GlobeNewswire – Page 365

MIL-OSI: CoreCard Corporation Schedules First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

NORCROSS, Ga., April 24, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on May 8, 2025, at 11:00 A.M. Eastern Time in conjunction with the company’s earnings release for the quarter ended March 31, 2025. The company plans to issue a press release with the financial results for the period before the market opens on May 8, 2025.

Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecardq12025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

About CoreCard Corporation

CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

Forward-Looking Statements

The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Contact:	CoreCard Corporation
	Matthew A. White, Chief Financial Officer
	770-564-5504
	matt@corecard.com

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

About Wearable Devices

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

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

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

Forward-Looking Statements Disclaimer

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

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

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

First Quarter 2025 Highlights

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

First Quarter Operating Results

Net Income

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

Net Interest Income and Net Interest Margin

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

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

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

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

Reversal of Credit Losses

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

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

Noninterest Income

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

Noninterest Expense

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

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

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

Income Tax

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

Balance Sheet

Assets

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

Loans

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

Deposits

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

Federal Home Loan Bank (“FHLB”) and Liquidity

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

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

Asset Quality

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

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

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

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

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

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

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

Capital

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

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

ABOUT CALIFORNIA BANCORP

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	($ in thousands except share and per share data)
EARNINGS
Net interest income	$	42,255		$	44,541		$	20,494
Reversal of credit losses	$	(3,776	)	$	(3,835	)	$	(331	)
Noninterest income	$	2,566		$	1,004		$	1,413
Noninterest expense	$	24,920		$	26,125		$	14,981
Income tax expense	$	6,824		$	6,483		$	2,322
Net income	$	16,853		$	16,772		$	4,935
Pre-tax pre-provision income ⁽¹⁾	$	19,901		$	19,420		$	6,926
Adjusted pre-tax pre-provision income ⁽¹⁾	$	19,901		$	20,063		$	7,475
Diluted earnings per share	$	0.52		$	0.51		$	0.26
Shares outstanding at period end		32,402,140			32,265,935			18,527,178

PERFORMANCE RATIOS
Return on average assets		1.71	%		1.60	%		0.86	%
Adjusted return on average assets ⁽¹⁾		1.71	%		1.64	%		0.95	%
Return on average common equity		13.18	%		13.21	%		6.85	%
Adjusted return on average common equity ⁽¹⁾		13.18	%		13.57	%		7.61	%
Yield on total loans		6.61	%		6.84	%		6.02	%
Yield on interest earning assets		6.26	%		6.48	%		5.79	%
Cost of deposits		1.59	%		1.87	%		2.05	%
Cost of funds		1.72	%		1.99	%		2.17	%
Net interest margin		4.65	%		4.61	%		3.80	%
Efficiency ratio ⁽¹⁾		55.60	%		57.36	%		68.38	%
Adjusted efficiency ratio ⁽¹⁾		55.60	%		55.95	%		65.88	%

	As of
	March 31, 2025			December 31, 2024
	($ in thousands except share and per share data)
CAPITAL
Tangible equity to tangible assets ⁽¹⁾		10.34	%		9.69	%
Book value (BV) per common share	$	16.40		$	15.86
Tangible BV per common share ⁽¹⁾	$	12.29		$	11.71

ASSET QUALITY
Allowance for loan losses (ALL)	$	45,839		$	50,540
Reserve for unfunded loan commitments	$	2,485		$	3,103
Allowance for credit losses (ACL)	$	48,324		$	53,643
Allowance for loan losses to nonperforming loans		2.01	x		1.90	x
ALL to total loans held for investment		1.49	%		1.61	%
ACL to total loans held for investment		1.57	%		1.71	%
30-89 days past due, excluding nonaccrual loans	$	5,103		$	12,082
Over 90 days past due, excluding nonaccrual loans	$	45		$	150
Special mention loans	$	74,421		$	69,339
Special mention loans to total loans held for investment		2.43	%		2.21	%
Substandard loans	$	111,786		$	117,598
Substandard loans to total loans held for investment		3.64	%		3.75	%
Nonperforming loans	$	22,825		$	26,536
Nonperforming loans to total loans held for investment		0.74	%		0.85	%
Other real estate owned, net	$	4,083		$	4,083
Nonperforming assets	$	26,908		$	30,619
Nonperforming assets to total assets		0.68	%		0.76	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,073,399		$	3,156,345
Total assets	$	3,983,090		$	4,031,654
Deposits	$	3,342,503		$	3,398,760
Loans to deposits		91.9	%		92.9	%
Shareholders’ equity	$	531,384		$	511,836

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

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

ALL to total loans held for investment		1.49	%		1.61	%		1.18	%
ACL to total loans held for investment		1.57	%		1.71	%		1.23	%
Net charge-offs to average total loans		(0.20	)%		(0.02	)%		0.00	%

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

California BanCorp and Subsidiary
Balance Sheets (Unaudited)

	March 31, 2025			December 31, 2024
	($ in thousands)
ASSETS
Cash and due from banks	$	80,441		$	60,471
Federal funds sold & interest-bearing balances		358,800			327,691
Total cash and cash equivalents		439,241			388,162

Debt securities available-for-sale, at fair value (amortized cost of $137,855, and $151,429 at March 31, 2025 and December 31, 2024)		131,593			142,001
Debt securities held-to-maturity, at cost (fair value of $47,329 and $47,823 at March 31, 2025 and December 31, 2024)		53,194			53,280
Loans held for sale		4,625			17,180
Loans held for investment:
Construction & land development		221,437			227,325
1-4 family residential		157,442			164,401
Multifamily		237,896			243,993
Other commercial real estate		1,755,962			1,767,727
Commercial & industrial		672,468			710,970
Other consumer		23,569			24,749
Total loans held for investment		3,068,774			3,139,165
Allowance for credit losses – loans		(45,839	)		(50,540	)
Total loans held for investment, net		3,022,935			3,088,625

Restricted stock at cost		30,845			30,829
Premises and equipment		13,154			13,595
Right of use asset		13,384			14,350
Other real estate owned, net		4,083			4,083
Goodwill		111,780			111,787
Intangible assets		21,323			22,271
Bank owned life insurance		66,867			66,636
Deferred taxes, net		36,473			43,127
Accrued interest and other assets		33,593			35,728
Total assets	$	3,983,090		$	4,031,654

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,292,689		$	1,257,007
Interest-bearing NOW accounts		674,460			673,589
Money market and savings accounts		1,192,960			1,182,927
Time deposits		182,394			285,237
Total deposits		3,342,503			3,398,760

Borrowings		70,308			69,725
Operating lease liability		17,142			18,310
Accrued interest and other liabilities		21,753			33,023
Total liabilities		3,451,706			3,519,818

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,402,140 and 32,265,935 at March 31, 2025 and December 31, 2024		442,934			442,469
Retained earnings		92,861			76,008
Accumulated other comprehensive loss – net of taxes		(4,411	)		(6,641	)
Total shareholders’ equity		531,384			511,836
Total liabilities and shareholders’ equity	$	3,983,090		$	4,031,654

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

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	50,686		$	54,791		$	28,584
Interest on debt securities		1,524			1,698			1,213
Interest on tax-exempted debt securities		305			305			306
Interest and dividends from other institutions		4,310			5,764			1,161
Total interest and dividend income		56,825			62,558			31,264

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,116			12,447			6,770
Interest on time deposits		2,063			4,179			3,021
Interest on borrowings		1,391			1,391			979
Total interest expense		14,570			18,017			10,770
Net interest income		42,255			44,541			20,494
Reversal of credit losses ⁽¹⁾		(3,776	)		(3,835	)		(331	)
Net interest income after reversal of credit losses		46,031			48,376			20,825

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,186			911			525
Gain (loss) on sale of loans		577			(1,095	)		415
Bank owned life insurance income		463			823			261
Servicing and related income on loans		142			157			73
Other charges and fees		199			208			139
Total noninterest income		2,566			1,004			1,413

NONINTEREST EXPENSE
Salaries and employee benefits		15,864			16,074			9,610
Occupancy and equipment expenses		2,152			2,314			1,452
Data processing		1,935			1,960			1,150
Legal, audit and professional		859			817			516
Regulatory assessments		722			436			387
Director and shareholder expenses		404			458			203
Merger and related expenses		—			643			549
Intangible assets amortization		948			1,060			65
Other real estate owned expense		68			220			88
Other expense		1,968			2,143			961
Total noninterest expense		24,920			26,125			14,981
Income before income taxes		23,677			23,255			7,257
Income tax expense		6,824			6,483			2,322
Net income	$	16,853		$	16,772		$	4,935

Net income per share – basic	$	0.52		$	0.52		$	0.27
Net income per share – diluted	$	0.52		$	0.51		$	0.26
Weighted average common shares-diluted		32,698,227			32,698,714			18,801,716
Pre-tax, pre-provision income ⁽²⁾	$	19,901		$	19,420		$	6,926

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

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

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
	($ in thousands)
Assets
Interest-earning assets:
Total loans	$	3,109,722	$	50,686		6.61	%	$	3,184,918	$	54,791		6.84	%	$	1,909,271	$	28,584		6.02	%
Taxable debt securities		139,481		1,524		4.43	%		147,895		1,698		4.57	%		126,803		1,213		3.85	%
Tax-exempt debt securities ⁽¹⁾		53,522		305		2.93	%		53,607		305		2.87	%		53,842		306		2.89	%
Deposits in other financial institutions		316,582		3,468		4.44	%		422,032		5,123		4.83	%		54,056		716		5.33	%
Fed funds sold/resale agreements		30,413		335		4.47	%		3,353		38		4.51	%		9,771		134		5.52	%
Restricted stock investments and other bank stock		31,657		507		6.50	%		30,341		603		7.91	%		16,412		311		7.62	%
Total interest-earning assets		3,681,377		56,825		6.26	%		3,842,146		62,558		6.48	%		2,170,155		31,264		5.79	%
Total noninterest-earning assets		318,132							326,601							139,672
Total assets	$	3,999,509						$	4,168,747						$	2,309,827

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	735,209	$	3,366		1.86	%	$	704,017	$	3,784		2.14	%	$	359,784	$	2,045		2.29	%
Money market and savings accounts		1,161,960		7,750		2.70	%		1,192,692		8,663		2.89	%		648,640		4,725		2.93	%
Time deposits		207,519		2,063		4.03	%		359,111		4,179		4.63	%		255,474		3,021		4.76	%
Total interest-bearing deposits		2,104,688		13,179		2.54	%		2,255,820		16,626		2.93	%		1,263,898		9,791		3.12	%
Borrowings:
FHLB advances		—		—		—	%		—		—		—	%		50,593		708		5.63	%
Subordinated debt		70,027		1,391		8.06	%		69,420		1,391		7.97	%		17,878		271		6.10	%
Total borrowings		70,027		1,391		8.06	%		69,420		1,391		7.97	%		68,471		979		5.75	%
Total interest-bearing liabilities		2,174,715		14,570		2.72	%		2,325,240		18,017		3.08	%		1,332,369		10,770		3.25	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,255,883							1,283,591							661,265
Other liabilities		50,368							55,007							26,430
Shareholders’ equity		518,543							504,909							289,763
Total Liabilities and Shareholders’ Equity	$	3,999,509						$	4,168,747						$	2,309,827

Net interest spread						3.54	%						3.40	%						2.54	%
Net interest income and margin			$	42,255		4.65	%			$	44,541		4.61	%			$	20,494		3.80	%
Cost of deposits	$	3,360,571	$	13,179		1.59	%	$	3,539,411	$	16,626		1.87	%	$	1,925,163	$	9,791		2.05	%
Cost of funds	$	3,430,598	$	14,570		1.72	%	$	3,608,831	$	18,017		1.99	%	$	1,993,634	$	10,770		2.17	%

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

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

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

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	($ in thousands)
Adjusted net income
Net income	$	16,853		$	16,772		$	4,935
Add: After-tax merger and related expenses ⁽¹⁾		—			453			547
Adjusted net income (non-GAAP)	$	16,853		$	17,225		$	5,482

Efficiency Ratio
Noninterest expense	$	24,920		$	26,125		$	14,981
Deduct: Merger and related expenses		—			643			549
Adjusted noninterest expense		24,920			25,482			14,432

Net interest income		42,255			44,541			20,494
Noninterest income		2,566			1,004			1,413
Total net interest income and noninterest income	$	44,821		$	45,545		$	21,907
Efficiency ratio (non-GAAP)		55.6	%		57.4	%		68.4	%
Adjusted efficiency ratio (non-GAAP)		55.6	%		55.9	%		65.9	%

Pre-tax pre-provision income
Net interest income	$	42,255		$	44,541		$	20,494
Noninterest income		2,566			1,004			1,413
Total net interest income and noninterest income		44,821			45,545			21,907
Less: Noninterest expense		24,920			26,125			14,981
Pre-tax pre-provision income (non-GAAP)		19,901			19,420			6,926
Add: Merger and related expenses		—			643			549
Adjusted pre-tax pre-provision income (non-GAAP)	$	19,901		$	20,063		$	7,475

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

Return on Average Assets, Equity, and Tangible Equity
Net income	$	16,853		$	16,772		$	4,935
Adjusted net income (non-GAAP)	$	16,853		$	17,225		$	5,482

Average assets	$	3,999,509		$	4,168,747		$	2,309,827
Average shareholders’ equity		518,543			504,909			289,763
Less: Average intangible assets		133,567			135,064			38,964
Average tangible common equity (non-GAAP)	$	384,976		$	369,845		$	250,799

Return on average assets		1.71	%		1.60	%		0.86	%
Adjusted return on average assets (non-GAAP)		1.71	%		1.64	%		0.95	%
Return on average equity		13.18	%		13.21	%		6.85	%
Adjusted return on average equity (non-GAAP)		13.18	%		13.57	%		7.61	%
Return on average tangible common equity (non-GAAP)		17.75	%		18.04	%		7.91	%
Adjusted return on average tangible common equity (non-GAAP)		17.75	%		18.53	%		8.79	%

	March 31, 2025			December 31, 2024
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	531,384		$	511,836
Less: Intangible assets		133,103			134,058
Tangible common equity (non-GAAP)	$	398,281		$	377,778

Total assets	$	3,983,090		$	4,031,654
Less: Intangible assets		133,103			134,058
Tangible assets (non-GAAP)	$	3,849,987		$	3,897,596

Equity to asset ratio		13.34	%		12.70	%
Tangible common equity to tangible asset ratio (non-GAAP)		10.34	%		9.69	%
Book value per share	$	16.40		$	15.86
Tangible book value per share (non-GAAP)	$	12.29		$	11.71
Shares outstanding		32,402,140			32,265,935

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

The MIL Network –

April 25, 2025

MIL-OSI: Thomas Barnes Joins Monarch Private Capital’s #Bestinclass Renewable Energy Team

Source: GlobeNewswire (MIL-OSI)

ATLANTA, April 24, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to welcome Thomas Barnes as Manager, Renewable Energy.

In this newly-created role, Barnes will facilitate all aspects of investment execution, including onboarding, investment alignment, fund documentation, underwriting/closing, and subsequent fundings. He serves as a key liaison between Monarch’s investors and developer partners, working with internal placement, project management, operations, and asset management teams—ensuring a seamless and #bestinclass transaction process.

Barnes brings extensive tax credit structuring and legal experience to Monarch. Prior to joining the firm, he held several roles within the renewable energy division at U.S. Bank, most recently serving as Syndications Project Manager. In that role, he led investor communications and due diligence efforts, negotiated transaction documents, and facilitated the closing of tax credit investments. Earlier in his tenure at U.S. Bank, Barnes served as an Asset Manager, overseeing a portfolio of renewable energy investments and supporting risk mitigation efforts across legal, tax, and credit functions. Before transitioning into renewable energy finance, Barnes practiced law for nearly a decade, focusing on corporate transactions and contract negotiation for a wide range of clients and industries.

“Thomas brings a rare combination of legal acumen and transaction execution experience to our already strong team,” said Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital. “His ability to manage complexity, collaborate across functions, and drive high-quality outcomes for our investors will undoubtably enhance our #everbetter, #bestinclass execution process.”

In addition to his transaction responsibilities, Barnes will contribute to process innovation, cross-functional collaboration, and risk management strategies across Monarch’s clean energy portfolio.

“Monarch is known for its thoughtful, high-performing culture, and I’m excited to be a part of a team that prioritizes excellence and investor success,” said Barnes. “I look forward to contributing to a strong foundation that enables the firm to continue scaling with impact.”

Barnes earned his Juris Doctor from the University of Minnesota Law School and a Bachelor of Arts in English from the University of St. Thomas. Committed to giving back, he has volunteered with organizations including Catholic Charities, Feed the Children, and Project Offstreets, and has mentored and coached youth in both Minneapolis and Denver.

For more information about Monarch Private Capital, visit www.monarchprivate.com.

About Monarch Private Capital

Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

CONTACT
Jane Rafeedie
Monarch Private Capital
Jrafeedie@monarchprivate.com
470-283-8431

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11639d57-4ef6-4162-9d83-aa2972dbe120

The MIL Network –

April 25, 2025

MIL-OSI: Microchip Unveils New High-Density Power Module for AI at the Edge Applications

Source: GlobeNewswire (MIL-OSI)

CHANDLER, Ariz., April 24, 2025 (GLOBE NEWSWIRE) — AI at the edge is driving increased integration and power consumption, requiring advanced power management solutions for industrial automation and data center applications. Microchip Technology (Nasdaq: MCHP) today announces the MCPF1412, a highly efficient and fully integrated point-of-load 12A power module with a 16V V_IN buck converter and support for I²C and PMBus^® interfaces.

The MCPF1412 power module is designed to deliver superior performance and reliability, ensuring efficient power conversion and reduced energy loss. Its compact form factor of 5.8 mm × 4.9 mm × 1.6 mm and innovative Land Grid Array (LDA) package significantly reduce the required board space by over 40% compared to traditional discrete solutions. This reduction in size, coupled with enhanced reliability and minimized PCB switching and RF noise, positions the MCPF1412 as a leading industry device.

“The MCPF1412 is highly compatible with our FPGAs and PCIe^® solutions, providing a comprehensive solution for Microchip customers,” said Rudy Jaramillo, vice president of Microchip’s analog power interface division. “This innovative solution minimizes space usage by reducing chip placements when combined with other Microchip devices.”

The MCPF1412M06 is a versatile device that offers significant flexibility for configuration and system monitoring through the I²C and PMBus interfaces. Additionally, it supports standalone operation without a digital interface, allowing designers to easily configure output voltages using simple resistor divider adjustments and monitor the system via the Power Good output.

Other key features of the MCPF1412 include multiple diagnostic functions such as over-temperature, over-current and over-voltage protection for improved performance and reliability. The operating temperature range is TJ −40°C to +125°C. An on-board embedded EEPROM is available for programming the default power-up configuration.

Microchip offers a wide range of DC-DC power modules with input voltages from 5.5-70V, available in ultra-compact, rugged and thermally enhanced packaging to improve high power density. To learn more about Microchip’s power modules, visit the web page. For more information about the MCPF1412 power module, please visit the product web page.

Development Tools

The MCPF1412 is supported by the EV37R94A Evaluation Board and GUI to help developers evaluate their design.

Pricing and Availability

The MCPF1412 is available for $5.10 each in 10,000-unit quantities. For additional information and to purchase, contact a Microchip sales representative, authorized worldwide distributor or visit Microchip’s Purchasing and Client Services website, www.microchipdirect.com.

Resources

High-res images available through Flickr or editorial contact (feel free to publish):
·Application image: www.flickr.com/photos/microchiptechnology/54429465685/sizes/l

About Microchip Technology:
Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve over 100,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

The MIL Network –

April 25, 2025

MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

Source: GlobeNewswire (MIL-OSI)

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

Dear Fellow Shareholders,

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

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

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

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

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

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

Sincerely,
Gary Seaton
Chairman and Chief Executive Officer

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

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

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

The MIL Network –

April 25, 2025

MIL-OSI: ClearScale Signs New Strategic Collaboration Agreement with AWS to Empower Small and Medium-Sized Businesses to Accelerate Value in the Cloud

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 24, 2025 (GLOBE NEWSWIRE) — ClearScale, an AWS Premier Tier Services Partner and cloud consulting company, announced today it has signed a multi-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) as part of the recently introduced Small Business Acceleration Initiative (SBAI), an initiative designed to drive small and medium-sized business digital customer transformation at scale.

