GlobeNewswire – Page 374

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

MESSAGE FROM OUR CHAIRMAN & CEO

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

Van A. Dukeman
Chairman and Chief Executive Officer

PARTNERSHIP WITH CROSSFIRST

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

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

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

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

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

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME *(unaudited)*

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

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

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

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

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

Pre-Provision Net Revenue²

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

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

Net Interest Income and Net Interest Margin²

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

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

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

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

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

Noninterest Income

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

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

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

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

Noteworthy components of noninterest income are as follows:

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

Operating Efficiency

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

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

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

Noteworthy components of noninterest expense are as follows:

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

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

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

BALANCE SHEET STRENGTH

CONDENSED CONSOLIDATED BALANCE SHEETS *(unaudited)*

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

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

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

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

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

AVERAGE BALANCES *(unaudited)*

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

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

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

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

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

Portfolio Loans

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

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

Asset Quality

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

ASSET QUALITY *(unaudited)*

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

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

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

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

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

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

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

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

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

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

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

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

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

Deposits

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

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

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

Borrowings

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

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

Liquidity

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

Capital Strength

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

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

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

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

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

FIRST QUARTER EARNINGS INVESTOR PRESENTATION

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

CORPORATE PROFILE

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

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

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

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

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

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

NON-GAAP FINANCIAL INFORMATION

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

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

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

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

Pre-Provision Net Revenue and Related Measures

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

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

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

___________________________________________

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

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

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

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

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

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

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

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

___________________________________________

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

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

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

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

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

___________________________________________

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

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

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

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

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

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

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

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

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

___________________________________________

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

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

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

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

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

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

___________________________________________

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

Core Deposits and Related Ratio

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

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

FORWARD-LOOKING STATEMENTS

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

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

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

END NOTES

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

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

The MIL Network –

April 23, 2025

MIL-OSI: Helium Evolution Announces Filing of Annual 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s annual financial statements and associated management’s discussion and analysis for the year ended December 31, 2024 (the “Annual Report”).

Complete details of the Annual Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

Three Months and Year Ended December 31, 2024 Highlights

	Three months ended		Year ended
Tabular amounts in thousands of Canadian Dollars, except share and per share amounts	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Financial
Net loss	713	1,719	1,391	2,953
Net loss per share, basic and diluted	0.01	0.02	0.01	0.03
Cash	3,829	6,330	3,829	6,330
Working capital	3,166	5,743	3,166	5,743
Total assets	10,601	11,639	10,601	11,639
Total liabilities	906	872	906	872
Weighted average shares outstanding	96,033,974	96,033,974
Basic and diluted¹	96,033,974	96,033,974	96,033,974	96,033,974

¹The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.

During the year ended December 31, 2024, HEVI remained focused on operational execution and disciplined growth. The Company closed the year with a strong financial foundation, including a positive working capital position of $3.2 million. Underscoring its momentum, HEVI announced a combined $4.8 million financing on March 10, 2025 and April 7, 2025, positioning the Company for additional development and drilling activity throughout 2025.

Building upon past successes, HEVI, together with its partner, North American Helium Inc. (“NAH”), plan to expand its development efforts in the Mankota region, as shown in the adjacent map. To date, HEVI and NAH have successfully drilled six helium discovery wells, further validating the potential of the region. Additional drilling is scheduled for the second half of 2025.

To support future production, NAH is actively pursuing the installation of a helium facility to tie-in the wells in the northern part of the discovery. The helium facility is expected to be operational in the fourth quarter of 2025, marking a major milestone for HEVI.

“We are incredibly proud of the progress we made in 2024 and the strong foundation we’ve built for 2025,” said Greg Robb, President and CEO of HEVI. “With our helium discoveries, our strategic partnership with our newest shareholder and the anticipated commissioning of a helium facility later this year, HEVI is well-positioned to become a key player in the North American helium industry.”

Stay Connected to Helium Evolution

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.

About Helium Evolution Incorporated

Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

For further information, please contact:

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this document include statements regarding the Company’s expectations regarding future production from the helium discovery wells, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans to drill more wells, completion of the financing as announced, installation of production facilities including the timing thereof, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company’s belief regarding becoming a key player in the North American helium industry, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including future drilling; the Company and/or NAH may determine not to bring the helium wells onto production; the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding production facilities; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42ee5d3a-97d0-432b-8d88-13e070ae7bf3

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

First-quarter highlights

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

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

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

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

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

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

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

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

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

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

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

Quarter Highlights

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

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

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

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

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

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

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

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

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

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

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

Consolidated Financial Results

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

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

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

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

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

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

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

Other Financial Items

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

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

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

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

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

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

Results by Reporting Segment

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

Oilfield Services & Equipment

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

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

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

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

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

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

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

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

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

Industrial & Energy Technology

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

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

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

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

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

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

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

Reconciliation of GAAP to non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

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

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

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

Cash dividend per Class A common stock	$	0.23		$	0.21

Condensed Consolidated Statements of Financial Position

(Unaudited)

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

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

Condensed Consolidated Statements of Cash Flows

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

Supplemental Financial Information

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

Conference Call and Webcast

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

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

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

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

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

About Baker Hughes:

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

For more information, please contact:

Investor Relations

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

Media Relations

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

About ECN Capital Corp.

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

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

The MIL Network –

April 23, 2025

MIL-OSI: Parker to Announce Fiscal 2025 Third Quarter Earnings on May 1; Conference Call and Webcast Scheduled for 11 a.m. Eastern

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, April 22, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it will release its fiscal 2025 third quarter earnings before the market opens on Thursday, May 1, 2025, followed by a conference call at 11:00 a.m., Eastern time. During the call, the company will discuss fiscal 2025 third quarter results and respond to questions from institutional investors and securities analysts. The conference call will be webcast simultaneously on Parker’s investor website at investors.parker.com with an accompanying slide presentation. The webcast will be archived on the site and available for replay later that day.

Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 68 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

###

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

Willis Lease Finance Corporation

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Join $XPL Presale

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

What’s happening now:

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

Participate in $XPL Presale

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

Why now is the time to act:

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

Purchase $XPL Tokens

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

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

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

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

Contact:
Oliver Muller
oliver@xploradex.io
contact@xploradex.io

Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e7224d5-c160-4dee-9236-a27e1da8dda9

The MIL Network –

April 23, 2025

MIL-OSI: Penfund Announces Final Close of Penfund Prime

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Penfund is pleased to announce the final close of its new senior debt fund, Penfund Prime (“Prime”). Prime will deploy $1.8 billion (USD) of investable capital into unitranche and senior term loans issued by North American borrowers. Seven investments have been completed to date and Prime is actively reviewing new opportunities to support market leading private equity firms and borrowers.

Penfund will leverage 25+ years of experience investing in best-in-class businesses within sectors of expertise including the automotive aftermarket, financial services, healthcare, distribution and consumer staple sectors. Prime complements Penfund’s existing junior capital platform by expanding the range of capital solutions available to borrowers.

“Prime enhances our ability to provide innovative and reliable capital solutions to meet the evolving needs of borrowers and investors. Prime will invest based upon Penfund’s disciplined, time-tested underwriting capability and credit philosophy. Our objective is to build a high quality, differentiated portfolio, to offer our founding partners exceptional reporting and to equitably share the benefits of scale as Prime grows. Prime was established as a true partnership and we thank each founding partner for their confidence and support.” stated Richard Bradlow, a Partner at Penfund.

Matthew Lee, a Partner at Penfund, added, “Prime will be a trusted financing partner for our private equity sponsor and borrower relationships through all market conditions. We are excited to continue growing our relationships across our sectors of specialization.”

Placemore Capital acted as placement agent for Penfund. Legal and tax advice was provided by Stikeman Elliott LLP and Goodwin Procter LLP, and KPMG LLP served as special tax adviser.

About Penfund
Penfund is a leading provider of capital to middle market companies throughout North America. The firm is actively investing both senior and junior capital through Prime and Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than C$3.0 billion in over 225 companies since its establishment. Assets under management are approximately C$3.7 billion.

For further information, please contact:

Richard Bradlow
Partner
(416) 645-3794
richard@penfund.com

Adam Breslin
Partner
(416) 645-3796
abreslin@penfund.com

Joe Mattina
Partner
(905) 531-8725
jmattina@penfund.com

Jeremy Thompson
Partner
(416) 645-3790
jthompson@penfund.com

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

First Quarter 2025 Highlights

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

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

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

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

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

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

Margin Performance Continues

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

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

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

Noninterest Income Driven by Capital Markets and Wealth Management Revenue

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

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

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

Significant Noninterest Expense Reduction

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

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

Exceptionally Low Effective Tax Rate

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

Robust Deposit Growth

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

Continued Loan Growth

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

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

Asset Quality Remains Excellent

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

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

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

Strong Tangible Book Value and Regulatory Capital Growth

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

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

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

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

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

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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands)

		CONDENSED BALANCE SHEET

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

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

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


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

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

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

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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)

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

	(dollars in thousands, except per share data)

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


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


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

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

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


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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands, except per share data)

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


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


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


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


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


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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


		ANALYSIS OF NET INTEREST INCOME AND MARGIN

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

			(dollars in thousands)

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

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

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


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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

			(dollars in thousands, except per share data)

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


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


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



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

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

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

QCR Holding, Inc.
Consolidated Financial Highlights
(Unaudited)


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

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

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

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

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


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

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

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

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

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

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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

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

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

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


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

		QCR Holding, Inc. Consolidated Financial Highlights (Unaudited)

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

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

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

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


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

		ADJUSTED EARNINGS PER COMMON SHARE (1)

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

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

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

		ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

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

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

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

		NET INTEREST MARGIN (TEY) (3)

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

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

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

		EFFICIENCY RATIO (5)

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

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

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

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

The MIL Network –

April 23, 2025

MIL-OSI: Veritex Holdings, Inc. Reports First Quarter 2025 Operating Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended March 31, 2025.

“We continue to strengthen our balance sheet in support of our clients during a time of change and uncertainty,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “Key operating financial and credit performance metrics continue to improve and we remain focused on producing previously communicated 2025 goals, including a ROAA that exceeds 1%. Our focus also remains on disciplined loan growth, which is an industry wide challenge in the current environment.”

	Quarter to Date
*Financial Highlights*	Q1 2025			Q4 2024			Q1 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	29,070		$	24,882		$	24,156
Diluted EPS		0.53			0.45			0.44
Book value per common share		30.08			29.37			28.23
Return on average assets¹		0.94	%		0.78	%		0.79	%
Return on average equity¹		7.27			6.17			6.33
Net interest margin		3.31			3.20			3.24
Efficiency ratio		60.91			67.04			62.45
Non-GAAP²
Operating earnings	$	29,707		$	29,769		$	29,137
Diluted operating EPS		0.54			0.54			0.53
Tangible book value per common share		22.33			21.61			20.33
Pre-tax, pre-provision operating earnings		43,413			40,945			43,656
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.89			1.72			1.84
Operating return on average assets¹		0.96			0.93			0.95
Return on average tangible common equity¹		10.49			9.04			9.52
Operating return on average tangible common equity¹		10.70			10.69			11.34
Operating efficiency ratio		60.62			62.98			58.73

¹ Annualized ratio.
² Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.

Other First Quarter Financial, Credit and Company Highlights

Net interest margin (“NIM”) increased by 11 bps to 3.31%;
Criticized assets decreased approximately $17.7 million during the quarter;
Redeemed $75.0 million in subordinated notes on February 18, 2025, the associated rate of which switched from fixed to floating, SOFR + 347 bps, on November 15, 2024;
Total loan to deposit ratio declined to 88.9% as of March 31, 2025, compared to 89.3% as of December 31, 2024 and 91.7% as of March 31, 2024;
Repurchased 377,346 shares of our common stock, for approximately $9.5 million, during the quarter, which amounts to 555,016 total shares repurchased, for approximately $13.1 million, under the current Stock Buyback Program;
Announced the extension of the Stock Buyback Program through March 31, 2026;
Book value per share increased $0.71 to $30.08 and tangible book value (non-GAAP) per share increased $0.72 to $22.33;
Allowance for credit losses (“ACL”) to total loans held for investment (“LHI”) increased to 1.19%, compared to 1.18% as of December 31, 2024 and 1.15% as of March 31, 2024; and
Declared and increased our quarterly cash dividend to $0.22 per share of outstanding common stock payable on May 22, 2025.

Results of Operations for the Three Months Ended March 31, 2025

Net Interest Income

For the three months ended March 31, 2025, net interest income before provision for credit losses was $95.4 million and NIM was 3.31% compared to $96.1 million and 3.20%, respectively, for the three months ended December 31, 2024. The approximately $700 thousand decrease, or 0.7%, in net interest income before provision for credit losses was primarily due to a $8.5 million decrease in interest income on loans and a $2.6 million decrease in interest income on deposits in financial institutions and fed funds sold partially offset by a $10.0 million decrease in interest expense on certificates and other time deposits during the three months ended March 31, 2025, compared to the three months ended December 31, 2024. NIM increased 11 bps compared to the three months ended December 31, 2024, primarily due to a decrease in funding costs on deposits and the redemption of $75.0 million of subordinated notes during the three months ended March 31, 2025, partially offset by a decrease in loan yields and average balances.

Compared to the three months ended March 31, 2024, net interest income before provision for credit losses for the three months ended March 31, 2025 increased by $2.6 million, or 2.8%. The increase was primarily due to decreases in interest expense including $10.2 million on certificates and other time deposits, $1.6 million on transaction and savings deposits and $1.4 million on advances from the Federal Home Loan Bank (“FHLB”), as well as increases in interest income of $1.2 million on deposits in financial institutions and fed funds sold and $3.4 million on debt securities. The increase was partially offset by a $15.4 million decrease in interest income on loans. NIM increased 7 bps from 3.24% for the three months ended March 31, 2024 to 3.31% for the three months ended March 31, 2025. The increase was primarily due to decreased funding costs on deposits and advances resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans and interest-bearing deposits in other banks.

Noninterest Income

Noninterest income for the three months ended March 31, 2025 was $14.3 million, an increase of $4.2 million, or 42.1%, compared to the three months ended December 31, 2024. The change was primarily due to the $4.4 million loss on sales of debt securities recognized in the three months ended December 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $1.5 million increase in other noninterest income, driven by a $1.2 million increase in loan servicing income and a $492 thousand increase in equity securities income recognized during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The increase was partially offset by a $2.1 million decrease in government guaranteed loan income, net, as well as lower BOLI income during the period due to $517 thousand in charges on BOLI policies exchanged under a 1035 exchange which is tax-free under the Internal Revenue Code.

Compared to the three months ended March 31, 2024, noninterest income for the three months ended March 31, 2025 increased by $7.6 million, or 114.5%. The increase was primarily due to a $6.3 million loss on sales of debt securities recognized in the three months ended March 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $715 thousand increase in service charge and fee income and a $687 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $66.8 million for the three months ended March 31, 2025, compared to $71.2 million for the three months ended December 31, 2024, a decrease of $4.4 million, or 6.1%. The decrease was primarily due to an $822 thousand decrease in salaries and employee benefits primarily due to lower severance costs, offset by an increase in payroll taxes, which are historically higher in the first quarter, a $1.7 million decrease in other noninterest expense primarily driven by lower earnings credit rebates, a $864 thousand decrease in marketing expenses, a $633 thousand decrease in professional and regulatory fees and a $338 thousand decrease in data processing and software costs compared to the three months ended December 31, 2024.

Compared to the three months ended March 31, 2024, noninterest expense for the three months ended March 31, 2025 increased by $4.7 million, or 7.6%. The increase was primarily due to a $3.3 million increase in salaries and employee benefits primarily due a $4.1 million increase in salaries expense and incentives accruals, offset by $1.4 million in higher deferred loan origination costs, which reduce salaries and employee benefit expenses. In addition, there was a $1.5 million increase in other noninterest expense, driven primarily by higher OREO expenses, a $547 thousand increase in data processing and software expense and a $486 thousand increase in marketing expenses. The increase was partially offset by a $1.1 million decrease in professional and regulatory fees compared to the three months ended March 31, 2024.

Income Tax

Income tax expense for the three months ended March 31, 2025 totaled $8.5 million, an increase of $304 thousand, or 3.7%, compared to the three months ended December 31, 2024. The Company’s effective tax rate was approximately 22.7% for the three months ended March 31, 2025 and was due to the recognition of an excess tax expense realized on share-based payment awards.

Financial Condition

Total LHI was $8.83 billion at March 31, 2025, a decrease of $70.5 million compared to December 31, 2024.

Total deposits were $10.67 billion at March 31, 2025, a decrease of $87.5 million, or 3.3% linked quarter annualized. The decrease was primarily the result of decreases of $279.6 million in certificates and other time deposits and $54.4 million in correspondent money market accounts, partially offset by increases of $127.2 million in noninterest bearing deposits and $119.3 million in interest-bearing transaction and savings deposits.

Credit Quality

Nonperforming assets (“NPAs”) totaled $96.9 million, or 0.77% of total assets, of which $72.6 million represents LHI and $24.3 million represents OREO at March 31, 2025, compared to $79.2 million, or 0.62% of total assets, at December 31, 2024. The Company had net charge-offs of $4.0 million for the three months ended March 31, 2025. Annualized net charge-offs to average loans outstanding were 17 bps for the three months ended March 31, 2025, compared to 32 bps and 22 bps for the three months ended December 31, 2024 and March 31, 2024, respectively.

ACL as a percentage of LHI was 1.19%, 1.18% and 1.15% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The Company recorded a provision for credit losses on loans of $4.0 million, $2.3 million and $7.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The recorded provision for credit losses for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, was primarily attributable to an increase in general reserves as a result of changes in economic factors which now represents 95% of the total ACL. The balance for unfunded commitments increased to $7.4 million as of March 31, 2025, compared to $6.1 million at December 31, 2024 and we recorded a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025, compared to a $401 thousand benefit for unfunded commitments for the three months ended December 31, 2024 and a $1.5 million benefit for unfunded commitments for the three months ended March 31, 2024.

Dividend Information

After the close of the market on Tuesday, April 22, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after May 22, 2025 to stockholders of record as of the close of business on May 8, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

The Company will host an investor conference call and webcast to review the results on Wednesday, April 23, 2025, at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/7qpcarsr/ and will receive a unique PIN, which can be used when dialing in for the call.

Participants may also register via teleconference: https://register-conf.media-server.com/register/BIcb9226ec9df94b1bbbc063029950af5d. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A replay will be available within approximately two hours after the completion of the call, and made accessible for one week thereafter. You may access the replay via webcast through the investor relations section of Veritex’s website.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward-Looking Statements

This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs; and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.53		$	0.46		$	0.57		$	0.50		$	0.44
Diluted EPS		0.53			0.45			0.56			0.50			0.44
Book value per common share		30.08			29.37			29.53			28.49			28.23
Tangible book value per common share¹		22.33			21.61			21.72			20.62			20.33
Dividends paid per common share outstanding²		0.22			0.20			0.20			0.20			0.20

Common Stock Data:
Shares outstanding at period end		54,297			54,517			54,446			54,350			54,496
Weighted average basic shares outstanding for the period		54,486			54,489			54,409			54,457			54,444
Weighted average diluted shares outstanding for the period		55,123			55,237			54,932			54,823			54,842

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.18	%		1.21	%		1.16	%		1.15	%
NPAs to total assets		0.77			0.62			0.52			0.65			0.82
NPAs to total loans and OREO		1.03			0.83			0.70			0.85			1.06
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

Summary Performance Ratios:
Return on average assets³		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Return on average equity³		7.27			6.17			7.79			7.10			6.33
Return on average tangible common equity^{1, 3}		10.49			9.04			11.33			10.54			9.52
Efficiency ratio		60.91			67.04			61.94			59.11			62.45
Net interest margin		3.31			3.20			3.30			3.29			3.24

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.54		$	0.54		$	0.59		$	0.52		$	0.53
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.89			1.72			1.83			1.83			1.84
Operating return on average assets^1,3		0.96			0.93			1.00			0.91			0.95
Operating return on average tangible common equity^1,3		10.70			10.69			11.74			10.94			11.34
Operating efficiency ratio¹		60.62			62.98			60.63			58.41			58.73

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		12.96	%		12.58	%		12.31	%		12.26	%		12.43	%
Tangible common equity to tangible assets¹		9.95			9.54			9.37			9.14			9.02
Tier 1 capital to average assets (leverage)		10.55			10.32			10.06			10.06			10.12
Common equity tier 1 capital		11.04			11.09			10.86			10.49			10.37
Tier 1 capital to risk-weighted assets		11.31			11.36			11.13			10.75			10.63
Total capital to risk-weighted assets		13.46			13.96			13.91			13.45			13.33
Risk weighted assets	$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,407,446

¹ Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
² Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(unaudited)						(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	81,088		$	52,486		$	54,165		$	53,462		$	41,884
Interest bearing deposits in other banks		768,702			802,714			1,046,625			598,375			698,885
Cash and cash equivalents		849,790			855,200			1,100,790			651,837			740,769
Debt securities, net		1,463,157			1,478,538			1,423,610			1,349,354			1,344,930
Other investments		69,452			69,638			71,257			75,885			76,788
Loans held for sale (“LHFS”)		69,236			89,309			48,496			57,046			64,762
LHI, mortgage warehouse (“MW”)		571,775			605,411			630,650			568,047			449,531
LHI, excluding MW		8,828,672			8,899,133			9,028,575			9,209,094			9,249,551
Total loans		9,469,683			9,593,853			9,707,721			9,834,187			9,763,844
ACL		(111,773	)		(111,745	)		(117,162	)		(113,431	)		(112,032	)
Bank-owned life insurance		85,424			85,324			84,776			84,233			85,359
Bank premises, furniture and equipment, net		112,801			113,480			114,202			105,222			105,299
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Intangible assets, net of accumulated amortization		27,974			28,664			32,825			35,817			38,679
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		210,863			226,200			211,471			232,518			241,863
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727		$	2,349,211
Interest-bearing transaction and savings deposits		5,180,495			5,061,157			4,204,708			3,979,454			4,220,114
Certificates and other time deposits		2,679,221			2,958,861			3,625,920			3,744,596			3,486,805
Correspondent money market deposits		486,762			541,117			561,489			584,067			597,690
Total deposits		10,665,123			10,752,592			11,036,011			10,724,844			10,653,820
Accounts payable and other liabilities		151,579			183,944			168,415			180,585			186,027
Advances from FHLB		—			—			—			—			100,000
Subordinated debentures and subordinated notes		155,909			230,736			230,536			230,285			230,034
Total liabilities		10,972,611			11,167,272			11,434,962			11,135,714			11,169,881
Stockholders’ equity:
Common stock		615			613			613			612			611
Additional paid-in capital		1,329,626			1,328,748			1,324,929			1,321,995			1,319,144
Retained earnings		526,044			507,903			493,921			473,801			457,499
Accumulated other comprehensive loss		(42,170	)		(65,076	)		(40,330	)		(76,713	)		(71,157	)
Treasury stock		(180,635	)		(171,119	)		(171,119	)		(171,079	)		(167,582	)
Total stockholders’ equity		1,633,480			1,601,069			1,608,014			1,548,616			1,538,515
Total liabilities and stockholders’ equity	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	146,505	$	154,998		$	167,261	$	166,979	$	161,942
Debt securities		17,106		16,893			15,830		15,408		13,695
Deposits in financial institutions and Fed Funds sold		9,244		11,888			12,571		7,722		8,050
Equity securities and other investments		870		940			1,001		1,138		900
Total interest income		173,725		184,719			196,663		191,247		184,587
Interest expense:
Transaction and savings deposits		45,165		44,841			47,208		45,619		46,784
Certificates and other time deposits		30,268		40,279			46,230		44,811		40,492
Advances from FHLB		27		130			47		1,468		1,391
Subordinated debentures and subordinated notes		2,824		3,328			3,116		3,113		3,114
Total interest expense		78,284		88,578			96,601		95,011		91,781
Net interest income		95,441		96,141			100,062		96,236		92,806
Provision for credit losses		4,000		2,300			4,000		8,250		7,500
Provision (benefit) for unfunded commitments		1,300		(401	)		—		—		(1,541	)
Net interest income after provisions		90,141		94,242			96,062		87,986		86,847
Noninterest income:
Service charges and fees on deposit accounts		5,611		5,612			5,442		4,974		4,896
Loan fees		2,495		2,265			3,278		2,207		2,510
Loss on sales of debt securities		—		(4,397	)		—		—		(6,304	)
Government guaranteed loan income, net		3,301		5,368			780		1,320		2,614
Customer swap income		700		509			271		326		449
Other income		2,182		699			3,335		1,751		2,497
Total noninterest income		14,289		10,056			13,106		10,578		6,662
Noninterest expense:
Salaries and employee benefits		36,624		37,446			37,370		32,790		33,365
Occupancy and equipment		4,650		4,633			4,789		4,585		4,677
Professional and regulatory fees		4,931		5,564			4,903		5,617		6,053
Data processing and software expense		5,403		5,741			5,268		5,097		4,856
Marketing		2,032		2,896			2,781		1,976		1,546
Amortization of intangibles		2,438		2,437			2,438		2,438		2,438
Telephone and communications		330		323			335		365		261
Other		10,426		12,154			12,216		10,273		8,920
Total noninterest expense		66,834		71,194			70,100		63,141		62,116
Income before income tax expense		37,596		33,104			39,068		35,423		31,393
Income tax expense		8,526		8,222			8,067		8,221		7,237
Net income	$	29,070	$	24,882		$	31,001	$	27,202	$	24,156

Basic EPS	$	0.53	$	0.46		$	0.57	$	0.50	$	0.44
Diluted EPS	$	0.53	$	0.45		$	0.56	$	0.50	$	0.44
Weighted average basic shares outstanding		54,486		54,489			54,409		54,457		54,444
Weighted average diluted shares outstanding		55,123		55,237			54,932		54,823		54,842

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,886,905		$	140,329	6.40	%	$	8,957,193		$	147,782	6.56	%	$	9,283,815		$	157,585		6.83	%
LHI, MW		426,724			6,176	5.87			492,372			7,216	5.83			279,557			4,357		6.27
Debt securities		1,467,220			17,106	4.73			1,458,057			16,893	4.61			1,294,994			13,695		4.25
Interest-bearing deposits in other banks		827,751			9,244	4.53			971,451			11,888	4.87			584,593			8,050		5.54
Equity securities and other investments		70,696			870	4.99			72,223			940	5.18			76,269			900		4.75
Total interest-earning assets		11,679,296			173,725	6.03			11,951,296			184,719	6.15			11,519,228			184,587		6.44
ACL		(111,563	)						(117,293	)						(112,229	)
Noninterest-earning assets		938,401							916,969							929,043
Total assets	$	12,506,134						$	12,750,972						$	12,336,042

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,449,091		$	45,165	3.36	%	$	5,001,159		$	44,841	3.57	%	$	4,639,445		$	46,784		4.06	%
Certificates and other time deposits		2,726,309			30,268	4.50			3,319,628			40,279	4.83			3,283,735			40,492		4.96
Advances from FHLB and Other		2,333			27	4.69			10,598			130	4.88			100,989			1,391		5.54
Subordinated debentures and subordinated notes		191,638			2,824	5.98			230,633			3,328	5.74			229,881			3,114		5.45
Total interest-bearing liabilities		8,369,371			78,284	3.79			8,562,018			88,578	4.12			8,254,050			91,781		4.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,345,586							2,400,809							2,355,315
Other liabilities		170,389							183,810							192,809
Total liabilities		10,885,346							11,146,637							10,802,174
Stockholders’ equity		1,620,788							1,604,335							1,533,868
Total liabilities and stockholders’ equity	$	12,506,134						$	12,750,972						$	12,336,042

Net interest rate spread²						2.24	%						2.03	%							1.97	%
Net interest income and margin³				$	95,441	3.31	%				$	96,141	3.20	%				$	92,806		3.24	%

¹ Includes average outstanding balances of LHFS of $66.3 million, $46.4 million and $53.9 million for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average yield on interest-earning assets:
Loans¹		6.40	%		6.56	%		6.89	%		6.90	%		6.83	%
LHI, MW		5.87			5.83			6.75			6.36			6.27
Total Loans		6.38			6.53			6.89			6.88			6.81
Debt securities		4.73			4.61			4.55			4.58			4.25
Interest-bearing deposits in other banks		4.53			4.87			5.41			5.54			5.54
Equity securities and other investments		4.99			5.18			5.25			5.80			4.75
Total interest-earning assets		6.03	%		6.15	%		6.49	%		6.54	%		6.44	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits		3.36	%		3.57	%		4.00	%		4.01	%		4.06	%
Certificates and other time deposits		4.50			4.83			5.00			5.02			4.96
Advances from FHLB and other		4.69			4.88			5.73			5.54			5.54
Subordinated debentures and subordinated notes		5.98			5.74			5.38			5.44			5.45
Total interest-bearing liabilities		3.79	%		4.12	%		4.46	%		4.50	%		4.47	%

