b)		63.85	%		63.91	%		69.80	%
Core efficiency ratio (c/d)		63.35	%		63.09	%		68.68	%

Total Average Interest-Earnings Assets	$	7,263,399		$	7,237,784		$	6,246,130

Net Interest Income:
Net interest income	$	65,983		$	65,729		$	51,531
Loan discount accretion		(793	)		(997	)		(785	)
Net interest income excluding loan discount accretion	$	65,190		$	64,732		$	50,746

Net interest margin (2)		3.68	%		3.61	%		3.32	%
Net interest margin excluding loan discount accretion (2)		3.64	%		3.56	%		3.27	%
Net interest spread (2)		2.91	%		2.77	%		2.36	%
Net interest spread excluding loan discount accretion (2)		2.86	%		2.72	%		2.31	%

(1) Excludes gains/losses on sales of securities.
(2) Calculated utilizing an actual day count convention.
(3) CECL non-PCD provision/unfunded commitment expense attributable to Oakwood.

The MIL Network –

April 25, 2025

MIL-OSI: Ottawa Bancorp, Inc. Announces 2025 First Quarter Results and Approval of Stock Repurchase Program

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ill., April 24, 2025 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.4 million, or $0.19 per basic and diluted common share, for the three months ended March 31, 2025, compared to net income of $0.3 million, or $0.10 per basic and diluted common share, for the three months ended March 31, 2024. The loan portfolio, net of allowance, decreased to $295.1 million as of March 31, 2025 from $301.7 million as of December 31, 2024 as originations were lower than payments and payoffs. Non-performing loans decreased to $4.1 million at March 31, 2025 from $4.8 million at both December 31, 2024. This was due to the substantial resolution of the multi-loan commercial relationship originally identified as impaired in the third quarter of 2022. Thus, the ratio of non-performing loans to gross loans decreased from 1.58% at December 31, 2024 to 1.36% at March 31, 2025.

“We continued to see improvement in our net interest income and net interest margin during the first quarter as our interest expense continued to decline,” said Craig M. Hepner, President and Chief Executive Officer. “Although we continued to see a reduction in our overall loan portfolio during the quarter, we were able to further reduce our reliance on higher-cost wholesale funding while growing organic deposits and strengthening our liquidity position. Asset quality remains strong, and as noted above, during the first quarter, we were able to resolve a significant portion of the troubled commercial loan relationship identified in 2022 which resulted in a substantial reduction in our classified asset balance at quarter-end.”

Mr. Hepner continued, “I am also very pleased to report that the Board of Directors has approved our seventh stock repurchase plan which authorizes the purchase of 120,996 shares, or 5% of our outstanding common stock. This stock repurchase plan will allow the Company to continue to serve as a source of liquidity to our shareholders and further demonstrates the Board’s commitment to maximizing overall shareholder value.”

Comparison of Results of Operations for the Three Months Ended March 31, 2025 and March 31, 2024

Net income for the three months ended March 31, 2025 was $0.4 million compared to $0.3 million for the three months ended March 31, 2024. Total interest and dividend income was $4.1 million for the three months ended March 31, 2025 compared to $3.9 million for the three months ended March 31, 2024 due to an increase in the average yield on interest-earning assets. The yield on interest-earning assets increased by 0.30% to 4.94%. Interest expense remained flat at $1.7 million for the three months ended March 31, 2025 and March 31, 2024 as our average cost of funds decreased to 2.18% from 2.19%. Net interest income after provision for credit losses increased by $0.3 million to $2.5 million for the three months ended March 31, 2025 as compared to $2.2 million for the three months ended March 31, 2024. Total other income was $0.2 million for the three months ended March 31, 2025 compared to $0.3 million for the three months ended March 31, 2024. Total other expenses were $2.2 million for the three months ended March 31, 2025 compared to $2.1 million for the three months ended March 31, 2024.