Through this agreement, ClearScale will partner with SBAI teams to drive innovation and propel customers who are experiencing rapid growth and dynamic business environments, to realize the value of AWS.

“We are expanding our collaboration with AWS to empower small and medium sized customers to realize and experience the benefits of building cloud native applications, retire legacy debt and harness the power of Data and Analytics to scale their rapidly growing businesses,” said Rich Janson, CRO of ClearScale. “Having led 400+ successful Migration and Modernization engagements across today’s most demanding industries, our goal is to take companies who are experiencing exponential growth and empower them to realize the value of AWS to achieve their business goals.”

ClearScale meets customers where they are on their cloud adoption journey, partnering with them through all phases—from business case creation and modernization inception to execution and optimization—aligning data, analytics, and generative AI data readiness with their desired business outcomes to drive growth.

“Through our collaboration with ClearScale, we developed a scalable, AI-powered mobile app that delivers tailored legal advice in under 30 seconds — making legal insights accessible to those who need it most. Leveraging AWS technologies like Amazon Bedrock, we created a cutting-edge solution capable of supporting up to 250,000 monthly users with room for growth,” Dave Smith, Newton’s Law CEO.

ClearScale helps SMB customers across various industries achieve their business goals through cloud adoption. Our broad service portfolio, industry knowledge, and modernization expertise enable us to accelerate their cloud journey and ensure their continued success.

For more information on ClearScale and their Migration/Modernization portfolio please visit: ClearScale

About ClearScale

ClearScale is a professional services company and an all-in AWS Premier Tier Services Partner that helps business leaders create clear business value at speed and scale. We combine our expertise in workload migrations, cloud-native systems integration, strategic consulting, application development, modernization, data, and AI to empower leaders in solving their most critical business challenges and positioning their organizations for growth.

As an industry-leading AWS Premier Tier Services Partner, ClearScale delivers award-winning experience and expertise across AWS industries and competencies. Our core service areas include AWS Foundations & Migrations, Cloud-Native Application Development, Infrastructure & DevOps Modernization, Data Modernization & Analytics, Application Modernization, Artificial Intelligence & MLOps, and Generative AI.

Contact:
Kevin Wolf
kevin@tgprllc.com

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

First Quarter Highlights

Highlights for the first quarter of 2025 include:

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

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

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

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

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

Operating Results

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

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

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

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

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

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

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

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

Asset Quality

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

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

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

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

Balance Sheet, Capital and Liquidity

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

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

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

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

Regulatory Capital Ratios	3/31/2025		12/31/2024		Well Capitalized Minimum

Tier 1 capital to average total assets	9.56	%	9.58	%	5.00	%
Tier 1 common equity to risk-weighted assets	11.93	%	11.74	%	6.50	%
Tier 1 capital to risk-weighted assets	11.93	%	11.74	%	8.00	%
Total capital to risk-weighted assets	13.19	%	12.99	%	10.00	%

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

Share Repurchase Plan

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

Earnings Conference Call

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

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

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

About Independent Bank Corporation

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

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

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

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

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Condition

	March 31, 2025			December 31, 2024
	(Unaudited)
	(In thousands, except share amounts)
Assets
Cash and due from banks	$	60,566		$	56,984
Interest bearing deposits		67,579			62,898
Cash and Cash Equivalents		128,145			119,882
Securities available for sale		529,676			559,182
Securities held to maturity (fair value of $302,579 at March 31, 2025 and $301,860 at December 31, 2024)		336,928			339,436
Federal Home Loan Bank and Federal Reserve Bank stock, at cost		15,587			16,099
Loans held for sale, carried at fair value		9,514			7,643
Loans
Commercial		1,992,187			1,937,364
Mortgage		1,512,807			1,516,726
Installment		567,697			584,735
Total Loans		4,072,691			4,038,825
Allowance for credit losses		(60,035	)		(59,379	)
Net Loans		4,012,656			3,979,446
Other real estate and repossessed assets, net		413			938
Property and equipment, net		37,369			37,492
Bank-owned life insurance		53,721			53,855
Capitalized mortgage loan servicing rights, carried at fair value		32,171			46,796
Other intangibles		1,366			1,488
Goodwill		28,300			28,300
Accrued income and other assets		142,582			147,547
Total Assets	$	5,328,428		$	5,338,104
Liabilities and Shareholders’ Equity
Deposits
Non-interest bearing	$	989,928		$	1,013,647
Savings and interest-bearing checking		2,017,800			1,995,314
Reciprocal		910,526			907,031
Time		635,172			628,285
Brokered time		80,505			109,811
Total Deposits		4,633,931			4,654,088
Other borrowings		45,014			45,009
Subordinated debt		39,605			39,586
Subordinated debentures		39,813			39,796
Accrued expenses and other liabilities		102,788			104,939
Total Liabilities		4,861,151			4,883,418

Shareholders’ Equity
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding		—			—
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,970,115 shares at March 31, 2025 and 20,895,714 shares at December 31, 2024		318,365			318,777
Retained earnings		215,995			205,853
Accumulated other comprehensive loss		(67,083	)		(69,944	)
Total Shareholders’ Equity		467,277			454,686
Total Liabilities and Shareholders’ Equity	$	5,328,428		$	5,338,104

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations

	Three Months Ended
		March 31, 2025			December 31, 2024			March 31, 2024
	(Unaudited)
Interest Income	(In thousands, except per share amounts)
Interest and fees on loans	$	57,768		$	58,346		$	55,043
Interest on securities
Taxable		4,036			4,417			5,251
Tax-exempt		2,770			2,905			3,391
Other investments		1,570			1,310			1,441
Total Interest Income		66,144			66,978			65,126
Interest Expense
Deposits		20,955			22,546			22,810
Other borrowings and subordinated debt and debentures		1,504			1,581			2,119
Total Interest Expense		22,459			24,127			24,929
Net Interest Income		43,685			42,851			40,197
Provision for credit losses		721			2,217			744
Net Interest Income After Provision for Credit Losses		42,964			40,634			39,453
Non-interest Income
Interchange income		3,127			3,294			3,151
Service charges on deposit accounts		2,814			2,976			2,872
Net gains (losses) on assets
Mortgage loans		2,303			1,705			1,364
Securities available for sale		(330	)		(14	)		(269	)
Mortgage loan servicing, net		(636	)		7,761			2,725
Other		3,146			3,399			2,718
Total Non-interest Income		10,424			19,121			12,561
Non-interest Expense
Compensation and employee benefits		20,383			22,886			20,770
Data processing		3,729			3,688			3,255
Occupancy, net		2,223			1,953			2,074
Interchange expense		1,119			1,131			1,097
Furniture, fixtures and equipment		885			928			954
Advertising		861			1,198			491
Loan and collection		786			606			512
FDIC deposit insurance		711			729			782
Communications		591			462			615
Legal and professional		479			849			486
Costs (recoveries) related to unfunded lending commitments		196			303			(652	)
Other		2,299			2,254			1,809
Total Non-interest Expense		34,262			36,987			32,193
Income Before Income Tax		19,126			22,768			19,821
Income tax expense		3,536			4,307			3,830
Net Income	$	15,590		$	18,461		$	15,991
Net Income Per Common Share
Basic	$	0.74		$	0.88		$	0.77
Diluted	$	0.74		$	0.87		$	0.76

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(unaudited)
	(Dollars in thousands except per share data)
Three Months Ended
Net interest income	$	43,685		$	42,851		$	41,854		$	41,346		$	40,197
Provision for credit losses		721			2,217			1,488			19			744
Non-interest income		10,424			19,121			9,508			15,172			12,561
Non-interest expense		34,262			36,987			32,583			33,333			32,193
Income before income tax		19,126			22,768			17,291			23,166			19,821
Income tax expense		3,536			4,307			3,481			4,638			3,830
Net income	$	15,590		$	18,461		$	13,810		$	18,528		$	15,991

Basic earnings per share	$	0.74		$	0.88		$	0.66		$	0.89		$	0.77
Diluted earnings per share		0.74			0.87			0.65			0.88			0.76
Cash dividend per share		0.26			0.24			0.24			0.24			0.24

Average shares outstanding		20,943,094			20,893,820			20,896,019			20,901,741			20,877,067
Average diluted shares outstanding		21,150,550			21,122,096			21,115,273			21,105,387			21,079,607

Performance Ratios
Return on average assets		1.18	%		1.39	%		1.04	%		1.44	%		1.24	%
Return on average equity		13.71			16.31			12.54			17.98			15.95
Efficiency ratio (1)		62.20			59.09			62.82			61.49			60.26

As a Percent of Average Interest-Earning Assets (1)
Interest income		5.28	%		5.37	%		5.48	%		5.45	%		5.34	%
Interest expense		1.79			1.92			2.11			2.05			2.04
Net interest income		3.49			3.45			3.37			3.40			3.30

Average Balances
Loans	$	4,060,941		$	3,994,661		$	3,909,954		$	3,849,199		$	3,810,526
Securities		883,676			912,073			933,750			944,435			999,140
Total earning assets		5,078,596			5,007,566			4,985,842			4,893,367			4,910,669
Total assets		5,378,022			5,300,368			5,275,623			5,181,317			5,201,452
Deposits		4,715,331			4,655,091			4,616,119			4,531,917			4,561,645
Interest bearing liabilities		3,799,852			3,717,483			3,689,684			3,611,972			3,627,446
Shareholders’ equity		461,291			450,214			438,077			414,549			403,225

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

INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data (continued)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(unaudited)
	(Dollars in thousands except per share data)
End of Period
Capital
Tangible common equity ratio		8.26	%		8.00	%		8.08	%		7.63	%		7.41	%
Tangible common equity ratio excluding accumulated other comprehensive loss		9.31			9.10			8.99			8.76			8.57
Average equity to average assets		8.58			8.49			8.30			8.00			7.75
Total capital to risk-weighted assets (2)		14.51			14.22			14.25			14.21			13.85
Tier 1 capital to risk-weighted assets (2)		12.34			12.06			12.06			12.01			11.65
Common equity tier 1 capital to risk-weighted assets (2)		11.46			11.17			11.16			11.09			10.73
Tier 1 capital to average assets (2)		9.88			9.85			9.63			9.59			9.29
Common shareholders’ equity per share of common stock	$	22.28		$	21.76		$	21.65		$	20.60		$	19.88
Tangible common equity per share of common stock		20.87			20.33			20.22			19.16			18.44
Total shares outstanding		20,970,115			20,895,714			20,893,800			20,899,358			20,903,677

Selected Balances
Loans	$	4,072,691		$	4,038,825		$	3,942,287		$	3,851,889		$	3,839,965
Securities		866,604			898,618			932,312			936,194			963,577
Total earning assets		5,031,975			5,024,083			4,964,784			4,979,555			4,949,496
Total assets		5,328,428			5,338,104			5,259,268			5,277,500			5,231,255
Deposits		4,633,931			4,654,088			4,626,875			4,614,328			4,582,414
Interest bearing liabilities		3,768,435			3,764,832			3,682,482			3,694,025			3,677,060
Shareholders’ equity		467,277			454,686			452,369			430,459			415,570

(2) March 31, 2025 are Preliminary.

Reconciliation of Non-GAAP Financial Measures
Independent Bank Corporation

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

Reconciliation of Non-GAAP Financial Measures

	Three Months Ended March 31,
		2025			2024
	(Dollars in thousands)
Net Interest Margin, Fully Taxable Equivalent (“FTE”)

Net interest income	$	43,685		$	40,197
Add: taxable equivalent adjustment		452			180
Net interest income – taxable equivalent	$	44,137		$	40,377
Net interest margin (GAAP) (1)		3.46	%		3.28	%
Net interest margin (FTE) (1)		3.49	%		3.30	%

(1) Annualized.

Tangible Common Equity Ratio

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in thousands)
Common shareholders’ equity	$	467,277		$	454,686		$	452,369		$	430,459		$	415,570
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,366			1,488			1,617			1,746			1,875
Tangible common equity		437,611			424,898			422,452			400,413			385,395
Addition:
Accumulated other comprehensive loss for regulatory purposes		61,285			64,146			52,454			65,030			65,831
Tangible common equity excluding accumulated other comprehensive loss adjustments	$	498,896		$	489,044		$	474,906		$	465,443		$	451,226

Total assets	$	5,328,428		$	5,338,104		$	5,259,268		$	5,277,500		$	5,231,255
Less:
Goodwill		28,300			28,300			28,300			28,300			28,300
Other intangibles		1,366			1,488			1,617			1,746			1,875
Tangible assets		5,298,762			5,308,316			5,229,351			5,247,454			5,201,080
Addition:
Net unrealized losses on available for sale securities and derivatives, net of tax		61,285			64,146			52,454			65,030			65,831
Tangible assets excluding accumulated other comprehensive loss adjustments	$	5,360,047		$	5,372,462		$	5,281,805		$	5,312,484		$	5,266,911

Common equity ratio		8.77	%		8.52	%		8.60	%		8.16	%		7.94	%
Tangible common equity ratio		8.26	%		8.00	%		8.08	%		7.63	%		7.41	%
Tangible common equity ratio excluding accumulated other comprehensive loss		9.31	%		9.10	%		8.99	%		8.76	%		8.57	%

Tangible Common Equity per Share of Common Stock:

Common shareholders’ equity	$	467,277		$	454,686		$	452,369		$	430,459		$	415,570
Tangible common equity	$	437,611		$	424,898		$	422,452		$	400,413		$	385,395
Shares of common stock outstanding (in thousands)		20,970			20,896			20,894			20,899			20,904

Common shareholders’ equity per share of common stock	$	22.28		$	21.76		$	21.65		$	20.60		$	19.88
Tangible common equity per share of common stock	$	20.87		$	20.33		$	20.22		$	19.16		$	18.44

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

Contact:

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

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

First Quarter 2025 Highlights:

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

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

First Quarter Financial Results:

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

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

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

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

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

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

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

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

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

¹ See “Non-GAAP Financial Information” for reconciliation

CONFERENCE CALL

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

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

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

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

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

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

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

Forward-Looking Statements

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


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,
	2025			2024
ASSETS
Cash and due from banks	$	86,113		$	100,514
Interest-bearing deposits		331,534			410,497
Investment securities available for sale		1,378,489			1,620,213
Investment securities held to maturity, net of allowance for credit losses		2,048,632			2,163,361
Loans held for sale		23,004			15,118
Loans		13,004,905			12,465,582
Less: Allowance for credit losses – loans		(192,031	)		(204,681	)
Net loans		12,812,874			12,260,901
Premises and equipment		128,749			132,706
Federal Home Loan Bank stock		45,006			41,758
Interest receivable		88,352			92,550
Goodwill		712,002			712,002
Other intangibles		18,302			25,142
Cash surrender value of life insurance		304,918			306,028
Other real estate owned		4,966			4,886
Tax asset, deferred and receivable		87,665			101,121
Other assets		369,181			331,006
TOTAL ASSETS	$	18,439,787		$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$	2,185,057		$	2,338,364
Interest-bearing		12,276,921			12,546,220
Total Deposits		14,461,978			14,884,584
Borrowings:
Federal funds purchased		185,000			—
Securities sold under repurchase agreements		122,947			130,264
Federal Home Loan Bank advances		972,478			612,778
Subordinated debentures and other borrowings		62,619			118,612
Total Borrowings		1,343,044			861,654
Interest payable		13,304			19,262
Other liabilities		289,247			327,500
Total Liabilities		16,107,573			16,093,000
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 57,810,232 and 58,564,819 shares		7,226			7,321
Additional paid-in capital		1,183,263			1,208,447
Retained earnings		1,306,911			1,181,939
Accumulated other comprehensive loss		(190,311	)		(198,029	)
Total Stockholders’ Equity		2,332,214			2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,439,787		$	18,317,803


CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended
(Dollars In Thousands, Except Per Share Amounts)	March 31,
	2025			2024
INTEREST INCOME
Loans:
Taxable	$	187,728		$	198,023
Tax-exempt		10,532			8,190
Investment securities:
Taxable		8,372			8,748
Tax-exempt		12,517			13,611
Deposits with financial institutions		2,372			6,493
Federal Home Loan Bank stock		997			835
Total Interest Income		222,518			235,900
INTEREST EXPENSE
Deposits		80,547			98,285
Federal funds purchased		812			—
Securities sold under repurchase agreements		742			1,032
Federal Home Loan Bank advances		9,364			6,773
Subordinated debentures and other borrowings		783			2,747
Total Interest Expense		92,248			108,837
NET INTEREST INCOME		130,270			127,063
Provision for credit losses		4,200			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,070			125,063
NONINTEREST INCOME
Service charges on deposit accounts		8,072			7,907
Fiduciary and wealth management fees		8,644			8,200
Card payment fees		4,526			4,500
Net gains and fees on sales of loans		5,022			3,254
Derivative hedge fees		404			263
Other customer fees		415			427
Earnings on cash surrender value of life insurance		2,179			1,592
Net realized losses on sales of available for sale securities		(7	)		(2	)
Other income		793			497
Total Noninterest Income		30,048			26,638
NONINTEREST EXPENSES
Salaries and employee benefits		54,982			58,293
Net occupancy		7,216			7,312
Equipment		7,008			6,226
Marketing		1,353			1,198
Outside data processing fees		5,929			6,889
Printing and office supplies		347			353
Intangible asset amortization		1,526			1,957
FDIC assessments		3,648			4,287
Other real estate owned and foreclosure expenses		600			534
Professional and other outside services		3,261			3,952
Other expenses		7,032			5,934
Total Noninterest Expenses		92,902			96,935
INCOME BEFORE INCOME TAX		63,216			54,766
Income tax expense		7,877			6,825
NET INCOME		55,339			47,941
Preferred stock dividends		469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	54,870		$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.95		$	0.80
Diluted Net Income Available to Common Stockholders	$	0.94		$	0.80
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.34
Tangible Common Book Value Per Share	$	27.34		$	25.07
Average Diluted Common Shares Outstanding (in thousands)		58,242			59,273


FINANCIAL HIGHLIGHTS
(Dollars in thousands)	Three Months Ended
	March 31,
	2025			2024
NET CHARGE-OFFS	$	4,926		$	2,253

AVERAGE BALANCES:
Total Assets	$	18,341,738		$	18,430,521
Total Loans		12,941,353			12,477,066
Total Earning Assets		16,960,475			17,123,851
Total Deposits		14,419,338			14,881,205
Total Stockholders’ Equity		2,340,874			2,242,139

FINANCIAL RATIOS:
Return on Average Assets		1.21	%		1.04	%
Return on Average Stockholders’ Equity		9.38			8.47
Return on Tangible Common Stockholders’ Equity		14.12			13.21
Average Earning Assets to Average Assets		92.47			92.91
Allowance for Credit Losses – Loans as % of Total Loans		1.47			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.15			0.07
Average Stockholders’ Equity to Average Assets		12.76			12.17
Tax Equivalent Yield on Average Earning Assets		5.39			5.65
Interest Expense/Average Earning Assets		2.17			2.55
Net Interest Margin (FTE) on Average Earning Assets		3.22			3.10
Efficiency Ratio		54.54			59.21


NONPERFORMING ASSETS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Nonaccrual Loans	$	81,922		$	73,773		$	59,088		$	61,906		$	62,478
Other Real Estate Owned and Repossessions		4,966			4,948			5,247			4,824			4,886
Nonperforming Assets (NPA)		86,888			78,721			64,335			66,730			67,364
90+ Days Delinquent		4,280			5,902			14,105			1,686			2,838
NPAs & 90 Day Delinquent	$	91,168		$	84,623		$	78,440		$	68,416		$	70,202

