GlobeNewswire – Page 614

MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal First Quarter Earnings on February 5, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 first quarter results after the market close on Wednesday, February 5, 2025. Management will host a conference call on Thursday, February 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal first quarter results.

A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register.vevent.com/register/BIe20141cf7fd043c89fde461964a3582e approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

CONTACT: StoneX Group Inc.

Investor Inquiries:

Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com

SNEX-G

The MIL Network –

January 30, 2025

MIL-OSI: BoC cuts rates amid tariff balancing act: CPA Canada

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Bank of Canada’s latest interest rate cut underscores its commitment to stimulating growth amid ongoing economic challenges – even as the looming tariff threat from south of the border complicates the outlook.

“The central bank’s decision to cut rates reflects its focus on the current state of the Canadian economy, ahead of potential external risks,” says CPA Canada’s chief economist, David-Alexandre Brassard.

“The impact of potential tariffs could simultaneously dampen growth and increase inflation. It’s a delicate balancing act.”

Despite past interest rate cuts successfully boosting demand, the Canadian economy continues to show signs of excess supply, evidenced by a weak labour market and slower-than-expected wage growth.

While inflation remains within the central bank’s target range, the decision to further lower rates aims to bolster economic activity and better position Canada for potential risks on the horizon.

In its Wednesday address, the Bank of Canada mentioned that currency risks posed by the interest rate spread between Canada and the U.S would gain importance in upcoming decisions. It also released new scenarios examining the potential impact of widespread tariffs from the U.S, noting that such tariffs could lead to a significant slowdown in the Canadian economy with GDP potentially dropping by more than two percentage points and inflation rising by one percentage point.

To arrange an interview with our chief economist, please contact media@cpacanada.ca.

The MIL Network –

January 30, 2025

MIL-OSI: Drugs Made In America Acquisition Corp. Announces Closing of $200,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, FL, Jan. 29, 2025 (GLOBE NEWSWIRE) — Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU), (the “Company”) today announced that it closed its initial public offering of 20,000,000 units at $10.00 per unit. The gross proceeds from the offering were $200 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the Nasdaq Global Market (“Nasdaq“) under the ticker symbol “DMAAU” on January 28, 2025.

Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “DMAA” and “DMAAR”, respectively.

Clear Street acted as the sole book-running manager in the offering. Loeb & Loeb LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.

The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on January 7, 2025 and a post-effective amendment was declared effective by the SEC on January 27, 2025.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Drugs Made In America Acquisition Corp.
The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. It has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.

Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement, as amended by the post-effective amendment, and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information
Drugs Made In America Acquisition Corp.
1 East Broward Boulevard, Suite 700
Fort Lauderdale, FL 33301

Lynn Stockwell
Chief Executive Officer and Executive Chair
Email: executive@dmaacorp.com
Phone: (954) 870-3099

The MIL Network –

January 30, 2025

MIL-OSI: HCI Group Sets Fourth Quarter and Full Year 2024 Earnings Call for Thursday, February 27, 2025, at 4:45 p.m. ET

Source: GlobeNewswire (MIL-OSI)

TAMPA, Fla., Jan. 29, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, will hold a conference call on Thursday, February 27, 2025, at 4:45 p.m. Eastern time to discuss results for the fourth quarter and year ended December 31, 2024. Financial results will be issued in a press release the same day after the close of the market.

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

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

Date: Thursday, February 27, 2025
Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 835158

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

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

Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 51955

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

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

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

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

The MIL Network –

January 30, 2025

MIL-OSI: InspireSemi Announces Administrative Update Webinar for Shareholders

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia and AUSTIN, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that it will provide an administrative update by live webinar on February 5, 2025, at 1:00 p.m. Eastern Time.

This will primarily be an open forum for shareholders to clarify any remaining questions regarding the previously announced voluntary delisting from the TSX Venture Exchange, which was completed on December 31, 2024. A more general business update will also be scheduled shortly.

You can also view a related list Frequently Asked Questions and Answers on the company website at: FAQ document.

To join the live webinar please use the following Zoom information:

Join from PC, Mac, iPad, or Android:
https://us06web.zoom.us/j/86160306729?pwd=TfhZhAA4v2YvdbsbIhJws8cQD3fcj5.1

Webinar ID: 861 6030 6729
Passcode: 060367

Phone one-tap:
+13462487799,,86160306729#,,,,*060367# US (Houston)
+12532158782,,86160306729#,,,,*060367# US (Tacoma)

Join via audio:
+1 346 248 7799 US (Houston)
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+44 131 460 1196 United Kingdom
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+351 211 202 618 Portugal
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+61 3 7018 2005 Australia
+61 7 3185 3730 Australia
+61 8 6119 3900 Australia
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+61 2 8015 6011 Australia

International numbers available: https://us06web.zoom.us/u/kf1d3JWW8

About InspireSemi

InspireSemi provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

For more information visit https://inspiresemi.com
Follow InspireSemi on LinkedIn

Company Contact
Jack Cartwright, CFO (Interim)
(737) 471-3230
invest@inspiresemi.com

Cautionary Statement on Forward-Looking Information

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking information includes, but is not limited to, information regarding the Delisting and any future listing. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

The MIL Network –

January 30, 2025

MIL-OSI: Mountain Lake Acquisition Corp. Announces the Separate Trading of its Class A Ordinary Shares and Rights Commencing February 3, 2025

Source: GlobeNewswire (MIL-OSI)

NEVADA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Mountain Lake Acquisition Corp. (NASDAQ: MLAC) (the “Company”) announced today that, commencing February 3, 2025, holders of the units sold in the Company’s initial public offering completed on December 16, 2024 may elect to separately trade the Class A ordinary shares of the Company and the rights included in such units on The Nasdaq Global Market (“Nasdaq”).

The Class A ordinary shares and rights that are separated will trade on Nasdaq under the symbols “MLAC” and “MLACR,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “MLACU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and rights.

The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as sole book-running manager of the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Mountain Lake Acquisition Corp.

Mountain Lake Acquisition Corp. is a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination target in any business or industry or at any stage of its corporate evolution. The Company’s primary focus will be in completing a business combination with an established business of scale poised for continued growth, led by a highly regarded management team.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the offering and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Douglas Horlick
doug@mountainlakeacquisition.com
Mountain Lake Acquisition Corp.
930 Tahoe Blvd STE 802 PMB 45
Incline Village, NV 89451
(775) 204-1489

The MIL Network –

January 30, 2025

MIL-OSI: Silvercrest Asset Management Group Inc. Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG), (the “Company”) today announced that its board of directors declared a quarterly dividend of $0.20 per share of Class A common stock on January 29, 2025. The dividend will be paid on or about March 21, 2025 to shareholders of record as of the close of business on March 14, 2025.

About Silvercrest
Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of September 30, 2024, the firm reported assets under management of $35.1 billion.

Investor Relations Contact:

Richard R. Hough III
212-649-0601
rhough@silvercrestgroup.com

The MIL Network –

January 30, 2025

MIL-OSI: Premium Income Corporation Announces Year End Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2024. Increase in net assets attributable to holders of Class A shares amounted to $76.3 million or $4.34 per Class A share. Net assets attributable to holders of Class A shares were $83.6 million or $4.14 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.

Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.

The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

Selected Financial Information: ($ Millions)

*Statement of Financial Position*		2024
*As at October 31*
Assets	$	397.4
Liabilities		(313.7)
Net Assets Attributable to
Holders of Class A Shares	$	83.6

*Statement of Comprehensive Income*
*Year ended October 31*
Income	$	96.8
Expenses		(4.3)
Operating Loss		92.4
Preferred Share Distributions		(16.1)
Increase in Net Assets Attributable
to Holders of Class A Shares	$	76.3

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

John Germain, Senior Vice President & CFO	Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 www.mulvihill.com info@mulvihill.com

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

The MIL Network –

January 30, 2025

MIL-OSI: Oportun to Report Fourth Quarter 2024 Financial Results on Wednesday, February 12, 2025

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, will release financial results for its fourth quarter 2024 on Wednesday, February 12, 2025, after market close.

Oportun will host a conference call and earnings webcast to discuss results on Wednesday, February 12, 2025, at 5:00 pm ET / 2:00 pm PT. A live webcast of the call will be accessible from Oportun’s investor relations website at investor.oportun.com, and a webcast replay of the call will be available for one year. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time.

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.2 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

The MIL Network –

January 30, 2025

MIL-OSI: Climb Global Solutions Appoints John McCarthy as Chairman of its Board of Directors

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.

Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.

“I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”

Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com

The MIL Network –

January 30, 2025

MIL-OSI: Brookline Bancorp Announces Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $17.5 million, EPS of $0.20

Operating Earnings of $20.7 million, Operating EPS of $0.23

Quarterly Dividend of $0.135

BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $17.5 million, or $0.20 per basic and diluted share, and excluding $3.4 million of merger-related charges, operating earnings after tax (non-GAAP) of $20.7 million, or $0.23 per basic and diluted share for the fourth quarter of 2024, compared to net income and operating earnings after tax (non-GAAP) of $20.1 million, or $0.23 per basic and diluted share, for the third quarter of 2024, and $22.9 million, or $0.26 per basic and diluted share, for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported net income of $68.7 million, or $0.77 per basic and diluted share, compared to $75.0 million, or $0.85 per basic and diluted share, for the year ended December 31, 2023. For the year ended December 31, 2024, the Company reported operating earnings after tax (non-GAAP) of $72.4 million, or $0.81 per basic and diluted share, compared to $92.9 million, or $1.05 per basic and diluted share, for the year ended December 31, 2023.

Paul Perrault, Chairman and Chief Executive Officer, commented on the Company’s performance, “Brookline Bancorp had an excellent year in 2024. We finished the year with solid deposit and loan growth and are well positioned as we look forward to 2025. We are looking forward to 2025 and our recently announced strategic merger with Berkshire Hills Bancorp. I would like to recognize the contributions of our employees in contributing to our growth and success in 2024. Our employees exemplify the Brookline Bancorp culture of providing excellent customer service.”