Net interest rate spread²		2.24	%		2.03	%		2.03	%		2.04	%		1.97	%
Net interest margin³		3.31	%		3.20	%		3.30	%		3.29	%		3.24	%

¹Includes average outstanding balances of LHFS of $66.3 million, $46.4 million, $54.3 million, $58.5 million and $53.9 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

Supplemental Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average cost of interest-bearing deposits		3.74	%		4.07	%		4.44	%		4.46	%		4.43	%
Average costs of total deposits, including noninterest-bearing		2.91			3.16			3.42			3.46			3.42

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

LHI and Deposit Portfolio Composition

	Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024					Mar 31, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%	$	2,785,987		30.1	%
Real Estate:
Owner occupied commercial (“OOCRE”)		795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7			788,376		8.5
Non-owner occupied commercial (“NOOCRE”)		2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7			2,352,993		25.5
Construction and land		1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7			1,568,257		16.9
Farmland		31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3			30,979		0.3
1-4 family residential		1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0			969,401		10.5
Multi-family residential		782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1			751,607		8.1
Consumer		8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1			8,882		0.1
Total LHI¹	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%	$	9,256,482		100	%

MW		571,775					605,411					630,650					568,047					449,531

Total LHI¹	$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919				$	9,706,013

Total LHFS		69,236					89,309					48,496					57,046					64,762

Total loans	$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965				$	9,770,775

Deposits
Noninterest-bearing	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%	$	2,349,211		22.1	%
Interest-bearing transaction		863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9			724,171		6.8
Money market		3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5			3,326,742		31.2
Savings		586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8			169,201		1.6
Certificates and other time deposits		2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9			3,486,805		32.7
Correspondent money market accounts		486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4			597,690		5.6
Total deposits	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%	$	10,653,820		100	%

Total loans to deposits ratio		88.9	%				89.3	%				88.0	%				91.8	%				91.7	%

Total loans to deposit ratio, excluding MW loans and LHFS		82.9	%				82.8	%				81.9	%				85.9	%				86.9	%

¹ Total LHI does not include deferred fees of $8.6 million, $9.0 million, $8.2 million, $7.8 million and $6.9 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Asset Quality

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	69,188		$	52,521		$	55,335		$	58,537		$	75,721
Nonaccrual PCD loans¹		196			—			70			73			9,419
Accruing loans 90 or more days past due²		3,249			1,914			2,860			143			220
Total nonperforming loans held for investment (“NPLs”)		72,633			54,435			58,265			58,753			85,360
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Total NPAs	$	96,901		$	79,172		$	67,299		$	83,009		$	103,805

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	(31	)	$	—
Multifamily		—			—			—			(198	)		—
OOCRE		—			—			—			—			(120	)
NOOCRE		(3,090	)		(5,113	)		—			(1,969	)		(4,293	)
C&I		(918	)		(4,586	)		(2,259	)		(5,601	)		(946	)
Consumer		(212	)		(420	)		(54	)		(30	)		(71	)
Total charge-offs	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(5,430	)

Recoveries:
1-4 family residential	$	21		$	2		$	3		$	—		$	1
OOCRE		—			—			—			120			—
NOOCRE		—			1,323			—			—			—
C&I		32			1,047			1,962			361			96
MW		—			—			46			—			—
Consumer		195			30			33			497			49
Total recoveries	$	248		$	2,402		$	2,044		$	978		$	146

Net charge-offs	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,284	)

Provision for credit losses	$	4,000		$	2,300		$	4,000		$	8,250		$	7,500

ACL	$	111,773		$	111,745		$	117,162		$	113,431		$	112,032

Asset Quality Ratios:
NPAs to total assets		0.77	%		0.62	%		0.52	%		0.65	%		0.82	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.77			0.62			0.52			0.65			0.74
NPAs to total LHI and OREO		1.03			0.83			0.70			0.85			1.06
NPLs to total LHI		0.77			0.57			0.60			0.60			0.88
NPLs, excluding nonaccrual PCD loans, to total LHI		0.77			0.57			0.60			0.60			0.78
ACL to total LHI		1.19			1.18			1.21			1.16			1.15
ACL to total loans, excluding MW and LHFS		1.27			1.25			1.30			1.23			1.21
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

¹ Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
² Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Common shares outstanding		54,297			54,517			54,446			54,350			54,496

Book value per common share	$	30.08		$	29.37		$	29.53		$	28.49		$	28.23
Tangible book value per common share	$	22.33		$	21.61		$	21.72		$	20.62		$	20.33

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Tangible Assets
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible Assets	$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259		$	12,277,887
Tangible Common Equity to Tangible Assets		9.95	%		9.54	%		9.37	%		9.14	%		9.02	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	30,996		$	26,807		$	32,927		$	29,128		$	26,082

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Return on Average Tangible Common Equity (Annualized)		10.49	%		9.04	%		11.33	%		10.54	%		9.52	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	29,070	$	24,882	$	31,001	$	27,202	$	24,156
Plus: BOLI 1035 exchange charges¹		517		—		—		—		—
Plus: Severance payments²		—		1,545		1,487		613		—
Plus: Loss on sales of AFS securities, net		—		4,397		—		—		6,304
Plus: FDIC special assessment		—		—		—		134		—
Operating pre-tax income		29,587		30,824		32,488		27,949		30,460
Less: Tax impact of adjustments		109		1,248		307		166		1,323
Plus: Nonrecurring tax adjustments		229		193		—		527		—
Operating earnings	$	29,707	$	29,769	$	32,181	$	28,310	$	29,137

Weighted average diluted shares outstanding		55,123		55,237		54,932		54,823		54,842
Diluted EPS	$	0.53	$	0.45	$	0.56	$	0.50	$	0.44
Diluted operating EPS	$	0.54	$	0.54	$	0.59	$	0.52	$	0.53

¹Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.
²Severance payments relate to certain restructurings made during the periods disclosed.

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Plus: Provision for income taxes		8,526			8,222			8,067			8,221			7,237
Plus: Provision for credit losses and unfunded commitments		5,300			1,899			4,000			8,250			5,959
Plus: Severance payments		—			1,545			1,487			613			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: FDIC special assessment		—			—			—			134			—
Pre-tax, pre-provision operating earnings	$	43,413		$	40,945		$	44,555		$	44,420		$	43,656

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%

Average loans	$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,563,372
Pre-tax, pre-provision operating return on average loans¹		1.89	%		1.72	%		1.83	%		1.83	%		1.84	%

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Return on average assets¹		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Operating return on average assets¹		0.96			0.93			1.00			0.91			0.95

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	29,707		$	29,769		$	32,181		$	28,310		$	29,137
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Operating earnings adjusted for amortization of core deposit intangibles	$	31,633		$	31,694		$	34,107		$	30,236		$	31,063

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Operating return on average tangible common equity¹		10.70	%		10.69	%		11.74	%		10.94	%		11.34	%

Efficiency ratio		60.91	%		67.04	%		61.94	%		59.11	%		62.45	%
Operating efficiency ratio
Net interest income	$	95,441		$	96,141		$	100,062		$	96,236		$	92,806
Noninterest income		14,289			10,056			13,106			10,578			6,662
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Operating noninterest income		14,806			14,453			13,106			10,578			12,966
Noninterest expense		66,834			71,194			70,100			63,141			62,116
Less: FDIC special assessment		—			—			—			134			—
Less: Severance payments		—			1,545			1,487			613			—
Operating noninterest expense	$	66,834		$	69,649		$	68,613		$	62,394		$	62,116
Operating efficiency ratio		60.62	%		62.98	%		60.63	%		58.41	%		58.73	%

¹ Annualized ratio for quarterly metrics.

The MIL Network –

April 23, 2025

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

Operational & Commercial Highlights

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

Technology Highlights

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

Shareholder Return

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

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

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

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

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

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

Well Construction and Completions (“WCC”)

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

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

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

Production and Intervention (“PRI”)

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

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

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

Revenue by Geography

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

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

North America

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

International

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

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

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

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

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

Conference Call Details

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

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

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

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

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

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

Forward-Looking Statements

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

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

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

Weatherford International plc
Selected Statements of Operations (Unaudited)

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

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

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

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

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

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

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

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

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

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

Weatherford International plc
Selected Cash Flows Information (Unaudited)

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

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

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

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

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

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

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

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

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

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

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

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


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

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

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

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

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

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



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

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

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

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

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Recent Developments

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

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

Main Highlights:

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

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

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

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

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

Management Commentary

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

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

Financial Results for the Year Ended December 31, 2024

Revenues

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

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

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

Cost of revenues

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

Gross profit

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

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

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

Operating expenses

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

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

Other income

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

Income before income taxes

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

Income tax expense

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

Net income

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

About Uni-Fuels Holdings Limited

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

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

Forward-Looking Statements

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

Contact Information

For Investor Relations:

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

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

Uni-Fuels Holdings Limited

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

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

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

Liabilities and shareholders’ equity

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

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

Commitments and contingencies

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

Uni-Fuels Holdings Limited

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

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

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

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

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

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

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

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

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

The MIL Network –

April 23, 2025

MIL-OSI: FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MOUNTLAKE TERRACE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 first quarter net income of $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, for the comparable quarter one year ago.

“Deposit growth exceeded expectations in the first quarter of 2025, enabling the Bank to be well positioned for our loan pipeline going into the second quarter,” stated Matthew Mullet, President/CFO.

“We are also pleased that our Board of Directors approved our forty-ninth consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to returning value to shareholders. The cash dividend will be paid on May 22, 2025, to shareholders of record as of May 8, 2025,” noted Joe Adams, CEO.

2025 First Quarter Highlights

Net income was $8.0 million for the first quarter of 2025, compared to $7.4 million for the previous quarter, and $8.4 million for the comparable quarter one year ago;
Total deposits increased $275.7 million, or 11.8%, to $2.62 billion at March 31, 2025, primarily due to an increase of $226.9 million in brokered deposits, compared to $2.34 billion at December 31, 2024, and increased $149.9 million, or 6.1%, from $2.47 billion at March 31, 2024. Noninterest-bearing deposits were $676.7 million at March 31, 2025, $638.2 million at December 31, 2024, and $646.9 million at March 31, 2024, reflecting growth in core deposits;
Borrowings decreased $239.0 million, or 77.6% to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024, and decreased $61.1 million, or 47.0%, from $129.9 million at March 31, 2024, and were primarily repositioned into wholesale brokered CDs noted above;
Loans receivable, net was virtually unchanged at $2.50 billion at both March 31, 2025, and December 31, 2024, and increased $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024;
Consumer loans, of which 87.4% are home improvement loans, decreased $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter, and decreased $37.2 million, or 5.8%, from $646.1 million in the comparable quarter one year ago. During the three months ended March 31, 2025, consumer loan originations included 79.9% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
Repurchased 98,317 shares of the Company’s common stock in the first quarter of 2025 at an average price of $39.06 per share with $873,000 remaining for future purchases under the existing share repurchase plan. On April 4, 2025, the Board authorized an additional share repurchase program of up to $5.0 million of the Company’s common stock;
Book value per share increased $0.86 to $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and increased $3.06 from $36.06 at March 31, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.94 to $36.96 at March 31, 2025, compared to $36.02 at December 31, 2024, and increased $3.49 from $33.47 at March 31, 2024. See, “Non-GAAP Financial Measures.”
Segment reporting in the first quarter of 2025 reflected net income of $7.8 million for the Commercial and Consumer Banking segment and $241,000 for the Home Lending segment, compared to net income of $7.4 million and net loss of $39,000 in the prior quarter, and net income of $8.2 million and $246,000 in the first quarter of 2024, respectively; and
Regulatory capital ratios at the Bank were 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025, compared to 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024.

Segment Reporting

The Company reports on two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment is also responsible for managing the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

The tables below provide a summary of segment reporting at or for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	At or For the Three Months Ended March 31, 2025
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,407		$	2,575		$	30,982
Provision for credit losses		(1,321	)		(271	)		(1,592	)
Noninterest income ⁽²⁾		2,246			2,880			5,126
Noninterest expense ⁽³⁾		(20,176	)		(4,879	)		(25,055	)
Income before provision for income taxes		9,156			305			9,461
Provision for income taxes		(1,376	)		(64	)		(1,440	)
Net income	$	7,780		$	241		$	8,021
Total average assets for period ended	$	2,414,100		$	618,412		$	3,032,512
Full-time employees (“FTEs”)		454			113			567

	At or For the Three Months Ended March 31, 2024
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,086		$	2,260		$	30,346
Provision for credit losses		(1,251	)		(148	)		(1,399	)
Noninterest income ⁽²⁾		2,393			2,718			5,111
Noninterest expense ⁽³⁾		(19,008	)		(4,521	)		(23,529	)
Income before provision for income taxes		10,220			309			10,529
Provision for income taxes		(2,069	)		(63	)		(2,132	)
Net income	$	8,151		$	246		$	8,397
Total average assets for period ended	$	2,401,864		$	556,683		$	2,958,547
FTEs		440			130			570

__________________________________

(1	)	Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
(2	)	Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months ended March 31, 2025, the Company recorded a net increase in fair value of $263,000, compared to a net increase in fair value of $2,000 for the three months ended March 31, 2024. As of March 31, 2025 and 2024, there were $14.5 million and $15.0 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
(3	)	Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months ended March 31, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $1.5 million, respectively.

Asset Summary

Total assets increased $36.9 million, or 1.2%, to $3.07 billion at March 31, 2025, compared to $3.03 billion at December 31, 2024, and increased $96.4 million, or 3.2%, from $2.97 billion at March 31, 2024. The increase in total assets at March 31, 2025, compared to December 31, 2024, included increases of $31.1 million in total cash and cash equivalents, $10.0 million in securities available-for-sale, $3.4 million in other assets, $3.2 million in loans held for sale (“HFS”) and $2.0 million in securities held-to-maturity, partially offset by decreases in FHLB stock of $10.4 million, loans receivable, net of $834,000 and core deposit intangible (“CDI”), net of $831,000. The increase compared to March 31, 2024, was primarily due to increases in loans receivable, net of $85.7 million, other assets of $21.1 million, total cash and cash equivalents of $17.3 million, and securities available-for-sale of $11.5 million. These increases were partially offset by decreases in certificates of deposit at other financial institutions of $22.0 million, loans HFS of $18.9 million, and CDI, net of $3.5 million.

LOAN PORTFOLIO
(Dollars in thousands)	March 31, 2025					December 31, 2024					March 31, 2024
COMMERCIAL REAL ESTATE (“CRE”) LOANS	Amount				%	Amount				%	Amount				%	Linked Quarter $ Change			Prior Year Quarter $ Change
CRE owner occupied	$	164,911		6.5	%	$	170,396		6.7	%	$	174,946		7.2	%	$	(5,485	)	$	(10,035	)
CRE non-owner occupied		174,188		6.9			174,921		6.9			184,109		7.5			(733	)		(9,921	)
Commercial and speculative construction and development		288,978		11.4			280,798		11.1			244,217		10.0			8,180			44,761
Multi-family		244,940		9.7			245,222		9.7			222,410		9.1			(282	)		22,530
Total CRE loans		873,017		34.5			871,337		34.4			825,682		33.8			1,680			47,335

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes HFS)		637,299		25.2			617,322		24.4			580,050		23.7			19,977			57,249
Home equity		73,846		2.9			75,147		3.0			73,323		3.0			(1,301	)		523
Residential custom construction		48,810		1.9			49,902		2.0			57,129		2.3			(1,092	)		(8,319	)
Total residential real estate loans		759,955		30.0			742,371		29.4			710,502		29.0			17,584			49,453

CONSUMER LOANS
Indirect home improvement		532,038		21.0			541,946		21.4			568,802		23.2			(9,908	)		(36,764	)
Marine		73,737		2.9			74,931		3.0			73,921		3.0			(1,194	)		(184	)
Other consumer		3,118		0.1			3,304		0.1			3,409		0.1			(186	)		(291	)
Total consumer loans		608,893		24.0			620,181		24.5			646,132		26.3			(11,288	)		(37,239	)

COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956		10.9			287,014		11.3			256,429		10.6			(12,058	)		18,527
Warehouse lending		15,949		0.6			12,918		0.4			8,113		0.3			3,031			7,836
Total commercial business loans		290,905		11.5			299,932		11.7			264,542		10.9			(9,027	)		26,363
Total loans receivable, gross		2,532,770		100.0	%		2,533,821		100.0	%		2,446,858		100.0	%		(1,051	)		85,912

Allowance for credit losses on loans		(31,653	)				(31,870	)				(31,479	)				217			(174	)
Total loans receivable, net	$	2,501,117				$	2,501,951				$	2,415,379				$	(834	)	$	85,738

The composition of CRE loans at the dates indicated were as follows:

(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
CRE by Type:	Amount		Amount		Amount
CRE non-owner occupied:
Office	$	39,406	$	39,697	$	41,625
Retail		35,520		36,568		38,712
Hospitality/restaurant		27,377		27,562		24,751
Self-storage		19,092		19,111		21,383
Mixed use		18,868		17,721		19,186
Industrial		15,033		15,125		17,475
Senior housing/assisted living		7,506		7,565		8,446
Other ⁽¹⁾		6,579		6,631		6,785
Land		2,314		2,421		3,151
Education/worship		2,493		2,520		2,595
Total CRE non-owner occupied		174,188		174,921		184,109
CRE owner occupied:
Agriculture		3,990		3,834		3,744
Industrial		66,618		67,064		63,683
Office		40,447		42,223		41,652
Retail		20,535		20,718		21,836
Hospitality/restaurant		7,306		10,396		10,933
Other ⁽²⁾		8,529		8,612		8,438
Car wash		—		—		7,713
Automobile related		7,266		7,325		7,479
Education/worship		4,641		4,608		4,604
Mixed use		5,579		5,616		4,864
Total CRE owner occupied		164,911		170,396		174,946
Total		339,099		345,317		359,055

__________________________________

(1	)	Primarily includes loans secured by mobile home parks totaling $758,000, $766,000, and $789,000, RV parks totaling $681,000, $685,000, and $696,000, automobile-related collateral totaling $584,000, $589,000, and $604,000, and other collateral totaling $4.6 million, $4.6 million, and $4.7 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2	)	Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million and $1.7 million, non-profit organization totaling $1.4 million, $1.5 million and $915,000, and other collateral totaling $5.6 million, $5.6 million and $5.8 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

(Dollars in thousands)		For the Quarter Ended
CRE by type:	Jun 30, 2025		Sep 30, 2025		Dec 31, 2025		Mar 31, 2026		Jun 30, 2026		Sep 30, 2026		Dec 31, 2026		Mar 31, 2027		Total		Current Weighted Average Rate
Agriculture	$	723	$	—	$	312	$	175	$	—	$	292	$	—	$	—	$	1,502	6.14	%
Apartment		4,510		1,701		18,573		1,268		13,868		9,763		8,241		27,900		85,824	5.65
Auto related		790		—		—		—		—		—		—		—		790	4.15
Hotel / hospitality		1,760		1,315		—		115		1,265		—		—		—		4,455	4.75
Industrial		—		161		10,122		981		590		1,594		—		13,481		26,929	5.13
Mixed use		3,469		244		313		2,119		—		—		382		—		6,527	5.74
Office		11,077		4,127		966		519		1,641		559		7,749		2,878		29,516	4.96
Other		1,309		1,147		241		890		—		2,493		1,497		283		7,860	5.05
Retail		1,738		63		—		436		3,474		—		3,423		3,059		12,193	4.11
Senior housing and assisted living		—		—		—		2,157		—		—		—		—		2,157	4.75	%
Total	$	25,376	$	8,758	$	30,527	$	8,660	$	20,838	$	14,701	$	21,292	$	47,601	$	177,753

A breakdown of construction loans at the dates indicated were as follows:

(Dollars in thousands)	March 31, 2025					December 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,079		2.4	%
Commercial construction – office		6,487		1.9			4,979		1.5
Commercial construction – self storage		16,012		4.7			13,480		4.1
Commercial construction – hotel		402		0.1			—		—
Multi-family		31,275		9.3			30,945		9.4
Custom construction – single family residential and single family manufactured residential		41,143		12.2			42,040		12.7
Custom construction – land, lot and acquisition and development		7,667		2.3			7,862		2.4
Speculative residential construction – vertical		186,042		55.1			180,381		54.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			42,934		13.0
Total	$	337,788		100.0	%	$	330,700		100.0	%

(Dollars in thousands)	March 31, 2025					March 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,290		2.8	%
Commercial construction – office		6,487		1.9			4,737		1.6
Commercial construction – self storage		16,012		4.7			10,000		3.3
Commercial construction – hotel		402		0.1			7,807		2.6
Multi-family		31,275		9.3			53,288		17.7
Custom construction – single family residential and single family manufactured residential		41,143		12.2			50,674		16.8
Custom construction – land, lot and acquisition and development		7,667		2.3			6,455		2.1
Speculative residential construction – vertical		186,042		55.1			134,047		44.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			26,048		8.6
Total	$	337,788		100.0	%	$	301,346		100.0	%

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

(Dollars in thousands)	For the Three Months Ended
	March 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	129,232		83.2	%	$	(8,513	)		(6.6	)%
Refinance		24,677		17.0			26,116		16.8			(1,439	)		(5.5	)%
Total	$	145,396		100.0	%	$	155,348		100.0	%	$	(9,952	)		(6.4	)%

(Dollars in thousands)	For the Three Months Ended March 31,
	2025					2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	135,577		88.1	%	$	(14,858	)		(11.0	)%
Refinance		24,677		17.0			18,371		11.9			6,306			34.3	%
Total	$	145,396		100.0	%	$	153,948		100.0	%	$	(8,552	)		(5.6	)%

During the quarter ended March 31, 2025, the Company sold $91.9 million of one-to-four-family loans compared to $138.9 million during the previous quarter and $93.9 million during the same quarter one year ago. The decrease in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors combined with economic volatility. Gross margins on home loan sales increased to 3.26% for the quarter ended March 31, 2025, compared to 3.14% in the previous quarter and decreased from 3.43% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

Liabilities and Equity Summary

Changes in deposits at the dates indicated were as follows:

(Dollars in thousands)
	March 31, 2025					December 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	627,679		26.8	%	$	31,738			5.1	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			176,561		7.5			24,908			14.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			10,479		0.5			6,810			65.0
Subtotal		878,175		33.6			814,719		34.8			63,456			7.8
Savings		160,332		6.1			154,188		6.6			6,144			4.0
Money market ⁽³⁾		343,349		13.1			341,615		14.6			1,734			0.5
Subtotal		503,681		19.2			495,803		21.2			7,878			1.6
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			440,257		18.8			199,690			45.4
Certificates of deposit of $100,000 through $250,000		450,836		17.2			455,594		19.5			(4,758	)		(1.0	)
Certificates of deposit greater than $250,000		142,512		5.5			133,045		5.7			9,467			7.1
Subtotal		1,233,295		47.2			1,028,896		44.0			204,399			19.9
Total	$	2,615,151		100.0	%	$	2,339,418		100.0	%	$	275,733			11.8	%

(Dollars in thousands)
	March 31, 2025					March 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	618,526		25.1	%	$	40,891			6.6	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			188,050		7.6			13,419			7.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			28,373		1.2			(11,084	)		(39.1	)
Subtotal		878,175		33.6			834,949		33.9			43,226			5.2
Savings		160,332		6.1			153,025		6.2			7,307			4.8
Money market ⁽³⁾		343,349		13.1			364,944		14.8			(21,595	)		(5.9	)
Subtotal		503,681		19.2			517,969		21.0			(14,288	)		(2.8	)
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			579,153		23.5			60,794			10.5
Certificates of deposit of $100,000 through $250,000		450,836		17.2			424,463		17.2			26,373			6.2
Certificates of deposit greater than $250,000		142,512		5.5			108,763		4.4			33,749			31.0
Subtotal		1,233,295		47.2			1,112,379		45.1			120,916			10.9
Total	$	2,615,151		100.0	%	$	2,465,297		100.0	%	$	149,854			6.1	%

__________________________________

(1	)	Includes $30.1 million of brokered deposits at March 31, 2025, and no brokered deposits at December 31, 2024, and at March 31, 2024.
(2	)	Primarily noninterest-bearing accounts based on applicable state law.
(3	)	Includes $251,000, $279,000 and $8.0 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4	)	Includes $339.9 million, $143.1 million, and $331.3 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, CDs, which include retail and non-retail CDs, totaled $1.23 billion, compared to $1.03 billion at December 31, 2024 and $1.11 billion at March 31, 2024, with non-retail CDs representing 28.5%, 15.0% and 31.0% of total CDs at such dates, respectively. At March 31, 2025, non-retail CDs, which include brokered CDs, online CDs and public funds CDs, increased $196.9 million to $351.7 million, compared to $154.8 million at December 31, 2024, primarily due to an increase of $196.8 million in brokered CDs. The increase in brokered CDs provided funds to pay down higher cost borrowings. Non-retail CDs totaled $351.7 million at March 31, 2025, compared to $344.5 million at March 31, 2024.

At March 31, 2025, the Bank had uninsured deposits of approximately $679.4 million, compared to approximately $652.7 million at December 31, 2024, and $614.1 million at March 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

At March 31, 2025, borrowings decreased $239.0 million to $68.8 million at March 31, 2025, from $307.8 million at December 31, 2024, and decreased $61.1 million from $129.9 million at March 31, 2024. These borrowings were comprised solely of FHLB advances.

Total stockholders’ equity increased $3.1 million to $298.8 million at March 31, 2025, from $295.8 million at December 31, 2024, and increased $20.9 million, from $277.9 million at March 31, 2024. The increase in stockholders’ equity at March 31, 2025, compared to December 31, 2024, was primarily due to net income of $8.0 million and $513,000 in equity award compensation, partially offset by share repurchases of $3.8 million and cash dividends paid of $2.2 million. Stockholders’ equity was also impacted by decreases in unrealized net losses on securities available for sale of $2.7 million, net of tax, and decreases in unrealized net gains on fair value and cash flow hedges of $2.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $151,000 decrease in accumulated other comprehensive loss, net of tax. Book value per common share was $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and $36.06 at March 31, 2024.

The Bank is considered “well capitalized” under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.4%, a Tier 1 leverage capital ratio of 11.3%, and a common equity Tier 1 (“CET1”) capital ratio of 13.2% at March 31, 2025.

The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.7%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.5% at March 31, 2025.

Credit Quality

The allowance for credit losses on loans (“ACLL”) was $31.7 million, or 1.25% of gross loans receivable (excluding loans HFS) at March 31, 2025, compared to $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, and $31.5 million, or 1.29% of gross loans receivable (excluding loans HFS), at March 31, 2024. The slight decrease in the ACLL at March 31, 2025, compared to the prior quarter was primarily due to a decrease in the balance of higher risk consumer loans. The increase of $174,000 in the ACLL from the same quarter the prior year was primarily due to increases in CRE loans. The allowance for credit losses on unfunded loan commitments increased $66,000 to $1.5 million at March 31, 2025, compared to $1.4 million at December 31, 2024, and decreased $35,000 from $1.5 million at March 31, 2024, primarily due to an increase in the volume of unfunded commitments on construction loans

Nonperforming loans increased $870,000 to $14.5 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and increased $2.4 million from $12.1 million at March 31, 2024. The increase in nonperforming loans compared to the prior quarter was primarily due to increases in nonperforming CRE construction and development loans of $1.5 million, nonperforming indirect home improvement loans of $1.1 million, and nonperforming one-to-four-family loans of $970,000, partially offset by decreases in nonperforming CRE loans of $1.6 million and nonperforming commercial business loans of $1.5 million. The increase in nonperforming loans compared to the same quarter the prior year was primarily due to increases in nonperforming construction and development loans of $1.8 million, nonperforming one-to-four-family loans of $961,000, and nonperforming indirect home improvement loans of $626,000, partially offset by a decrease in nonperforming commercial business loans of $1.4 million.

Loans classified as substandard increased $602,000 to $23.5 million at March 31, 2025, compared to $22.9 million at December 31, 2024, and decreased $1.4 million from $24.9 million at March 31, 2024. The increase in substandard loans compared to the prior quarter was primarily due to an increase of $1.5 million in CRE construction and development loans, $1.1 million in indirect home improvement loans, and $953,000 in one-to-four-family loans, partially offset by decreases in commercial business loans of $1.8 million and CRE of $1.6 million. The decrease in substandard loans compared to the prior year was primarily due to decreases of $3.1 million in C&I loans and $1.9 million in CRE loans, partially offset by increases of $1.8 million in CRE construction and development loans, $794,000 in one-to-four-family loans, and $626,000 in indirect home improvement loans.