The multi-loan commercial relationship that was identified in 2022 as being impaired, meaning that it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreements was substantially resolved during the first quarter of 2025. The relationship as of December 31, 2024 had balances of approximately $0.7 million with a specific allocation of $0.2 million. As of March 31, 2025, this relationship has a remaining balance of $0.1 million with no specific allocation. No additional reserves will be required to resolve these impaired loans and we do not anticipate any further losses as we work to resolve the remainder of the relationship.

The Company recorded a recovery of approximately $90 thousand for the three months ended March 31, 2025 to decrease the Allowance for Credit Losses (ACL) position. During the three months ended March 31, 2024, there was a recovery of approximately $37 thousand. The ACL on loans was $4.1 million, or 1.36% of total gross loans, at March 31, 2025 compared to $4.3 million, or 1.40% of gross loans, at March 31, 2024. Net charge-offs during the first quarter of 2025 were approximately $120 thousand compared to net recoveries of $5 thousand during the first quarter of 2024. The current period adjustment to the ACL is the result of the quarterly calculation of Current Expected Credit Losses (CECL). The required reserves on non-performing loans as of March 31, 2025 decreased by $156 thousand from the required reserves as of March 31, 2024.

The Company recorded income tax expense of $0.2 million for the three-month period ended March 31, 2025 as compared to $0.1 million for the three months ended March 31, 2024 as pre-tax income during the three months ended March 31, 2025 was higher as compared to pre-tax income in the three months ended March 31, 2024.

Comparison of Financial Condition at March 31, 2025 and December 31, 2024

Total consolidated assets as of March 31, 2025 were $351.7 million, a decrease of $2.0 million, or 0.54%, from $353.7 million at December 31, 2024. The decrease was due primarily to a decrease of $6.6 million in the net loan portfolio, a $0.2 million decrease in loans held for sale, a $0.1 million decrease in furniture, fixtures and equipment, a $0.1 decrease in accrued interest receivable, a decrease of $0.3 million in deferred tax assets and a decrease in other assets of $0.6 million. These decreases were partially offset by an increase of $4.0 million in cash and cash equivalents, a $1.1 million increase in securities available for sale and an increase of $0.9 million in federal fund sold.

Cash and cash equivalents increased $4.0 million, or 31.9%, to $16.5 million at March 31, 2025 from $12.5 million at December 31, 2024. The increase in cash and cash equivalents was primarily the result of cash provided by operating activities of $1.9 and cash provided by investing activities of $5.3 million exceeding cash used in financing activities of $3.2 million.

Securities available for sale increased $1.1 million, or 6.7%, to $17.9 million at December 31, 2025 from $16.8 million at December 31, 2024 as a result of purchases and market value fluctuations during the first three months ended March 31, 2025 exceeding calls, payments and maturities.

Net loans decreased $6.6 million, or 2.2%, to $295.1 million at March 31, 2025 compared to $301.7 million at December 31, 2024 primarily due to a decrease of $3.7 million in one-to-four family loans, a decrease of $5.5 million in multi-family loans and a decrease of $0.5 million in consumer loans. These decreases were partially offset by an increase of $2.9 million in non-residential real estate loans. The allowance for credit losses on loans decreased by $0.2 million at March 31, 2025.

Total deposits increased $0.4 million, or 0.15%, to $283.2 million at March 31, 2025 from $282.8 million at December 31, 2024. During the three months ended March 31, 2025 non-interest bearing checking increased by $3.4 million, interest bearing checking accounts increased by $3.0 million, money market accounts increased $1.7 million, and savings accounts increased by 0.7 million. Offsetting these increases was an $8.4 million decrease in certificate of deposit account balances.

FHLB advances decreased $3.3 million, or 14.6%, to $19.0 million at March 31, 2025 compared to $22.3 million at December 31, 2024.

Stockholders’ equity remained at $40.2 million at March 31, 2025 as compared to $40.2 million at December 31, 2024. Net income was $0.4 million for the three months ended March 31, 2025. There were $0.3 million in cash dividends paid during the first quarter and a $0.6 million adjustment to increase the maximum cash obligation related to ESOP shares. In addition, there was a $0.5 million increase in other comprehensive income due to an increase in fair value of securities available for sale during the first quarter.