BALANCE SHEET

Total assets at December 31, 2024 increased $228.6 million to $11.9 billion from $11.7 billion at September 30, 2024, and increased $523.1 million from $11.4 billion at December 31, 2023. At December 31, 2024, total loans and leases were $9.8 billion, representing an increase of $24.1 million from September 30, 2024, and an increase of $137.7 million from December 31, 2023.

Total investment securities at December 31, 2024 increased $39.6 million to $895.0 million from $855.4 million at September 30, 2024, and decreased $21.6 million from $916.6 million at December 31, 2023. Total cash and cash equivalents at December 31, 2024 increased $135.8 million to $543.7 million from $407.9 million at September 30, 2024, and increased $410.6 million from $133.0 million at December 31, 2023. As of December 31, 2024, total investment securities and total cash and cash equivalents represented 12.1 percent of total assets, compared to 10.8 percent and 9.2 percent as of September 30, 2024 and December 31, 2023, respectively.

Total deposits at December 31, 2024 increased $169.4 million to $8.9 billion from $8.7 billion at September 30, 2024, consisting of a $115.9 million increase in customer deposits and a $53.4 million increase in brokered deposits. Total deposits increased $353.5 million from $8.5 billion at December 31, 2023, primarily driven by growth in customer deposits.

Total borrowed funds at December 31, 2024 increased $22.3 million to $1.5 billion from September 30, 2024, and increased $143.2 million from $1.4 billion at December 31, 2023.

The ratio of stockholders’ equity to total assets was 10.26 percent at December 31, 2024, as compared to 10.54 percent at September 30, 2024, and 10.53 percent at December 31, 2023. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.27 percent at December 31, 2024, as compared to 8.50 percent at September 30, 2024, and 8.39 percent at December 31, 2023. Tangible book value per common share (non-GAAP) decreased $0.08 from $10.89 at September 30, 2024 to $10.81 at December 31, 2024, and increased $0.31 from $10.50 at December 31, 2023.

NET INTEREST INCOME

Net interest income increased $2.0 million to $85.0 million during the fourth quarter of 2024 from $83.0 million for the quarter ended September 30, 2024. The net interest margin increased 5 basis points to 3.12 percent for the three months ended December 31, 2024 from 3.07 percent for the three months ended September 30, 2024, primarily driven by lower funding costs partially offset by lower yields on loans and leases.

NON-INTEREST INCOME

Total non-interest income for the quarter ended December 31, 2024 increased $0.2 million to $6.6 million from $6.3 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $1.1 million in loan level derivative income, net, partially offset by a decline of $0.8 million in mark to market on interest rate swaps.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $4.1 million for the quarter ended December 31, 2024, compared to $4.8 million for the quarter ended September 30, 2024. The decrease in the provision was largely driven by improving economic forecasts and stabilization in the volume of adversely graded credits.

Total net charge-offs for the fourth quarter of 2024 were $7.3 million, compared to $3.8 million in the third quarter of 2024. The $7.3 million in net charge-offs was driven by one large $5.1 million charge-off in equipment financing which was previously reserved for. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis increased to 30 basis points for the fourth quarter of 2024 from 16 basis points for the third quarter of 2024.

The allowance for loan and lease losses represented 1.28 percent of total loans and leases at December 31, 2024, compared to 1.31 percent at September 30, 2024, and 1.22 percent at December 31, 2023. The decrease in the ratio was driven by a reduction in specific reserves due to charge-offs in the quarter.

ASSET QUALITY

The ratio of total nonperforming loans and leases to total loans and leases was 0.71 percent at December 31, 2024 as compared to 0.73 percent at September 30, 2024. Total nonaccrual loans and leases decreased $1.9 million to $69.3 million at December 31, 2024 from $71.2 million at September 30, 2024. The ratio of nonperforming assets to total assets was 0.59 percent at December 31, 2024 as compared to 0.62 percent at September 30, 2024. Total nonperforming assets decreased $2.4 million to $70.5 million at December 31, 2024 from $72.8 million at September 30, 2024.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended December 31, 2024 increased $5.8 million to $63.7 million from $57.9 million for the quarter ended September 30, 2024. The increase was primarily driven by an increase of $3.4 million in merger and acquisition expense, and an increase of $2.1 million in compensation and employee benefits expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 26.4 percent and 25.1 percent for the three and twelve months ended December 31, 2024 compared to 24.7 percent for the three months ended September 30, 2024 and 19.9 percent and 20.1 percent for the three and twelve months ended December 31, 2023.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets decreased to 0.61 percent during the fourth quarter of 2024 compared to 0.70 percent for the third quarter of 2024; and was 0.60 percent for the year ended December 31, 2024, compared to 0.67 percent for the year ended December 31, 2023.

The annualized return on average tangible stockholders’ equity (non-GAAP) decreased to 7.21 percent during the fourth quarter of 2024 compared to 8.44 percent for the third quarter of 2024; and was 7.24 percent for the year ended December 31, 2024 compared to 8.36 percent for the year ended December 31, 2023.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended December 31, 2024. The dividend will be paid on February 28, 2025 to stockholders of record on February 14, 2025.

PROPOSED TRANSACTION WITH BERKSHIRE HILLS BANCORP, INC.

On December 16, 2024, the Company, Berkshire Hills Bancorp, Inc. (“Berkshire”), and Commerce Acquisition Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Berkshire formed solely to facilitate the merger (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brookline, with Brookline as the surviving entity, and immediately thereafter, Brookline will merge with and into Berkshire, with Berkshire as the surviving entity (collectively, the “Merger”). As a result of the Merger, the separate corporate existence of the Company will cease, and Berkshire will continue as the surviving corporation. Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, each outstanding share of Company common stock will be exchanged for the right to receive 0.42 shares of Berkshire common stock. Holders of Company common stock will receive cash in lieu of fractional shares of Berkshire common stock. As a result of the proposed transaction and a $100 million common stock offering by Berkshire to support the proposed transaction, Berkshire stockholders will own approximately 51%, Brookline stockholders will own approximately 45%, and investors in new shares will own approximately 4% of the outstanding shares of the combined company. The proposed transaction is expected to close by the end of the second half of 2025, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approvals from Berkshire and the Company stockholders.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, January 30, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/129324302. To listen to the call without access to the slides, please dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. call (Access Code 138268). A recording of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 646121.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with approximately $11.9 billion in assets and branch locations in eastern Massachusetts, Rhode Island and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) or stockholder approvals, or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including inflation and concerns about liquidity) on a national basis or in the local markets in which the Company operates; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

NON-GAAP FINANCIAL MEASURES

The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

INVESTOR RELATIONS:

Contact:

Carl M. Carlson
Brookline Bancorp, Inc.
Co-President and Chief Financial and Strategy Officer
(617) 425-5331
carl.carlson@brkl.com


BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Dollars In Thousands Except per Share Data)
Earnings Data:
Net interest income	$	84,988		$	83,008		$	80,001		$	81,588		$	83,555		$	329,585		$	339,711
Provision for credit losses on loans		4,141			4,832			5,607			7,423			3,851			22,003			37,868
Provision (credit) for credit losses on investments		(104	)		(172	)		(39	)		(44	)		(76	)		(359	)		339
Non-interest income		6,587			6,348			6,396			6,284			8,027			25,615			31,934
Non-interest expense		63,719			57,948			59,184			61,014			59,244			241,865			239,524
Income before provision for income taxes		23,819			26,748			21,645			19,479			28,563			91,691			93,914
Net income		17,536			20,142			16,372			14,665			22,888			68,715			74,999

Performance Ratios:
Net interest margin (1)		3.12	%		3.07	%		3.00	%		3.06	%		3.15	%		3.06	%		3.24	%
Interest-rate spread (1)		2.35	%		2.26	%		2.14	%		2.21	%		2.39	%		2.24	%		2.50	%
Return on average assets (annualized)		0.61	%		0.70	%		0.57	%		0.51	%		0.81	%		0.60	%		0.67	%
Return on average tangible assets (annualized) (non-GAAP)		0.62	%		0.72	%		0.59	%		0.53	%		0.83	%		0.61	%		0.69	%
Return on average stockholders’ equity (annualized)		5.69	%		6.63	%		5.49	%		4.88	%		7.82	%		5.67	%		6.42	%
Return on average tangible stockholders’ equity (annualized) (non-GAAP)		7.21	%		8.44	%		7.04	%		6.26	%		10.12	%		7.24	%		8.36	%
Efficiency ratio (2)		69.58	%		64.85	%		68.50	%		69.44	%		64.69	%		68.09	%		64.45	%

Per Common Share Data:
Net income — Basic	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26		$	0.77		$	0.85
Net income — Diluted		0.20			0.23			0.18			0.16			0.26			0.77			0.85
Cash dividends declared		0.135			0.135			0.135			0.135			0.135			0.540			0.540
Book value per share (end of period)		13.71			13.81			13.48			13.43			13.48			13.71			13.48
Tangible book value per common share (end of period) (non-GAAP)		10.81			10.89			10.53			10.47			10.50			10.81			10.50
Stock price (end of period)		11.80			10.09			8.35			9.96			10.91			11.80			10.91

Balance Sheet:
Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256		$	11,905,326		$	11,382,256
Total loans and leases		9,779,288			9,755,236			9,721,137			9,655,086			9,641,589			9,779,288			9,641,589
Total deposits		8,901,644			8,732,271			8,737,036			8,718,653			8,548,125			8,901,644			8,548,125
Total stockholders’ equity		1,221,939			1,230,362			1,198,480			1,194,231			1,198,644			1,221,939			1,198,644