Operating Results

Net interest income increased $636,000 to $31.0 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024, primarily due to an increase in total interest income of $1.9 million, partially offset by an increase in interest expense of $1.3 million. The $1.9 million increase in total interest income was primarily due to an increase of $2.3 million in interest income on loans receivable, including fees, primarily as a result of net loan growth and variable rate loans repricing higher. The $1.3 million increase in total interest expense was primarily the result of higher market interest rates and a net increase in interest bearing liabilities.

NIM (annualized) increased six basis points to 4.32% for the three months ended March 31, 2025, from 4.26% for the same period in the prior year. The increase in NIM for the three months ended March 31, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets.

The average total cost of funds, including noninterest-bearing checking, increased 17 basis points to 2.38% for the three months ended March 31, 2025, from 2.21% for the three months ended March 31, 2024. This increase was predominantly due to higher market rates for borrowings.

For the three months ended March 31, 2025, the provision for credit losses on loans was $1.5 million, compared to $1.4 million for the three months ended March 31, 2024. The provision for credit losses on loans reflects an increase in charge-off activity. During the three months ended March 31, 2025, net charge-offs increased $247,000 to $1.7 million, compared to $1.5 million for the same period last year. This increase was the result of increased net charge-offs of $487,000 in indirect home improvement loans and $25,000 in commercial business loans, partially offset by a net reduction of net charge-offs of $213,000 in marine loans and $46,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions.

Total noninterest income was unchanged at $5.1 million for the three months ended March 31, 2025 and 2024. Total noninterest expense was $25.0 million for the three months ended March 31, 2025, compared to $23.5 million for the three months ended March 31, 2024. The $1.5 million increase was primarily due to a $976,000 increase in salaries and benefits and a $437,000 increase in operations expense.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims 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.

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

										Linked			Prior Year
	March 31,			December 31,			March 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
ASSETS
Cash and due from banks	$	18,657		$	19,280		$	17,149			(3	)		9
Interest-bearing deposits at other financial institutions		44,084			12,355			28,257			257			56
Total cash and cash equivalents		62,741			31,635			45,406			98			38
Certificates of deposit at other financial institutions		1,234			1,727			23,222			(29	)		(95	)
Securities available-for-sale, at fair value		291,133			281,175			279,643			4			4
Securities held-to-maturity, net		10,434			8,455			8,455			23			23
Loans held for sale, at fair value		31,038			27,835			49,957			12			(38	)
Loans receivable, net		2,501,117			2,501,951			2,415,379			—			4
Accrued interest receivable		14,406			13,881			14,455			4			—
Premises and equipment, net		29,451			29,756			30,326			(1	)		(3	)
Operating lease right-of-use		4,979			5,378			6,202			(7	)		(20	)
Federal Home Loan Bank stock, at cost		5,256			15,621			2,909			(66	)		81
Deferred tax asset, net		7,009			7,059			4,832			(1	)		45
Bank owned life insurance (“BOLI”), net		38,778			38,528			37,958			1			2
MSRs, held at the lower of cost or fair value		8,926			9,204			9,009			(3	)		(1	)
Goodwill		3,592			3,592			3,592			—			—
Core deposit intangible, net		12,879			13,710			16,402			(6	)		(21	)
Other assets		43,105			39,670			21,958			9			96
TOTAL ASSETS	$	3,066,078		$	3,029,177		$	2,969,705			1			3
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	676,706		$	638,158		$	646,899			6			5
Interest-bearing accounts		1,938,445			1,701,260			1,818,398			14			7
Total deposits		2,615,151			2,339,418			2,465,297			12			6
Borrowings		68,805			307,806			129,940			(78	)		(47	)
Subordinated notes:
Principal amount		50,000			50,000			50,000			—			—
Unamortized debt issuance costs		(389	)		(406	)		(456	)		(4	)		(15	)
Total subordinated notes less unamortized debt issuance costs		49,611			49,594			49,544			—			—
Operating lease liability		5,149			5,556			6,410			(7	)		(20	)
Other liabilities		28,522			31,036			40,582			(8	)		(30	)
Total liabilities		2,767,238			2,733,410			2,691,773			1			3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,742,907 shares issued and outstanding at March 31, 2025, 7,833,014 at December 31, 2024, and 7,805,795 at March 31, 2024		77			78			78			(1	)		(1	)
Additional paid-in capital		52,806			55,716			57,552			(5	)		(8	)
Retained earnings		262,945			257,113			236,720			2			11
Accumulated other comprehensive loss, net of tax		(16,988	)		(17,140	)		(16,418	)		(1	)		3
Total stockholders’ equity		298,840			295,767			277,932			1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,066,078		$	3,029,177		$	2,969,705			1			3

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)

	Three Months Ended									Linked			Prior Year
	Mar 31,			Dec 31,			Mar 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
INTEREST INCOME
Loans receivable, including fees	$	43,303		$	43,654		$	40,997			(1	)		6
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions		3,485			3,320			3,883			5			(10	)
Total interest and dividend income		46,788			46,974			44,880			—			4
INTEREST EXPENSE
Deposits		13,058			13,543			12,882			(4	)		1
Borrowings		2,263			1,831			1,167			24			94
Subordinated notes		485			486			485			—			—
Total interest expense		15,806			15,860			14,534			—			9
NET INTEREST INCOME		30,982			31,114			30,346			—			2
PROVISION FOR CREDIT LOSSES		1,592			1,522			1,399			5			14
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		29,390			29,592			28,947			(1	)		2
NONINTEREST INCOME
Service charges and fee income		2,244			2,513			2,552			(11	)		(12	)
Gain on sale of loans		1,700			1,733			1,838			(2	)		(8	)
Gain on sale of MSRs		—			—			8,215			—			NM
Loss on sale of investment securities, net		—			—			(7,998	)		—			NM
Earnings on cash surrender value of BOLI		250			256			240			(2	)		4
Other noninterest income		932			108			264			763			253
Total noninterest income		5,126			4,610			5,111			11			—
NONINTEREST EXPENSE
Salaries and benefits		14,533			14,172			13,557			3			7
Operations		3,445			3,175			3,008			9			15
Occupancy		1,717			1,821			1,705			(6	)		1
Data processing		2,045			2,252			1,958			(9	)		4
Loan costs		548			781			585			(30	)		(6	)
Professional and board fees		1,186			1,038			923			14			28
FDIC insurance		538			490			532			10			1
Marketing and advertising		221			329			227			(33	)		(3	)
Amortization of core deposit intangible		831			876			941			(5	)		(12	)
(Recovery) impairment of servicing rights		(9	)		(583	)		93			(98	)		(110	)
Total noninterest expense		25,055			24,351			23,529			3			6
INCOME BEFORE PROVISION FOR INCOME TAXES		9,461			9,851			10,529			(4	)		(10	)
PROVISION FOR INCOME TAXES		1,440			2,469			2,132			(42	)		(32	)
NET INCOME	$	8,021		$	7,382		$	8,397			9			(4	)
Basic earnings per share	$	1.02		$	0.94		$	1.07			9			(5	)
Diluted earnings per share	$	1.01		$	0.92		$	1.06			10			(5	)

KEY FINANCIAL RATIOS AND DATA (Unaudited)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PERFORMANCE RATIOS:	2025			2024			2024
Return on assets (ratio of net income to average total assets) ⁽¹⁾		1.07	%		0.98	%		1.14	%
Return on equity (ratio of net income to average total stockholders’ equity) ⁽¹⁾		10.80			9.88			12.29
Yield on average interest-earning assets ⁽¹⁾		6.53			6.51			6.30
Average total cost of funds ⁽¹⁾		2.38			2.38			2.21
Interest rate spread information – average during period		4.15			4.13			4.09
Net interest margin ⁽¹⁾		4.32			4.31			4.26
Operating expense to average total assets ⁽¹⁾		3.35			3.24			3.20
Average interest-earning assets to average interest-bearing liabilities ⁽¹⁾		142.94			143.27			144.51
Efficiency ratio ⁽²⁾		69.39			68.16			66.36
Common equity ratio (ratio of stockholders’ equity to total assets)		9.75			9.76			9.36
Tangible common equity ratio ⁽³⁾		9.26			9.25			8.74

	March 31,			December 31,			March 31,
ASSET QUALITY RATIOS AND DATA:	2025			2024			2024
Nonperforming assets to total assets at end of period ⁽⁴⁾		0.47	%		0.45	%		0.41	%
Nonperforming loans to total gross loans (excluding loans HFS) ⁽⁵⁾		0.57			0.54			0.49
Allowance for credit losses – loans to nonperforming loans ⁽⁵⁾		219.08			234.55			260.24
Allowance for credit losses – loans to total gross loans (excluding loans HFS)		1.25			1.26			1.29

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PER COMMON SHARE DATA:	2025			2024			2024
Basic earnings per share	$	1.02		$	0.94		$	1.07
Diluted earnings per share	$	1.01		$	0.92		$	1.06
Weighted average basic shares outstanding		7,695,320			7,723,250			7,703,789
Weighted average diluted shares outstanding		7,805,728			7,897,099			7,824,460
Common shares outstanding at end of period		7,639,844	⁽⁶⁾		7,729,951	⁽⁷⁾		7,707,651	⁽⁸⁾
Book value per share using common shares outstanding	$	39.12		$	38.26		$	36.06
Tangible book value per share using common shares outstanding ⁽⁹⁾	$	36.96		$	36.02		$	33.47

__________________________________

(1	)	Annualized.
(2	)	Total noninterest expense as a percentage of net interest income and total noninterest income.
(3	)	Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
(4	)	Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5	)	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
(6	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(7	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(8	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.
(9	)	Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(Dollars in thousands)	For the Three Months Ended Mar 31,				Qtr. Over Qtr.
Average Balances	2025		2024		$ Change
Assets
Loans receivable, net ⁽¹⁾	$	2,559,944	$	2,464,602	$	95,342
Securities available-for-sale, at amortized cost		310,417		331,413		(20,996	)
Securities held-to-maturity		8,656		8,500		156
Interest-bearing deposits and certificates of deposit at other financial institutions		16,161		59,514		(43,353	)
FHLB stock, at cost		11,948		2,174		9,774
Total interest-earning assets		2,907,126		2,866,203		40,923
Noninterest-earning assets		125,386		92,344		33,042
Total assets	$	3,032,512	$	2,958,547	$	73,965
Liabilities
Interest-bearing deposit accounts	$	1,765,605	$	1,832,767	$	(67,162	)
Borrowings		218,639		101,150		117,489
Subordinated notes		49,600		49,533		67
Total interest-bearing liabilities		2,033,844		1,983,450		50,394
Noninterest-bearing deposit accounts		663,824		657,083		6,741
Other noninterest-bearing liabilities		33,739		43,246		(9,507	)
Total liabilities	$	2,731,407	$	2,683,779	$	47,628

__________________________________

(1	)	Includes loans HFS.

Non-GAAP Financial Measures:

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

(Dollars in thousands, except share and per share amounts)	March 31,				December 31,				March 31,
Tangible Book Value Per Share:	2025				2024				2024
Stockholders’ equity (GAAP)	$	298,840			$	295,767			$	277,932
Less: goodwill and core deposit intangible, net		(16,471	)			(17,302	)			(19,994	)
Tangible common stockholders’ equity (non-GAAP)	$	282,369			$	278,465			$	257,938

Common shares outstanding at end of period		7,639,844		⁽¹⁾		7,729,951		⁽²⁾		7,707,651		⁽³⁾

Book value per share (GAAP)	$	39.12			$	38.26			$	36.06
Tangible book value per share (non-GAAP)	$	36.96			$	36.02			$	33.47

Tangible Common Equity Ratio:
Total assets (GAAP)	$	3,066,078			$	3,029,177			$	2,969,705
Less: goodwill and core deposit intangible assets		(16,471	)			(17,302	)			(19,994	)
Tangible assets (non-GAAP)	$	3,049,607			$	3,011,875			$	2,949,711

Common equity ratio (GAAP)		9.75	%			9.76	%			9.36	%
Tangible common equity ratio (non-GAAP)		9.26				9.25				8.74

__________________________________

(1	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(2	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(3	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.

Contacts:
Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President/Chief Financial Officer

(425) 771-5299
www.FSBWA.com

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Conference Call Information:

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

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

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

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

Replay Information:

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

About Crescent BDC

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

About Crescent Capital Group LP

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

Contact:

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

Forward-Looking Statements

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

The MIL Network –

April 23, 2025

MIL-OSI: Weatherford Appoints New Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced Anuj Dhruv has been appointed as Executive Vice President and Chief Financial Officer.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “I am pleased to welcome Anuj to Weatherford. With fresh perspective and proven expertise, Anuj will enhance our leadership team and help position Weatherford to lead confidently through the next phase of our journey. His experience across multiple industries and leadership roles in finance will help shape Weatherford’s focus on delivering high returns for our shareholders. I would like to thank Arun Mitra for his contributions during his time with Weatherford and wish him the best for the future.”

About Anuj Dhruv
Mr. Dhruv brings more than two decades of diverse experience in global finance, strategy, and transformation roles across the technology, energy, and chemicals industries. Most recently, he served as Vice President of Finance and Strategy for the Global Olefins and Polyolefins segment at LyondellBasell, where he was responsible for driving performance, investment strategies, and transformation initiatives across a $29B revenue segment. Mr. Dhruv’s extensive background includes strategic leadership at Schlumberger and Microsoft, with a track record of optimizing financial performance, leading complex M&A transactions, and building high-performing teams.

About Weatherford

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

Contacts

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

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

The MIL Network –

April 23, 2025

MIL-OSI: Renasant Corporation Announces Earnings for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

TUPELO, Miss., April 22, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the first quarter of 2025.

(Dollars in thousands, except earnings per share)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Net income and earnings per share:
Net income	$41,518		$44,747		$39,409
Basic EPS		0.65		0.70		0.70
Diluted EPS		0.65		0.70		0.70
Adjusted diluted EPS (Non-GAAP)⁽¹⁾		0.66		0.73		0.65

“Results for the quarter represent a good start to the year with solid profitability and growth in loans and deposits,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “On April 1st, we completed the merger with The First Bancshares, Inc. and welcome their team to Renasant. Together, we are positioned to accelerate profit performance and operate in some of the country’s most attractive banking markets.”

Quarterly Highlights

Acquisition of The First Bancshares, Inc.

On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the acquisition date, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, prior to any purchase accounting adjustments, had approximately $8.0 billion in assets, which included approximately $5.4 billion in loans, and approximately $6.5 billion in deposits.

Earnings

Net income for the first quarter of 2025 was $41.5 million; diluted EPS and adjusted diluted EPS (non-GAAP)⁽¹⁾ were $0.65 and $0.66, respectively
Net interest income (fully tax equivalent) for the first quarter of 2025 was $137.4 million, up $1.9 million linked quarter
For the first quarter of 2025, net interest margin was 3.45%, up 9 basis points linked quarter
Cost of total deposits was 2.22% for the first quarter of 2025, down 13 basis points linked quarter
Noninterest income increased $2.2 million linked quarter, driven in part by an increase in mortgage banking income and gains on the sale of SBA loans
Mortgage banking income increased $1.3 million linked quarter. The mortgage division generated $632.1 million in interest rate lock volume in the first quarter of 2025, up $149.8 million linked quarter. Gain on sale margin was 1.42% for the first quarter of 2025, down 59 basis points linked quarter
Noninterest expense decreased $0.9 million linked quarter. Merger and conversion expenses decreased $1.3 million linked quarter

Balance Sheet

Loans increased $170.6 million linked quarter, representing 5.4% annualized net loan growth
Securities increased $146.8 million linked quarter. The Company purchased $175.7 million in securities during the first quarter, which was offset by cash flows related to principal payments, calls and maturities of $58.6 million and a positive fair market value adjustment in the Company’s available-for-sale portfolio of $29.7 million
Deposits at March 31, 2025 increased $199.5 million on a linked quarter basis. Noninterest bearing deposits increased $137.4 million linked quarter and represented 24.0% of total deposits at March 31, 2025

Capital and Stock Repurchase Program

Book value per share and tangible book value per share (non-GAAP)⁽¹⁾ increased 1.6% and 2.7%, respectively, linked quarter
The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the first quarter of 2025

Credit Quality

The Company recorded a provision for credit losses of $4.8 million for the first quarter of 2025, up $2.6 million linked quarter
The ratio of the allowance for credit losses on loans to total loans was 1.56% at March 31, 2025, down one basis point linked quarter
The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 206.55% at March 31, 2025, compared to 178.11% at December 31, 2024
Net loan recoveries for the first quarter of 2025 were $0.1 million
Nonperforming loans to total loans decreased to 0.76% at March 31, 2025 compared to 0.88% at December 31, 2024, and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.45% at March 31, 2025, compared to 2.89% at December 31, 2024

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Loans held for investment	$	196,566	$	199,240		$	202,655		$	198,397		$	192,390
Loans held for sale		3,008		3,564			4,212			3,530			2,308
Securities		12,117		10,510			10,304			10,410			10,700
Other		8,639		12,030			11,872			7,874			7,781
Total interest income		220,330		225,344			229,043			220,211			213,179
Interest expense
Deposits		79,386		85,571			90,787			87,621			82,613
Borrowings		6,747		6,891			7,258			7,564			7,276
Total interest expense		86,133		92,462			98,045			95,185			89,889
Net interest income		134,197		132,882			130,998			125,026			123,290
Provision for credit losses
Provision for loan losses		2,050		3,100			1,210			4,300			2,638
Provision for (Recovery of) unfunded commitments		2,700		(500	)		(275	)		(1,000	)		(200	)
Total provision for credit losses		4,750		2,600			935			3,300			2,438
Net interest income after provision for credit losses		129,447		130,282			130,063			121,726			120,852
Noninterest income		36,395		34,218			89,299			38,762			41,381
Noninterest expense		113,876		114,747			121,983			111,976			112,912
Income before income taxes		51,966		49,753			97,379			48,512			49,321
Income taxes		10,448		5,006			24,924			9,666			9,912
Net income	$	41,518	$	44,747		$	72,455		$	38,846		$	39,409

Adjusted net income (non-GAAP)⁽¹⁾	$	42,111	$	46,458		$	42,960		$	38,846		$	36,572
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)⁽¹⁾	$	57,507	$	54,177		$	56,238		$	51,812		$	48,231

Basic earnings per share	$	0.65	$	0.70		$	1.18		$	0.69		$	0.70
Diluted earnings per share		0.65		0.70			1.18			0.69			0.70
Adjusted diluted earnings per share (non-GAAP)⁽¹⁾		0.66		0.73			0.70			0.69			0.65
Average basic shares outstanding		63,666,419		63,565,437			61,217,094			56,342,909			56,208,348
Average diluted shares outstanding		64,028,025		64,056,303			61,632,448			56,684,626			56,531,078
Cash dividends per common share	$	0.22	$	0.22		$	0.22		$	0.22		$	0.22

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Performance Ratios

	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Return on average assets	0.94	%	0.99	%	1.63	%	0.90	%	0.92	%
Adjusted return on average assets (non-GAAP)⁽¹⁾	0.95		1.03		0.97		0.90		0.86
Return on average tangible assets (non-GAAP)⁽¹⁾	1.01		1.07		1.75		0.98		1.00
Adjusted return on average tangible assets (non-GAAP)⁽¹⁾	1.02		1.11		1.05		0.98		0.93
Return on average equity	6.25		6.70		11.29		6.68		6.85
Adjusted return on average equity (non-GAAP)⁽¹⁾	6.34		6.96		6.69		6.68		6.36
Return on average tangible equity (non-GAAP)⁽¹⁾	10.16		10.97		18.83		12.04		12.45
Adjusted return on average tangible equity (non-GAAP)⁽¹⁾	10.30		11.38		11.26		12.04		11.58
Efficiency ratio (fully taxable equivalent)	65.51		67.61		54.73		67.31		67.52
Adjusted efficiency ratio (non-GAAP)⁽¹⁾	64.43		65.82		64.62		66.60		68.23
Dividend payout ratio	33.85		31.43		18.64		31.88		31.43

Capital and Balance Sheet Ratios

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860
Market value per share	$	33.93		$	35.75		$	32.50		$	30.54		$	31.32
Book value per share		42.79			42.13			41.82			41.77			41.25
Tangible book value per share (non-GAAP)⁽¹⁾		27.07			26.36			26.02			23.89			23.32
Shareholders’ equity to assets		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		9.99			9.84			9.76			8.16			8.04
Leverage ratio		11.39			11.34			11.32			9.81			9.75
Common equity tier 1 capital ratio		12.59			12.73			12.88			10.75			10.59
Tier 1 risk-based capital ratio		13.34			13.50			13.67			11.53			11.37
Total risk-based capital ratio		16.88			17.08			17.32			15.15			15.00

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest income
Service charges on deposit accounts	$	10,364	$	10,549	$	10,438	$	10,286	$	10,506
Fees and commissions		3,787		4,181		4,116		3,944		3,949
Insurance commissions		—		—		—		2,758		2,716
Wealth management revenue		7,067		6,371		5,835		5,684		5,669
Mortgage banking income		8,147		6,861		8,447		9,698		11,370
Gain on sale of insurance agency		—		—		53,349		—		—
Gain on extinguishment of debt		—		—		—		—		56
BOLI income		2,929		3,317		2,858		2,701		2,691
Other		4,101		2,939		4,256		3,691		4,424
Total noninterest income	$	36,395	$	34,218	$	89,299	$	38,762	$	41,381
Noninterest expense
Salaries and employee benefits	$	71,957	$	70,260	$	71,307	$	70,731	$	71,470
Data processing		4,089		4,145		4,133		3,945		3,807
Net occupancy and equipment		11,754		11,312		11,415		11,844		11,389
Other real estate owned		685		590		56		105		107
Professional fees		2,884		2,686		3,189		3,195		3,348
Advertising and public relations		4,297		3,840		3,677		3,807		4,886
Intangible amortization		1,080		1,133		1,160		1,186		1,212
Communications		2,033		2,067		2,176		2,112		2,024
Merger and conversion related expenses		791		2,076		11,273		—		—
Other		14,306		16,638		13,597		15,051		14,669
Total noninterest expense	$	113,876	$	114,747	$	121,983	$	111,976	$	112,912

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Gain on sales of loans, net	$	4,500	$	2,379	$	4,499	$	5,199	$	4,535
Fees, net		2,317		2,850		2,646		2,866		1,854
Mortgage servicing income, net		1,330		1,632		1,302		1,633		4,981
Total mortgage banking income	$	8,147	$	6,861	$	8,447	$	9,698	$	11,370

Balance Sheet

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and cash equivalents	$	1,091,339		$	1,092,032		$	1,275,620		$	851,906		$	844,400
Securities held to maturity, at amortized cost		1,101,901			1,126,112			1,150,531			1,174,663			1,199,111
Securities available for sale, at fair value		1,002,056			831,013			764,844			749,685			764,486
Loans held for sale, at fair value		226,003			246,171			291,735			266,406			191,440
Loans held for investment		13,055,593			12,885,020			12,627,648			12,604,755			12,500,525
Allowance for credit losses on loans		(203,931	)		(201,756	)		(200,378	)		(199,871	)		(201,052	)
Loans, net		12,851,662			12,683,264			12,427,270			12,404,884			12,299,473
Premises and equipment, net		279,011			279,796			280,550			280,966			282,193
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Goodwill and other intangibles		1,001,923			1,003,003			1,004,136			1,008,062			1,009,248
Bank-owned life insurance		337,502			391,810			389,138			387,791			385,186
Mortgage servicing rights		72,902			72,991			71,990			72,092			71,596
Other assets		298,428			300,003			293,890			306,570			289,466
Total assets	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	3,541,375		$	3,403,981		$	3,529,801		$	3,539,453		$	3,516,164
Interest-bearing		11,230,720			11,168,631			10,979,950			10,715,760			10,720,999
Total deposits		14,772,095			14,572,612			14,509,751			14,255,213			14,237,163
Short-term borrowings		108,015			108,018			108,732			232,741			108,121
Long-term debt		433,309			430,614			433,177			428,677			428,047
Other liabilities		230,857			245,306			249,102			239,059			250,060
Total liabilities		15,544,276			15,356,550			15,300,762			15,155,690			15,023,391

Shareholders’ equity:
Common stock		332,421			332,421			332,421			296,483			296,483
Treasury stock		(91,646	)		(97,196	)		(97,251	)		(97,534	)		(99,683	)
Additional paid-in capital		1,486,849			1,491,847			1,488,678			1,304,782			1,303,613
Retained earnings		1,121,102			1,093,854			1,063,324			1,005,086			978,880
Accumulated other comprehensive loss		(121,621	)		(142,608	)		(129,094	)		(154,116	)		(156,943	)
Total shareholders’ equity		2,727,105			2,678,318			2,658,078			2,354,701			2,322,350
Total liabilities and shareholders’ equity	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	12,966,869	$	199,504	6.24	%	$	12,746,941	$	201,562	6.29	%	$	12,407,976	$	194,640	6.30	%
Loans held for sale		200,917		3,008	5.99	%		250,812		3,564	5.69	%		155,382		2,308	5.94	%
Taxable securities		1,883,535		10,971	2.33	%		1,784,167		9,408	2.11	%		1,891,817		9,505	2.01	%
Tax-exempt securities⁽¹⁾		259,800		1,443	2.22	%		261,679		1,400	2.14	%		270,279		1,505	2.23	%
Total securities		2,143,335		12,414	2.32	%		2,045,846		10,808	2.11	%		2,162,096		11,010	2.04	%
Interest-bearing balances with banks		824,743		8,639	4.25	%		1,025,294		12,030	4.67	%		570,336		7,781	5.49	%
Total interest-earning assets		16,135,864		223,565	5.61	%		16,068,893		227,964	5.65	%		15,295,790		215,739	5.66	%
Cash and due from banks		181,869						188,493						188,503
Intangible assets		1,002,511						1,003,551						1,009,825
Other assets		669,392						682,211						708,895
Total assets	$	17,989,636					$	17,943,148					$	17,203,013
Interest-bearing liabilities:
Interest-bearing demand⁽²⁾	$	7,835,617	$	54,710	2.83	%	$	7,629,685	$	57,605	3.00	%	$	6,955,989	$	52,500	3.03	%
Savings deposits		813,451		711	0.35	%		804,132		706	0.35	%		860,397		730	0.34	%
Brokered deposits		—		—	—	%		60,298		1,013	6.68	%		445,608		5,987	5.39	%
Time deposits		2,474,218		23,965	3.93	%		2,512,097		26,247	4.16	%		2,319,420		23,396	4.06	%
Total interest-bearing deposits		11,123,286		79,386	2.89	%		11,006,212		85,571	3.09	%		10,581,414		82,613	3.13	%
Borrowed funds		556,734		6,747	4.88	%		556,966		6,891	4.94	%		562,398		7,276	5.35	%
Total interest-bearing liabilities		11,680,020		86,133	2.99	%		11,563,178		92,462	3.18	%		11,143,812		89,889	3.24	%
Noninterest-bearing deposits		3,408,830						3,502,931						3,518,612
Other liabilities		208,105						220,154						226,308
Shareholders’ equity		2,692,681						2,656,885						2,314,281
Total liabilities and shareholders’ equity	$	17,989,636					$	17,943,148					$	17,203,013
Net interest income/ net interest margin			$	137,432	3.45	%			$	135,502	3.36	%			$	125,850	3.30	%
Cost of funding					2.31	%					2.44	%					2.46	%
Cost of total deposits					2.22	%					2.35	%					2.35	%

_{⁽¹⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.}
_{⁽²⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.}

Loan Portfolio

(Dollars in thousands)	As of
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Portfolio:
Commercial, financial, agricultural	$	1,888,580	$	1,885,817	$	1,804,961	$	1,847,762	$	1,869,408
Lease financing		85,412		90,591		98,159		102,996		107,474
Real estate – construction		1,090,862		1,093,653		1,198,838		1,355,425		1,243,535
Real estate – 1-4 family mortgages		3,583,080		3,488,877		3,440,038		3,435,818		3,429,286
Real estate – commercial mortgages		6,320,120		6,236,068		5,995,152		5,766,478		5,753,230
Installment loans to individuals		87,539		90,014		90,500		96,276		97,592
Total loans	$	13,055,593	$	12,885,020	$	12,627,648	$	12,604,755	$	12,500,525

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Nonperforming Assets:
Nonaccruing loans	$	98,638		$	110,811		$	113,872		$	97,795		$	73,774
Loans 90 days or more past due		95			2,464			5,351			240			451
Total nonperforming loans		98,733			113,275			119,223			98,035			74,225
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Total nonperforming assets	$	107,387		$	121,948		$	128,359		$	105,401		$	83,367

