GlobeNewswire – Page 375

MIL-OSI: Western New England Bancorp, Inc. Reports Results for Three Months Ended March 31, 2025 and Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

WESTFIELD, Mass., April 22, 2025 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three months ended March 31, 2025. The Company reported net income of $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025, compared to net income of $3.0 million, or $0.14 per diluted share, for the three months ended March 31, 2024. On a linked quarter basis, net income was $2.3 million, or $0.11 per diluted share, compared to net income of $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about May 21, 2025 to shareholders of record on May 7, 2025.

In addition, the Company announced that its Board of Directors authorized a new stock repurchase plan (the “2025 Plan”), pursuant to which the Company may repurchase up to 1.0 million shares of the Company’s common stock, or approximately 4.8% of the Company’s outstanding common stock as of today. The 2025 Plan will commence upon the completion of the Company’s existing share repurchase plan (the “2024 Plan”). The 2024 Plan was approved by the Board of Directors on May 21, 2024, and as of March 31, 2025, there were 265,609 shares of common stock available for repurchase under the 2024 Plan.

James C. Hagan, President and Chief Executive Officer, commented, “I am pleased to report the results for the first quarter of 2025. Our strong, diversified core deposit base and our disciplined approach to managing our funding costs have resulted in an increase in net interest income for the third consecutive quarter. The net interest margin increased eight basis points to 2.49% compared to the preceding quarter. We will continue to proactively manage our funding costs and benefit from our liability sensitive balance sheet to support net interest margin growth. In the first quarter, core deposits increased $70.2 million, or 4.5%, and represented 70.0% of total deposits while the loan-to-deposit ratio decreased to 89.3%. During the same period, average funding costs decreased four basis points.

“We continue to focus on extending credit within our markets and servicing the needs of our existing customer base while ensuring new opportunities present the appropriate levels of risk and return. Consistent with our prudent credit culture, we continue to proactively identify and manage credit risk within the loan portfolio. Our asset quality remains strong, with nonaccrual loans at 0.29% of total loans as of March 31, 2025.

“The Company is considered to be well-capitalized, as defined by regulators and internal Company targets, and we remain disciplined in our capital management strategies. We continue to believe that buying back shares represents a valuable use of the Company’s capital. Today, we announced the 2025 Plan, which will commence upon the completion of the 2024 Plan. Our stock repurchase programs are an integral element of our capital management strategies. As such, we believe that repurchasing common stock enhances shareholder value. We are pleased to be able to continue to return value to shareholders through share repurchases.”

Hagan concluded, “Our commitment to strong capital and liquidity levels gives us a solid foundation to take advantage of opportunities in the markets we serve and to enhance shareholder value in the long term.”

Key Highlights:

Loans and Deposits

Total gross loans increased $9.3 million, or 0.4%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 76.7% of total assets, at March 31, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $8.1 million, or 1.0%, and an increase in commercial and industrial loans of $4.7 million, or 2.2%. These increases were partially offset by a decrease in commercial real estate loans of $3.0 million, or 0.3%, and a decrease in consumer loans of $526,000, or 12.0%.

At March 31, 2025, total deposits of $2.3 billion increased $66.0 million, or 2.9%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $70.2 million, or 4.5%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.0% of total deposits, at March 31, 2025. Time deposits decreased $4.3 million, or 0.6%, from $703.6 million at December 31, 2024 to $699.3 million at March 31, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at March 31, 2025 and at December 31, 2024. The loan-to-deposit ratio decreased from 91.5% at December 31, 2024 to 89.3% at March 31, 2025.

Liquidity

The Company’s liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities, a diversified deposit base and access to diversified borrowing sources. At March 31, 2025, the Company had $1.1 billion in immediately available liquidity, compared to $665.6 million in uninsured deposits, or 28.6% of total deposits, representing a coverage ratio of 171.5%.

Uninsured deposits of the Bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep account or a reciprocal time deposit through the Certificate of Deposit Account Registry System. IntraFi allows for up to $250.0 million per customer of pass-through FDIC insurance, which would more than cover each of the Bank’s deposit customers if such customer desired to have such pass-through insurance.

Allowance for Credit Losses and Credit Quality

At March 31, 2025, the allowance for credit losses was $19.7 million, or 0.95% of total loans, compared to $19.5 million, or 0.94% of total loans, at December 31, 2024. The allowance for loan losses, as a percentage of nonaccrual loans, was 327.1% and 362.9% at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, nonaccrual loans totaled $6.0 million, or 0.29% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. Total delinquent loans decreased from $5.0 million, or 0.24% of total loans, at December 31, 2024 to $4.5 million, or 0.22% of total loans, at March 31, 2025. At March 31, 2025 and December 31, 2024, the Company did not have any other real estate owned.

Net Interest Margin

The net interest margin increased eight basis points from 2.41% for the three months ended December 31, 2024 to 2.49% for the three months ended March 31, 2025. The net interest margin, on a tax-equivalent basis, increased eight basis points from 2.43% for the three months ended December 31, 2024, compared to 2.51% for the three months ended March 31, 2025.

Stock Repurchase Program

On May 21, 2024, the Board of Directors authorized the 2024 Plan under which the Company may repurchase up to 1.0 million shares of its common stock, or approximately 4.6%, of the Company’s then-outstanding shares of common stock. During the three months ended March 31, 2025, the Company repurchased 206,709 shares of common stock under the 2024 Plan, with an average price per share of $9.12. As of March 31, 2025, there were 265,609 shares of common stock available for repurchase under the 2024 Plan.

On April 22, 2025, the Board of Directors authorized the 2025 Plan, pursuant to which the Company may repurchase up to 1.0 million shares of common stock, or approximately 4.8% of the Company’s outstanding shares as of the date the 2025 Plan was announced. Repurchases under the 2025 Plan will commence upon the completion of the 2024 Plan.

The repurchase of shares under the stock repurchase program is administered through an independent broker. The shares of common stock repurchased under both the 2024 Plan and the 2025 Plan have been and will continue to be, as applicable, purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under both the 2024 Plan and the 2025 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

Book Value and Tangible Book Value

At March 31, 2025, the Company’s book value per share was $11.44, compared to $11.30 at December 31, 2024, while tangible book value per share, a non-GAAP financial measure, increased $0.15, or 1.4%, from $10.63 at December 31, 2024 to $10.78 at March 31, 2025. See pages 16-17 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

Net Income for the Three Months Ended March 31, 2025 Compared to the Three Months Ended December 31, 2024.

For the three months ended March 31, 2025, the Company reported a decrease in net income of $985,000, or 30.0%, from $3.3 million, or $0.16 per diluted share, for the three months ended December 31, 2024, to $2.3 million, or $0.11 per diluted share. Net interest income increased $261,000, or 1.7%, the provision for credit losses increased $904,000, non-interest income decreased $495,000, or 15.2%, and non-interest expense increased $258,000, or 1.7%. Return on average assets and return on average equity were 0.35% and 3.94%, respectively, for the three months ended March 31, 2025, compared to 0.49% and 5.48%, respectively, for the three months ended December 31, 2024.

Net Interest Income and Net Interest Margin

On a sequential quarter basis, net interest income, our primary driver of revenues, increased $261,000, or 1.7%, to $15.5 million for the three months ended March 31, 2025, from $15.3 million for the three months ended December 31, 2024. The increase in net interest income was primarily due to a decrease in interest expense of $410,000, or 3.1%, partially offset by a decrease in interest income of $149,000, or 0.5%.

The net interest margin increased eight basis points from 2.41% for the three months ended December 31, 2024 to 2.49% for the three months ended March 31, 2025. The net interest margin, on a tax-equivalent basis, increased eight basis points from 2.43% for the three months ended December 31, 2024, compared to 2.51% for the three months ended March 31, 2025.

The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.56% for the three months ended March 31, 2025, compared to 4.52% for the three months ended December 31, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.89% for the three months ended March 31, 2025, compared to 4.86% for the three months ended December 31, 2024. During the three months ended March 31, 2025, average interest-earning assets increased $12.7 million, or 0.5% to $2.5 billion, primarily due to an increase in average loans of $10.7 million, or 0.5%, and an increase in average securities of $3.9 million, or 1.1%.

The average cost of total funds, including non-interest bearing accounts and borrowings, decreased four basis points from 2.20% for the three months ended December 31, 2024 to 2.16% for the three months ended March 31, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 10 basis points to 1.08% for the three months ended March 31, 2025, from 0.98% for the three months ended December 31, 2024. The average cost of time deposits decreased 20 basis points from 4.31% for the three months ended December 31, 2024, to 4.11% for the three months ended March 31, 2025. The average cost of borrowings, including subordinated debt, was 5.04% for the three months ended December 31, 2024 and for the three months ended March 31, 2025. Average demand deposits, an interest-free source of funds, decreased $9.6 million, or 1.6%, from $579.2 million, or 25.6% of total average deposits, for the three months ended December 31, 2024, to $569.6 million, or 24.8% of total average deposits, for the three months ended March 31, 2025.

Provision for (Reversal of) Credit Losses

During the three months ended March 31, 2025, the Company recorded a provision for credit losses of $142,000, compared to a reversal of credit losses of $762,000 during the three months ended December 31, 2024. The increase was primarily due to changes in the most recent macroeconomic forecast. The provision for credit losses was also determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions. Management will continue to monitor macroeconomic variables related to the interest rate environment, changing tariff policies and concerns of an economic downturn. Management believes it is appropriately reserved for the current economic environment.

During the three months ended March 31, 2025, the Company recorded net charge-offs of $29,000, compared to net recoveries of $128,000 for the three months ended December 31, 2024.

Non-Interest Income

On a sequential quarter basis, non-interest income decreased $495,000, or 15.2%, to $2.8 million for the three months ended March 31, 2025, from $3.3 million for the three months ended December 31, 2024. During the three months ended March 31, 2025, service charges and fees on deposits decreased $17,000, or 0.7%, to $2.3 million from the three months ended December 31, 2024. Income from bank-owned life insurance (“BOLI”) decreased $13,000, or 2.7%, from the three months ended December 31, 2024 to $473,000 for the three months ended March 31, 2025. During the three months ended March 31, 2025, the Company reported a gain of $7,000 from mortgage banking activities, compared to a loss of $11,000 during the three months ended December 31, 2024. During the three months ended March 31, 2025, the Company reported unrealized losses on marketable equity securities of $5,000, compared to unrealized losses of $9,000, during the three months ended December 31, 2024. During the three months ended December 31, 2024, the Company reported gains on non-marketable equity investments of $300,000 and did not have comparable income during the three months ended March 31, 2025. During the three months ended December 31, 2024, the Company reported $187,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended March 31, 2025.

Non-Interest Expense

For the three months ended March 31, 2025, non-interest expense increased $258,000, or 1.7%, to $15.2 million from $14.9 million for the three months ended December 31, 2024. Occupancy expense increased $156,000, or 12.4%, primarily due to snow removal costs of $143,000. Advertising expense increased $119,000, or 38.4%, professional fees increased $75,000, or 15.9%, FDIC insurance expense increased $42,000, or 10.8%, and software related expenses increased $17,000, or 2.6%. These increases were partially offset by a decrease in furniture and equipment expense of $18,000, or 3.6%, a decrease in data processing expense of $18,000, or 2.0%, a decrease in debit card processing and ATM network costs of $16,000, or 2.7%, a decrease in salaries and related benefits of $16,000, or 0.2%, and a decrease in other non-interest expense of $83,000, or 5.8%.

For the three months ended March 31, 2025 and the three months ended December 31, 2024, the efficiency ratio was 83.0% and 80.6%, respectively. For the three months ended March 31, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 83.0% compared to 81.9% for the three months ended December 31, 2024. The increases in the efficiency ratio and the adjusted efficiency ratio were driven by higher expenses and lower non-interest income during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The Company’s detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. See pages 16-17 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

Income Tax Provision

Income tax expense for the three months ended March 31, 2025 was $664,000, with an effective tax rate of 22.4%, compared to $1.1 million, with an effective tax rate of 24.6%, for the three months ended December 31, 2024.

Net Income for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024.

The Company reported net income of $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025, compared to net income of $3.0 million, or $0.14 per diluted share, for the three months ended March 31, 2024. Net interest income increased $188,000, or 1.2%, provision for credit losses increased $692,000, non-interest income increased $85,000, or 3.2%, and non-interest expense increased $402,000, or 2.7%, during the same period. Return on average assets and return on average equity were 0.35% and 3.94%, respectively, for the three months ended March 31, 2025, compared to 0.47% and 5.04%, respectively, for the three months ended March 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $188,000, or 1.2%, to $15.5 million, for the three months ended March 31, 2025, from $15.3 million for the three months ended March 31, 2024. The increase in net interest income was due to an increase in interest and dividend income of $1.8 million, or 6.9%, partially offset by an increase in interest expense of $1.6 million, or 14.6%. The increase in interest expense was primarily due to an increase in average interest-bearing deposits of $156.1 million, or 9.9%, and an increase in the average cost of interest-bearing deposit accounts of 29 basis points from the three months ended March 31, 2024 to the three months ended March 31, 2025. As a result, the net interest margin decreased from 2.57% for the three months ended March 31, 2024, to 2.49% for the three months ended March 31, 2025. The net interest margin, on a tax-equivalent basis, was 2.51% for the three months ended March 31, 2025, compared to 2.59% for the three months ended March 31, 2024.

The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 11 basis points from 4.45% for the three months ended March 31, 2024 to 4.56% for the three months ended March 31, 2025. The average loan yield, without the impact of tax-equivalent adjustments, was 4.89% for the three months ended March 31, 2025, compared to 4.82% for the three months ended March 31, 2024. During the three months ended March 31, 2025, average interest-earning assets increased $126.6 million, or 5.3%, to $2.5 billion, primarily due to an increase in average loans of $51.8 million, or 2.6%, an increase in average short-term investments, consisting of cash and cash equivalents, of $66.7 million, an increase in average securities of $5.9 million, or 1.6%, and an increase in average other investments of $2.3 million, or 18.6%.

The average cost of total funds, including non-interest bearing accounts and borrowings, increased 19 basis points from 1.97% for the three months ended March 31, 2024, to 2.16% for the three months ended March 31, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 32 basis points from 0.76% for the three months ended March 31, 2024 to 1.08% for the three months ended March 31, 2025. The average cost of time deposits decreased one basis point from 4.12% for the three months ended March 31, 2024 to 4.11% for the three months ended March 31, 2025. The average cost of borrowings, including subordinated debt, increased 13 basis points from 4.91% for the three months ended March 31, 2024 to 5.04% for the three months ended March 31, 2025. Average demand deposits, an interest-free source of funds, increased $11.9 million, or 2.1%, from $557.7 million, or 26.1% of total average deposits, for the three months ended March 31, 2024, to $569.6 million, or 24.8% of total average deposits, for the three months ended March 31, 2025.

Provision for (Reversal of) Credit Losses

During the three months ended March 31, 2025, the Company recorded a provision for credit losses of $142,000, compared to a reversal of credit losses of $550,000 during the three months ended March 31, 2024. The increase was primarily due to changes in the most recent macroeconomic forecast. The provision for credit losses was also determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions. Management will continue to monitor macroeconomic variables related to the interest rate environment, the continued discussion on tariffs and the concerns of an economic downturn. Management believes it is appropriately reserved for the current economic environment.

During the three months ended March 31, 2025, the Company recorded net charge-offs of $29,000, compared to net recoveries of $67,000 for the three months ended March 31, 2024.

Non-Interest Income

Non-interest income increased $85,000, or 3.2%, from $2.7 million, for the three months ended March 31, 2024 to $2.8 million for the three months ended March 31, 2025, primarily due to a $65,000, or 2.9%, increase in service charges and fees and an increase in income from BOLI of $20,000, or 4.4%.

Non-Interest Expense

Non-interest expense increased $402,000, or 2.7%, from $14.8 million for the three months ended March 31, 2024 to $15.2 million for the three months ended March 31, 2025. Salaries and benefits increased $169,000, or 2.0%, advertising expense increased $80,000, or 22.9%, occupancy expense increased $49,000, or 3.6%, debit card processing and ATM network costs increased $25,000, or 4.5%, FDIC insurance expense increased $21,000, or 5.1%, data processing expense increased $20,000, or 2.3%, furniture and equipment expense increased $3,000, or 0.6%, and other non-interest expense increased $98,000, or 7.8%. These increases were partially offset by a decrease in software related expenses of $40,000, or 5.7%, and a decrease in professional fees of $23,000, or 4.0%.

For the three months ended March 31, 2025 and the three months ended March 31, 2024, the efficiency ratio was 83.0% and 82.0%, respectively. For the three months ended March 31, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 83.0% compared to 82.0% for the three months ended March 31, 2024. The increases in the efficiency ratio and the adjusted efficiency ratio were driven by higher expenses during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. See pages 16-17 for the efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

Income Tax Provision

For the three months ended March 31, 2025, income tax expense was $664,000, with an effective tax rate of 22.4%, compared to $827,000, with an effective tax rate of 21.8%, for the three months ended March 31, 2024.

Balance Sheet

At March 31, 2025, total assets were $2.7 billion, an increase of $56.2 million, or 2.1%, from December 31, 2024. The increase in total assets was primarily due to an increase in total gross loans of $9.3 million, or 0.4%, an increase in cash and cash equivalents of $44.1 million, or 66.4%, and an increase in investment securities of $3.6 million, or 1.0%.

Investments

At March 31, 2025, the investment securities portfolio totaled $369.8 million, or 13.6% of total assets, compared to $366.1 million, or 13.8% of total assets, at December 31, 2024. At March 31, 2025, the Company’s available-for-sale securities portfolio, recorded at fair market value, increased $7.1 million, or 4.4%, from $160.7 million at December 31, 2024 to $167.8 million. The held-to-maturity securities portfolio, recorded at amortized cost, decreased $3.4 million, or 1.7%, from $205.0 million at December 31, 2024 to $201.6 million at March 31, 2025.

At March 31, 2025, the Company reported unrealized losses on the available-for-sale securities portfolio of $27.8 million, or 14.2% of the amortized cost basis of the available-for-sale securities portfolio, compared to unrealized losses of $31.2 million, or 16.2% of the amortized cost basis of the available-for-sale securities at December 31, 2024. At March 31, 2025, the Company reported unrealized losses on the held-to-maturity securities portfolio of $35.8 million, or 17.8% of the amortized cost basis of the held-to-maturity securities portfolio, compared to $39.4 million, or 19.2% of the amortized cost basis of the held-to-maturity securities portfolio at December 31, 2024.

The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $8.7 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

Management regularly reviews the portfolio for securities in an unrealized loss position. At March 31, 2025 and December 31, 2024, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The available-for-sale and held-to-maturity portfolios are both eligible for pledging to the Federal Home Loan Bank (“FHLB”) as collateral for borrowings. The portfolios are comprised of high-credit quality investments and both portfolios generated cash flows monthly from interest, principal amortization and payoffs, which support’s the Bank’s objective to provide liquidity.

Total Loans

Total gross loans increased $9.3 million, or 0.4%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 76.7% of total assets, at March 31, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $8.1 million, or 1.0%, and an increase in commercial and industrial loans of $4.7 million, or 2.2%. These increases were partially offset by a decrease in commercial real estate loans of $3.0 million, or 0.3%, and a decrease in consumer loans of $526,000, or 12.0%.

The following table presents a summary of the loan portfolio by the major classification of loans at the periods indicated:

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

Commercial real estate loans:
Non-owner occupied	$	881,105	$	880,828
Owner-occupied		191,582		194,904
Total commercial real estate loans		1,072,687		1,075,732

Residential real estate loans:
Residential		659,984		653,802
Home equity		123,804		121,857
Total residential real estate loans		783,788		775,659

Commercial and industrial loans		216,368		211,656

Consumer loans		3,865		4,391
Total gross loans		2,076,708		2,067,438
Unamortized premiums and net deferred loans fees and costs		2,853		2,751
Total loans	$	2,079,561	$	2,070,189

Credit Quality

Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

Total delinquency was $4.5 million, or 0.22% of total loans, at March 31, 2025, compared to $5.0 million, or 0.24% of total loans at December 31, 2024. At March 31, 2025, nonaccrual loans totaled $6.0 million, or 0.29% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. At March 31, 2025 and December 31, 2024, there were no loans 90 or more days past due and still accruing interest. Total nonaccrual assets totaled $6.0 million, or 0.22% of total assets, at March 31, 2025, compared to $5.4 million, or 0.20% of total assets, at December 31, 2024. At March 31, 2025 and December 31, 2024, the Company did not have any other real estate owned.

At March 31, 2025, the allowance for credit losses was $19.7 million, or 0.95% of total loans and 327.1% of nonaccrual loans, compared to $19.5 million, or 0.94% of total loans and 362.9% of nonaccrual loans, at December 31, 2024. Total criticized loans, defined as special mention and substandard loans, decreased $2.1 million, or 5.5%, from $38.4 million, or 1.9% of total loans, at December 31, 2024 to $36.3 million, or 1.7% of total loans, at March 31, 2025.

Our commercial real estate portfolio is comprised of diversified property types and primarily within our geographic footprint. At March 31, 2025, the commercial real estate portfolio totaled $1.1 billion, and represented 51.7% of total loans. Of the $1.1 billion, $881.1 million, or 82.1%, was categorized as non-owner occupied commercial real estate and represented 325.8% of the Bank’s total risk-based capital. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

Deposits

At March 31, 2025, total deposits were $2.3 billion and increased $66.0 million, or 2.9%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $70.2 million, or 4.5%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.0% of total deposits, at March 31, 2025. Non-interest-bearing deposits increased $24.4 million, or 4.3%, to $590.0 million, and represent 25.3% of total deposits, money market accounts increased $45.7 million, or 6.9%, to $707.2 million, savings accounts increased $9.8 million, or 5.4%, to $191.4 million and interest-bearing checking accounts decreased $9.6 million, or 6.4%, to $140.8 million.

Time deposits decreased $4.3 million, or 0.6%, from $703.6 million at December 31, 2024 to $699.3 million at March 31, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at March 31, 2025 and at December 31, 2024. The Company has experienced growth and movement in both money market accounts and non-interest-bearing deposits as a result of seasonal customer behaviors, relationship pricing, and the current interest rate environment, as opposed to time deposit specials or interest rate adjustments. We continue our disciplined and focused approach to core relationship management and customer outreach to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term core customer relationship base by competing for and retaining deposits in our local market. At March 31, 2025, the Bank’s uninsured deposits totaled $665.6 million, or 28.6% of total deposits, compared to $643.6 million, or 28.4% of total deposits, at December 31, 2024.

The table below is a summary of our deposit balances for the periods noted:

	March 31, 2025		December 31, 2024		March 31, 2024
	(Dollars in thousands)
Core Deposits:
Demand accounts	$	589,996	$	565,620	$	559,928
Interest-bearing accounts		140,769		150,348		125,377
Savings accounts		191,398		181,618		190,732
Money market accounts		707,153		661,478		624,474
Total Core Deposits	$	1,629,316	$	1,559,064	$	1,500,511
Time Deposits:		699,277		703,583		643,236
Total Deposits:	$	2,328,593	$	2,262,647	$	2,143,747

FHLB and Subordinated Debt

At March 31, 2025, total borrowings decreased $860,000, or 0.7%, from $123.1 million at December 31, 2024 to $122.3 million. At March 31, 2025, short-term borrowings decreased $870,000, or 16.1%, to $4.5 million, compared to $5.4 million at December 31, 2024. Long-term borrowings were $98.0 million at March 31, 2025 and December 31, 2024. At March 31, 2025 and December 31, 2024, borrowings also consisted of $19.8 million in fixed-to-floating rate subordinated notes.

As of March 31, 2025, the Company had $447.5 million of additional borrowing capacity at the FHLB, $378.5 million of additional borrowing capacity under the Federal Reserve Bank Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

Capital

At March 31, 2025, shareholders’ equity was $237.7 million, or 8.8% of total assets, compared to $235.9 million, or 8.9% of total assets, at December 31, 2024. The change was primarily attributable to a decrease in accumulated other comprehensive loss of $2.6 million, cash dividends paid of $1.4 million, repurchase of shares at a cost of $2.0 million, partially offset by net income of $2.3 million. At March 31, 2025, total shares outstanding were 20,774,319. The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets.

	March 31, 2025				December 31, 2024
	Company		Bank		Company		Bank
Total Capital (to Risk Weighted Assets)	14.28	%	13.56	%	14.38	%	13.65	%
Tier 1 Capital (to Risk Weighted Assets)	12.27	%	12.55	%	12.37	%	12.64	%
Common Equity Tier 1 Capital (to Risk Weighted Assets)	12.27	%	12.55	%	12.37	%	12.64	%
Tier 1 Leverage Ratio (to Adjusted Average Assets)	9.06	%	9.26	%	9.14	%	9.34	%

Dividends

Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

About Western New England Bancorp, Inc.

Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

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, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to:

unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
unstable political and economic conditions, including changes in tariff policies, which could materially impact credit quality trends and the ability to generate loans and gather deposits;
inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
significant changes in accounting, tax or regulatory practices or requirements;
new legal obligations or liabilities or unfavorable resolutions of litigation;
disruptive technologies in payment systems and other services traditionally provided by banks;
the highly competitive industry and market area in which we operate;
operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
failure or circumvention of our internal controls or procedures;
changes in the securities markets which affect investment management revenues;
increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
the soundness of other financial services institutions which may adversely affect our credit risk;
certain of our intangible assets may become impaired in the future;
new lines of business or new products and services, which may subject us to additional risks;
changes in key management personnel which may adversely impact our operations;
severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
other risk factors detailed from time to time in our SEC filings.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Net Income and Other Data (Dollars in thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31,			December 31,				September 30,				June 30,				March 31,
		2025				2024				2024				2024				2024
INTEREST AND DIVIDEND INCOME:
Loans	$	24,984			$	25,183			$	25,134			$	24,340			$	24,241
Securities		2,422				2,273				2,121				2,141				2,114
Other investments		191				214				189				148				136
Short-term investments		840				916				396				173				113
Total interest and dividend income		28,437				28,586				27,840				26,802				26,604

INTEREST EXPENSE:
Deposits		11,376				11,443				11,165				10,335				9,293
Short-term borrowings		54				60				71				186				283
Long-term debt		1,219				1,557				1,622				1,557				1,428
Subordinated debt		254				253				254				254				254
Total interest expense		12,903				13,313				13,112				12,332				11,258

Net interest and dividend income		15,534				15,273				14,728				14,470				15,346

PROVISION FOR (REVERSAL OF) CREDIT LOSSES		142				(762	)			941				(294	)			(550	)

Net interest and dividend income after provision for (reversal of) credit losses		15,392				16,035				13,787				14,764				15,896

NON-INTEREST INCOME:
Service charges and fees on deposits		2,284				2,301				2,341				2,341				2,219
Income from bank-owned life insurance		473				486				470				502				453
Unrealized (loss) gain on marketable equity securities		(5	)			(9	)			10				4				8
Gain (loss) on sale of mortgages		7				(11	)			246				–				–
Gain on non-marketable equity investments		–				300				–				987				–
Loss on disposal of premises and equipment		–				–				–				–				(6	)
Other income		–				187				74				–				–
Total non-interest income		2,759				3,254				3,141				3,834				2,674

NON-INTEREST EXPENSE:
Salaries and employees’ benefits		8,413				8,429				8,112				7,901				8,244
Occupancy		1,412				1,256				1,217				1,218				1,363
Furniture and equipment		487				505				483				483				484
Data processing		882				900				869				846				862
Software		659				642				612				566				699
Debit/ATM card processing expense		577				593				649				643				552
Professional fees		546				471				540				581				569
FDIC insurance		431				389				338				323				410
Advertising		429				310				271				339				349
Other		1,348				1,431				1,315				1,414				1,250
Total non-interest expense		15,184				14,926				14,406				14,314				14,782

INCOME BEFORE INCOME TAXES		2,967				4,363				2,522				4,284				3,788

INCOME TAX PROVISION		664				1,075				618				771				827
NET INCOME	$	2,303			$	3,288			$	1,904			$	3,513			$	2,961

Basic earnings per share	$	0.11			$	0.16			$	0.09			$	0.17			$	0.14
Weighted average shares outstanding		20,385,481				20,561,749				20,804,162				21,056,173				21,180,968
Diluted earnings per share	$	0.11			$	0.16			$	0.09			$	0.17			$	0.14
Weighted average diluted shares outstanding		20,514,098				20,701,276				20,933,833				21,163,762				21,271,323

Other Data:
Return on average assets (1)		0.35	%			0.49	%			0.29	%			0.55	%			0.47	%
Return on average equity (1)		3.94	%			5.48	%			3.19	%			6.03	%			5.04	%
Efficiency ratio		83.00	%			80.56	%			80.62	%			78.20	%			82.03	%
Adjusted efficiency ratio (2)		82.98	%			81.85	%			80.67	%			82.68	%			82.04	%
Net interest margin		2.49	%			2.41	%			2.40	%			2.42	%			2.57	%
Net interest margin, on a fully tax-equivalent basis		2.51	%			2.43	%			2.42	%			2.44	%			2.59	%
(1) Annualized.
(2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment.

WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands) (Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Cash and cash equivalents	$	110,579		$	66,450		$	72,802		$	53,458		$	22,613
Securities available-for-sale, at fair value		167,800			160,704			155,889			135,089			138,362
Securities held to maturity, at amortized cost		201,557			205,036			213,266			217,632			221,242
Marketable equity securities, at fair value		414			397			252			233			222
Federal Home Loan Bank of Boston and other restricted stock – at cost		5,818			5,818			7,143			7,143			3,105

Loans		2,079,561			2,070,189			2,049,002			2,026,226			2,025,566
Allowance for credit losses		(19,669	)		(19,529	)		(19,955	)		(19,444	)		(19,884	)
Net loans		2,059,892			2,050,660			2,029,047			2,006,782			2,005,682

Bank-owned life insurance		77,529			77,056			76,570			76,100			75,598
Goodwill		12,487			12,487			12,487			12,487			12,487
Core deposit intangible		1,344			1,438			1,531			1,625			1,719
Other assets		71,864			73,044			71,492			75,521			76,206
TOTAL ASSETS	$	2,709,284		$	2,653,090		$	2,640,479		$	2,586,070		$	2,557,236

Total deposits	$	2,328,593		$	2,262,647		$	2,224,206		$	2,171,809		$	2,143,747
Short-term borrowings		4,520			5,390			4,390			6,570			11,470
Long-term debt		98,000			98,000			128,277			128,277			120,646
Subordinated debt		19,761			19,751			19,741			19,731			19,722
Securities pending settlement		2,093			8,622			2,513			102			–
Other liabilities		18,641			22,770			20,697			23,104			25,855
TOTAL LIABILITIES		2,471,608			2,417,180			2,399,824			2,349,593			2,321,440

TOTAL SHAREHOLDERS’ EQUITY		237,676			235,910			240,655			236,477			235,796
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,709,284		$	2,653,090		$	2,640,479		$	2,586,070		$	2,557,236

WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES Other Data (Dollars in thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Shares outstanding at end of period		20,774,319			20,875,713			21,113,408			21,357,849			21,627,690

Operating results:
Net interest income	$	15,534		$	15,273		$	14,728		$	14,470		$	15,346
Provision for (reversal of) credit losses		142			(762	)		941			(294	)		(550	)
Non-interest income		2,759			3,254			3,141			3,834			2,674
Non-interest expense		15,184			14,926			14,406			14,314			14,782
Income before income provision for income taxes		2,967			4,363			2,522			4,284			3,788
Income tax provision		664			1,075			618			771			827
Net income		2,303			3,288			1,904			3,513			2,961

Performance Ratios:
Net interest margin		2.49	%		2.41	%		2.40	%		2.42	%		2.57	%
Net interest margin, on a fully tax-equivalent basis		2.51	%		2.43	%		2.42	%		2.44	%		2.59	%
Interest rate spread		1.74	%		1.63	%		1.60	%		1.66	%		1.85	%
Interest rate spread, on a fully tax-equivalent basis		1.76	%		1.65	%		1.62	%		1.67	%		1.86	%
Return on average assets		0.35	%		0.49	%		0.29	%		0.55	%		0.47	%
Return on average equity		3.94	%		5.48	%		3.19	%		6.03	%		5.04	%
Efficiency ratio (GAAP)		83.00	%		80.56	%		80.62	%		78.20	%		82.03	%
Adjusted efficiency ratio (non-GAAP)⁽¹⁾		82.98	%		81.85	%		80.67	%		82.68	%		82.04	%

Per Common Share Data:
Basic earnings per share	$	0.11		$	0.16		$	0.09		$	0.17		$	0.14
Earnings per diluted share		0.11			0.16			0.09			0.17			0.14
Cash dividend declared		0.07			0.07			0.07			0.07			0.07
Book value per share		11.44			11.30			11.40			11.07			10.90
Tangible book value per share (non-GAAP)⁽²⁾		10.78			10.63			10.73			10.41			10.25

Asset Quality:
30-89 day delinquent loans	$	2,459		$	3,694		$	3,059		$	3,270		$	3,000
90 days or more delinquent loans		2,027			1,301			1,253			2,280			1,716
Total delinquent loans		4,486			4,995			4,312			5,550			4,716
Total delinquent loans as a percentage of total loans		0.22	%		0.24	%		0.21	%		0.27	%		0.23	%
Nonaccrual loans	$	6,014		$	5,381		$	4,873		$	5,845		$	5,837
Nonaccrual loans as a percentage of total loans		0.29	%		0.26	%		0.24	%		0.29	%		0.29	%
Nonaccrual assets as a percentage of total assets		0.22	%		0.20	%		0.18	%		0.23	%		0.23	%
Allowance for credit losses as a percentage of nonaccrual loans		327.05	%		362.93	%		409.50	%		332.66	%		340.65	%
Allowance for credit losses as a percentage of total loans		0.95	%		0.94	%		0.97	%		0.96	%		0.98	%
Net loan charge-offs (recoveries)	$	29		$	(128	)	$	98		$	10		$	(67	)
Net loan charge-offs (recoveries) as a percentage of average loans		0.00	%		(0.01	)%		0.00	%		0.00	%		0.00	%
(1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gains on non-marketable equity investments, and loss on disposal of premises and equipment.
(2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.

The following table sets forth the information relating to our average balances and net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

	Three Months Ended
	March 31, 2025									December 31, 2024								March 31, 2024
	Average						Average Yield/			Average					Average Yield/			Average					Average Yield/
	Balance		Interest				Cost⁽⁸⁾			Balance		Interest			Cost⁽⁸⁾			Balance		Interest			Cost⁽⁸⁾
	(Dollars in thousands)
ASSETS:
Interest-earning assets
Loans(1)(2)	$	2,073,486		$	25,105			4.91	%	$	2,062,822	$	25,311			4.88	%	$	2,021,713	$	24,351			4.84	%
Securities(2)		365,371			2,422			2.69			361,476		2,273			2.50			359,493		2,114			2.37
Other investments		14,819			191			5.23			15,924		214			5.35			12,494		136			4.38
Short-term investments(3)		76,039			840			4.48			76,795		916			4.75			9,386		113			4.84
Total interest-earning assets		2,529,715			28,558			4.58			2,517,017		28,714			4.54			2,403,086		26,714			4.47
Total non-interest-earning assets		156,733									155,538								154,410
Total assets	$	2,686,448								$	2,672,555							$	2,557,496

LIABILITIES AND EQUITY:
Interest-bearing liabilities
Interest-bearing checking accounts	$	140,960			250			0.72		$	149,231		264			0.70		$	135,559		234			0.69
Savings accounts		183,869			40			0.09			179,122		38			0.08			186,125		39			0.08
Money market accounts		704,215			3,968			2.29			654,965		3,553			2.16			626,267		2,587			1.66
Time deposit accounts		702,748			7,118			4.11			700,324		7,588			4.31			627,699		6,433			4.12
Total interest-bearing deposits		1,731,792			11,376			2.66			1,683,642		11,443			2.70			1,575,650		9,293			2.37
Short-term borrowings and long-term debt		122,786			1,527			5.04			147,748		1,870			5.04			160,802		1,965			4.91
Interest-bearing liabilities		1,854,578			12,903			2.82			1,831,390		13,313			2.89			1,736,452		11,258			2.61
Non-interest-bearing deposits		569,638									579,168								557,711
Other non-interest-bearing liabilities		25,464									23,380								27,078
Total non-interest-bearing liabilities		595,102									602,548								584,789
Total liabilities		2,449,680									2,433,938								2,321,241
Total equity		236,768									238,617								236,255
Total liabilities and equity	$	2,686,448								$	2,672,555							$	2,557,496
Less: Tax-equivalent adjustment(2)					(121	)							(128	)							(110	)
Net interest and dividend income				$	15,534							$	15,273							$	15,346
Net interest rate spread(4)								1.74	%							1.63	%							1.85	%
Net interest rate spread, on a tax-equivalent basis(5)								1.76	%							1.65	%							1.86	%
Net interest margin(6)								2.49	%							2.41	%							2.57	%
Net interest margin, on a tax-equivalent basis(7)								2.51	%							2.43	%							2.59	%
Ratio of average interest-earning assets to average interest-bearing liabilities								136.40	%							137.44	%							138.39	%
(1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.
(2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements of net income.
(3) Short-term investments include federal funds sold.
(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the tax-equivalent weighted average cost of interest-bearing liabilities.
(6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.
(7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.
(8) Annualized.

Reconciliation of Non-GAAP to GAAP Financial Measures

The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below.

	For the quarter ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
	(Dollars in thousands)

Loan interest (no tax adjustment)	$	24,984		$	25,183		$	25,134		$	24,340		$	24,241
Tax-equivalent adjustment		121			128			119			114			110
Loan interest (tax-equivalent basis)	$	25,105		$	25,311		$	25,253		$	24,454		$	24,351

Net interest income (no tax adjustment)	$	15,534		$	15,273		$	14,728		$	14,470		$	15,346
Tax equivalent adjustment		121			128			119			114			110
Net interest income (tax-equivalent basis)	$	15,655		$	15,401		$	14,847		$	14,584		$	15,456

Average interest-earning assets	$	2,529,715		$	2,517,017		$	2,441,236		$	2,400,633		$	2,403,086
Net interest margin (no tax adjustment)		2.49	%		2.41	%		2.40	%		2.42	%		2.57	%
Net interest margin, tax-equivalent		2.51	%		2.43	%		2.42	%		2.44	%		2.59	%

Book Value per Share (GAAP)	$	11.44		$	11.30		$	11.40		$	11.07		$	10.90
Non-GAAP adjustments:
Goodwill		(0.60	)		(0.60	)		(0.59	)		(0.58	)		(0.58	)
Core deposit intangible		(0.06	)		(0.07	)		(0.08	)		(0.08	)		(0.07	)
Tangible Book Value per Share (non-GAAP)	$	10.78		$	10.63		$	10.73		$	10.41		$	10.25

	For the quarter ended
	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
	(Dollars in thousands)

Efficiency Ratio:
Non-interest Expense (GAAP)	$	15,184		$	14,926		$	14,406		$	14,314		$	14,782

Net Interest Income (GAAP)	$	15,534		$	15,273		$	14,728		$	14,470		$	15,346

Non-interest Income (GAAP)	$	2,759		$	3,254		$	3,141		$	3,834		$	2,674
Non-GAAP adjustments:
Unrealized losses (gains) on marketable equity securities		5			9			(10	)		(4	)		(8	)
Gain on non-marketable equity investments		–			(300	)		–			(987	)		–
Loss on disposal of premises and equipment		–			–			–			–			6
Non-interest Income for Adjusted Efficiency Ratio (non-GAAP)	$	2,764		$	2,963		$	3,131		$	2,843		$	2,672
Total Revenue for Adjusted Efficiency Ratio (non-GAAP)	$	18,298		$	18,236		$	17,859		$	17,313		$	18,018

Efficiency Ratio (GAAP)		83.00	%		80.56	%		80.62	%		78.20	%		82.03	%

Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))		82.98	%		81.85	%		80.67	%		82.68	%		82.04	%

For further information contact:
James C. Hagan, President and CEO
Guida R. Sajdak, Executive Vice President and CFO
Meghan Hibner, First Vice President and Investor Relations Officer
413-568-1911

The MIL Network –

April 23, 2025

MIL-OSI: Hanmi Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported financial results for the first quarter of 2025.

Net income for the first quarter of 2025 was $17.7 million, or $0.58 per diluted share, unchanged from the fourth quarter of 2024. The return on average assets for the first quarter of 2025 was 0.94% and the return on average equity was 8.92%, compared with a return on average assets of 0.93% and a return on average equity of 8.89% for the fourth quarter of 2024.

CEO Commentary
“Our team delivered strong results in the first quarter with solid operating performance across all of our business lines,” said Bonnie Lee, President and Chief Executive Officer. “We achieved our third consecutive quarter of net interest margin expansion, up 11 basis points to 3.02%, primarily driven by lower funding costs.”

“Deposits increased 3% driven by new commercial accounts and contributions from our newly opened branches, a testament to our core relationship-based banking model. Loan production was solid, fueled by healthy originations in residential mortgages and our SBA business. Importantly, we maintained our strong credit quality, and continued to effectively manage our operating expenses, resulting in our best quarterly efficiency ratio since the fourth quarter of 2023.”

“Overall, our first quarter results were well-balanced and reflected continued growth and positive momentum, including the successful opening of a new branch in the Atlanta region. Despite elevated macroeconomic uncertainty, our team’s focus, discipline, and commitment to providing exceptional service and market leading products positions us well to deliver long-term value to our shareholders.”

First Quarter 2025 Highlights:

First quarter net income was $17.7 million, or $0.58 per diluted share, unchanged from fourth quarter of 2024. Preprovision net revenues increased 5.9% from the prior quarter reflecting growth in net interest income, an expanding net interest margin, a solid contribution from fee-based activities, and disciplined expense management.
Loans receivable were $6.28 billion at March 31, 2025, up 0.5% from the end of the fourth quarter of 2024; loan production for the first quarter was $345.9 million, with a weighted average interest rate of 7.35%, compared with loan production for the fourth quarter of $339.0 million, with a weighted average interest rate of 7.37%.
Deposits were $6.62 billion at March 31, 2025, up 2.9% from the end of the fourth quarter of 2024; noninterest-bearing demand deposits at March 31, 2025 were 31.2% of total deposits.
Net interest income for the first quarter was $55.1 million, up 3.1% from the fourth quarter of 2024. Net interest margin (taxable equivalent) increased 11 basis points to 3.02%; the average yield on loans declined two basis points to 5.95%, while the cost of interest-bearing deposits fell 27 basis points to 3.69%.
Credit loss expense for the first quarter was $2.7 million, an increase from $0.9 million for the prior quarter. The allowance for credit losses increased $0.5 million to $70.6 million at March 31, 2025, or 1.12% of loans. For the first quarter, net loan charge-offs were $1.9 million, or 0.13% of average loans (annualized).
Nonperforming loans were $35.6 million at March 31, 2025, or 0.57% of loans. Criticized loans decreased to $164.9 million, as special mention loans decreased to $118.4 million, while classified loans increased to $46.5 million.

For more information about Hanmi, please see the Q1 2025 Investor Update (and Supplemental Financial Information), which is available on the Bank’s website at www.hanmi.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. Also, please refer to “Non-GAAP Financial Measures” herein for further details of the presentation of certain non-GAAP financial measures.

Quarterly Highlights
(Dollars in thousands, except per share data)

	As of or for the Three Months Ended															Amount Change
	March 31,			December 31,			September 30,			June 30,			March 31,			Q1-25			Q1-25
	2025			2024			2024			2024			2024			vs. Q4-24			vs. Q1-24

Net income	$	17,672		$	17,695		$	14,892		$	14,451		$	15,164		$	(23	)	$	2,508
Net income per diluted common share	$	0.58		$	0.58		$	0.49		$	0.48		$	0.50		$	–		$	0.08

Assets	$	7,729,035		$	7,677,925		$	7,712,299		$	7,586,347		$	7,512,046		$	51,110		$	216,989
Loans receivable	$	6,282,189		$	6,251,377		$	6,257,744		$	6,176,359		$	6,177,840		$	30,812		$	104,349
Deposits	$	6,619,475		$	6,435,776		$	6,403,221		$	6,329,340		$	6,376,060		$	183,699		$	243,415

Return on average assets		0.94	%		0.93	%		0.79	%		0.77	%		0.81	%		0.01			0.13
Return on average stockholders’ equity		8.92	%		8.89	%		7.55	%		7.50	%		7.90	%		0.03			1.02

Net interest margin		3.02	%		2.91	%		2.74	%		2.69	%		2.78	%		0.11			0.24
Efficiency ratio ⁽¹⁾		55.69	%		56.79	%		59.98	%		62.24	%		62.42	%		-1.10			-6.73

Tangible common equity to tangible assets ⁽²⁾		9.59	%		9.41	%		9.42	%		9.19	%		9.23	%		0.18			0.36
Tangible common equity per common share ⁽²⁾	$	24.49		$	23.88		$	24.03		$	22.99		$	22.86			0.61			1.63


⁽¹⁾Noninterest expense divided by net interest income plus noninterest income.
⁽²⁾Refer to “Non-GAAP Financial Measures” for further details.

Results of Operations
Net interest income for the first quarter was $55.1 million, up 3.1% from $53.4 million for the fourth quarter of 2024. The increase was primarily due to a decrease in deposit interest expense from a decrease in deposit rates. The average rate paid on interest-bearing deposits for the fourth quarter decreased 27 basis points to 3.69% from 3.96% for the fourth quarter of 2024, primarily due to the decrease in the average cost of time deposits to 4.17% for the first quarter from 4.55% for the fourth quarter of 2024. The average balance of interest-bearing deposits increased to $4.46 billion for the first quarter of 2025 from $4.36 billion for the fourth quarter. The average balance of time deposits was $2.35 billion for the first quarter of 2025, essentially unchanged from the fourth quarter. The average balance of noninterest-bearing deposits for the first quarter decreased to $1.90 billion from $1.97 billion for the fourth quarter of 2024. Net interest margin (taxable equivalent) for the first quarter was 3.02%, up 11 basis points from 2.91% for the fourth quarter of 2024.

	For the Three Months Ended (in thousands)										Percentage Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25		Q1-25
Net Interest Income	2025		2024		2024		2024		2024		vs. Q4-24		vs. Q1-24

Interest and fees on loans receivable ⁽¹⁾	$	90,887	$	91,545	$	92,182	$	90,752	$	91,674	-0.7	%	-0.9	%
Interest on securities		6,169		5,866		5,523		5,238		4,955	5.2	%	24.5	%
Dividends on FHLB stock		360		360		356		357		361	0.0	%	-0.3	%
Interest on deposits in other banks		1,841		2,342		2,356		2,313		2,604	-21.4	%	-29.3	%
Total interest and dividend income	$	99,257	$	100,113	$	100,417	$	98,660	$	99,594	-0.9	%	-0.3	%

Interest on deposits		40,559		43,406		47,153		46,495		45,638	-6.6	%	-11.1	%
Interest on borrowings		2,024		1,634		1,561		1,896		1,655	23.9	%	22.3	%
Interest on subordinated debentures		1,582		1,624		1,652		1,649		1,646	-2.6	%	-3.9	%
Total interest expense		44,165		46,664		50,366		50,040		48,939	-5.4	%	-9.8	%
Net interest income	$	55,092	$	53,449	$	50,051	$	48,620	$	50,655	3.1	%	8.8	%

⁽¹⁾Includes loans held for sale.

	For the Three Months Ended (in thousands)										Percentage Change
Average Earning Assets and Interest-bearing Liabilities	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Q1-25 vs. Q4-24		Q1-25 vs. Q1-24
Loans receivable ⁽¹⁾	$	6,189,531	$	6,103,264	$	6,112,324	$	6,089,440	$	6,137,888	1.4	%	0.8	%
Securities		1,001,499		998,313		986,041		979,671		969,520	0.3	%	3.3	%
FHLB stock		16,385		16,385		16,385		16,385		16,385	0.0	%	0.0	%
Interest-bearing deposits in other banks		176,028		204,408		183,027		180,177		201,724	-13.9	%	-12.7	%
Average interest-earning assets	$	7,383,443	$	7,322,370	$	7,297,777	$	7,265,673	$	7,325,517	0.8	%	0.8	%

Demand: interest-bearing	$	79,369	$	79,784	$	83,647	$	85,443	$	86,401	-0.5	%	-8.1	%
Money market and savings		2,037,224		1,934,540		1,885,799		1,845,870		1,815,085	5.3	%	12.2	%
Time deposits		2,345,346		2,346,363		2,427,737		2,453,154		2,507,830	0.0	%	-6.5	%
Average interest-bearing deposits		4,461,939		4,360,687		4,397,183		4,384,467		4,409,316	2.3	%	1.2	%
Borrowings		179,444		141,604		143,479		169,525		162,418	26.7	%	10.5	%
Subordinated debentures		130,718		130,567		130,403		130,239		130,088	0.1	%	0.5	%
Average interest-bearing liabilities	$	4,772,101	$	4,632,858	$	4,671,065	$	4,684,231	$	4,701,822	3.0	%	1.5	%

Average Noninterest Bearing Deposits
Demand deposits – noninterest bearing	$	1,895,953	$	1,967,789	$	1,908,833	$	1,883,765	$	1,921,189	-3.7	%	-1.3	%

⁽¹⁾Includes loans held for sale.