Asset Quality:
Nonperforming assets	$	70,452		$	72,821		$	62,683		$	42,489		$	45,324		$	70,452		$	45,324
Nonperforming assets as a percentage of total assets		0.59	%		0.62	%		0.54	%		0.37	%		0.40	%		0.59	%		0.40	%
Allowance for loan and lease losses	$	125,083		$	127,316		$	121,750		$	120,124		$	117,522		$	125,083		$	117,522
Allowance for loan and lease losses as a percentage of total loans and leases		1.28	%		1.31	%		1.25	%		1.24	%		1.22	%		1.28	%		1.22	%
Net loan and lease charge-offs	$	7,252		$	3,808		$	8,387		$	8,781		$	7,141		$	28,228		$	19,663
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.30	%		0.16	%		0.35	%		0.36	%		0.30	%		0.29	%		0.21	%

Capital Ratios:
Stockholders’ equity to total assets		10.26	%		10.54	%		10.30	%		10.35	%		10.53	%		10.26	%		10.53	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		8.27	%		8.50	%		8.23	%		8.25	%		8.39	%		8.27	%		8.39	%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	64,673		$	82,168		$	60,067		$	45,708		$	34,514
Short-term investments		478,997			325,721			283,017			256,178			98,513
Total cash and cash equivalents		543,670			407,889			343,084			301,886			133,027
Investment securities available-for-sale		895,034			855,391			856,439			865,798			916,601
Total investment securities		895,034			855,391			856,439			865,798			916,601
Allowance for investment security losses		(82	)		(186	)		(359	)		(398	)		(441	)
Net investment securities		894,952			855,205			856,080			865,400			916,160
Loans and leases held-for-sale		—			—			—			6,717			—
Loans and leases:
Commercial real estate loans		5,716,114			5,779,290			5,782,111			5,755,239			5,764,529
Commercial loans and leases		2,506,664			2,453,038			2,443,530			2,416,904			2,399,668
Consumer loans		1,556,510			1,522,908			1,495,496			1,482,943			1,477,392
Total loans and leases		9,779,288			9,755,236			9,721,137			9,655,086			9,641,589
Allowance for loan and lease losses		(125,083	)		(127,316	)		(121,750	)		(120,124	)		(117,522	)
Net loans and leases		9,654,205			9,627,920			9,599,387			9,534,962			9,524,067
Restricted equity securities		83,155			82,675			78,963			74,709			77,595
Premises and equipment, net of accumulated depreciation		86,781			86,925			88,378			89,707			89,853
Right-of-use asset operating leases		43,527			41,934			35,691			33,133			30,863
Deferred tax asset		56,620			50,827			60,032			60,484			56,952
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		17,461			19,162			20,830			22,499			24,207
Other real estate owned and repossessed assets		1,103			1,579			1,974			1,817			1,694
Other assets		282,630			261,383			309,651			310,195			286,616
Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand checking accounts	$	1,692,394		$	1,681,858		$	1,638,378		$	1,629,371		$	1,678,406
NOW accounts		617,246			637,374			647,370			654,748			661,863
Savings accounts		1,721,247			1,736,989			1,735,857			1,727,893			1,669,018
Money market accounts		2,116,360			2,041,185			2,073,557			2,065,569			2,082,810
Certificate of deposit accounts		1,885,444			1,819,353			1,718,414			1,670,147			1,574,855
Brokered deposit accounts		868,953			815,512			923,460			970,925			881,173
Total deposits		8,901,644			8,732,271			8,737,036			8,718,653			8,548,125
Borrowed funds:
Advances from the FHLB		1,355,926			1,345,003			1,265,079			1,150,153			1,223,226
Subordinated debentures and notes		84,328			84,293			84,258			84,223			84,188
Other borrowed funds		79,592			68,251			80,125			127,505			69,256
Total borrowed funds		1,519,846			1,497,547			1,429,462			1,361,881			1,376,670
Operating lease liabilities		44,785			43,266			37,102			34,235			31,998
Mortgagors’ escrow accounts		15,875			14,456			17,117			16,245			17,239
Reserve for unfunded credits		5,981			6,859			11,400			15,807			19,767
Accrued expenses and other liabilities		195,256			151,960			204,695			201,679			189,813
Total liabilities		10,683,387			10,446,359			10,436,812			10,348,500			10,183,612
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively		970			970			970			970			970
Additional paid-in capital		902,584			901,562			904,775			903,726			902,659
Retained earnings		458,943			453,555			445,560			441,285			438,722
Accumulated other comprehensive income		(52,882	)		(38,081	)		(61,693	)		(60,841	)		(52,798	)
Treasury stock, at cost;
7,019,384 shares, 7,015,843 shares, 7,373,009 shares, 7,354,399 shares, and 7,354,399 shares, respectively		(87,676	)		(87,644	)		(91,132	)		(90,909	)		(90,909	)
Total stockholders’ equity		1,221,939			1,230,362			1,198,480			1,194,231			1,198,644
Total liabilities and stockholders’ equity	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	147,436		$	149,643		$	145,585		$	145,265		$	142,948
Debt securities		6,421			6,473			6,480			6,878			6,945
Restricted equity securities		1,460			1,458			1,376			1,492			1,333
Short-term investments		2,830			1,986			1,914			1,824			1,093
Total interest and dividend income		158,147			159,560			155,355			155,459			152,319
Interest expense:
Deposits		56,562			59,796			59,721			56,884			54,034
Borrowed funds		16,597			16,756			15,633			16,987			14,730
Total interest expense		73,159			76,552			75,354			73,871			68,764
Net interest income		84,988			83,008			80,001			81,588			83,555
Provision for credit losses on loans		4,141			4,832			5,607			7,423			3,851
Credit for credit losses on investments		(104	)		(172	)		(39	)		(44	)		(76	)
Net interest income after provision for credit losses		80,951			78,348			74,433			74,209			79,780
Non-interest income:
Deposit fees		2,297			2,353			3,001			2,897			3,064
Loan fees		439			464			702			789			515
Loan level derivative income, net		1,115			—			106			437			778
Gain on sales of loans and leases		406			415			130			—			410
Other		2,330			3,116			2,457			2,161			3,260
Total non-interest income		6,587			6,348			6,396			6,284			8,027
Non-interest expense:
Compensation and employee benefits		37,202			35,130			34,762			36,629			35,401
Occupancy		5,393			5,343			5,551			5,769			5,127
Equipment and data processing		6,780			6,831			6,732			7,031			7,245
Professional services		1,345			2,143			1,745			1,900			1,442
FDIC insurance		2,017			2,118			2,025			1,884			1,839
Advertising and marketing		1,303			859			1,504			1,574			758
Amortization of identified intangible assets		1,701			1,668			1,669			1,708			1,965
Merger and restructuring expense		3,378			—			823			—			—
Other		4,600			3,856			4,373			4,519			5,467
Total non-interest expense		63,719			57,948			59,184			61,014			59,244
Income before provision for income taxes		23,819			26,748			21,645			19,479			28,563
Provision for income taxes		6,283			6,606			5,273			4,814			5,675
Net income	$	17,536		$	20,142		$	16,372		$	14,665		$	22,888
Earnings per common share:
Basic	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26
Diluted	$	0.20		$	0.23		$	0.18		$	0.16		$	0.26
Weighted average common shares outstanding during the period:
Basic		89,098,443			89,033,463			88,904,692			88,894,577			88,867,159
Diluted		89,483,964			89,319,611			89,222,315			89,181,508			89,035,505
Dividends paid per common share	$	0.135		$	0.135		$	0.135		$	0.135		$	0.135

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Twelve Months Ended December 31,
	2024			2023
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	587,929		$	533,739
Debt securities		26,252			29,648
Restricted equity securities		5,786			5,571
Short-term investments		8,554			8,329
Total interest and dividend income		628,521			577,287
Interest expense:
Deposits		232,963			175,665
Borrowed funds		65,973			61,911
Total interest expense		298,936			237,576
Net interest income		329,585			339,711
Provision for credit losses on loans		22,003			37,868
(Credit) provision for credit losses on investments		(359	)		339
Net interest income after provision for credit losses		307,941			301,504
Non-interest income:
Deposit fees		10,548			11,611
Loan fees		2,394			2,036
Loan level derivative income, net		1,658			3,890
Gain on investment securities, net		—			1,704
Gain on sales of loans and leases		951			2,581
Other		10,064			10,112
Total non-interest income		25,615			31,934
Non-interest expense:
Compensation and employee benefits		143,723			138,895
Occupancy		22,056			20,203
Equipment and data processing		27,374			27,004
Professional services		7,133			7,226
FDIC insurance		8,044			7,844
Advertising and marketing		5,240			4,724
Amortization of identified intangible assets		6,746			7,840
Merger and restructuring expense		4,201			7,411
Other		17,348			18,377
Total non-interest expense		241,865			239,524
Income before provision for income taxes		91,691			93,914
Provision for income taxes		22,976			18,915
Net income	$	68,715		$	74,999
Earnings per common share:
Basic	$	0.77		$	0.85
Diluted	$	0.77		$	0.85
Weighted average common shares outstanding during the period:
Basic		88,983,248			88,230,681
Diluted		89,302,304			88,450,646
Dividends paid per common share	$	0.540		$	0.540

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)

	At and for the Three Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	11,525		$	11,595		$	11,659		$	18,394		$	19,608
Multi-family mortgage		6,596			1,751			—			—			—
Construction		—			—			—			—			—
Total commercial real estate loans		18,121			13,346			11,659			18,394			19,608

Commercial		14,676			15,734			16,636			3,096			3,886
Equipment financing		31,509			37,223			27,128			13,668			14,984
Total commercial loans and leases		46,185			52,957			43,764			16,764			18,870