Criticized Loans
Classified loans	$	224,654		$	241,708		$	218,135		$	191,595		$	206,502
Special Mention loans		95,778			130,882			163,804			138,343			138,366
Criticized loans⁽¹⁾	$	320,432		$	372,590		$	381,939		$	329,938		$	344,868

Allowance for credit losses on loans	$	203,931		$	201,756		$	200,378		$	199,871		$	201,052
Net loan (recoveries) charge-offs	$	(125	)	$	1,722		$	703		$	5,481		$	164
Annualized net loan charge-offs / average loans		—	%		0.05	%		0.02	%		0.18	%		0.01	%
Nonperforming loans / total loans		0.76			0.88			0.94			0.78			0.59
Nonperforming assets / total assets		0.59			0.68			0.71			0.60			0.48
Allowance for credit losses on loans / total loans		1.56			1.57			1.59			1.59			1.61
Allowance for credit losses on loans / nonperforming loans		206.55			178.11			168.07			203.88			270.87
Criticized loans / total loans		2.45			2.89			3.02			2.62			2.76

_{⁽¹⁾ Criticized loans include classified and Special Mention loans.}

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, April 23, 2025.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=3wLevlin. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 First Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6525571 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 7, 2025.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. As of April 1, 2025, Renasant has assets of approximately $26.0 billion and operates 280 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First Bancshares, Inc.) (“The First”) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company’s investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the first quarter of 2025, merger and conversion expenses), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Income taxes		10,448			5,006			24,924			9,666			9,912
Provision for credit losses (including unfunded commitments)		4,750			2,600			935			3,300			2,438
Pre-provision net revenue (non-GAAP)	$	56,716		$	52,353		$	98,314		$	51,812		$	51,759
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Adjusted pre-provision net revenue (non-GAAP)	$	57,507		$	54,177		$	56,238		$	51,812		$	48,231

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Tangible net income (non-GAAP)	$	42,328		$	45,597		$	73,319		$	39,799		$	40,384

Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Tax effect of adjustments noted above⁽¹⁾		(198	)		(113	)		12,581			—			691
Adjusted net income (non-GAAP)	$	42,111		$	46,458		$	42,960		$	38,846		$	36,572
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Adjusted tangible net income (non-GAAP)	$	42,921		$	47,308		$	43,824		$	39,799		$	37,547
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,692,681		$	2,656,885		$	2,553,586		$	2,337,731		$	2,314,281
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible shareholders’ equity (non-GAAP)	$	1,690,170		$	1,653,334		$	1,548,885		$	1,329,093		$	1,304,456

Average assets (GAAP)	$	17,989,636		$	17,943,148		$	17,681,664		$	17,371,369		$	17,203,013
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible assets (non-GAAP)	$	16,987,125		$	16,939,597		$	16,676,963		$	16,362,731		$	16,193,188

Shareholders’ equity (GAAP)	$	2,727,105		$	2,678,318		$	2,658,078		$	2,354,701		$	2,322,350
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Tangible shareholders’ equity (non-GAAP)	$	1,725,182		$	1,675,315		$	1,653,942		$	1,346,639		$	1,313,102

Total assets (GAAP)	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Total tangible assets (non-GAAP)	$	17,269,458		$	17,031,865		$	16,954,704		$	16,502,329		$	16,336,493

Adjusted Performance Ratios
Return on average assets (GAAP)		0.94	%		0.99	%		1.63	%		0.90	%		0.92	%
Adjusted return on average assets (non-GAAP)		0.95			1.03			0.97			0.90			0.86
Return on average tangible assets (non-GAAP)		1.01			1.07			1.75			0.98			1.00
Pre-provision net revenue to average assets (non-GAAP)		1.28			1.16			2.21			1.20			1.21
Adjusted pre-provision net revenue to average assets (non-GAAP)		1.30			1.20			1.27			1.20			1.13
Adjusted return on average tangible assets (non-GAAP)		1.02			1.11			1.05			0.98			0.93
Return on average equity (GAAP)		6.25			6.70			11.29			6.68			6.85
Adjusted return on average equity (non-GAAP)		6.34			6.96			6.69			6.68			6.36
Return on average tangible equity (non-GAAP)		10.16			10.97			18.83			12.04			12.45
Adjusted return on average tangible equity (non-GAAP)		10.30			11.38			11.26			12.04			11.58

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding		64,028,025			64,056,303			61,632,448			56,684,626			56,531,078

Diluted earnings per share (GAAP)	$	0.65		$	0.70		$	1.18		$	0.69		$	0.70
Adjusted diluted earnings per share (non-GAAP)	$	0.66		$	0.73		$	0.70		$	0.69		$	0.65

Tangible Book Value Per Share
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860

Book value per share (GAAP)	$	42.79		$	42.13		$	41.82		$	41.77		$	41.25
Tangible book value per share (non-GAAP)	$	27.07		$	26.36		$	26.02		$	23.89		$	23.32

Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)		9.99	%		9.84	%		9.76	%		8.16	%		8.04	%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850

Total noninterest income (GAAP)	$	36,395		$	34,218		$	89,299		$	38,762		$	41,381
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Total adjusted noninterest income (non-GAAP)	$	36,395		$	33,966		$	35,950		$	38,762		$	37,853

Noninterest expense (GAAP)	$	113,876		$	114,747		$	121,983		$	111,976		$	112,912
Amortization of intangibles		(1,080	)		(1,133	)		(1,160	)		(1,186	)		(1,212	)
Merger and conversion expense		(791	)		(2,076	)		(11,273	)		—			—
Total adjusted noninterest expense (non-GAAP)	$	112,005		$	111,538		$	109,550		$	110,790		$	111,700

Efficiency ratio (GAAP)		65.51	%		67.61	%		54.73	%		67.31	%		67.52	%
Adjusted efficiency ratio (non-GAAP)		64.43	%		65.82	%		64.62	%		66.60	%		68.23	%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjustments to net interest income	$	(1,584	)	$	(767	)	$	(1,731	)	$	(751	)	$	(923	)
Adjusted net interest income (FTE) (non-GAAP)	$	135,848		$	134,735		$	131,845		$	126,847		$	124,927

Net interest margin (GAAP)		3.45	%		3.36	%		3.36	%		3.31	%		3.30	%
Adjusted net interest margin (non-GAAP)		3.42	%		3.34	%		3.32	%		3.29	%		3.28	%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	199,504		$	201,562		$	204,935		$	200,670		$	194,640
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjusted loan interest income (FTE) (non-GAAP)	$	197,920		$	200,795		$	203,204		$	199,919		$	193,717

Loan yield (GAAP)		6.24	%		6.29	%		6.47	%		6.41	%		6.30	%
Adjusted loan yield (non-GAAP)		6.19	%		6.27	%		6.41	%		6.38	%		6.27	%

_{⁽¹⁾ Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 27.0%.}

Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

The MIL Network –

April 23, 2025

MIL-OSI: First Bank Announces First Quarter 2025 Net Income of $9.4 Million

Source: GlobeNewswire (MIL-OSI)

HAMILTON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (“the Bank”) today announced results for the first quarter of 2025. Net income for the first quarter of 2025 was $9.4 million, or $0.37 per diluted share, compared to $12.5 million, or $0.50 per diluted share, for the first quarter of 2024. Return on average assets, return on average equity and return on average tangible equityⁱ for the first quarter of 2025 were 1.00%, 9.20% and 10.54%, respectively, compared to 1.41%, 13.36% and 15.64%, respectively, for the first quarter of 2024.

First Quarter 2025 Performance Highlights:

Total loans of $3.24 billion at March 31, 2025 grew $91.8 million, or 11.8%, annualized, from the linked quarter ended December 31, 2024.
Total deposits were $3.12 billion at March 31, 2025, increasing $63.9 million, or 8.5% annualized from the linked quarter ended December 31, 2024.
Net interest margin measured 3.65% for the first quarter of 2025, increasing 11 basis points from 3.54% for the linked quarter ended December 31, 2024.
Tangible book value per shareⁱⁱ grew to $14.47 at March 31, 2025, increasing 8.0%, annualized, from $14.19 at December 31, 2024.
Strong asset quality continued, with nonperforming assets decreasing to 0.42% of total assets at March 31, 2025, compared to 0.46% at December 31, 2024 and 0.64% at March 31, 2024.

“We are pleased to report high-quality loan and deposit growth in the first quarter of 2025,” Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance. “Our team produced excellent Commercial and Industrial (“C&I”) loan growth during the quarter with an improved net interest margin and sustained asset quality. We are especially pleased to have achieved this with an efficiency ratio that remained below 60% for the 23^rd consecutive quarter, and with continued growth in our primary areas of focus. Our recent and ongoing investments in technology and new C&I lending and deposit-focused business units are building scale and bearing fruit, as reflected in our 10.8% year-over-year increase in tangible book value per share.”

Mr. Ryan continued, “Our success demonstrates a deep commitment to continuing our evolution from a traditional community bank into a full-service, middle market commercial bank. We are executing with a clear vision for our future success, growing our balance sheet and earnings power through strategic initiatives focused on diversification and profitability. Our goal is to achieve top-quartile performance among our peers in any economic environment. We expect our strong underwriting and diversification strategies will support quality growth in 2025 and beyond. As our new business units continue to scale up, we expect to see even better efficiency and profitability moving forward. Additionally, we are pleased to continue driving returns for shareholders through successful share buybacks and meaningful dividends.”

Income Statement

In the first quarter of 2025, the Bank’s net interest income increased to $32.1 million, growing $1.8 million, or 5.9%, compared to the same period in 2024. The increase was primarily driven by an increase of $2.2 million in interest income which outpaced the $450,000 increase in interest expense in the first quarter of 2025 compared to the same quarter in 2024. Net interest income increased $498,000, or 1.6%, over the linked fourth quarter of 2024. This increase was primarily driven by a decrease of $1.6 million in interest expense on deposits, resulting from lower average rates in the first quarter, partially offset by a $1.1 million decrease in interest income from interest bearing deposits with banks, due to lower average balances and yields.

The Bank’s tax equivalent net interest margin measured 3.65% for the first quarter of 2025, increasing by one basis point from 3.64% for the prior year quarter, and increasing by 11 basis points from 3.54% for the fourth quarter of 2024. The relatively flat margin from the prior year quarter was primarily driven by similar decreases in the average rate on interest earning assets and interest bearing liabilities. The Bank’s net interest margin increased compared to the linked fourth quarter primarily due to declines in average rates on deposits and borrowings outpacing the slight reduction in average rates on earning assets. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions. The net impact of amortization of premiums and accretion of discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions was a $2.8 million increase in net interest income during the first quarter of 2025, compared to $3.1 million for the quarter ended December 31, 2024 and $4.2 million for the first quarter of 2024.

The Bank recorded a credit loss expense totaling $1.5 million during the first quarter of 2025, compared to a credit loss expense totaling $234,000 for the fourth quarter of 2024 and a $698,000 credit loss benefit for the first quarter of 2024. The increased credit loss expense for the first quarter of 2025 is primarily due to the Bank’s loan growth during the quarter. The Bank’s credit loss benefit for the first quarter of 2024 reflected the Bank’s strong and stable asset quality and lack of loan growth during the quarter.

In the first quarter of 2025, the Bank recorded non-interest income totaling $2.0 million, compared to non-interest income measuring $2.0 million during the same period in 2024 and $2.2 million in non-interest income during the fourth quarter of 2024. Non-interest income declined from the linked quarter primarily due to lower loan fee income.

Non-interest expense for the first quarter of 2025 was $20.4 million, an increase of $2.6 million, or 14.5%, compared to $17.8 million for the prior year quarter. Higher non-interest expense was largely due to increases of $1.1 million in salaries and employee benefits primarily due to a larger employee base, $832,000 in other real estate owned (“OREO”) expense due to an $815,000 impairment of an OREO asset recorded during the quarter, and $438,000 in occupancy and equipment primarily due to new branch locations added at the end of 2024.

On a linked quarter basis, non-interest expense increased $1.3 million from $19.1 million for the fourth quarter of 2024. The linked quarter increase primarily reflects increases of $781,000 in OREO expense due to the $815,000 impairment of an OREO asset recorded during the quarter, $606,000 in salaries and employee benefits costs due to year-end salary increases and higher payroll taxes due to bonus payments made in the first quarter of 2025, $202,000 in occupancy and equipment costs due to the new branch locations added at the end of 2024 and higher maintenance and repair costs. These increases were partially offset by a decrease of $425,000 in other professional fees compared to the linked quarter primarily due to lower consulting services and personnel placement fees.

Income tax expense for the three months ended March 31, 2025 was $2.8 million with an effective tax rate of 22.7%, compared to $2.7 million with an effective tax rate of 17.5% for the first quarter of 2024. The effective tax rate for the first quarter of 2025 included the impact of certain discrete items related to stock compensation activity as well as the impact of additional tax credit investments made by the Bank during the quarter. The effective tax rate for the first quarter of 2024 was lower due to certain one-time adjustments primarily related to the finalization of certain tax items related to our acquisition of Malvern Bancorp, Inc. and Malvern Bank, National Association (“Malvern”). Income tax expense for the three months ended December 31, 2024 was $3.9 million with an effective tax rate of 27.2%, which included additional tax related to the Bank’s bank-owned life insurance (“BOLI”) restructuring completed in the second half of 2024. We anticipate our future effective tax rate will be in the range of 23% to 24%.

Balance Sheet

Total assets increased $100.4 million, or 2.7%, from December 31, 2024 to March 31, 2025. Total loans as of March 31, 2025 increased $91.8 million, or 2.9%, from $3.14 billion at December 31, 2024. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, as management continued to ensure adequate on-balance sheet liquidity.

The Bank reported total assets of $3.88 billion at March 31, 2025, an increase of $289.4 million, or 8.1%, from $3.59 billion at March 31, 2024. Total loans increased $243.6 million, or 8.1%, to $3.24 billion at March 31, 2025 compared to $2.99 billion at March 31, 2024. The increase primarily reflects strong organic loan growth, particularly in the C&I and owner-occupied commercial real estate portfolios.

Total deposits increased by $63.9 million or 2.1% from $3.06 billion at December 31, 2024 to $3.12 billion at March 31, 2025, due to a combination of in-market and brokered deposits which were utilized to support significant loan growth during the first quarter of 2025. The Bank’s total deposits increased $149.5 million, or 5.0%, from $2.97 billion at March 31, 2024. Organic deposit growth was primarily due to our team’s success in attracting new deposit relationships while also maintaining existing balances amid heightened industry-wide pricing competition.

During the three months ended March 31, 2025, stockholders’ equity increased by $5.8 million, or 1.4%, primarily due to net income, partially offset by dividends and share repurchases.

As of March 31, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 9.63%, a Tier 1 Risk-Based capital ratio of 9.59%, a Common Equity Tier 1 Capital ratio of 9.59%, and a Total Risk-Based capital ratio of 11.46%. The tangible stockholders’ equity to tangible assets ratioⁱⁱⁱ measured 9.47% as of March 31, 2025 compared to 9.56% at December 31, 2024. The decline from December 31, 2024, was primarily due to the asset growth during the quarter ended March 31, 2025.

Asset Quality

First Bank’s asset quality metrics remained favorable during the first quarter of 2025. Total nonperforming loans declined from $11.7 million at December 31, 2024 to $11.6 million at March 31, 2025. Total nonperforming assets declined from $17.3 million to $16.4 million during the same period primarily due to the $815,000 impairment of an OREO asset recorded during the quarter.

The Bank recorded net recoveries of $15,000 during the first quarter of 2025 compared to net recoveries of $155,000 in the fourth quarter of 2024 and net charge-offs of $5.3 million in the first quarter of 2024. Net charge-offs for the first quarter of 2024 reflected the charge-off of a $5.5 million purchased credit deteriorated (“PCD”) loan acquired from Malvern, partially offset by $201,000 in net recoveries. The allowance for credit losses on loans as a percentage of total loans measured 1.21% at March 31, 2025, compared to 1.20% at December 31, 2024 and 1.22% at March 31, 2024.

Liquidity and Borrowings

Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, ensuring adequate on-balance sheet liquidity. Borrowings increased by $34.9 million compared to December 31, 2024, as the Bank utilized Federal Home Loan Bank (“FHLB”) advances to support loan growth, while continuing to maintain adequate available borrowing capacity at the FHLB.

Cash Dividend Declared

On February 21, 2025, the Bank paid $0.06 per share in cash dividends to common stockholders totaling $1.5 million that was declared by the Bank’s Board of Directors on January 21, 2025.

On April 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on May 9, 2025, payable on May 23, 2025.

Share Repurchase Program

During the first quarter of 2025 the Bank repurchased 256,454 shares of common stock at an average price of $15.06 per share, under the share repurchase program authorized in October 2024. Through March 31, 2025, 350,000 shares have been repurchased from the current share repurchase plan with a total cost of $5.2 million or $14.74 per share on average. The share repurchase program provides for the repurchase of up to 1.0 million shares of First Bank common stock with an aggregate repurchase amount of up to $16.0 million. The share repurchase program will expire on September 30, 2025.

Conference Call and Earnings Release Supplement

Additional details on the quarterly results and the Bank are included in the attached earnings release supplement. http://ml.globenewswire.com/Resource/Download/b39afd8e-20bb-4429-bcd7-61a0762ab19e

First Bank will host its earnings call on Wednesday, April 23, 2025 at 9:00 AM Eastern Time. The direct dial toll free number for the live call is 1-800-715-9871 and the access code is 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until July 22, 2025. Replay information will also be available on First Bank’s website at www.firstbanknj.com under the “About Us” tab. Click on “Investor Relations” to access the replay of the conference call.

About First Bank

First Bank is a New Jersey state-chartered bank with 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Trenton and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

Forward Looking Statements

This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions, integrate acquired entities and realize anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the impact of public health emergencies, on First Bank, its operations and its customers and employees; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s proxy statement, subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.

______________________

This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

ⁱ Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release

ⁱⁱ Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱⁱ Tangible stockholders’ equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

FIRST BANK CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited)

	March 31, 2025		December 31, 2024
Assets
Cash and due from banks	$	32,396	$	18,252
Restricted cash		11,910		14,270
Interest bearing deposits with banks		243,778		239,392
Cash and cash equivalents		288,084		271,914
Interest bearing time deposits with banks		743		743
Investment securities available for sale, at fair value (amortized cost of $90,393 and $84,083, respectively)		85,059		77,413
Equity securities, at fair value		1,860		1,870
Investment securities held to maturity, net of allowance for credit losses of $209 and $206, respectively (fair value of $42,565 and $42,770, respectively)		46,387		47,123
Restricted investment in bank stocks		15,933		14,333
Other investments		13,388		11,612
Loans held for sale		618		–
Loans, net of deferred fees and costs		3,236,039		3,144,266
Less: Allowance for credit losses		(39,223)		(37,773)
Net loans		3,196,816		3,106,493
Premises and equipment, net		21,267		21,351
Other real estate owned, net		4,822		5,637
Accrued interest receivable		14,889		14,267
Bank-owned life insurance		86,258		85,553
Goodwill		44,166		44,166
Other intangible assets, net		8,341		8,827
Deferred income taxes, net		25,178		25,528
Other assets		26,950		43,516
Total assets	$	3,880,759	$	3,780,346

Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	535,584	$	519,320
Interest bearing deposits		2,584,210		2,536,576
Total deposits		3,119,794		3,055,896
Borrowings		281,867		246,933
Subordinated debentures		29,981		29,954
Accrued interest payable		4,887		3,820
Other liabilities		29,315		34,587
Total liabilities		3,465,844		3,371,190
Stockholders’ Equity:
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding		–		–
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,576,676 shares issued and 25,045,612 shares outstanding and 27,375,439 shares issued and 25,100,829 shares outstanding, respectively		136,220		135,495
Additional paid-in capital		124,555		124,524
Retained earnings		184,657		176,779
Accumulated other comprehensive loss		(3,938)		(4,925)
Treasury stock, 2,531,064 and 2,274,610 shares, respectively		(26,579)		(22,717)
Total stockholders’ equity		414,915		409,156
Total liabilities and stockholders’ equity	$	3,880,759	$	3,780,346

FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited)

	Three Months Ended
	March 31,
	2025		2024
Interest and Dividend Income
Investment securities—taxable	$	1,188	$	1,182
Investment securities—tax-exempt		51		38
Interest bearing deposits with banks, Federal funds sold and other		2,997		3,025
Loans, including fees		51,552		49,319
Total interest and dividend income		55,788		53,564

Interest Expense
Deposits		20,844		20,786
Borrowings		2,412		2,116
Subordinated debentures		440		344
Total interest expense		23,696		23,246
Net interest income		32,092		30,318
Credit loss expense (benefit)		1,544		(698)
Net interest income after credit loss expense		30,548		31,016

Non-Interest Income
Service fees on deposit accounts		356		344
Loan fees		326		102
Income from bank-owned life insurance		793		785
Gains on sale of loans, net		29		229
Gains on recovery of acquired loans		24		118
Other non-interest income		443		386
Total non-interest income		1,971		1,964

Non-Interest Expense
Salaries and employee benefits		11,118		10,038
Occupancy and equipment		2,464		2,026
Legal fees		368		316
Other professional fees		726		756
Regulatory fees		684		602
Directors’ fees		282		242
Data processing		805		806
Marketing and advertising		399		296
Travel and entertainment		236		244
Insurance		214		244
Other real estate owned expense, net		920		88
Other expense		2,168		2,152
Total non-interest expense		20,384		17,810
Income Before Income Taxes		12,135		15,170
Income tax expense		2,754		2,658
Net Income	$	9,381	$	12,512

Basic earnings per common share	$	0.37	$	0.50
Diluted earnings per common share	$	0.37	$	0.50

Basic weighted average common shares outstanding		25,118,062		25,039,949
Diluted weighted average common shares outstanding		25,269,002		25,199,381

FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Three Months Ended March 31,
	2025						2024
	Average				Average		Average				Average
	Balance		Interest		Rate ⁽⁵⁾		Balance		Interest		Rate ⁽⁵⁾
Interest earning assets
Investment securities ^{(1) (2)}	$	134,274	$	1,250		3.78%	$	147,147	$	1,228		3.36%
Loans ⁽³⁾		3,170,772		51,552		6.59%		2,979,522		49,319		6.66%
Interest bearing deposits with banks,
Federal funds sold and other		234,032		2,575		4.46%		203,158		2,710		5.37%
Restricted investment in bank stocks		14,137		300		8.61%		10,421		199		7.68%
Other investments		14,054		122		3.52%		11,870		116		3.93%
Total interest earning assets ⁽²⁾		3,567,269		55,799		6.34%		3,352,118		53,572		6.43%
Allowance for credit losses		(38,181)						(37,607)
Non-interest earning assets		261,101						261,237
Total assets	$	3,790,189					$	3,575,748

Interest bearing liabilities
Interest bearing demand deposits	$	644,736	$	4,027		2.53%	$	618,941	$	3,666		2.38%
Money market deposits		1,045,013		8,631		3.35%		1,014,906		9,789		3.88%
Savings deposits		142,502		650		1.85%		162,113		574		1.42%
Time deposits		717,881		7,536		4.26%		671,546		6,757		4.05%
Total interest bearing deposits		2,550,132		20,844		3.31%		2,467,506		20,786		3.39%
Borrowings		234,526		2,412		4.17%		167,141		2,116		5.09%
Subordinated debentures		29,963		440		5.87%		42,470		344		3.24%
Total interest bearing liabilities		2,814,621		23,696		3.41%		2,677,117		23,246		3.49%
Non-interest bearing deposits		521,326						481,503
Other liabilities		40,570						40,586
Stockholders’ equity		413,672						376,542
Total liabilities and stockholders’ equity	$	3,790,189					$	3,575,748
Net interest income/interest rate spread ⁽²⁾				32,103		2.93%				30,326		2.92%
Net interest margin ^{(2) (4)}						3.65%						3.64%
Tax equivalent adjustment ⁽²⁾				(11)						(8)
Net interest income			$	32,092					$	30,318

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (in thousands, except for share and employee data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
EARNINGS
Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Credit loss expense (benefit)		1,544		234		1,579		63		(698)
Non-interest income		1,971		2,176		2,479		689		1,964
Non-interest expense		20,384		19,124		18,644		17,953		17,810
Income tax expense		2,754		3,915		4,188		2,140		2,658
Net income		9,381		10,497		8,162		11,073		12,512

PERFORMANCE RATIOS
Return on average assets ⁽¹⁾		1.00%		1.10%		0.88%		1.23%		1.41%
Return on average equity ⁽¹⁾		9.20%		10.27%		8.15%		11.52%		13.36%
Return on average tangible equity ^{(1) (2)}		10.54%		11.82%		9.42%		13.40%		15.64%
Net interest margin ^{(1) (3)}		3.65%		3.54%		3.48%		3.62%		3.64%
Yield on loans ⁽¹⁾		6.59%		6.62%		6.73%		6.81%		6.66%
Total cost of deposits ⁽¹⁾		2.75%		2.89%		3.06%		3.01%		2.83%
Efficiency ratio ⁽²⁾		57.65%		56.98%		58.49%		55.88%		55.56%

SHARE DATA
Common shares outstanding		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449
Basic earnings per share	$	0.37	$	0.42	$	0.32	$	0.44	$	0.50
Diluted earnings per share		0.37		0.41		0.32		0.44		0.50
Book value per share		16.57		16.30		15.96		15.61		15.23
Tangible book value per share ⁽²⁾		14.47		14.19		13.84		13.46		13.06

MARKET DATA
Market value per share	$	14.81	$	14.07	$	15.20	$	12.74	$	13.74
Market value / Tangible book value		102.35%		99.16%		109.83%		94.65%		105.20%
Market capitalization	$	370,926	$	353,169	$	382,841	$	320,347	$	344,825

CAPITAL & LIQUIDITY
Stockholders’ equity / assets		10.69%		10.82%		10.70%		10.86%		10.64%
Tangible stockholders’ equity / tangible assets ⁽²⁾		9.47%		9.56%		9.41%		9.50%		9.27%
Loans / deposits		103.73%		102.89%		101.23%		101.02%		100.75%

ASSET QUALITY
Net charge-offs	$	(15)	$	(155)	$	386	$	175	$	5,293
Net charge-offs (recoveries), excluding PCD loan charge-off ⁽⁴⁾		(15)		(155)		386		175		(201)
Nonperforming loans		11,584		11,677		12,014		14,227		17,054
Nonperforming assets		16,406		17,314		17,651		20,226		23,053
Net charge offs / average loans ⁽¹⁾		0.00%		(0.02%)		0.05%		0.02%		0.72%
Net charge offs (recoveries), excluding PCD loan charge-off / average loans ^{(1) (4)}		(0.00%)		(0.02%)		0.05%		0.02%		(0.03%)
Nonperforming loans / total loans		0.36%		0.37%		0.39%		0.47%		0.57%
Nonperforming assets / total assets		0.42%		0.46%		0.47%		0.56%		0.64%
Allowance for credit losses on loans / total loans		1.21%		1.20%		1.21%		1.21%		1.22%
Allowance for credit losses on loans / nonperforming loans		338.60%		323.48%		311.59%		254.81%		213.42%

OTHER DATA
Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Total loans		3,236,039		3,144,266		3,087,488		2,998,029		2,992,423
Total deposits		3,119,794		3,055,896		3,050,070		2,967,634		2,970,262
Total stockholders’ equity		414,915		409,156		402,070		392,489		382,254
Number of full-time equivalent employees		315		318		313		294		288

(1) Annualized.

(2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See the accompanying table, “Non-GAAP Financial Measures,” for calculation and reconciliation.

(3) Tax equivalent using a federal income tax rate of 21%.