Approval of Stock Repurchase Program

The Company also announced today that the Company’s Board of Directors has approved a stock repurchase program authorizing the purchase of up to 120,996 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s stock repurchase program will terminate upon the completion of the purchase of up to 120,996 shares or April 23, 2026 if not all shares have been purchased by that date.

About Ottawa Bancorp, Inc.

Ottawa Bancorp, Inc. is the holding company for OSB Community Bank which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. OSB Community Bank was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.myosb.bank.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions, our ability to pay future dividends and if so at what level, our ability to receive any required regulatory approval or non-objection for the payment of dividends from the Bank to the Company or from the Company to stockholders, and our efforts to maximize stockholder value, including our ability to execute any capital management strategies, such as the repurchase of shares of the Company’s common stock, and our ability to execute any controlled growth and balance sheet strategies designed to lower the cost of funds and enhance earnings and liquidity. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under applicable law.


Ottawa Bancorp, Inc. & Subsidiary
Consolidated Balance Sheets
March 31, 2025 and December 31, 2024
(Unaudited)
	March 31,				December 31,
	2025				2024
Assets
Cash and due from banks	$	14,424,496			$	9,863,824
Interest bearing deposits		2,079,797				2,651,481
Total cash and cash equivalents		16,504,293				12,515,305

Federal funds sold		5,433,000				4,493,000
Securities available-for-sale, at fair value		17,944,899				16,821,297
Loans, net of allowance for credit losses of $4,066,885 and $4,276,409
at March 31, 2025 and December 31, 2024, respectively		295,126,036				301,741,977
Loans held for sale		–				232,000
Premises and equipment, net		5,943,682				6,005,515
Accrued interest receivable		1,970,572				2,108,565
Deferred tax assets, net		2,222,252				2,553,346
Cash surrender value of life insurance		528,202				528,129
Goodwill		649,869				649,869
Other assets		5,425,999				6,002,358
Total assets	$	351,748,804			$	353,651,361

Liabilities and stockholders’ equity
Liabilities
Deposits:
Non-interest bearing	$	26,044,253			$	22,663,274
Interest bearing		257,196,977				260,276,358
Total deposits		283,241,230				282,939,632
Accrued interest payable		598,388				853,122
FHLB advances		19,000,000				22,250,000
Long term debt		1,346,347				1,380,988
Allowance for credit losses on off-balance sheet credit exposures		76,629				79,199
Other liabilities		5,006,107				4,365,113
Total liabilities		309,268,701				311,868,054
Commitments and contingencies
ESOP Repurchase Obligation		2,230,729				1,583,522
Stockholders’ Equity
Common stock, $.01 par value, 12,000,000 shares authorized; 2,419,911 and
2,419,911 shares issued at March 31, 2025 and December 31, 2024, respectively		24,199				24,199
Additional paid-in-capital		22,898,558				22,898,558
Retained earnings		21,676,498				21,503,222
Unallocated ESOP shares		(358,737	)			(358,737		)
Unallocated management recognition plan shares		(59,003	)			(70,193		)
Accumulated other comprehensive loss		(1,701,412	)			(2,213,742		)
		42,480,103				41,783,307
Less:
ESOP Owned Shares		(2,230,729	)			(1,583,522		)
Total stockholders’ equity		40,249,374				40,199,785
Total liabilities and stockholders’ equity	$	351,748,804		$			353,651,361