Residential mortgage		3,999			3,862			4,495			4,563			4,292
Home equity		1,043			1,076			790			950			860
Other consumer		1			1			1			1			—
Total consumer loans		5,043			4,939			5,286			5,514			5,152

Total nonaccrual loans and leases		69,349			71,242			60,709			40,672			43,630

Other real estate owned		700			780			780			780			780
Other repossessed assets		403			799			1,194			1,037			914
Total nonperforming assets	$	70,452		$	72,821		$	62,683		$	42,489		$	45,324

Loans and leases past due greater than 90 days and still accruing	$	811		$	16,091		$	4,994		$	363		$	228

Nonperforming loans and leases as a percentage of total loans and leases		0.71	%		0.73	%		0.62	%		0.42	%		0.45	%
Nonperforming assets as a percentage of total assets		0.59	%		0.62	%		0.54	%		0.37	%		0.40	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	127,316		$	121,750		$	120,124		$	117,522		$	119,081
Charge-offs		(8,414	)		(4,183	)		(8,823	)		(5,390	)		(7,722	)
Recoveries		1,162			375			436			309			581
Net charge-offs		(7,252	)		(3,808	)		(8,387	)		(5,081	)		(7,141	)
Provision for loan and lease losses excluding unfunded commitments *		5,019			9,374			10,013			7,683			5,582
Allowance for loan and lease losses at end of period	$	125,083		$	127,316		$	121,750		$	120,124		$	117,522

Allowance for loan and lease losses as a percentage of total loans and leases		1.28	%		1.31	%		1.25	%		1.24	%		1.22	%

NET CHARGE-OFFS:
Commercial real estate loans	$	—		$	—		$	3,819		$	606		$	1,087
Commercial loans and leases **		7,257			3,797			4,571			8,179			6,061
Consumer loans		(5	)		11			(3	)		(4	)		(7	)
Total net charge-offs	$	7,252		$	3,808		$	8,387		$	8,781		$	7,141

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.30	%		0.16	%		0.35	%		0.36	%		0.30	%

*Provision for loan and lease losses does not include (credit) provision of $(0.9 million), $(4.5 million), $(4.4 million), $(0.3 million), and $(1.7 million) for credit losses on unfunded commitments during the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
** The balance at March 31, 2024 includes a $3.7 million charge-off on a letter of credit which impacted the provision.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 2023
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	856,065	$	6,463	3.02	%	$	853,924	$	6,516	3.05	%	$	876,350	$	6,986	3.19	%
Restricted equity securities (2)		75,879		1,459	7.69	%		75,225		1,459	7.76	%		67,567		1,334	7.90	%
Short-term investments		236,784		2,830	4.78	%		145,838		1,986	5.44	%		85,790		1,093	5.09	%
Total investments		1,168,728		10,752	3.68	%		1,074,987		9,961	3.71	%		1,029,707		9,413	3.66	%
Loans and Leases:
Commercial real estate loans (3)		5,752,591		81,195	5.52	%		5,772,456		83,412	5.65	%		5,727,930		81,653	5.58	%
Commercial loans (3)		1,170,295		19,750	6.61	%		1,079,084		18,440	6.69	%		969,603		16,296	6.58	%
Equipment financing (3)		1,310,143		26,295	8.03	%		1,353,649		26,884	7.94	%		1,347,589		25,211	7.48	%
Consumer loans (3)		1,529,654		20,881	5.44	%		1,505,095		21,123	5.60	%		1,475,580		19,888	5.37	%
Total loans and leases		9,762,683		148,121	6.07	%		9,710,284		149,859	6.17	%		9,520,702		143,048	6.01	%
Total interest-earning assets		10,931,411		158,873	5.81	%		10,785,271		159,820	5.93	%		10,550,409		152,461	5.78	%
Non-interest-earning assets		649,161						666,067						721,532
Total assets	$	11,580,572					$	11,451,338					$	11,271,941

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	630,408		1,056	0.67	%	$	639,561		1,115	0.69	%	$	657,134		1,146	0.69	%
Savings accounts		1,741,355		10,896	2.49	%		1,738,756		12,098	2.77	%		1,658,144		10,684	2.56	%
Money market accounts		2,083,033		13,856	2.65	%		2,038,048		15,466	3.02	%		2,140,225		16,239	3.01	%
Certificates of deposit		1,857,483		20,691	4.43	%		1,768,026		20,054	4.51	%		1,530,772		14,517	3.76	%
Brokered deposit accounts		797,910		10,063	5.02	%		841,067		11,063	5.23	%		880,604		11,448	5.16	%
Total interest-bearing deposits		7,110,189		56,562	3.16	%		7,025,458		59,796	3.39	%		6,866,879		54,034	3.12	%
Borrowings:
Advances from the FHLB		1,144,157		13,958	4.77	%		1,139,049		14,366	4.94	%		965,846		11,943	4.84	%
Subordinated debentures and notes		84,311		1,944	9.22	%		84,276		1,378	6.54	%		84,170		1,381	6.56	%
Other borrowed funds		65,947		695	4.20	%		53,102		1,012	7.58	%		136,566		1,406	4.09	%
Total borrowings		1,294,415		16,597	5.02	%		1,276,427		16,756	5.14	%		1,186,582		14,730	4.86	%
Total interest-bearing liabilities		8,404,604		73,159	3.46	%		8,301,885		76,552	3.67	%		8,053,461		68,764	3.39	%
Non-interest-bearing liabilities:
Demand checking accounts		1,693,138						1,669,092						1,723,849
Other non-interest-bearing liabilities		250,303						264,324						323,855
Total liabilities		10,348,045						10,235,301						10,101,165
Stockholders’ equity		1,232,527						1,216,037						1,170,776
Total liabilities and equity	$	11,580,572					$	11,451,338					$	11,271,941
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				85,714	2.35	%				83,268	2.26	%				83,697	2.39	%
Less adjustment of tax-exempt income				726						260						142
Net interest income			$	84,988					$	83,008					$	83,555
Net interest margin (5)					3.12	%					3.07	%					3.15	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)

	Twelve Months Ended
	December 31, 2024						December 31, 2023
	Average Balance		Interest (1)		Average Yield/ Cost		Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	862,381	$	26,416	3.06	%	$	947,782	$	29,891	3.15	%
Restricted equity securities (2)		74,788		5,786	7.74	%		72,264		5,572	7.71	%
Short-term investments		164,445		8,554	5.20	%		158,718		8,329	5.25	%
Total investments		1,101,614		40,756	3.70	%		1,178,764		43,792	3.72	%
Loans and Leases:
Commercial real estate loans (3)		5,760,432		327,221	5.59	%		5,654,385		307,652	5.37	%
Commercial loans (3)		1,086,460		73,369	6.65	%		929,077		59,110	6.28	%
Equipment financing (3)		1,352,993		106,329	7.86	%		1,277,224		92,112	7.21	%
Consumer loans (3)		1,501,626		82,273	5.47	%		1,470,677		75,098	5.10	%
Total loans and leases		9,701,511		589,192	6.07	%		9,331,363		533,972	5.72	%
Total interest-earning assets		10,803,125		629,948	5.83	%		10,510,127		577,764	5.50	%
Non-interest-earning assets		670,299						704,244
Total assets	$	11,473,424					$	11,214,371

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	650,225		4,543	0.70	%	$	720,572		4,275	0.59	%
Savings accounts		1,726,504		46,220	2.68	%		1,439,293		27,974	1.94	%
Money market accounts		2,056,066		60,796	2.96	%		2,205,430		58,153	2.64	%
Certificates of deposit		1,737,697		76,134	4.38	%		1,428,727		44,122	3.09	%
Brokered deposit accounts		873,182		45,270	5.18	%		819,419		41,141	5.02	%
Total interest-bearing deposits		7,043,674		232,963	3.31	%		6,613,441		175,665	2.66	%
Borrowings:
Advances from the FHLB		1,124,432		55,851	4.89	%		1,092,996		52,467	4.73	%
Subordinated debentures and notes		84,258		6,074	7.21	%		84,116		5,476	6.51	%
Other borrowed funds		78,859		4,048	5.13	%		124,793		3,968	3.18	%
Total borrowings		1,287,549		65,973	5.04	%		1,301,905		61,911	4.69	%
Total interest-bearing liabilities		8,331,223		298,936	3.59	%		7,915,346		237,576	3.00	%
Non-interest-bearing liabilities:
Demand checking accounts		1,657,922						1,823,759
Other non-interest-bearing liabilities		273,243						307,160
Total liabilities		10,262,388						10,046,265
Stockholders’ equity		1,211,036						1,168,106
Total liabilities and equity	$	11,473,424					$	11,214,371
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				331,012	2.24	%				340,188	2.50	%
Less adjustment of tax-exempt income				1,427						477
Net interest income			$	329,585					$	339,711
Net interest margin (5)					3.06	%					3.24	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

										At and for the Three Months Ended December 31,						At and for the Twelve Months Ended December 31,
										2024			2023			2024			2023
Reconciliation Table – Non-GAAP Financial Information										(Dollars in Thousands Except Share Data)

Reported Pretax Income										$	23,819		$	28,563		$	91,691		$	93,914
Less:
Security gains											—			—			—			1,704
Add:
Day 1 PCSB CECL provision											—			—			—			16,744
Merger and acquisition expenses											3,378			—			4,201			7,411
Operating Pretax income										$	27,197		$	28,563		$	95,892		$	116,365
Effective tax rate											23.9	%		19.9	%		24.5	%		20.1	%
Provision for income tax											6,511			5,675			23,480			23,437
Operating earnings after tax										$	20,686		$	22,888		$	72,412		$	92,928

Operating earnings per common share:
Basic										$	0.23		$	0.26		$	0.81		$	1.05
Diluted										$	0.23		$	0.26		$	0.81		$	1.05