(4) Excludes $5.5 million in a PCD loan charge-off in first quarter of 2024, which was reserved for through purchase accounting marks at the time of the Malvern acquisition.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
LOAN COMPOSITION
Commercial and industrial	$	651,690	$	576,625	$	546,541	$	530,996	$	508,911
Commercial real estate:
Owner-occupied		694,113		671,357		688,988		647,625		625,643
Investor		1,160,549		1,181,684		1,170,508		1,143,954		1,172,311
Construction and development		200,262		205,096		193,460		190,108		184,816
Multi-family		308,217		287,843		267,861		270,238		279,668
Total commercial real estate		2,363,141		2,345,980		2,320,817		2,251,925		2,262,438
Residential real estate:
Residential mortgage and first lien home equity loans		142,298		142,769		144,081		144,978		154,704
Home equity–second lien loans and revolving lines of credit		52,438		51,020		49,763		46,882		45,869
Total residential real estate		194,736		193,789		193,844		191,860		200,573
Consumer and other		29,760		31,324		29,518		26,321		23,702
Total loans prior to deferred loan fees and costs		3,239,327		3,147,718		3,090,720		3,001,102		2,995,624
Net deferred loan fees and costs		(3,288)		(3,452)		(3,232)		(3,073)		(3,201)
Total loans	$	3,236,039	$	3,144,266	$	3,087,488	$	2,998,029	$	2,992,423

LOAN MIX
Commercial and industrial		20.1%		18.3%		17.7%		17.7%		17.0%
Commercial real estate:
Owner-occupied		21.5%		21.4%		22.3%		22.3%		20.9%
Investor		35.9%		37.6%		37.9%		37.9%		39.2%
Construction and development		6.2%		6.5%		6.3%		6.3%		6.2%
Multi-family		9.5%		9.1%		8.7%		8.7%		9.3%
Total commercial real estate		73.1%		74.6%		75.2%		75.2%		75.6%
Residential real estate:
Residential mortgage and first lien home equity loans		4.4%		4.6%		4.7%		4.7%		5.2%
Home equity–second lien loans and revolving lines of credit		1.6%		1.6%		1.6%		1.6%		1.5%
Total residential real estate		6.0%		6.2%		6.3%		6.3%		6.7%
Consumer and other		0.9%		1.0%		0.9%		0.9%		0.8%
Net deferred loan fees and costs		(0.1%)		(0.1%)		(0.1%)		(0.1%)		(0.1%)
Total loans		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
DEPOSIT COMPOSITION
Non-interest bearing demand deposits	$	535,584	$	519,320	$	519,079	$	499,765	$	470,749
Interest bearing demand deposits		629,974		629,099		597,802		574,515		580,864
Money market and savings deposits		1,197,517		1,198,039		1,235,637		1,199,382		1,219,634
Time deposits		756,719		709,438		697,552		693,972		699,015
Total Deposits	$	3,119,794	$	3,055,896	$	3,050,070	$	2,967,634	$	2,970,262

DEPOSIT MIX
Non-interest bearing demand deposits		17.2%		17.0%		17.0%		16.8%		15.8%
Interest bearing demand deposits		20.2%		20.6%		19.6%		19.4%		19.6%
Money market and savings deposits		38.4%		39.2%		40.5%		40.4%		41.1%
Time deposits		24.2%		23.2%		22.9%		23.4%		23.5%
Total Deposits		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Return on Average Tangible Equity
Net income (numerator)	$	9,381	$	10,497	$	8,162	$	11,073	$	12,512

Average stockholders’ equity	$	413,672	$	406,579	$	398,535	$	386,644	$	376,542
Less: Average Goodwill and other intangible assets, net		52,805		53,278		53,823		54,347		54,790
Average Tangible stockholders’ equity (denominator)	$	360,867	$	353,301	$	344,712	$	332,297	$	321,752

Return on average tangible equity ⁽¹⁾		10.54%		11.82%		9.42%		13.40%		15.64%

Tangible Book Value Per Share
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Common shares outstanding (denominator)		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449

Tangible book value per share	$	14.47	$	14.19	$	13.84	$	13.46	$	13.06

Tangible Equity / Tangible Assets
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible total assets (denominator)	$	3,828,252	$	3,727,353	$	3,704,169	$	3,561,705	$	3,536,915

Tangible stockholders’ equity / tangible assets		9.47%		9.56%		9.41%		9.50%		9.27%

Efficiency Ratio
Non-interest expense	$	20,384	$	19,124	$	18,644	$	17,953	$	17,810
Less: Other real estate owned write-down		815		–		362		–		–
Adjusted non-interest expense (numerator)	$	19,569	$	19,124	$	18,282	$	17,953	$	17,810

Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Non-interest income		1,971		2,176		2,479		689		1,964
Total revenue		34,063		33,770		32,573		31,229		32,282
Add: Losses on sale of investment securities, net		–		–		555		–		–
(Subtract) Add: (Gains) losses on sale of loans, net		(29)		(38)		(135)		900		(229)
Less: Bank Owned Life Insurance Incentive		(88)		(168)		(1,116)		–		–
Adjusted total revenue (denominator)	$	33,946	$	33,564	$	31,877	$	32,129	$	32,053

Efficiency ratio		57.65%		56.98%		57.35%		55.88%		55.56%

(1) Annualized.

The MIL Network –

April 23, 2025

MIL-OSI: Range Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.

First Quarter 2025 Highlights –

Cash flow from operating activities of $330 million
Cash flow from operations, before working capital changes, of $397 million
Repurchased $68 million of shares, paid $22 million in dividends, and reduced net debt by $42 million
Capital spending was $147 million, approximately 22% of the annual 2025 budget
Realized price, including hedges, was $4.02 per mcfe
Natural gas differential, including basis hedging, of ($0.15) per mcf to NYMEX
Pre-hedge NGL realizations of $27.79 per barrel – a premium of $1.05 over Mont Belvieu equivalent
Production averaged 2.20 Bcfe per day, approximately 69% natural gas
Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

First Quarter 2025 Results

GAAP revenues and other income for first quarter 2025 totaled $691 million, GAAP net cash provided from operating activities (including changes in working capital) was $330 million, and GAAP net income was $97 million ($0.40 per diluted share). First quarter earnings results include a $159 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $397 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $232 million ($0.96 per diluted share) in first quarter 2025.

The following table details Range’s first quarter 2025 unit costs per mcfe^(a):

Expenses	1Q 2025 (per mcfe)		1Q 2024 (per mcfe)		Increase (Decrease)

Direct operating^(a)	$	0.13	$	0.11	18	%
Transportation, gathering, processing and compression^(a)		1.55		1.49	4	%
Taxes other than income		0.04		0.03	33	%
General and administrative^(a)		0.16		0.18	(11	)%
Interest expense^(a)		0.14		0.15	(7	)%
Total cash unit costs^(b)		2.01		1.96	3	%
Depletion, depreciation and amortization (DD&A)		0.46		0.45	2	%
Total unit costs plus DD&A^(b)	$	2.46	$	2.40	3	%

^{(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.}
^{(b) Totals may not be exact due to rounding.}

The following table details Range’s average production and realized pricing for first quarter 2025^(a):

	1Q25 Production & Realized Pricing
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)

Net production per day			1,510,705			4,706			110,222			2,200,276

Average NYMEX price		$	3.66		$	71.40		$	26.74
Differential, including basis hedging			(0.15	)		(10.28	)		1.05
Realized prices before NYMEX hedges			3.51			61.12			27.79			3.93
Settled NYMEX hedges			0.13			0.60			(0.04	)		0.09
Average realized prices after hedges		$	3.64		$	61.72		$	27.75		$	4.02

^{(a) Totals may not be exact due to rounding}

First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.02 per mcfe.

The average natural gas price, including the impact of basis hedging, was $3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $27.79 per barrel, approximately $1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $61.12 per barrel, or $10.28 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

Financial Position and Repurchase Activity

As of March 31, 2025, Range had net debt outstanding of approximately $1.36 billion, consisting of $1.71 billion of senior notes and $345 million in cash. During the first quarter, Range repurchased in the open market $2.2 million principal amount of 4.875% senior notes due 2025 at a discount.

During the quarter, Range repurchased 1,826,562 shares at an average price of approximately $36.97 per share. As of March 31, 2025, the Company had approximately $949 million of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2025 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $16 million was invested in acreage, and $1 million was invested in infrastructure and other investments. First quarter capital spending represented approximately 22% of Range’s total capital budget in 2025.

During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1Q 2025	Remaining 2025	2025 Planned TIL
SW PA Super-Rich	0	8	8
SW PA Wet	10	19	29
SW PA Dry	0	5	5
NE PA Dry	0	4	4
Total Wells	10	36	46

Marketing and Midstream Update

Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day in 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

	Direct operating expense:	$0.12 – $0.14 per mcfe
	Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
	Taxes other than income:	$0.03 – $0.04 per mcfe
	Exploration expense:	$24 – $28 million
	G&A expense:	$0.17 – $0.19 per mcfe
	Net Interest expense:	$0.12 – $0.13 per mcfe
	DD&A expense:	$0.45 – $0.46 per mcfe
	Net brokered gas marketing expense:	$8 – $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
	FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.25 to $1.25 per barrel
	FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of $11.7 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	791,920		$	567,001
Derivative fair value (loss) income		(158,957	)		46,598
Brokered natural gas and marketing		54,408			28,831
ARO settlement loss (b)		–			(26	)
Interest income (b)		3,053			2,943
Gain on sale of assets (b)		62			87
Other (b)		68			22
Total revenues and other income		690,554			645,456			7	%

Costs and expenses:
Direct operating		24,836			21,664
Direct operating – stock-based compensation (c)		537			497
Transportation, gathering, processing and compression		306,109			290,875
Taxes other than income		6,987			5,368
Brokered natural gas and marketing		57,361			30,895
Brokered natural gas and marketing – stock-based compensation (c)		840			708
Exploration		6,044			4,202
Exploration – stock-based compensation (c)		347			324
Abandonment and impairment of unproved properties		4,574			2,371
General and administrative		31,553			33,772
General and administrative – stock-based compensation (c)		10,111			9,978
General and administrative – lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan (d)		2,879			6,405
Interest expense		27,785			29,116
Interest expense – amortization of deferred financing costs (e)		1,376			1,360
Gain on early extinguishment of debt		(3	)		(64	)
Depletion, depreciation and amortization		90,559			87,137
Total costs and expenses		580,819			535,114			9	%

Income before income taxes		109,735			110,342			-1	%

Income tax expense
Current		2,000			1,582
Deferred		10,683			16,622
		12,683			18,204

Net income	$	97,052		$	92,138			5	%


Net income Per Common Share
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

Weighted average common shares outstanding, as reported
Basic		240,035			240,505			0	%
Diluted		241,755			242,406			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the
categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	March 31,			December 31,
	2025			2024
	(Unudited)			(Audited)
Assets
Current assets	$	714,502		$	636,982
Derivative assets		6,470			87,098
Natural gas and oil properties, net (successful efforts method)		6,476,813			6,421,700
Other property and equipment, net		2,799			2,465
Operating lease right-of-use assets		100,110			119,838
Other		82,030			79,592
	$	7,382,724		$	7,347,675

Liabilities and Stockholders’ Equity
Current liabilities	$	1,211,926		$	1,263,247
Asset retirement obligations		1,189			1,189
Derivative liabilities		70,845			9,634
Senior notes, excluding current maturities		1,090,107			1,089,614
Deferred tax liabilities		552,057			541,378
Derivative liabilities		32,178			10,488
Deferred compensation liabilities		66,336			65,233
Operating lease liabilities		35,535			35,737
Asset retirement obligations and other liabilities		140,607			137,181
Divestiture contract obligation		242,583			257,317
		3,443,363			3,411,018

Common stock and retained deficit		4,520,586			4,449,987
Other comprehensive income		597			611
Common stock held in treasury		(581,822	)		(513,941	)
Total stockholders’ equity		3,939,361			3,936,657
	$	7,382,724		$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	March 31,			December 31,
	2025			2024			%

Total debt, net of deferred financing costs, as reported	$	1,696,541		$	1,697,883			0	%
Unamortized debt issuance costs, as reported		10,001			10,819
Less cash and cash equivalents, as reported		(344,574	)		(304,490	)
Net debt, a non-GAAP measure	$	1,361,968		$	1,404,212			-3	%

RANGE RESOURCES CORPORATION



CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024

Net income		97,052			92,138
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		10,683			16,622
Depletion, depreciation and amortization		90,559			87,137
Abandonment and impairment of unproved properties		4,574			2,371
Derivative fair value loss (income)		158,957			(46,598	)
Cash settlements on derivative financial instruments		4,573			122,373
Divestiture contract obligation, including accretion		8,897			10,267
Amortization of deferred financing costs and other		1,182			1,232
Deferred and stock-based compensation		15,083			18,215
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)

Changes in working capital:
Accounts receivable		(28,722	)		107,454
Other current assets		(9,028	)		(8,944	)
Accounts payable		36,181			12,188
Accrued liabilities and other		(59,843	)		(82,374	)
Net changes in working capital		(61,412	)		28,324
Net cash provided from operating activities		330,083			331,930



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Net cash provided from operating activities, as reported	$	330,083		$	331,930
Net changes in working capital		61,412			(28,324	)
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Non-cash compensation adjustment and other		(175	)		(101	)
Cash flow from operations before changes in working capital – non-GAAP measure	$	397,391		$	307,898



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Basic:
Weighted average shares outstanding		240,776			242,082
Stock held by deferred compensation plan		(741	)		(1,577	)
Adjusted basic		240,035			240,505

Dilutive:
Weighted average shares outstanding		240,776			242,082
Dilutive stock options under treasury method		979			324
Adjusted dilutive		241,755			242,406

RANGE RESOURCES CORPORATION



RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025					2024					%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		490,377			$		271,475
NGLs sales			275,654					256,076
Oil sales			25,889					39,450
Total Natural Gas, NGLs and Oil Sales, as reported	$		791,920			$		567,001				40		%

Derivative Fair Value (Loss) Income, as reported	$		(158,957		)	$		46,598
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas			(4,729		)			(120,913	)
NGLs			412					77
Oil			(256		)			(1,537	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$		(163,530		)	$		(75,775	)

Transportation, gathering, processing and compression components:
Natural Gas	$		157,519			$		150,112
NGLs			147,838					140,274
Oil			752					489
Total transportation, gathering, processing and compression, as reported	$		306,109			$		290,875

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		495,106			$		392,388
NGLs sales			275,242					255,999
Oil Sales			26,145					40,987
Total	$		796,493			$		689,374				16		%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			135,963,430					132,650,240				2		%
NGLs (bbls)			9,919,989					9,760,723				2		%
Oil (bbls)			423,579					610,279				-31		%
Gas equivalent (mcfe) (b)			198,024,838					194,876,252				2		%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)			1,510,705					1,457,695				4		%
NGLs (bbls)			110,222					107,261				3		%
Oil (bbls)			4,706					6,706				-30		%
Gas equivalent (mcfe) (b)			2,200,276					2,141,497				3		%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$		3.61			$		2.05				76		%
NGLs (per bbl)	$		27.79			$		26.24				6		%
Oil (per bbl)	$		61.12			$		64.64				-5		%
Gas equivalent (per mcfe) (b)	$		4.00			$		2.91				37		%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$		3.64			$		2.96				23		%
NGLs (per bbl)	$		27.75			$		26.23				6		%
Oil (per bbl)	$		61.72			$		67.16				-8		%
Gas equivalent (per mcfe) (b)	$		4.02			$		3.54				14		%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$		2.48			$		1.83				36		%
NGLs (per bbl)	$		12.84			$		11.86				8		%
Oil (per bbl)	$		59.95			$		66.36				-10		%
Gas equivalent (per mcfe) (b)	$		2.48			$		2.05				21		%

Transportation, gathering and compression expense per mcfe	$		1.55			$		1.49				4		%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION



RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended March 31,
		2025					2024				%

Income from operations before income taxes, as reported				109,735			110,342					-1	%
Adjustment for certain special items:
Gain on the sale of assets				(62	)		(87			)
ARO settlement loss				–			26
Change in fair value related to derivatives prior to settlement				163,530			75,775
Abandonment and impairment of unproved properties				4,574			2,371
Gain on early extinguishment of debt				(3	)		(64			)
Lawsuit settlements				27			191
Exit costs				8,897			10,315
Brokered natural gas and marketing – stock-based compensation				840			708
Direct operating – stock-based compensation				537			497
Exploration expenses – stock-based compensation				347			324
General & administrative – stock-based compensation				10,111			9,978
Deferred compensation plan – non-cash adjustment				2,879			6,405

Income before income taxes, as adjusted				301,412			216,781					39	%

Income tax expense, as adjusted
Current (a)				2,000			1,582
Deferred (a)				67,325			48,278

Net income, excluding certain items, a non-GAAP measure		$		232,087			$	166,921				39	%

Non-GAAP income per common share
Basic		$		0.97			$	0.69				41	%
Diluted		$		0.96			$	0.69				39	%

Non-GAAP diluted shares outstanding, if dilutive				241,755			242,406





(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024

Net income, as reported	$	97,052		$	92,138
Adjustments for certain special items:
Gain on the sale of assets		(62	)		(87	)
ARO settlement loss		–			26
Gain on early extinguishment of debt		(3	)		(64	)
Change in fair value related to derivatives prior to settlement		163,530			75,775
Abandonment and impairment of unproved properties		4,574			2,371
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Stock-based compensation		11,835			11,507
Deferred compensation plan		2,879			6,405
Tax impact		(56,642	)		(31,656	)

Net income, excluding certain items, a non-GAAP measure	$	232,087		$	166,921

Net income per diluted share, as reported	$	0.40		$	0.38
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–
ARO settlement loss		–			–
Gain on early extinguishment of debt		–			–
Change in fair value related to derivatives prior to settlement		0.68			0.31
Abandonment and impairment of unproved properties		0.02			0.01
Lawsuit settlements		–			–
Exit costs		0.04			0.04
Stock-based compensation		0.05			0.05
Deferred compensation plan		0.01			0.03
Adjustment for rounding differences		(0.01	)		–
Tax impact		(0.23	)		(0.13	)
Dilutive share impact (rabbi trust and other)		–			–

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.96		$	0.69

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.97		$	0.69
Diluted	$	0.96		$	0.69

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Revenues
Natural gas, NGLs and oil sales, as reported	$	791,920		$	567,001
Derivative fair value (loss) income, as reported		(158,957	)		46,598
Less non-cash fair value loss		163,530			75,775
Brokered natural gas and marketing, as reported		54,408			28,831
Other income, as reported		3,183			3,026
Less gain on sale of assets		(62	)		(87	)
Less ARO settlement		–			26
Cash revenues		854,022			721,170

Expenses
Direct operating, as reported		25,373			22,161
Less direct operating stock-based compensation		(537	)		(497	)
Transportation, gathering and compression, as reported		306,109			290,875
Taxes other than income, as reported		6,987			5,368
Brokered natural gas and marketing, as reported		58,201			31,603
Less brokered natural gas and marketing stock-based compensation		(840	)		(708	)
General and administrative, as reported		41,691			43,941
Less G&A stock-based compensation		(10,111	)		(9,978	)
Less lawsuit settlements		(27	)		(191	)
Interest expense, as reported		29,161			30,476
Less amortization of deferred financing costs		(1,376	)		(1,360	)
Cash expenses		454,631			411,690

Cash margin, a non-GAAP measure	$	399,391		$	309,480

Mmcfe produced during period		198,025			194,876

Cash margin per mcfe	$	2.02		$	1.59

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Income before income taxes, as reported	$	109,735		$	110,342
Adjustments to reconcile income before income taxes to cash margin:
ARO settlements		–			26
Derivative fair value loss (income)		158,957			(46,598	)
Net cash receipts on derivative settlements		4,573			122,373
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan		2,879			6,405
Stock-based compensation (direct operating, brokered natural gas and		11,835			11,507
Marketing, and general and administrative)
Bad debt expense		–			–
Interest – amortization of deferred financing costs		1,376			1,360
Depletion, depreciation and amortization		90,559			87,137
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)
Abandonment and impairment of unproved properties		4,574			2,371
Cash margin, a non-GAAP measure	$	399,391		$	309,480

The MIL Network –

April 23, 2025

MIL-OSI: PHH Mortgage Launches Proprietary Reverse Mortgage Product

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., April 22, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched a proprietary reverse mortgage product known as EquityIQ^®. The product will be available through the Company’s wholesale network and marketed under PHH’s reverse mortgage product brand, Liberty Reverse Mortgage.

“For more than two decades, we’ve leveraged our reverse mortgage expertise to help our partners and homeowners safely access reverse mortgage products and establish ourselves as an industry-leading reverse mortgage lender and servicer,” said Andy Peach, Executive Vice President and Chief Lending Officer. “We understand our customers’ needs and the many benefits of a reverse mortgage. With an estimated $14 trillion in senior home equity,¹ we’re excited to launch EquityIQ, which complements our existing Home Equity Conversion Mortgage (HECM) product offering, to help senior homeowners unlock their home equity to meet personal and financial needs.”

“Our release of the EquityIQ product is the latest example of how PHH continues to provide new opportunities for its partners to grow their businesses,” said Rich Bradfield, Executive Vice President and Chief Growth Officer. “We believe EquityIQ can be a valuable option for our wholesale partners and their clients, and we look forward to continuing to expand our product options to meet our customers’ needs.”

EquityIQ^®Product Information

Available to homeowners at least 55 years old (unless restricted by state law)
Private (not insured by the Federal Housing Administration), jumbo reverse mortgage; allows homeowners to access more available funds as compared to a traditional HECM
Fixed-rate loan with a maximum loan amount of $4 million
No upfront or ongoing mortgage insurance and no monthly servicing fee
Full draw of available proceeds required at closing
Eligible property types include single-family, condominium, townhomes, multi-family property (2-4 units) and planned unit development
All applicable parties must receive counseling from a PHH-approved housing counseling agency
Available for primary residence only and borrower is required to continue paying property taxes, homeowners insurance, HOA fees and maintenance costs

For Information on becoming a wholesale partner please visit https://partner.libertyreversemortgage.com.

¹ Source: NRMLA/RiskSpan Reverse Mortgage Market Index quarterly release as of March 31, 2025

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

PHH Mortgage and Liberty Reverse Mortgage are equal housing lenders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the anticipated benefits of the EquityIQ product to PHH’s wholesale partners and clients and the ability of PHH to continue expanding product options.

Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, developments in our litigation matters, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

For Further Information Contact:

Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com

The MIL Network –

April 23, 2025

MIL-OSI: BlackLine Announces Date for First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the first quarter ended March 31, 2025 after market close on Tuesday, May 6, 2025 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast and replay will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. To access the conference call by phone, please register here, and dial-in details will be provided. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

About BlackLine

BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

For more information, please visit blackline.com.

Investor Relations Contact:
Matt Humphries, CFA
matt.humphries@blackline.com

The MIL Network –

April 23, 2025

MIL-OSI: XenDex News: The First Lending and Borrowing Protocol on the XRP Ledger

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Australia, April 22, 2025 (GLOBE NEWSWIRE) — XenDex is pioneering a transformative step forward for the XRP Ledger (XRPL) by launching the ecosystem’s first non-custodial, trustless, and smart contract-based lending and borrowing platform. Designed to empower users with direct access to decentralized finance, XenDex enables individuals to lend their crypto assets and earn yield, or borrow against their holdings, all without intermediaries.

Through a secure, transparent protocol built natively on XRPL, XenDex introduces the infrastructure necessary for decentralized credit markets, leveraging audited smart contracts to manage lending pools, collateral, and interest payments on-chain.

Join XenDex Telegram And Follow On X For More Updates

How Lending Works on XenDex

Lenders can deposit supported assets (such as XRP, $XDX, or other XRPL tokens) into the platform’s smart contract-powered lending pools. These deposits are made available to borrowers, and in return, lenders earn interest based on usage of the pool by the platform’s borrowers.

Key steps n how to lend on XenDex:

Connect Wallet via XRPL-compatible providers like Xaman.
Choose an Asset to Lend — e.g., XRP or $XDX.
Deposit into the Lending Pool — funds are secured by smart contracts.
Earn Passive Yield — interest is paid by borrowers and distributed to lenders proportionally.
Withdraw Anytime — as long as liquidity remains available, users can retrieve their principal and accrued interest.

Lenders can specify terms such as interest rate expectations and duration preferences through the XRP based platform’s interface, although lending pools are dynamically managed based on real-time supply and demand.

How Borrowing Works on XenDex

Visit XenDex Website & Join Telegram Community

Borrowers can access liquidity by locking supported tokens as collateral, then borrowing other assets up to a specified Loan-to-Value (LTV) ratio.

Borrowing process on XenDex:

Connect Wallet to access the borrowing dashboard.
Lock Collateral — deposit XRP, $XDX, or other supported assets.
Borrow Against Collateral — receive up to a percentage of your collateral (e.g., 70%).
Repay with Interest — repay the loan at any time during the agreed period.
Unlock Collateral — once fully repaid, your collateral becomes accessible again.

Example: Deposit 1,000 $XDX (valued at $1,000) with a 70% LTV. You can borrow up to $700 worth of XRP or other available assets.

Liquidation Protection: If your collateral value drops below safety thresholds, smart contracts may trigger partial liquidation to protect the lending pool and maintain solvency.

Security and Non-Custodial Architecture of XenDex’s Lending & Borrowing Protocol

All assets are secured through audited smart contracts, no central authority or third-party custody.
Real-time price oracles and liquidation bots maintain platform safety and collateral health.
Full transparency with on-chain verifiability for all lending and borrowing transactions.

XenDex’s lending and borrowing protocol is redefining how XRP holders interact with DeFi; enabling secure, decentralized capital efficiency with full user control.

For more information, please visit:

Website | Telegram | X (Formerly Twitter)

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8ddd56b-8a18-4cf4-a91e-ee0a0dfe2648

The MIL Network –

April 23, 2025

MIL-OSI: Foresight Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

WINNEBAGO, Ill., April 22, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income of $734 thousand for the quarter ended March 31, 2025, a 79% decrease compared to the $3.51 million reported for the first quarter of 2024. Diluted Earnings per Share (EPS) for the first quarter decreased 80% to $0.20 compared to $1.00 in the first quarter of the prior year. The first quarter results produced a Return on Average Equity (ROAE) of 2.18% and Return on Average Assets (ROAA) of 0.21%. The decrease in net income compared to the first quarter of 2024 was due to an increase in provision for loan losses, an impairment charge related to other investments and nonrecurring expenses related to the charter consolidation process.

Foresight CEO Peter Q. Morrison stated “The legal consolidation of our Company’s six banking charters is on track to occur during the second quarter of this year, with the conversions of operating systems to a single platform to be layered in between August and October of 2025. This consolidation will provide significant savings via the reduction of duplicative operational expenses and gained efficiencies by operating under one functional banking platform rather than six. During the consolidation process executive management of Foresight Financial Group gained additional insight into the loan portfolios and credit administration practices of each of its subsidiary banks, which resulted in the identification of weaknesses in the clean energy sector of the portfolio within the German-American State Bank charter. We expect the increased consistency in credit administration practices gained through charter consolidation will be accretive to credit quality, earnings, and shareholder value.”

Net interest income for the first quarter of 2025 increased by $152 thousand to $12.26 million as compared to $12.11 million the year before. The net interest margin on a fully taxable equivalent basis increased by two basis points to 3.25% compared to 3.23% in the first quarter of 2024. Average total loans for the quarter ended March 31, 2025 increased by $21.2 million to $1.10 billion as compared to $1.08 billion in the first quarter of 2024. Total average deposits for the first quarter of 2025 increased $34.4 million to $1.41 billion as compared to $1.38 billion in the first quarter of the prior year.

The provision for loan losses for the quarter ended March 31, 2025 increased to $1.30 million as compared to $64 thousand in the first quarter of the prior year, reflecting potential impairment of certain credits within the clean energy sector of the loan portfolio. Total non-performing assets of the Company as of March 31, 2025 was $29.72 million compared to $28.42 million the previous quarter, and $14.72 million as of March 31, 2024.

Noninterest income for the quarter ended March 31, 2025 increased $267 thousand to $1.94 million compared to $1.68 million in the first quarter of the prior year. The increase includes an increase of $240,000 in net loan servicing fees, including a favorable fair value adjustment of $157 thousand to the originated mortgage servicing rights asset, and an improvement of $111 thousand in net gains/losses on securities sales.

Noninterest expenses for the quarter ended March 31, 2025 totaled $12.18 million, a $3.03 million increase over $9.15 million in the first quarter of 2024. The increase in operating expenses includes a $1.96 million impairment charge on a green energy sector non-marketable equity investment and $313 thousand of charter consolidation related expenses. In addition, salaries and employee benefits increased by $447 thousand, or 7.8%.

The closing price for the Company’s stock was $31.50, as of the close of business April 16, 2025. Tangible book value per share of the Company’s common stock increased by $1.21and $3.63 to $43.80 as of March 31, 2025, compared to $42.59 and $40.17 as of December 31, 2024 and March 31, 2024, respectively. The tangible book value per share of the Company’s common stock, excluding Accumulated Other Comprehensive Income was $51.80 at March 31, 2025, compared to $51.79 at the end of 2024 and $50.44 as of March 31, 2024.