	For the Three Months Ended										Yield/Rate Change
Average Yields	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25	Q1-25
and Rates	2025		2024		2024		2024		2024		vs. Q4-24	vs. Q1-24
Loans receivable ⁽¹⁾	5.95	%	5.97	%	6.00	%	5.99	%	6.00	%	-0.02	-0.05
Securities ⁽²⁾	2.49	%	2.38	%	2.27	%	2.17	%	2.07	%	0.11	0.42
FHLB stock	8.92	%	8.75	%	8.65	%	8.77	%	8.87	%	0.17	0.05
Interest-bearing deposits in other banks	4.24	%	4.56	%	5.12	%	5.16	%	5.19	%	-0.32	-0.95
Interest-earning assets	5.45	%	5.45	%	5.48	%	5.46	%	5.47	%	0.00	-0.02

Interest-bearing deposits	3.69	%	3.96	%	4.27	%	4.27	%	4.16	%	-0.27	-0.47
Borrowings	4.57	%	4.59	%	4.33	%	4.50	%	4.10	%	-0.02	0.47
Subordinated debentures	4.84	%	4.97	%	5.07	%	5.07	%	5.06	%	-0.13	-0.22
Interest-bearing liabilities	3.75	%	4.01	%	4.29	%	4.30	%	4.19	%	-0.26	-0.44

Net interest margin (taxable equivalent basis)	3.02	%	2.91	%	2.74	%	2.69	%	2.78	%	0.11	0.24

Cost of deposits	2.59	%	2.73	%	2.97	%	2.98	%	2.90	%	-0.14	-0.31

⁽¹⁾Includes loans held for sale.
⁽²⁾Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.

Credit loss expense for the first quarter was $2.7 million, compared with $0.9 million for the fourth quarter of 2024. First quarter credit loss expense included a $2.4 million credit loss expense for loan losses and a $0.3 million credit loss expense for off-balance sheet items.

Noninterest income for the first quarter increased $0.3 million, or 5.0%, to $7.7 million from $7.4 million for the fourth quarter of 2024. The increase was primarily due to a $0.6 million increase on gains from the sale of SBA loans. Gains on sales of SBA loans were $2.0 million for the first quarter of 2025, compared with $1.4 million for the fourth quarter of 2024. The volume of SBA loans sold for the first quarter increased to $32.2 million from $21.6 million for the fourth quarter of 2024, while trade premiums were 7.82% for the first quarter of 2025 compared with 8.53% for the fourth quarter. Mortgage loans sold for the first quarter were $10.0 million, with a premium of 2.50%, compared with $18.3 million and 1.96% for the fourth quarter. Gains on mortgage loans sold were $0.2 million for the first quarter, compared with $0.3 million for the fourth quarter.

	For the Three Months Ended (in thousands)										Percentage Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25		Q1-25
Noninterest Income	2025		2024		2024		2024		2024		vs. Q4-24		vs. Q1-24
Service charges on deposit accounts	$	2,217	$	2,192	$	2,311	$	2,429	$	2,450	1.1	%	-9.5	%
Trade finance and other service charges and fees		1,396		1,364		1,254		1,277		1,414	2.3	%	-1.3	%
Servicing income		732		668		817		796		712	9.6	%	2.8	%
Bank-owned life insurance income		309		316		320		638		304	-2.2	%	1.6	%
All other operating income		897		1,037		1,008		908		928	-13.5	%	-3.3	%
Service charges, fees & other		5,551		5,577		5,710		6,048		5,808	-0.5	%	-4.4	%

Gain on sale of SBA loans		2,000		1,443		1,544		1,644		1,482	38.6	%	35.0	%
Gain on sale of mortgage loans		175		337		324		365		443	-48.1	%	-60.5	%
Gain on sale of bank premises		–		–		860		–		–	0.0	%	0.0	%
Total noninterest income	$	7,726	$	7,357	$	8,438	$	8,057	$	7,733	5.0	%	-0.1	%

Noninterest expense for the first quarter increased $0.5 million to $35.0 million from $34.5 million for the fourth quarter of 2024. The increase was primarily due to a $1.6 million gain on the sale of an other-real-estate-owned property in the fourth quarter. Absent this gain, first quarter noninterest expense was down 3.2% sequentially due to decreases in professional fees, advertising and promotion, and other operating expenses, partially offset by a $0.5 million increase in salaries and benefits, which reflected seasonal first quarter increases. All other operating expenses decreased $0.7 million for the first quarter primarily due to the absence of a fourth quarter $0.5 million charge related to an SBA loan acquired in a previous acquisition. The efficiency ratio improved during the first quarter to 55.7%, compared with 56.8% for the fourth quarter of 2024.

	For the Three Months Ended (in thousands)												Percentage Change
	Mar 31,			Dec 31,			Sep 30,		Jun 30,		Mar 31,		Q1-25		Q1-25
	2025			2024			2024		2024		2024		vs. Q4-24		vs. Q1-24
Noninterest Expense
Salaries and employee benefits	$	20,972		$	20,498		$	20,851	$	20,434	$	21,585	2.3	%	-2.8	%
Occupancy and equipment		4,450			4,503			4,499		4,348		4,537	-1.2	%	-1.9	%
Data processing		3,787			3,800			3,839		3,686		3,551	-0.3	%	6.6	%
Professional fees		1,468			1,821			1,492		1,749		1,893	-19.4	%	-22.5	%
Supplies and communication		517			551			538		570		601	-6.2	%	-14.0	%
Advertising and promotion		585			821			631		669		907	-28.7	%	-35.5	%
All other operating expenses		3,175			3,847			2,875		3,251		3,160	-17.5	%	0.5	%
Subtotal		34,954			35,841			34,725		34,707		36,234	-2.5	%	-3.5	%

Branch consolidation expense		–			–			–		301		–	0.0	%	0.0	%
Other real estate owned expense (income)		41			(1,588	)		77		6		22	102.6	%	86.4	%
Repossessed personal property expense (income)		(11	)		281			278		262		189	-103.9	%	-105.8	%
Total noninterest expense	$	34,984		$	34,534		$	35,080	$	35,276	$	36,445	1.3	%	-4.0	%

Hanmi recorded a provision for income taxes of $7.4 million for the first quarter of 2025, compared with $7.6 million for the fourth quarter of 2024, representing an effective tax rate of 29.6% and 30.1%, respectively.

Financial Position
Total assets at March 31, 2025 increased 0.7%, or $51.1 million, to $7.73 billion from $7.68 billion at December 31, 2024. The increase reflected a $30.4 million increase in loans and a $24.2 million increase in cash, offset partially by a $7.6 million decrease in prepaid expenses and other assets.

Loans receivable, before allowance for credit losses, were $6.28 billion at March 31, 2025, up from $6.25 billion at December 31, 2024.

Loans held-for-sale were $11.8 million at March 31, 2025, up from $8.6 million at December 31, 2024. At the end of the first quarter, loans held-for-sale consisted of the guaranteed portion of SBA 7(a) loans.

	As of (in thousands)										Percentage Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25		Q1-25
	2025		2024		2024		2024		2024		vs. Q4-24		vs. Q1-24
Loan Portfolio
Commercial real estate loans	$	3,975,651	$	3,949,622	$	3,932,088	$	3,888,505	$	3,878,677	0.7	%	2.5	%
Residential/consumer loans		979,536		951,302		939,285		954,209		970,362	3.0	%	0.9	%
Commercial and industrial loans		854,406		863,431		879,092		802,372		774,851	-1.0	%	10.3	%
Equipment finance		472,596		487,022		507,279		531,273		553,950	-3.0	%	-14.7	%
Loans receivable		6,282,189		6,251,377		6,257,744		6,176,359		6,177,840	0.5	%	1.7	%
Loans held for sale		11,831		8,579		54,336		10,467		3,999	37.9	%	195.8	%
Total	$	6,294,020	$	6,259,956	$	6,312,080	$	6,186,826	$	6,181,839	0.5	%	1.8	%

	As of
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
	2025		2024		2024		2024		2024
Composition of Loan Portfolio
Commercial real estate loans	63.1	%	63.1	%	62.3	%	62.9	%	62.7	%
Residential/consumer loans	15.6	%	15.2	%	14.9	%	15.4	%	15.7	%
Commercial and industrial loans	13.6	%	13.8	%	13.9	%	13.0	%	12.5	%
Equipment finance	7.5	%	7.8	%	8.0	%	8.5	%	9.0	%
Loans receivable	99.8	%	99.9	%	99.1	%	99.8	%	99.9	%
Loans held for sale	0.2	%	0.1	%	0.9	%	0.2	%	0.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

New loan production was $345.9 million for the first quarter of 2025 with an average rate of 7.35%, while payoffs were $125.1 million during the quarter at an average rate of 6.40%.

Commercial real estate loan production for the first quarter of 2025 was $146.6 million. Commercial and industrial loan production was $42.3 million, SBA loan production was $55.2 million, equipment finance production was $46.7 million, and residential mortgage loan production was $55.0 million.

	For the Three Months Ended (in thousands)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2025			2024			2024			2024			2024
New Loan Production
Commercial real estate loans	$	146,606		$	146,716		$	110,246		$	87,632		$	60,085
Residential/consumer loans		55,000			40,225			40,758			30,194			53,115
Commercial and industrial loans		42,344			60,159			105,086			59,007			50,789
Equipment finance		46,749			42,168			40,066			42,594			39,155
SBA loans		55,242			49,740			51,616			54,486			30,817
subtotal		345,941			339,008			347,772			273,913			233,961


Payoffs		(125,102	)		(137,933	)		(77,603	)		(148,400	)		(86,250	)
Amortization		(90,743	)		(60,583	)		(151,674	)		(83,640	)		(90,711	)
Loan sales		(42,193	)		(67,852	)		(43,868	)		(42,945	)		(55,321	)
Net line utilization		(53,901	)		(75,651	)		9,426			1,929			(4,150	)
Charge-offs & OREO		(3,190	)		(3,356	)		(2,668	)		(2,338	)		(2,123	)

Loans receivable-beginning balance		6,251,377			6,257,744			6,176,359			6,177,840			6,182,434
Loans receivable-ending balance	$	6,282,189		$	6,251,377		$	6,257,744		$	6,176,359		$	6,177,840

Deposits were $6.62 billion at the end of the first quarter of 2025, up $183.7 million, or 2.9%, from $6.44 billion at the end of the prior quarter. Driving the change was a $140.4 million increase in money market and savings deposits and a $72.8 million increase in time deposits, partially offset by a $30.0 million decrease in noninterest-bearing demand deposits. Noninterest-bearing demand deposits represented 31.2% of total deposits at March 31, 2025 and the loan-to-deposit ratio was 94.9%.

	As of (in thousands)										Percentage Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25		Q1-25
	2025		2024		2024		2024		2024		vs. Q4-24		vs. Q1-24
Deposit Portfolio
Demand: noninterest-bearing	$	2,066,659	$	2,096,634	$	2,051,790	$	1,959,963	$	1,933,060	-1.4	%	6.9	%
Demand: interest-bearing		80,790		80,323		79,287		82,981		87,374	0.6	%	-7.5	%
Money market and savings		2,073,943		1,933,535		1,898,834		1,834,797		1,859,865	7.3	%	11.5	%
Time deposits		2,398,083		2,325,284		2,373,310		2,451,599		2,495,761	3.1	%	-3.9	%
Total deposits	$	6,619,475	$	6,435,776	$	6,403,221	$	6,329,340	$	6,376,060	2.9	%	3.8	%

	As of
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
	2025		2024		2024		2024		2024
Composition of Deposit Portfolio
Demand: noninterest-bearing	31.2	%	32.6	%	32.0	%	31.0	%	30.3	%
Demand: interest-bearing	1.2	%	1.2	%	1.2	%	1.3	%	1.4	%
Money market and savings	31.3	%	30.0	%	29.7	%	29.0	%	29.2	%
Time deposits	36.3	%	36.2	%	37.1	%	38.7	%	39.1	%
Total deposits	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

Stockholders’ equity at March 31, 2025 was $751.5 million, up $19.3 million from $732.2 million at December 31, 2024. The increase included $9.5 million in net income, net of dividends paid, for the first quarter. In addition, the increase in stockholders’ equity included a $10.4 million decrease in unrealized after-tax losses on securities available for sale, and a $0.3 million decrease in unrealized after-tax losses on cash flow hedges, due to changes in interest rates during the first quarter of 2025. Hanmi also repurchased 50,000 shares of common stock at a cost of $1.1 million, for an average share price of $22.49, during the quarter. At March 31, 2025, 1,180,500 shares remain under Hanmi’s share repurchase program. Tangible common stockholders’ equity was $740.5 million, or 9.59% of tangible assets at March 31, 2025 compared with $721.1 million, or 9.41% of tangible assets at the end of the prior quarter. Please refer to the Non-GAAP Financial Measures section below for more information.

Hanmi and the Bank exceeded minimum regulatory capital requirements, and the Bank continues to exceed the minimum for the “well capitalized” category. At March 31, 2025, Hanmi’s preliminary common equity tier 1 capital ratio was 12.13% and its total risk-based capital ratio was 15.29%, compared with 12.11% and 15.24%, respectively, at the end of the prior quarter.

	As of										Ratio Change
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,		Q1-25	Q1-25
	2025		2024		2024		2024		2024		vs. Q4-24	vs. Q1-24
Regulatory Capital ratios ⁽¹⁾
Hanmi Financial
Total risk-based capital	15.29	%	15.24	%	15.03	%	15.24	%	15.20	%	0.05	0.09
Tier 1 risk-based capital	12.47	%	12.46	%	12.29	%	12.46	%	12.40	%	0.01	0.07
Common equity tier 1 capital	12.13	%	12.11	%	11.95	%	12.11	%	12.05	%	0.02	0.08
Tier 1 leverage capital ratio	10.67	%	10.63	%	10.56	%	10.51	%	10.36	%	0.04	0.31
Hanmi Bank
Total risk-based capital	14.48	%	14.43	%	14.27	%	14.51	%	14.50	%	0.05	-0.02
Tier 1 risk-based capital	13.35	%	13.36	%	13.23	%	13.47	%	13.44	%	-0.01	-0.09
Common equity tier 1 capital	13.35	%	13.36	%	13.23	%	13.47	%	13.44	%	-0.01	-0.09
Tier 1 leverage capital ratio	11.49	%	11.47	%	11.43	%	11.41	%	11.29	%	0.02	0.20

⁽¹⁾Preliminary ratios for March 31, 2025

Asset Quality
Loans 30 to 89 days past due and still accruing were 0.28% of loans at the end of the first quarter of 2025, compared with 0.30% at the end of the prior quarter.

Criticized loans totaled $164.9 million at March 31, 2025, down from $165.3 million at the end of the fourth quarter of 2024. The $0.4 million decrease resulted from a $21.2 million decrease in special mention loans, partially offset by a $20.8 million increase in classified loans. The $21.2 million decrease in special mention loans included loan upgrades of $20.5 million and amortization/paydowns of $0.9 million, offset by additions of $0.2 million. The $20.8 million increase in classified loans resulted from $22.8 million of loan downgrades and $3.4 million of equipment financing downgrades. Loan downgrades were primarily the result of a $20.0 million syndicated commercial real estate office loan designated as nonaccrual during the first quarter of 2025. Additions were offset by $2.7 million of equipment financing charge-offs, $1.1 million of payoffs, $1.0 million of amortization/paydowns, $0.3 million of loan charge-offs and $0.3 million of loan upgrades.

Nonperforming loans were $35.6 million at March 31, 2025, up from $14.3 million at the end of the prior quarter. The $21.3 million increase primarily reflects additions of $26.1 million, offset by charge-offs of $3.0 million, pay-offs of $0.8 million, $0.9 million in paydowns, and loan upgrades of $0.1 million. Additions included $23.0 million of loans and $3.1 million of equipment financing agreements. Loan additions were driven primarily by the previously mentioned $20.0 million commercial real estate loan designated as nonaccrual during the first quarter of 2025.

Nonperforming assets were $35.7 million at March 31, 2025, up from $14.4 million at the end of the prior quarter. As a percentage of total assets, nonperforming assets were 0.46% at March 31, 2025, and 0.19% at the end of the prior quarter.

Gross charge-offs for the first quarter of 2025 were $3.2 million, compared with $3.4 million for the preceding quarter. Charge-offs included $2.8 million on equipment financing agreements. Recoveries of previously charged-off loans were $1.3 million in the first quarter of 2025, which included $0.8 million of recoveries on equipment financing agreements. As a result, there were $1.9 million of net charge-offs for the first quarter of 2025, compared to net recoveries of $0.1 million for the prior quarter.

The allowance for credit losses was $70.6 million at March 31, 2025, compared with $70.1 million at December 31, 2024. Specific allowances for loans increased $5.6 million because of a $6.2 million specific allowance on the previously mentioned $20.0 million commercial real estate loan designated as nonaccrual during the first quarter of 2025, and collectively evaluated allowances decreased $5.2 million. The ratio of the allowance for credit losses to loans was 1.12% at March 31, 2025 and at the end of the prior quarter.

	As of or for the Three Months Ended (in thousands)															Amount Change
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Q1-25			Q1-25
	2025			2024			2024			2024			2024			vs. Q4-24			vs. Q1-24
Asset Quality Data and Ratios

Delinquent loans:
Loans, 30 to 89 days past due and still accruing	$	17,312		$	18,454		$	15,027		$	13,844		$	15,839		$	(1,142	)	$	1,473
Delinquent loans to total loans		0.28	%		0.30	%		0.24	%		0.22	%		0.26	%		(0.02	)		0.02

Criticized loans:
Special mention	$	118,380		$	139,612		$	131,575		$	36,921		$	62,317		$	(21,232	)	$	56,063
Classified		46,519			25,683			28,377			33,945			23,670			20,836			22,849
Total criticized loans ⁽¹⁾	$	164,899		$	165,295		$	159,952		$	70,866		$	85,987		$	(396	)	$	78,912

Criticized loans to total loans		2.62	%		2.64	%		2.56	%		1.15	%		1.39	%		(0.02	)		1.23

Nonperforming assets:
Nonaccrual loans	$	35,459		$	14,272		$	15,248		$	19,245		$	14,025		$	21,187		$	21,434
Loans 90 days or more past due and still accruing		112			–			242			–			–			112			112
Nonperforming loans ⁽²⁾		35,571			14,272			15,490			19,245			14,025			21,299			21,546
Other real estate owned, net		117			117			772			772			117			–			–
Nonperforming assets ⁽³⁾	$	35,688		$	14,389		$	16,262		$	20,017		$	14,142		$	21,299		$	21,546

Nonperforming assets to assets ⁽²⁾		0.46	%		0.19	%		0.21	%		0.26	%		0.19	%		0.27			0.27
Nonperforming loans to total loans		0.57	%		0.23	%		0.25	%		0.31	%		0.23	%		0.34			0.34

⁽¹⁾Includes nonaccrual loans of $34.4 million, $13.4 million, $13.6 million, $18.4 million, and $14.0 million as of Q1-25, Q4-24, Q3-24, Q2-24, and Q1-24, respectively.
⁽²⁾Excludes a $27.2 million nonperforming loan held-for-sale as of September 30, 2024.
⁽³⁾Excludes repossessed personal property of $0.7 million, $0.6 million, $1.2 million, $1.2 million, and $1.3 million as of Q1-25, Q4-24, Q3-24, Q2-24, and Q1-24, respectively.

	As of or for the Three Months Ended (in thousands)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2025			2024			2024			2024			2024
Allowance for credit losses related to loans:
Balance at beginning of period	$	70,147		$	69,163		$	67,729		$	68,270		$	69,462
Credit loss expense (recovery) on loans		2,396			855			2,312			1,248			404
Net loan (charge-offs) recoveries		(1,946	)		129			(878	)		(1,789	)		(1,596	)
Balance at end of period	$	70,597		$	70,147		$	69,163		$	67,729		$	68,270

Net loan charge-offs (recoveries) to average loans ⁽¹⁾		0.13	%		-0.01	%		0.06	%		0.12	%		0.10	%
Allowance for credit losses to loans		1.12	%		1.12	%		1.11	%		1.10	%		1.11	%

Allowance for credit losses related to off-balance sheet items:
Balance at beginning of period	$	2,074		$	1,984		$	2,010		$	2,297		$	2,474
Credit loss expense (recovery) on off-balance sheet items		325			90			(26	)		(287	)		(177	)
Balance at end of period	$	2,399		$	2,074		$	1,984		$	2,010		$	2,297

Unused commitments to extend credit	$	896,282		$	782,587		$	739,975		$	795,391		$	792,769

⁽¹⁾Annualized

Corporate Developments
On January 28, 2025, Hanmi’s Board of Directors declared a cash dividend on its common stock for the 2025 first quarter of $0.27 per share. Hanmi paid the dividend on February 26, 2025, to stockholders of record as of the close of business on February 10, 2025.

Earnings Conference Call
Hanmi Bank will host its first quarter 2025 earnings conference call today, April 22, 2025, at 2:00 p.m. PST (5:00 p.m. EST) to discuss these results. This call will also be webcast. To access the call, please dial 1-877-407-9039 before 2:00 p.m. PST, using access code Hanmi Bank. To listen to the call online, either live or archived, please visit Hanmi’s Investor Relations website at https://investors.hanmi.com/ where it will also be available for replay approximately one hour following the call.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about our anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital and strategic plans, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that our forward-looking statements to be reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:

a failure to maintain adequate levels of capital and liquidity to support our operations;
general economic and business conditions internationally, nationally and in those areas in which we operate, including any potential recessionary conditions;
volatility and deterioration in the credit and equity markets;
changes in consumer spending, borrowing and savings habits;
availability of capital from private and government sources;
demographic changes;
competition for loans and deposits and failure to attract or retain loans and deposits;
inflation and fluctuations in interest rates that reduce our margins and yields, the fair value of financial instruments, the level of loan originations or prepayments on loans we have made and make, the level of loan sales and the cost we pay to retain and attract deposits and secure other types of funding;
our ability to enter new markets successfully and capitalize on growth opportunities;
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
the effect of potential future supervisory action against us or Hanmi Bank and our ability to address any issues raised in our regulatory exams;
risks of natural disasters;
legal proceedings and litigation brought against us;
a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;
the failure to maintain current technologies;
risks associated with Small Business Administration loans;
failure to attract or retain key employees;
our ability to access cost-effective funding;
the imposition of tariffs or other domestic or international governmental policies;
changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
fluctuations in real estate values;
changes in accounting policies and practices;
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
the ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests;
strategic transactions we may enter into;
the adequacy of and changes in the methodology for computing our allowance for credit losses;
our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses;
changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements;
our ability to control expenses; and
cyber security and fraud risks against our information technology and those of our third-party providers and vendors.