Allowance for Credit Losses – Loans	$	192,031		$	192,757		$	187,828		$	189,537		$	204,681
Quarterly Net Charge-offs		4,926			771			6,709			39,644			2,253
NPAs / Actual Assets %		0.47	%		0.43	%		0.35	%		0.36	%		0.37	%
NPAs & 90 Day / Actual Assets %		0.49	%		0.46	%		0.43	%		0.37	%		0.38	%
NPAs / Actual Loans and OREO %		0.67	%		0.61	%		0.51	%		0.53	%		0.54	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.47	%		1.50	%		1.48	%		1.50	%		1.64	%
Net Charge-offs as % of Average Loans (Annualized)		0.15	%		0.02	%		0.21	%		1.26	%		0.07	%


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
ASSETS
Cash and due from banks	$	86,113		$	87,616		$	84,719		$	105,372		$	100,514
Interest-bearing deposits		331,534			298,891			359,126			168,528			410,497
Investment securities available for sale		1,378,489			1,386,475			1,553,496			1,618,893			1,620,213
Investment securities held to maturity, net of allowance for credit losses		2,048,632			2,074,220			2,108,649			2,134,195			2,163,361
Loans held for sale		23,004			18,663			40,652			32,292			15,118
Loans		13,004,905			12,854,359			12,646,808			12,639,650			12,465,582
Less: Allowance for credit losses – loans		(192,031	)		(192,757	)		(187,828	)		(189,537	)		(204,681	)
Net loans		12,812,874			12,661,602			12,458,980			12,450,113			12,260,901
Premises and equipment		128,749			129,743			129,582			133,245			132,706
Federal Home Loan Bank stock		45,006			41,690			41,716			41,738			41,758
Interest receivable		88,352			91,829			92,055			97,546			92,550
Goodwill		712,002			712,002			712,002			712,002			712,002
Other intangibles		18,302			19,828			21,599			23,371			25,142
Cash surrender value of life insurance		304,918			304,906			304,613			306,379			306,028
Other real estate owned		4,966			4,948			5,247			4,824			4,886
Tax asset, deferred and receivable		87,665			92,387			86,732			107,080			101,121
Other assets		369,181			387,169			348,384			367,845			331,006
TOTAL ASSETS	$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803
LIABILITIES
Deposits:
Noninterest-bearing	$	2,185,057		$	2,325,579		$	2,334,197		$	2,303,313		$	2,338,364
Interest-bearing		12,276,921			12,196,047			12,030,903			12,265,757			12,546,220
Total Deposits		14,461,978			14,521,626			14,365,100			14,569,070			14,884,584
Borrowings:
Federal funds purchased		185,000			99,226			30,000			147,229			—
Securities sold under repurchase agreements		122,947			142,876			124,894			100,451			130,264
Federal Home Loan Bank advances		972,478			822,554			832,629			832,703			612,778
Subordinated debentures and other borrowings		62,619			93,529			93,562			93,589			118,612
Total Borrowings		1,343,044			1,158,185			1,081,085			1,173,972			861,654
Deposits and other liabilities held for sale		—			—			288,476			—			—
Interest payable		13,304			16,102			18,089			18,554			19,262
Other liabilities		289,247			311,073			292,429			329,302			327,500
Total Liabilities		16,107,573			16,006,986			16,045,179			16,090,898			16,093,000
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,226			7,247			7,265			7,256			7,321
Additional paid-in capital		1,183,263			1,188,768			1,192,683			1,191,193			1,208,447
Retained earnings		1,306,911			1,272,528			1,229,125			1,200,930			1,181,939
Accumulated other comprehensive loss		(190,311	)		(188,685	)		(151,825	)		(211,979	)		(198,029	)
Total Stockholders’ Equity		2,332,214			2,304,983			2,302,373			2,212,525			2,224,803
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423		$	18,317,803

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
INTEREST INCOME
Loans:
Taxable	$	187,728		$	197,536		$	206,680		$	201,413		$	198,023
Tax-exempt		10,532			9,020			8,622			8,430			8,190
Investment securities:
Taxable		8,372			9,024			9,263			9,051			8,748
Tax-exempt		12,517			12,754			13,509			13,613			13,611
Deposits with financial institutions		2,372			5,350			2,154			2,995			6,493
Federal Home Loan Bank stock		997			958			855			879			835
Total Interest Income		222,518			234,642			241,083			236,381			235,900
INTEREST EXPENSE
Deposits		80,547			89,835			98,856			99,151			98,285
Federal funds purchased		812			26			329			126			—
Securities sold under repurchase agreements		742			680			700			645			1,032
Federal Home Loan Bank advances		9,364			8,171			8,544			6,398			6,773
Subordinated debentures and other borrowings		783			1,560			1,544			1,490			2,747
Total Interest Expense		92,248			100,272			109,973			107,810			108,837
NET INTEREST INCOME		130,270			134,370			131,110			128,571			127,063
Provision for credit losses		4,200			4,200			5,000			24,500			2,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		126,070			130,170			126,110			104,071			125,063
NONINTEREST INCOME
Service charges on deposit accounts		8,072			8,124			8,361			8,214			7,907
Fiduciary and wealth management fees		8,644			8,665			8,525			8,825			8,200
Card payment fees		4,526			4,957			5,121			4,739			4,500
Net gains and fees on sales of loans		5,022			5,681			6,764			5,141			3,254
Derivative hedge fees		404			1,594			736			489			263
Other customer fees		415			316			344			460			427
Earnings on cash surrender value of life insurance		2,179			2,188			2,755			1,929			1,592
Net realized losses on sales of available for sale securities		(7	)		(11,592	)		(9,114	)		(49	)		(2	)
Gain on branch sale		—			19,983			—			—			—
Other income		793			2,826			1,374			1,586			497
Total Noninterest Income		30,048			42,742			24,866			31,334			26,638
NONINTEREST EXPENSES
Salaries and employee benefits		54,982			55,437			55,223			52,214			58,293
Net occupancy		7,216			7,335			6,994			6,746			7,312
Equipment		7,008			7,028			6,949			6,599			6,226
Marketing		1,353			2,582			1,836			1,773			1,198
Outside data processing fees		5,929			6,029			7,150			7,072			6,889
Printing and office supplies		347			377			378			354			353
Intangible asset amortization		1,526			1,771			1,772			1,771			1,957
FDIC assessments		3,648			3,744			3,720			3,278			4,287
Other real estate owned and foreclosure expenses		600			227			942			373			534
Professional and other outside services		3,261			3,777			3,035			3,822			3,952
Other expenses		7,032			7,982			6,630			7,411			5,934
Total Noninterest Expenses		92,902			96,289			94,629			91,413			96,935
INCOME BEFORE INCOME TAX		63,216			76,623			56,347			43,992			54,766
Income tax expense		7,877			12,274			7,160			4,067			6,825
NET INCOME		55,339			64,349			49,187			39,925			47,941
Preferred stock dividends		469			469			468			469			469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Per Share Data:
Basic Net Income Available to Common Stockholders	$	0.95		$	1.10		$	0.84		$	0.68		$	0.80
Diluted Net Income Available to Common Stockholders	$	0.94		$	1.10		$	0.84		$	0.68		$	0.80
Cash Dividends Paid to Common Stockholders	$	0.35		$	0.35		$	0.35		$	0.35		$	0.34
Tangible Common Book Value Per Share	$	27.34		$	26.78		$	26.64		$	25.10		$	25.07
Average Diluted Common Shares Outstanding (in thousands)		58,242			58,247			58,289			58,328			59,273
FINANCIAL RATIOS:
Return on Average Assets		1.21	%		1.39	%		1.07	%		0.87	%		1.04	%
Return on Average Stockholders’ Equity		9.38			11.05			8.66			7.16			8.47
Return on Tangible Common Stockholders’ Equity		14.12			16.75			13.39			11.29			13.21
Average Earning Assets to Average Assets		92.47			92.48			92.54			92.81			92.91
Allowance for Credit Losses – Loans as % of Total Loans		1.47			1.50			1.48			1.50			1.64
Net Charge-offs as % of Average Loans (Annualized)		0.15			0.02			0.21			1.26			0.07
Average Stockholders’ Equity to Average Assets		12.76			12.51			12.26			12.02			12.17
Tax Equivalent Yield on Average Earning Assets		5.39			5.63			5.82			5.69			5.65
Interest Expense/Average Earning Assets		2.17			2.35			2.59			2.53			2.55
Net Interest Margin (FTE) on Average Earning Assets		3.22			3.28			3.23			3.16			3.10
Efficiency Ratio		54.54			48.48			53.76			53.84			59.21


LOANS
(Dollars In Thousands)	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Commercial and industrial loans	$	4,306,597		$	4,114,292		$	4,041,217		$	3,949,817		$	3,722,365
Agricultural land, production and other loans to farmers		243,864			256,312			238,743			239,926			234,431
Real estate loans:
Construction		793,175			792,144			814,704			823,267			941,726
Commercial real estate, non-owner occupied		2,177,869			2,274,016			2,251,351			2,323,533			2,368,360
Commercial real estate, owner occupied		1,214,739			1,157,944			1,152,751			1,174,195			1,137,894
Residential		2,389,852			2,374,729			2,366,943			2,370,905			2,316,490
Home equity		650,499			659,811			641,188			631,104			618,258
Individuals’ loans for household and other personal expenditures		140,954			166,028			158,480			162,089			161,459
Public finance and other commercial loans		1,087,356			1,059,083			981,431			964,814			964,599
Loans		13,004,905			12,854,359			12,646,808			12,639,650			12,465,582
Allowance for credit losses – loans		(192,031	)		(192,757	)		(187,828	)		(189,537	)		(204,681	)
NET LOANS	$	12,812,874		$	12,661,602		$	12,458,980		$	12,450,113		$	12,260,901

DEPOSITS
(Dollars In Thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Demand deposits	$	7,786,554	$	7,980,061	$	7,678,510	$	7,757,679	$	7,771,976
Savings deposits		4,791,874		4,522,758		4,302,236		4,339,161		4,679,593
Certificates and other time deposits of $100,000 or more		896,143		1,043,068		1,277,833		1,415,131		1,451,443
Certificates and other time deposits of $100,000 or less		625,203		692,068		802,949		889,949		901,280
Brokered certificates of deposits¹		362,204		283,671		303,572		167,150		80,292
TOTAL DEPOSITS	$	14,461,978	$	14,521,626	$	14,365,100	$	14,569,070	$	14,884,584

^{1 –} Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.


CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars in Thousands)
	For the Three Months Ended
	March 31, 2025						March 31, 2024
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	294,016	$	2,372	3.23	%	$	575,699	$	6,493	4.51	%
Federal Home Loan Bank stock		43,980		997	9.07			41,764		835	8.00
Investment Securities: ⁽¹⁾
Taxable		1,634,452		8,372	2.05			1,783,057		8,748	1.96
Tax-exempt ⁽²⁾		2,046,674		15,844	3.10			2,246,265		17,229	3.07
Total Investment Securities		3,681,126		24,216	2.63			4,029,322		25,977	2.58
Loans held for sale		20,965		319	6.09			21,782		328	6.02
Loans: ⁽³⁾
Commercial		8,770,282		147,772	6.74			8,598,110		159,209	7.41
Real estate mortgage		2,191,384		24,446	4.46			2,130,947		22,357	4.20
HELOC and installment		828,874		15,191	7.33			821,815		16,129	7.85
Tax-exempt ⁽²⁾		1,129,848		13,332	4.72			904,412		10,367	4.59
Total Loans		12,941,353		201,060	6.21			12,477,066		208,390	6.68
Total Earning Assets		16,960,475		228,645	5.39	%		17,123,851		241,695	5.65	%
Total Non-Earning Assets		1,381,263						1,306,670
TOTAL ASSETS	$	18,341,738					$	18,430,521
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,522,434	$	34,606	2.51	%	$	5,419,821	$	39,491	2.91	%
Money market deposits		3,437,998		25,952	3.02			3,045,478		27,383	3.60
Savings deposits		1,299,405		2,445	0.75			1,559,877		3,801	0.97
Certificates and other time deposits		1,947,854		17,544	3.60			2,427,859		27,610	4.55
Total Interest-Bearing Deposits		12,207,691		80,547	2.64			12,453,035		98,285	3.16
Borrowings		1,262,926		11,701	3.71			1,011,812		10,552	4.17
Total Interest-Bearing Liabilities		13,470,617		92,248	2.74			13,464,847		108,837	3.23
Noninterest-bearing deposits		2,211,647						2,428,170
Other liabilities		318,600						295,365
Total Liabilities		16,000,864						16,188,382
STOCKHOLDERS’ EQUITY		2,340,874						2,242,139
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,341,738		92,248			$	18,430,521		108,837
Net Interest Income (FTE)			$	136,397					$	132,858
Net Interest Spread (FTE) ⁽⁴⁾					2.65	%					2.42	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.39	%					5.65	%
Interest Expense / Average Earning Assets					2.17	%					2.55	%
Net Interest Margin (FTE) ⁽⁵⁾					3.22	%					3.10	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.


ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Net Income Available to Common Stockholders – GAAP	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Adjustments:
Net realized losses on sales of available for sale securities		7			11,592			9,114			49			2
Gain on branch sale		—			(19,983	)		—			—			—
Non-core expenses^1,2		—			762			—			—			3,481
Tax on adjustments		(2	)		1,851			(2,220	)		(12	)		(848	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	54,875		$	58,102		$	55,613		$	39,493		$	50,107

Average Diluted Common Shares Outstanding (in thousands)		58,242			58,247			58,289			58,328			59,273

Diluted Earnings Per Common Share – GAAP	$	0.94		$	1.10		$	0.84		$	0.68		$	0.80
Adjustments:
Net realized losses on sales of available for sale securities		—			0.20			0.15			—			—
Gain on branch sale		—			(0.34	)		—			—			—
Non-core expenses^1,2		—			0.01			—			—			0.06
Tax on adjustments		—			0.03			(0.04	)		—			(0.01	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	0.94		$	1.00		$	0.95		$	0.68		$	0.85

¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.


NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Net Interest Income (GAAP)	$	130,270		$	134,370		$	131,110		$	128,571		$	127,063
Fully Taxable Equivalent (“FTE”) Adjustment		6,127			5,788			5,883			5,859			5,795
Net Interest Income (FTE) (non-GAAP)	$	136,397		$	140,158		$	136,993		$	134,430		$	132,858

Average Earning Assets (GAAP)	$	16,960,475		$	17,089,198		$	16,990,358		$	17,013,984		$	17,123,851
Net Interest Margin (GAAP)		3.07	%		3.15	%		3.09	%		3.02	%		2.97	%
Net Interest Margin (FTE) (non-GAAP)		3.22	%		3.28	%		3.23	%		3.16	%		3.10	%

RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Total Average Stockholders’ Equity (GAAP)	$	2,340,874		$	2,312,270		$	2,251,547		$	2,203,361		$	2,242,139
Less: Average Preferred Stock		(25,125	)		(25,125	)		(25,125	)		(25,125	)		(25,125	)
Less: Average Intangible Assets, Net of Tax		(726,917	)		(728,218	)		(729,581	)		(730,980	)		(732,432	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,588,832		$	1,558,927		$	1,496,841		$	1,447,256		$	1,484,582

Net Income Available to Common Stockholders (GAAP)	$	54,870		$	63,880		$	48,719		$	39,456		$	47,472
Plus: Intangible Asset Amortization, Net of Tax		1,206			1,399			1,399			1,399			1,546
Tangible Net Income (Non-GAAP)	$	56,076		$	65,279		$	50,118		$	40,855		$	49,018

Return on Tangible Common Equity (Non-GAAP)		14.12	%		16.75	%		13.39	%		11.29	%		13.21	%

EFFICIENCY RATIO – NON-GAAP
(Dollars In Thousands)	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Non Interest Expense (GAAP)	$	92,902		$	96,289		$	94,629		$	91,413		$	96,935
Less: Intangible Asset Amortization		(1,526	)		(1,771	)		(1,772	)		(1,771	)		(1,957	)
Less: OREO and Foreclosure Expenses		(600	)		(227	)		(942	)		(373	)		(534	)
Adjusted Non Interest Expense (Non-GAAP)	$	90,776		$	94,291		$	91,915		$	89,269		$	94,444

Net Interest Income (GAAP)	$	130,270		$	134,370		$	131,110		$	128,571		$	127,063
Plus: Fully Taxable Equivalent Adjustment		6,127			5,788			5,883			5,859			5,795
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	136,397		$	140,158		$	136,993		$	134,430		$	132,858

Non Interest Income (GAAP)	$	30,048		$	42,742		$	24,866		$	31,334		$	26,638
Less: Investment Securities (Gains) Losses		7			11,592			9,114			49			2
Adjusted Non Interest Income (Non-GAAP)	$	30,055		$	54,334		$	33,980		$	31,383		$	26,640
Adjusted Revenue (Non-GAAP)	$	166,452		$	194,492		$	170,973		$	165,813		$	159,498
Efficiency Ratio (Non-GAAP)		54.54	%		48.48	%		53.76	%		53.84	%		59.21	%

Adjusted Non Interest Expense (Non-GAAP)	$	90,776		$	94,291		$	91,915		$	89,269		$	94,444
Less: Non-core Expenses^1,2		—			(762	)		—			—			(3,481	)
Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP)	$	90,776		$	93,529		$	91,915		$	89,269		$	90,963

Adjusted Revenue (Non-GAAP)	$	166,452		$	194,492		$	170,973		$	165,813		$	159,498
Less: Gain on Branch Sale		—			(19,983	)		—			—			—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	166,452		$	174,509		$	170,973		$	165,813		$	159,498
Adjusted Efficiency Ratio (Non-GAAP)		54.54	%		53.60	%		53.76	%		53.84	%		57.03	%
¹ – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

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

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

The MIL Network –

April 25, 2025

MIL-OSI: Entrepreneur and Renowned Poet Sekou Andrews to be the Keynote Speaker at Duck Creek Formation ’25

Source: GlobeNewswire (MIL-OSI)

BOSTON, April 24, 2025 (GLOBE NEWSWIRE) — Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, welcomes Sekou Andrews as its Formation ’25 keynote speaker. Andrews is a thought leader, award-winning entrepreneur, and the Founder/CEO of SekouWorld, Inc., the innovator of “Poetic Voice” and one of the most successful spoken word poets in the world. Formation, Duck Creek’s annual user conference, attracts the world’s brightest minds in the insurance and technology industries and will take place in Orlando, Florida on May 19-21, 2025.

Formation ’25 will provide the P&C and general insurance community with insights, technology, and tools to help shape how the industry leads as it adapts to today’s challenges including: climate change, cybersecurity risks and ever-changing technology and regulatory trends. Industry leaders will share how they are propelling the industry forward by delivering innovative solutions to minimize risk and deliver better customer experiences. The agenda offers general and breakout sessions led by company leaders, customers, partners, and industry analysts, who all share the passion and expertise to accelerate the evolution of the insurance industry.

“Sekou Andrews is an influential speaker and poet that has inspired many organizations and individuals with his powerful poetry to embrace change, spark innovation, and think boldly,” said Mike Jackowski, Chief Executive Officer of Duck Creek Technologies. “We are thrilled to have him share his inspirational words and style at Formation ’25, as we continue to innovate, adapt and lead across our industry to create meaningful engagements and customer experiences.”

Sekou’s keynote address, “The Audacity of What If?”, will focus on how game-changing ideas start with two words: “What if?” Exploring how audacity fuels innovation, he will discuss how through the power of bold questions and unconventional thinking, leaders can challenge the status quo, spark transformation, and drive their industries forward.

“Poetry is about creating a voice that breaks through the noise and leads with its simplicity and ability to adapt on the fly,” said Sekou Andrews. “I’m excited to be a part of this conference and to inspire its audience to lead, adapt and innovate in new and profound ways.”