About Foresight Financial

Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

Forward-Looking Statements

When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

FOR INFORMATION CONTACT:

Peter Morrison
Chief Executive Officer
(815) 847-7500

Todd James
Chief Financial Officer
(815) 847-7500

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
March 31, 2025 and December 31, 2024
(Unaudited)
	March 31,			December 31,
Assets		2025			2024
	(in thousands, except per share data)
Cash and due from banks	$	19,996		$	16,905
Interest-bearing deposits in banks		46,118			45,357
Federal funds sold		452			1,738
Total cash and cash equivalents		66,566			64,000

Interest-bearing deposits in banks – term deposits		2,466			4,434
Debt securities:
Debt securities available-for-sale (AFS)		380,667			369,945
Debt securities held-to-maturity (HTM)		3,263			3,263
Marketable equity securities and other investments		5,671			7,592
Loans held for sale		573			852
Loans, net of allowance for credit losses		1,084,761			1,100,657
Foreclosed assets and other real estate owned, net		–			–
Premises and equipment, net		16,978			17,125
Bank owned life insurance		24,615			24,459
Other assets		40,519			40,892
Total assets	$	1,626,079		$	1,633,219

Liabilities and Stockholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	250,709		$	249,076
Interest-bearing		1,142,009			1,151,627
Total deposits		1,392,718			1,400,703
Federal funds purchased		55			5,804
Securities sold under agreements to repurchase		21,095			15,017
Federal Home Loan Bank (FHLB) and other borrowings		37,810			40,911
Accrued interest payable and other liabilities		16,670			17,386
Total liabilities		1,468,348			1,479,821

Stockholders’ equity:
Preferred stock		–			–
Common stock		1,060			1,060
Additional paid-in capital		16,482			16,482
Retained earnings		184,972			184,961
Treasury stock, at cost		(16,008	)		(16,008	)
Accumulated other comprehensive loss		(28,775	)		(33,097	)
Total stockholders’ equity		157,731			153,398
Total liabilities and stockholders’ equity	$	1,626,079		$	1,633,219

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)

	Three Months Ended March 31,
		2025		2024
	(in thousands, except per share data)
Interest and dividend income:
Loans, including fees	$	16,918	$	16,698
Debt securities:
Taxable		2,064		1,755
Tax-exempt		403		418
Interest-bearing deposits in banks and other		646		515
Federal funds sold		10		28
Total interest income		20,041		19,414
Interest expense:
Deposits		7,365		6,881
Federal funds purchased		5		20
Securities sold under agreements to repurchase		72		115
FHLB and other borrowings		335		286
Total interest expense		7,777		7,302
Net interest income		12,264		12,112
Provision for credit losses		1,298		64
Net interest and dividend income, after provision for credit losses		10,966		12,048

Noninterest income:
Customer service fees		342		342
Loss on sales and calls of AFS securities, net		0		-111
Gain on sale of loans, net		137		104
Loan servicing fees, net		309		69
Bank owned life insurance		157		216
ATM / interchange fees		494		507
Other		503		548
Total noninterest income		1,942		1,675

Noninterest expenses:
Salaries and employee benefits		6,202		5,755
Occupancy expense of premises, net		602		638
Outside services		666		374
Data processing		731		716
Foreclosed assets and other real estate owned, net		0		0
Other		3,980		1,663
Total noninterest expenses		12,181		9,146

Income before income taxes		727		4,579
Income tax expense		-7		1,070

Net income	$	734	$	3,509

Earnings per common share:
Basic	$	0.20	$	1.00
Diluted	$	0.20	$	1.00

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
(Unaudited)

	For the Quarter Ended
	March 31,			December 31,		September 30,			June 30,		March 31,
	2025			2024		2024			2024		2024
Interest and dividend income:
Loans, including fees	$	16,918		$	17,249	$	17,943		$	17,394	$	16,698
Interest on investment securities		2,467			2,269		2,183			2,236		2,173
Interest on fed funds sold and other deposits		656			818		573			625		543
Total interest income		20,041			20,336		20,699			20,255		19,414
Interest expense:
Deposits		7,365			7,641		7,885			7,448		6,881
Federal funds purchased		5			7		29			8		20
Securities sold under agreements to repurchase		72			132		134			103		115
FHLB and other borrowings		335			328		365			335		286
Total interest expense		7,777			8,108		8,413			7,894		7,302
Net interest income		12,264			12,228		12,286			12,361		12,112
Provision for credit losses		1,298			665		185			138		64
Net interest income after provision for loan losses		10,966			11,563		12,101			12,223		12,048

Noninterest income:
Customer service fees		342			371		366			342		342
Net securities gains (losses)		–			–		–			–		(111	)
Gain on sale of loans, net		137			182		303			183		104
Loan servicing fees, net		309			192		(98	)		86		69
Bank owned life insurance		157			160		571			163		216
ATM / debit card revenue		494			539		547			550		507
Other		503			429		298			334		548
Total noninterest income		1,942			1,873		1,987			1,658		1,675

Noninterest expenses:
Salaries and employee benefits		6,202			6,383		6,302			6,230		5,755
Occupancy expense of premises, net		602			587		592			587		638
Outside services		666			435		411			391		374
Data processing		731			968		788			716		716
Foreclosed assets and other real estate owned, net		–			–		6			6		–
Other		3,980			1,878		1,759			1,709		1,663
Total noninterest expenses		12,181			10,251		9,858			9,639		9,146
Income before income taxes		727			3,185		4,230			4,240		4,579
Income tax expense		(7	)		692		833			975		1,070
Net income	$	734		$	2,493	$	3,397		$	3,265	$	3,509

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	19,996		$	16,905		$	30,162		$	21,290		$	13,179
Interest-bearing deposits in banks		46,118			45,357			20,040			11,196			33,299
Federal funds sold		452			1,738			2,183			3,433			2,791
Total cash and cash equivalents		66,566			64,000			52,385			35,919			49,269

Interest-bearing deposits in banks – term deposits		2,466			4,434			5,169			4,983			5,975
Debt securities:
Debt securities available-for-sale (AFS)		380,667			369,945			368,386			359,762			361,298
Debt securities held-to-maturity (HTM)		3,263			3,263			3,616			3,609			3,603
Marketable equity securities and other investments		5,671			7,592			6,738			6,215			6,030
Loans held for sale		573			852			794			480			479
Loans, net of allowance for credit losses		1,084,761			1,100,657			1,102,342			1,107,199			1,074,147
Foreclosed assets and other real estate owned, net		–			–			–			68			–
Premises and equipment, net		16,978			17,125			17,125			17,234			17,399
Bank owned life insurance		24,615			24,459			24,300			24,653			24,490
Other assets		40,519			40,892			39,350			39,550			37,172
Total assets	$	1,626,079		$	1,633,219		$	1,620,205		$	1,599,672		$	1,579,862

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	250,709		$	249,076		$	237,685		$	244,414		$	248,836
Interest-bearing		1,142,009			1,151,627			1,138,578			1,128,081			1,118,894
Total deposits		1,392,718			1,400,703			1,376,263			1,372,495			1,367,730
Federal funds purchased		55			5,804			4,764			6,053			446
Securities sold under agreements to repurchase		21,095			15,017			23,381			21,930			21,553
Federal Home Loan Bank (FHLB) and other borrowings		37,810			40,911			39,174			39,293			34,170
Accrued interest payable and other liabilities		16,670			17,386			16,970			16,674			16,588
Total liabilities		1,468,348			1,479,821			1,460,552			1,456,445			1,440,487
Stockholders’ equity:
Preferred stock		–			–			–			–			–
Common stock		1,060			1,060			1,060			1,022			1,020
Additional paid-in capital		16,482			16,482			16,445			11,660			11,432
Retained earnings		184,972			184,961			183,118			180,346			177,703
Treasury stock, at cost		(16,008	)		(16,008	)		(16,008	)		(16,008	)		(15,161	)
Accumulated other comprehensive loss		(28,775	)		(33,097	)		(24,963	)		(33,793	)		(35,619	)
Total stockholders’ equity		157,731			153,398			159,653			143,227			139,375
Total liabilities and stockholders’ equity	$	1,626,079		$	1,633,219		$	1,620,205		$	1,599,672		$	1,579,862

KEY FINANCIAL RATIOS
(Unaudited)
	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024

Basic earnings per common share	$	0.20		$	0.69		$	0.97		$	0.95		$	1.00
Diluted earnings per common share		0.20			0.69			0.97			0.94			1.00
Dividends per common share		0.20			0.18			0.18			0.18			0.18

Book value per common share		43.84			42.63			44.38			41.59			40.21
Tangible book value per common share		43.80			42.59			44.34			41.55			40.17
Tangible book value, excluding AOCI, per share		51.80			51.79			51.28			51.36			50.44
End of period shares outstanding		3,598,042			3,598,042			3,597,418			3,443,937			3,466,225
Average number of shares outstanding		3,598,042			3,597,478			3,494,270			3,450,527			3,494,961

Return on average assets		0.21	%		0.58	%		0.82	%		0.82	%		0.90	%
Return on average equity		2.18	%		6.08	%		8.83	%		9.40	%		10.04	%
Net interest margin, tax equivalent		3.25	%		3.14	%		3.21	%		3.24	%		3.23	%
Efficiency ratio, tax equivalent		83.72	%		72.58			68.97			68.13			65.42

ASSET QUALITY DATA
(Unaudited)	As of
(Amounts in thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

Nonaccrual Loans	28,564		28,175		23,653		21,366		14,668
Accruing loans past due 90 days or more	185		230		680		32		53
Total non-performing loans	28,749		28,405		24,333		21,398		14,721
Other real estate owned and other assets	6		13		7		–		–
Impaired other investments	961		–		–		–		–
Total non-performing Assets	29,716		28,418		24,340		21,398		14,721

Total Loans	1,100,853		1,115,351		1,117,022		1,121,742		1,088,584
Allowance for credit losses	16,092		14,694		14,678		14,543		14,435
Loans, net of allowance for credit losses	1,084,761		1,100,657		1,102,344		1,107,199		1,074,149

Nonperforming assets to total assets	1.83	%	1.74	%	1.50	%	1.34	%	0.93	%
Nonperforming loans to total loans	1.77	%	1.74	%	1.50	%	1.34	%	0.93	%
Allowance for credit losses to total loans	1.46	%	1.32	%	1.31	%	1.30	%	1.33	%
Allowance for credit losses to non-performing loans	55.97	%	51.73	%	60.32	%	67.96	%	98.06	%

The MIL Network –

April 23, 2025

MIL-OSI: First Community Bankshares, Inc. Announces First Quarter 2025 Results and Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BLUEFIELD, Va., April 22, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2025. The Company reported net income of $11.82 million, or $0.64 per diluted common share, for the quarter ended March 31, 2025.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on May 9, 2025, and is expected to be paid on May 23, 2025. This year marks the 40th consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

First Quarter 2025 Highlights

Income Statement

Net interest margin for the first quarter of 2025 was 4.34%. The yield on earning assets decreased 5 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $867 thousand. Interest income for loans and securities available-for-sale decreased $2.74 million and $470 thousand, respectively. The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $154.04 million and $89.74 million, respectively. Additionally, the yield on loans decreased 8 basis points. The decrease in interest income on loans and securities available-for-sale was somewhat offset by an increase in interest income on interest-bearing deposits with banks. Interest expense on interest-bearing liabilities increased $472 thousand and is primarily attributable to an increase in yield of 11 basis points.
Noninterest income increased approximately $970 thousand, or 10.48%, when compared to the same quarter of 2024. The increase is primarily attributable to an increase in service charges on deposits of $526 thousand, or 15.89%, and an increase in other operating income of $491 thousand, or 35.07%. Noninterest expense increased $1.56 million, or 6.66% when compared to the same period of 2024. The increase is primarily attributable to an increase in salaries and benefits of $754 thousand, or 5.99%.
Annualized return on average assets (“ROA”) was 1.49% for the first quarter of 2025 compared to 1.60% for the same period of 2024. Annualized return on average common equity (“ROE”) was 9.49% for the first quarter of 2025 compared to 10.18% for the same period of 2024.

Balance Sheet and Asset Quality

Consolidated assets totaled $3.23 billion at March 31, 2025.
Loans decreased $33.39 million, or 1.38%, from December 31, 2024. Securities available for sale decreased $40.19 million, or 23.66%, from December 31, 2024. Deposits decreased $6.77 million, or 0.25%, which was largely a function of declining higher-rate time deposits. Stockholder equity decreased $29.98 million, or 5.69% due to the payment of a special cash dividend in the first quarter of 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $37.23 million, or 9.86%.
The Company did not repurchase any common shares during the first quarter of 2025.
Non-performing loans to total loans increased to 0.85% when compared with the same quarter of 2024. The Company experienced net charge-offs for the first quarter of 2025 of $1.39 million, or 0.24% of annualized average loans, compared to net charge-offs of $1.74 million, or 0.27%, of annualized average loans for the same period in 2024.
The allowance for credit losses to total loans was 1.42% at March 31, 2025, compared to 1.44% at December 31, 2024 and 1.41% at March 31, 2024.
Book value per share at March 31, 2025, was $ 27.09, a decrease of $1.64 from year-end 2024. The decrease is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million.

Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 2025. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of March 31, 2025. The Company reported consolidated assets of $3.23 billion as of March 31, 2025. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest income
Interest and fees on loans	$	30,669		$	31,637		$	32,120		$	32,696		$	33,418
Interest on securities		1,238			1,447			1,070			1,211			1,698
Interest on deposits in banks		3,262			3,348			3,702			2,882			913
Total interest income		35,169			36,432			36,892			36,789			36,029
Interest expense
Interest on deposits		4,871			5,099			5,298			4,877			4,365
Interest on borrowings		–			–			–			–			35
Total interest expense		4,871			5,099			5,298			4,877			4,400
Net interest income		30,298			31,333			31,594			31,912			31,629
Provision for credit losses		321			1,082			1,360			144			1,011
Net interest income after provision		29,977			30,251			30,234			31,768			30,618
Noninterest income		10,229			10,337			10,452			9,342			9,259
Noninterest expense		24,944			24,107			24,177			24,897			23,386
Income before income taxes		15,262			16,481			16,509			16,213			16,491
Income tax expense		3,444			3,441			3,476			3,527			3,646
Net income	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845


Earnings per common share
Basic	$	0.64		$	0.71		$	0.71		$	0.69		$	0.70
Diluted	$	0.64		$	0.71		$	0.71		$	0.71		$	0.71
Cash dividends per common share
Regular		0.31			0.31			0.31			0.29			0.29
Special cash dividend		2.07			–			–			–			–
Weighted average shares outstanding
Basic		18,324,760			18,299,612			18,279,612			18,343,958			18,476,128
Diluted		18,451,321			18,418,441			18,371,907			18,409,876			18,545,910
Performance ratios
Return on average assets		1.49	%		1.60	%		1.60	%		1.58	%		1.60	%
Return on average common equity		9.49	%		9.89	%		10.04	%		10.02	%		10.18	%
Return on average tangible common equity(1)		13.79	%		14.12	%		14.46	%		14.54	%		14.82	%

_____________

(1	)	A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
(Amounts in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest income
Wealth management	$	1,162	$	1,251	$	1,071	$	1,064	$	1,099
Service charges on deposits		3,836		3,613		3,661		3,428		3,310
Other service charges and fees		3,340		3,575		3,697		3,670		3,450
Other operating income		1,891		1,898		2,023		1,180		1,400
Total noninterest income	$	10,229	$	10,337	$	10,452	$	9,342	$	9,259
Noninterest expense
Salaries and employee benefits	$	13,335	$	13,501	$	13,129	$	12,491	$	12,581
Occupancy expense		1,576		1,329		1,270		1,309		1,378
Furniture and equipment expense		1,575		1,562		1,574		1,687		1,545
Service fees		2,484		2,305		2,461		2,427		2,449
Advertising and public relations		1,055		1,165		967		933		796
Professional fees		372		295		221		330		372
Amortization of intangibles		524		535		536		530		530
FDIC premiums and assessments		362		365		365		364		369
Litigation expense		–		–		–		1,800		–
Other operating expense		3,661		3,050		3,654		3,026		3,366
Total noninterest expense	$	24,944	$	24,107	$	24,177	$	24,897	$	23,386

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted Net Income for diluted earnings per share	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845
Non-GAAP adjustments:
Loss (gain) on sale of securities		–			–			–			–			–
Merger expense		–			–			–			–			–
Day 2 provision for allowance for credit losses – Surrey		–			–			–			–			–
Litigation expense		–			–			–			1,800			–
Other items(1)		–			–			(825	)		–			–
Total adjustments		–			–			(825	)		1,800			–
Tax effect		–			–			(198	)		432			–
Adjusted earnings, non-GAAP	$	11,818		$	13,040		$	12,406		$	14,054		$	12,845

Adjusted diluted earnings per common share, non-GAAP	$	0.64		$	0.71		$	0.68		$	0.76		$	0.69
Performance ratios, non-GAAP
Adjusted return on average assets		1.49	%		1.60	%		1.53	%		1.75	%		1.60	%
Adjusted return on average common equity		9.49	%		9.89	%		9.56	%		11.10	%		10.18	%
Adjusted return on average tangible common equity (2)		13.79	%		14.12	%		13.77	%		16.11	%		14.82	%

_____________

(1	)	Includes other non-recurring income and expense items.
(2	)	A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

	Three Months Ended March 31,
	2025							2024
	Average				Average Yield/			Average				Average Yield/
(Amounts in thousands)	Balance		Interest(1)		Rate(1)			Balance		Interest(1)		Rate(1)
Assets
Earning assets
Loans(2)(3)	$	2,395,068	$	30,757		5.21	%	$	2,549,107	$	33,500		5.29	%
Securities available for sale		149,266		1,261		3.43	%		239,010		1,731		2.91	%
Interest-bearing deposits		295,939		3,262		4.47	%		66,483		916		5.54	%
Total earning assets		2,840,273		35,280		5.04	%		2,854,600		36,147		5.09	%
Other assets		373,791							373,614
Total assets	$	3,214,064						$	3,228,214

Liabilities and stockholders’ equity
Interest-bearing deposits
Demand deposits	$	658,651	$	180		0.11	%	$	665,875	$	162		0.10	%
Savings deposits		891,148		3,311		1.51	%		866,084		3,412		1.58	%
Time deposits		238,254		1,380		2.35	%		249,974		790		1.27	%
Total interest-bearing deposits		1,788,053		4,871		1.10	%		1,781,933		4,364		0.98	%
Borrowings
Federal funds purchased		–		–		–			2,527		35		5.52	%
Retail repurchase agreements		1,071		–		0.06	%		1,127		–		0.05	%
Total borrowings		1,071		–		0.06	%		3,654		35		3.85	%
Total interest-bearing liabilities		1,789,124		4,871		1.10	%		1,785,587		4,399		0.99	%
Noninterest-bearing demand deposits		859,988							886,947
Other liabilities		60,167							48,298
Total liabilities		2,709,279							2,720,832
Stockholders’ equity		504,785							507,382
Total liabilities and stockholders’ equity	$	3,214,064						$	3,228,214
Net interest income, FTE(1)			$	30,409						$	31,748
Net interest rate spread						3.94	%						4.10	%
Net interest margin, FTE(1)						4.34	%						4.47	%

_____________

(1	)	Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2	)	Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3	)	Interest on loans includes non-cash and accelerated purchase accounting accretion of $556 thousand and $781 thousand for the three months ended March 31, 2025 and 2024, respectively.

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and cash equivalents	$	414,682		$	377,454		$	315,338		$	329,877		$	248,905
Debt securities available for sale, at fair value		129,659			169,849			166,669			129,686			166,247
Loans held for investment, net of unearned income		2,382,699			2,416,089			2,444,113			2,473,268			2,519,833
Allowance for credit losses		(33,784	)		(34,825	)		(35,118	)		(34,885	)		(35,461	)
Loans held for investment, net		2,348,915			2,381,264			2,408,995			2,438,383			2,484,372
Premises and equipment, net		48,780			48,735			49,654			50,528			51,333
Other real estate owned		298			521			346			100			374
Interest receivable		9,306			9,207			9,883			9,984			10,719
Goodwill		143,946			143,946			143,946			143,946			143,946
Other intangible assets		12,490			13,014			13,550			14,085			14,615
Other assets		117,697			117,226			115,980			116,230			115,470
Total assets	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Liabilities
Deposits
Noninterest-bearing	$	893,794		$	883,499		$	869,723		$	889,462		$	902,396
Interest-bearing		1,790,683			1,807,748			1,789,530			1,787,810			1,779,819
Total deposits		2,684,477			2,691,247			2,659,253			2,677,272			2,682,215
Securities sold under agreements to repurchase		908			906			954			894			1,006
Interest, taxes, and other liabilities		43,971			42,671			43,460			45,769			45,816
Total liabilities		2,729,356			2,734,824			2,703,667			2,723,935			2,729,037

Stockholders’ equity
Common stock		18,327			18,322			18,291			18,270			18,413
Additional paid-in capital		169,867			169,752			168,691			168,272			173,041
Retained earnings		317,728			349,489			342,121			334,756			327,389
Accumulated other comprehensive loss		(9,505	)		(11,171	)		(8,409	)		(12,414	)		(11,899	)
Total stockholders’ equity		496,417			526,392			520,694			508,884			506,944
Total liabilities and stockholders’ equity	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Shares outstanding at period-end		18,326,657			18,321,795			18,290,938			18,270,273			18,413,088
Book value per common share	$	27.09		$	28.73		$	28.47		$	27.85		$	27.53
Tangible book value per common share(1)		18.55			20.16			19.86			19.20			18.92

_____________

(1	)	A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses
Balance at beginning of period:
Allowance for credit losses – loans	$	34,825		$	35,118		$	34,885		$	35,461		$	36,189
Allowance for credit losses – loan commitments		341			441			441			746			746
Total allowance for credit losses beginning of period		35,166			35,559			35,326			36,207			36,935
Provision for credit losses:
Provision for credit losses – loans		350			1,182			1,360			449			1,011
(Recovery of) provision for credit losses – loan commitments		(29	)		(100	)		–			(305	)		–
Total provision for credit losses – loans and loan commitments		321			1,082			1,360			144			1,011
Charge-offs		(1,998	)		(2,005	)		(1,799	)		(1,599	)		(2,448	)
Recoveries		607			530			672			574			709
Net (charge-offs) recoveries		(1,391	)		(1,475	)		(1,127	)		(1,025	)		(1,739	)
Balance at end of period:
Allowance for credit losses – loans		33,784			34,825			35,118			34,885			35,461
Allowance for credit losses – loan commitments		312			341			441			441			746
Ending balance	$	34,096		$	35,166		$	35,559		$	35,326		$	36,207

Nonperforming Assets
Nonaccrual loans	$	19,974		$	19,869		$	19,754		$	19,815		$	19,617
Accruing loans past due 90 days or more		117			149			176			19			30
Modified loans past due 90 days or more		125			135			–			–			–
Total nonperforming loans		20,216			20,153			19,930			19,834			19,647
OREO		298			521			346			100			374
Total nonperforming assets	$	20,514		$	20,674		$	20,276		$	19,934		$	20,021


Additional Information
Total modified loans	$	2,124		$	2,260		$	2,320		$	2,290		$	2,177

Asset Quality Ratios
Nonperforming loans to total loans		0.85	%		0.83	%		0.82	%		0.80	%		0.78	%
Nonperforming assets to total assets		0.64	%		0.63	%		0.63	%		0.62	%		0.62	%
Allowance for credit losses to nonperforming loans		167.12	%		172.80	%		176.21	%		175.88	%		180.49	%
Allowance for credit losses to total loans		1.42	%		1.44	%		1.44	%		1.41	%		1.41	%
Annualized net charge-offs (recoveries) to average loans		0.24	%		0.24	%		0.18	%		0.16	%		0.27	%

FOR MORE INFORMATION, CONTACT:

David D. Brown

(276) 326-9000

The MIL Network –

April 23, 2025

MIL-OSI: Eos Energy Enterprises Announces Date for First Quarter 2025 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

EDISON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), America’s leading innovator in designing, manufacturing, and providing zinc-based long duration energy storage systems sourced and manufactured in the United States, today announced it will release its first quarter 2025 financial results after the U.S. market closes on May 6, 2025. A conference call to discuss its results will take place the following morning on May 7 at 8:30 a.m. Eastern Time.

Eos partners with Say Technologies to allow retail and institutional shareholders to submit and vote on questions ahead of the earnings call. A selection of key questions applicable to the broad investor base will be addressed live during the call, offering shareholders an opportunity to engage with Eos management.

Beginning on April 24, 2025, at 8:00 a.m. ET, registered shareholders will be able to submit questions via the Say Technologies Q&A Platform, which will remain open until 5:00 p.m. ET on May 2, 2025. For any support inquiries shareholders may email support@saytechnologies.com.

Registration Information

The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.

The conference call replay will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on May 7, 2025, and can be accessed by visiting Eos Investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, efficient, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 3 to 12-hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Contacts
Investors: ir@eose.com
Media: media@eose.com

The MIL Network –

April 23, 2025

MIL-OSI: Orrstown Financial Services, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Net income of $18.1 million, or $0.93 per diluted share, for the three months ended March 31, 2025 compared to net income of $13.7 million, or $0.71 per diluted share, for the three months ended December 31, 2024; the first quarter of 2025 included $1.6 million in expenses related to the merger compared to $3.9 million in expenses related to the merger and $0.5 million for a legal settlement for the fourth quarter of 2024;
Excluding the impact of the non-recurring charges referenced above, net of taxes, net income and diluted earnings per share were $19.3 million⁽¹⁾ and $1.00⁽¹⁾, respectively, for the first quarter of 2025 compared to $16.7 million⁽¹⁾ and $0.87⁽¹⁾, respectively, for the fourth quarter of 2024;
Net interest margin, on a tax equivalent basis, was 4.00% in the first quarter of 2025 compared to 4.05% in the fourth quarter of 2024; the net accretion impact of purchase accounting marks was $6.9 million of net interest income, which represents 51 basis points of net interest margin for the first quarter of 2025 compared to $7.2 million of net interest income, which represents 52 basis points of net interest margin for the fourth quarter of 2024;
Return on average assets was 1.35% and return on average equity was 13.98% for the three months ended March 31, 2025, compared to 1.00% and 10.54% for the return on average assets and return on average equity, respectively, for the three months ended December 31, 2024;
Excluding the impact of non-recurring charges referenced above, net of taxes, adjusted return on average assets was 1.45%⁽¹⁾ and adjusted return on average equity was 14.97%⁽¹⁾ for the three months ended March 31, 2025 compared to 1.22% and 12.86%, respectively, for the three months ended December 31, 2024;
Commercial loans declined by $49.7 million, or 2%, from December 31, 2024 to March 31, 2025 due primarily to strategic actions to reduce risk in the portfolio in an uncertain economic environment, including reducing commercial real estate (“CRE”) loan concentrations;
Noninterest expense decreased by $4.7 million from $42.9 million for the three months ended December 31, 2024 to $38.2 million for the three months ended March 31, 2025; salaries and benefits expense declined by $2.0 million from the fourth quarter of 2024 to the first quarter of 2025; merger-related expenses decreased by $2.3 million;
Recovery of $0.6 million was recorded for the provision for credit losses for the three months ended March 31, 2025 compared to expense of $2.1 million for the three months ended December 31, 2024; the decrease in loans contributed to the negative provision for credit losses during the first quarter of 2025; during the fourth quarter of 2024, the provision was driven by charge-offs of $3.0 million;
Total risk-based capital ratio was 13.1% at March 31, 2025 compared to 12.4% at December 31, 2024; the Tier 1 leverage ratio increased to 8.6% at March 31, 2025 compared to 8.3% at December 31, 2024; all capital ratios applicable to the Company were above relevant regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines;
Tangible common equity increased to 7.9% at March 31, 2025 compared to 7.5% at December 31, 2024;
Tangible book value per common share⁽¹⁾ increased to $21.99 per share at March 31, 2025 compared to $21.19 per share at December 31, 2024;
The Board of Directors declared a cash dividend of $0.26 per common share, payable May 13, 2025, to shareholders of record as of May 6, 2025.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

HARRISBURG, Pa., April 22, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF), the parent company of Orrstown Bank (the “Bank”), announced earnings for the three months ended March 31, 2025. Net income totaled $18.1 million for the three months ended March 31, 2025, compared to net income of $13.7 million for the three months ended December 31, 2024 and net income of $8.5 million for the three months ended March 31, 2024. Diluted earnings per share was $0.93 for the three months ended March 31, 2025, compared to diluted earnings per share of $0.71 for the three months ended December 31, 2024 and diluted earnings per share of $0.81 for the three months ended March 31, 2024. For the first quarter of 2025, excluding the impact of merger-related expenses, net of taxes, net income and diluted earnings per share were $19.3 million⁽¹⁾ and $1.00⁽¹⁾, respectively. For the fourth quarter of 2024, excluding the impact of merger-related expenses and other non-recurring charges, net of taxes, net income and diluted earnings per share were $16.7 million⁽¹⁾ and $0.87⁽¹⁾, respectively. For the first quarter of 2024, excluding the impact of the merger-related expenses, net of taxes, net income and diluted earnings per share were $9.2 million⁽¹⁾ and $0.88⁽¹⁾, respectively.