Weighted average common shares outstanding during the period:
Basic											89,098,443			88,867,159			88,983,248			88,230,681
Diluted											89,483,964			89,035,505			89,302,304			88,450,646


Return on average assets *											0.61	%		0.81	%		0.60	%		0.67	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.01	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		0.12	%
Merger and acquisition expenses (after-tax) *											0.09	%		—	%		0.03	%		0.05	%
Operating return on average assets *											0.70	%		0.81	%		0.63	%		0.83	%


Return on average tangible assets *											0.62	%		0.83	%		0.61	%		0.69	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.01	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		0.12	%
Merger and acquisition expenses (after-tax) *											0.09	%		—	%		0.03	%		0.05	%
Operating return on average tangible assets *											0.71	%		0.83	%		0.64	%		0.85	%


Return on average stockholders’ equity *											5.69	%		7.82	%		5.67	%		6.42	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.12	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		1.14	%
Merger and acquisition expenses (after-tax) *											0.83	%		—	%		0.26	%		0.51	%
Operating return on average stockholders’ equity *											6.52	%		7.82	%		5.93	%		7.95	%


Return on average tangible stockholders’ equity *											7.21	%		10.12	%		7.24	%		8.36	%
Less:
Security gains (after-tax) *											—	%		—	%		—	%		0.15	%
Add:
Day 1 PCSB CECL provision (after-tax) *											—	%		—	%		—	%		1.49	%
Merger and acquisition expenses (after-tax) *											1.06	%		—	%		0.33	%		0.66	%
Operating return on average tangible stockholders’ equity *											8.27	%		10.12	%		7.57	%		10.36	%
* Ratios at and for the three months ended are annualized.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)

	At and for the Three Months Ended															At and for the Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	(Dollars in Thousands)

Net income, as reported	$	17,536		$	20,142		$	16,372		$	14,665		$	22,888		$	68,715		$	74,999

Average total assets	$	11,580,572		$	11,451,338		$	11,453,394		$	11,417,185		$	11,271,941		$	11,473,424		$	11,214,371
Less: Average goodwill and average identified intangible assets, net		259,496			261,188			262,859			264,536			266,225			262,011			270,637
Average tangible assets	$	11,321,076		$	11,190,150		$	11,190,535		$	11,152,649		$	11,005,716		$	11,211,413		$	10,943,734

Return on average tangible assets (annualized)		0.62	%		0.72	%		0.59	%		0.53	%		0.83	%		0.61	%		0.69	%

Average total stockholders’ equity	$	1,232,527		$	1,216,037		$	1,193,385		$	1,201,904		$	1,170,776		$	1,211,036		$	1,168,106
Less: Average goodwill and average identified intangible assets, net		259,496			261,188			262,859			264,536			266,225			262,011			270,637
Average tangible stockholders’ equity	$	973,031		$	954,849		$	930,526		$	937,368		$	904,551		$	949,025		$	897,469

Return on average tangible stockholders’ equity (annualized)		7.21	%		8.44	%		7.04	%		6.26	%		10.12	%		7.24	%		8.36	%

Total stockholders’ equity	$	1,221,939		$	1,230,362		$	1,198,480		$	1,194,231		$	1,198,644		$	1,221,939		$	1,198,644
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		17,461			19,162			20,830			22,499			24,207			17,461			24,207
Tangible stockholders’ equity	$	963,256		$	969,978		$	936,428		$	930,510		$	933,215		$	963,256		$	933,215

Total assets	$	11,905,326		$	11,676,721		$	11,635,292		$	11,542,731		$	11,382,256		$	11,905,326		$	11,382,256
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		17,461			19,162			20,830			22,499			24,207			17,461			24,207
Tangible assets	$	11,646,643		$	11,416,337		$	11,373,240		$	11,279,010		$	11,116,827		$	11,646,643		$	11,116,827

Tangible stockholders’ equity to tangible assets		8.27	%		8.50	%		8.23	%		8.25	%		8.39	%		8.27	%		8.39	%

Tangible stockholders’ equity	$	963,256		$	969,978		$	936,428		$	930,510		$	933,215		$	963,256		$	933,215

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,019,384			7,015,843			7,373,009			7,354,399			7,354,399			7,019,384			7,354,399
Unvested restricted shares		880,248			883,789			713,443			749,099			749,099			880,248			749,099
Number of common shares outstanding		89,098,443			89,098,443			88,911,623			88,894,577			88,894,577			89,098,443			88,894,577

Tangible book value per common share	$	10.81		$	10.89		$	10.53		$	10.47		$	10.50		$	10.81		$	10.50

PDF available: http://ml.globenewswire.com/Resource/Download/396afece-df5e-4cc5-a637-0706599b2b0d

The MIL Network –

January 30, 2025

MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.9 million, or $0.83 per basic share and $0.80 per diluted share, for the fourth quarter ended December 31, 2024 compared to net income of $12.1 million, or $0.82 per basic and diluted share, for the fourth quarter ended December 31, 2023. In addition, the Company generated net income of $47.8 million, or $3.64 per basic share and $3.58 per diluted share, for the year ended December 31, 2024 compared to net income of $46.3 million, or $3.32 per basic share and diluted share, for the year ended December 31, 2023.

Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite the challenging high interest rate environment during 2023 that continued into most of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

Highlights for the fourth quarter and the year ended December 31, 2024 are as follows:

Performance metrics continue to be strong with a return on average total assets ratio of 2.19%, a return on average shareholders’ equity ratio of 13.80%, and an efficiency ratio of 38.99% for the quarter ended December 31, 2024. For the year ended December 31, 2024, the Company generated a return on average total assets ratio of 2.50%, a return on average shareholders’ equity ratio of 15.83%, and an efficiency ratio of 37.00%.
Net interest income increased by $91,000 and $5.6 million, or 0.4% and 5.8%, respectively, for the quarter and year ended December 31, 2024 compared to the same periods in 2023.
Our net loans receivable increased by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 compared to $1.6 billion at December 31, 2023.

Balance Sheet Summary

Total assets increased $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to increases in net loans of $227.0 million, cash and cash equivalents of $9.6 million, equity securities of $3.9 million, real estate owned of $3.7 million, and other assets of $3.3 million.

Cash and cash equivalents increased $9.6 million, or 14.0%, to $78.3 million at December 31, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $270.3 million, partially offset by a decrease in borrowings of $64.0 million, an increase of $227.0 million in net loans, dividends to shareholders of $8.7 million, and stock repurchases of $2.4 million.

Equity securities increased $3.9 million, or 21.5%, to $22.0 million at December 31, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $4.0 million in equity securities during the second half of 2024, offset by market depreciation of $109,000 due to market interest rate volatility during the year ended December 31, 2024.

Securities held-to-maturity decreased $1.2 million, or 7.8%, to $14.6 million at December 31, 2024 from $15.9 million at December 31, 2023 due to $1.2 million in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

Loans, net of the allowance for credit losses, increased $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $656.0 million during the year ended December 31, 2024, consisting primarily of $573.8 million in construction loans with respect to which approximately 36.3% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the year ended December 31, 2024, we originated $54.9 million in commercial and industrial loans, $14.0 million in non-residential loans, $12.6 million in multi-family loans, and $600,000 in mixed-use loans. We also originated $9.2 million in letters of credit.

Loan originations during the year ended December 31, 2024 resulted in a net increase of $206.8 million in construction loans, $8.6 million in commercial and industrial loans, $8.3 million in non-residential loans, $7.7 million in multi-family loans, and $409,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $3.1 million in mixed-use loans and $1.8 million in residential loans, coupled with normal pay-downs and principal reductions.

The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $347,000, offset by provision for credit losses totaling $84,000.

Premises and equipment decreased $647,000, or 2.5%, to $24.8 million at December 31, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

Investments in Federal Home Loan Bank stock decreased $532,000, or 57.3%, to $397,000 at December 31, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $630,000 in connection with the maturity of $14.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%, to $25.7 million at December 31, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

Accrued interest receivable increased $1.2 million, or 9.5%, to $13.5 million at December 31, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

Real estate owned increased $3.7 million, or 251.6%, to $5.1 million at December 31, 2024 from $1.5 million at December 31, 2023 due to foreclosure of a property, with a book value of $4.4 million, located in the Bronx, New York, offset by charge-offs totaling $689,000 resulting from a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

Right of use assets — operating decreased $565,000, or 12.4%, to $4.0 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

Other assets increased $3.3 million, or 40.5%, to $11.3 million at December 31, 2024 from $8.0 million at December 31, 2023 due to increases of $2.8 million in tax assets, $476,000 in suspense accounts, and $6,000 in miscellaneous assets, partially offset by decreases of $40,000 in prepaid expenses and $2,000 in securities receivables.

Total deposits increased $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $239.7 million, or 31.5%, and NOW/money market accounts increased $98.0 million, or 67.4%, partially offset by decreases in savings account balances of $54.3 million, or 28.2%, and non-interest bearing demand deposits of $14.7 million, or 4.9%.

Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 and Federal Home Loan Bank advances of $14.0 million at December 31, 2023 were paid-off during the year ended December 31, 2024.

Advance payments by borrowers for taxes and insurance decreased $402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0 million at December 31, 2023 due primarily to real estate tax payments for borrowers.

Lease liability – operating decreased $517,000, or 11.2%, to $4.1 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

Accounts payable and accrued expenses increased $972,000, or 7.2%, to $14.5 million at December 31, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable and other payables of $856,000 and deferred compensation of $729,000, partially offset by decreases in accrued interest expense of $102,000, suspense account for loan closings of $99,000, and accrued expense of $79,000. The allowance for credit losses for off-balance sheet commitments decreased $333,000, or 32.1%, to $704,000 at December 31, 2024 from $1.0 million at December 31, 2023.