Ottawa Bancorp, Inc. & Subsidiary
Consolidated Statements of Operations
Three Months Ended March 31, 2025 and 2024
(Unaudited)
	Three Months Ended
	March 31,
	2025			2024
Interest and dividend income:
Interest and fees on loans	$	3,791,161		$	3,702,917
Securities:
Residential mortgage-backed and related securities		103,299			78,672
State and municipal securities		19,027			18,601
Dividends on non-marketable equity securities		28,500			37,715
Interest-bearing deposits		192,522			63,541
Total interest and dividend income		4,134,509			3,901,446
Interest expense:
Deposits		1,518,972			1,520,888
Borrowings		169,420			218,041
Total interest expense		1,688,392			1,738,929
Net interest income		2,446,117			2,162,517
Recovery of credit losses – loans		(89,898	)		(37,143	)
Recovery of credit losses – off-balance sheet credit exposures		(2,570	)		(12,709	)
Net interest income after recovery of credit losses		2,538,585			2,212,369
Other income:
Gain on sale of loans		21,239			18,610
Loan origination and servicing income		126,894			132,826
Net Origination (amortization) of mortgage servicing rights		(37,808	)		(23,174	)
Customer service fees		113,760			105,125
Increase in cash surrender value of life insurance		74			12,547
Other		–			6,929
Total other income		224,159			252,863
Other expenses:
Salaries and employee benefits		1,207,957			1,181,559
Directors’ fees		45,000			40,000
Occupancy		160,128			157,021
Deposit insurance premium		45,000			41,800
Legal and professional services		82,844			118,047
Data processing		301,461			321,927
Loan expense		63,529			64,452
Other		244,326			184,199
Total other expenses		2,150,245			2,109 005
Income before income tax		612,499			356,227
Income tax expense		176,977			90,602
Net income	$	435,522		$	265,625
Basic earnings per share	$	0.19		$	0.10
Diluted earnings per share	$	0.19		$	0.10
Dividends per share	$	0.11		$	0.11


Ottawa Bancorp, Inc. & Subsidiary
Selected Financial Data and Ratios
(Unaudited)

	At or for the
	Three Months Ended
	March 31,
	2025		2024
Performance Ratios:
Return on average assets (5)	0.49	%	0.30	%
Return on average stockholders’ equity (5)	4.34		2.54
Average stockholders’ equity to average assets	11.36		11.70
Stockholders’ equity to total assets at end of period	11.44		11.61
Net interest rate spread (1) (5)	2.76		2.45
Net interest margin (2) (5)	2.93		2.63
Other expense to average assets	0.61		0.59
Efficiency ratio (3)	80.49		87.33
Dividend payout ratio	61.50		106.19

	At or for the			At or for the
	Three Months Ended			Twelve Months Ended
	March 31,			December 31,
	2025			2024
	(unaudited)
Regulatory Capital Ratios (4):
Total risk-based capital (to risk-weighted assets)		17.51	%		18.17	%
Tier 1 core capital (to risk-weighted assets)		16.26			16.92
Common equity Tier 1 (to risk-weighted assets)		16.26			16.92
Tier 1 leverage (to adjusted total assets)		11.47			12.06
Asset Quality Ratios:
Net charge-offs to average gross loans outstanding		0.04			0.01
Allowance for credit losses on loans to gross loans outstanding		1.36			1.41
Non-performing loans to gross loans (6)		1.36			1.58
Non-performing assets to total assets (6)		1.16			1.37
Other Data:
Book Value per common share	$	16.63		$	16.61
Tangible Book Value per common share (7)	$	16.36		$	16.34
Number of full-service offices		3			3

(1) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of funds on average interest-bearing liabilities.
(2) Represents net interest income as a percent of average interest-earning assets.
(3) Represents total other expenses divided by the sum of net interest income and total other income.
(4) Ratios are for OSB Community Bank.
(5) Annualized.
(6) Non-performing assets consist of non-performing loans, foreclosed real estate and other foreclosed assets. Non-performing loans consist of all loans 90 days or more past due and all loans no longer accruing interest.
(7) Non-GAAP measure. Excludes goodwill and core deposit intangible.

Contact:
Craig Hepner
President and Chief Executive Officer
(815) 366-5437

The MIL Network –

April 25, 2025

MIL-OSI: AppFolio, Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA BARBARA, Calif., April 24, 2025 (GLOBE NEWSWIRE) — AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a technology leader powering the future of the real estate industry, today announced its financial results for the first quarter ended March 31, 2025.