In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lisa Fortuna
Investor Relations
Financial Profiles, Inc.
lfortuna@finprofiles.com
310-622-8251

Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)

	March 31,			December 31,			Percentage			March 31,			Percentage
	2025			2024			Change			2024			Change
Assets
Cash and due from banks	$	329,003		$	304,800			7.9	%	$	256,038			28.5	%
Securities available for sale, at fair value		907,011			905,798			0.1	%		872,190			4.0	%
Loans held for sale, at the lower of cost or fair value		11,831			8,579			37.9	%		3,999			195.8	%
Loans receivable, net of allowance for credit losses		6,211,592			6,181,230			0.5	%		6,109,570			1.7	%
Accrued interest receivable		23,536			22,937			2.6	%		23,032			2.2	%
Premises and equipment, net		20,866			21,404			-2.5	%		21,952			-4.9	%
Customers’ liability on acceptances		552			1,226			-55.0	%		161			242.9	%
Servicing assets		6,422			6,457			-0.5	%		6,890			-6.8	%
Goodwill and other intangible assets, net		11,031			11,031			0.0	%		11,074			-0.4	%
Federal Home Loan Bank (“FHLB”) stock, at cost		16,385			16,385			0.0	%		16,385			0.0	%
Bank-owned life insurance		57,476			57,168			0.5	%		56,639			1.5	%
Prepaid expenses and other assets		133,330			140,910			-5.4	%		134,116			-0.6	%
Total assets	$	7,729,035		$	7,677,925			0.7	%	$	7,512,046			2.9	%

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	2,066,659		$	2,096,634			-1.4	%	$	1,933,060			6.9	%
Interest-bearing		4,552,816			4,339,142			4.9	%		4,443,000			2.5	%
Total deposits		6,619,475			6,435,776			2.9	%		6,376,060			3.8	%
Accrued interest payable		29,646			34,824			-14.9	%		38,007			-22.0	%
Bank’s liability on acceptances		552			1,226			-55.0	%		161			242.9	%
Borrowings		117,500			262,500			-55.2	%		172,500			-31.9	%
Subordinated debentures		130,799			130,638			0.1	%		130,165			0.5	%
Accrued expenses and other liabilities		79,578			80,787			-1.5	%		92,053			-13.6	%
Total liabilities		6,977,550			6,945,751			0.5	%		6,808,946			2.5	%

Stockholders’ equity:
Common stock		34			34			0.0	%		34			0.0	%
Additional paid-in capital		591,942			591,069			0.1	%		587,687			0.7	%
Accumulated other comprehensive income		(60,002	)		(70,723	)		15.2	%		(76,890	)		22.0	%
Retained earnings		360,289			350,869			2.7	%		326,526			10.3	%
Less treasury stock		(140,778	)		(139,075	)		-1.2	%		(134,257	)		-4.9	%
Total stockholders’ equity		751,485			732,174			2.6	%		703,100			6.9	%
Total liabilities and stockholders’ equity	$	7,729,035		$	7,677,925			0.7	%	$	7,512,046			2.9	%

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except share and per share data)

	Three Months Ended
	March 31,		December 31,		Percentage			March 31,		Percentage
	2025		2024		Change			2024		Change
Interest and dividend income:
Interest and fees on loans receivable	$	90,887	$	91,545		-0.7	%	$	91,674		-0.9	%
Interest on securities		6,169		5,866		5.2	%		4,955		24.5	%
Dividends on FHLB stock		360		360		0.0	%		361		-0.3	%
Interest on deposits in other banks		1,841		2,342		-21.4	%		2,604		-29.3	%
Total interest and dividend income		99,257		100,113		-0.9	%		99,594		-0.3	%
Interest expense:
Interest on deposits		40,559		43,406		-6.6	%		45,638		-11.1	%
Interest on borrowings		2,024		1,634		23.9	%		1,655		22.3	%
Interest on subordinated debentures		1,582		1,624		-2.6	%		1,646		-3.9	%
Total interest expense		44,165		46,664		-5.4	%		48,939		-9.8	%
Net interest income before credit loss expense		55,092		53,449		3.1	%		50,655		8.8	%
Credit loss expense		2,721		945		187.9	%		227		1098.7	%
Net interest income after credit loss expense		52,371		52,504		-0.3	%		50,428		3.9	%
Noninterest income:
Service charges on deposit accounts		2,217		2,192		1.1	%		2,450		-9.5	%
Trade finance and other service charges and fees		1,396		1,364		2.3	%		1,414		-1.3	%
Gain on sale of Small Business Administration (“SBA”) loans		2,000		1,443		38.6	%		1,482		35.0	%
Other operating income		2,113		2,358		-10.4	%		2,387		-11.5	%
Total noninterest income		7,726		7,357		5.0	%		7,733		-0.1	%
Noninterest expense:
Salaries and employee benefits		20,972		20,498		2.3	%		21,585		-2.8	%
Occupancy and equipment		4,450		4,503		-1.2	%		4,537		-1.9	%
Data processing		3,787		3,800		-0.3	%		3,551		6.6	%
Professional fees		1,468		1,821		-19.4	%		1,893		-22.5	%
Supplies and communications		517		551		-6.2	%		601		-14.0	%
Advertising and promotion		585		821		-28.7	%		907		-35.5	%
Other operating expenses		3,205		2,540		26.2	%		3,371		-4.9	%
Total noninterest expense		34,984		34,534		1.3	%		36,445		-4.0	%
Income before tax		25,113		25,327		-0.8	%		21,716		15.6	%
Income tax expense		7,441		7,632		-2.5	%		6,552		13.6	%
Net income	$	17,672	$	17,695		-0.1	%	$	15,164		16.5	%

Basic earnings per share:	$	0.59	$	0.59				$	0.50
Diluted earnings per share:	$	0.58	$	0.58				$	0.50

Weighted-average shares outstanding:
Basic		29,937,660		29,933,644					30,119,646
Diluted		30,058,248		30,011,773					30,119,646
Common shares outstanding		30,233,514		30,195,999					30,276,358

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(Dollars in thousands)

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
				Interest		Average					Interest		Average					Interest		Average
	Average			Income /		Yield /		Average			Income /		Yield /		Average			Income /		Yield /
	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Assets
Interest-earning assets:
Loans receivable ⁽¹⁾	$	6,189,531		$	90,887	5.95	%	$	6,103,264		$	91,545	5.97	%	$	6,137,888		$	91,674	6.00	%
Securities ⁽²⁾		1,001,499			6,169	2.49	%		998,313			5,866	2.38	%		969,520			4,955	2.07	%
FHLB stock		16,385			360	8.92	%		16,385			360	8.75	%		16,385			361	8.87	%
Interest-bearing deposits in other banks		176,028			1,841	4.24	%		204,408			2,342	4.56	%		201,724			2,604	5.19	%
Total interest-earning assets		7,383,443			99,257	5.45	%		7,322,370			100,113	5.45	%		7,325,517			99,594	5.47	%

Noninterest-earning assets:
Cash and due from banks		53,670							54,678							58,382
Allowance for credit losses		(69,648	)						(69,291	)						(69,106	)
Other assets		249,148							246,744							244,700

Total assets	$	7,616,613						$	7,554,501						$	7,559,493

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Demand: interest-bearing	$	79,369		$	27	0.14	%	$	79,784		$	26	0.13	%	$	86,401		$	30	0.14	%
Money market and savings		2,037,224			16,437	3.27	%		1,934,540			16,564	3.41	%		1,815,085			16,553	3.67	%
Time deposits		2,345,346			24,095	4.17	%		2,346,363			26,816	4.55	%		2,507,830			29,055	4.66	%
Total interest-bearing deposits		4,461,939			40,559	3.69	%		4,360,687			43,406	3.96	%		4,409,316			45,638	4.16	%
Borrowings		179,444			2,024	4.57	%		141,604			1,634	4.59	%		162,418			1,655	4.10	%
Subordinated debentures		130,718			1,582	4.84	%		130,567			1,624	4.97	%		130,088			1,646	5.06	%
Total interest-bearing liabilities		4,772,101			44,165	3.75	%		4,632,858			46,664	4.01	%		4,701,822			48,939	4.19	%

Noninterest-bearing liabilities and equity:
Demand deposits: noninterest-bearing		1,895,953							1,967,789							1,921,189
Other liabilities		144,654							162,064							164,524
Stockholders’ equity		803,905							791,790							771,958

Total liabilities and stockholders’ equity	$	7,616,613						$	7,554,501						$	7,559,493

Net interest income				$	55,092						$	53,449						$	50,655

Cost of deposits						2.59	%						2.73	%						2.90	%
Net interest spread (taxable equivalent basis)						1.70	%						1.44	%						1.28	%
Net interest margin (taxable equivalent basis)						3.02	%						2.91	%						2.78	%



⁽¹⁾Includes average loans held for sale.
⁽²⁾Income calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.

Non-GAAP Financial Measures

These disclosures should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi’s capital strength. Tangible common equity is calculated by subtracting goodwill and other intangible assets from stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:

Tangible Common Equity to Tangible Assets Ratio (Unaudited)
(In thousands, except share, per share data and ratios)

	March 31,			December 31,			September 30,			June 30,			March 31,
Hanmi Financial Corporation	2025			2024			2024			2024			2024
Assets	$	7,729,035		$	7,677,925		$	7,712,299		$	7,586,347		$	7,512,046
Less goodwill and other intangible assets		(11,031	)		(11,031	)		(11,031	)		(11,048	)		(11,074	)
Tangible assets	$	7,718,004		$	7,666,894		$	7,701,268		$	7,575,299		$	7,500,972

Stockholders’ equity ⁽¹⁾	$	751,485		$	732,174		$	736,709		$	707,059		$	703,100
Less goodwill and other intangible assets		(11,031	)		(11,031	)		(11,031	)		(11,048	)		(11,074	)
Tangible stockholders’ equity ⁽¹⁾	$	740,454		$	721,143		$	725,678		$	696,011		$	692,026

Stockholders’ equity to assets		9.72	%		9.54	%		9.55	%		9.32	%		9.36	%
Tangible common equity to tangible assets ⁽¹⁾		9.59	%		9.41	%		9.42	%		9.19	%		9.23	%

Common shares outstanding		30,233,514			30,195,999			30,196,755			30,272,110			30,276,358
Tangible common equity per common share	$	24.49		$	23.88		$	24.03		$	22.99		$	22.86


⁽¹⁾There were no preferred shares outstanding at the periods indicated.

Preprovision Net Revenues

Preprovision net revenues is supplemental financial information determined by a method other than in accordance with U.S. GAAP. This non-GAAP measure is used by management to measure Hanmi’s core operational performance, excluding the impact of provisions for loan losses. By isolating preprovision net revenues, management can better understand the Company’s true profitability and make more informed strategic decisions. Preprovision net revenues is calculated adding income tax expense and credit loss expense to net income. Management believes this financial measure highlights the Company’s revenue activities and operational efficiency, excluding unpredictable loan loss provisions.

The following table details the Company’s preprovision net revenues, which are non-GAAP measures, for the periods indicated:

Preprovision Net Revenues (Unaudited)
(In thousands, except percentages)

											Amount Change
Hanmi Financial	March 31,		December 31,		September 30,		June 30,		March 31,		Q1-25		Q1-25
Corporation	2025		2024		2024		2024		2024		vs. Q4-24		vs. Q1-24
Net income	$	17,672	$	17,695	$	14,892	$	14,451	$	15,164
Add back:
Credit loss expense		2,721		945		2,286		961		227
Income tax expense		7,441		7,632		6,231		5,989		6,552
Preprovision net revenues	$	27,834	$	26,272	$	23,409	$	21,401	$	21,943	5.9	%	26.8	%

The MIL Network –

April 23, 2025

MIL-OSI: SiriusPoint Announces Date for First Quarter 2025 Earnings Release

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, April 22, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”) today announced that it is planning to release its first quarter 2025 financial results after the market close on Monday, May 5, 2025. The Company will also hold a webcast, which can also be accessed as a conference call, to discuss its financial results at 8:30 am (Eastern Time) on Tuesday May 6, 2025.

The webcast of the live conference call can be accessed by logging onto the Investor Relations section of the Company’s website at www.siriuspt.com. The online replay of the webcast will be available on the Company’s website immediately following the call.

The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international) and asking for the SiriusPoint Ltd. First Quarter 2025 Earnings Call. A replay will be available at the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13752221. The replay will be available until 11:59 pm (Eastern Time) on May 20, 2025.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge, SiriusPoint
liam.blackledge@siriuspt.com
+44 203 772 3082

Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 771 888 2011

The MIL Network –

April 23, 2025

MIL-OSI: National Bank Holdings Corporation Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

NYSE Ticker: NBHC

DENVER, April 22, 2025 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (the “Company”) reported:

	For the quarter⁽¹⁾									For the quarter – adjusted⁽¹⁾⁽²⁾
	1Q25			4Q24			1Q24			1Q25			4Q24			1Q24
Net income ($000’s)	$	24,231		$	28,184		$	31,391		$	24,231		$	33,232		$	31,391
Earnings per share – diluted	$	0.63		$	0.73		$	0.82		$	0.63		$	0.86		$	0.82
Return on average assets		0.99	%		1.13	%		1.28	%		0.99	%		1.33	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%		7.42	%		10.13	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%		10.64	%		14.40	%		15.14	%

(1)		Ratios are annualized.
(2)		See non-GAAP reconciliations below.

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly net income of $24.2 million and $0.63 of earnings per diluted share. The quarter’s results were negatively impacted by elevated provision primarily resulting from a loan charge-off involving suspected fraud by the borrower. Removing the impact of the fraud-related charge-off and a payroll tax credit benefit included in the quarter, earnings per share would have exceeded analysts’ median estimate for the quarter. It’s noteworthy that we delivered a return on tangible assets of 1.1% even in light of the charge-off. Further, past dues and non-performing loan ratios improved during the quarter. With a solid net interest margin of 3.93%, we drove 3.4% growth in our fully taxable equivalent net interest income over the same period last year.”

Mr. Laney added, “Our commitment to serve our clients, coupled with building a fortress balance sheet with strong capital, liquidity, and diversified sources of funding has led us to be recognized by Forbes as one of the best banks in the United States. Our Common Equity Tier 1 capital ratio totaled 13.6% and tangible book value per share grew $0.66 during the quarter to $25.94 per share. We have built our Bank to withstand uncertain and volatile times, and we continue to make meaningful investments in technology and drive shareholders returns.”

First Quarter 2025 Results
(All comparisons refer to the fourth quarter of 2024, except as noted)

Net income totaled $24.2 million or $0.63 per diluted share, compared to $28.2 million or $0.73 per diluted share. The first quarter’s results were impacted by $10.2 million of provision expense recorded primarily to cover a charge-off on one credit driven by suspected fraudulent activity by the borrower. The return on average tangible assets totaled 1.09%, compared to 1.23%, and the return on average tangible common equity totaled 10.64%, compared to 12.31%.

Net Interest Income
Fully taxable equivalent net interest income totaled $88.6 million, compared to $92.0 million, decreasing $3.4 million due to two fewer business days in the first quarter and a decrease of $37.9 million in average earning assets. The fully taxable equivalent net interest margin narrowed six basis points to 3.93%, driven by a 13 basis point decrease in earning asset yields, partially offset by an eight basis point improvement in the cost of funds.

Loans
Loans totaled $7.6 billion at March 31, 2025, compared to $7.8 billion. We generated quarterly loan fundings of $255.7 million, led by commercial loan fundings of $160.2 million. The first quarter weighted average rate on new loans at the time of origination was 7.3%, compared to the quarter’s weighted average yield of 6.4% on our loan portfolio.

Asset Quality and Provision for Credit Losses
The Company recorded $10.2 million of provision expense for credit losses during the first quarter, compared to $2.0 million. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to 0.11%. Non-performing loans decreased one basis point to 0.45% of total loans at March 31, 2025, and non-performing assets decreased one basis point to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.22% at December 31, 2024.

Deposits
Average total deposits decreased $111.6 million to $8.3 billion during the first quarter 2025, and average transaction deposits (defined as total deposits less time deposits) decreased $113.1 million to $7.2 billion. Transaction deposits on a spot basis grew $147.7 million to $7.4 billion at March 31, 2025. The loan to deposit ratio totaled 90.8% at March 31, 2025, compared to 94.1%. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 87.6%.

Non-Interest Income
Non-interest income totaled $15.4 million during the first quarter, compared to $11.1 million. Included in the prior quarter was $6.6 million of non-recurring loss on investment security sales. Mortgage banking income increased $1.0 million, compared to the prior quarter. Service charges and bank card fees decreased $0.7 million due to seasonality, and other non-interest income was $2.6 million lower due to lower SBA gains on sale and swap fee activity during the first quarter.

Non-Interest Expense
Non-interest expense decreased $2.5 million to $62.0 million during the first quarter. Salaries and benefits decreased $1.1 million primarily due to payroll tax credits realized in the first quarter. Data processing decreased $0.5 million, and professional services expense decreased $0.2 million driven by our continued disciplined expense management. Included within other non-interest expense in the prior quarter was $1.2 million of banking center consolidation-related expense. The fully taxable equivalent efficiency ratio was 57.7% at March 31, 2025, compared to 57.0%, excluding other intangible assets amortization and the prior quarter’s non-recurring loss on investment security sales.

Income tax expense decreased $0.9 million to $5.6 million, due to the first quarter’s lower pre-tax income. The effective tax rate was 18.8% for the first quarter, consistent with the prior quarter.

Capital
Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 10.89%, and the common equity tier 1 capital ratio totaled 13.61% at March 31, 2025. Shareholders’ equity increased $24.2 million to $1.3 billion at March 31, 2025, primarily driven by $13.1 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $10.0 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment.

Common book value per share increased $0.61 to $34.90 at March 31, 2025. Tangible common book value per share increased $0.66 to $25.94 driven by the quarter’s earnings after covering the quarterly dividend, and a $0.26 improvement in accumulated other comprehensive loss.

Year-Over-Year Review

(All comparisons refer to the first quarter of 2024, except as noted)

Net income totaled $24.2 million, or $0.63 per diluted share, compared to net income of $31.4 million, or $0.82 per diluted share in the same period prior year. The decrease compared to the prior year was largely driven by higher provision expense of $10.2 million. Fully taxable equivalent pre-provision net revenue increased $1.4 million to $42.0 million. The return on average tangible assets totaled 1.09%, compared to 1.39%, and the return on average tangible common equity was 10.64%, compared to 15.14%.

Fully taxable equivalent net interest income increased $2.9 million to $88.6 million. Average earning assets increased $12.6 million, including average loan growth of $29.3 million and average investment securities growth of $22.6 million. The fully taxable equivalent net interest margin widened 15 basis points to 3.93%, as an 18 basis point decrease in the cost of funds outpaced a three basis point decrease in earning asset yields. Average interest bearing liabilities increased $35.8 million due to higher average deposit balances, and the cost of funds totaled 2.07%, compared to 2.25% in the same period prior year.

Loans outstanding totaled $7.6 billion as of March 31, 2025, increasing $77.2 million or 1.0%. New loan fundings over the trailing twelve months totaled $1.6 billion, led by commercial fundings of $1.1 billion.

The Company recorded $10.2 million of provision expense for credit losses, compared to no provision expense for credit losses in the first quarter of 2024. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to minimal net charge-offs in the same period prior year. Non-performing loans decreased two basis points to 0.45% of total loans at March 31, 2025, and non-performing assets decreased seven basis points to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.29% at March 31, 2024.

Average total deposits increased $41.5 million or 0.5% to $8.3 billion, and average transaction deposits decreased $4.5 million. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 88.3%.

Non-interest income totaled $15.4 million, compared to $17.7 million, decreasing primarily due to $2.3 million lower other non-interest income driven by timing of SBA loan gain on sales and swap fee income activity, and a $0.6 million gain from the sale of a banking center building included in the first quarter of 2024.

Non-interest expense decreased $0.8 million to $62.0 million. Salaries and benefits decreased $2.2 million primarily due to payroll tax credits realized during the first quarter 2025, which was partially offset by increases in data processing and occupancy and equipment, driven by investments in technology.

Income tax expense totaled $5.6 million, a decrease of $1.9 million, driven by lower pre-tax income. The effective tax rate was 18.8%, compared to 19.3% in the first quarter of 2024.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, April 23, 2025. Interested parties may listen to this call by dialing (877) 400-0505 using the participant passcode of 7036929 and asking for the NBHC Q1 2025 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

About National Bank Holdings Corporation
National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 90 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “adjusted return on average assets,” “tangible assets,” “return on average tangible assets,” “adjusted return on average equity,” “tangible common equity,” “return on average tangible common equity,” “tangible common book value per share,” “tangible common equity to tangible assets,” “non-interest expense excluding other intangible assets amortization,” “non-interest income adjusted for the loss on security sales,” “efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales,” “adjusted net income,” “adjusted earnings per share – diluted,” “net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax,” “net income adjusted for the loss on security sales, after tax,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “adjusted return on average tangible assets,” “adjusted return on average tangible common equity,” “pre-provision net revenue,” “pre-provision net revenue, adjusted for the loss on security sales,” and “fully taxable equivalent” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately, ” “likely,” “anticipate,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: business and economic conditions along with external events both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of a government shutdown on such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to execute our organic growth and acquisition strategies; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation (“FDIC”); claims or legal action brought against us by third parties or government agencies; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contacts:
Analysts/Institutional Investors:
Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

Media:
Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com


NATIONAL BANK HOLDINGS CORPORATION FINANCIAL SUMMARY Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,		December 31,			March 31,
	2025		2024			2024
Total interest and dividend income	$	129,963	$	136,086		$	131,732
Total interest expense		43,272		45,955			47,702
Net interest income		86,691		90,131			84,030
Taxable equivalent adjustment		1,910		1,874			1,692
Net interest income FTE⁽¹⁾		88,601		92,005			85,722
Provision expense for credit losses		10,200		1,979			—
Net interest income after provision for credit losses FTE⁽¹⁾		78,401		90,026			85,722
Non-interest income:
Service charges		4,118		4,359			4,391
Bank card fees		4,194		4,671			4,578
Mortgage banking income		3,315		2,296			2,655
Other non-interest income		3,749		6,375			6,070
Loss on security sales		—		(6,582	)		—
Total non-interest income		15,376		11,119			17,694
Non-interest expense:
Salaries and benefits		34,362		35,459			36,520
Occupancy and equipment		10,837		10,193			9,941
Professional fees		1,423		1,599			1,646
Data processing		4,401		4,900			4,066
Other non-interest expense		9,017		10,418			8,653
Other intangible assets amortization		1,977		1,977			2,008
Total non-interest expense		62,017		64,546			62,834

Income before income taxes FTE⁽¹⁾		31,760		36,599			40,582
Taxable equivalent adjustment		1,910		1,874			1,692
Income before income taxes		29,850		34,725			38,890
Income tax expense		5,619		6,541			7,499
Net income	$	24,231	$	28,184		$	31,391
Earnings per share – basic	$	0.63	$	0.73		$	0.82
Earnings per share – diluted		0.63		0.73			0.82
Common stock dividend		0.29		0.29			0.27

(1)		Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.


NATIONAL BANK HOLDINGS CORPORATION Consolidated Statements of Financial Condition (Unaudited) (Dollars in thousands, except share and per share data)

	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	246,298		$	127,848		$	292,931
Investment securities available-for-sale		634,376			527,547			685,666
Investment securities held-to-maturity		706,912			533,108			570,850
Non-marketable securities		76,203			76,462			73,439
Loans		7,646,296			7,751,143			7,569,052
Allowance for credit losses		(90,192	)		(94,455	)		(97,607	)
Loans, net		7,556,104			7,656,688			7,471,445
Loans held for sale		11,885			24,495			14,065
Other real estate owned		615			662			4,064
Premises and equipment, net		204,567			196,773			168,956
Goodwill		306,043			306,043			306,043
Intangible assets, net		54,489			58,432			64,212
Other assets		301,378			299,635			315,805
Total assets	$	10,098,870		$	9,807,693		$	9,967,476
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,215,313		$	2,213,685		$	2,292,917
Interest bearing demand deposits		1,337,905			1,411,860			1,427,856
Savings and money market		3,812,312			3,592,312			3,801,013
Total transaction deposits		7,365,530			7,217,857			7,521,786
Time deposits		1,058,677			1,020,036			995,976
Total deposits		8,424,207			8,237,893			8,517,762
Securities sold under agreements to repurchase		20,749			18,895			19,577
Long-term debt		54,588			54,511			54,278
Federal Home Loan Bank advances		80,000			50,000			—
Other liabilities		190,018			141,319			144,029
Total liabilities		8,769,562			8,502,618			8,735,646
Shareholders’ equity:
Common stock		515			515			515
Additional paid in capital		1,168,433			1,167,431			1,163,773
Retained earnings		521,939			508,864			454,211
Treasury stock		(301,531	)		(301,694	)		(306,460	)
Accumulated other comprehensive loss, net of tax		(60,048	)		(70,041	)		(80,209	)
Total shareholders’ equity		1,329,308			1,305,075			1,231,830
Total liabilities and shareholders’ equity	$	10,098,870		$	9,807,693		$	9,967,476
SHARE DATA
Average basic shares outstanding		38,068,455			38,327,964			38,031,358
Average diluted shares outstanding		38,229,869			38,565,164			38,188,480
Ending shares outstanding		38,094,105			38,054,482			37,806,148
Common book value per share	$	34.90		$	34.29		$	32.58
Tangible common book value per share⁽¹⁾(non-GAAP)		25.94			25.28			23.32
CAPITAL RATIOS
Average equity to average assets		13.35	%		13.10	%		12.40	%
Tangible common equity to tangible assets⁽¹⁾		10.13	%		10.16	%		9.17	%
Tier 1 leverage ratio		10.89	%		10.69	%		9.99	%
Common equity tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Total risk-based capital ratio		15.49	%		15.11	%		14.30	%

(1)		Represents a non-GAAP financial measure. See non-GAAP reconciliations below.