“While operating results continued to be impacted by merger-related expenses, core earnings were solid and net interest margin remained strong,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “We do not believe that merger-related expenses will be material going forward and expect operating results to normalize beginning later in the second quarter. A significant amount of our focus has been on completing a system conversion and creating a strong foundation for growth. The deliberate steps we have taken in the last few quarters to protect credit quality, build liquidity and enhance our capital ratios after the merger were intended to position the Company for growth, including the ability to accelerate commercial lending for strong credits and take advantage of strategic opportunities as they arise. We remain optimistic about the future, both in the short and long term.”

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

DISCUSSION OF RESULTS

Balance Sheet

Loans

Loans held for investment decreased by $55.2 million and totaled $3.9 billion at both March 31, 2025 and December 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to strategic actions to reduce risk in the portfolio, including reducing CRE loan concentrations.

Investment Securities

Investment securities, all of which are classified as available-for-sale, increased by $25.8 million to $855.5 million at March 31, 2025 from $829.7 million at December 31, 2024. During the first quarter of 2025, the Bank purchased $39.6 million of investment securities and net unrealized gains were $3.8 million. These increases were partially offset by paydowns of $18.4 million. The overall duration of the Company’s investment securities portfolio was 4.3 years at March 31, 2025 compared to 4.1 years at December 31, 2024. See Appendix B for a summary of the Bank’s investment securities at March 31, 2025, highlighting their concentrations, credit ratings and credit enhancement levels.

Deposits

During the first quarter of 2025, deposits increased by $10.6 million and totaled $4.6 billion at both March 31, 2025 and December 31, 2024. Interest-bearing demand deposits, non-interest bearing demand deposits and savings deposits increased by $52.5 million, $38.0 million and $4.1 million, respectively, from December 31, 2024 to March 31, 2025. These increases were partially offset by decreases in time deposits of $47.5 million and money market deposits of $36.5 million during the first quarter of 2025. The Bank has experienced some reductions in higher yielding promotional balances, but has been successful in retaining or replacing those deposits through demand deposit accounts. The Bank’s loan-to-deposit ratio decreased slightly to 84% at March 31, 2025 from 85% at December 31, 2024.

Borrowings

The Bank actively manages its liquidity position through its various sources of funding to meet the needs of its clients. FHLB advances and other borrowings were $100.3 million at March 31, 2025 compared to $115.4 million at December 31, 2024 due to the maturity of a $15 million FHLB advance during the first quarter of 2025. The Bank seeks to maintain sufficient liquidity to ensure client needs can be addressed in a timely basis. The Bank had available alternative funding sources, such as FHLB advances and other wholesale options, of approximately $1.8 billion at March 31, 2025.

Income Statement

Net Interest Income and Margin

Net interest income was $48.8 million for the three months ended March 31, 2025 compared to $50.6 million for the three months ended December 31, 2024. The net interest margin, on a tax equivalent basis, decreased to 4.00% in the first quarter of 2025 from 4.05% in the fourth quarter of 2024, which was impacted by the Federal Funds rate cuts in the fourth quarter of 2024. Overall, the yield on loans declined by 23 basis points and the cost of deposits declined by 15 basis points from the fourth quarter of 2024 to the first quarter of 2025.

The net interest margin was positively impacted by the net accretion impact of purchase accounting marks on loans, securities, deposits and borrowings of $6.9 million, which represented 51 basis points of net interest margin during the first quarter of 2025. During the fourth quarter of 2024, the net accretion impact of purchase accounting marks was $7.2 million, which represented 52 basis points of net interest margin. Funding costs continue to decline as market rates have been reduced.

Interest income on loans, on a tax equivalent basis, decreased by $4.7 million to $63.4 million for the three months ended March 31, 2025 compared to $68.1 million for the three months ended December 31, 2024. Average loans decreased by $51.6 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. There were also two fewer days in the first quarter of 2025 compared to the fourth quarter of 2024. The accretion of purchase accounting marks on loans totaled $6.6 million during the first quarter of 2025 compared to $7.6 million during the fourth quarter of 2024. This decrease reduced net interest margin by six basis points during the first quarter of 2025.

Interest income on investment securities, on a tax equivalent basis, was $10.1 million for the first quarter of 2025 compared to $9.9 million in the fourth quarter of 2024. Average investment securities increased by $15.7 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024 primarily due to the aforementioned purchases.

Interest expense, on a tax equivalent basis, decreased by $2.6 million to $26.8 million for the three months ended March 31, 2025 compared to $29.4 million for the three months ended December 31, 2024. Average interest-bearing deposits decreased by $77.1 million during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The cost of interest-bearing deposits declined by 16 basis points from the fourth quarter of 2024 to the first quarter of 2025. In addition, interest expense includes $0.6 million and $0.9 million of amortization of purchase accounting marks for the three months ended March 31, 2025 and December 31, 2024, respectively.

Provision for Credit Losses

The allowance for credit losses (“ACL”) on loans decreased to $47.8 million at March 31, 2025 from $48.7 million at December 31, 2024. The ACL to total loans was 1.23% at March 31, 2025 compared to 1.24% at December 31, 2024. The Company recorded a recovery in the provision for credit losses on loans of $0.6 million for the three months ended March 31, 2025 compared to provision expense of $2.1 million for the three months ended December 31, 2024. Net charge-offs were $0.3 million for the three months ended March 31, 2025 compared to $3.0 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Bank sold $6.0 million of loans, most of which were C&I loans, which resulted in a charge-off totaling $0.6 million. There was a corresponding $0.6 million of purchase accounting accretion associated with these loans during the fourth quarter of 2024.

Classified loans decreased by $12.4 million to $76.2 million at March 31, 2025 from $88.6 million at December 31, 2024 primarily due to repayments. Non-accrual loans decreased by $1.4 million to $22.7 million at March 31, 2025 from $24.1 million at December 31, 2024. Nonaccrual loans to total loans decreased to 0.59% at March 31, 2025 compared to 0.61% at December 31, 2024. Management believes the ACL to be adequate based on current asset quality metrics and economic forecasts. Substantial efforts have been made in the last few quarters to reduce risk in the loan portfolio and properly position the Bank for future growth

Noninterest Income

Noninterest income increased by $0.4 million to $11.6 million in the three months ended December 31, 2024 from $11.2 million in the three months ended December 31, 2024.

Wealth management income increased by $0.5 million to $5.4 million for the three months ended March 31, 2025 compared to $4.9 million for the three months ended December 31, 2024. While current market conditions are expected to negatively impact wealth management fees in the near term, the team continues to focus on alternative revenue sources and seeks to continuously grow the business.

Income from service charges was $2.4 million for the three months ended March 31, 2025 compared to $2.1 million for the three months ended December 31, 2024. There were reduced service charges in the fourth quarter due to fee waivers provided to clients in the post-conversion period from November through the end of the year.

Income from mortgage banking activities decreased from $0.5 million in the three months ended December 31, 2024 to $0.3 million in the three months ended March 31, 2025. This decrease was primarily due to a reduction in the fair value of mortgage servicing rights, which was driven by interest rate movements in the first quarter of 2025.

Noninterest Expenses

Noninterest expenses decreased by $4.7 million to $38.2 million in the three months ended March 31, 2025 from $42.9 million in the three months ended December 31, 2024.

For the three months ended March 31, 2025, merger-related expenses totaled $1.6 million, a decrease of $2.3 million, compared to $3.9 million for the three months ended December 31, 2024. The merger costs incurred during the first quarter of 2025 included software conversion costs and professional fees associated with the conversion and the external audit. While the Company expects to incur some residual merger-related expenses in the second quarter of 2025, they are not expected to be significant.

Salaries and benefits expense decreased by $2.0 million to $20.4 million for the three months ended March 31, 2025 compared to $22.4 million for the three months ended December 31, 2024. The decrease during the first quarter of 2025 is reflective of the continued synergies being achieved as a result of the merger. The generated savings are being partially offset by investments in talent designed to prepare the Company for additional growth and further enhance operational efficiency. In addition, salaries and benefits expense is typically elevated during the first quarter of the year due to employee benefit costs, including social security and unemployment taxes.

Professional services expense increased by $0.2 million from the three months ended December 31, 2024 to the three months ended March 31, 2025. The Company continued to utilize an elevated level of third-party assistance to enhance daily functions and operational processes throughout the organization. It is anticipated that the reliance on these services will decline in the second quarter of 2025.

Taxes other than income increased by $1.3 million in the three months ended March 31, 2025 compared to the three months ended December 31, 2024. This increase reflects an increase in the estimated state shares tax expense and the impact of certain tax credits recognized during the fourth quarter of 2024.

Income Taxes

The Company’s effective tax rate was 20.7% for the first quarter of 2025 compared to 20.1% for the fourth quarter of 2024. The Company’s effective tax rate for the three months ended March 31, 2025 is less than the 21% federal statutory rate primarily due to tax-exempt income, including interest earned on tax-exempt loans and securities and income from life insurance policies and tax credits partially offset by the disallowed portion of interest expense against earnings in association with the Bank’s tax-exempt investments under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the impact of nondeductible merger-related costs. The Company regularly analyzes its projected taxable income and makes adjustments to the provision for income taxes accordingly.

Capital

Shareholders’ equity totaled $532.9 million at March 31, 2025 compared to $516.7 million at December 31, 2024. The increase is due to net income of $18.1 million and other comprehensive income of $4.7 million, primarily due to an increase in unrealized gains in the investment portfolio, partially offset by dividend payments of $5.0 million and share-based compensation activity of $1.6 million.

Tangible book value per share⁽¹⁾ increased to $21.99 per share at March 31, 2025 from $21.19 per share at December 31, 2024.

The Company’s tangible common equity ratio was 7.9% at March 31, 2025 compared to 7.5% at December 31, 2024. The Company’s total risk-based capital ratio was 13.1% at March 31, 2025 compared to 12.4% at December 31, 2024 driven by earnings and the effect of the decrease in loans on risk weighted assets. The Company’s Tier 1 leverage ratio increased to 8.6% at March 31, 2025 compared to 8.3% at December 31, 2024 driven by earnings during the first quarter of 2025.

At March 31, 2025, all four capital ratios applicable to the Company were above regulatory minimum levels to be deemed “well capitalized” under current bank regulatory guidelines. The Company continues to believe that capital is adequate to support the risks inherent in the balance sheet, as well as growth requirements.

⁽¹⁾ Non-GAAP measure. See Appendix A for additional information.

Investor Relations Contact:

Neelesh Kalani

Executive Vice President, Chief Financial Officer

Phone (717) 510-7097

FINANCIAL HIGHLIGHTS (Unaudited)


	Three Months Ended
	March 31,			March 31,
(In thousands)		2025			2024

Profitability for the period:
Net interest income	$	48,761		$	26,881
(Recovery of) Provision for credit losses		(554	)		298
Noninterest income		11,624			6,630
Noninterest expenses		38,176			22,469
Income before income tax expense		22,763			10,744
Income tax expense		4,712			2,213
Net income available to common shareholders	$	18,051		$	8,531

Financial ratios:
Return on average assets ⁽¹⁾		1.35	%		1.11	%
Return on average assets, adjusted ^{(1) (2) (3)}		1.45	%		1.19	%
Return on average equity ⁽¹⁾		13.98	%		12.79	%
Return on average equity, adjusted ^{(1) (2) (3)}		14.97	%		13.79	%
Net interest margin ⁽¹⁾		4.00	%		3.77	%
Efficiency ratio		63.2	%		67.0	%
Efficiency ratio, adjusted ^{(2) (3)}		60.5	%		65.0	%
Income per common share:
Basic	$	0.94		$	0.82
Basic, adjusted ^{(2) (3)}	$	1.01		$	0.89
Diluted	$	0.93		$	0.81
Diluted, adjusted ^{(2) (3)}	$	1.00		$	0.88

Average equity to average assets		9.65	%		8.66	%

⁽¹⁾ Annualized for the three months ended March 31, 2025 and 2024.
⁽²⁾ Ratio has been adjusted for the non-recurring charges for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

FINANCIAL HIGHLIGHTS (Unaudited)
(continued)
	March 31,			December 31,
(Dollars in thousands, except per share amounts)		2025			2024
At period-end:
Total assets	$	5,441,586		$	5,441,589
Loans, net of allowance for credit losses		3,828,181			3,882,525
Loans held-for-sale, at fair value		5,261			6,614
Securities available for sale, at fair value		855,456			829,711
Total deposits		4,633,716			4,623,096
FHLB advances and other borrowings and Securities sold under agreements to repurchase		123,480			141,227
Subordinated notes and trust preferred debt		68,850			68,680
Shareholders’ equity		532,936			516,682

Credit quality and capital ratios⁽¹⁾:
Allowance for credit losses to total loans		1.23	%		1.24	%
Total nonaccrual loans to total loans		0.59	%		0.61	%
Nonperforming assets to total assets		0.42	%		0.45	%
Allowance for credit losses to nonaccrual loans		210	%		202	%
Total risk-based capital:
Orrstown Financial Services, Inc.		13.1	%		12.4	%
Orrstown Bank		13.0	%		12.4	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.8	%		10.2	%
Orrstown Bank		11.9	%		11.2	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.6	%		10.0	%
Orrstown Bank		11.9	%		11.2	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.6	%		8.3	%
Orrstown Bank		9.5	%		9.1	%

Book value per common share	$	27.32		$	26.65

⁽¹⁾ Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the CECL standard.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands, except per share amounts)	March 31, 2025			December 31, 2024
Assets
Cash and due from banks	$	64,376		$	51,026
Interest-bearing deposits with banks		222,744			197,848
Cash and cash equivalents		287,120			248,874
Restricted investments in bank stocks		19,693			20,232
Securities available for sale (amortized cost of $886,782 and $864,920 at March 31, 2025 and December 31, 2024, respectively)		855,456			829,711
Loans held for sale, at fair value		5,261			6,614
Loans		3,875,985			3,931,214
Less: Allowance for credit losses		(47,804	)		(48,689	)
Net loans		3,828,181			3,882,525
Premises and equipment, net		51,729			50,217
Cash surrender value of life insurance		144,798			143,854
Goodwill		68,106			68,106
Other intangible assets, net		45,230			47,765
Accrued interest receivable		19,893			21,058
Deferred tax assets, net		36,206			42,647
Other assets		79,913			79,986
Total assets	$	5,441,586		$	5,441,589

Liabilities
Deposits:
Noninterest-bearing	$	932,152		$	894,176
Interest-bearing		3,701,564			3,728,920
Total deposits		4,633,716			4,623,096
Securities sold under agreements to repurchase and federal funds purchased		23,131			25,863
FHLB advances and other borrowings		100,349			115,364
Subordinated notes and trust preferred debt		68,850			68,680
Other liabilities		82,604			91,904
Total liabilities		4,908,650			4,924,907

Shareholders’ Equity
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding		—			—
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,721,340 shares issued and 19,509,642 outstanding at March 31, 2025; 19,722,640 shares issued and 19,389,967 outstanding at December 31, 2024		1,026			1027
Additional paid—in capital		421,445			423,274
Retained earnings		139,547			126,540
Accumulated other comprehensive loss		(24,024	)		(26,316	)
Treasury stock— 211,698 and 332,673 shares, at cost at March 31, 2025 and December 31, 2024, respectively		(5,058	)		(7,843	)
Total shareholders’ equity		532,936			516,682
Total liabilities and shareholders’ equity	$	5,441,586		$	5,441,589

ORRSTOWN FINANCIAL SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	March 31,			March 31,
(Dollars in thousands, except per share amounts)		2025			2024
Interest income
Loans	$	63,432		$	36,233
Investment securities – taxable		8,944			4,584
Investment securities – tax-exempt		875			877
Short-term investments		2,268			956
Total interest income		75,519			42,650
Interest expense
Deposits		24,260			13,516
Securities sold under agreements to repurchase and federal funds purchased		84			25
FHLB advances and other borrowings		1,118			1,474
Subordinated notes and trust preferred debt		1,296			754
Total interest expense		26,758			15,769
Net interest income		48,761			26,881
(Recovery of) Provision for credit losses		(554	)		298
Net interest income after (recovery of) provision for credit losses		49,315			26,583
Noninterest income
Service charges		2,395			1,200
Interchange income		1,427			911
Swap fee income		394			199
Wealth management income		5,415			3,102
Mortgage banking activities		302			458
Investment securities gains (losses)		13			(5	)
Other income		1,678			765
Total noninterest income		11,624			6,630
Noninterest expenses
Salaries and employee benefits		20,388			13,752
Occupancy, furniture and equipment		4,675			2,639
Data processing		924			1,265
Advertising and bank promotions		499			398
FDIC insurance		824			441
Professional services		1,826			631
Taxes other than income		942			494
Intangible asset amortization		2,535			225
Merger-related expenses		1,649			672
Restructuring expenses		91			—
Other operating expenses		3,823			1,952
Total noninterest expenses		38,176			22,469
Income before income tax expense		22,763			10,744
Income tax expense		4,712			2,213
Net income	$	18,051		$	8,531


	Three Months Ended
	March 31,		March 31,
	2025		2024
Share information:
Basic earnings per share	$	0.94	$	0.82
Diluted earnings per share	$	0.93	$	0.81
Dividends paid per share	$	0.26	$	0.20
Weighted average shares – basic		19,157		10,349
Weighted average shares – diluted		19,328		10,482

ANALYSIS OF NET INTEREST INCOME
Average Balances and Interest Rates, Taxable-Equivalent Basis (Unaudited)
	Three Months Ended
	3/31/2025							12/31/2024							9/30/2024							6/30/2024							3/31/2024
			Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-				Taxable-			Taxable-
	Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent		Average		Equivalent			Equivalent
(In thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Federal funds sold & interest-bearing bank balances	$	203,347	$	2,268		4.52	%	$	199,236	$	2,492		4.96	%	$	184,465	$	2,452		5.29	%	$	142,868	$	1,864		5.25	%	$	74,523	$	956		5.16	%
Investment securities ⁽¹⁾⁽²⁾		865,126		10,052		4.65			849,389		9,887		4.66			849,700		10,123		4.77			538,451		6,114		4.54			519,851		5,694		4.39
Loans ^{(1)(3)(4)(5)(6)}		3,909,694		63,641		6.59			3,961,269		68,073		6.82			3,989,259		70,849		7.07			2,324,942		35,690		6.17			2,308,103		36,382		6.34
Total interest-earning assets		4,978,167		75,961		6.17			5,009,894		80,452		6.38			5,023,424		83,424		6.61			3,006,261		43,668		5.84			2,902,477		43,032		5.96
Other assets		447,530							454,271							491,719							204,863							196,295
Total assets	$	5,425,697						$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits⁽⁷⁾	$	2,473,543		14,156		2.32		$	2,522,885		15,575		2.45		$	2,554,743		16,165		2.52		$	1,649,753		10,118		2.47		$	1,570,622		9,192		2.35
Savings deposits⁽⁷⁾		273,313		165		0.25			272,718		166		0.24			283,337		148		0.21			165,467		140		0.34			170,005		144		0.34
Time deposits		970,588		9,939		4.15			998,963		11,109		4.41			1,014,628		12,290		4.82			481,721		5,007		4.18			428,443		4,180		3.92
Total interest-bearing deposits		3,717,444		24,260		2.65			3,794,566		26,850		2.81			3,852,708		28,603		2.95			2,296,941		15,265		2.67			2,169,070		13,516		2.51
Securities sold under agreements to repurchase and federal funds purchased		26,163		84		1.30			21,572		67		1.23			23,075		96		1.66			13,412		27		0.81			12,010		25		0.85
FHLB advances and other borrowings		112,859		1,118		4.02			115,373		1,165		4.01			115,388		1,154		3.98			115,000		1,152		4.03			137,505		1,474		4.31
Subordinated notes and trust preferred debt		68,739		1,296		7.65			68,571		1,360		7.88			68,399		1,437		8.36			32,118		734		9.19			32,100		754		9.45
Total interest-bearing liabilities		3,925,205		26,758		2.76			4,000,082		29,442		2.92			4,059,570		31,290		3.07			2,457,471		17,178		2.81			2,350,685		15,769		2.70
Noninterest-bearing demand deposits		887,726							849,999							807,886							423,037							417,469
Other liabilities		89,077							97,685							110,017							57,828							62,329
Total liabilities		4,902,008							4,947,766							4,977,473							2,938,336							2,830,483
Shareholders’ equity		523,689							516,399							537,670							272,788							268,289
Total	$	5,425,697						$	5,464,165						$	5,515,143						$	3,211,124						$	3,098,772
Taxable-equivalent net interest income / net interest spread				49,203		3.41	%				51,010		3.46	%				52,134		3.55	%				26,490		3.02	%				27,263		3.26	%
Taxable-equivalent net interest margin						4.00	%						4.05	%						4.14	%						3.54	%						3.77	%
Taxable-equivalent adjustment				(442	)						(437	)						(437	)						(387	)						(382	)
Net interest income			$	48,761						$	50,573						$	51,697						$	26,103						$	26,881
Ratio of average interest-earning assets to average interest-bearing liabilities						127	%						125	%						124	%						122	%						123	%


NOTES:
⁽¹⁾ Yields and interest income on tax-exempt assets have been computed on a taxable-equivalent basis assuming a 21% tax rate.
⁽²⁾ Average balance of investment securities is computed at fair value.
⁽³⁾ Average balances include nonaccrual loans.
⁽⁴⁾ Interest income on loans includes prepayment and late fees, where applicable.
⁽⁵⁾ Interest income on loans includes interest recovered of $1.6 million from the payoff of a commercial real estate loan on nonaccrual status in the three months ended March 31, 2024.
⁽⁶⁾ Interest income on loans includes accretion on purchase accounting marks of $6.6 million, $7.6 million, $7.3 million, $0.2 million, and $0.1 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)

(In thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Profitability for the quarter:
Net interest income	$	48,761		$	50,573		$	51,697		$	26,103		$	26,881
(Recovery of) Provision for credit losses		(554	)		1,755			13,681			812			298
Noninterest income		11,624			11,247			12,386			7,172			6,630
Noninterest expenses		38,176			42,930			60,299			22,639			22,469
Income (loss) before income taxes		22,763			17,135			(9,897	)		9,824			10,744
Income tax expense (benefit)		4,712			3,451			(1,994	)		2,086			2,213
Net income (loss)	$	18,051		$	13,684		$	(7,903	)	$	7,738		$	8,531

Financial ratios:
Return on average assets⁽¹⁾		1.35	%		1.00	%	(0.57)%				0.97	%		1.11	%
Return on average assets, adjusted^(1)(2)(3)		1.45	%		1.22	%		1.55	%		1.09	%		1.19	%
Return on average equity⁽¹⁾		13.98	%		10.54	%	(5.85)%				11.41	%		12.79	%
Return on average equity, adjusted^(1)(2)(3)		14.97	%		12.86	%		15.85	%		12.88	%		13.79	%
Net interest margin⁽¹⁾		4.00	%		4.05	%		4.14	%		3.54	%		3.77	%
Efficiency ratio		63.2	%		69.4	%		94.1	%		68.0	%		67.0	%
Efficiency ratio, adjusted⁽²⁾⁽³⁾		60.5	%		62.3	%		60.2	%		64.6	%		65.0	%

Per share information:
Income (loss) per common share:
Basic	$	0.94		$	0.72		$	(0.41	)	$	0.74		$	0.82
Basic, adjusted⁽²⁾⁽³⁾		1.01			0.87			1.12			0.84			0.89
Diluted		0.93			0.71			(0.41	)		0.73			0.81
Diluted, adjusted⁽²⁾⁽³⁾		1.00			0.87			1.11			0.83			0.88
Book value		27.32			26.65			26.65			25.97			25.38
Book value, adjusted^{(2) (3)}		27.38			28.40			28.24			26.12			25.44
Tangible book value⁽³⁾		21.99			21.19			21.12			24.08			23.47
Tangible book value, adjusted^{(2) (3)}		22.06			22.94			22.72			24.23			23.53
Cash dividends paid		0.26			0.23			0.23			0.20			0.20

Average basic shares		19,157			19,118			19,088			10,393			10,349
Average diluted shares		19,328			19,300			19,226			10,553			10,482
⁽¹⁾Annualized.
⁽²⁾ Ratio has been adjusted for non-recurring expenses for all periods presented.
⁽³⁾ Non-GAAP based financial measure. Please refer to Appendix A – Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations for a discussion of our use of non-GAAP based financial measures, including tables reconciling GAAP and non-GAAP financial measures appearing herein.

ORRSTOWN FINANCIAL SERVICES, INC.
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	March 31, 2025		December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Noninterest income:
Service charges	$	2,395	$	2,050		$	2,360	$	1,283		$	1,200
Interchange income		1,427		1,608			1,779		961			911
Swap fee income		394		597			505		375			199
Wealth management income		5,415		4,902			5,037		3,312			3,102
Mortgage banking activities		302		517			491		369			458
Other income		1,678		1,578			1,943		884			765
Investment securities gains (losses)		13		(5	)		271		(12	)		(5	)
Total noninterest income	$	11,624	$	11,247		$	12,386	$	7,172		$	6,630

Noninterest expenses:
Salaries and employee benefits	$	20,388	$	22,444		$	27,190	$	13,195		$	13,752
Occupancy, furniture and equipment		4,675		4,893			4,333		2,705			2,639
Data processing		924		1,540			2,046		1,237			1,265
Advertising and bank promotions		499		878			537		774			398
FDIC insurance		824		955			862		419			441
Professional services		1,826		1,591			1,119		801			631
Taxes other than income		942		(312	)		503		49			494
Intangible asset amortization		2,535		2,838			2,464		215			225
Provision for legal settlement		—		478			—		—			—
Merger-related expenses		1,649		3,887			16,977		1,135			672
Restructuring expenses		91		39			257		—			—
Other operating expenses		3,823		3,699			4,011		2,109			1,952
Total noninterest expenses	$	38,176	$	42,930		$	60,299	$	22,639		$	22,469

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
(In thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Balance Sheet at quarter end:
Cash and cash equivalents	$	287,120		$	248,874		$	236,780		$	132,509		$	182,722
Restricted investments in bank stocks		19,693			20,232			20,247			11,147			11,453
Securities available for sale		855,456			829,711			826,828			529,082			514,909
Loans held for sale, at fair value		5,261			6,614			3,561			1,562			535
Loans:
Commercial real estate:
Owner occupied		617,854			633,567			622,726			371,301			364,280
Non-owner occupied		1,157,383			1,160,238			1,164,501			710,477			707,871
Multi-family		257,724			274,135			276,296			151,542			147,773
Non-owner occupied residential		168,354			179,512			190,786			89,156			91,858
Agricultural		134,916			125,156			129,486			25,551			25,909
Commercial and industrial		455,494			451,384			471,983			349,425			339,615
Acquisition and development:
1-4 family residential construction		40,621			47,432			56,383			32,439			22,277
Commercial and land development		227,434			241,424			262,317			129,883			118,010
Municipal		30,780			30,044			27,960			10,594			10,925
Total commercial loans		3,090,560			3,142,892			3,202,438			1,870,368			1,828,518
Residential mortgage:
First lien		464,642			460,297			451,195			271,153			270,748
Home equity – term		9,224			5,988			6,508			4,633			4,966
Home equity – lines of credit		295,820			303,561			303,165			192,736			189,966
Installment and other loans		15,739			18,476			18,131			8,713			8,875
Total loans		3,875,985			3,931,214			3,981,437			2,347,603			2,303,073
Allowance for credit losses		(47,804	)		(48,689	)		(49,630	)		(29,864	)		(29,165	)
Net loans held for investment		3,828,181			3,882,525			3,931,807			2,317,739			2,273,908
Goodwill		68,106			68,106			70,655			18,724			18,724
Other intangible assets, net		45,230			47,765			46,144			1,974			2,189
Total assets		5,441,586			5,441,589			5,470,589			3,198,782			3,183,331
Total deposits		4,633,716			4,623,096			4,650,853			2,702,884			2,695,951
FHLB advances and other borrowings and Securities sold under agreements to repurchase		123,480			141,227			137,310			129,625			127,099
Subordinated notes and trust preferred debt		68,850			68,680			68,510			32,128			32,111
Total shareholders’ equity		532,936			516,682			516,206			278,376			271,682

HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA (Unaudited)
(continued)
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Capital and credit quality measures⁽¹⁾:
Total risk-based capital:
Orrstown Financial Services, Inc.		13.1	%		12.4	%		12.4	%		13.3	%		13.4	%
Orrstown Bank		13.0	%		12.4	%		12.2	%		13.1	%		13.1	%
Tier 1 risk-based capital:
Orrstown Financial Services, Inc.		10.8	%		10.2	%		10.0	%		11.1	%		11.2	%
Orrstown Bank		11.9	%		11.2	%		11.0	%		12.0	%		11.9	%
Tier 1 common equity risk-based capital:
Orrstown Financial Services, Inc.		10.6	%		10.0	%		9.8	%		11.1	%		11.2	%
Orrstown Bank		11.9	%		11.2	%		11.0	%		12.0	%		11.9	%
Tier 1 leverage capital:
Orrstown Financial Services, Inc.		8.6	%		8.3	%		8.0	%		8.9	%		9.0	%
Orrstown Bank		9.5	%		9.1	%		8.8	%		9.5	%		9.6	%

Average equity to average assets		9.65	%		9.45	%		9.75	%		8.50	%		8.66	%
Allowance for credit losses to total loans		1.23	%		1.24	%		1.25	%		1.27	%		1.27	%
Total nonaccrual loans to total loans		0.59	%		0.61	%		0.68	%		0.36	%		0.56	%
Nonperforming assets to total assets		0.42	%		0.45	%		0.49	%		0.26	%		0.40	%
Allowance for credit losses to nonaccrual loans		210	%		202	%		184	%		357	%		226	%

Other information:
Net charge-offs (recoveries)	$	331		$	3,002		$	269		$	113		$	(42	)
Classified loans		76,211			88,628			105,465			48,722			48,997
Nonperforming and other risk assets:
Nonaccrual loans		22,727			24,111			26,927			8,363			12,886
Other real estate owned		138			138			138			—			—
Total nonperforming assets		22,865			24,249			27,065			8,363			12,886
Financial difficulty modifications still accruing		5,127			4,897			9,497			—			—
Loans past due 90 days or more and still accruing		400			641			337			187			99
Total nonperforming and other risk assets	$	28,392		$	29,787		$	36,899		$	8,550		$	12,985

(1) Capital ratios are estimated for the current period, subject to regulatory filings. The Company elected the three-year phase in option for the day-one impact of ASU 2016-13 for current expected credit losses (“CECL”) to regulatory capital. Beginning in 2023, the Company adjusted retained earnings, allowance for credit losses includable in tier 2 capital and the deferred tax assets from temporary differences in risk weighted assets by the permitted percentage of the day-one impact from adopting the new CECL standard.