Formation ’25 – Learn More and Register Now

Sekou Andrews is the Founder/CEO of SekouWorld, Inc., the innovator of “Poetic Voice” and one of the most successful spoken word poets in the world. On any given day, this school-teacher-turned-entrepreneur, who built a 7-figure company on poetry, can be found keynoting at a Fortune 500 company, inspiring thousands at a concert, or performing for Barack Obama in Oprah’s backyard. Sekou is the creator of “poetic voice” – a cutting-edge speaking category that seamlessly fuses inspirational speaking with spoken word poetry, like “Hamilton” meets “TED”. This innovative blend of strategic storytelling, thought leadership, spoken word, theater and comedy humanizes content, making it entertaining, moving and memorable. Sekou’s accomplishments include an ABA “Entrepreneur of the Year” award, two Independent Music Awards, two National Poetry Slam championships, three Helen Hayes Awards, six CLIO awards, the most JPF music awards in history, and the first GRAMMY nomination for “Best Spoken Word Album” awarded to a spoken word poet in over 30 years. With all the innovation and inspiration that is poetic voice, Sekou Andrews is accomplishing the seemingly impossible – bringing spoken word poetry to the world’s largest stages, while redefining the notion of what a speaker is, and what a poet can be.

About Duck Creek Technologies  
Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

Media Contacts:  
Marianne Dempsey/Tara Stred  
duckcreek@threeringsinc.com 

The MIL Network –

April 25, 2025

MIL-OSI: Havila Shipping ASA: Notice of Ordinary General Meeting 15.05.25

Source: GlobeNewswire (MIL-OSI)

The Board of Directors of Havila Shipping ASA hereby gives notice of the Ordinary General Meeting.

The meeting will take place on 15 May, 2025, at 14 hours.

The meeting will be held as a digital meeeting only, with no physical attendance for shareholders.

The notice will be sent to shareholders, by post to the registered address in VPS, or through VPS.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO Arne Johan Dale, +47 909 87 706

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

Attachment

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

About CERo Therapeutics Holdings, Inc.

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

Forward-Looking Statements

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

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

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

Investors:
CORE IR
investors@cero.bio

The MIL Network –

April 25, 2025

MIL-OSI: Correction: Form 8.3 – Warehouse REIT Plc

Source: GlobeNewswire (MIL-OSI)

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

1p Ordinary Shares

Interests

Short positions

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

64,093,769

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p Ordinary Shares
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	64,103,769	15.08%
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	64,103,769	15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

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

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

(i) Writing, selling, purchasing or varying

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

(ii) Exercise

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

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

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares	Transfer Out	10,000

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

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

None

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

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

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

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

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

The Code can be viewed on the Panel’s website at.

15.08%

(2) Cash-settled derivatives:

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

TOTAL:

64,093,769

15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

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

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

(i) Writing, selling, purchasing or varying

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

(ii) Exercise

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

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

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares	Transfer Out	10,000

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

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

None

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

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

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

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

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

The Code can be viewed on the Panel’s website at.

8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	Rathbones Group Plc
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Warehouse REIT Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	22/04/2025
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	No

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p Ordinary Shares
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	64,093,769	15.08%
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	64,093,769	15.08%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p Ordinary Shares	Sale	4,344	107.8041p
1p Ordinary Shares	Sale	6,261	107.81p
1p Ordinary Shares	Sale	3,500	107.806
1p Ordinary Shares	Sale	5,083	107.81p
1p Ordinary Shares	Sale	50,000	108p
1p Ordinary Shares	Sale	2,388,182	108p

(b) Cash-settled derivative transactions

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

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

(i) Writing, selling, purchasing or varying

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

(ii) Exercise

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

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

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
1p Ordinary Shares

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

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

None

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

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

None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

No

Date of disclosure:	23/04/2025
Contact name:	Callum Ridley – Compliance Department
Telephone number:	0151 243 7037

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

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

The Code can be viewed on the Panel’s website at.

The MIL Network –

April 25, 2025

MIL-OSI: TruGolf Improves Balance Sheet with Agreement to Eliminate All Convertible Notes

Source: GlobeNewswire (MIL-OSI)

All Convertible Notes & Majority of Related Party Notes to be Converted to Equity

Salt Lake City, Utah, April 24, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today that it has entered into agreements with its existing noteholders to exchange all its outstanding convertible notes into a newly created Series A Preferred Stock. In addition, the common stock warrants previously issued with the convertible notes were exchanged for a combination of newly created Series A Preferred Stock and warrants to purchase additional Series A Preferred Stock, which, if fully exercised in the sole discretion of the investors, would result in an additional $15.1 million in gross proceeds to the Company. In addition, the three founders of TruGolf, agreed to convert existing dividends owed to them into a combination of Class A common stock and Class B common stock. Upon execution of the exchange agreement, the ability for the noteholders to invest in further tranches of debt was terminated, and upon the closing of these note exchange transactions, approximately $9.3 million in outstanding debt will be eliminated. These actions are part of an effort by the Company to improve the capital structure and reduce the debt on its balance sheet in order to meet the NASDAQ’s continued listing requirements.

The exchange of the convertible notes and the conversion of the Series A Preferred Stock is subject to certain conditions, including the receipt of shareholder approval. The Company intends to hold a shareholder vote in connection with such required approval in the future. Further information around the foregoing transactions can be found in the Form 8-K filed by the company on April 23, 2025.

Disclaimer on Forward Looking Statements

This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the closing of the exchange of the convertible notes for Series A Preferred Stock and the ability of the Company to regain compliance with NASDAQ’s continued listing requirements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov

About TruGolf, Inc.:

Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf’s mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology – because TruGolf believes Golf is for Everyone. TruGolf’s team has built award-winning video games (“Links”), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf’s beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

Contact:

Michael Bacal
mbacal@darrowir.com
917-886-9071

The MIL Network –

April 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

About Diginex Limited

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

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

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

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

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

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

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

Media Contacts:

Diginex
Investor Relations
Email: ir@diginex.com

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

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

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

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

The MIL Network –

April 25, 2025

MIL-OSI: Applied Materials to Report Fiscal Second Quarter 2025 Results on May 15, 2025

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., April 24, 2025 (GLOBE NEWSWIRE) — Applied Materials, Inc. today announced that it will hold its fiscal second quarter 2025 earnings conference call on Thursday, May 15, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.

The call will be webcast live at: https://ir.appliedmaterials.com. A replay will be available on the same day beginning at 8:00 p.m. ET / 5:00 p.m. PT.

About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. Our expertise in modifying materials at atomic levels and on an industrial scale enables customers to transform possibilities into reality. At Applied Materials, our innovations make possible a better future. Learn more at www.appliedmaterials.com.

Contact:
Ricky Gradwohl (editorial/media) 408.235.4676
Liz Morali (financial community) 408.986.7977

The MIL Network –

April 25, 2025

MIL-OSI: Axi Delivers Unbeatably Tight Spreads on Key Markets Including Gold, Crypto, and Forex

Source: GlobeNewswire (MIL-OSI)

SYDNEY, April 24, 2025 (GLOBE NEWSWIRE) — Axi, a leading global online trading broker, is proud to announce its latest commitment to industry-leading pricing with some of the most competitive spreads in the market. Traders can now access spreads as tight as $0.15 on Gold, $15 on Bitcoin, and just 0.7 pips on EUR/USD—making Axi a top choice for retail and professional traders alike.

Since its inception in 2007, Axi has built its reputation on a foundation of transparency, speed, and client-focused service. The broker continues to uphold this mission by offering exceptional trade execution, with latency as low as 29 milliseconds, even during periods of heightened market volatility.

“We believe that traders deserve not only low costs but also honesty and performance they can rely on,” said Louis Cooper, Chief Commercial Officer at Axi. “Our goal has always been to help our clients trade with confidence, and this latest offering reflects our ongoing commitment to delivering real value.”

With the increasing popularity of digital assets, Axi encourages traders to compare its spreads on Bitcoin and Ethereum and make informed decisions backed by pricing transparency and superior execution.

Key Highlights:

Gold spreads from $0.15
Bitcoin spreads from $15
EUR/USD spreads from 0.7 pips
Execution latency as low as 29ms

Whether you’re trading forex, gold, or cryptocurrencies, Axi provides the tools and conditions needed to navigate today’s markets with speed and confidence.

About Axi:
Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more.

At Axi, we are proud of our reputation as an honest and fair broker, providing our customers with outstanding service and trading conditions since 2007. We also work with leading regulatory governing authorities globally to ensure we exceed the highest standards in the industry.

For more information, please visit: www.axi.com

mediaenquiries@axi.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/589c4032-234d-4cb8-8f97-428d2ca0c850

The MIL Network –

April 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Operating net income available to common stockholders, which excludes non-operating items (primarily merger and branch closure related expenses), was $19.7 million for the first quarter of 2025, $20.2 million for the fourth quarter of 2024 and $15.9 million for the first quarter of 2024. Operating diluted earnings per share were $0.51 for the first quarter of 2025, $0.52 for the fourth quarter of 2024 and $0.41 for the first quarter of 2024. Operating return on average assets was 0.88%, 0.90% and 0.71% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Operating return on average tangible common equity was 8.59%, 8.77% and 7.12% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.

Net income available to common stockholders and diluted earnings per share during the first quarter of 2025 were essentially flat when compared to the fourth quarter of 2024, reflecting modest changes in all statement of income categories. The increase of $3.0 million in net income available to common stockholders versus the first quarter of 2024 was primarily due to a $5.5 million increase in net interest income, a $0.5 million decrease in provision for credit losses and a $0.6 million increase in noninterest income, partially offset by a $2.2 million increase in noninterest expenses and a $1.3 million increase in income tax expense.

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

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

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

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

Dividend Declarations

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

Operating Results

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

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

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

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

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

Asset Quality

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

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

Selected Balance Sheet Items

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

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

Use of Non-GAAP Financial Measures

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

First Quarter 2025 Results Conference Call

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

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

About ConnectOne Bancorp, Inc.

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

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

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

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

CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(in thousands)

	March 31,			December 31,			March 31,
		2025			2024			2024
	(unaudited)						(unaudited)
ASSETS
Cash and due from banks	$	49,759		$	57,816		$	45,322
Interest-bearing deposits with banks		242,844			298,672			232,261
Cash and cash equivalents		292,603			356,488			277,583

Investment securities		636,806			612,847			619,397
Equity securities		18,859			20,092			19,457

Loans held-for-sale		202			743			–

Loans receivable		8,201,134			8,274,810			8,297,957
Less: Allowance for credit losses – loans		82,403			82,685			82,869
Net loans receivable		8,118,731			8,192,125			8,215,088

Investment in restricted stock, at cost		37,031			40,449			48,931
Bank premises and equipment, net		27,624			28,447			29,827
Accrued interest receivable		46,740			45,498			49,731
Bank owned life insurance		244,651			243,672			239,308
Right of use operating lease assets		13,755			14,489			11,725
Goodwill		208,372			208,372			208,372
Core deposit intangibles		4,360			4,639			5,553
Other assets		109,521			111,739			128,992
Total assets	$	9,759,255		$	9,879,600		$	9,853,964

LIABILITIES
Deposits:
Noninterest-bearing	$	1,319,196		$	1,422,044		$	1,290,523
Interest-bearing		6,448,034			6,398,070			6,298,131
Total deposits		7,767,230			7,820,114			7,588,654
Borrowings		613,053			688,064			877,568
Subordinated debentures, net		80,071			79,944			79,566
Operating lease liabilities		14,737			15,498			12,843
Other liabilities		31,225			34,276			78,724
Total liabilities		8,506,316			8,637,896			8,637,355

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock		110,927			110,927			110,927
Common stock		586,946			586,946			586,946
Additional paid-in capital		36,007			36,347			32,866
Retained earnings		643,265			631,446			600,118
Treasury stock		(76,116	)		(76,116	)		(76,116	)
Accumulated other comprehensive loss		(48,090	)		(47,846	)		(38,132	)
Total stockholders’ equity		1,252,939			1,241,704			1,216,609
Total liabilities and stockholders’ equity	$	9,759,255		$	9,879,600		$	9,853,964

CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for per share data)

	Three Months Ended
	03/31/25		12/31/24			03/31/24
Interest income
Interest and fees on loans	$	115,351	$	118,346		$	120,088
Interest and dividends on investment securities:
Taxable		4,987		4,804			4,334
Tax-exempt		1,097		1,109			1,154
Dividends		889		959			1,125
Interest on federal funds sold and other short-term investments		2,465		2,815			2,906
Total interest income		124,789		128,033			129,607
Interest expense
Deposits		53,992		58,568			60,407
Borrowings		5,041		4,754			8,900
Total interest expense		59,033		63,322			69,307

Net interest income		65,756		64,711			60,300
Provision for credit losses		3,500		3,500			4,000
Net interest income after provision for credit losses		62,256		61,211			56,300

Noninterest income
Deposit, loan and other income		2,006		1,798			1,592
Income on bank owned life insurance		1,584		1,656			1,664
Net gains on sale of loans held-for-sale		332		597			506
Net gains (losses) on equity securities		529		(307	)		86
Total noninterest income		4,451		3,744			3,848

Noninterest expenses
Salaries and employee benefits		22,578		22,244			22,131
Occupancy and equipment		2,680		2,818			3,009
FDIC insurance		1,800		1,800			1,800
Professional and consulting		2,366		2,449			1,928
Marketing and advertising		595		495			677
Information technology and communications		4,604		4,523			4,389
Merger expenses		1,320		863			–
Branch closing expenses		–		477			–
Bank owned life insurance restructuring charge		327		–			–
Amortization of core deposit intangibles		279		296			321
Other expenses		2,756		2,533			2,810
Total noninterest expenses		39,305		38,498			37,065

Income before income tax expense		27,402		26,457			23,083
Income tax expense		7,160		6,086			5,878
Net income		20,242		20,371			17,205
Preferred dividends		1,509		1,509			1,509
Net income available to common stockholders	$	18,733	$	18,862		$	15,696

Earnings per common share:
Basic	$	0.49	$	0.49		$	0.41
Diluted		0.49		0.49			0.41

ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.

CONNECTONE BANCORP, INC.
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES

	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Selected Financial Data	(dollars in thousands)
Total assets	$	9,759,255			$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964
Loans receivable:
Commercial		1,483,392			$	1,522,308			$	1,505,743			$	1,491,079			$	1,561,063
Commercial real estate		3,356,943				3,384,319				3,261,160				3,274,941				3,333,488
Multifamily		2,490,256				2,506,782				2,482,258				2,499,581				2,507,893
Commercial construction		617,593				616,246				616,087				639,168				646,593
Residential		256,555				249,691				250,249				256,786				254,214
Consumer		1,604				1,136				835				945				850
Gross loans		8,206,343				8,280,482				8,116,332				8,162,500				8,304,101
Net deferred loan fees		(5,209	)			(5,672	)			(4,356	)			(4,597	)			(6,144	)
Loans receivable		8,201,134				8,274,810				8,111,976				8,157,903				8,297,957
Loans held-for-sale		202				743				–				435				–
Total loans	$	8,201,336			$	8,275,553			$	8,111,976			$	8,158,338			$	8,297,957

Investment and equity securities	$	655,665			$	632,939			$	667,112			$	640,322			$	638,854
Goodwill and other intangible assets		212,732				213,011				213,307				213,604				213,925
Deposits:
Noninterest-bearing demand	$	1,319,196			$	1,422,044			$	1,262,568			$	1,268,882			$	1,290,523
Time deposits		2,550,223				2,557,200				2,614,187				2,593,165				2,623,391
Other interest-bearing deposits		3,897,811				3,840,870				3,647,350				3,713,967				3,674,740
Total deposits	$	7,767,230			$	7,820,114			$	7,524,105			$	7,576,014			$	7,588,654

Borrowings	$	613,053			$	688,064			$	742,133			$	756,144			$	877,568
Subordinated debentures (net of debt issuance costs)		80,071				79,944				79,818				79,692				79,566
Total stockholders’ equity		1,252,939				1,241,704				1,239,496				1,224,227				1,216,609

Quarterly Average Balances
Total assets	$	9,748,605			$	9,563,446			$	9,742,853			$	9,745,853			$	9,860,753
Loans receivable:
Commercial	$	1,488,962			$	1,487,850			$	1,485,777			$	1,517,446			$	1,552,360
Commercial real estate (including multifamily)		5,852,342				5,733,188				5,752,467				5,789,498				5,890,853
Commercial construction		610,859				631,022				628,740				652,227				637,993
Residential		256,430				250,589				252,975				254,284				252,965
Consumer		5,687				5,204				7,887				5,155				5,091
Gross loans		8,214,280				8,107,853				8,127,846				8,218,610				8,339,262
Net deferred loan fees		(5,525	)			(4,727	)			(4,513	)			(5,954	)			(6,533	)
Loans receivable		8,208,755				8,103,126				8,123,333				8,212,656				8,332,729
Loans held-for-sale		259				498				83				169				99
Total loans	$	8,209,014			$	8,103,624			$	8,123,416			$	8,212,825			$	8,332,828

Investment and equity securities	$	655,191			$	653,988			$	650,897			$	637,551			$	633,270
Goodwill and other intangible assets		212,915				213,205				213,502				213,813				214,133
Deposits:
Noninterest-bearing demand	$	1,305,722			$	1,304,699			$	1,259,912			$	1,256,251			$	1,254,201
Time deposits		2,480,990				2,478,163				2,625,329				2,587,706				2,567,767
Other interest-bearing deposits		3,888,131				3,838,575				3,747,427				3,721,167				3,696,374
Total deposits	$	7,674,843			$	7,621,437			$	7,632,668			$	7,565,124			$	7,518,342

Borrowings	$	686,391			$	648,300			$	717,586			$	787,256			$	947,003
Subordinated debentures (net of debt issuance costs)		79,988				79,862				79,735				79,609				79,483
Total stockholders’ equity		1,254,373				1,241,738				1,234,724				1,220,621				1,220,818

	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
	(dollars in thousands, except for per share data)
Net interest income	$	65,756			$	64,711			$	60,887			$	61,439			$	60,300
Provision for credit losses		3,500				3,500				3,800				2,500				4,000
Net interest income after provision for credit losses		62,256				61,211				57,087				58,939				56,300
Noninterest income
Deposit, loan and other income		2,006				1,798				1,817				1,654				1,592
Income on bank owned life insurance		1,584				1,656				2,145				1,677				1,664
Net gains on sale of loans held-for-sale		332				597				343				1,277				506
Net gains (losses) on equity securities		529				(307	)			432				(209	)			86
Total noninterest income		4,451				3,744				4,737				4,399				3,848
Noninterest expenses
Salaries and employee benefits		22,578				22,244				22,957				22,721				22,131
Occupancy and equipment		2,680				2,818				2,889				2,899				3,009
FDIC insurance		1,800				1,800				1,800				1,800				1,800
Professional and consulting		2,366				2,449				2,147				1,923				1,928
Marketing and advertising		595				495				635				613				677
Information technology and communications		4,604				4,523				4,464				4,198				4,389
Merger expenses		1,320				863				742				–				–
Branch closing expenses		–				477				–				–				–
Bank owned life insurance restructuring charge		327				–				–				–				–
Amortization of core deposit intangible		279				296				297				321				321
Other expenses		2,756				2,533				2,710				3,119				2,810
Total noninterest expenses		39,305				38,498				38,641				37,594				37,065

Income before income tax expense		27,402				26,457				23,183				25,744				23,083
Income tax expense		7,160				6,086				6,022				6,688				5,878
Net income		20,242				20,371				17,161				19,056				17,205
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income available to common stockholders	$	18,733			$	18,862			$	15,652			$	17,547			$	15,696

Weighted average diluted common shares outstanding		38,511,237				38,519,581				38,525,484				38,448,594				38,511,747
Diluted EPS	$	0.49			$	0.49			$	0.41			$	0.46			$	0.41

Reconciliation of GAAP Net Income to Operating Net Income:
Net income	$	20,242			$	20,371			$	17,161			$	19,056			$	17,205
Merger expenses		1,320				863				742				–				–
Branch closing expenses		–				477				–				–				–
Bank owned life insurance restructuring charge		327				–				–				–				–
Amortization of core deposit intangibles		279				296				297				321				321
Net (gains) losses on equity securities		(529	)			307				(432	)			209				(86	)
Tax impact of adjustments		(420	)			(585	)			(171	)			(149	)			(66	)
Operating net income	$	21,219			$	21,729			$	17,597			$	19,437			$	17,374
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	19,710			$	20,220			$	16,088			$	17,928			$	15,865

Operating diluted EPS (non-GAAP) ⁽¹⁾	$	0.51			$	0.52			$	0.42			$	0.47			$	0.41

Return on Assets Measures
Average assets	$	9,748,605			$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753
Return on avg. assets		0.84	%			0.84	%			0.70	%			0.79	%			0.70
Operating return on avg. assets (non-GAAP) ⁽²⁾		0.88				0.90				0.72				0.80				0.71

⁽¹⁾ Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
⁽²⁾ Operating net income divided by average assets.