Stockholders’ equity increased $39.7 million, or 14.2% to $319.1 million at December 31, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $47.8 million for the year ended December 31, 2024, the amortization expense of $2.0 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, an increase of $1.3 million in earned employee stock ownership plan shares coupled with a reduction of $475,000 in unearned employee stock ownership plan shares, and an exercise of stock options totaling $14,000, partially offset by dividends paid and declared of $8.7 million, stock repurchases and stock repurchase excise taxes totaling $2.5 million, awarding restricted stock totaling $725,000. and $93,000 in other comprehensive income.

Results of Operations for the Quarter Ended December 31, 2024 and 2023

Net Interest Income

Net interest income was $25.3 million for the quarter ended December 31, 2024, as compared to $25.2 million for the quarter ended December 31, 2023. The increase in net interest income of $92,000, or 0.4%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the quarter ended December 31, 2024 was due to an increase in the cost of funds on our deposits. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits and our interest-bearing demand deposits, offset by a decrease in the average balances on our savings and club deposits and our borrowed money.

Total interest and dividend income increased $3.3 million, or 9.0%, to $40.5 million for the quarter ended December 31, 2024 from $37.1 million for the quarter ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $249.5 million, or 15.0%, to $1.9 billion for the quarter ended December 31, 2024 from $1.7 billion for the quarter ended December 31, 2023, partially offset by a decrease in the yield on interest earning assets by 47 basis points from 8.93% for the quarter ended December 31, 2023 to 8.46% for the quarter ended December 31, 2024.

Interest expense increased $3.3 million, or 27.3%, to $15.2 million for the quarter ended December 31, 2024 from $11.9 million for the quarter ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 20 basis points from 4.14% for the quarter ended December 31, 2023 to 4.34% for the quarter ended December 31, 2024 and an increase in average interest bearing liabilities of $247.3 million, or 21.5%, to $1.4 billion for the quarter ended December 31, 2024 from $1.2 billion for the quarter ended December 31, 2023.

Our net interest margin decreased 77 basis points, or 12.7%, to 5.29% for the quarter ended December 31, 2024 compared to 6.06% for the quarter ended December 31, 2023. The decrease in the net interest margin was due to an increase in the cost of funds on interest-bearing liabilities and a decrease in the yield on interest-earning assets.

Credit Loss Expense

The Company recorded a credit loss expense of $26,000 for the quarter ended December 31, 2024 compared to a credit loss expense of $205,000 for the quarter ended December 31, 2023. The credit loss expense of $26,000 for the quarter ended December 31, 2024 was comprised of credit loss expense for loans of $230,000 due to charge-offs of $232,000 in unpaid overdrafts in our demand deposit accounts, offset by credit loss expense reduction for off-balance sheet commitments of $204,000 primarily attributable to a decrease in the aggregate unfunded off-balance sheet commitments.

The credit loss expense of $205,000 for the three months ended December 31, 2023 was comprised of credit loss expense for loans of $352,000 and credit loss expense for held-to-maturity investment securities of $6,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $153,000.

With respect to the allowance for credit losses for loans, we charged-off $232,000 during the quarter ended December 31, 2024 as compared to charge-offs of $27,000 during the quarter ended December 31, 2023. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded no recoveries from previously charged-off loans during the quarter ended December 31, 2024 and 2023.

Non-Interest Income

Non-interest income for the quarter ended December 31, 2024 was $149,000 compared to non-interest income of $1.4 million for the quarter ended December 31, 2023. The decrease of $1.2 million, or 89.2%, in total non-interest income was primarily due to decreases of $1.2 million in unrealized gain (loss) on equity securities, $115,000 in investment advisory fees, and $12,000 in miscellaneous other non-interest income, partially offset by increases of $40,000 from sale/disposition of fixed assets, $14,000 in BOLI income, and $11,000 in other loan fees and service charges.

The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 compared to an unrealized gain of $621,000 on equity securities during the quarter ended December 31, 2023. The unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 was due to market interest rate volatility during the quarter ended December 31, 2024.

The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the quarter ended December 31, 2024 compared to losses of $18,000 during the quarter ended December 31, 2023.

The increase in BOLI income of $14,000 was due to an increase in the yield on BOLI assets.

The increase of $11,000 in other loan fees and service charges was due to an increase of $24,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $15,000 in other loan fees and loan servicing fees.

Non-Interest Expense

Non-interest expense increased $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the quarter ended December 31, 2023. The increase resulted primarily from increases of $444,000 in salaries and employee benefits, $163,000 in real estate owned expense, $108,000 in outside data processing expense, $79,000 in other operating expense, $18,000 in equipment expense, $7,000 in occupancy expense, and $7,000 in advertising expense, partially offset by a decrease of $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group.

Income Taxes

We recorded income tax expense of $4.6 million and $5.1 million for the quarter ended December 31, 2024 and 2023, respectively. For the quarter ended December 31, 2024, we had approximately $205,000 in tax exempt income, compared to approximately $190,000 in tax exempt income for the quarter ended December 31, 2023. Our effective income tax rates were 29.5% for the quarter ended December 31, 2024 and 2023, respectively.

Results of Operations for the Year Ended December 31, 2024 and 2023

Net Interest Income

Net interest income was $102.8 million for the year ended December 31, 2024 as compared to $97.2 million for the year ended December 31, 2023. The increase in net interest income of $5.6 million, or 5.8%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balance of our savings and club deposits.

Total interest and dividend income increased $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million for the year ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $312.3 million, or 20.6%, to $1.8 billion for the year ended December 31, 2024 from $1.5 billion for the year ended December 31, 2023 and an increase in the yield on interest earning assets by two basis points from 8.73% for the year ended December 31, 2023 to 8.75% for the year ended December 31, 2024.

Interest expense increased $21.9 million, or 62.1%, to $57.2 million for the year ended December 31, 2024 from $35.3 million for the year ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 77 basis points from 3.58% for the year ended December 31, 2023 to 4.35% for the year ended December 31, 2024, and an increase in average interest bearing liabilities of $328.9 million, or 33.3%, to $1.3 billion for the year ended December 31, 2024 from $986.3 million for the year ended December 31, 2023.

Net interest margin decreased 79 basis points, or 12.3%, for the year ended December 31, 2024 to 5.62% compared to 6.41% for the year ended December 31, 2023.

Credit Loss Expense

The Company recorded a credit loss expense reduction totaling $260,000 for the year ended December 31, 2024 compared to a credit loss expense totaling $972,000 for the year ended December 31, 2023. The credit loss expense reduction of $260,000 for the year ended December 31, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $334,000 and a credit loss expense reduction for held-to-maturity investment securities of $10,000, offset by a credit loss expense for loans of $84,000.

The credit loss expense reduction for off-balance sheet commitments of $334,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $157.6 million in the level of off-balance sheet commitments. The credit loss expense reduction for held-to-maturity investment securities of $10,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $708,000 in the level of applicable held-to-maturity investment securities.

The credit loss expense for loans of $84,000 for the year ended December 31, 2024 was primarily attributed to charge-offs totaling $347,000, partially offset by favorable trends in the economy.

The credit loss expense of $972,000 for the year ended December 31, 2023 was comprised of credit loss expense for loans of $1.5 million and credit loss expense for held-to-maturity investment securities of $5,000, partially offset by a credit loss expense reduction for off-balance sheet commitments of $548,000.

We charged-off $347,000 during the year ended December 31, 2024 as compared to charge-offs of $313,000 during the year ended December 31, 2023. The charge-offs of $347,000 during the year ended December 31, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $312,000 during the year ended December 31, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party at a loss of $159,000. The remaining charge-offs of $153,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

We recorded no recoveries from previously charged-off loans during the year ended December 31, 2024 and 2023.

Non-Interest Income

Non-interest income for the year ended December 31, 2024 was $2.8 million compared to non-interest income of $3.7 million for the year ended December 31, 2023. The decrease of $960,000, or 25.6%, in total non-interest income was primarily due to decreases of $458,000 in investment advisory fees, $403,000 in unrealized gains (losses) on equity securities, and $357,000 in BOLI income, partially offset by increases of $207,000 in other loan fees and service charges, $40,000 from sale/disposition of fixed assets, and $11,000 in miscellaneous other non-interest income.

The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees. The decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $109,000 on equity securities during the year ended December 31, 2024 compared to an unrealized gain of $294,000 on equity securities during the year ended December 31, 2023. The unrealized loss of $109,000 on equity securities during the 2024 period was due to market interest rate volatility during the year ended December 31, 2024.

The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the year ended December 31, 2023.

The increase of $207,000 in other loan fees and service charges was due to increases of $148,000 in other loan fees and loan servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in deposit account fees.

Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the year ended December 31, 2024 compared to losses of $18,000 during the year ended December 31, 2023.

Non-Interest Expense

Non-interest expense increased $3.8 million, or 10.9%, to $39.1 million for the year ended December 31, 2024 from $35.2 million for the year ended December 31, 2023. The increase resulted primarily from increases of $2.1 million in salaries and employee benefits, $879,000 in other operating expense, $638,000 in real estate owned expense, $394,000 in outside data processing expense, and $233,000 in occupancy expense, partially offset by decreases of $165,000 in equipment expense, $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group, and $103,000 in advertising expense.

Income Taxes

We recorded income tax expense of $19.0 million and $18.5 million for the year ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we had approximately $802,000 in tax exempt income, compared to approximately $1.1 million in tax exempt income for the year ended December 31, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the year ended December 31, 2023. Our effective income tax rates were 28.4% and 28.5% for the year ended December 31, 2024 and 2023, respectively.

Asset Quality

Non-performing assets were $5.1 million at December 31, 2024 compared to $5.8 million at December 31, 2023. At December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. As a result, at December 31, 2024, we had two non-performing assets consisting of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

Our ratio of non-performing assets to total assets remained low at 0.25% at December 31, 2024 as compared to 0.33% at December 31, 2023.