Appendix A- Supplemental Reporting of Non-GAAP Measures and GAAP to Non-GAAP Reconciliations

Management believes providing certain other “non-GAAP” financial information will assist investors in their understanding of the effect on recent financial results from non-recurring charges.

As a result of acquisitions, the Company has intangible assets consisting of goodwill, core deposit and other intangible assets, which totaled $113.3 million and $115.9 million at March 31, 2025 and December 31, 2024, respectively. In addition, during the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, the Company incurred $1.6 million, $3.9 million, $17.0 million, $1.1 million and $0.7 million in in merger-related expenses, respectively. During the three months ended December 31, 2024 and September 30, 2024, the Company incurred other non-recurring charges totaling $0.5 million and $20.2 million, respectively.

Tangible book value per common share and the impact of the non-recurring expenses on net income and associated ratios, as used by the Company in this earnings release, are determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). While we believe this information is a useful supplement to GAAP based measures presented in this earnings release, readers are cautioned that this non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results and financial condition as reported under GAAP, nor are such measures necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that our future results will be unaffected by similar adjustments to be determined in accordance with GAAP.

The following tables present the computation of each non-GAAP based measure:

(In thousands)

Tangible Book Value per Common Share	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Shareholders’ equity (most directly comparable GAAP-based measure)	$	532,936		$	516,682		$	516,206		$	278,376		$	271,682
Less: Goodwill		68,106			68,106			70,655			18,724			18,724
Other intangible assets		45,230			47,765			46,144			1,974			2,189
Related tax effect		(9,498	)		(10,031	)		(9,690	)		(415	)		(460	)
Tangible common equity (non-GAAP)	$	429,098		$	410,842		$	409,097		$	258,093		$	251,229

Common shares outstanding		19,510			19,390			19,373			10,720			10,705

Book value per share (most directly comparable GAAP-based measure)	$	27.32		$	26.65		$	26.65		$	25.97		$	25.38
Intangible assets per share		5.33			5.46			5.53			1.89			1.91
Tangible book value per share (non-GAAP)	$	21.99		$	21.19		$	21.12		$	24.08		$	23.47

(In thousands)	Three Months Ended
Adjusted Ratios for Non-recurring Charges	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Net income (loss) (A) – most directly comparable GAAP-based measure	$	18,051		$	13,684		$	(7,903	)	$	7,738		$	8,531
Plus: Merger-related expenses (B)		1,649			3,887			16,977			1,135			672
Plus: Executive retirement expenses (B)		—			35			4,758			—			—
Plus: Provision for credit losses on non-PCD loans (B)		—			—			15,504			—			—
Plus: Provision for legal settlement (B)		—			478			—			—			—
Less: Related tax effect (C)		(368	)		(1,386	)		(7,915	)		(139	)		(1	)
Adjusted net income (D=A+B-C) – Non-GAAP	$	19,332		$	16,698		$	21,421		$	8,734		$	9,202

Average assets (E)	$	5,425,697		$	5,464,165		$	5,515,143		$	3,211,124		$	3,098,772
Return on average assets (= A / E) – most directly comparable GAAP-based measure⁽¹⁾		1.35	%		1.00	%	(0.57) %				0.97	%		1.11	%
Return on average assets, adjusted (= D / E) – Non-GAAP⁽¹⁾		1.45	%		1.22	%		1.55	%		1.09	%		1.19	%

Average equity (F)	$	523,689		$	516,399		$	537,670		$	272,788		$	268,289
Return on average equity (= A / F) – most directly comparable GAAP-based measure⁽¹⁾		13.98	%		10.54	%	(5.85) %				11.41	%		12.79	%
Return on average equity, adjusted (= D / F) – Non-GAAP⁽¹⁾		14.97	%		12.86	%		15.85	%		12.88	%		13.79	%

Weighted average shares – basic (G) – most directly comparable GAAP-based measure		19,157			19,118			19,088			10,393			10,349
Basic earnings (loss) per share (= A / G) – most directly comparable GAAP-based measure	$	0.94		$	0.72		$	(0.41	)	$	0.74		$	0.82
Basic earnings per share, adjusted (= D / G) – Non-GAAP	$	1.01		$	0.87		$	1.12		$	0.84		$	0.89

Weighted average shares – diluted (H) – most directly comparable GAAP-based measure		19,328			19,300			19,226			10,553			10,482
Diluted earnings (loss) per share (= A / H) – most directly comparable GAAP-based measure	$	0.93		$	0.71		$	(0.41	)	$	0.73		$	0.81
Diluted earnings per share, adjusted (= D / H) – Non-GAAP	$	1.00		$	0.87		$	1.11		$	0.83		$	0.88

(1) Annualized

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Noninterest expense (I) – most directly comparable GAAP-based measure	$	38,176		$	42,930		$	60,299		$	22,639		$	22,469
Less: Merger-related expenses (B)		(1,649	)		(3,887	)		(16,977	)		(1,135	)		(672	)
Less: Executive retirement expenses (B)		—			(35	)		(4,758	)		—			—
Less: Provision for legal settlement (B)		—			(478	)		—			—			—
Adjusted noninterest expense (J = I – B) – Non-GAAP	$	36,527		$	38,531		$	38,564		$	21,504		$	21,797

Net interest income (K)	$	48,761		$	50,573		$	51,697		$	26,103		$	26,881
Noninterest income (L)		11,624			11,247			12,386			7,172			6,630
Total operating income (M = K + L)	$	60,385		$	61,820		$	64,083		$	33,275		$	33,511

Efficiency ratio (= I / M) – most directly comparable GAAP-based measure		63.2	%		69.4	%		94.1	%		68.0	%		67.0	%
Efficiency ratio, adjusted (= J / M) – Non-GAAP		60.5	%		62.3	%		60.2	%		64.6	%		65.0	%

(1) Annualized

Appendix B- Investment Portfolio Concentrations

The following table summarizes the credit ratings and collateral associated with the Company’s investment security portfolio, excluding equity securities, at March 31, 2025:

(In thousands)

Sector	Portfolio Mix		Amortized Book		Fair Value		Credit Enhancement		AAA		AA		A		BBB		BB		NR		Collateral / Guarantee Type
Unsecured ABS	—	%	$	2,952	$	2,768	27	%	—	%	—	%	—	%	—	%	—	%	100	%	Unsecured Consumer Debt
Student Loan ABS	—			3,808		3,792	28		—		—		—		—		—		100		Seasoned Student Loans
Federal Family Education Loan ABS	9			78,231		77,955	11		1		47		33		7		12		—		Federal Family Education Loan ⁽¹⁾
PACE Loan ABS	—			1,943		1,710	7		100		—		—		—		—		—		PACE Loans ⁽²⁾
Non-Agency CMBS	2			13,966		14,022	30		—		—		—		—		—		100
Non-Agency RMBS	2			16,323		14,726	16		100		—		—		—		—		—		Reverse Mortgages ⁽³⁾
Municipal – General Obligation	11			99,248		89,952			17		76		7		—		—		—
Municipal – Revenue	14			120,676		107,154			—		82		12		—		—		6
SBA ReRemic ⁽⁵⁾	—			2,095		2,087			—		100		—		—		—		—		SBA Guarantee ⁽⁴⁾
Small Business Administration	1			5,511		5,629			—		100		—		—		—		—		SBA Guarantee ⁽⁴⁾
Agency MBS	19			164,144		162,334			—		100		—		—		—		—		Residential Mortgages ⁽⁴⁾
Agency CMO	40			355,699		352,729			—		100		—		—		—		—
U.S. Treasury securities	2			20,040		18,417			—		100		—		—		—		—		U.S. Government Guarantee ⁽⁴⁾
Corporate bonds	—			1,939		1,974			—		—		52		48		—		—
	100	%	$	886,575	$	855,249			4	%	87	%	5	%	1	%	—	%	3	%

⁽¹⁾ 97% guaranteed by U.S. government
⁽²⁾ PACE acronym represents Property Assessed Clean Energy loans
⁽³⁾ Non-agency reverse mortgages with current structural credit enhancements
⁽⁴⁾ Guaranteed by U.S. government or U.S. government agencies
⁽⁵⁾ SBA ReRemic acronym represents Re-Securitization of Real Estate Mortgage Investment Conduits

Note: Ratings in table are the lowest of the six rating agencies (Standard & Poor’s, Moody’s, Fitch, Morningstar, DBRS and Kroll Bond Rating Agency). Standard & Poor’s rates U.S. government obligations at AA+.

About the Company

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company’s executive and administrative offices as well as the District of Columbia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements and there can be no assurances that the Company will achieve the desired level of new business development and new loans, growth in the balance sheet and fee-based revenue lines of business, cost savings initiatives and continued reductions in risk assets or mitigation of losses in the future. Factors which could cause the actual results to differ from those expressed or implied by the forward-looking statements include, but are not limited to, the following: interest rate changes or volatility; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ineffectiveness of the Company’s strategic growth plan due to changes in current or future market conditions; the effects of competition and how it may impact our community banking model, including industry consolidation and development of competing financial products and services; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in, and evolving interpretations of, existing and future laws and regulations; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatility in the securities markets; the demand for our products and services; deteriorating economic conditions; geopolitical tensions; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; expenses associated with litigation and legal proceedings; the possibility that the anticipated benefits of the merger with Codorus Valley Bancorp are not realized when expected or at all; and other risks and uncertainties, including those detailed in our Annual Report on Form 10-K for the year ended December 31, 2024 under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in subsequent filings made with the Securities and Exchange Commission.

The foregoing list of factors is not exhaustive. If one or more events related to these or other risks or uncertainties materializes, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for the Company to predict those events or how they may affect it. In addition, the Company cannot assess the impact of each factor 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. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

The review period for subsequent events extends up to and includes the filing date of a public company’s financial statements, when filed with the Securities and Exchange Commission. Accordingly, the consolidated financial information presented in this announcement is subject to change. Annualized, pro forma, projected and estimated numbers in this document are used for illustrative purposes only and are not forecasts and may not reflect actual results.

The MIL Network –

April 23, 2025

MIL-OSI: PennantPark Floating Rate Capital Ltd. Amends Credit Facility, Lowering Spread and Extending Maturity

Source: GlobeNewswire (MIL-OSI)

MIAMI, April 22, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (“PFLT”) (NYSE: PFLT) announced that it amended its credit facility agreement led by Truist Bank (the “Credit Facility”). As part of the amendment, PFLT decreased pricing to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028, extended the maturity date one year to August 2030, and increased the maximum first lien advance rate to 72.5% from 70.0%. As part of the amendment, commitments decreased from $736 million to $718 million.

“We are appreciative of the support from our lending partners. The beneficial terms, lowering the interest rate spread and increasing advance rates, are a terrific result in the current market, which will benefit our investors,” said Arthur Penn, Chairman and Chief Executive Officer of PFLT.

The Credit Facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investible capital, including leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward- looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com

The MIL Network –

April 23, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $356.1 million in the first quarter of 2025, along with 48.9% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 688.5 megawatts DC, and 170.1 megawatt hours (MWh) of IQ^® Batteries.

Highlights for the first quarter of 2025 are listed below:

Completed IQ^® Meter Collar testing with PG&E and four other U.S. utilities
Strong U.S. manufacturing: shipped approximately 1.21 million microinverters and 44.1 MWh of IQ Batteries
Revenue of $356.1 million
GAAP gross margin of 47.2%; non-GAAP gross margin of 48.9% with net IRA benefit
Non-GAAP gross margin of 38.3%, excluding net IRA benefit of 10.6%
GAAP operating income of $31.9 million; non-GAAP operating income of $94.6 million
GAAP net income of $29.7 million; non-GAAP net income of $89.2 million
GAAP diluted earnings per share of $0.22; non-GAAP diluted earnings per share of $0.68
Free cash flow of $33.8 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.53 billion

Our revenue and earnings for the first quarter of 2025 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q1 2025			Q4 2024			Q1 2024			Q1 2025			Q4 2024			Q1 2024
Revenue	$	356,084		$	382,713		$	263,339		$	356,084		$	382,713		$	263,339
Gross margin		47.2	%		51.8	%		43.9	%		48.9	%		53.2	%		46.2	%
Operating expenses	$	136,319		$	143,489		$	144,607		$	79,423		$	83,322		$	82,587
Operating income (loss)	$	31,922		$	54,804		$	(29,099	)	$	94,637		$	120,434		$	38,994
Net income (loss)	$	29,730		$	62,160		$	(16,097	)	$	89,243		$	125,862		$	47,956
Basic EPS	$	0.23		$	0.46		$	(0.12	)	$	0.68		$	0.94		$	0.35
Diluted EPS	$	0.22		$	0.45		$	(0.12	)	$	0.68		$	0.94		$	0.35

Total revenue for the first quarter of 2025 was $356.1 million, compared to $382.7 million in the fourth quarter of 2024. Our revenue in the United States for the first quarter of 2025 decreased approximately 13%, compared to the fourth quarter. The decline was the result of seasonality and softening in U.S. demand, partially offset by safe harbor revenue of $54.3 million. Our revenue in Europe increased approximately 7% for the first quarter of 2025, compared to the fourth quarter. The increase in revenue was primarily due to higher battery sales as we ramped shipments of our IQ^® Battery 5P with FlexPhase.

Our non-GAAP gross margin was 48.9% in the first quarter of 2025, compared to 53.2% in the fourth quarter, primarily due to lower bookings of 45X production tax credits and product mix. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 38.3% in the first quarter of 2025, compared to 39.7% in the fourth quarter, primarily due to product mix.

Our non-GAAP operating expenses were $79.4 million in the first quarter of 2025, compared to $83.3 million in the fourth quarter. The decrease was the result of restructuring actions initiated in the fourth quarter of 2024. Our non-GAAP operating income was $94.6 million in the first quarter of 2025, compared to $120.4 million in the fourth quarter.

We exited the first quarter of 2025 with $1.53 billion in cash, cash equivalents, restricted cash and marketable securities and generated $48.4 million in cash flow from operations in the first quarter. During the first quarter of 2025, we paid off the entire principal amount of $102.2 million in convertible senior notes that matured on March 1, 2025. Our capital expenditures were $14.6 million in the first quarter of 2025, compared to $8.1 million in the fourth quarter of 2024.

In the first quarter of 2025, we repurchased 1,594,105 shares of our common stock at an average price of $62.71 per share for a total of approximately $100.0 million. We also spent approximately $12.1 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 203,358 shares.

We shipped 170.1 MWh of IQ Batteries in the first quarter of 2025, compared to 152.4 MWh in the fourth quarter. More than 10,900 installers worldwide are certified to install our IQ Batteries, compared to more than 10,300 installers worldwide in the fourth quarter of 2024.

During the first quarter of 2025, we shipped approximately 1.21 million microinverters from our contract manufacturers in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps from our contract manufacturers in the United States. When paired with other U.S.-made solar components, our products enable lease and power purchase agreement (PPA) providers to qualify for the domestic content bonus tax credit under the IRA.

We continued to make progress with recent product introductions. We are now shipping our IQ Battery 5P with FlexPhase into Germany, Austria, Switzerland, Luxembourg, and Poland. Customers appreciate the reliable backup power the product delivers for both single-and three-phase installations. Our IQ^® EV Charger 2, currently shipping to 14 countries in Europe, is our most advanced residential charger to date. This product can support up to 22 kW of three-phase charging and operate either as a standalone charger or fully integrated with Enphase microinverters and batteries. Finally, our customers are enjoying the plug-and-play simplicity of our IQ^® PowerPack 1500, our first foray into the portable consumer market.

In the second quarter of 2025, we expect to introduce our fourth-generation IQ^® Battery 10C, IQ Meter Collar, and IQ^® Combiner 6C products in the United States. Together, these products will make backup installations easy and help reduce costs. We also expect to launch our IQ^® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Germany and Belgium.

BUSINESS HIGHLIGHTS

On April 8 and 9, 2025, Enphase Energy announced the launch of its IQ Battery 5P with FlexPhase with backup capability for customers in Luxembourg and Poland.

On April 3, 2025, Enphase Energy announced the introduction of its IQ^® System Controller in France and the Netherlands, enabling backup power.

On April 1, 2025, Enphase Energy announced that more than 2,500 SunPower customers have transitioned to Enphase monitoring since SunPower’s bankruptcy filing in August 2024.

On March 18, 2025, Enphase Energy welcomed Brazil’s ABNT NBR 17193 fire safety standard, which outlines stringent recommendations like rapid shutdown requirements for solar installations in all buildings.

On March 11, 2025, Enphase Energy announced production shipments of its newest electric vehicle (EV) charger, the IQ EV Charger 2, in 14 European markets.

On March 3, 2025, Enphase Energy announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process.

On Feb. 11, 2025, Enphase Energy announced the launch of an expanded IQ Battery 5P product with support for both single-phase 120/208 V and split-phase 120/240 V, for new home projects in California.

On Feb. 6, 2025, Enphase Energy announced that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ Battery 5P.

SECOND QUARTER 2025 FINANCIAL OUTLOOK

For the second quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 160 to 180 MWh of IQ Batteries. The second quarter of 2025 financial outlook includes approximately $40.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit, including approximately two percentage points of new tariff impact.
Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 35.0% to 38.0% excluding net IRA benefit, including approximately two percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,000,000 units of U.S. manufactured microinverters.
GAAP operating expenses to be within a range of $136.0 million to $140.0 million.
Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $58.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges.

For 2025, Enphase expects a GAAP tax rate of 21-23% and a non-GAAP tax rate of 15-17%, including IRA benefits.

Follow Enphase Online

Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its first quarter 2025 results and second quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 9557806, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its second quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C products in the United States, and the IQ Balcony Solar Kit in Germany and Belgium; its expectations regarding the domestic content bonus tax credit for its product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net revenues	$	356,084		$	382,713		$	263,339
Cost of revenues		187,843			184,420			147,831
Gross profit		168,241			198,293			115,508
Operating expenses:
Research and development		50,174			50,390			54,211
Sales and marketing		48,948			51,799			53,307
General and administrative		34,035			31,901			35,182
Restructuring and asset impairment charges		3,162			9,399			1,907
Total operating expenses		136,319			143,489			144,607
Income (loss) from operations		31,922			54,804			(29,099	)
Other income, net
Interest income		17,032			18,417			19,709
Interest expense		(2,047	)		(2,252	)		(2,196	)
Other income (expense), net		(14	)		(1,270	)		87
Total other income, net		14,971			14,895			17,600
Income before income taxes		46,893			69,699			(11,499	)
Income tax provision		(17,163	)		(7,539	)		(4,598	)
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Net income (loss) per share:
Basic	$	0.23		$	0.46		$	(0.12	)
Diluted	$	0.22		$	0.45		$	(0.12	)
Shares used in per share calculation:
Basic		131,869			133,815			135,891
Diluted		136,208			138,128			135,891


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	350,077	$	369,110
Restricted cash		65,013		95,006
Marketable securities		1,116,780		1,253,480
Accounts receivable, net		225,625		223,749
Inventory		144,025		165,004
Prepaid expenses and other assets		295,725		220,735
Total current assets		2,197,245		2,327,084
Property and equipment, net		142,219		147,514
Intangible assets, net		37,408		42,398
Goodwill		212,359		211,571
Other assets		211,447		205,542
Deferred tax assets, net		305,408		315,567
Total assets	$	3,106,086	$	3,249,676
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	115,374	$	90,032
Accrued liabilities		212,169		196,887
Deferred revenues, current		167,771		237,225
Warranty obligations, current		33,298		34,656
Debt, current		630,677		101,291
Total current liabilities		1,159,289		660,091
Long-term liabilities:
Deferred revenues, non-current		333,704		341,982
Warranty obligations, non-current		170,149		158,233
Other liabilities		61,032		55,265
Debt, non-current		571,214		1,201,089
Total liabilities		2,295,388		2,416,660
Total stockholders’ equity		810,698		833,016
Total liabilities and stockholders’ equity	$	3,106,086	$	3,249,676


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		19,915			20,665			20,137
Net accretion of premium (discount) on marketable securities		3,512			(7,490	)		2,825
Provision (benefit) for doubtful accounts		62			2,206			(130	)
Asset impairment		27			4,702			332
Non-cash interest expense		1,679			2,188			2,132
Net gain from change in fair value of debt securities		(323	)		(3,697	)		(942	)
Stock-based compensation		55,633			51,830			60,833
Deferred income taxes		8,560			(30,675	)		(8,292	)
Changes in operating assets and liabilities:
Accounts receivable		1,760			2,684			77,359
Inventory		20,979			(6,167	)		5,702
Prepaid expenses and other assets		(75,553	)		(16,487	)		(10,897	)
Accounts payable, accrued and other liabilities		54,232			(27,396	)		(66,284	)
Warranty obligations		10,558			8,657			(11,923	)
Deferred revenues		(82,357	)		104,112			(5,554	)
Net cash provided by operating activities		48,414			167,292			49,201
Cash flows from investing activities:
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Investment in tax equity fund		(6,904	)		—			—
Purchases of marketable securities		(200,826	)		(93,138	)		(472,268	)
Maturities and sale of marketable securities		335,398			351,843			497,373
Net cash provided by investing activities		113,060			250,641			17,734
Cash flows from financing activities:
Settlement of Notes due 2025		(102,168	)		—			(2	)
Repurchase of common stock		(99,964	)		(199,666	)		(41,996	)
Payment of excise tax on net stock repurchases		—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		67			4,719			1,186
Payment of withholding taxes related to net share settlement of equity awards		(12,110	)		(5,012	)		(60,042	)
Net cash used in financing activities		(214,175	)		(202,732	)		(100,854	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		3,675			(7,410	)		(1,177	)
Net increase (decrease) in cash and cash equivalents and restricted cash		(49,026	)		207,791			(35,096	)
Cash, cash equivalents and restricted cash—Beginning of period		464,116			256,325			288,748
Cash, cash equivalents and restricted cash—End of period	$	415,090		$	464,116		$	253,652


ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data and percentages) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Gross profit (GAAP)	$	168,241		$	198,293		$	115,508
Stock-based compensation		4,239			3,678			4,182
Acquisition related amortization		1,580			1,784			1,891
Gross profit (Non-GAAP)	$	174,060		$	203,755		$	121,581

Gross margin (GAAP)		47.2	%		51.8	%		43.9	%
Stock-based compensation		1.2			0.9			1.6
Acquisition related amortization		0.5			0.5			0.7
Gross margin (Non-GAAP)		48.9	%		53.2	%		46.2	%

Operating expenses (GAAP)	$	136,319		$	143,489		$	144,607
Stock-based compensation⁽¹⁾		(50,885	)		(47,884	)		(56,651	)
Acquisition related expenses and amortization		(2,849	)		(2,884	)		(3,462	)
Restructuring and asset impairment charges⁽¹⁾		(3,162	)		(9,399	)		(1,907	)
Operating expenses (Non-GAAP)	$	79,423		$	83,322		$	82,587

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	21,647		$	20,951		$	24,550
Sales and marketing		16,396			15,893			18,178
General and administrative		12,842			11,041			13,923
Restructuring and asset impairment charges		509			267			—
Total	$	51,394		$	48,152		$	56,651

Income (loss) from operations (GAAP)	$	31,922		$	54,804		$	(29,099	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Income from operations (Non-GAAP)	$	94,637		$	120,434		$	38,994

Net income (loss) (GAAP)	$	29,730		$	62,160		$	(16,097	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Non-cash interest expense		1,678			2,188			2,132
Non-GAAP income tax adjustment		(4,880	)		(4,116	)		(6,172	)
Net income (Non-GAAP)	$	89,243		$	125,862		$	47,956

Net income (loss) per share, basic (GAAP)	$	0.23		$	0.46		$	(0.12	)
Stock-based compensation		0.42			0.39			0.45
Acquisition related expenses and amortization		0.04			0.03			0.04
Restructuring and asset impairment charges		0.02			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.05	)
Net income per share, basic (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in basic per share calculation GAAP and Non-GAAP		131,869			133,815			135,891

Net income (loss) per share, diluted (GAAP)	$	0.22		$	0.45		$	(0.12	)
Stock-based compensation		0.42			0.39			0.44
Acquisition related expenses and amortization		0.04			0.04			0.04
Restructuring and asset impairment charges		0.03			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.04	)
Net income per share, diluted (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in diluted per share calculation GAAP		136,208			138,128			135,891
Shares used in diluted per share calculation Non-GAAP		132,133			134,053			136,730

Income-based government grants (GAAP)	$	53,631		$	68,040		$	18,617
Incremental cost for manufacturing in U.S.		(15,773	)		(16,123	)		(4,882	)
Net IRA benefit (Non-GAAP)	$	37,858		$	51,917		$	13,735

Net cash provided by operating activities (GAAP)	$	48,414		$	167,292		$	49,201
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Free cash flow (Non-GAAP)	$	33,806		$	159,228		$	41,830

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

The MIL Network –

April 23, 2025

MIL-OSI: Texas Capital Bancshares, Inc. Appoints Ranjana B. Clark to Board of Directors

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital, today announced the appointment of Ranjana B. Clark to its Board of Directors, effective April 15, 2025. Clark will serve as a member of the Audit and Technology Committees.

Clark has over 35 years of executive experience in the financial services and technology industries, with previous leadership roles spanning payments, marketing, strategy and business operations.

Most recently, she served as Head of Global Transaction Banking at Mitsubishi UFJ Financial Group (MUFG), and previously as Head of Transaction Banking, Americas. Before MUFG, she was Chief Customer and Marketing Officer at PayPal Inc.

Clark is a fellow at Stanford University’s Distinguished Careers Institute and serves on the President’s Leadership Council of the Asia Foundation. In addition to joining the board of Texas Capital, she serves on the boards of Xometry Inc. (Chair, Compensation Committee; Member, Nominating & Corporate Governance Committee), InvestCloud Inc. and StanCorp Financial Group Inc.

Clark earned a Bachelor of Arts in economics at the University of Delhi; a Master of Business Administration with a marketing concentration at the Indian Institute of Management, Ahmedabad; and a Master of Business Administration with a finance concentration at the Fuqua School of Business at Duke University.

“It is an honor to welcome Ranjana to our board,” said Rob C. Holmes, Chairman, President & CEO of Texas Capital. “Her global perspective, customer-centric mindset and track record of innovation will be instrumental as we continue executing on our long-term priorities.”

About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

The MIL Network –

April 23, 2025

MIL-OSI: Synchronoss Technologies Announces First Quarter 2025 Earnings Call Date

Source: GlobeNewswire (MIL-OSI)

BRIDGEWATER, N.J., April 22, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, May 6, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2025. Financial results will be issued in a press release prior to the call.

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

Date: Tuesday, May 6, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)
Conference ID: 13753247

The conference call will be broadcast live here and via the Investor Relations section of Synchronoss’ website.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com

The MIL Network –

April 23, 2025

Category: GlobeNewswire