NATIONAL BANK HOLDINGS CORPORATION Loan Portfolio (Dollars in thousands)

Period End Loan Balances by Type

					March 31, 2025				March 31, 2025
					vs. December 31, 2024				vs. March 31, 2024
	March 31, 2025		December 31, 2024		% Change		March 31, 2024		% Change
Originated:
Commercial:
Commercial and industrial	$	1,871,301	$	1,881,570	(0.5	)%	$	1,777,328	5.3	%
Municipal and non-profit		1,116,724		1,106,865	0.9	%		1,062,287	5.1	%
Owner-occupied commercial real estate		1,026,692		1,048,481	(2.1	)%		875,303	17.3	%
Food and agribusiness		251,120		266,332	(5.7	)%		241,654	3.9	%
Total commercial		4,265,837		4,303,248	(0.9	)%		3,956,572	7.8	%
Commercial real estate non-owner occupied		1,136,176		1,123,718	1.1	%		1,092,780	4.0	%
Residential real estate		915,139		922,328	(0.8	)%		923,103	(0.9	)%
Consumer		11,955		12,773	(6.4	)%		14,936	(20.0	)%
Total originated		6,329,107		6,362,067	(0.5	)%		5,987,391	5.7	%

Acquired:
Commercial:
Commercial and industrial		105,493		114,255	(7.7	)%		132,532	(20.4	)%
Municipal and non-profit		271		277	(2.2	)%		294	(7.8	)%
Owner-occupied commercial real estate		198,339		215,663	(8.0	)%		234,486	(15.4	)%
Food and agribusiness		33,831		36,987	(8.5	)%		57,896	(41.6	)%
Total commercial		337,934		367,182	(8.0	)%		425,208	(20.5	)%
Commercial real estate non-owner occupied		659,680		688,620	(4.2	)%		767,419	(14.0	)%
Residential real estate		318,510		331,510	(3.9	)%		387,101	(17.7	)%
Consumer		1,065		1,764	(39.6	)%		1,933	(44.9	)%
Total acquired		1,317,189		1,389,076	(5.2	)%		1,581,661	(16.7	)%
Total loans	$	7,646,296	$	7,751,143	(1.4	)%	$	7,569,052	1.0	%

Loan Fundings⁽¹⁾

	First quarter		Fourth quarter		Third quarter		Second quarter		First quarter
	2025		2024		2024		2024		2024
Commercial:
Commercial and industrial	$	108,594	$	146,600	$	93,711	$	241,910	$	53,978
Municipal and non-profit		12,506		49,175		35,677		28,785		14,564
Owner occupied commercial real estate		37,762		117,850		70,517		102,615		35,128
Food and agribusiness		1,338		15,796		19,205		11,040		(7,204	)
Total commercial		160,200		329,421		219,110		384,350		96,466
Commercial real estate non-owner occupied		65,254		119,132		91,809		83,184		73,789
Residential real estate		29,300		30,750		47,322		36,124		29,468
Consumer		970		726		1,010		1,547		234
Total	$	255,724	$	480,029	$	359,251	$	505,205	$	199,957

(1)		Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were $21,752, $64,375, $16,302, $19,281 and ($59,523) for the periods noted in the table above, respectively.


NATIONAL BANK HOLDINGS CORPORATION Summary of Net Interest Margin (Dollars in thousands)

	For the three months ended								For the three months ended								For the three months ended
	March 31, 2025								December 31, 2024								March 31, 2024
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,335,931		$	102,221		6.54	%	$	6,368,697		$	107,400		6.71	%	$	6,046,849		$	100,914		6.71	%
Acquired loans		1,351,726			19,547		5.86	%		1,425,344			22,253		6.21	%		1,611,521			24,289		6.06	%
Loans held for sale		19,756			349		7.16	%		20,196			320		6.30	%		12,017			225		7.53	%
Investment securities available-for-sale		716,938			4,617		2.58	%		735,977			3,196		1.74	%		751,168			4,103		2.18	%
Investment securities held-to-maturity		635,961			4,120		2.59	%		537,970			3,887		2.89	%		579,160			2,514		1.74	%
Other securities		31,386			480		6.12	%		29,256			434		5.93	%		35,036			616		7.03	%
Interest earning deposits		48,206			539		4.53	%		60,400			470		3.10	%		91,579			763		3.35	%
Total interest earning assets FTE⁽²⁾	$	9,139,904		$	131,873		5.85	%	$	9,177,840		$	137,960		5.98	%	$	9,127,330		$	133,424		5.88	%
Cash and due from banks	$	77,237							$	81,371							$	102,583
Other assets		794,374								793,734								756,230
Allowance for credit losses		(95,492	)							(95,750	)							(97,882	)
Total assets	$	9,916,023							$	9,957,195							$	9,888,261
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	5,027,052		$	32,511		2.62	%	$	5,087,799		$	35,443		2.77	%	$	4,947,811		$	36,413		2.96	%
Time deposits		1,035,983			8,756		3.43	%		1,034,560			9,169		3.53	%		990,041			7,584		3.08	%
Federal Home Loan Bank advances		107,151			1,105		4.18	%		66,428			820		4.91	%		228,236			3,181		5.61	%
Other borrowings⁽³⁾		50,277			382		3.08	%		18,374			5		0.11	%		18,929			6		0.13	%
Long-term debt		54,539			518		3.85	%		54,464			518		3.78	%		54,229			518		3.84	%
Total interest bearing liabilities	$	6,275,002		$	43,272		2.80	%	$	6,261,625		$	45,955		2.92	%	$	6,239,246		$	47,702		3.07	%
Demand deposits	$	2,197,300							$	2,249,614							$	2,280,997
Other liabilities		119,806								141,327								141,735
Total liabilities		8,592,108								8,652,566								8,661,978
Shareholders’ equity		1,323,915								1,304,629								1,226,283
Total liabilities and shareholders’ equity	$	9,916,023							$	9,957,195							$	9,888,261
Net interest income FTE⁽²⁾				$	88,601							$	92,005							$	85,722
Interest rate spread FTE⁽²⁾							3.05	%							3.06	%							2.81	%
Net interest earning assets	$	2,864,902							$	2,916,215							$	2,888,084
Net interest margin FTE⁽²⁾							3.93	%							3.99	%							3.78	%
Average transaction deposits	$	7,224,352							$	7,337,413							$	7,228,808
Average total deposits		8,260,335								8,371,973								8,218,849
Ratio of average interest earning assets to average interest bearing liabilities		145.66	%							146.57	%							146.29	%

(1)		Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
(2)		Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $1,910, $1,874 and $1,692 for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(3)		Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.


NATIONAL BANK HOLDINGS CORPORATION Allowance for Credit Losses and Asset Quality (Dollars in thousands)

Allowance for Credit Losses Analysis

	As of and for the three months ended
	March 31, 2025			December 31, 2024			March 31, 2024
Beginning allowance for credit losses	$	94,455		$	95,047		$	97,947
Charge-offs		(15,251	)		(2,391	)		(278	)
Recoveries		138			175			188
Provision expense (release) for credit losses		10,850			1,624			(250	)
Ending allowance for credit losses (“ACL”)	$	90,192		$	94,455		$	97,607
Ratio of annualized net charge-offs to average total loans during the period		0.80	%		0.11	%		0.00	%
Ratio of ACL to total loans outstanding at period end		1.18	%		1.22	%		1.29	%
Ratio of ACL to total non-performing loans at period end		260.52	%		262.42	%		272.52	%
Total loans	$	7,646,296		$	7,751,143		$	7,569,052
Average total loans during the period		7,660,974			7,772,712			7,632,635
Total non-performing loans		34,620			35,994			35,817

Past Due and Non-accrual Loans

	March 31, 2025			December 31, 2024			March 31, 2024
Loans 30-89 days past due and still accruing interest	$	17,003		$	23,164		$	3,495
Loans 90 days past due and still accruing interest		1,012			14,940			1
Non-accrual loans		34,620			35,994			35,817
Total past due and non-accrual loans	$	52,635		$	74,098		$	39,313
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.47	%		0.66	%		0.47	%

Asset Quality Data

	March 31, 2025			December 31, 2024			March 31, 2024
Non-performing loans	$	34,620		$	35,994		$	35,817
OREO		615			662			4,064
Total non-performing assets	$	35,235		$	36,656		$	39,881
Total non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Total non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%


NATIONAL BANK HOLDINGS CORPORATION Key Metrics⁽¹⁾

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Return on average assets		0.99	%		1.13	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%
Return on average tangible assets, adjusted⁽²⁾		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%
Return on average tangible common equity, adjusted⁽²⁾		10.64	%		14.40	%		15.14	%
Loan to deposit ratio (end of period)		90.77	%		94.09	%		88.86	%
Non-interest bearing deposits to total deposits (end of period)		26.30	%		26.87	%		26.92	%
Net interest margin⁽³⁾		3.85	%		3.91	%		3.70	%
Net interest margin FTE⁽²⁾⁽³⁾		3.93	%		3.99	%		3.78	%
Interest rate spread FTE⁽²⁾⁽⁴⁾		3.05	%		3.06	%		2.81	%
Yield on earning assets⁽⁵⁾		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE⁽²⁾⁽⁵⁾		5.85	%		5.98	%		5.88	%
Cost of funds		2.07	%		2.15	%		2.25	%
Cost of deposits		2.03	%		2.12	%		2.15	%
Non-interest income to total revenue FTE⁽⁶⁾		14.79	%		10.78	%		17.11	%
Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio excluding other intangible assets amortization FTE, adjusted⁽²⁾		57.74	%		57.03	%		58.82	%
Pre-provision net revenue	$	40,050		$	36,704		$	38,890
Pre-provision net revenue FTE⁽²⁾		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted⁽²⁾		41,960			45,160			40,582

Total Loans Asset Quality Data⁽⁷⁾⁽⁸⁾
Non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%
Allowance for credit losses to total loans		1.18	%		1.22	%		1.29	%
Allowance for credit losses to non-performing loans		260.52	%		262.42	%		272.52	%
Net charge-offs to average loans		0.80	%		0.11	%		0.00	%

(1)		Ratios are annualized.
(2)		Ratio represents non-GAAP financial measure. See non-GAAP reconciliations below.
(3)		Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets.
(4)		Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents a non-GAAP financial measure.
(5)		Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets.
(6)		Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income. Ratio represents a non-GAAP financial measure.
(7)		Non-performing loans consist of non-accruing loans and modified loans on non-accrual.
(8)		Total loans are net of unearned discounts and fees.


NATIONAL BANK HOLDINGS CORPORATION NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (Dollars in thousands, except share and per share data)

Tangible Common Book Value Ratios

	March 31, 2025			December 31, 2024			March 31, 2024
Total shareholders’ equity	$	1,329,308		$	1,305,075		$	1,231,830
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660

Total assets	$	10,098,870		$	9,807,693		$	9,967,476
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible assets (non-GAAP)	$	9,757,708		$	9,464,451		$	9,617,306

Tangible common equity to tangible assets calculations:
Total shareholders’ equity to total assets		13.16	%		13.31	%		12.36	%
Less: impact of goodwill and other intangible assets, net		(3.03	)%		(3.15	)%		(3.19	)%
Tangible common equity to tangible assets (non-GAAP)		10.13	%		10.16	%		9.17	%

Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660
Divided by: ending shares outstanding		38,094,105			38,054,482			37,806,148
Tangible common book value per share (non-GAAP)	$	25.94		$	25.28		$	23.32


NATIONAL BANK HOLDINGS CORPORATION (Dollars in thousands, except share and per share data) Return on Average Tangible Assets and Return on Average Tangible Equity

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	24,231		$	28,184		$	31,391
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	24,231		$	33,232		$	31,391

Net income	$	24,231		$	28,184		$	31,391
Add: impact of other intangible assets amortization expense, after tax		1,516			1,516			1,534
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	25,747		$	29,700		$	32,925

Net income excluding the impact of other intangible assets amortization expense, after tax	$	25,747		$	29,700		$	32,925
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	25,747		$	34,748		$	32,925

Average assets	$	9,916,023		$	9,957,195		$	9,888,261
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible assets (non-GAAP)	$	9,573,598		$	9,612,778		$	9,536,878

Average shareholders’ equity	$	1,323,915		$	1,304,629		$	1,226,283
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible common equity (non-GAAP)	$	981,490		$	960,212		$	874,900

Return on average assets		0.99	%		1.13	%		1.28	%
Adjusted return on average assets (non-GAAP)		0.99	%		1.33	%		1.28	%
Return on average tangible assets (non-GAAP)		1.09	%		1.23	%		1.39	%
Adjusted return on average tangible assets (non-GAAP)		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Adjusted return on average equity (non-GAAP)		7.42	%		10.13	%		10.30	%
Return on average tangible common equity (non-GAAP)		10.64	%		12.31	%		15.14	%
Adjusted return on average tangible common equity (non-GAAP)		10.64	%		14.40	%		15.14	%

(1) Adjustments:
Loss on security sales (non-GAAP)	$	—		$	6,582		$	—
Tax benefit impact		—			(1,534	)		—
Total adjustments, after tax (non-GAAP)	$	—		$	5,048		$	—

Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest income	$	129,963		$	136,086		$	131,732
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Interest income FTE (non-GAAP)	$	131,873		$	137,960		$	133,424

Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Average earning assets	$	9,139,904		$	9,177,840		$	9,127,330
Yield on earning assets		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE (non-GAAP)		5.85	%		5.98	%		5.88	%
Net interest margin		3.85	%		3.91	%		3.70	%
Net interest margin FTE (non-GAAP)		3.93	%		3.99	%		3.78	%

Efficiency Ratio and Pre-Provision Net Revenue

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Non-interest income	$	15,376		$	11,119		$	17,694
Add: loss on security sales (non-GAAP)		—			6,582			—
Non-interest income adjusted for the loss on security sales (non-GAAP)	$	15,376		$	17,701		$	17,694

Non-interest expense	$	62,017		$	64,546		$	62,834
Less: other intangible assets amortization		(1,977	)		(1,977	)		(2,008	)
Non-interest expense excluding other intangible assets amortization (non-GAAP)	$	60,040		$	62,569		$	60,826

Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio FTE (non-GAAP)		59.64	%		62.59	%		60.76	%
Efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales FTE (non-GAAP)		57.74	%		57.03	%		58.82	%
Pre-provision net revenue (non-GAAP)	$	40,050		$	36,704		$	38,890
Pre-provision net revenue, FTE (non-GAAP)		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted for the loss on security sales (non-GAAP)		41,960			45,160			40,582

Adjusted Net Income and Earnings Per Share

	As of and for the three months ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Adjustments to net income:
Net income	$	24,231	$	28,184	$	31,391
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		5,048		—
Adjusted net income (non-GAAP)	$	24,231	$	33,232	$	31,391

Adjustments to earnings per share:
Earnings per share diluted	$	0.63	$	0.73	$	0.82
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		0.13		—
Adjusted earnings per share – diluted (non-GAAP)	$	0.63	$	0.86	$	0.82

The MIL Network –

April 23, 2025

MIL-OSI: Premium Global Income Split Corp. Announces Overnight Offering

Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — (TSX: PGIC; PGIC.PR.A) – Premium Global Income Split Corp. (the “Fund”) is pleased to announce it is undertaking an overnight treasury offering of Preferred Shares and Class A Shares.

The sales period for the overnight offering will end at 9:00 am ET tomorrow, April 23, 2025. The offering is expected to close on or about April 30, 2025 and is subject to certain conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $10.35 per Preferred Share representing a yield of 7.25% and the Class A Shares will be offered at an indicative price of $6.40 per Class A Share to yield 15.00%. The closing prices on the TSX for the Preferred Shares and Class A Shares on April 22, 2025 were $10.59 and $6.98, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Fund (calculated as at April 17, 2025).

The Fund invests in a diversified portfolio of primarily large capitalization global equity securities actively selected by its manager and investment manager, Mulvihill Capital Management Inc. (“Mulvihill”). To enhance the income generated by the Fund’s portfolio and to reduce volatility, the Fund employs an active covered call writing strategy and may write cash covered put options in respect of securities in which it is permitted to invest. The Fund may also invest up to 100% of its net assets in other public investment funds (including investment funds managed by Mulvihill). In addition, the Fund is exposed to securities traded in foreign currencies and may, at Mulvihill’s discretion, enter into currency hedging transactions to reduce the effects of changes in the value of foreign currencies relative to the value of the Canadian dollar.

The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.0625 ($0.75 per annum) per Preferred Share representing a yield of 7.50% on the original issue price of $10.00. The Class A Shares currently pay monthly distributions in the amount $0.08 ($0.96 per annum) per Class A Share.

The syndicate of agents for the offering is being co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets and Scotiabank.

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

John Germain, Senior VP & CFO		Mulvihill Capital Management Inc.
		121 King Street West
		Suite 2600
		Toronto, Ontario, M5H 3T9

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Fund believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

A shortform base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus, and investors should read the shortform base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

Commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the Fund on the TSX or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the Fund and may receive less than the current net asset value when selling them.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

The MIL Network –

April 23, 2025

MIL-OSI: ESET launches integration with Wazuh

Source: GlobeNewswire (MIL-OSI)

This integration provides seamless ingestion of ESET PROTECT, ESET Inspect, and ESET Cloud Office Security data into Wazuh’s security platform.
Wazuh’s open-source security platform is easy to deploy, and it offers cost-effective benefits, which the integration of ESET’s solutions boosts to further heights, benefiting our mutual customers.
The integration between ESET’s solutions and Wazuh helps SMBs and enterprises meet most of their security needs, irrespective of their maturity levels.

BRATISLAVA, Slovakia, April 22, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, is continuing to increase its number of integrations, this time, by connecting with Wazuh, a popular open-source security platform.

Cybersecurity is becoming more complex and difficult. B2B organizations might find obstacles in adjusting to this new reality. Therefore, interoperability has become crucial, which is also why ESET has adopted an API-first approach. As a result, the provision of strong security is easier than ever, as those organizations that need to correlate vast amounts of data from multiple sources, across several vendors, can create more efficient security workflows.

The ESET Endpoint Management Platform (ESET PROTECT), including its Detection and Response capabilities (ESET Inspect), as well as ESET Cloud Office Security, integrates seamlessly with Wazuh, enabling organizations to consolidate security alerts, telemetry, and incidents in a single pane of glass. The integration works by using API-based integration – ESET provides REST APIs, allowing Wazuh to query and pull relevant security events, incidents, and telemetry directly.

Consequentially, this integration should empower any security-conscious organization or professional with cost-effective, open-source security monitoring and compliance solutions. For example, security analysts or incident responders can use Wazuh’s dashboards to correlate ESET’s endpoint detection events with other logs, perform threat hunting, and develop comprehensive incident response playbooks. In the same vein, IT administrators can utilize Wazuh to generate summary reports, do compliance checks, and monitor operational metrics across their entire security stacks, including ESET-supplied data. Effectively, with this integration, security teams can do more with fewer tools and less manual work.

“ESET provides security solutions that can protect one’s tomorrow today. With our integrations, we aim to lessen security burdens, and empower security operators with tools that create natural efficiencies, relieving many of their workflows. With data from ESET PROTECT, ESET Inspect, and ESET Cloud Office Security in Wazuh, they can cover the needs of an entire business environment from a single pane of glass,” said Michal Hájovský, Global Sales Lead at ESET.

Visit our ESET integrations page for more information.

Find out more about Wazuh’s open-source security platform.

Discover more about the power of comprehensive security on the ESET PROTECT Platform page.

About ESET

ESET® provides cutting-edge digital security to prevent attacks. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit http://www.eset.com/ or follow our social media, podcasts and blogs.

The MIL Network –

April 23, 2025

MIL-OSI: ESET helps MSPs by integrating with the Kaseya VSA X RMM solution

Source: GlobeNewswire (MIL-OSI)

ESET launches a new integration of its ESET Endpoint product with the Kaseya VSA X remote monitoring and management (RMM) solution.
MSP admins will find their workloads simpler, due to less time spent managing multiple solutions, giving them more space for their daily tasks.

BRATISLAVA, Slovakia, April 22, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, today announced the launch of another major integration, this time, with the Kaseya VSA X remote monitoring and management (RMM) software.

ESET has worked with MSPs for a long time, creating successful programs such as the ESET MSP Program, with subscription flexibility (pay only for what’s in use, no flat rates, no long-term commitment), co-management (independent seat count adjustment and subscription management), or tier-based volume pricing (the more licenses sold, the better the unit price), among others.

Thus, we understand the needs of our partners as well as their clients. Among these is an interest in running efficient workloads, cutting down on time spent in “swivel chair” operations, and simplifying their use of multiple products, while not sacrificing on their security postures.

Such results are only achievable through integrations, which ESET identifies as a key contemporary trend. As a partner- and channel-focused cybersecurity vendor, we understand this, and we develop and maintain support for all the most prevalent RMM and PSA tools out there, now joined by Kaseya VSA X, a leading RMM product.

Thanks to this new integration, users of Kaseya VSA X can now also serve organizations that use ESET. In essence, it enables MSPs to deploy and manage ESET Endpoint products directly from within the Kaseya VSA X interface, so they can perform their necessary management actions without having to log in to a separate console.

With support for additional workflows, MSPs can set up automatic actions for common scenarios. For instance, a workflow can be used to automatically deploy ESET to a freshly provisioned machine, or a workflow could be configured to provide a notification in case a threat is detected on an endpoint.

Some other key features are:

“One Click” or automated deployment of ESET Endpoint products
Monitoring of endpoint health (product, version, protection status)
On-demand tasks such as scanning and activation

“We’ve been working with MSPs for a very long time, and ESET is a favorite vendor among thousands of MSPs across the world,” said Rob Jones, Global Channel Business Developer at ESET. “With the features provided through our new integration with Kaseya VSA X software, MSP administrators will unlock extensive benefits, such as simpler workflows, easier monitoring, as well as enhanced time savings. We know what MSPs need, and with this integration, we are directly addressing multiple pain points to make their businesses more efficient.”

Version 1.0 of this integration will support Windows endpoints that are running ESET Endpoint Antivirus, Endpoint Security, or Server Security.

ESET will be continuing its integration journey, so stay tuned for more updates in the future. In the meantime, feel free to check out our ESET integrations webpage to see the list of our existing partners and connections.

About ESET
ESET^® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown— securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow our social media, podcasts and blogs.

The MIL Network –

April 23, 2025

MIL-OSI: TMD Energy Limited Announces Closing of Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, MALAYSIA, April 22, 2025 (GLOBE NEWSWIRE) — TMD Energy Limited (the “Company”) (NYSE American: TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the closing of its previously announced initial public offering of 3,100,000 ordinary shares, par value US$0.0001 per share (the “Shares”) at a public offering price of US$3.25 per share to the public (the “Offering”), for a total of approximately US$10.08 million gross proceeds to the Company, before deducting underwriting discounts and offering expenses. The Shares began trading on the NYSE American on April 21, 2025, under the symbol “TMDE”.

In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 465,000 Shares at the public offering price, less underwriting discounts, to cover the over-allotment option, if any.

The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.

Maxim Group LLC (“Maxim”) acted as sole book-running manager of the Offering. Loeb & Loeb LLP acted as legal counsel to the Company, and Pryor Cashman LLP acted as legal counsel to Maxim Group LLC in connection with the Offering.

A registration statement on Form F-1, as amended (File No.: 333-283704) relating to the Offering was initially filed with the Securities and Exchange Commission (the “SEC”) on December 10, 2024 and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, United States of America or by email at syndicate@maximgrp.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation, or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About TMD Energy Limited

TMD Energy Limited and its subsidiaries (“TMDEL Group”) are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessel chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels. For more information, please visit the Company’s website at: www.tmdel.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

TMD Energy Limited
Email: corporate@tmdel.com

WFS Investor Relations
Email : services@wealthfsllc.com

The MIL Network –

April 23, 2025

MIL-OSI: Incorta Introduces Intelligent Accounts Payable Agent for Google Cloud’s Agentspace, Supports New A2A Protocol for Cross-Agent Collaboration

Source: GlobeNewswire (MIL-OSI)

FOSTER CITY, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Incorta, the pioneering open data delivery platform, was featured in Google Next’s keynote, where it announced the launch of the Incorta AP Agent, an AI-powered solution that transforms accounts payable workflows with real-time operational insights and automation. Built for Google Cloud’s Agentspace, the Incorta AP Agent marks a major leap forward in finance modernization—combining natural language querying, ERP data integration, and intelligent automation to dramatically enhance control, compliance, and efficiency for enterprise AP teams.

At the same time, Incorta is proud to be an early partner supporting Google Cloud’s newly introduced Agent-to-Agent (A2A) protocol, a first-of-its-kind open standard that enables AI agents to securely collaborate across enterprise systems and vendors.

“Businesses today don’t just need better data, they need the ability to act on that data instantly,” said Osama Elkady, CEO and co-founder of Incorta. “With the AP Agent and support for A2A, we’re helping customers unlock the full potential of agentic AI, moving beyond dashboards into a future where enterprise workflows are truly intelligent, connected, and automated.”

Meet the Incorta AP Agent: Smarter Finance Starts Here

The Incorta AP Agent eliminates bottlenecks from fragmented systems and manual invoice processing by delivering direct access to ERP data through conversational AI. Finance teams can now detect errors instantly, automate compliance actions, and reclaim time for strategic initiatives.