The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of December 31, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at December 31, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $704,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

Capital

The Company’s total stockholders’ equity to assets ratio was 15.87% as of December 31, 2024. At December 31, 2024, the Company had the ability to borrow $834.7 million from the Federal Reserve Bank of New York, $18.2 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of December 31, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of December 31, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

About NorthEast Community Bancorp

NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.


CONTACT:	Kenneth A. Martinek
	Chairman and Chief Executive Officer

PHONE:	(914) 684-2500


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	December 31,			December 31,
	2024			2023
	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	13,700		$	13,394
Interest-bearing deposits		64,559			55,277
Total cash and cash equivalents		78,259			68,671
Certificates of deposit		100			100
Equity securities		21,994			18,102
Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively )		14,616			15,860
Loans receivable		1,813,647			1,586,721
Deferred loan (fees) costs, net		(49	)		176
Allowance for credit losses		(4,830	)		(5,093	)
Net loans		1,808,768			1,581,804
Premises and equipment, net		24,805			25,452
Investments in restricted stock, at cost		397			929
Bank owned life insurance		25,738			25,082
Accrued interest receivable		13,481			12,311
Real estate owned		5,120			1,456
Property held for investment		1,370			1,407
Right of Use Assets – Operating		4,001			4,566
Right of Use Assets – Financing		347			351
Other assets		11,302			8,044
Total assets	$	2,010,298		$	1,764,135
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	287,135		$	300,184
Interest bearing		1,383,240			1,099,852
Total deposits		1,670,375			1,400,036
Advance payments by borrowers for taxes and insurance		1,618			2,020
Borrowings		–			64,000
Lease Liability – Operating		4,108			4,625
Lease Liability – Financing		609			571
Accounts payable and accrued expenses		14,530			13,558
Total liabilities		1,691,240			1,484,810

Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,016,254 shares and 14,144,856 shares outstanding, respectively		140			142
Additional paid-in capital		110,091			109,924
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(6,088	)		(6,563	)
Retained earnings		214,691			175,505
Accumulated other comprehensive income		224			317
Total stockholders’ equity		319,058			279,325
Total liabilities and stockholders’ equity	$	2,010,298		$	1,764,135

NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Quarter Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
							(In thousands, except per share amounts)
INTEREST INCOME:
Loans	$	39,081		$	35,660		$	153,902		$	127,486
Interest-earning deposits		1,144			1,257			5,202			4,143
Securities		247			209			909			859
Total Interest Income		40,472			37,126			160,013			132,488
INTEREST EXPENSE:
Deposits		15,160			11,131			55,619			34,181
Borrowings		5			779			1,564			1,078
Financing lease		9			10			38			38
Total Interest Expense		15,174			11,920			57,221			35,297
Net Interest Income		25,298			25,206			102,792			97,191
Provision for (reversal of) credit loss		26			205			(260	)		972
Net Interest Income after Provision for (Reversal of) Credit Loss		25,272			25,001			103,052			96,219
NON-INTEREST INCOME:
Other loan fees and service charges		485			474			2,098			1,891
Gain (loss) on disposition of equipment		22			(18	)		22			(18	)
Earnings on bank owned life insurance		170			156			656			1,013
Investment advisory fees		–			115			–			458
Realized and unrealized (loss) gain on equity securities		(554	)		621			(109	)		294
Other		26			38			116			105
Total Non-Interest Income		149			1,386			2,783			3,743
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,204			4,760			20,942			18,839
Occupancy expense		712			705			2,828			2,595
Equipment		229			211			890			1,055
Outside data processing		680			572			2,604			2,210
Advertising		108			101			418			521
Loss on disposition of business		–			138			–			138
Real estate owned expense		204			41			731			93
Other		2,785			2,706			10,649			9,770
Total Non-Interest Expenses		9,922			9,234			39,062			35,221
INCOME BEFORE PROVISION FOR INCOME TAXES		15,499			17,153			66,773			64,741
PROVISION FOR INCOME TAXES		4,566			5,052			18,982			18,465
NET INCOME	$	10,933		$	12,101		$	47,791		$	46,276

NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)

	Quarter Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(In thousands, except per share amounts)						(In thousands, except per share amounts)
Per share data:
Earnings per share – basic	$	0.83		$	0.82		$	3.64		$	3.32
Earnings per share – diluted		0.80			0.82			3.58			3.32
Weighted average shares outstanding – basic		13,132			14,720			13,136			13,930
Weighted average shares outstanding – diluted		13,582			14,778			13,359			13,936
Performance ratios/data:
Return on average total assets		2.19	%		2.77	%		2.50	%		2.90	%
Return on average shareholders’ equity		13.80	%		17.49	%		15.83	%		17.09	%
Net interest income	$	25,298		$	25,206		$	102,792		$	97,191
Net interest margin		5.29	%		6.06	%		5.62	%		6.41	%
Efficiency ratio		38.99	%		34.72	%		37.00	%		34.90	%
Net charge-off ratio		0.05	%		0.01	%		0.02	%		0.02	%

Loan portfolio composition:							December 31, 2024			December 31, 2023
One-to-four family							$	3,472		$	5,252
Multi-family								206,606			198,927
Mixed-use								26,571			29,643
Total residential real estate								236,649			233,822
Non-residential real estate								29,446			21,130
Construction								1,426,167			1,219,413
Commercial and industrial								119,736			111,116
Consumer								1,649			1,240
Gross loans								1,813,647			1,586,721
Deferred loan (fees) costs, net								(49	)		176
Total loans							$	1,813,598		$	1,586,897
Asset quality data:
Loans past due over 90 days and still accruing							$	–		$	–
Non-accrual loans								–			4,385
OREO property								5,120			1,456
Total non-performing assets							$	5,120		$	5,841

Allowance for credit losses to total loans								0.27	%		0.32	%
Allowance for credit losses to non-performing loans								0.00	%		116.15	%
Non-performing loans to total loans								0.00	%		0.28	%
Non-performing assets to total assets								0.25	%		0.33	%

Bank’s Regulatory Capital ratios:
Total capital to risk-weighted assets								13.92	%		13.43	%
Common equity tier 1 capital to risk-weighted assets								13.65	%		13.10	%
Tier 1 capital to risk-weighted assets								13.65	%		13.10	%
Tier 1 leverage ratio								14.44	%		14.43	%

NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Quarter Ended December 31, 2024								Quarter Ended December 31, 2023
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,784,920		$	39,081		8.76	%	$	1,545,446		$	35,660		9.23	%
Securities		36,817			232		2.52	%		33,124			188		2.27	%
Federal Home Loan Bank stock		455			15		13.19	%		929			21		9.04	%
Other interest-earning assets		90,279			1,144		5.07	%		83,436			1,257		6.03	%
Total interest-earning assets		1,912,471			40,472		8.46	%		1,662,935			37,126		8.93	%
Allowance for credit losses		(4,833	)							(4,771	)
Non-interest-earning assets		92,422								87,557
Total assets	$	2,000,060							$	1,745,721

Interest-bearing demand deposit	$	233,112		$	2,198		3.77	%	$	118,691		$	1,026		3.46	%
Savings and club accounts		137,295			767		2.23	%		206,120			1,404		2.72	%
Certificates of deposit		1,026,433			12,195		4.75	%		758,928			8,701		4.59	%
Total interest-bearing deposits		1,396,840			15,160		4.34	%		1,083,739			11,131		4.11	%
Borrowed money		1,293			14		4.33	%		67,049			789		4.71	%
Total interest-bearing liabilities		1,398,133			15,174		4.34	%		1,150,788			11,920		4.14	%
Non-interest-bearing demand deposit		263,711								298,739
Other non-interest-bearing liabilities		21,428								19,449
Total liabilities		1,683,272								1,468,976
Equity		316,788								276,745
Total liabilities and equity	$	2,000,060							$	1,745,721

Net interest income / interest spread				$	25,298		4.12	%				$	25,206		4.79	%
Net interest rate margin							5.29	%							6.06	%
Net interest earning assets	$	514,338							$	512,147
Average interest-earning assets to interest-bearing liabilities		136.79	%							144.50	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Year Ended December 31, 2024								Year Ended December 31, 2023
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,701,079		$	153,902		9.05	%	$	1,401,492		$	127,486		9.10	%
Securities		34,765			839		2.41	%		37,819			777		2.05	%
Federal Home Loan Bank stock		677			70		10.34	%		984			82		8.33	%
Other interest-earning assets		92,610			5,202		5.62	%		76,542			4,143		5.41	%
Total interest-earning assets		1,829,131			160,013		8.75	%		1,516,837			132,488		8.73	%
Allowance for credit losses		(4,940	)							(4,676	)
Non-interest-earning assets		90,675								84,287
Total assets	$	1,914,866							$	1,596,448

Interest-bearing demand deposit	$	209,993		$	8,498		4.05	%	$	93,426		$	2,459		2.63	%
Savings and club accounts		154,430			3,799		2.46	%		248,755			6,777		2.72	%
Certificates of deposit		917,665			43,322		4.72	%		615,124			24,945		4.06	%
Total interest-bearing deposits		1,282,088			55,619		4.34	%		957,305			34,181		3.57	%
Borrowed money		33,117			1,602		4.84	%		29,007			1,116		3.85	%
Total interest-bearing liabilities		1,315,205			57,221		4.35	%		986,312			35,297		3.58	%
Non-interest-bearing demand deposit		277,957								322,185
Other non-interest-bearing liabilities		19,739								17,139
Total liabilities		1,612,901								1,325,636
Equity		301,965								270,812
Total liabilities and equity	$	1,914,866							$	1,596,448

Net interest income / interest spread				$	102,792		4.40	%				$	97,191		5.15	%
Net interest rate margin							5.62	%							6.41	%
Net interest earning assets	$	513,926							$	530,525
Average interest-earning assets to interest-bearing liabilities		139.08	%							153.79	%

The MIL Network –

January 30, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 29.01.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
29 January 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 29.01.2025

Espoo, Finland – On 29 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	872,093	4.33
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	872,093	4.33

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 29 January 2025 was EUR 3,777,558. After the disclosed transactions, Nokia Corporation holds 234,286,805 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

Daily Report 2025-01-29

The MIL Network –

January 30, 2025

MIL-OSI: Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

“As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:

Neal Coleman, President and CEO
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

The MIL Network –

January 30, 2025

MIL-OSI: Landmark Bancorp, Inc. Announces Conference Call to Discuss Fourth Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Manhattan, KS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (Nasdaq: LARK) announced that it will release earnings for the fourth quarter of 2024 after the market closes on Tuesday, February 4, 2025. The Company will host a conference call to discuss these results on Wednesday, February 5, 2024 at 10:00 am (CT). Investors may listen to the Company’s earnings call via telephone by dialing (833) 470-1428 and using access code 296482. Investors are encouraged to call the dial-in number at least 5 minutes prior to the scheduled start of the call.