	Three Months Ended
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,254,373			$	1,241,738			$	1,234,724			$	1,220,621			$	1,220,818
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,143,446			$	1,130,811			$	1,123,797			$	1,109,694			$	1,109,891
Less: average intangible assets		(212,915	)			(213,205	)			(213,502	)			(213,813	)			(214,133	)
Average tangible common equity	$	930,531			$	917,606			$	910,295			$	895,881			$	895,758
Return on avg. common equity (GAAP)		6.64		%		6.64		%		5.54		%		6.36		%		5.69
Operating return on avg. common equity (non-GAAP) ⁽³⁾		6.99				7.11				5.70				6.50				5.75
Return on avg. tangible common equity (non-GAAP) ⁽⁴⁾		8.25				8.27				6.93				7.98				7.15
Operating return on avg. tangible common equity (non-GAAP) ⁽⁵⁾		8.59				8.77				7.03				8.05				7.12

Efficiency Measures
Total noninterest expenses	$	39,305			$	38,498			$	38,641			$	37,594			$	37,065
Merger expenses		(1,320	)			(863	)			(742	)			–				–
Branch closing expenses		–				(477	)			–				–				–
Bank owned life insurance restructuring charge		(327	)			–				–				–				–
Amortization of core deposit intangibles		(279	)			(296	)			(297	)			(321	)			(321	)
Operating noninterest expense	$	37,379			$	36,862			$	37,602			$	37,273			$	36,744

Net interest income (tax equivalent basis)	$	66,580			$	65,593			$	61,710			$	62,255			$	61,111
Noninterest income		4,451				3,744				4,737				4,399				3,848
Net (gains) losses on equity securities		(529	)			307				(432	)			209				(86	)
Operating revenue	$	70,502			$	69,644			$	66,015			$	66,863			$	64,873

Operating efficiency ratio (non-GAAP) ⁽⁶⁾		53.0	%			52.9	%			57.0	%			55.7	%			56.6

Net Interest Margin
Average interest-earning assets	$	9,224,712			$	9,117,201			$	9,206,038			$	9,210,050			$	9,323,291
Net interest income (tax equivalent basis)		66,580				65,593				61,710				62,255				61,111
Net interest margin (GAAP)		2.93	%			2.86	%			2.67	%			2.72	%			2.64

⁽³⁾ Operating net income available to common stockholders divided by average common equity.
⁽⁴⁾ Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
⁽⁵⁾ Operating net income available to common stockholders, divided by average tangible common equity.
⁽⁶⁾ Operating noninterest expense divided by operating revenue.

	As of
	Mar. 31,				Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,
		2025				2024				2024				2024				2024
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,252,939			$	1,241,704			$	1,239,496			$	1,224,227			$	1,216,609
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,142,012			$	1,130,777			$	1,128,569			$	1,113,300			$	1,105,682
Less: intangible assets		(212,732	)			(213,011	)			(213,307	)			(213,604	)			(213,925	)
Tangible common equity	$	929,280			$	917,766			$	915,262			$	899,696			$	891,757

Total assets	$	9,759,255			$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964
Less: intangible assets		(212,732	)			(213,011	)			(213,307	)			(213,604	)			(213,925	)
Tangible assets	$	9,546,523			$	9,666,589			$	9,426,296			$	9,510,127			$	9,640,039

Common shares outstanding		38,469,975				38,370,317				38,368,217				38,365,069				38,333,053

Common equity ratio (GAAP)		11.70	%			11.45	%			11.71	%			11.45	%			11.22
Tangible common equity ratio (non-GAAP) ⁽⁷⁾		9.73				9.49				9.71				9.46				9.25

Regulatory capital ratios (Bancorp):
Leverage ratio		11.33	%			11.33	%			11.10	%			10.97	%			10.73
Common equity Tier 1 risk-based ratio		11.14				10.97				11.07				10.90				10.70
Risk-based Tier 1 capital ratio		12.46				12.29				12.42				12.25				12.03
Risk-based total capital ratio		14.29				14.11				14.29				14.10				13.88

Regulatory capital ratios (Bank):
Leverage ratio		11.67	%			11.66	%			11.43	%			11.29	%			11.10
Common equity Tier 1 risk-based ratio		12.82				12.63				12.79				12.60				12.43
Risk-based Tier 1 capital ratio		12.82				12.63				12.79				12.60				12.43
Risk-based total capital ratio		13.79				13.60				13.77				13.58				13.41

Book value per share (GAAP)	$	29.69			$	29.47			$	29.41			$	29.02			$	28.84
Tangible book value per share (non-GAAP) ⁽⁸⁾		24.16				23.92				23.85				23.45				23.26

Net Loan Charge-offs (Recoveries):
Net loan charge-offs (recoveries):
Charge-offs	$	3,555			$	3,363			$	3,559			$	3,595			$	3,185
Recoveries		(155	)			(29	)			(53	)			(324	)			(23	)
Net loan charge-offs	$	3,400			$	3,334			$	3,506			$	3,271			$	3,162
Net loan charge-offs as a % of average loans receivable (annualized)		0.17	%			0.16	%			0.17	%			0.16	%			0.15

Asset Quality
Nonaccrual loans	$	49,860			$	57,310			$	51,300			$	46,026			$	47,438
Other real estate owned		–				–				–				–				–
Nonperforming assets	$	49,860			$	57,310			$	51,300			$	46,026			$	47,438

Allowance for credit losses – loans (“ACL”)	$	82,403			$	82,685			$	82,494			$	82,077			$	82,869
Loans receivable		8,201,134				8,274,810				8,111,976				8,157,903				8,297,957

Nonaccrual loans as a % of loans receivable		0.61		%		0.69		%		0.63		%		0.56	%			0.57
Nonperforming assets as a % of total assets		0.51				0.58				0.53				0.47				0.48
ACL as a % of loans receivable		1.00				1.00				1.02				1.01				1.00
ACL as a % of nonaccrual loans		165.3				144.3				160.8				178.3				174.7

⁽⁷⁾ Tangible common equity divided by tangible assets
⁽⁸⁾ Tangible common equity divided by common shares outstanding at period-end

CONNECTONE BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)

	For the Quarter Ended
	March 31, 2025								December 31, 2024									March 31, 2024
	Average									Average									Average
Interest-earning assets:	Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾
Investment securities ^{(1) (2)}	$	745,873		$	6,375		3.47	%		$	736,131		$	6,207		3.35	%		$	720,303		$	5,794		3.24	%
Loans receivable and loans held-for-sale ^{(2) (3) (4)}		8,209,014			115,883		5.73				8,103,624			118,934		5.84				8,332,828			120,592		5.82
Federal funds sold and interest-
bearing deposits with banks		229,491			2,466		4.36				238,957			2,815		4.69				218,212			2,906		5.36
Restricted investment in bank stock		40,334			889		8.94				38,489			959		9.91				51,948			1,126		8.72
Total interest-earning assets		9,224,712			125,613		5.52				9,117,201			128,915		5.63				9,323,291			130,418		5.63
Allowance for loan losses		(84,027	)								(83,938	)								(84,005	)
Noninterest-earning assets		607,920									620,183									621,467
Total assets	$	9,748,605								$	9,653,446								$	9,860,753

Interest-bearing liabilities:
Money market deposits		1,572,287			11,287		2.91				1,642,737			12,694		3.07				1,571,640			13,191		3.38
Savings deposits		656,789			5,227		3.23				559,450			4,710		3.35				441,551			3,385		3.08
Time deposits		2,480,990			25,154		4.11				2,478,163			27,374		4.39				2,567,767			28,038		4.39
Other interest-bearing deposits		1,659,055			12,324		3.01				1,636,388			13,790		3.35				1,683,183			15,793		3.77
Total interest-bearing deposits		6,369,121			53,992		3.44				6,316,738			58,568		3.69				6,264,141			60,407		3.88

Borrowings		686,391			3,725		2.20				648,300			3,430		2.10				947,003			7,567		3.21
Subordinated debentures		79,988			1,298		6.58				79,862			1,305		6.50				79,483			1,311		6.63
Finance lease		1,210			18		6.03				1,280			19		5.91				1,483			22		5.97
Total interest-bearing liabilities		7,136,710			59,033		3.35				7,046,180			63,322		3.58				7,292,110			69,307		3.82

Noninterest-bearing demand deposits		1,305,722									1,304,699									1,254,201
Other liabilities		51,800									60,829									93,624
Total noninterest-bearing liabilities		1,357,522									1,365,528									1,347,825
Stockholders’ equity		1,254,373									1,241,738									1,220,818
Total liabilities and stockholders’ equity	$	9,748,605								$	9,653,446								$	9,860,753

Net interest income (tax equivalent basis)					66,580									65,593									61,111
Net interest spread ⁽⁵⁾							2.17	%								2.05	%								1.80	%

Net interest margin ⁽⁶⁾							2.93	%								2.86	%								2.64	%

Tax equivalent adjustment					(824	)								(882	)								(811	)
Net interest income				$	65,756								$	64,711								$	60,300

⁽¹⁾ Average balances are calculated on amortized cost.
⁽²⁾ Interest income is presented on a tax equivalent basis using 21% federal tax rate.
⁽³⁾ Includes loan fee income.
⁽⁴⁾ Loans include nonaccrual loans.
⁽⁵⁾ Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing
liabilities and is presented on a tax equivalent basis.
⁽⁶⁾ Represents net interest income on a tax equivalent basis divided by average total interest-earning
assets.
⁽⁷⁾ Rates are annualized.

The MIL Network –

April 24, 2025

MIL-OSI: OP Corporate Bank plc to redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030

Source: GlobeNewswire (MIL-OSI)

OP Corporate Bank plc
Inside Information
24 April 2025 at 14:00 EEST

OP Corporate Bank plc to redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030

OP Corporate Bank plc will redeem its SEK 3,250,000,000 Callable Floating Rate Tier 2 Instruments due June 2030 originally issued in June 2020 (ISIN: XS2182066543).

OP Corporate Bank plc will redeem all of the outstanding instruments on 3 June 2025 at par plus accrued interest.

OP Corporate Bank plc requests the Irish Stock Exchange plc trading as Euronext Dublin to cancel the listing of the instruments on the Official List of Euronext Dublin and the admission to trading on the Regulated Market of Euronext Dublin.

This announcement contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 (“MAR”) including as it forms part of United Kingdom domestic law by virtue of the European Union (withdrawal) Act 2018 (“UK MAR”), encompassing information relating to the instruments.

OP Corporate Bank plc
Mikko Timonen
Chief Financial Officer, OP Financial Group

Further information:
OP Financial Group’s Investor Relations, IR@op.fi

Media inquiries:
OP Financial Group’s Communications, tel. +358 10 252 8719, viestinta@op.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media
op.fi

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

The MIL Network –

April 24, 2025

MIL-OSI: EUDA Partners with Authorized Distributor of Guangdong Cell Biotech to Offer Stem Cell Therapies to Customers in Singapore and Malaysia

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 24, 2025 (GLOBE NEWSWIRE) — EUDA Health Holdings Limited (“EUDA” or the “Company”) (NASDAQ: EUDA), a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia, today announced an update to the potential strategic partnership, previously announced in December 2024, with Guangdong Cell Biotech Co. Ltd. (“Guangdong Cell Biotech”). Guangdong Cell Biotech is a prominent player in stem cell therapies and regenerative medicine in China. It develops autologous cell treatments and tailored medicines for various disorders.

Instead of the initially contemplated joint venture, the parties have adopted a commercial distribution arrangement structure that better aligns with their respective operational models and regional market dynamics.

On April 22, 2025, CK Health Plus Sdn Bhd (“CK Health”), a wholly-owned subsidiary of EUDA and a direct seller of holistic wellness consumer products, signed a collaboration agreement with Guangdong Key Lock Health Management Co., Ltd. (“Keylock”), an authorized distributor of Guangdong Cell Biotech. Pursuant to this collaboration agreement, CK Health will market and sell to EUDA customers in Singapore and Malaysia stem cell therapies provided by Guangdong Cell Biotech in China.

This revised structure builds upon the original strategic intent of the parties to collaborate, giving EUDA access to Guangdong Cell Biotech’s cutting-edge stem cell therapies and regenerative medicine.

“This commercial distribution structure showcases our strategy to diversify our business and revenue streams,” said Mr. Alfred Lim, CEO of EUDA. “Combining our mission to expand access to holistic healthcare solutions in Southeast Asia with Guangdong Cell Biotech’s established stem cell therapies, we aim to transform the health and wellness landscape in the region.”

About EUDA Health Holdings Limited

EUDA Health Holdings Limited (NASDAQ: EUDA) is a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia. Our mission is to transform the health and wellness landscape by leveraging cutting-edge technology to enhance non-invasive treatments and expand holistic healthcare access in Southeast Asia. We offer a diverse portfolio of innovative non-invasive wellness products and services, including bioenergy capsules and stem cell therapies, marketed under the CK Health brand in Malaysia and Singapore.

Forward Looking Statements

This document may contain forward-looking statements regarding risks and uncertainties. These statements usually use forward-looking words, such as the words “estimates,” “projected,” “expects,” “envisions,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions).These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside EUDA’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should not overly rely on forward-looking statements that are only applicable to the date of publication of this document. These forward-looking statements are based on information from EUDA and Guangdong Cell Biotech, as well as other sources that we believe are reliable. The Company does not undertake any 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:

Christensen Advisory

Roger Hu

+852.2232.3968

roger.hu@christensencomms.com

The MIL Network –

April 24, 2025

MIL-OSI: Marquette National Corporation Declares a Dividend of $0.31 per Share

Source: GlobeNewswire (MIL-OSI)

CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — Marquette National Corporation (OTCQX: MNAT) today announced that its Board of Directors declared a cash dividend of $0.31 per share. The dividend will be payable on July 1, 2025 to shareholders of record on June 20, 2025. As of March 31, 2025, Marquette had 4,367,449 shares issued and outstanding.

Marquette National Corporation is a diversified bank holding company with total assets of $2.2 billion. The Company’s banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, insurance, investments, wealth management and business banking to consumers and commercial customers. Marquette Bank has 20 branches located in: Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Summit and Tinley Park, Illinois. For more information visit: https://emarquettebank.com

Special Note Concerning Forward-Looking Statements.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions which may include failure to realize the anticipated benefits of the acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives and employees, talent shortages and employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xix) 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; (xx) the level of non-performing assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) changes in the interest rates and repayment rates of the Company’s assets; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

For more information:
Patrick Hunt
EVP & CFO
708-364-9019
phunt@emarquettebank.com

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

The MIL Network –

April 24, 2025

MIL-OSI: Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions

Source: GlobeNewswire (MIL-OSI)

Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience

As part of the modernization blueprint, Nasdaq is introducing a new brand for its complete suite of next generation marketplace technology solutions, Nasdaq Eqlipse, delivering cloud-ready capabilities and data intelligence across the full trade lifecycle

Nasdaq’s Nordic markets first to adopt the blueprint alongside expanded modernization partnerships with Johannesburg Stock Exchange and Mexico’s Grupo BMV

NEW YORK, SEATTLE, STOCKHOLM, JOHANNESBURG, and MEXICO CITY, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.

Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.

The new blueprint, proven through Nasdaq’s successful market modernization with AWS, drives industry standards, dynamic and sustainable operations while promoting a more resilient financial ecosystem. In the long term, the blueprint can enhance investor confidence and connect capital, previously confined locally due to technological complexity, to global investment opportunities.

“Local economies flourish when capital markets are robust, and global investors can confidently channel capital across borders. Conversely, a strong global economy is reliant on local markets that are highly dynamic, where innovators can scale, and capital can seamlessly connect. Powering both creates a virtuous cycle of value creation, driving economic growth and wealth generation,” said Adena Friedman, Chair and Chief Executive Officer, Nasdaq. “The unique combination of Nasdaq’s technology expertise and AWS’s advanced infrastructure enables us to solve the industry’s most complex challenges that have hampered the growth and scalability of markets around the world. By reducing complicatedness, friction, and fragmentation we are fortifying the financial system with greater connectivity and resilience and enabling a new era of economic growth and prosperity.”

“Building on our 15-year partnership, Nasdaq and AWS are furthering our shared vision to develop technology that simplifies and streamlines capital markets,” said Matt Garman, CEO at AWS. “Together, we are helping market operators provide seamless connectivity for markets and investors anywhere in the world, with a blueprint for modernization and innovation, and the ability to unlock new opportunities for innovation and growth in capital markets.”

A blueprint for the next generation of markets with resilience and optionality

The blueprint empowers market operators to execute their modernization strategies by optimizing their resource investments while focusing on operational excellence, enhancing competitive differentiation, satisfying their regulatory obligations, and driving innovation within their markets. The first three key components of the blueprint include:

Bringing together AWS, exchange, and trading participant infrastructure in close proximity to power global capital markets: Building on AWS’s high-performing, scalable infrastructure, as well as its deep expertise in operating cloud infrastructure, Nasdaq and AWS are offering a new solution for market operators that addresses resilience, security, proximity and latency demands by positioning AWS services, exchange and trading participant systems in a common location. For the first time, global market participants will have access to industry-leading compute services from AWS in close proximity to the core exchange complex and their own co-located trading systems. In addition, AWS will provide connectivity between this infrastructure and AWS’s Global Regions via the AWS Direct Connect service and the AWS global network, to provide low-latency, high bandwidth connectivity for global applications; all while enabling operators to retain overall control of their data.
Nasdaq Eqlipse, a next generation marketplace technology platform: Nasdaq Eqlipse seamlessly integrates client community feedback and Nasdaq’s development investments, including platform capabilities, application architecture, APIs and product integration. The solutions feature cloud-ready applications and globally standardized APIs with proven interoperability across the full trade lifecycle. Nasdaq’s marketplace technology solutions are already used by over 135 market infrastructure providers around the world for multi-asset trading, clearing, central securities depository and surveillance. Nasdaq Eqlipse will also include a new solution – Nasdaq Eqlipse Intelligence – designed to unlock the full potential of market operators’ data with modern, cloud-based data management, analytics and reporting capabilities that are specific to market operators’ workflows. These capabilities address the industry-wide opportunity to deploy AI at greater scale, recognizing its potential to transform how marketplaces operate.
A services deployment model: The modernization blueprint brings together the expertise and experience of Nasdaq and AWS through a new services deployment model. This provides market operators with access to both companies’ deep capital markets expertise to help reduce operational heavy lifting. Ultimately the services deployment model powered by AWS is designed to help market operators reduce transformation risks, allowing them to focus technology resources toward a growth-driven capital allocation strategy. Market operators will be able to augment and accelerate their path to modernization, while improving time-to-market for new releases and enhancing overall resilience.

The blueprint delivers key benefits to market operators so that they can drive innovation; specifically:

Accelerate and de-risk modernization strategies for market operators by delivering an agile technology stack and globally standardized services and workflows that empower the market operators to focus on attracting liquidity from global investors.
Provide greater flexibility for both innovation and monetization for market operators by leveraging modern technology infrastructure to capitalize on the potential of AI, enhance their data and insight-based services, and develop new products and functionality to the benefit of all market participants.
Promote transparency, enhance liquidity and protect market integrity by strengthening trading, clearing, and settlement operations and reducing barriers for local, regional and global investors with secure access.

The blueprint plans to use AWS’s global network and low-latency traffic routing to support frictionless, high-speed connections for markets and investors around the world. This connectivity will allow market participants to interact seamlessly and transparently across global exchanges with minimal latency, fostering globally inter-connected markets built on a common data lake architecture.

Johannesburg Stock Exchange, Grupo BMV and Nasdaq’s Nordic markets modernize their ecosystems

Nasdaq has expanded its modernization partnership with both Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV. Additionally, Nasdaq’s Nordic markets have today announced their intention to modernize their infrastructure in line with the blueprint.