Key Benefits:

Real-Time Error Detection
Identifies pricing discrepancies instantly using AI and ERP data.
Conversational Data Access
Enables natural language queries without technical skills.
Enhanced Financial Control
Automatically places invoice holds to enforce contract compliance.
Increased Operational Efficiency
Frees AP teams from repetitive tasks, shifting focus to strategic initiatives.

Under the hood, the Incorta AP Agent leverages Incorta’s Direct Data Mapping®, ensuring secure, source-identical data is always accessible, always current, and always analytics-ready.

Scaling Intelligence Across the Enterprise with A2A

To support broader enterprise automation, Incorta is also among the first partners backing Agent2Agent (A2A)—a new open protocol from Google Cloud that enables AI agents to securely communicate, coordinate, and collaborate, regardless of vendor or platform.

A2A represents a shared industry vision for interoperable AI. By allowing agents to dynamically discover capabilities, share context, and delegate tasks, the protocol accelerates complex, multi-agent enterprise workflows.

“Incorta is excited to support A2A and advance agent communication for customers, making the future of enterprise automation smarter, faster, and truly data-driven,” added Elkady.

The combination of Incorta’s intelligent agents and A2A’s interoperability empowers customers to orchestrate smarter decision-making and automation across functions, starting with AP and expanding to procurement, finance, supply chain, and beyond.

About Incorta

Incorta is the first and only open data delivery platform that enables real-time analysis of live, detailed data across all systems of record—without the need for complex ETL processes. By enabling direct analysis on raw, source-identical data, Incorta provides faster, more accurate insights while removing barriers to exploration. With intuitive low-code/no-code tools, AI-powered querying through Nexus, and prebuilt business data applications, enterprise teams can quickly surface insights, break down technical roadblocks, and make smarter decisions without heavy engineering effort. For more information, please visit www.incorta.com.

Media Relations Contact:

Elizabeth Byington
incorta@sparkpr.com

The MIL Network –

April 23, 2025

MIL-OSI: Scality unveils ARTESCA+ Veeam unified software appliance

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 22, 2025 (GLOBE NEWSWIRE) — Scality, a global leader in cyber-resilient storage for the AI era, today unveiled a first-of-its-kind unified software appliance developed in collaboration with Veeam® Software, a global leader in data resilience. The solution combines Veeam Backup & Replication™ software, part of the Veeam Data Platform, with Scality ARTESCA — cyber-resilient object storage software — in a single, streamlined software appliance.

Scality ARTESCA+ Veeam is a unified software appliance that provides a combined deployment of best-of-breed ARTESCA and Veeam software co-located on a single host server. The solution completely eliminates the need for separate (physical or virtual) infrastructure for Veeam, thereby reducing deployment complexity, time, and cost by up to 30%. The solution can be deployed on the customer’s choice of hardware platforms, such as HPE, Supermicro, and Lenovo.

“As the #1 global leader in data resilience, Veeam is thrilled to collaborate with Scality on the launch of the ARTESCA+ Veeam unified software appliance,” said Andreas Neufert, Vice President of Product Management, Alliances at Veeam. “This innovative solution simplifies the deployment of our industry-leading data resilience software alongside Scality’s robust object storage, making it easier for organizations to enhance their cyber resilience. Scality has integrated Veeam into this new solution, combining our strengths to empower our joint customers to create secure defenses against cyber threats while optimizing their backup operations.”

Scality ARTESCA+ Veeam builds upon the three previously announced software, hardware, and virtual appliance deployment offerings, making Scality the most versatile and flexible object storage backup target on the market.

Key benefits of ARTESCA+ Veeam include:

Ultra-simplified, foolproof deployment: Ensures fast and simple configuration of backup and storage for immutability and end-to-end cyber-resilience.
Increased security: Veeam and Scality ARTESCA running on a single, CORE5-hardened software appliance built on zero-trust principles provides the most secure operation.
- Restricted credential and endpoint exposure: Access Key/Secret Key stays within ARTESCA, and the S3 endpoint no longer needs external DNS resolution, reducing attack vectors.
- Embedded firewall protection: Predefined firewall secures Veeam components, enforcing Zero Trust and least privilege by restricting access to necessary ports.
- Secure Windows access: Managed through ARTESCA Identity Manager with MFA, ensuring only authorized users can log in.
Non-disruptive integrity checks: Self-sufficient by design, the appliance runs SureBackup Lite and backup content scans independently — without impacting the production system.
Predictable performance: Running Veeam and Scality ARTESCA on dedicated hardware provides consistent, predictable performance with greater resource availability than hypervisor-based deployments.
Cost efficiency: The fully integrated ARTESCA+ Veeam software appliance streamlines operations and reduces acquisition, support, and operating costs by eliminating the need for separate server and storage infrastructure.
Operational simplicity: A single, integrated dashboard within ARTESCA monitors both ARTESCA and Veeam components.
Channel-friendly design: Simple sizing and ordering make sales and deployment effortless for resellers and customers.

Erwan Girard, chief product officer at Scality:
“The unified software appliance marks a major milestone in our partnership with Veeam. By combining ARTESCA’s security and simplicity with Veeam’s industry-leading data resilience solutions we’re enabling organizations to build unbreakable defenses against cyber threats while optimizing backup operations — without compromising performance.”

Scality ARTESCA+ Veeam unified software appliance sizing:
The Scality ARTESCA+ Veeam unified software appliance will initially be available as a single node, configurable to meet a range of VM and capacity requirements, from 20 VMs/TBs to hundreds of VMs/TBs.

Designed for the channel, ARTESCA’s simplicity and low-entry pricing have transformed Scality’s go-to-market strategy within small and medium-sized businesses. Driven by a robust ecosystem of VARs, Cloud and Service Providers and strategic distributors, 60% of Scality’s record-breaking 2024 revenue came through the channel. Scality also recently launched its pay-as-you-go combined pricing model for Scality Cloud and Service Providers, unlocking a lucrative new subscription model and revenue stream for Veeam VCSP partners.

Availability:
Customers will be able to purchase the offering from their channel partners. Scality will provide channel partners with documentation and tooling to install the software appliance on one of a number of pre-validated hardware configurations.

Want to learn more? Read our solution FAQs for answers and additional details about the ARTESCA + Veeam unified backup appliance. Topics include: product features, deployment and operations, security and resilience, licensing and support, and benefits for service providers.

If you’re interested in accessing the new ARTESCA+ Veeam unified software appliance, please submit a request here.

Join us at VeeamON in April!
Want to see the appliance in action? Come visit our booth at VeeamON 2025 in San Diego.

About ARTESCA
Scality ARTESCA is simple, secure S3 object storage purpose-built for immutable, ransomware-proof backups with seamless support for Veeam. ARTESCA’s CORE5 technology delivers end-to-end cyber resilience, safeguarding data at every level of the system, from API to architecture. Built for rapid deployment and intuitive management, ARTESCA scales effortlessly from a single server to petabyte-scale environments with no specialized expertise required. Multiple on-premises deployment options — software appliance (standalone or unified with Veeam), virtual appliance, or hardware appliance — give you complete control over your infrastructure. Offering an optimal balance of security, performance, and simplicity, ARTESCA stands as the most resilient and efficient backup target on the market.

About Scality
Scality solves organizations’ biggest data storage challenges — growth, security, performance, and cost. Designed for end-to-end cyber resilience, only Scality S3 object storage with CORE5 safeguards data at every level of the system, from API to architecture. Its patented MultiScale Architecture enables limitless, independent scalability in all critical dimensions to meet the unpredictable demands of modern workloads. The world’s most discerning companies depend on Scality to accelerate high-performance AI initiatives, optimize cloud deployments, and defend their data with confidence. Recognized as a leader by Gartner, Scality software is reliable, secure, and sustainable. Follow us on LinkedIn. Visit www.scality.com and our blog.

Media Contact:
Jon Lavietes
A3 Communications
+1 415-572-4408
jon.lavietes@a3communicationspr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/689620f8-bb68-4d70-9855-b68e92fdbe79

The MIL Network –

April 23, 2025

MIL-OSI: Telnyx launches Local MCP Server to bring full communications stack to developers’ machines

Source: GlobeNewswire (MIL-OSI)

AUSTIN, TX, April 22, 2025 (GLOBE NEWSWIRE) — Telnyx, the full-stack communications platform for AI-powered voice, messaging, and automation, today announced the beta release of its Local Model Context Protocol (MCP) Server. This new tool gives developers the ability to run Telnyx’s powerful API suite directly on their machines, enabling secure, low-latency access to telephony and AI capabilities without relying on cloud infrastructure.

With full compatibility for leading MCP clients such as Claude Desktop and Cursor, the Local MCP Server allows developers to create, test, and manage voice calls, SMS messages, phone numbers, and AI assistants all from a local environment.

“This release is all about putting power and flexibility into the hands of developers,” said David Casem, CEO of Telnyx. “Whether you’re building AI agents or prototyping telecom features, running locally gives you more control, faster iteration, and tighter integrations.”

The Telnyx Local MCP Server supports:

AI assistant management – Create, configure, and deploy AI assistants with natural language capabilities.
Call Control – Make calls, play audio, use text-to-speech, and manage transfers.
Messaging – Send SMS and MMS, retrieve message history.
Phone Number management – Search, purchase, and configure phone numbers.
Connection management – List and configure voice connections.

This local-first approach empowers developers working in secure, latency-sensitive, or sandboxed environments to build production-grade voice and messaging features without needing to expose data to the cloud. It also enables advanced prototyping with local LLMs and tooling through familiar interfaces like Claude Desktop.

The Telnyx Local MCP Server is available now in open beta. Developers can clone the repository, configure their environment, and start building in minutes. Telnyx is actively inviting the developer community to test the server, provide feedback, and help shape future improvements.

Access the repository and full documentation here.

About Telnyx
Telnyx is a global connectivity platform that powers real-time communications and automation for the next generation of applications. With a private IP network, owned infrastructure, and developer-first APIs, Telnyx delivers ultra-low-latency Voice AI, messaging, and telephony tools to companies around the world.

Media Contact:
press@telnyx.com
telnyx.com

The MIL Network –

April 23, 2025

MIL-OSI: Results of ING’s 2025 Annual General Meeting

Source: GlobeNewswire (MIL-OSI)

Results of ING’s 2025 Annual General Meeting

The Annual General Meeting (AGM) of ING Groep N.V. was held today in Amsterdam.

The AGM adopted all agenda items, including the annual accounts for 2024, discharge of the members of the Executive Board and the Supervisory Board and the dividend for 2024.

The AGM also approved the reappointment of Steven van Rijswijk and Ljiljana Čortan to the Executive Board. Stuart Graham and Petri Hofsté were appointed to the Supervisory Board and Margarete Haase and Lodewijk Hijmans van den Bergh were reappointed to the Supervisory Board.

Note for editors
For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news X feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

Press enquiries	Investor enquiries
Raymond Vermeulen	ING Group Investor Relations
+31 20 576 6369	+31 20 576 6396
Raymond.Vermeulen@ing.com	Investor.Relations@ing.com

ING PROFILE
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

Important legal information
Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to diﬀer materially from those expressed or implied in such statements. Actual results, performance or events may diﬀer materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the eﬀects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an oﬀer to sell, or a solicitation of an oﬀer to purchase, any securities in the United States or any other jurisdiction.

Attachment

PDF version of press release

The MIL Network –

April 23, 2025

MIL-OSI: Boomer Benefits Updates Popular Article on Medicare Telehealth Coverage for 2025

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — Boomer Benefits, a leading Medicare insurance agency based in Fort Worth, TX, is pleased to announce the update of its widely-read article, “Does Medicare Cover Telehealth,” now revised for 2025. This comprehensive guide is designed to help beneficiaries understand how Medicare Parts B and C cover telehealth services, reflecting the latest changes and enhancements in Medicare Policies.

Boomer Benefits-Medicare Agency

Founded in 2005, Boomer Benefits has established itself as an award-winning agency, partnering with national insurance carriers such as Blue Cross Blue Shield, Aetna, Cigna, and Mutual of Omaha. The agency’s commitment to providing clear and accurate information is evident in this updated article, which serves as a vital resource for those navigating the complexities of Medicare coverage.

The updated article, available at https://boomerbenefits.com/does-medicare-cover-telehealth/, delves into the specifics of telehealth coverage under Medicare. It explains how beneficiaries can access telehealth services through Medicare Parts B and C, ensuring they receive the care they need from the comfort of their homes.

“As the healthcare landscape evolves, it’s crucial for Medicare beneficiaries to stay informed about their coverage options,” said Danielle K. Roberts, co-founder of Boomer Benefits. “Our updated article on telehealth coverage is part of our ongoing effort to provide valuable insights and support to our clients.”

Telehealth has become an essential component of healthcare, offering convenience and accessibility to millions of Americans. With the ongoing advancements in technology and healthcare delivery, understanding how Medicare covers these services are more important than ever. Boomer Benefits’ updated article aims to demystify the process, providing clear guidance on how to utilize telehealth services effectively.

Boomer Benefits continues to lead the way in educating Medicare beneficiaries, ensuring they have access to the most current and relevant information. By updating the “Does Medicare Cover Telehealth” article for 2025, the agency reaffirms its dedication to empowering individuals with the knowledge they need to make informed healthcare decisions. More informative Medicare articles can be found on the Boomer Benefits Medicare Blog.

About Boomer Benefits

Founded in 2005 in Fort Worth, TX, Boomer Benefits is an award-winning Medicare insurance agency for national insurance carriers such as Blue Cross Blue Shield, Aetna, Cigna, Mutual of Omaha and many other A-rated carriers.

Press inquiries

Boomer Benefits
https://boomerbenefits.com
Kelsey Mundfrom
info@boomerbenefits.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69cdbab3-1d3e-4553-a8c0-3b3b745c52c3

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b6eec27-b8f2-4187-a0e0-a705c0461ca7

The MIL Network –

April 23, 2025

MIL-OSI: American Rebel Light Beer Continues Rapid Expansion of National Distribution Footprint adding North Carolina’s Adams Beverages

Source: GlobeNewswire (MIL-OSI)

Strategic Growth Fuels American Rebel Beer as it Reaches 10 States with Several More to be Announced Soon

Nashville, TN, April 22, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), proudly announces its strategic expansion into North Carolina through a distribution agreement with Adams Beverages (adamsbev.com). This move is a significant milestone in the Company’s broader Southeast growth strategy.

“I am thrilled to see how fast our American Rebel Light Beer distribution is growing across this great country,” said American Rebel CEO Andy Ross. “North Carolina is a great market and has strong tie-ins with our relationship with Tony Stewart Racing (tsrnitro.com) and Matt Hagan and the Charlotte Motor Speedway (charlottemotorspeedway.com). We have been able to establish distribution with some high-volume distributors in ten states and growing. It’s fair to say that American Rebel is burning patriotic fuel.”

“We are very excited to partner with Adams Beverages to bring American Rebel Light Beer to 28 North Carolina counties,” said Todd Porter, President of American Rebel Beverages. “This collaboration allows us to serve the wonderful people of North Carolina who are looking for a clean, natural, and great-tasting light beer that embodies the values of our great nation.”

American Rebel Beer will host a series of exciting events, including beer tastings, live music performances, and promotional giveaways, kicking off this weekend at the Charlotte Motor Speedway. The festivities will run through the Fall, offering a perfect opportunity for the community to come together and enjoy America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, STAND YOUR GROUND BEER!

The first shipment of American Rebel Light Beer arrives in North Carolina this week and in just a few short days, several locations have placed orders and brought in Rebel Light. In addition to the Charlotte Motor Speedway, American Rebel Light Beer will be available at multiple locations across North Carolina, including these on-premise and off-premise locations:

IRON THUNDER SALOON – CONCORD	10023 WEDDINGTON ROAD, CONCORD, NC 28027	MOTORSPORTS-THEMED SPORTS BAR
CANNON CROSSROADS BP	9960 POPLAR TENT ROAD, CONCORD, NC 28027	CONVENIENCE STORE
CITY FOOD MART – CONCORD MAIN	873 OLD CHARLOTTE ROAD, CONCORD, NC 28027	CONVENIENCE STORE
COMPARE FOODS – CONCORD	840 CONCORD PKWAY NORTH, CONCORD, NC 28027	CONVENIENCE STORE
DANNYS	300 NORTH CHURCH STREET, CONCORD, NC 28025	CONVENIENCE STORE
FAST AND FRIENDLY MART 2	7340 POPLAR TENT ROAD, CONCORD, NC 28027	CONVENIENCE STORE
SPEEDWAY XPRESS MART – SATYA	4521 MOREHEAD ROAD, CONCORD, NC 28027	CONVENIENCE STORE
CONCORD SHOPS	450 PITTS SCHOOL ROAD NW, CONCORD, NC 28027	CONVENIENCE STORE
TOTAL WINE	8054 CONCORD MILLS RD, CONCORD, NC 28027	LARGE WINE BEER RETAILER
D AND D EXPRESS	5501 POPLAR TENT ROAD, CONCORD, NC 28027	CONVENIENCE STORE
CAROLINA ALE HOUSE – CONCORD MILLS	8695 CONCORD MILLS BOULEVARD, CONCORD, NC 28027	CASUAL RESTAURANT/SPORTS BAR

For more information about the launch events and American Rebel Beer, please visit (americanrebelbeer.com) or follow us on our social media platforms.

About Adams Beverages

Founded in Dothan, Alabama in 1937, Adams Beverages has since expanded into North Carolina under the management of Bill Adams, Clay Adams and Amy Adams Dupree. Adams Beverages now employs over 750 team members, currently providing service to 44 counties in Alabama and 28 counties in North Carolina. For more information on Adams Beverages, go to adamsbev.com.

About American Rebel Light Beer

Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a premium domestic light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebelbeer.com/investor-relations.

Media Inquiries:
Matt Sheldon
Matt@Precisionpr.co
917-280-7329

American Rebel Holdings, Inc.
info@americanrebel.com

American Rebel Beverages, LLC
Todd Porter, President
tporter@americanrebelbeer.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of marketing outreach efforts, actual placement timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
tporter@americanrebelbeer.com
info@americanrebel.com

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American Rebel Holdings Inc

The MIL Network –

April 23, 2025

MIL-OSI: Key Tronic Corporation Announces Third Quarter Reporting Date

Source: GlobeNewswire (MIL-OSI)

SPOKANE VALLEY, Wash., April 22, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the third quarter of fiscal 2025 after market close on May 6, 2025.

Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on May 6, 2025. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2003797). A replay will be available at www.keytronic.com under “Investor Relations”.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

CONTACTS:	Anthony G. Voorhees	Michael Newman
	Chief Financial Officer	Investor Relations
	Key Tronic Corporation	StreetConnect
	(509) 927-5345	(206) 729-3625

The MIL Network –

April 23, 2025

MIL-OSI: NANO Nuclear and University of Illinois Urbana-Champaign Receive Nuclear Regulatory Commission (NRC) Fuel Qualification Methodology Approval for KRONOS MMR™ Energy System

Source: GlobeNewswire (MIL-OSI)

Safety Evaluation Issued by NRC Confirms Regulatory Acceptance of Fuel Qualification Methodology, Paving the Way for Eventual KRONOS Microreactor Deployment at University of Illinois Urbana-Champaign

New York, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, is pleased to announce that the U.S. Nuclear Regulatory Commission (NRC) has issued its final Safety Evaluation (SE) approving the Fuel Qualification Methodology Topical Report (FQM TR) for the advanced fuel design to be used in the NANO Nuclear’s stationary KRONOS MMR™ Energy System.

This important regulatory milestone marks the successful culmination of a rigorous review process and represents a major step toward deployment of the KRONOS reactor prototype at the University of Illinois Urbana-Champaign (U. of I.). The approved Fuel Qualification Methodology defines the regulatory framework and testing approach for the qualification of Fully Ceramic Microencapsulated (FCM^®) fuel, which incorporates tri-structural isotropic (TRISO) fuel particles embedded in a silicon carbide matrix. With this latest regulatory breakthrough, NANO Nuclear is now positioned to submit its Construction Permit Application for the KRONOS reactor, with fuel qualification rapidly progressing. NANO Nuclear is advancing its vision to become a leader in small, clean energy technologies that address global energy security and decarbonization goals.

Figure 1 – NANO Nuclear and University of Illinois Urbana-Champaign Receive Nuclear Regulatory Commission (NRC) Fuel Qualification Methodology Approval for KRONOS MMR^™ Energy System

“This is a major victory for advanced nuclear energy and a transformative moment for NANO Nuclear, bringing us closer to turning the promise of KRONOS into a working reality at U. of I.,” said James Walker, Chief Executive Officer of NANO Nuclear. “With the NRC’s final approval of the FQM Topical Report, we now have the regulatory green light to move forward with the Construction Permit (CP) application for the prototype KRONOS. We thank the NRC for their thorough review. This milestone is a critical enabler for our entire reactor program and affirms the strength of our fuel strategy. The nuclear energy future is coming—and NANO Nuclear is at the center of it.”

“Fuel is one of the biggest sources of uncertainty in any advanced nuclear project,” Illinois Grainger Engineering Associate Professor Caleb Brooks, Head of the Microreactor Demonstration Program at U. of I. “This favorable regulatory outcome represents a significant reduction in that uncertainty for our project, and the SE establishes a common language between us and the regulator on how the fuel will be shown, with high assurance, to be safe and effective.”

The FQM TR had previously undergone joint review by the NRC and the Canadian Nuclear Safety Commission (CNSC), with initial participation from the UK’s Office for Nuclear Regulation (ONR) as an observer. NANO Nuclear believes that final approval of the FQM TR by the NRC demonstrates confidence in the methodology’s scientific soundness and regulatory compliance, offering a repeatable pathway for advanced fuel qualification applicable to NANO Nuclear reactors.

“With this regulatory foundation in place, we are prepared to execute,” said Dr. Florent Heidet, Chief Technology Officer and Head of Reactor Development of NANO Nuclear. “Our next steps include finalizing fuel fabrication timelines, preparing and submitting the construction permit this year, and completing early-stage site work at U. of I., including geotechnical drilling and environmental assessments. We will keep accelerating until the reactor is operating.”

Figure 2 – Rendering of the KRONOS MMR^™ Energy System

The KRONOS MMR Energy System would be the first advanced microreactor built and operated on a U.S. university campus and will serve as a national platform for research, training, and demonstration. It would also become a centerpiece of U. of I.’s energy innovation initiatives, providing the university with clean, resilient energy while training the next generation of nuclear professionals.

“NANO Nuclear is doing what others are still planning—we are executing,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “The NRC’s approval of the FQM TR is more than a regulatory milestone; it’s a launchpad for reliable, deployable, and efficient nuclear power in the U.S. and beyond.”

About The Grainger College of Engineering at U. of I.

The Grainger College of Engineering at the University of Illinois Urbana-Champaign is one of the world’s top-ranked engineering institutions, and a globally recognized leader in engineering education, research and public engagement. With a diverse, tight-knit community of faculty, students and alumni, Grainger Engineering sets the standard for excellence in engineering, driving innovation in the economy and bringing revolutionary ideas to the world. Through robust research and discovery, our faculty, staff, students and alumni are changing our world and making advances once only dreamed about, including the MRI, LED, ILIAC, Mosaic, YouTube, flexible electronics, electric machinery, miniature batteries, imaging the black hole and flight on Mars. The world’s brightest minds from The Grainger College of Engineering tackle today’s toughest challenges. And they are building a better, cooler, safer tomorrow.

Visit https://grainger.illinois.edu for more information.

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR^™Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR^™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further NANO Nuclear information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy X PLATFORM

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statement relate to the NANO Nuclear’s development, demonstration, licensing and commercial plans for the KRONIS MMR, each as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE, the Canadian Nuclear Safety Commission (CNSC) and the U.S. Nuclear Regulatory Commission (NRC), and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment

NANO Nuclear Energy Inc.

The MIL Network –

April 23, 2025

MIL-OSI: Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2024 and Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2024 and the three months ended March 31, 2025.

	Year ended December 31		3 months ended March 31
	2024	2023	2025	2024
	$000	$000	$000	$000

Revenue	5,710	5,322	522	614

Income before taxes	4,854	4,592	339	261

Michael Gardiner, Chairman and CEO stated that as at March 31, 2025, the Company’s assets totaled $60.3 million compared to $63.9 million as at December 31, 2024. These assets as at March 31, 2025 included $13.2 million of marketable securities, $35.6 million in a private investment and $11.5 million of cash and cash equivalents.

During the year ended December 31, 2024, the Company realized $397,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $53,000 on the sale of investments during the year ended December 31, 2023. During the three months ended March 31, 2025, the Company realized capital gains on the sale of investments of $61,000 and unrealized gains on investments of $182,000.