“AppFolio’s first quarter results underscore that our ongoing commitment to delivering industry-leading innovation and exceptional service is driving new customer adoption of our products and services,” said Shane Trigg, President and CEO, AppFolio. “By connecting our acquisition of LiveEasy with new industry leading partners, such as Zillow and Second Nature, all enabled through FolioSpace, we have accelerated our resident strategy creating value for our customers. We are well positioned to win for all stakeholders as the platform powering the future of the real estate industry.”

Financial Highlights for First Quarter of 2025

Revenue grew 16% year-over-year to $218 million.
Total units under management grew 6% year-over-year to 8.8 million.
GAAP operating income was $34 million, or 15.5% of revenue, compared to operating income of $34 million, or 18.2% of revenue in Q1 2024.
Non-GAAP operating income was $53 million, or 24.3% of revenue, compared to an operating income of $48 million, or 25.7% of revenue, in Q1 2024.
Net cash provided by operating activities was $38 million, or 17.7% of revenue, compared to $43 million, or 22.9% of revenue, in Q1 2024.

Financial Outlook
Based on information available as of April 24, 2025, AppFolio’s outlook for fiscal year 2025 follows:

Full year revenue is expected to be in the range of $920 million to $940 million.
Full year non-GAAP operating margin as a percentage of revenue is expected to be in the range of 24.5% to 26.5%.
Diluted weighted average shares outstanding are expected to be approximately 37 million for the full year.

Stock Repurchase Program

On April 23, 2025, AppFolio’s Board of Directors (the “Board”) authorized a $300.0 million share repurchase program (the “2025 Stock Repurchase Program”) relating to the Company’s outstanding shares of Class A common stock. Under the 2025 Stock Repurchase Program, the Company is authorized to repurchase shares of its Class A common stock from time to time in open market purchases or privately negotiated transactions. The 2025 Stock Repurchase Program does not obligate the Company to repurchase any minimum dollar amount or number of shares, has no expiration date, and can be modified, suspended or terminated at any time and for any reason. The timing and actual number of shares repurchased, will depend on a variety of factors, including price, corporate and legal requirements, market conditions and other factors. The 2025 Stock Repurchase Program replaces the Company’s previously reported $100 million stock repurchase program, which has been substantially exhausted.

Conference Call Information
As previously announced, the Company will host a conference call today, April 24, 2025, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s first quarter financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/994jmsnj. To access the call by phone, please go to the following link: https://register-conf.media-server.com/register/BIec9db96ea67145e5b35acbb6ce94b6ad, and you will be provided with dial in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio’s disclosure obligations under Regulation FD.

About AppFolio
AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.

Investor Relations Contact:
Lori Barker
ir@appfolio.com

Use of Non-GAAP Financial Measures
Reconciliations of current and historical non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”

AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company’s fiscal year 2025 financial outlook, anticipated future expenses and investments, the Company’s business opportunities, the impact of the Company’s strategic actions and initiatives, the effect of the Company’s 2025 Share Repurchase Program, the potential benefits and effect of the Company’s resident experience related services, including FolioSpace, and their impact on the Company’s plans, objectives, expectations and capabilities.

Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company’s other filings with the SEC. You should read this press release with the understanding that the Company’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.


CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)

	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	56,933	$	42,504
Investment securities—current		153,881		235,745
Accounts receivable, net		27,462		24,346
Prepaid expenses and other current assets		33,738		32,807
Total current assets		272,014		335,402
Property and equipment, net		23,413		24,483
Operating lease right-of-use assets		16,971		17,472
Capitalized software development costs, net		13,649		15,429
Goodwill		96,410		96,410
Intangible assets, net		46,500		49,057
Deferred income taxes		82,451		76,910
Other long-term assets		13,325		11,515
Total assets	$	564,733	$	626,678
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	4,934	$	2,378
Accrued employee expenses		21,775		30,157
Accrued expenses		15,724		14,658
Other current liabilities		16,173		16,087
Total current liabilities		58,606		63,280
Operating lease liabilities		36,328		37,476
Other liabilities		7,680		6,632
Total liabilities		102,614		107,388
Stockholders’ equity		462,119		519,290
Total liabilities and stockholders’ equity	$	564,733	$	626,678

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)