The JSE is collaborating with Nasdaq around the development of services for colocation, data intelligence and insights, and client interactions. The blueprint service deployment model will support the South African bourse’s technology enablement journey to modernize its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies.

Leila Fourie, Group CEO of the JSE, said: “This strategic collaboration is an extension of the long-standing relationship the JSE has with Nasdaq. The market infrastructure developed in partnership with Nasdaq and AWS will open the door to greater global market interconnectivity with minimal latency, which will support increased liquidity and capital flows between the US and South African capital markets. We will be setting new standards for the industry through innovation and technology that creates value for market participants.”

Building on the market modernization efforts with Nasdaq, Grupo BMV is analyzing how it can build on its existing technology partnership across its clearing and central securities depository platforms by leveraging the services deployment model. They are also evaluating the long-term potential for cloud infrastructure in Mexico and its ability to create a robust, high-integrity ecosystem that reduces barriers to market participation, enhances operational efficiency, and accelerates the adoption of emerging technologies across the Mexican financial landscape.

Jorge Alegría, Chief Executive Officer, Grupo BMV, said: “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look toward the next decade. We are committed to driving innovation, enhancing operational efficiency and proactively addressing the evolving needs of our local and international customers.”

In line with the blueprint, Nasdaq plans to incorporate the managed infrastructure model within its Nordic markets. Starting with the Nordic derivatives market, Nasdaq will be able to provide additional services to clients, powered by AWS infrastructure which allows Nasdaq’s clients to rapidly scale their GPU usage within Nasdaq’s own data center in Väsby, Sweden and harness cloud services to innovate faster.

Roland Chai, President of European Market Services, Nasdaq, said: “The success of Nasdaq’s Nordic markets has demonstrated the extraordinary power of modern market infrastructure to attract international sources of capital. Incorporating AWS’s advanced cloud infrastructure is expected to elevate our markets on the global stage and help to power the next generation of growth across Europe.”

These advancements will be made in close consultation with the respective regulatory authorities and are subject to relevant approvals.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

About Amazon Web Services

Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 114 Availability Zones within 36 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in New Zealand, the Kingdom of Saudi Arabia, Taiwan, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

About the Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalization, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za

About Grupo BMV

The Mexican Stock Exchange (BMV: BOLSAA) is a fully integrated group with more than 130 years of experience, enabling Mexico’s securities and derivatives markets. It consists of a network of leading companies providing services in capital markets, derivatives, debt, post-trade solutions, data and analytics, as well as a range of value-added services. For more details, visit www.bmv.com.mx.

Media Contacts

Nasdaq: Emily Pan; Emily.Pan@nasdaq.com; +1 646 637 3964
AWS: Naomi Little; njlittle@amazon.com; +1 771 233 2089
JSE: Pheliswa Mayekiso; pheliswam@jse.co.za; +27 84 4860502
Grupo BMV: Alberto Maya; amaya@grupobmv.com.mx; +52-55-5342-9000

Cautionary Note Regarding Forward-Looking Statements:

Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of products and services delivered in line with the modernization blueprint, application and availability of products and services in regulated environments, and Nasdaq’s partnership with AWS. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

– NDAQF-

The MIL Network –

April 24, 2025

MIL-OSI: Matador Technologies Announces Investor Relations and Marketing Partnerships

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB:MTDTF), a Bitcoin Ecosystem company, is pleased to announce that it has engaged two strategic partners to support its investor relations, marketing, and business development initiatives, including Alpha Nine Ventures Ltd. (“A9V”) and Outside The Box Capital (“OTB”).

Alpha Nine Ventures (A9V)

Matador has engaged Alpha Nine Ventures, a Nevada-based consulting firm, to assist with investor relations, business development, and capital markets advisory. A9V will provide strategic introductions to financial media professionals, institutional investors, and industry influencers. Additionally, A9V will support the refinement of Matador’s marketing materials and investor communications. The engagement was signed on March 17, 2025, and is for a term of March 17, 2025 – March 17, 2026, with compensation of USD$200,000. This is the total compensation for the arrangement and is paid in advance for the services provided.

Outside The Box Capital (OTB)

Matador has also engaged Outside The Box Capital, a Toronto-based firm specializing in digital marketing and retail investor engagement, to enhance its marketing presence in Canada. OTB will support Matador with digital media campaigns, social media outreach, and influencer engagement to increase visibility within the Canadian investment community. The engagement was signed on March 15, 2025, and is for a term of March 15, 2025 – September 15, 2025, with compensation of CAD$150,000. This is the total compensation for the arrangement and is paid in advance for the services provided.

“We are excited to work with Alpha Nine Ventures and Outside The Box Capital to expand Matador’s visibility across key investor markets. These partnerships will help us effectively communicate our vision and growth strategy to a global audience,” said Deven Soni, CEO of Matador Technologies.

For additional information, please contact:

Media Contact:
Sunny Ray
President
Email: sunny@matador.network
Phone: 647-932-2668

About Matador Technologies Inc.
Matador Technologies Inc. leverages blockchain technology to digitize real-world assets like gold. Focused on building innovative financial solutions, Matador is at the forefront of integrating blockchain technology to preserve and grow value. Matador’s digital gold platform aims to democratize the gold buying experience, combining the best of modern technology and time-proven assets, to create a platform that will allow users to buy, sell, and store gold 24/7 in a convenient and engaging way.

Cautionary Statement Regarding Forward-Looking Information

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The MIL Network –

April 24, 2025

MIL-OSI: Aether Holdings Launches Alpha Edge Media™ to Expand its Financial Newsletters and Subscribers

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Aether Holdings, Inc. (Nasdaq: ATHR) (“we,” “us,” “our,” “Aether,” or the “Company”), an emerging financial technology platform company that offers proprietary research analytics, data and tools for both institutional and retail equity traders, today announced the formation of Alpha Edge Media, Inc., a wholly owned subsidiary dedicated to building and scaling a new generation of digital-first financial newsletter media content and brands.

The Alpha Edge Media newsletters will compliment Aether’s flagship trading market research platform, SentimenTrader.com, a financial technology platform providing artificial intelligence (AI)-driven insights into market sentiment through a variety of tools, reports, and strategies.

The launch is being done in collaboration with Makaira Media, a Florida-based boutique marketing and performance agency that also operates as Sundara Marketing Group. Together, Aether and Makaira will design, launch, and grow a network of high-impact digital financial newsletters and content assets aimed at capturing the attention of forward-looking investors and other business professionals at scale.

The Alpha Edge project is an outgrowth of Aether’s existing strategy to grow its marketing and distribution capabilities, either on its own through initiatives like Alpha Edge or through acquisitions of financial newsletters or content and related subscribers. Aether is implementing this strategy with proceeds from its recently completed initial public offering on the Nasdaq Stock Market.

“Digital newsletters are the new front page,” said Nicolas Lin, CEO of Aether Holdings. “With Alpha Edge Media, we’re not just launching newsletters. We’re building high-growth media assets with the real potential for monetization power. This is modern media – audience-first, data-smart, and built to scale.”

Lin added, “We believe the future of fintech AI will be driven by who owns the most specialized content and proprietary data. Our work with Makaira marks a critical first step toward expanding our financial market content ecosystem, feeding into our existing AI models, including SentimenTrader, and advancing our mission to empower investors through intelligence that’s both actionable and deeply personalized.”

Key elements of the Alpha Edge Media initiative include:

Strategic execution partner: Makaira Media brings full-stack content, growth, and performance expertise.

Modern media model: First-party data, owned audiences, and monetization will be built in from day one.

Structure built to scale: Alpha Edge Media will provide dedicated leadership, accountability, and focus that creates the potential scale in size

Makaira Media will support the initiative across end-to-end brand development, content creation, newsletter growth strategy, performance marketing, CRM development, and ongoing KPI optimization. Each new financial newsletter brand will be tracked against key benchmarks with monthly reporting and rapid iteration of products based on data.

“The most valuable media today is owned, measurable, and scalable. When you align strong content with disciplined execution, newsletters become high-performing growth channels,” said Eva Hodgens, Co-Founder and CEO of Makaira Media. “Alpha Edge Media is about building owned media ecosystems that convert into subscribers and revenue opportunities. We look forward to working with the amazing trading market expertise and newsletter experience that Aether brings to the table to drive this exciting initiative forward.”

About Aether Holdings, Inc.

Aether Holdings, Inc. (Nasdaq: ATHR) is an emerging financial technology holding company focused on transforming the way investors navigate the markets. Leveraging decades of market expertise and cutting-edge technology, Aether delivers proprietary tools, data, and research to empower traders with actionable insights and enhanced decision-making capabilities.

Aether’s flagship platform, SentimenTrader.com, is designed to serve both retail and institutional investors by offering advanced sentiment analysis through the use of machine learning (ML) and artificial intelligence (AI) capabilities. With over 20 years of sentiment data integrated into its systems, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Aether is committed to building an ecosystem that supports smarter, data-driven trading strategies, reinforcing its mission to empower the investing community and redefine excellence in fintech. By integrating advanced technologies, including artificial intelligence tools with the critical thinking and analytical abilities of its team of evidenced-based trading veterans, Aether aims to provide its users with a powerful combination of technology and expertise, enabling them to make informed decisions to level-up their trading in the markets.

Find out more about Aether Holdings at https://helloaether.com/

About Makaira Media LLC

Makaira Media is a full-service digital and print marketing firm specializing in direct-response copywriting, direct-response graphic design, direct-response focused web design, direct-response content marketing, and direct-to-consumer E-commerce ideation, creation, and advertising.

Cautionary Note Regarding Forward Looking Statements

This news release and statements of Aether’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements relate to the anticipated benefits to Aether of the launch and business plan for Alpha Edge Media as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For Aether, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to Aether’s ability to adequately market its products and services, and to develop or acquire additional products and product offerings; (ii) risks related to intense competition in the fintech and financial newsletter sector; (iii) risk related to artificial intelligence and machine learning; (iv) the inability of Aether to maintain and protect its reputation for trustworthiness and independence; (v) the inability of Aether to attract new users and subscribers and convert free users to paying subscribers; (vi) similar risks and uncertainties associated with operating a relatively small business a rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and Aether therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://investor.helloaether.com/#sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Aether Holdings, Inc. Contact
Nicolas Lin, CEO
(347) 363-0886
ir@helloaether.com

Investor Relations Contact
Matthew Abenante, IRC
President, Strategic Investor Relations, LLC
(347)-947-2093
Email: matthew@strategic-ir.com

Media Contact
Jessica Starman, MBA
media@helloaether.com

The MIL Network –

April 24, 2025

MIL-OSI: YXT.com Filed 2024 Annual Report on Form 20-F

Source: GlobeNewswire (MIL-OSI)

SUZHOU, China, April 24, 2025 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (NASDAQ: YXT) (“YXT.com” or the “Company”), a provider of AI-enabled enterprise productivity solutions, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 24, 2025 Eastern Time. The annual report can be accessed on the Company’s investor relations website at https://ir.yxt.com.

About YXT.com
YXT.com (NASDAQ: YXT) is a technology company focusing on enterprise productivity solutions. With a mission to “Empower people and organization development through technology,” The Company strives to become the supreme provider in building and boosting enterprise productivity by combining over a decade of experience in tech-enabled talent learning and development and with AI-augmented task copilots and unleashing the power of knowledge and synergy. Since its inception, YXT.com has supported and received recognition from numerous Global and China Fortune 500 companies.

YXT.com operates its business in China through “Jiangsu Radnova Intelligence Technology Co., Ltd.,” formerly known as “Jiangsu Yunxuetang Network Technology Co., Ltd.”. YXT.com has established an entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future, with the “Radnova” trademark to serve international markets.

Contact
Robin Yang
ICR, LLC
YXT.IR@icrinc.com
+1 (646) 405-4883

The MIL Network –

April 24, 2025

MIL-OSI: First Northwest Bancorp Reports First Quarter 2025 Improved Profitability

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., April 24, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported net income of $1.5 million for the first quarter of 2025, compared to a net loss of $2.8 million for the fourth quarter of 2024 and net income of $396,000 for the first quarter of 2024. Basic and diluted income per share were $0.17 for the first quarter of 2025, compared to basic and diluted loss per share of $0.32 for the fourth quarter of 2024 and basic and diluted income per share of $0.04 for the first quarter of 2024.

In the first quarter of 2025, the Company recorded adjusted pre-tax, pre-provision net revenue (“PPNR”)⁽¹⁾ of $1.5 million, compared to $1.4 million for the preceding quarter and $1.2 million for the first quarter of 2024.

The Board of Directors of First Northwest declared a quarterly cash dividend of $0.07 per common share, payable on May 23, 2025, to shareholders of record as of the close of business on May 9, 2025.

Quote from First Northwest President and CEO, Matthew P. Deines:
“We were pleased to see improved profitability in the first quarter of 2025, which helped grow capital levels and tangible book value. We saw improvement on our asset quality metrics, with nonperforming loans 14% lower than the prior quarter, and remain focused on continued asset quality improvement over the balance of 2025. Core commercial and consumer customer growth was positive during the first quarter, with lower net loans and deposits largely the result of a decrease in funding to one large wholesale relationship and reduced brokered deposit balances. We expect better core growth and asset quality trends, combined with ongoing expense discipline and modest margin improvement, will continue to improve profitability and capital in future quarters. With improved profitability, we are evaluating the potential for future stock buybacks.”

Key Points for First Quarter and Going Forward

Positive Balance Sheet Trends:

A favorable deposit mix shift included a $45.0 million decrease in brokered deposits while core customer deposits grew $23.0 million. The loan-to-deposit ratio was stable at 99.9% compared to 99.3% in the fourth quarter of 2024.
The Company reduced borrowings by $28.9 million. The total cost of funds decreased to 2.67% compared to 2.80% in the fourth quarter of 2024.

Update on provision for credit losses:

The Company recorded a $1.6 million provision for credit losses on loans in the first quarter of 2025, primarily due to $1.4 million of charge-offs related to three commercial business loans, one commercial construction loan and a small number of consumer loans. This compares to loan credit loss provisions of $3.8 million for the preceding quarter and $1.2 million for the first quarter of 2024.
We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers and expect further improvement in nonperforming loans over the course of 2025.

Other significant events:

First Fed Bank’s (“First Fed” or the “Bank”) balance sheet restructuring continued with the remaining bank-owned life insurance policy (“BOLI”) surrender transaction recorded in the first quarter of 2025, with $266,000 of tax and penalties recorded in the provision for income tax. The surrendered policy value was reinvested in the second quarter of 2025. We expect to receive the return of the surrendered funds early in the third quarter of 2025.
We sadly lost a former Bank employee in the first quarter of 2025, resulting in a $1.1 million BOLI death benefit gain.
The Company recorded a $846,000 gain on extinguishment of debt related to repurchasing $5.0 million of subordinated debt at a discount during the first quarter of 2025. In addition to the current quarter gain, the future cost related to interest expense on the subordinated debt will be reduced.
The Company also recognized a $315,000 gain on the conversion of a commercial business loan receivable into a Series A equity investment during the first quarter of 2025.

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Selected Quarterly Financial Ratios:

	As of or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Performance ratios: ⁽¹⁾
Return on average assets		0.28	%		-0.51	%		-0.36	%		-0.40	%		0.07	%
Adjusted PPNR return on average assets ⁽²⁾		0.27			0.26			0.17			0.10			0.22
Return on average equity		3.92			-6.92			-4.91			-5.47			0.98
Net interest margin ⁽³⁾		2.76			2.73			2.70			2.76			2.76
Efficiency ratio ⁽⁴⁾		79.4			92.2			100.3			72.3			88.8
Equity to total assets		7.22			6.89			7.13			7.17			7.17
Book value per common share	$	16.63		$	16.45		$	17.17		$	16.81		$	17.00
Tangible performance ratios: ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		7.15	%		6.83	%		7.06	%		7.10	%		7.10	%
Return on average tangible common equity ⁽²⁾		3.96			-6.99			-4.96			-5.53			0.99
Tangible book value per common share ⁽²⁾	$	16.48		$	16.29		$	17.00		$	16.64		$	16.83
Capital ratios (First Fed): ⁽⁵⁾
Tier 1 leverage		9.5	%		9.4	%		9.4	%		9.4	%		9.7	%
Common equity Tier 1 capital		12.7			12.4			12.2			12.4			12.6
Total risk-based		13.9			13.6			13.4			13.5			13.6

(1	)	Performance ratios are annualized, where appropriate.
(2	)	See reconciliation of Non-GAAP Financial Measures later in this release.
(3	)	Net interest income divided by average interest-earning assets.
(4	)	Total noninterest expense as a percentage of net interest income and total other noninterest income.
(5	)	Current period capital ratios are preliminary and subject to finalization of the FDIC Call Report.

Adjusted Pre-tax, Pre-Provision Net Revenue ⁽¹⁾

Adjusted PPNR for the first quarter of 2025 increased $40,000 to $1.5 million, compared to $1.4 million for the preceding quarter, and increased $308,000 from $1.2 million in the first quarter one year ago.

	For the Quarter Ended
(Dollars in thousands)	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net interest income	$	13,847	$	14,137		$	14,020		$	14,235		$	13,928
Total noninterest income		4,092		1,300			1,779			7,347			2,188
Total revenue		17,939		15,437			15,799			21,582			16,116
Total noninterest expense		14,249		14,233			15,848			15,609			14,303
PPNR ⁽¹⁾		3,690		1,204			(49	)		5,973			1,813
Less selected nonrecurring adjustments to PPNR:
BOLI death benefit		1,059		1,536			—			—			—
Gain on extinguishment of subordinated debt included in other income		846		—			—			—			—
Gain on conversion of loan receivable into Series A equity investment		315		—			—			—			—
Equity investment repricing adjustment		—		(1,762	)		—			—			651
One-time compensation payouts related to reduction in force		—		—			(996	)		—			—
Net gain on sale of premises and equipment		—		—			—			7,919			—
Sale leaseback taxes and assessments included in occupancy and equipment		—		—			—			(359	)		—
Net gain on sale of investment securities		—		—			—			(2,117	)		—
Adjusted PPNR ⁽¹⁾	$	1,470	$	1,430		$	947		$	530		$	1,162

(1) See reconciliation of Non-GAAP Financial Measures later in this release.

Total interest income decreased $1.4 million to $26.8 million for the first quarter of 2025, compared to $28.2 million for the previous quarter, and decreased $503,000 compared to $27.3 million in the first quarter of 2024. Interest income decreased in the first quarter of 2025 primarily due to a decrease in the income earned on loans receivable and reduced interest income received on Company deposit accounts as both yields earned and average volumes decreased. Average loan balances and related interest income were impacted by a significant decrease in the Northpointe Bank Mortgage Purchase Program (“Northpointe Bank MPP”) of $24.7 million and $461,000, respectively. Variable-rate yields on loans and investments were impacted by the cumulative 100 basis points Federal Reserve rate cuts which occurred between September and December 2024.
Total interest expense decreased $1.1 million to $13.0 million for the first quarter of 2025, compared to $14.1 million for the previous quarter, and decreased $422,000 compared to $13.4 million in the first quarter of 2024. Interest expense decreased in the first quarter of 2025 primarily due to decreases in interest paid on brokered certificates of deposit (“CDs”), money market accounts and customer CDs.
The net interest margin increased to 2.76% for the first quarter of 2025, from 2.73% for the prior quarter, and was flat compared to the first quarter of 2024. The Company reported reduced rates and declining volumes of CDs and money market accounts during the first quarter of 2025 which lowered costs; however, these savings were partially offset by a decrease in interest earned on loans and an increase in cost due to higher average borrowings.
Noninterest income included a $1.1 million BOLI death benefit payment received due to the passing of a former employee, a $846,000 gain on extinguishment of debt and a $315,000 gain on the conversion of a loan receivable into an equity investment during the current quarter.
Noninterest expense was relatively unchanged at $14.3 million for the first quarter of 2025, compared to the previous quarter and the first quarter of 2024.

Allowance for Credit Losses on Loans (“ACLL”) and Credit Quality

The allowance for credit losses on loans (“ACLL”) increased $176,000 to $20.6 million at March 31, 2025, from $20.5 million at December 31, 2024. The ACLL as a percentage of total loans was 1.24% at March 31, 2025, an increase from 1.21% at December 31, 2024, and an increase from 1.05% one year earlier. The small increase to the pooled loan reserve combined with charge-offs totaling $1.4 million resulted in a provision expense of $1.6 million for the quarter ended March 31, 2025.