During the period under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.

The Company announces that a semi-annual eligible dividend of $0.225 per share on the Company’s 9% First Preference Shares has been declared payable on September 15, 2025 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 2, 2025.

Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

April 23, 2025

MIL-OSI: Ecobat’s Seculene Sets New Flame-Retardant Standards for Recycled Polypropylene

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Ecobat, a global leader in sustainable energy solutions, today announced that its proprietary Seculene line of high-performance recycled polypropylene (PP) compounds was named a finalist in the prestigious Plastics Recycling Awards Europe (PRAE). The recognition marks a major milestone for Seculene, affirming its role as a trailblazing solution in the circular economy and in advanced polymer engineering.

Developed in-house by Ecobat and produced entirely from 100% post-consumer waste, Seculene represents a leap forward in recycled plastic technology. With over a decade of expertise behind its development, Seculene has been engineered to rival, and in many cases exceed, the performance of virgin polypropylene—delivering both environmental and functional excellence across demanding industrial applications.

“Our Seculene polypropylene, derived entirely from post-consumer recycled materials, is a high-quality alternative to virgin polymers,” said Erich Esser, Vice President of Global Polypropylene and Managing Director for Ecobat Resources Germany/Austria. “This achievement reflects years of investment in innovation, resulting in materials that meet the highest industry standards for safety, reliability, and sustainability. Our flame-retardant grades, in particular, represent a new frontier in circular materials technology.”

Flame-Retardant Innovation That Raises the Bar

At the heart of Seculene’s PRAE recognition is its flame-retardant variant—the only recycled polypropylene compound certified to UL 94 V0 (Yellow Card) standards. In fire exposure scenarios, this grade forms a protective foam layer that insulates and protects internal components, making it ideal for high-risk environments such as e-bike battery housings and electrical enclosures.

This advanced fire safety performance, combined with Seculene’s virgin-like density, impact strength, and processability, positions Ecobat at the intersection of circular economy leadership and technical material excellence.

Automotive-Grade Materials Backed by Industry Validation

In another major milestone, Ecobat recently secured DBL 1000 approval for its glass-fiber-reinforced Seculene (with 35% glass fiber content), certifying the compound for automotive interior use. A leading German automotive supplier has already adopted this grade for precision control unit housings—validating Seculene’s consistency and structural integrity under real-world manufacturing conditions.

This recognition underscores the growing demand for high-performance, sustainable alternatives in the automotive sector, where lightweighting, durability, and environmental accountability are increasingly essential.

Built for Versatility and Circularity

Seculene is available in over 30 specialized grades tailored to a wide range of use cases—from UV-stabilized components for outdoor applications to mineral-filled variants designed for increased rigidity. Engineered for injection molding, extrusion, and other processing techniques, Seculene enables seamless integration into modern manufacturing environments.

Use cases span automotive parts (wheel arch liners, cable conduits), electrical components, industrial systems, and consumer goods—making it one of the most versatile recycled polypropylene lines available on the market today.

Every Seculene batch is manufactured at Ecobat’s recycling facilities, where closed-loop systems minimize waste and reduce energy use. These plants employ rigorous sorting, cleaning, and compounding processes to ensure material purity, consistent melt flow rates, and mechanical properties that meet or exceed industry benchmarks.

Driving Toward a Circular Future

The recognition by PRAE not only affirms the quality and innovation of Seculene, but also highlights Ecobat’s broader mission to lead the global transition to a circular economy. By replacing virgin polymers with 100% recycled alternatives, Seculene significantly reduces the environmental footprint of plastic-intensive industries while enabling compliance with rising regulatory and sustainability demands.

About Ecobat
With operations throughout Europe and the United States, Ecobat is a leader in the collection, recycling, production and distribution of energy storage solutions, lead and polypropylene products. Ecobat is now applying its global capability, infrastructure, and market knowledge towards recycling lithium-ion battery materials. For more information on how we are transforming energy storage, visit www.ecobat.com.

Media Contact:
Chelsey Berend
Press@Ecobat.com
1-888-317-4687 ext. 703

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e61f4d9-c65c-48e8-98e2-fbec8c0acdf2

https://www.globenewswire.com/NewsRoom/AttachmentNg/fe4dfdec-0ee5-42b7-8f6a-64d8d2eefa31

The MIL Network –

April 23, 2025

MIL-OSI: CLIK Announces Acquisition of Remaining 75% Equity Interest in Leading Nursing Care Competitor, Solidifying Market Leadership and Expanding Revenue Base

Source: GlobeNewswire (MIL-OSI)

Hong Kong, April 22, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), a leading provider of human resources (“HR”) solutions in Hong Kong specializing in Seniors Nursing Care, Logistics, and Professional HR services, is pleased to announce the acquisition of the remaining 75% equity interest in a prominent nursing care competitor (“Target Company”).

The Target Company has over a decade of experience serving the Hong Kong seniors community and maintains a talent pool of over 9,000 nursing professionals. It is expected to generate annual billings of over HK$60 million and net profit in the range of approximately HK$2.0 million to HK$3.5 million, making it a financially accretive addition to Click’s growing healthcare HR platform.

Click previously acquired a 25% equity interest in the Target Company in March 2025. Upon completion of the remaining 75% acquisition, Click will hold 100% ownership, granting it full control to integrate operations and drive long-term strategic value.

“This acquisition marks a transformative step for Click,” said Mr. Chan, CEO of Click. “With full ownership, we are able to consolidate operations, align our resources, and unlock significant synergies that will accelerate our leadership in the nursing care sector.”

The acquisition expands Click’s total talent pool to over 19,000 registered professionals, strengthening its ability to meet surging demand for skilled nursing services across Hong Kong and surrounding regions. The integrated operations are also expected to create substantial operational efficiencies and boost overall profitability.

Full ownership further enables Click to fast-track development in high-growth verticals, including Home Seniors Nursing Services and Smart Home Nursing Solutions — key focus areas in its long-term strategy to deliver scalable, tech-enabled care solutions.

Click remains focused on executing its integration roadmap and delivering superior value to its clients, talent network, and shareholders. Further updates on the progress of the integration, service enhancements, and growth milestones will be shared in due course.

About Click Holdings Limited

We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

For more information, please visit https://clicksc.com.hk.

Safe Harbor Statement

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

For enquiry, please contact:

Click Holdings Limited
Unit 709, 7/F., Ocean Centre
5 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
Email: jack.wong@jfy.hk
Phone: +852 2691 8900

The MIL Network –

April 23, 2025

MIL-OSI: EY US unveils Neil Araujo of iManage as an Entrepreneur Of The Year® 2025 Midwest Award finalist

Source: GlobeNewswire (MIL-OSI)

CHICAGO, April 22, 2025 (GLOBE NEWSWIRE) — Ernst & Young LLP (EY US) announced the finalists for the prestigious Entrepreneur Of The Year 2025 Midwest Award. Now in its 40th year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world’s most ground-breaking companies, revolutionizing industries and making a profound impact on communities. The program honors bold entrepreneurs whose innovations shape the future and pave the way for a thriving economy and a hopeful tomorrow. The Midwest program celebrates entrepreneurs from Indiana, Illinois and Wisconsin.

An independent panel of judges selected Neil Araujo, CEO and co-founder of iManage, among 29 finalists for their entrepreneurial spirit, purpose, growth and lasting impact in building long-term value.

“This recognition is a reflection of our team’s resilience and commitment to long-term success,” said Neil Araujo, CEO of iManage. “We’ve transformed iManage into a global SaaS leader trusted by knowledge workers in law, accounting, financial services, and beyond. I’m incredibly proud of the impact we’ve made, not just in business, but in the communities we serve and the lives we touch through our platform.”

Founded in 1995, iManage helps over 4,000 global organizations — including 85% of the Global 100 law firms and 41% of the Fortune 100—manage and protect confidential information. Under Neil’s leadership, iManage has grown into a market leader in AI-powered, cloud-native work management platforms, and is committed to delivering purpose-driven innovation. The company’s SaaS platform is more carbon efficient than on-premises alternatives, and its commitment to community impact includes long-standing partnerships with nonprofits like Genesys Works and Chicago Debates.

Entrepreneur Of The Year honors business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

Regional award winners will be announced on Wednesday, June 11, during a special celebration in Chicago and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum^®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA and SAP. In the Midwest, sponsors also include LaSalle Staffing, Inc. and Becker Professional Education.

About Entrepreneur Of The Year
Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum^® in November where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit ey.com/us/eoy.

About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

Media Contact:
Alicia Saragosa
Head of Public Relations, iManage
press@imanage.com

The MIL Network –

April 23, 2025

MIL-OSI: AppTech Unveils Revolutionary CoreBanking Solution, Projecting Explosive Growth with Innovative Client Offerings

Source: GlobeNewswire (MIL-OSI)

CARLSBAD, Calif., April 22, 2025 (GLOBE NEWSWIRE) — AppTech Payments Corp. (NASDAQ: APCX) has launched its groundbreaking CoreBanking solution, seamlessly integrated with the FINZEO Platform, alongside its first banking client. This milestone signals AppTech’s entry into digital banking and retail financial services, with the company bringing both cutting-edge products and customers directly to financial institutions.

Transforming Banking Efficiency and Revenue Potential
The CoreBanking solution will help banks achieve operational efficiency, enter new markets, eliminate reliance on antiquated technologies, and remove the entry barriers of entry. CoreBanking delivers Digital Onboarding, FedWire, FedACH, Compliance, Virtual Bank Accounts, Risk Management, Ledger, FedNow, and Physical and Virtual Cards.

Coupled with the tightly integrated FINZEO client offering, banks can realize the benefits of these innovative solutions faster by leveraging AppTech’s existing client base for transaction fees and deposits ready for bank launch. AppTech expects sustained revenue growth through 2025 and beyond through sources not previously available.

“Our CoreBanking solution is more than a product—it changes how banks can operate and grow,” said Thomas DeRosa, CEO of AppTech. “By integrating our technology with unmatched client acquisition capabilities, we eliminate inefficiencies and drive revenue at scale.”

Projected Growth and Scalability
AppTech’s CoreBanking launch is expected to generate $40,000 in revenue in its first week, with monthly revenue projected to scale beyond $500,000 by the end of 2025. With our current pipeline of banks integrating the FINZEO platform, the CoreBanking solution is primed for rapid adoption, including expansion to community banking clients in the FINZEO pipeline. As additional partnerships and product launches roll out in April, AppTech is poised for transformational growth, increasing to millions of transactions. AppTech has restructured its management team and upgraded its technology to drive revenue through the final three quarters of 2025. With a visionary strategy, enhanced staffing, and a growing base of larger clients, the company intends to redefine digital banking and payment solutions.

About AppTech Payments Corp.

AppTech Payments Corp. (NASDAQ: APCX) provides digital financial services for financial institutions, corporations, small and midsized enterprises (“SMEs”), and consumers through the Company’s scalable cloud-based platform architecture and infrastructure. For more information, please visit apptechcorp.com.

Forward-Looking Statements

This press release may contain forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will” and similar expressions as they relate to AppTech are intended to identify such forward-looking statements. These risks and uncertainties include but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the Company’s control. Actual events or results may differ materially from those described in this press release due to any of these factors. AppTech is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

AppTech Payments Corp.

760-707-5959

info@apptechcorp.com

The MIL Network –

April 23, 2025

MIL-OSI: QNB Corp. Reports Earnings For First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

QUAKERTOWN, Pa., April 22, 2025 (GLOBE NEWSWIRE) — QNB Corp. (the “Company” or “QNB”) (OTCQX: QNBC), the parent company of QNB Bank (the “Bank”), reported net income for the first quarter of 2025 of $2,578,000, or $0.69 per share on a diluted basis. This compares to net income of $2,594,000, or $0.71 per share on a diluted basis, for the same period in 2024.

For the first quarter of 2025, the annualized rate of return on average assets and average shareholders’ equity was 0.54% and 6.24%, respectively, compared with 0.59% and 6.53%, respectively, for the first quarter 2024.

The operating performance of the Bank, a wholly-owned subsidiary of QNB Corp., improved for the quarter ended March 31, 2025, in comparison with the same period in 2024, due primarily to improvement in the interest margin causing a $2,229,000 increase in net interest income and an increase in non-interest income of $99,000; this was partly offset by an increase in the provision for credit losses on loans and unfunded commitments of $644,000 and an increase in non-interest expense of $483,000. The change in contribution from QNB Corp. for the quarter ended March 31, 2025, compared with the same period in 2024, is primarily due to a decrease in net interest income of $937,000, related to the subordinated debt issuance in 2024.

The following table presents disaggregated net income (loss):

	Three months ended,
	3/31/2025			3/31/2024		Variance
QNB Bank	$	3,292,000		$	2,331,000	$	961,000
QNB Corp		(714,000	)		263,000		(977,000	)
Consolidated net income	$	2,578,000		$	2,594,000	$	(16,000	)

Total assets as of March 31, 2025 were $1,896,189,000 compared with $1,870,894,000 at December 31, 2024. Total cash and cash equivalents increased $30,844,000, or 60.8%, to $81,557,000, primarily due to increases in customer deposits. Loans receivable decreased $3,886,000, or 0.3%, to $1,212,162,000. Total deposits increased $36,014,000, or 2.2%, to $1,664,555,000. Short-term borrowing declined $10,545,000, or 19.6%.

“The Bank continued to navigate evolving fiscal policy decisions, unprecedented economic uncertainty, and market impacts, which resulted in relatively flat deposit and loan growth for the quarter,” said David W. Freeman, President and Chief Executive Officer. Freeman continued, “We are pleased with the growth in net interest income at an all-time high in the first quarter, driven by an increase in average interest rates received on our loan portfolio, combined with a decrease in average interest rates paid on deposit balances. Furthermore, we believed it prudent to modestly increase our loan loss reserves in the first quarter and will continue to closely watch asset quality as the economic environment develops while looking for responsible growth opportunities for the success of our company.”

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended March 31, 2025 totaled $22,198,000, an increase of $2,629,000, from the same period in 2024. Net interest margin was 2.51% for the first quarter of 2025 and 2.39% for the same period in 2024.

The yield on earning assets was 4.81% for the first quarter of 2025, compared with 4.57% in the first quarter of 2024; an increase of 24 basis points. The cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared with 2.66% for the same period in 2024, an increase of 10 basis points.

Proceeds from the growth in average deposits and the issuance of both long-term and subordinated debt over the past year were invested in loans, higher-yielding securities and used to pay down short-term borrowings. Loan growth was primarily in commercial real estate, which comprised 45.5% of average earning assets in the three months of 2025 compared with 44.7% for the same period in 2024, and the increases in both rates and volume in commercial real estate loans majorly contributed to the 37 basis-point increase in the yield on loans. The increase in the available-for-sale investments portfolio was primarily in corporate debt securities. The 23-basis point increase in rate on investments was primarily due to the 129-basis point increase in the yield on corporate debt securities. The average rate paid on interest-bearing deposits decreased 12 basis points; this was more than offset by the issuance of subordinated debt which was the primary contributor to the increase in the cost of funds of ten basis points.

Asset Quality, Provision for Credit Losses on Loans and Allowance for Credit Losses

QNB recorded $551,000 in the provision for credit losses on loans in the first quarter of 2025 compared to a $93,000 reversal in the provision in the first quarter of 2024. QNB’s allowance for credit losses on loans of $9,298,000 represents 0.77% of loans receivable at March 31, 2025, compared to $8,744,000, or 0.72% of loans receivable at December 31, 2024. The five basis point increase in the allowance for credit losses on loans was primarily due to an increase in reserves for collateral dependent loans and deterioration in the economic outlook. Net loan recoveries were $3,000 for the quarter ended March 31, 2025, compared with charge-offs of $21,000 for the same period in 2024. Annualized net loan recoveries for the quarter ended March 31, 2025 were 0.00% and annualized net loan charge-offs were 0.01% for the quarter ended March 31, 2024, of average loans receivable, respectively.

Total non-performing loans, which represent loans on non-accrual status and loans past due 90 days or more and still accruing interest, were $8,407,000, or 0.69% of loans receivable at March 31, 2025, compared with $1,975,000, or 0.16% of loans receivable at December 31, 2024. The increase was primarily due to one commercial customer relationship. In cases where there is a collateral shortfall on non-accrual loans, specific reserves have been established based on updated collateral values even if the borrower continues to pay in accordance with the terms of the agreement. Commercial loans classified as substandard or doubtful loans totaled $34,448,000 at March 31, 2025, compared with $34,301,000 at December 31, 2024; these were comprised primarily of commercial real estate loans.

Non-Interest Income

Total non-interest income was $1,584,000 for the first quarter of 2025 compared with $1,836,000 for the same period in 2024. There were no realized and unrealized gain/loss on securities for the quarter ended March 31, 2025 compared to a net gain of $347,000 in the same period in 2024. Excluding the net realized and unrealized gains on securities, non-interest income increased $95,000, or 6.4%.

Fees for service to customers increased $27,000 for the quarter ended March 31, 2025, as overdraft fees increased $12,000 and other deposit-related fees increased $15,000. ATM and debit card increased $20,000 due to volume. Retail brokerage and advisory income increased $48,000 to $141,000 for the same period. Other non-interest income decreased $3,000 for the same period due to a decline in merchant fee income of $24,000, partly offset by an increase in letter of credit fees of $11,000 and title company income of $8,000.

Non-Interest Expense

Total non-interest expense was $9,369,000 for the first quarter of 2025 compared with $8,833,000 for the same period in 2024. Salaries and benefits expense increased $58,000, or 1.2%, to $5,032,000 when comparing the two quarters. Salary expense and related payroll taxes increased $199,000, or 4.8%, to $4,344,000 during the first quarter of 2025 compared to the same period in 2024, primarily due to pay increases. Benefits expense decreased $141,000, or 17.0%, when comparing the two periods primarily due to a reduction in medical costs.

Net occupancy and furniture and equipment expense increased $221,000, or 14.6%, to $1,736,000 for the first quarter of 2025 primarily due to software maintenance costs and depreciation. Other non-interest expense increased $257,000, or 11.0%, when comparing first quarter of 2025 with the same period in 2024 due to an increase in bank shares tax of $167,000, due to timing of tax credits and increased capital, an increase in write-offs relating to fraud on customer accounts of $77,000, and an increase in director fees of $79,000, as fees were bought in line with peer groups. These increases were partly offset by decreases in marketing expense of $77,000, due to timing of events and promotions.

Income Taxes

Provision for income taxes decreased $39,000 to $624,000 in the first quarter of 2025 due to decreased pre-tax income, compared with the same period in 2024. The effective tax rate for the quarter ended March 31, 2025 was 19.5% compared with 20.4% for the same period in 2024.

About the Company

QNB Corp. is the holding company for QNB Bank, which is headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Lehigh and Montgomery Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor, and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.

Forward Looking Statement

This press release may contain forward-looking statements as defined in the Private Securities Litigation Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company’s financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission, including “Item lA. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Contacts:	David W. Freeman	Jeffrey Lehocky
	President & Chief Executive Officer	Chief Financial Officer
	215-538-5600 x-5619	215-538-5600 x-5716
	dfreeman@QNBbank.com	jlehocky@QNBbank.com

QNB Corp.
Consolidated Selected Financial Data (unaudited)
(Dollars in thousands)
Balance Sheet (Period End)	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Assets	$	1,896,189		$	1,870,894		$	1,841,563		$	1,761,487		$	1,716,081
Cash and cash equivalents		81,557			50,713			104,232			76,909			50,963
Investment securities
Debt securities, AFS		547,138			546,559			510,036			460,418			481,596
Equity securities		—			—			2,760			7,233			6,217
Loans held-for-sale		248			664			294			786			—
Loans receivable		1,212,162			1,216,048			1,171,361			1,162,310			1,122,616
Allowance for credit losses on loans		(9,298	)		(8,744	)		(8,987	)		(8,858	)		(8,738	)
Net loans		1,202,864			1,207,304			1,162,374			1,153,452			1,113,878
Deposits		1,664,555			1,628,541			1,626,284			1,572,839			1,536,188
Demand, non-interest bearing		203,666			183,499			190,240			190,333			188,260
Interest-bearing demand, money market and savings		1,083,011			1,063,584			1,055,409			1,003,813			990,451
Time		377,878			381,458			380,635			378,693			357,477
Short-term borrowings		43,299			53,844			22,918			49,066			55,088
Long-term debt		30,000			30,000			30,000			30,000			20,000
Subordinated debt		39,118			39,068			39,030			—			—
Shareholders’ equity		108,223			103,349			105,340			96,885			93,686

Asset Quality Data (Period End)
Non-accrual loans	$	8,651		$	1,975		$	1,696		$	2,078		$	2,001
Loans past due 90 days or more and still accruing		—			—			—			—			—
Non-performing loans		8,651			1,975			1,696			2,078			2,001
Other real estate owned and repossessed assets		—			—			—			—			—
Non-performing assets	$	8,651		$	1,975		$	1,696		$	2,078		$	2,001

Allowance for credit losses on loans	$	9,298		$	8,744		$	8,987		$	8,858		$	8,738

Non-performing loans / Loans excluding held-for-sale		0.71	%		0.16	%		0.14	%		0.18	%		0.18	%
Non-performing assets / Assets		0.46	%		0.11	%		0.09	%		0.12	%		0.12	%
Allowance for credit losses on loans / Loans excluding held-for-sale		0.77	%		0.72	%		0.77	%		0.76	%		0.78	%

QNB Corp.
Consolidated Selected Financial Data (unaudited)
(Dollars in thousands, except per share data)	Three months ended,
For the period:	3/31/25			12/31/24			9/30/24			6/30/24			3/31/24
Interest income	$	22,198		$	22,209		$	21,945		$	20,345		$	19,569
Interest expense		10,661			11,234			10,818			9,753			9,401
Net interest income		11,537			10,975			11,127			10,592			10,168
(Reversal in provision) provision for credit losses		550			(255	)		159			114			(86	)
Net interest income after provision for credit losses		10,987			11,230			10,968			10,478			10,254
Non-interest income:
Fees for services to customers		447			454			469			427			420
ATM and debit card		656			708			691			705			636
Retail brokerage and advisory income		141			118			139			126			93
Net realized gain (loss) on investment securities		–			1,414			224			(1,096	)		377
Unrealized (loss) gain on equity securities		–			(1,344	)		143			1,016			(30	)
Net (loss) gain on sale of loans		18			(3	)		19			(2	)		15
Other		322			298			282			289			325
Total non-interest income		1,584			1,645			1,967			1,465			1,836
Non-interest expense:
Salaries and employee benefits		5,032			5,079			4,650			5,038			4,974
Net occupancy and furniture and equipment		1,736			1,653			1,531			1,481			1,515
Other		2,601			2,349			2,455			2,415			2,344
Total non-interest expense		9,369			9,081			8,636			8,934			8,833
Income before income taxes		3,202			3,794			4,299			3,009			3,257
Provision for income taxes		624			743			961			544			663
Net income	$	2,578		$	3,051		$	3,338		$	2,465		$	2,594

Share and Per Share Data:
Net income – basic	$	0.70		$	0.83		$	0.91		$	0.67		$	0.71
Net income – diluted	$	0.69		$	0.83		$	0.91		$	0.67		$	0.71
Book value	$	29.17		$	27.96		$	28.57		$	26.34		$	25.57
Cash dividends	$	0.38		$	0.37		$	0.37		$	0.37		$	0.37
Average common shares outstanding -basic		3,699,854			3,688,078			3,679,799			3,665,695			3,655,176
Average common shares outstanding -diluted		3,713,141			3,695,518			3,682,773			3,665,695			3,655,176
Selected Ratios:
Return on average assets		0.54	%		0.64	%		0.72	%		0.55	%		0.59	%
Return on average shareholders’ equity		6.24	%		7.36	%		8.13	%		6.14	%		6.53	%
Net interest margin (tax equivalent)		2.51	%		2.38	%		2.48	%		2.46	%		2.39	%
Efficiency ratio (tax equivalent)		70.65	%		71.16	%		65.27	%		73.26	%		72.73	%
Average shareholders’ equity to total average assets		8.67	%		8.63	%		8.80	%		8.97	%		8.98	%
Net loan charge-offs (recoveries)	$	(3	)	$	1		$	25		$	12		$	21
Net loan charge-offs (recoveries) – annualized / Average loans excluding held-for-sale		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%
Balance Sheet (Average)
Assets	$	1,932,938		$	1,908,914		$	1,856,034		$	1,798,040		$	1,778,585
Investment securities (AFS & Equities)		626,557			614,329			552,323			569,135			578,615
Loans receivable		1,210,303			1,193,949			1,158,731			1,139,874			1,108,836
Deposits		1,633,196			1,635,629			1,600,925			1,542,661			1,497,692
Shareholders’ equity		167,491			164,823			163,274			161,340			159,739