	Three Months Ended March 31,
		2025		2024
Revenue⁽¹⁾	$	217,702	$	187,430
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)⁽²⁾		79,498		64,646
Sales and marketing⁽²⁾		31,057		24,455
Research and product development⁽²⁾		43,758		37,895
General and administrative⁽²⁾		23,351		21,132
Depreciation and amortization		6,255		5,212
Total costs and operating expenses		183,919		153,340
Income from operations		33,783		34,090
Other income, net		56		—
Interest income, net		2,953		2,992
Income before provision for income taxes		36,792		37,082
Provision (benefit from) for income taxes		5,409		(1,581	)
Net income	$	31,383	$	38,663
Net income per common share:
Basic	$	0.86	$	1.07
Diluted	$	0.86	$	1.05
Weighted average common shares outstanding
Basic		36,302		36,087
Diluted		36,648		36,674

⁽¹⁾ The following table presents our revenue categories:


	Three Months Ended March 31,
		2025		2024
Core solutions	$	49,513	$	42,920
Value Added Services		164,706		142,331
Other		3,483		2,179
Total revenue	$	217,702	$	187,430

⁽²⁾ Includes stock-based compensation expense as follows:

	Three Months Ended March 31,
		2025		2024
Costs and operating expenses:
Cost of revenue (exclusive of depreciation and amortization)	$	1,287	$	960
Sales and marketing		2,848		1,510
Research and product development		6,931		5,682
General and administrative		5,305		5,322
Total stock-based compensation expense	$	16,371	$	13,474

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

	Three Months Ended March 31,
		2025			2024
Cash from operating activities
Net income	$	31,383		$	38,663
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,255			5,211
Amortization of operating lease right-of-use assets		501			523
Amortization of costs capitalized to obtain revenue contracts, net		2,720			2,500
Deferred income taxes		(5,541	)		—
Stock-based compensation, including as amortized		16,371			13,474
Other		(917	)		(1,824	)
Changes in operating assets and liabilities:
Accounts receivable		(3,116	)		(5,470	)
Prepaid expenses and other assets		(5,460	)		6,349
Accounts payable		2,546			733
Operating lease liabilities		(1,051	)		(475	)
Accrued expenses and other liabilities		(5,226	)		(16,730	)
Net cash provided by operating activities		38,465			42,954
Cash from investing activities
Purchases of available-for-sale investments		(62,302	)		(57,162	)
Proceeds from sales of available-for-sale investments		102,718			—
Proceeds from maturities of available-for-sale investments		42,150			36,670
Purchases of property and equipment		(230	)		(1,420	)
Capitalization of software development costs		(636	)		(1,125	)
Cash paid in business acquisition, net of cash acquired		(906	)		—
Net cash used in investing activities		80,794			(23,037	)
Cash from financing activities
Proceeds from stock option exercises		11			3,874
Tax withholding for net share settlement		(9,078	)		(14,086	)
Purchase of common stock		(95,763	)		—
Net cash used in financing activities		(104,830	)		(10,212	)
Net decrease in cash, cash equivalents and restricted cash		14,429			9,705
Cash, cash equivalents and restricted cash
Beginning of period		42,754			49,759
End of period	$	57,183		$	59,464

RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(UNAUDITED)
(in thousands, except per share data)

	Three Months Ended March 31,
	2025			2024
Costs and operating expenses:
GAAP cost of revenue (exclusive of depreciation and amortization)	$	79,498		$	64,646
Stock-based compensation expense		(1,287	)		(960	)
Non-GAAP cost of revenue (exclusive of depreciation and amortization)	$	78,211		$	63,686
GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue		37	%		34	%
Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue		36	%		34	%

GAAP sales and marketing	$	31,057		$	24,455
Stock-based compensation expense		(2,848	)		(1,510	)
Non-GAAP sales and marketing	$	28,209		$	22,945
GAAP sales and marketing as a percentage of revenue		14	%		13	%
Non-GAAP sales and marketing as a percentage of revenue		13	%		12	%