Nonperforming loans totaled $26.4 million at March 31, 2025, a decrease of $4.1 million, or 13.5%, from December 31, 2024. ACLL to nonperforming loans increased to 78% at March 31, 2025, from 67% at December 31, 2024, and decreased from 92% at March 31, 2024. This ratio increased during the first quarter as principal payments and charge-offs decreased balances on loans that were already adequately reserved.

Classified loans decreased $4.7 million to $37.9 million at March 31, 2025, from $42.5 million at December 31, 2024, primarily due to $3.9 million in principal payments received on two commercial construction loans and charge-offs totaling $825,000 on two commercial business loans and one commercial construction loan during the first quarter. An $8.1 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; a $7.2 million commercial construction loan relationship, which became classified in the second quarter of 2024; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 57% of the classified loan balance at March 31, 2025. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral-dependent relationships. The Bank is also closely monitoring a group of commercial business loans that have similar collateral, with 16 loans totaling $1.7 million included in classified loans at March 31, 2025, and an additional seven loans totaling $2.4 million included in the special mention risk grading category.

	For the Quarter Ended
ACLL ($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance at beginning of period	$	20,449		$	21,970		$	19,343		$	17,958		$	17,510
Charge-offs:
Construction and land		(374	)		(411	)		—			(3,978	)		—
Auto and other consumer		(243	)		(364	)		(492	)		(832	)		(806	)
Commercial business		(811	)		(4,596	)		(24	)		(2,643	)		(33	)
Total charge-offs		(1,428	)		(5,371	)		(516	)		(7,453	)		(839	)
Recoveries:
One-to-four family		—			—			42			—			2
Commercial real estate		6			2			—			—			—
Auto and other consumer		43			52			24			198			46
Commercial business		2			36			—			—			—
Total recoveries		51			90			66			198			48
Net loan charge-offs		(1,377	)		(5,281	)		(450	)		(7,255	)		(791	)
Provision for credit losses		1,553			3,760			3,077			8,640			1,239
Balance at end of period	$	20,625		$	20,449		$	21,970		$	19,343		$	17,958

Average total loans		1,662,164			1,708,232			1,718,402			1,717,830			1,678,656
Annualized net charge-offs to average outstanding loans		0.34	%		1.23	%		0.10	%		1.70	%		0.19	%

Asset Quality ($ in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonaccrual loans:
One-to-four family	$	1,404		$	1,477		$	1,631		$	1,750		$	1,237
Multi-family		—			—			—			708			708
Commercial real estate		5,574			5,598			5,634			14			22
Construction and land		15,280			19,544			19,382			19,292			14,440
Home equity		54			55			116			118			121
Auto and other consumer		710			700			894			746			1,012
Commercial business		3,365			3,141			2,719			1,003			1,941
Total nonaccrual loans		26,387			30,515			30,376			23,631			19,481
Other real estate owned		—			—			—			—			—
Total nonperforming assets	$	26,387		$	30,515		$	30,376		$	23,631		$	19,481

Nonaccrual loans as a % of total loans ⁽¹⁾		1.59	%		1.80	%		1.75	%		1.39	%		1.14	%
Nonperforming assets as a % of total assets ⁽²⁾		1.21			1.37			1.35			1.07			0.87
ACLL as a % of total loans		1.24			1.21			1.27			1.14			1.05
ACLL as a % of nonaccrual loans		78.16			67.01			72.33			81.85			92.18
Total past due loans to total loans		1.74			1.98			1.92			1.45			1.91

(1	)	Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
(2	)	Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.

Financial Condition and Capital

Investment securities decreased $24.9 million, or 7.3%, to $315.4 million at March 31, 2025, compared to $340.3 million three months earlier, and decreased $10.5 million compared to $326.0 million at March 31, 2024. The market value of the portfolio increased $3.1 million during the first quarter of 2025. The estimated average life of the securities portfolio was approximately 6.9 years at March 31, 2025, 6.9 years at the prior quarter end and 7.8 years at the end of the first quarter of 2024. The effective duration of the portfolio was approximately 4.3 years at March 31, 2025, compared to 3.9 years at the prior quarter end and 4.4 years at the end of the first quarter of 2024. The MBS non-agency portfolio decreased $20.2 million due to early redemptions and maturities and $2.4 million from regular repayment activity during the most recent quarter.

Investment Securities ($ in thousands)		March 31, 2025		December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Available for Sale at Fair Value
Municipal bonds	$	78,295	$	77,876	$	87,004	0.5	%	-10.0	%
U.S. government agency issued asset-backed securities (ABS agency)		12,643		12,876		14,822	-1.8		-14.7
Corporate issued asset-backed securities (ABS corporate)		15,671		16,122		13,929	-2.8		12.5
Corporate issued debt securities (Corporate debt)		55,067		54,491		53,031	1.1		3.8
U.S. Small Business Administration securities (SBA)		8,061		8,666		7,911	-7.0		1.9
Mortgage-backed securities:
U.S. government agency issued mortgage-backed securities (MBS agency)		96,642		98,697		83,271	-2.1		16.1
Non-agency issued mortgage-backed securities (MBS non-agency)		49,054		71,616		65,987	-31.5		-25.7
Total securities available for sale	$	315,433	$	340,344	$	325,955	-7.3		-3.2

Net loans, excluding loans held for sale, decreased $31.4 million, or 1.9%, to $1.64 billion at March 31, 2025, from $1.68 billion at December 31, 2024, and decreased $49.0 million, or 2.9%, from $1.69 billion one year prior. Construction loans that converted into fully amortizing loans during the quarter totaled $13.3 million. Loan payoffs of $71.0 million, regular payments of $29.4 million and charge-offs totaling $1.4 million outpaced new loan funding totaling $45.3 million and draws on existing loans totaling $23.3 million. The large decrease in commercial business loans was due to the change in funding needs of the Northpointe Bank MPP, which dropped $36.2 million compared to the prior quarter.

Loans ($ in thousands)		March 31, 2025			December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Real Estate:
One-to-four family	$	394,428		$	395,315	$	383,905	-0.2	%	2.7	%
Multi-family		338,147			332,596		339,538	1.7		-0.4
Commercial real estate		392,882			390,379		385,130	0.6		2.0
Construction and land		64,877			78,110		125,347	-16.9		-48.2
Total real estate loans		1,190,334			1,196,400		1,233,920	-0.5		-3.5
Consumer:
Home equity		79,151			79,054		72,391	0.1		9.3
Auto and other consumer		273,878			268,876		268,834	1.9		1.9
Total consumer loans		353,029			347,930		341,225	1.5		3.5
Commercial business		120,486			151,493		136,297	-20.5		-11.6
Total loans receivable		1,663,849			1,695,823		1,711,442	-1.9		-2.8
Less:
Derivative basis adjustment		(566	)		188		710	-401.1		-179.7
Allowance for credit losses on loans		20,625			20,449		17,958	0.9		14.9
Total loans receivable, net	$	1,643,790		$	1,675,186	$	1,692,774	-1.9		-2.9

Total deposits decreased $22.0 million to $1.67 billion at March 31, 2025, compared to $1.69 billion at December 31, 2024, and was relatively unchanged compared to one year prior. During the first quarter of 2025, total customer deposit balances increased $23.0 million and brokered deposit balances decreased $45.0 million. Overall, the current rate environment continues to contribute to greater competition for deposits leading to higher rates paid on interest-bearing demand deposits and savings accounts during the current quarter. The deposit mix compared to March 31, 2024, also reflects a shift to higher demand and money market account balances with increased rates paid on those accounts while rates paid on certificate and savings accounts decreased.

Deposits ($ in thousands)		March 31, 2025		December 31, 2024		March 31, 2024	Three Month % Change		One Year % Change
Noninterest-bearing demand deposits	$	247,890	$	256,416	$	252,761	-3.3	%	-1.9	%
Interest-bearing demand deposits		169,912		164,891		170,729	3.0		-0.5
Money market accounts		424,469		413,822		395,480	2.6		7.3
Savings accounts		235,188		205,055		236,550	14.7		-0.6
Certificates of deposit, customer		450,663		464,928		418,904	-3.1		7.6
Certificates of deposit, brokered		137,946		182,914		192,200	-24.6		-28.2
Total deposits	$	1,666,068	$	1,688,026	$	1,666,624	-1.3		0.0

Total shareholders’ equity increased to $157.0 million at March 31, 2025, compared to $153.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $2.4 million and net income of $1.5 million, partially offset by dividends declared of $656,000 and a decrease in the after-tax fair market values of derivatives of $425,000.

Capital levels for both the Company and the Bank remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at March 31, 2025. Preliminary calculations of Common Equity Tier 1 and Total Risk-Based Capital Ratios at March 31, 2025, were 12.7% and 13.9%, respectively.

First Northwest continued to return capital to our shareholders through cash dividends during the first quarter of 2025. The Company paid cash dividends totaling $649,000 in the first quarter of 2025. No shares of common stock were repurchased under the Company’s April 2024 Stock Repurchase Plan (the “Repurchase Plan”) during the quarter ended March 31, 2025. There are 846,123 shares that remain available for repurchase under the Repurchase Plan.

We recommend reading this earnings release in conjunction with the First Quarter 2025 Investor Presentation, located at http://investor.ourfirstfed.com/quarterly-reports and included as an exhibit to our April 24, 2025, Current Report on Form 8-K.

About the Company
First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance and execution on certain strategies, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets, including potential recessionary and other unfavorable conditions and trends relating to housing markets, costs of living, unemployment levels, interest rates, supply chain difficulties and inflationary pressures, among other things; legislative, regulatory, and policy changes; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

For More Information Contact:
Matthew P. Deines, President and Chief Executive Officer
Phyllis Nomura, EVP and Chief Financial Officer
IRGroup@ourfirstfed.com
360-457-0461

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	18,911		$	16,811		$	17,953		$	19,184		$	15,562
Interest-earning deposits in banks		51,412			55,637			64,769			63,995			61,784
Investment securities available for sale, at fair value		315,433			340,344			310,860			306,714			325,955
Loans held for sale		2,940			472			378			1,086			988
Loans receivable (net of allowance for credit losses on loans $20,625, $20,449, $21,970, $19,343, and $17,958)		1,643,790			1,675,186			1,714,416			1,677,764			1,692,774
Federal Home Loan Bank (FHLB) stock, at cost		13,106			14,435			14,435			13,086			15,876
Accrued interest receivable		8,319			8,159			8,939			9,466			8,909
Premises held for sale, net		—			—			—			—			6,751
Premises and equipment, net		9,870			10,129			10,436			10,714			11,028
Servicing rights on sold loans, at fair value		3,301			3,281			3,584			3,740			3,820
Bank-owned life insurance, net		31,786			41,150			41,429			41,113			34,681
Equity and partnership investments		15,026			13,229			14,912			15,085			15,121
Goodwill and other intangible assets, net		1,082			1,082			1,083			1,084			1,085
Deferred tax asset, net		13,179			13,738			10,802			12,216			12,704
Right-of-use (“ROU”) asset, net		16,687			17,001			17,315			17,627			5,841
Prepaid expenses and other assets		31,588			21,352			24,175			23,088			27,141
Total assets	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	1,666,068		$	1,688,026		$	1,711,641		$	1,708,288		$	1,666,624
Borrowings		307,091			336,014			334,994			302,575			371,455
Accrued interest payable		2,163			3,295			2,153			3,143			2,830
Lease liability, net		17,266			17,535			17,799			18,054			6,227
Accrued expenses and other liabilities		24,217			31,770			25,625			23,717			29,980
Advances from borrowers for taxes and insurance		2,583			1,484			2,485			1,304			2,398
Total liabilities		2,019,388			2,078,124			2,094,697			2,057,081			2,079,514

Shareholders’ Equity
Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 75,000,000 shares authorized; issued and outstanding at each period end: 9,440,618; 9,353,348; 9,365,979; 9,453,247; and 9,442,796		94			93			94			94			94
Additional paid-in capital		93,450			93,357			93,218			93,985			93,763
Retained earnings		98,056			97,198			100,660			103,322			106,202
Accumulated other comprehensive loss, net of tax		(28,129	)		(30,172	)		(26,424	)		(31,597	)		(32,465	)
Unearned employee stock ownership plan (ESOP) shares		(6,429	)		(6,594	)		(6,759	)		(6,923	)		(7,088	)
Total shareholders’ equity		157,042			153,882			160,789			158,881			160,506
Total liabilities and shareholders’ equity	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020

FIRST NORTHWEST BANCORP AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
INTEREST INCOME
Interest and fees on loans receivable	$	22,231	$	23,716		$	23,536		$	23,733		$	22,767
Interest on investment securities		3,803		3,658			3,786			3,949			3,632
Interest on deposits in banks		482		550			582			571			645
FHLB dividends		307		273			302			358			282
Total interest income		26,823		28,197			28,206			28,611			27,326
INTEREST EXPENSE
Deposits		9,737		11,175			10,960			10,180			10,112
Borrowings		3,239		2,885			3,226			4,196			3,286
Total interest expense		12,976		14,060			14,186			14,376			13,398
Net interest income		13,847		14,137			14,020			14,235			13,928
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		1,553		3,760			3,077			8,640			1,239
Provision for (recapture of) credit losses on unfunded commitments		15		(105	)		57			99			(269	)
Provision for credit losses		1,568		3,655			3,134			8,739			970
Net interest income after provision for credit losses		12,279		10,482			10,886			5,496			12,958
NONINTEREST INCOME
Loan and deposit service fees		1,106		1,054			1,059			1,076			1,102
Sold loan servicing fees and servicing rights mark-to-market		195		(115	)		10			74			219
Net gain on sale of loans		11		52			58			150			52
Net gain on sale of investment securities		—		—			—			(2,117	)		—
Net gain on sale of premises and equipment		—		—			—			7,919			—
Increase in cash surrender value of bank-owned life insurance		372		328			315			293			243
Income from death benefit on bank-owned life insurance, net		1,059		1,536			—			—			—
Other income (loss)		1,349		(1,555	)		337			(48	)		572
Total noninterest income		4,092		1,300			1,779			7,347			2,188
NONINTEREST EXPENSE
Compensation and benefits		7,715		7,367			8,582			8,588			8,128
Data processing		2,011		2,065			2,085			2,008			1,944
Occupancy and equipment		1,592		1,559			1,553			1,799			1,240
Supplies, postage, and telephone		298		296			360			317			293
Regulatory assessments and state taxes		479		460			548			457			513
Advertising		265		362			409			377			309
Professional fees		777		813			698			684			910
FDIC insurance premium		434		491			533			473			386
Other expense		678		820			1,080			906			580
Total noninterest expense		14,249		14,233			15,848			15,609			14,303
Income (loss) before provision for income taxes		2,122		(2,451	)		(3,183	)		(2,766	)		843
Provision for income taxes		608		359			(1,203	)		(547	)		447
Net income (loss)	$	1,514	$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396

Basic and diluted earnings (loss) per common share	$	0.17	$	(0.32	)	$	(0.23	)	$	(0.25	)	$	0.04

FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Selected Loan Detail	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Construction and land loans breakout
1-4 Family construction	$	42,371	$	39,319	$	43,125	$	56,514	$	69,075
Multifamily construction		9,223		15,407		29,109		43,341		45,776
Nonresidential construction		7,229		16,857		17,500		1,015		3,374
Land and development		6,054		6,527		5,975		6,403		7,122
Total construction and land loans	$	64,877	$	78,110	$	95,709	$	107,273	$	125,347

Auto and other consumer loans breakout
Triad Manufactured Home loans	$	134,740	$	128,231	$	129,600	$	110,510	$	119,309
Woodside auto loans		118,972		117,968		126,129		131,151		128,072
First Help auto loans		13,012		14,283		15,971		17,427		8,326
Other auto loans		1,313		1,647		2,064		2,690		3,313
Other consumer loans		5,841		6,747		7,434		23,845		9,814
Total auto and other consumer loans	$	273,878	$	268,876	$	281,198	$	285,623	$	268,834

Commercial business loans breakout
Northpointe Bank MPP	$	–	$	36,230	$	38,155	$	9,150	$	15,047
Secured lines of credit		39,986		35,701		37,686		28,862		41,014
Unsecured lines of credit		2,030		1,717		1,571		1,133		1,001
SBA loans		6,889		7,044		7,219		7,146		8,944
Other commercial business loans		71,581		70,801		70,696		70,803		70,291
Total commercial business loans	$	120,486	$	151,493	$	155,327	$	117,094	$	136,297

Loans by Collateral and Unfunded Commitments	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
One-to-four family construction	$	38,221	$	44,468	$	51,607	$	49,440	$	70,100
All other construction and land		30,947		34,290		45,166		58,346		55,286
One-to-four family first mortgage		428,081		466,046		469,053		434,840		436,543
One-to-four family junior liens		15,155		15,090		14,701		13,706		12,608
One-to-four family revolving open-end		51,832		51,481		48,459		44,803		45,536
Commercial real estate, owner occupied:
Health care		29,386		29,129		29,407		29,678		29,946
Office		19,363		17,756		17,901		19,215		17,951
Warehouse		14,843		14,948		11,645		14,613		14,683
Other		74,915		78,170		64,535		56,292		55,063
Commercial real estate, non-owner occupied:
Office		41,885		49,417		49,770		50,158		53,099
Retail		50,737		49,591		49,717		50,101		50,478
Hospitality		62,226		61,919		62,282		62,628		66,982
Other		93,549		81,640		82,573		84,428		93,040
Multi-family residential		339,217		333,419		354,118		350,382		339,907
Commercial business loans		76,330		77,381		86,904		79,055		90,781
Commercial agriculture and fishing loans		22,914		21,833		15,369		14,411		10,200
State and political subdivision obligations		369		369		404		405		405
Consumer automobile loans		133,209		133,789		144,036		151,121		139,524
Consumer loans secured by other assets		137,619		131,429		132,749		129,293		122,895
Consumer loans unsecured		3,051		3,658		4,411		5,209		6,415
Total loans	$	1,663,849	$	1,695,823	$	1,734,807	$	1,698,124	$	1,711,442

Unfunded commitments under lines of credit or existing loans	$	172,260	$	163,827	$	166,446	$	155,005	$	148,736

FIRST NORTHWEST BANCORP AND SUBSIDIARY NET INTEREST MARGIN ANALYSIS (Dollars in thousands) (Unaudited)

	Three Months Ended March 31,
	2025								2024
	Average			Interest					Average			Interest
	Balance			Earned/		Yield/			Balance			Earned/		Yield/
	Outstanding			Paid		Rate			Outstanding			Paid		Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable, net ^{(1) (2)}	$	1,642,007		$	22,231		5.49	%	$	1,661,420		$	22,767		5.51	%
Investment securities		333,208			3,803		4.63			307,490			3,632		4.75
FHLB dividends		13,609			307		9.15			12,328			282		9.20
Interest-earning deposits in banks		42,917			482		4.55			46,583			645		5.57
Total interest-earning assets ⁽³⁾		2,031,741			26,823		5.35			2,027,821			27,326		5.42
Noninterest-earning assets		143,033								138,366
Total average assets	$	2,174,774							$	2,166,187
Interest-bearing liabilities:
Interest-bearing demand deposits	$	168,414		$	260		0.63		$	165,379		$	187		0.45
Money market accounts		414,425			2,345		2.29			377,505			1,949		2.08
Savings accounts		216,499			783		1.47			235,784			953		1.63
Certificates of deposit, customer		451,936			4,522		4.06			437,525			4,494		4.13
Certificates of deposit, brokered		158,269			1,827		4.68			205,923			2,529		4.94
Total interest-bearing deposits ⁽⁴⁾		1,409,543			9,737		2.80			1,422,116			10,112		2.86
Advances		279,500			2,796		4.06			252,912			2,892		4.60
Subordinated debt		38,370			443		4.68			39,446			394		4.02
Total interest-bearing liabilities		1,727,413			12,976		3.05			1,714,474			13,398		3.14
Noninterest-bearing deposits ⁽⁴⁾		243,569								249,283
Other noninterest-bearing liabilities		47,238								40,563
Total average liabilities		2,018,220								2,004,320
Average equity		156,554								161,867
Total average liabilities and equity	$	2,174,774							$	2,166,187

Net interest income				$	13,847							$	13,928
Net interest rate spread							2.30								2.28
Net earning assets	$	304,328							$	313,347
Net interest margin ⁽⁵⁾							2.76								2.76
Average interest-earning assets to average interest-bearing liabilities		117.6	%							118.3	%

(1)	The average loans receivable, net balances include nonaccrual loans.
(2)	Interest earned on loans receivable includes net deferred costs of ($338,000) and ($171,000) for the three months ended March 31, 2025 and 2024, respectively.
(3)	Includes interest-earning deposits (cash) at other financial institutions.
(4)	Cost of all deposits, including noninterest-bearing demand deposits, was 2.39% and 2.43% for the three months ended March 31, 2025 and 2024, respectively.
(5)	Net interest income divided by average interest-earning assets.