QNB Corp. (Consolidated)
Average Balances, Rate, and Interest Income and Expense Summary (Tax-Equivalent Basis)

	Three Months Ended
	March 31, 2025								March 31, 2024
	Average			Average					Average			Average
	Balance			Rate			Interest		Balance			Rate			Interest
Assets
Investment securities:
U.S. Treasury	$	20,155			4.38	%	$	217	$	6,782			5.33	%	$	90
U.S. Government agencies		75,960			1.18			224		84,951			1.17			248
State and municipal		105,256			2.86			754		108,173			3.42			924
Mortgage-backed and CMOs		363,641			2.43			2,208		365,983			2.59			2,373
Corporate debt securities and mutual funds		61,545			6.88			1,058		6,707			5.59			94
Equities		–			–			–		6,019			3.71			56
Total investment securities		626,557			2.85			4,461		578,615			2.62			3,785
Loans:
Commercial real estate		857,600			5.71			12,069		775,135			5.34			10,300
Residential real estate		114,271			4.33			1,238		108,922			3.92			1,066
Home equity loans		67,973			6.41			1,074		62,269			6.81			1,055
Commercial and industrial		148,680			7.41			2,717		140,293			7.50			2,615
Consumer loans		3,446			7.68			65		3,644			8.10			73
Tax-exempt loans		18,795			4.15			192		18,641			3.82			177
Total loans, net of unearned income*		1,210,765			5.81			17,355		1,108,904			5.54			15,286
Other earning assets		47,641			4.44			522		46,645			5.51			639
Total earning assets		1,884,963			4.81			22,338		1,734,164			4.57			19,710
Cash and due from banks		13,226								12,769
Allowance for credit losses on loans		(8,739	)							(8,946	)
Other assets		43,488								40,598
Total assets	$	1,932,938							$	1,778,585

Liabilities and Shareholders’ Equity
Interest-bearing deposits:
Interest-bearing demand	$	380,293			1.01	%		944	$	321,904			0.80	%		643
Municipals		149,579			3.95			1,456		131,887			4.81			1,577
Money market		256,265			2.88			1,818		227,872			3.56			2,015
Savings		279,657			1.30			893		298,353			1.28			949
Time < $100		178,500			3.79			1,670		157,712			3.76			1,473
Time $100 through $250		154,125			4.25			1,613		127,613			4.34			1,377
Time > $250		48,785			4.31			518		49,756			4.22			522
Total interest-bearing deposits		1,447,204			2.50			8,912		1,315,097			2.62			8,556
Short-term borrowings		47,529			3.89			456		87,441			2.88			625
Long-term debt		30,111			4.73			356		20,000			4.36			220
Subordinated debt		39,092			9.59			937		—			—			—
Total borrowings		116,732			6.08			1,749		107,441			3.16			845
Total interest-bearing liabilities		1,563,936			2.76			10,661		1,422,538			2.66			9,401
Non-interest-bearing deposits		185,992								182,595
Other liabilities		15,519								13,713
Shareholders’ equity		167,491								159,739
Total liabilities and
shareholders’ equity	$	1,932,938							$	1,778,585
Net interest rate spread					2.05	%							1.91	%
Margin/net interest income					2.51	%	$	11,677					2.39	%	$	10,309
Tax-exempt securities and loans were adjusted to a tax-equivalent basis and are based on the Federal corporate tax rate of 21%
Non-accrual loans and investment securities are included in earning assets.
* Includes loans held-for-sale

The MIL Network –

April 23, 2025

MIL-OSI: Unity Bank Recognized Again on Hovde Group’s High-Performer List

Source: GlobeNewswire (MIL-OSI)

CLINTON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — Unity Bank has been named one of the top-performing small banks in the United States by the Hovde Group, a nationally respected financial advisory and research firm. This marks the third time Unity Bancorp, Inc. (NASDAQ: UNTY) has been included in Hovde’s annual high-performer list, underscoring the bank’s sustained excellence in financial management and customer service.

The 2025 edition of Hovde Group’s report evaluates small banks with market capitalizations between $100 million and $1.5 billion, ranking them on key financial metrics such as pre-tax pre-provision net revenue, efficiency ratios, loan and deposit growth, tangible book value growth, and employee productivity.

“Being recognized again by the Hovde Group reflects the consistent strength of our strategy, the dedication of our employees, and the continued trust of our customers,” said James Hughes, President & CEO of Unity Bank. “This recognition reinforces our focus on long-term, responsible growth.”

Unity Bank joins a select group of institutions that have been recognized multiple times for outstanding performance in the small bank sector.

More information about the full report and methodology is available through Hovde Group’s research platform or via coverage from financial publications.

About Unity Bancorp, Inc.

Unity Bancorp, Inc. (NASDAQ: UNTY) is the parent company of Unity Bank, a financial services organization based in Clinton, New Jersey. Unity Bank operates 21 branches across New Jersey and the Lehigh Valley, Pennsylvania, offering community-focused commercial banking services, including deposit accounts, loans, and digital services. For details, visit unitybank.com or call 800-618-BANK (800-618-2265). Unity Bank is a member of the Federal Deposit Insurance Corporation (FDIC). To learn about FDIC insurance, visit FDIC.gov.

Contact:
Crystal Rose
Marketing Director
(908) 713-4310
Crystal.Rose@unitybank.com

The MIL Network –

April 23, 2025

MIL-OSI: Subdivisions.com Builds the Foundation for AI-Ready Real Estate Search and Hyperlocal Discovery

Source: GlobeNewswire (MIL-OSI)

Miami, FL, April 22, 2025 (GLOBE NEWSWIRE) — Subdivisions.com, a leader in AI-enhanced real estate intelligence, has announced a significant expansion of its mission. Following its successful launch as South Florida’s premier subdivision search platform, the company is now evolving into the essential intelligence layer that will power its AI real estate copilot, redefining how homebuyers and investors discover properties.

Since its debut in late 2023, Subdivisions.com has curated and structured thousands of South Florida’s residential subdivisions. This effort delivers hyperlocal insights into pricing trends, inventory dynamics, community lifestyles, and comparable neighborhoods. Built as Real Estate Search 2.0 — AI-Ready, Context-Aware, and Engineered for Local Intelligence — Subdivisions.com stands as the region’s most comprehensive structured dataset for residential communities.

Traditional real estate search platforms primarily help users sort by price, size, or bedrooms, but offer little contextual understanding of the communities that truly drive property value. Subdivisions.com is changing that by delivering the structured hyperlocal intelligence needed for smart, context-driven real estate decisions.

“A real estate copilot without local context is blind,” said Jake Miakota, CEO of Subdivisions.com. “To truly guide buyers and investors, AI must understand the micro-markets that shape real estate decisions — subdivisions, lifestyle factors, pricing dynamics, and community identity. Subdivisions.com delivers that missing layer of intelligence.”

Real estate presents unique challenges for AI systems. Markets are hyper-fragmented at the subdivision-level. Property values are influenced by localized amenities, school districts, turnover rates, and lifestyle appeal — not just zip codes. Consumers need more than listings; they need context and guidance. Today’s platforms often surface listings without meaningful community insight, leaving users to guess at the true value and lifestyle fit.

Subdivisions.com fills this gap by structuring hyperlocal data in a way that empowers its AI real estate copilot to reason about real estate like a true expert. Through detailed subdivision profiles, dynamic pricing analytics, turnover trends, lifestyle scoring, and comparable community identification, Subdivisions.com enables smarter, faster, and more confident real estate decisions.

In the months ahead, Subdivisions.com will introduce new capabilities to enhance the AI-native real estate journey. These include conversational AI discovery, investment-focused intelligence, expansion across Florida, and real estate copilot integration. Subdivisions.com is not simply evolving real estate search — it is building the structured, hyperlocal foundation required to power the future of AI-driven real estate discovery.

As consumer expectations shift toward intelligent, personalized guidance, the need for deep, curated local intelligence is no longer optional — it is essential. Subdivisions.com is proud to lead this transformation, subdivision by subdivision, market by market.

About Subdivisions.com

The Foundational Data Layer for AI-Driven Real Estate Transactional Services. The real estate industry suffers from fragmented, inconsistent, and imprecise data. Traditional platforms rely on broad city- and ZIP code-level insights, failing to capture the true micromarket dynamics that shape property values, demand trends, buyer preferences, and lifestyle fit. Subdivisions.com fixes these problems with a proprietary subdivision-level intelligence layer—a structured, AI-enhanced data infrastructure that organizes, standardizes, and delivers real-time market insights. This data backbone powers hyperlocal search, price segmentation, CMAs, predictive analytics, home shopping personalization, and real estate services, creating a smarter, more transparent homeownership experience.

Press inquiries

Subdivisions.com
https://subdivisions.com
Jake Miakota
jake@subdivisions.com
(305) 933-3005
20900 NE 30th Ave, 8th Floor
Aventura, Florida 33180

The MIL Network –

April 23, 2025

MIL-OSI: Planisware awarded a B rating by CDP rewarding its performance in addressing climate change

Source: GlobeNewswire (MIL-OSI)

Planisware awarded a “B” rating by CDP rewarding
its performance in addressing climate change

Paris, France, April 22, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, has been recognized by the CDP (Carbon Disclosure Project) for the consistency of its efforts to address climate change, earning a “B” score in its first-ever assessment.

This independent, non-profit international organization assesses the commitment of companies to transparency and environmental transition every year. This first recognition highlights the efforts made by Planisware and encourages it to continue its dynamic of continuous improvement.

Loïc Sautour, CEO of Planisware, said: “Receiving a B rating from the CDP in the first year of applying is remarkable and reflects our commitment to sustainability and climate risk management. This recognition encourages us to go even further in integrating responsible practices at all levels of our activity. I would like to congratulate all the employees who contribute every day to our collective effort in terms of environmental commitment.”

With a “B” score, Planisware ranks among the world’s top performers in terms of climate commitment. This distinction reflects the integration of CSR at the heart of its strategy, making environmental issues a central pillar of its operations. Planisware intends to continue its actions in favor of transparency and climate commitment, using this first assessment as a basis for further structuring and deepening its initiatives.

The B score indicates that Planisware is deploying coordinated action, with room for progress towards leadership in environmental management. These concrete actions to reduce the Group’s carbon footprint and improve its environmental performance focus on the energy efficiency of buildings, data center consumption, eco-design to improve the performance of its software, travel and commuting policy, and the extension of the lifespan of consumables and equipment, with the direct engagement of key suppliers.

These actions resulted in concrete progress in 2024, including a 19% decrease in Planisware’s total greenhouse gas (GHG) emissions compared to 2023.

The main achievements of 2024 included:

Optimization of software performance and eco-design: Infrastructure and source code optimization has been prioritised to improve the energy efficiency of Planisware’s software and reduce its environmental footprint.
Energy efficiency: Since 2024, the energy consumption of Planisware’s data centers has been covered for the most part by green electricity.
Employee engagement and awareness: Planisware raises employee awareness of environmental issues through training and the integration of sustainability into its managerial strategy, thus spreading a culture of sustainability throughout the Group.
Waste reduction and circular economy: In 2024, 24.1% of the non-hazardous waste generated by Planisware was recycled. Additionally, the elimination of single-use plastics has been implemented to limit the Group’s carbon footprint.

With the world’s largest environmental database, CDP scores are widely used to guide investment and procurement decisions towards a zero-carbon, sustainable and resilient economy. CDP ensures a better understanding and integration of the European Sustainability Reporting Standards (ESRS) and encourages the adoption of international sustainability standards.

Contact

Investor Relations: Benoit d’Amécourt

benoit.damecourt@planisware.com
+33 6 75 51 41 47

Media: Brunswick Group
Hugues Boëton / Tristan Roquet Montégon
planisware@brunswickgroup.com
+33 6 79 99 27 15 / +33 6 37 00 52 57

About Planisware

Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

Attachment

Planisware awarded a B rating by CDP rewarding its performance in addressing climate change

The MIL Network –

April 23, 2025

MIL-OSI: Rapid aging of world population will transform global property & casualty insurance industry by 2050

Source: GlobeNewswire (MIL-OSI)

Press contact:
Fahd Pasha
Tel.: +1 647 860 3777
E-mail: Fahd.Pasha@capgemini.com

Rapid aging of world population will transform global property & casualty insurance industry by 2050

Global dependency ratio set to rise by 2050 there will be 26 seniors for every 100 working-age people, up from 16 today
Aging population is a key trend in forecasted 4.4% CAGR for global commercial insurance lines, 3.3% for personal insurance lines
88% of insurers recognize the importance of more tech-enabled underwriting, but only 17% say they have the right capabilities

Paris, April 22, 2025 – The Capgemini Research Institute’s World Property and Casualty Insurance Report, published today, shows how the aging of the world’s population will transform the industry globally by 2050. The report details how a shift in the ratio of seniors- to-working age adults will play a critical role in changing habits around consumption, transportation, and use of technology, with major implications for both commercial and personal P&C insurance. These trends will drive the industry towards a more prevention-focused, modular approach with real-time risk monitoring, as well as more technology-enabled underwriting models.

The global population is aging, transforming consumer behavior
The aging of the world population in the coming decades implies a major transformation in the workforce, with fewer working-age adults per retired senior. By 2050, it is expected that the global dependency ratio will rise to 26%, compared with 16% in 2024, meaning that for every 100 working-age people, there will be 26 seniors to support, up from today’s 16. Excluding the population of Africa, which is relatively young, the dependency ratio will reach 31%, up from 18%.

This transition has profound implications for consumer behavior and the structure of the broader economy. As the global population grows older, consumer spending habits are expected to shift, with a greater focus on spending on experiences rather than large, fixed purchases. The report found 45% of consumers expect to increase their spending on lifestyle enhancements such as travel, luxury goods and home renovations while 70% do not plan to buy an additional house or upgrade their current house to a bigger one.

This move in spending habits, combined with trends towards greater urbanization and automation of technology, will have a significant impact on how P&C insurers serve their customers. For example, auto insurers are expected to transition towards commercial insurance and shared mobility coverage, as seniors drive less and rely more on rideshares. Equally, personal property insurance will have to evolve towards preventive, age-friendly options that address smaller, multi-generational homes. In the workplace, commercial lines will need to account for demographic-driven automation and altered risk profiles.

“Monumental demographic shifts are set to have a major and direct impact on P&C insurers in the coming decades. Today, insurers should be analyzing their portfolios to understand these sensitivities and to ascertain their exposure in mature and transitioning markets. This will support them in developing service models that are optimized and future-proofed,” said Adam Denninger, Global Insurance Industry Leader at Capgemini. “Finally, having an edge on customer experience, made possible through AI, will also help protect insurers against a competitive race to the bottom on prices.”

Interconnected risks could drive loss potential
In addition, insurers will have to grapple with the implications of climate change, and its effect on an aging work force. According to research from Oxford Economics prepared for Capgemini, 98.5% of the world’s population will be at risk from drought and 80% will be at risk from excessive rainfall. With such climate volatility, coupled with urban risk concentration, insurers will see the rise of interconnected risks that drive loss potential. To assess these risks and develop more climate-minded strategies, insurers will need to further integrate climate risk data and predictive analytics to correlate risks and improve underwriting, cites the report.

Rising to the P&C challenge –with data and AI
A key feature of these new approaches will be the use of predictive insights and real-time intelligence in underwriting. The report found 88% of insurers recognize the critical future importance of advanced underwriting, yet only 17% have mature capabilities.

To prepare for and adapt to the changing demographics, the report recommends that P&C insurers embrace novel approaches including:

Placing focus on changing customer behavior: recalibrating geographic footprints and developing age-sensitive service models
Operating model transformation: modernizing data architectures and leveraging AI and automation to build resilient systems and drive efficiency
Risk governance: implementing predictive underwriting insights and dynamic portfolio management

All these approaches require a process of continuous evolution, with executives delivering on medium-term actions while boards address long-term strategic questions.

Read the full report: https://www.capgemini.com/insights/research-library/world-property-and-casualty-insurance-report//

Report Methodology
For this report, the Capgemini Research Institute surveyed three primary sources: the 2025 Global Voice of the Customer Survey (which polled 5,016 P&C insurance customers in 13 countries), the 2025 Global Insurance Executives’ Survey (which included interviews with 274 senior insurance executives of leading P&C insurance companies across 15 markets), and the 2025 Global Macroeconomic Forecasts created in collaboration with a leading macro forecaster (which includes insights across 11 markets representing all three regions of the globe).

About Capgemini
Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

Get The Future You Want | www.capgemini.com

About the Capgemini Research Institute
The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom, and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.
Visit us at www.capgemini.com/researchinstitute

Attachment

04_22_WPCR Press Release

The MIL Network –

April 23, 2025

MIL-OSI: JMU expert available to discuss the legacy of Pope Francis, upcoming conclave

Source: GlobeNewswire (MIL-OSI)

HARRISONBURG, Va., April 22, 2025 (GLOBE NEWSWIRE) — Pope Francis died April 21 at the age of 88. Born Jorge Mario Bergoglio in 1936 in Argentina, he was the first pope from Latin America. Following the resignation of Pope Benedict XVI, Pope Francis was elected as his successor on March 13, 2013.

James Madison University’s Jennifer Aycock, an assistant professor of religion, is available to discuss the life and legacy of Pope Francis and next steps for the Vatican as they begin the mourning process and prepare the conclave to elect the next pope.

“Pope Francis likened the church to a field hospital, a place of care and presence for the disenfranchised, poor and marginalized,” said Aycock. “Migrants, as well as young adults living in zones of conflict such as in South Sudan and Democratic Republic of Congo where the pope intentionally visited, held a primary place in his vision of the church and of the ministry of Christ.”

“As the first pope from the Jesuit order, Francis pastorally opened the door of the church, shifting perceptions as well as ministry foci from rules to presence, from hierarchy to being with the people as he and so many Catholics understand Christ was and is. He repeatedly spoke moral truth to power rooted in a vision of the church and Christ, who stands with the poor and those living on the margins of political power,” added Aycock.

To arrange interviews with Aycock, please contact Chad Saylor, saylorcx@jmu.edu.

The MIL Network –

April 23, 2025

MIL-OSI: BloFin Among the First Four Exchanges Worldwide to Support Full Unified Trading Account (UTA)

Source: GlobeNewswire (MIL-OSI)

MAJURO, Marshall Islands, April 22, 2025 (GLOBE NEWSWIRE) — BloFin announces its achievement as one of the first four global exchanges—alongside OKX, Bybit, and Gate.io—to offer full Unified Trading Account (UTA) functionality to all users. This milestone reflects BloFin’s rapid product innovation and its commitment to delivering an institutional-grade trading experience, engineered for performance, capital efficiency, and operational flexibility.

The latest update marks the complete rollout of Unified Trading Account Mode for all sub-accounts, allowing for the seamless management of Spot and Perpetual Futures positions within a single interface. At the same time, BloFin has officially launched Cross-Currency Margin Mode for sub-accounts, allowing users to utilize multiple asset types as collateral, enhancing margin efficiency and improving risk management across positions.

To ensure a seamless transition and support a wide range of user preferences, the Master Account will continue operating under the traditional mode, ensuring a balanced experience for both new users and long-time traders. Sub-accounts, on the other hand, offer access to advanced features under the UTA framework.

To accommodate diverse trading needs, BloFin offers three distinct account modes:

Spot Trading Mode – Tailored for users trading without leverage. This mode supports only spot trading and does not permit access to perpetual futures, copy trading (as trader or follower), trading bots, or the use of futures bonuses or vouchers.
Spot and Futures Trading Mode (Default) – Provides access to both spot and perpetual futures trading, along with copy trading functionality, trading bots, and the ability to utilize futures bonuses and vouchers. This mode also supports Single-Currency Margin, enabling users to consolidate margins across positions with the same settlement asset and offset unrealized PnL.
Multi-Currency Margin Mode – Available to accounts with an equity balance of 10,000 USDT or more, this mode allows users to post multiple cryptocurrencies as collateral for perpetual futures trading. Collateral is valued in USD, and margin obligations are shared across positions settled in different currencies. This mode enables cross-asset PnL offsetting but may also introduce spot trading liabilities and cross-currency liquidation risk.

Together, these account modes provide traders with flexible, professional-grade tools to match their strategy, capital size, and risk appetite, underscoring BloFin’s ongoing commitment to building a comprehensive and customizable trading ecosystem.

About BloFin
BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers 480+ USDT-M perpetual pairs, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. As the constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.” For more information, visit BloFin’s official website at https://www.blofin.com.

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Contact:
Annio W.
annio@blofin.io

Disclaimer: This press release is provided by the BloFin. 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/20355f39-b2ac-4b00-a620-44463c0f993d

The MIL Network –

April 23, 2025

MIL-OSI: XRP News: XploraDEX Kicks Off Token Distribution—Presale Still Open for 7 More Days as Early Access Phase Expands

Source: GlobeNewswire (MIL-OSI)

ZURICH, April 22, 2025 (GLOBE NEWSWIRE) — In a major milestone for the XploraDEX ecosystem, the $XPL Token distribution has officially begun. Early backers are now receiving their tokens as part of the initial wave of the platform’s rollout, marking the start of a highly anticipated shift from fundraising to activation. This token distribution phase will span the next 7 days, during which new investors still have a final opportunity to participate in the presale round at the original entry price.

XploraDEX, the first AI-powered decentralized exchange native to the XRP Ledger, has taken the crypto world by storm over the past month, as Xploradex project has gained a strong reputation as the most innovative DeFi platform preparing to launch on XRPL.

Purchase $XPL Token

The distribution of $XPL tokens signals more than just delivery—it marks the beginning of real utility. Holders of $XPL will gain early access to a series of features rolling out in phases, including AI-enhanced trading dashboards, staking protocols, and advanced liquidity tools.

Key highlights of the 7-day distribution and extended presale phase include:

Real-Time Token Distribution: Wallets are already being funded with $XPL tokens in batches, with full distribution expected to conclude within 7 days.
Presale Still Open: New investors can still join the presale before it officially ends, but only during this final 7-day window.
Upcoming Staking Pools: XploraDEX will launch staking options shortly after distribution concludes, rewarding early holders who commit to the ecosystem.
Governance Activation: $XPL holders will have the opportunity to vote on ecosystem upgrades and protocol proposals.
AI Dashboard Preview: A select group of early participants will be invited to test beta versions of the AI trading tools.

Join $XPL Presale Now

The $XPL presale has already drawn in thousands of wallets and notable XRP whales. The token’s unique position as the first AI-driven utility asset on XRPL has attracted traders, DeFi enthusiasts, and long-term ecosystem believers.

“This next 7-day window is the final onboarding phase for the earliest supporters of the XploraDEX revolution,” said a spokesperson from the team. “Those who secure $XPL during this window will be part of the protocol from the beginning—not just as users, but as stakeholders.”

Participate in $XPL Presale

For those who believe in AI-driven DeFi, high-speed trading infrastructure, and community-first development, this is the final call to be part of XploraDEX’s foundational round.

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/3d359138-3d74-497f-a7d4-b3319531a664

The MIL Network –

April 23, 2025

MIL-OSI: Flexi-View Lending Closes $20 Million Business Loan for Strategic Purchase in Frankfort, KY

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) — Flexi-View Lending is proud to announce the successful closing of a $20 million business loan to support the purchase of goods for a growing enterprise in Frankfort, Kentucky. The funding, structured as an interest-only payment loan, offers a competitive 10% interest rate over a 48-month term.

The loan, secured by real estate collateral, was designed to provide flexible financing for the borrower’s immediate operational needs while preserving capital for continued business expansion. This transaction underscores Flexi-View Lending’s commitment to delivering tailored financial solutions that empower businesses to seize strategic growth opportunities.

“Our mission at Flexi-View Lending is to offer financial tools that meet the unique needs of businesses,” said Robert Salazar, Loan Manager at Flexi-View Lending. “This deal exemplifies how we structure customized lending products to support the ambitions of our clients—especially in key economic hubs like Frankfort.”

With a focus on flexibility, speed, and personalized service, Flexi-View Lending continues to support businesses nationwide with innovative financing options that unlock potential and fuel progress.

About Flexi-View Lending
Flexi-View Lending is a trusted provider of business financing solutions, offering a wide range of loan products tailored to meet the needs of entrepreneurs and growing enterprises. With a dedication to client-focused service and adaptable terms, Flexi-View Lending empowers businesses to reach new heights.

For more information about Flexi-View Lending and its suite of real estate investment financing products, visit www.flexi-viewlending.com.

Media Contact:
Robert Salazar
Flexi-View Lending
(209) 782-8062
ron@flexi-viewlending.com
www.flexi-viewlending.com

The MIL Network –

April 23, 2025

Category: GlobeNewswire