GAAP research and product development	$	43,758		$	37,895
Stock-based compensation expense		(6,931	)		(5,682	)
Non-GAAP research and product development	$	36,827		$	32,213
GAAP research and product development as a percentage of revenue		20	%		20	%
Non-GAAP research and product development as a percentage of revenue		17	%		17	%

GAAP general and administrative	$	23,351		$	21,132
Stock-based compensation expense		(5,305	)		(5,322	)
Non-GAAP general and administrative	$	18,046		$	15,810
GAAP general and administrative as a percentage of revenue		11	%		11	%
Non-GAAP general and administrative as a percentage of revenue		8	%		8	%

GAAP depreciation and amortization	$	6,255		$	5,212
Amortization of stock-based compensation capitalized in software development costs		(241	)		(518	)
Amortization of purchased intangibles		(2,558	)		(119	)
Non-GAAP depreciation and amortization	$	3,456		$	4,575
GAAP depreciation and amortization as a percentage of revenue		3	%		3	%
Non-GAAP depreciation and amortization as a percentage of revenue		2	%		2	%

	Three Months Ended March 31,
	2025			2024
Income from operations:
GAAP income from operations	$	33,783		$	34,090
Stock-based compensation expense		16,371			13,474
Amortization of stock-based compensation capitalized in software development costs		241			518
Amortization of purchased intangibles		2,558			119
Non-GAAP income from operations	$	52,953		$	48,201

Operating margin:
GAAP operating margin		15.5	%		18.2	%
Stock-based compensation expense as a percentage of revenue		7.5			7.1
Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue		0.1			0.3
Amortization of purchased intangibles as a percentage of revenue		1.2			0.1
Non-GAAP operating margin		24.3	%		25.7	%

Net income (loss):
GAAP net income	$	31,383		$	38,663
Stock-based compensation expense		16,371			13,474
Amortization of stock-based compensation capitalized in software development costs		241			518
Amortization of purchased intangibles		2,558			119
Income tax effect of adjustments		(6,343	)		(14,379	)
Non-GAAP net income	$	44,210		$	38,395

Net income per share, basic:
GAAP net income per share, basic	$	0.86		$	1.07
Non-GAAP adjustments to net income		0.36			(0.01	)
Non-GAAP net income per share, basic	$	1.22		$	1.06

Net income per share, diluted:
GAAP net income per share, diluted	$	0.86		$	1.05
Non-GAAP adjustments to net income		0.35			—
Non-GAAP net income per share, diluted	$	1.21		$	1.05

Weighted-average shares used in GAAP and non-GAAP per share calculation
Basic		36,302			36,087
Diluted		36,648			36,674

Statement Regarding the Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Non-GAAP presentation of income from operations, costs and operating expenses, operating margin, net income, and net income per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income from operations as a percentage of revenue.

We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these non-GAAP financial measures also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.

Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period.

Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 21% and 25% for 2025 and 2024, respectively, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix.

Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

The MIL Network –

April 25, 2025

MIL-OSI: RYVYL Enters Negotiations to Restructure Pre-funded Asset Sale to Debt and/or Equity

Source: GlobeNewswire (MIL-OSI)

– Enters into a standstill agreement until May 6, 2025 in respect of pre-funded SPA –

SAN DIEGO, CA, April 24, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for the diverse international markets, has entered into an agreement to negotiate and potentially restructure the terms of its pre-funded asset sale of its RYVYL EU subsidiary although there is no certainty a deal will be reached. In conjunction with ongoing negotiations, the buyer has agreed a standstill period in respect of the pre-funded asset sale from April 23, 2025, to May 6, 2025. The Company has the right to extend such standstill period for an additional 21 days to May 27, 2025, in consideration of its payment of $750,000 on or before May 6, 2025.

On January 24, 2025, the Company entered into an agreement with a funding source for $15 million that was structured as a pre-funded asset sale with a 90-day closing period, which could have been terminated prior to April 23, 2025, upon RYVYL’s payment of $16.5 million. The shares of RYVYL EU subsidiary will continue to be held in escrow while the standstill period is ongoing.

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

IR Contact:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –

April 25, 2025

Category: GlobeNewswire