FIRST NORTHWEST BANCORP AND SUBSIDIARY
ADDITIONAL INFORMATION
(Dollars in thousands) (Unaudited)

Non-GAAP Financial Measures
This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

Calculations Based on PPNR and Adjusted PPNR:

	For the Quarter Ended
(Dollars in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income (loss)	$	1,514		$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396
Plus: provision for credit losses		1,568			3,655			3,134			8,739			970
Provision for income taxes		608			359			(1,203	)		(547	)		447
PPNR ⁽¹⁾		3,690			1,204			(49	)		5,973			1,813
Less selected nonrecurring adjustments to PPNR:
BOLI death benefit		1,059			1,536			—			—			—
Gain on extinguishment of subordinated debt included in other income		846			—			—			—			—
Gain on conversion of loan receivable into Series A equity investment		315			—			—			—			—
Equity investment repricing adjustment		—			(1,762	)		—			—			651
One-time compensation payouts related to reduction in force		—			—			(996	)		—			—
Net gain on sale of premises and equipment		—			—			—			7,919			—
Sale leaseback taxes and assessments included in occupancy and equipment		—			—			—			(359	)		—
Net gain on sale of investment securities		—			—			—			(2,117	)		—
Adjusted PPNR ⁽¹⁾	$	1,470		$	1,430		$	947		$	530		$	1,162

Average total assets	$	2,174,774		$	2,205,502		$	2,209,333		$	2,219,370		$	2,166,187
Return on average assets (GAAP)		0.28	%		-0.51	%		-0.36	%		-0.40	%		0.07	%
PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.69	%		0.22	%		-0.01	%		1.08	%		0.34	%
Adjusted PPNR return on average assets (Non-GAAP) ⁽¹⁾		0.27	%		0.26	%		0.17	%		0.10	%		0.22	%

(1)

PPNR removes the provisions for credit loss and income tax from net income. This removes potentially volatile estimates, providing a comparative amount limited to income and expense recorded during the period. Adjusted PPNR further removes large nonrecurring transactions recorded during the period. We believe these metrics provide comparative amounts for a better review of recurring net revenue.

FIRST NORTHWEST BANCORP AND SUBSIDIARY ADDITIONAL INFORMATION (Dollars in thousands) (Unaudited)

Calculations Based on Tangible Common Equity:

	For the Quarter Ended
(Dollars in thousands, except per share data)		March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total shareholders’ equity	$	157,042		$	153,882		$	160,789		$	158,881		$	160,506
Less: Goodwill and other intangible assets		1,082			1,082			1,083			1,084			1,085
Disallowed non-mortgage loan servicing rights		415			423			489			517			489
Total tangible common equity	$	155,545		$	152,377		$	159,217		$	157,280		$	158,932

Total assets	$	2,176,430		$	2,232,006		$	2,255,486		$	2,215,962		$	2,240,020
Less: Goodwill and other intangible assets		1,082			1,082			1,083			1,084			1,085
Disallowed non-mortgage loan servicing rights		415			423			489			517			489
Total tangible assets	$	2,174,933		$	2,230,501		$	2,253,914		$	2,214,361		$	2,238,446

Average shareholders’ equity	$	156,554		$	161,560		$	160,479		$	163,079		$	161,867
Less: Average goodwill and other intangible assets		1,082			1,083			1,084			1,085			1,085
Average disallowed non-mortgage loan servicing rights		423			489			517			489			481
Total average tangible common equity	$	155,049		$	159,988		$	158,878		$	161,505		$	160,301

Net income (loss)	$	1,514		$	(2,810	)	$	(1,980	)	$	(2,219	)	$	396
Common shares outstanding		9,440,618			9,353,348			9,365,979			9,453,247			9,442,796
GAAP Ratios:
Equity to total assets		7.22	%		6.89	%		7.13	%		7.17	%		7.17	%
Return on average equity		3.92	%		-6.92	%		-4.91	%		-5.47	%		0.98	%
Book value per common share	$	16.63		$	16.45		$	17.17		$	16.81		$	17.00
Non-GAAP Ratios:
Tangible common equity to tangible assets ⁽¹⁾		7.15	%		6.83	%		7.06	%		7.10	%		7.10	%
Return on average tangible common equity ⁽¹⁾		3.96	%		-6.99	%		-4.96	%		-5.53	%		0.99	%
Tangible book value per common share ⁽¹⁾	$	16.48		$	16.29		$	17.00		$	16.64		$	16.83

(1

)

We believe that the use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d5c93711-67c1-4664-a49c-37df22040147

https://www.globenewswire.com/NewsRoom/AttachmentNg/4a3584b1-1204-464b-8080-7fcc46d66470

https://www.globenewswire.com/NewsRoom/AttachmentNg/37ce187a-5662-457d-bd13-66e409ac2710

https://www.globenewswire.com/NewsRoom/AttachmentNg/4b958691-2f11-4ceb-a89a-ab88b1b1d702

https://www.globenewswire.com/NewsRoom/AttachmentNg/7207465f-e4fb-4f05-8218-e87558fb913c

https://www.globenewswire.com/NewsRoom/AttachmentNg/1c8a4efe-4d1b-4b02-bdac-6fd686314c0b

The MIL Network –

April 24, 2025

MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

First quarter 2025 net revenue¹ was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted² basis. This included Solutions³ revenue growing 9%, or up 11% on an adjusted basis.
Annualized Recurring Revenue (ARR)⁴ of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP⁵ diluted earnings per share grew 24% in the first quarter of 2025.
In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

First Quarter 2025 Highlights

(US$ millions, except per share)	1Q25	YoY change %	Adjusted YoY change %	Organic⁶YoY change %
Solutions revenue	$947	9%	11%	9%
Market Services net revenue	$281	19%	19%	19%
Net revenue	$1,237	11%	12%	11%
Non-GAAP operating income	$682	15%	17%	14%
ARR	$2,831	8%	9%	9%
GAAP diluted EPS	$0.68	69%
Non-GAAP diluted EPS	$0.79	24%		24%

Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

FINANCIAL REVIEW

First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

2025 EXPENSE AND TAX GUIDANCE UPDATE⁷

The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
- Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
- Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
- Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages⁸ in a day.
Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
- Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
- Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

____________
¹ Represents revenue less transaction-based expenses.
²Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
³ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁴ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁵ Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
⁶ Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
⁷ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁸ Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact
Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi.@Nasdaq.com

Investor Relations Contact
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

NDAQF

Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

Revenues:
Capital Access Platforms		$	515		$	479
Financial Technology			432			392
Market Services			1,134			794
Other Revenues			9			9
	Total revenues		2,090			1,674
Transaction-based expenses:
Transaction rebates			(579	)		(481	)
Brokerage, clearance and exchange fees			(274	)		(76	)
Revenues less transaction-based expenses			1,237			1,117

Operating Expenses:
Compensation and benefits			329			340
Professional and contract services			36			34
Technology and communication infrastructure			77			67
Occupancy			28			28
General, administrative and other			6			28
Marketing and advertising			14			11
Depreciation and amortization			156			155
Regulatory			15			9
Merger and strategic initiatives			24			9
Restructuring charges			5			26
	Total operating expenses		690			707
Operating income			547			410
Interest income			11			6
Interest expense			(96	)		(108	)
Other income (loss)			(1	)		1
Net income from unconsolidated investees			27			3
Income before income taxes			488			312
Income tax provision			93			79
Net income			395			233
Net loss attributable to noncontrolling interests			—			1
Net income attributable to Nasdaq		$	395		$	234

Per share information:
Basic earnings per share		$	0.69		$	0.41
Diluted earnings per share		$	0.68		$	0.40
Cash dividends declared per common share		$	0.24		$	0.22

Weighted-average common shares outstanding
for earnings per share:
Basic			575.0			575.4
Diluted			580.0			578.9

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended
				March 31,			March 31,
					2025			2024

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	192		$	186
	Index revenues				193			168
	Workflow and Insights revenues				130			125
		Total Capital Access Platforms revenues			515			479

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				77			64
	Regulatory Technology revenues				101			90
	Capital Markets Technology revenues				254			238
		Total Financial Technology revenues			432			392

MARKET SERVICES
	Market Services revenues				1,134			794
	Transaction-based expenses:
			Transaction rebates		(579	)		(481	)
			Brokerage, clearance and exchange fees		(274	)		(76	)
		Total Market Services revenues, net			281			237

OTHER REVENUES					9			9

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,237		$	1,117

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		March 31,			December 31,
			2025			2024
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	690		$	592
	Restricted cash and cash equivalents		18			31
	Default funds and margin deposits		5,686			5,664
	Financial investments		201			184
	Receivables, net		986			1,022
	Other current assets		237			293
Total current assets			7,818			7,786
Property and equipment, net			621			593
Goodwill			14,179			13,957
Intangible assets, net			6,830			6,905
Operating lease assets			381			375
Other non-current assets			818			779
Total assets		$	30,647		$	30,395

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	255		$	269
	Section 31 fees payable to SEC		264			319
	Accrued personnel costs		198			325
	Deferred revenue		981			711
	Other current liabilities		187			215
	Default funds and margin deposits		5,686			5,664
	Short-term debt		400			399
Total current liabilities			7,971			7,902
Long-term debt			8,926			9,081
Deferred tax liabilities, net			1,586			1,594
Operating lease liabilities			393			388
Other non-current liabilities			216			230
Total liabilities			19,092			19,195

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,450			5,530
	Common stock in treasury, at cost		(672	)		(647	)
	Accumulated other comprehensive loss		(1,896	)		(2,099	)
	Retained earnings		8,658			8,401
Total Nasdaq stockholders’ equity			11,546			11,191
	Noncontrolling interests		9			9
Total equity			11,555			11,200
Total liabilities and equity		$	30,647		$	30,395

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP net income attributable to Nasdaq		$	395		$	234
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Net income from unconsolidated investees ⁽⁴⁾		(27	)		(3	)
	Gain from extinguishment of debt ⁽⁵⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁶⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		108			180
	Non-GAAP adjustment to the income tax provision ⁽⁷⁾		(47	)		(47	)
	Total non-GAAP adjustments, net of tax		61			133
Non-GAAP net income attributable to Nasdaq		$	456		$	367

U.S. GAAP diluted earnings per share		$	0.68		$	0.40
	Total adjustments from non-GAAP net income above		0.11			0.23
Non-GAAP diluted earnings per share		$	0.79		$	0.63

Weighted-average diluted common shares outstanding for earnings per share:			580.0			578.9


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating income		$	547		$	410
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		122			123
	Merger and strategic initiatives expense ⁽²⁾		24			9
	Restructuring charges ⁽³⁾		5			26
	Gain from extinguishment of debt ⁽⁴⁾		(19	)		—
	Legal and regulatory matters		2			2
	Pension settlement charge ⁽⁵⁾		—			23
	Other loss		1			—
	Total non-GAAP adjustments		135			183
Non-GAAP operating income		$	682		$	593

Revenues less transaction-based expenses		$	1,237		$	1,117

U.S. GAAP operating margin ⁽⁶⁾			44 %			37 %

Non-GAAP operating margin ⁽⁷⁾			55 %			53 %

Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024

U.S. GAAP operating expenses		$	690		$	707
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(123	)
	Merger and strategic initiatives expense ⁽²⁾		(24	)		(9	)
	Restructuring charges ⁽³⁾		(5	)		(26	)
	Gain from extinguishment of debt ⁽⁴⁾		19			—
	Legal and regulatory matters		(2	)		(2	)
	Pension settlement charge ⁽⁵⁾		—			(23	)
	Other loss		(1	)		—
	Total non-GAAP adjustments		(135	)		(183	)
Non-GAAP operating expenses		$	555		$	524


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.

(4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.

(5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Operating Margin
(in millions)
(unaudited)

	Three Months Ended
	As Reported				Adenza		Adjusted ⁽¹⁾		Total Variance				FX & Other ⁽²⁾			Adjusted YoY
	March 31, 2025		March 31, 2024		March 31, 2024		March 31, 2024		$		%		$			$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	—	$	186	$	6	3	%	$	(1	)	$	7	4	%
Index revenues		193		168		—		168		25	14	%		(16	)		41	26	%
Workflow and insights revenues		130		125		—		125		5	4	%		—			5	4	%
Total Capital Access Platforms revenues		515		479		—		479		36	7	%		(17	)		53	11	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		—		64		13	21	%		—			13	21	%
Regulatory Technology revenues		101		90		3		93		8	8	%		(1	)		9	10	%
Capital Markets Technology revenues		254		238		—		238		16	7	%		(1	)		17	7	%
Total Financial Technology revenues		432		392		3		395		37	9	%		(2	)		39	10	%

Solutions revenues ⁽³⁾		947		871		3		874		73	8	%		(19	)		92	11	%

Market Services, net revenues		281		237		—		237		44	19	%		(2	)		46	19	%
Other revenues		9		9		—		9		—	(6	)%		—			—	(4	)%
Revenues less transaction-based expenses		1,237		1,117		3		1,120		117	10	%		(21	)		138	12	%

Non-GAAP operating expenses		555		524		—		524		31	6	%		(6	)		37	7	%
Non-GAAP operating income	$	682	$	593	$	3	$	596	$	86	14	%	$	(15	)	$	101	17	%
Non-GAAP operating margin		55%		53%				53%


(1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.
Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

Nasdaq, Inc.
Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


	Three Months Ended				Total Variance				Other Impacts ⁽¹⁾					Organic Impact ⁽²⁾
	March 31, 2025		March 31, 2024		$		%		$			%		$		%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	192	$	186	$	6	3	%	$	(1	)	(1	)%	$	7	4	%
Index revenues		193		168		25	14	%		—		—	%		25	14	%
Workflow and Insights revenues		130		125		5	4	%		—		—	%		5	4	%
Total Capital Access Platforms revenues		515		479		36	7	%		(1	)	—	%		37	8	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		77		64		13	21	%		—		—	%		13	21	%
Regulatory Technology revenues		101		90		11	12	%		2		2	%		9	10	%
Capital Markets Technology revenues		254		238		16	7	%		(1	)	—	%		17	7	%
Total Financial Technology revenues		432		392		40	10	%		1		—	%		39	10	%

Solutions revenues ⁽³⁾		947		871		76	9	%		—		—	%		76	9	%

Market Services, net revenues		281		237		44	19	%		(2	)	(1	)%		46	19	%

Other revenues		9		9		—	(6	)%		—		(2	)%		—	(4	)%

Revenues less transaction-based expenses	$	1,237	$	1,117	$	120	11	%	$	(2	)	—	%	$	122	11	%

Non-GAAP Operating Expenses	$	555	$	524	$	31	6	%	$	(6	)	(1	)%	$	37	7	%

Non-GAAP Operating Income	$	682	$	593	$	89	15	%	$	4		1	%	$	85	14	%

Non-GAAP diluted earnings per share	$	0.79	$	0.63	$	0.16	24	%	$	—		—	%	$	0.16	24	%


Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
(1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
(2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
(3) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Key Drivers Detail
(unaudited)

		Three Months Ended
		March 31,			March 31,
			2025			2024
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,281		$	1,220
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		63			27
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		4			1
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		170			79
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		9			2
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,139			4,020
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,160			1,203
	Index
	Number of licensed exchange traded products ⁽⁶⁾		418			362
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	622		$	519
	Total average ETP AUM tracking Nasdaq indexes (in billions)	$	662		$	492
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	86		$	46
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	17		$	124

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	295		$	243
	Regulatory Technology		362			328
	Capital Markets Technology		893			821
	Total Financial Technology	$	1,550		$	1,392

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		53.6			43.3
	Nasdaq PHLX matched market share		9.1	%		10.3	%
	The Nasdaq Options Market matched market share		5.1	%		5.4	%
	Nasdaq BX Options matched market share		1.7	%		2.2	%
	Nasdaq ISE Options matched market share		6.8	%		6.3	%
	Nasdaq GEMX Options matched market share		3.6	%		2.5	%
	Nasdaq MRX Options matched market share		2.8	%		2.5	%
	Total matched market share executed on Nasdaq’s exchanges		29.1	%		29.2	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts		256,009			241,665

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		15.7			11.8
	Matched share volume (in billions)		137.6			116.7
	The Nasdaq Stock Market matched market share		14.2	%		15.7	%
	Nasdaq BX matched market share		0.3	%		0.4	%
	Nasdaq PSX matched market share		0.1	%		0.2	%
	Total matched market share executed on Nasdaq’s exchanges		14.6	%		16.3	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		48.1	%		41.4	%
	Total market share ⁽⁸⁾		62.7	%		57.7	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		789,103			666,408
	Total average daily value of shares traded (in billions)	$	5.4		$	4.7
	Total market share executed on Nasdaq’s exchanges		69.9	%		71.7	%

	Fixed Income and Commodities Trading and Clearing
	Fixed Income
	Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		83,864			92,070

	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
	(6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
	(7) Trailing 12-months.
	(8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

The MIL Network –

April 24, 2025

MIL-OSI: OP Corporate Bank plc to redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030

Source: GlobeNewswire (MIL-OSI)

OP Corporate Bank plc
Inside Information
24 April 2025 at 14:00 EEST

OP Corporate Bank plc to redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030

OP Corporate Bank plc will redeem its EUR 1,000,000,000 Resettable Callable Tier 2 Instruments due June 2030 originally issued in June 2020 (ISIN: XS2185867673).

OP Corporate Bank plc will redeem all of the outstanding instruments on 9 June 2025 at par plus accrued interest.

OP Corporate Bank plc requests the Irish Stock Exchange plc trading as Euronext Dublin to cancel the listing of the instruments on the Official List of Euronext Dublin and the admission to trading on the Regulated Market of Euronext Dublin.

This announcement contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the Market Abuse Regulation (EU) 596/2014 (“MAR”) including as it forms part of United Kingdom domestic law by virtue of the European Union (withdrawal) Act 2018 (“UK MAR”), encompassing information relating to the instruments.

OP Corporate Bank plc
Mikko Timonen
Chief Financial Officer, OP Financial Group

Further information:
OP Financial Group’s Investor Relations, IR@op.fi

Media inquiries:
OP Financial Group’s Communications, tel. +358 10 252 8719, viestinta@op.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
LSE London Stock Exchange
Major media
op.fi

OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

The MIL Network –

April 24, 2025

MIL-OSI: Marex Group Plc to Announce First Quarter 2025 Earnings on May 15, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Marex Group plc (NASDAQ: MRX) today announced that it will release its fiscal 2025 first quarter results before market open on Thursday, May 15, 2025. The earnings release and supplementary materials will be available through the “Investors” section of the Marex website at https://ir.marex.com/.

A conference call to discuss the results will take place at 9am ET the same day. Analysts and investors who wish to participate in the live conference call can register using the link here: https://edge.media-server.com/mmc/p/zudci4bx

About Marex:
Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

Enquiries please contact:
Marex:
Nicola Ratchford / Adam Strachan
+44 778 654 8889 / +1 914 200 2508
nratchford@marex.com/ astrachan@marex.com

FTI Consulting US / UK
+1 919 609 9423 / +44 777 611 1222
marex@fticonsulting.com

The MIL Network –

April 24, 2025

Category: GlobeNewswire