A replay of the earnings call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the NASDAQ Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, LaCrosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000

The MIL Network –

January 30, 2025

MIL-OSI: Adams Resources & Energy, Inc. Stockholders Approve Acquisition by an Affiliate of Tres Energy LLC

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) announced today that its stockholders have voted at a special meeting of the Company’s stockholders (the “Special Meeting”) to approve the pending acquisition of the Company by an affiliate of Tres Energy LLC. Under the terms of the merger agreement that was approved at the Special Meeting, Adams stockholders will receive $38.00 per share in cash for each share of Adams common stock they own immediately prior to the effective time of the merger.

Approximately 77% of the Company’s outstanding shares were voted at the Special Meeting, and the merger was approved by over 76% of the Company’s outstanding shares. The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K that will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The merger is expected to close in early February 2025, subject to customary closing conditions.

Forward-Looking Statements and Information

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about the timing of the proposed transaction, Adams’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (ii) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (iii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Adams, (iv) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Adams to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (v) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (vi) unexpected costs, charges or expenses resulting from the Merger, (vii) potential litigation relating to the Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (viii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and services and impact the Company’s profitability, and (ix) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, cyber-security vulnerabilities, crude oil pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Adams’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Adams’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC.

These forward-looking statements speak only as of the date of this communication, and Adams does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company, whether in response to new information, future events, or otherwise, except as required by applicable law.

There can be no assurance that the proposed transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this communication. The Company undertakes no obligation or duty to update or revise any of these forward-looking statements after the date of this communication, whether in response to new information, future events, or otherwise, except as required by applicable law.

About Adams Resources & Energy, Inc.

Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C., GulfMark Terminals, LLC, Phoenix Oil, Inc., and Firebird Bulk Carriers, Inc. For more information, visit www.adamsresources.com.

About Tres Energy LLC

Tres Energy LLC is a privately held limited liability company that invests in and operates strategic energy assets across the United States. For more information, visit www.tres-energy.com.

Company Contact

Tracy E. Ohmart
EVP, Chief Financial Officer
tohmart@adamsresources.com
(713) 881-3609

The MIL Network –

January 30, 2025

MIL-OSI: Penns Woods Bancorp, Inc. Reports Fourth Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

WILLIAMSPORT, Pa., Jan. 29, 2025 (GLOBE NEWSWIRE) — Penns Woods Bancorp, Inc. (NASDAQ: PWOD)

Penns Woods Bancorp, Inc. achieved net income of $17.7 million for the twelve months ended December 31, 2024, resulting in basic and diluted earnings per share of $2.35.

Highlights

Net income, as reported under generally accepted accounting principles (GAAP), for the three and twelve months ended December 31, 2024 was $3.7 million and $17.7 million, respectively, compared to $5.6 million and $16.6 million for the same periods of 2023. Results for the three and twelve months ended December 31, 2024 compared to 2023 were impacted by an increase in net interest income of $1.6 million and $3.9 million, respectively, as the cost of funds stabilized. The three and twelve month periods ended December 31, 2024 have been impacted by after-tax merger related expenses of $581,000 resulting from the announced acquisition of the company by Northwest Bancshares, Inc. The disposal of assets related to two former branch properties resulted in a one time after-tax loss of $261,000 for the twelve month period ended December 31, 2024.
The allowance for credit losses was impacted for the three and twelve months ended December 31, 2024 by a provision for credit losses of $420,000 and $121,000, respectively, compared to a negative provision for credit losses of $1.7 million and $1.5 million for the 2023 periods. The recognition of a negative provision for credit losses for the 2023 periods was due primarily to a recovery on a commercial loan which positively affected the historical loss rates, and the payoff of a nonperforming commercial loan.
Basic and diluted earnings per share for the three months ended December 31, 2024 were $0.50 and $0.49, respectively, while the twelve months ended December 31, 2024 basic and diluted was $2.35. This compares to basic and diluted earnings per share of $0.77 and $2.34, respectively, for the three and twelve month periods ended December 31, 2023.
Annualized return on average assets was 0.67% for the three months ended December 31, 2024, compared to 1.02% for the corresponding period of 2023. Return on average assets was 0.80% for the twelve months ended December 31, 2024, compared to 0.79% for the corresponding period of 2023.
Annualized return on average equity was 7.28% for the three months ended December 31, 2024, compared to 12.60% for the corresponding period of 2023. Return on average equity was 9.14% for the twelve months ended December 31, 2024, compared to 9.84% for the corresponding period of 2023.

Net Income

Net income from core operations (“core earnings”), which is a non-GAAP measure of net income excluding net securities gains or losses, was $4.4 million and $18.4 million, respectively, for the three and twelve months ended December 31, 2024 compared to $5.6 million and $16.7 million for the same periods of 2023. Core earnings per share (non-GAAP) for the three months ended December 31, 2024 were basic $0.58 and diluted $0.57 while basic and diluted for the twelve months ended December 31, 2024 were $2.44. Basic and diluted core earnings per share for the three and twelve month periods of 2023 were $0.77 and $2.36, respectively. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.78% and 8.48%, respectively, for the three months ended December 31, 2024, compared to 1.02% and 12.63% for the corresponding period of 2023. Annualized core return on average assets and core return on average equity (non-GAAP) were 0.83% and 9.46%, respectively, for the twelve months ended December 31, 2024, compared to 0.79% and 9.93% for the corresponding period of 2023. A reconciliation of the non-GAAP financial measures of core earnings, core return on assets, core return on equity, core earnings per share and tangible book value per share to the comparable GAAP financial measures is included at the end of this press release.

Net Interest Margin

The net interest margin for the three and twelve months ended December 31, 2024 was 2.98% and 2.83% respectively, compared to 2.73% and 2.80% for the corresponding periods of 2023. The increase in the net interest margin for the three month period was driven by an increase in the rate collected on interest-earning assets of 34 basis points (“bps”), while the decrease in the net interest margin for the twelve month period was driven by a 74 bps increase in the rate paid on interest-bearing liabilities. The overall increase in interest rates over the periods resulted in increases to both the yield on the earnings asset portfolio and the rate paid on interest-bearing liabilities. Driving the increase in the yield and interest income on the earning assets portfolio was the repricing of legacy assets coupled with portfolio growth. The average loan portfolio balance increased $47.4 million and $106.9 million, respectively, for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 as the average yield on the portfolio increased 31 bps and 61 bps, resulting in an increase in taxable equivalent interest income of $2.0 million and $16.5 million, for the periods. The three and twelve month periods ended December 31, 2024 were impacted by an increase of 57 bps and 66 bps in the yield earned on the securities portfolio as legacy securities matured with the funds reinvested at higher rates, which resulted in an increase in taxable equivalent interest income of $285,000 and $1.5 million, respectively. Short-term borrowings decreased leading to a decrease of $1.8 million and $3.9 million, respectively, in expense for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023. The rate paid on interest-bearing deposits increased 37 bps and 96 bps, respectively, or $2.1 million and $13.8 million in expense, for the three and twelve month periods ended December 31, 2024 compared to the corresponding periods of 2023 due to the rate environment, an increase in competition for deposits, and a migration of deposit balances from core deposits to higher rate time deposits. The rates paid on time deposits significantly contributed to the increase in funding costs as rates paid for the three and twelve month periods ended December 31, 2024 compared to the same periods of 2023 increased 29 bps and 87 bps, respectively, or $1.7 million and $9.9 million in expense, as deposit gathering campaigns continued to focus on time deposits with a maturity of five to twenty-four months. In addition, brokered deposits have been utilized to assist with funding the loan portfolio growth and contributed to the increase in time deposit funding costs, while lowering the reliance on higher cost short-term borrowings.

Assets

Total assets increased to $2.2 billion at December 31, 2024, an increase of $27.5 million compared to December 31, 2023. Net loans increased $36.9 million to $1.9 billion at December 31, 2024 compared to December 31, 2023, as continued emphasis was placed on commercial loan growth and indirect auto lending. The investment portfolio decreased $10.7 million from December 31, 2023 to December 31, 2024.

Non-performing Loans

The ratio of non-performing loans to total loans ratio increased to 0.47% at December 31, 2024 from 0.17% at December 31, 2023, as non-performing loans increased to $8.9 million at December 31, 2024 from $3.1 million at December 31, 2023. The majority of non-performing loans involve loans that are either in a secured position and have sureties with a strong underlying financial position or have been classified as individually evaluated loans that have a specific allocation recorded within the allowance for credit losses. Net loan charge offs of $228,000 and $540,000 for the three and twelve months ended December 31, 2024, respectively, impacted the allowance for credit losses, which was 0.63% of total loans at December 31, 2024 compared to 0.62% at December 31, 2023. Exposure to non-owner occupied office space is minimal at $14.1 million at December 31, 2024 with none of these loans being delinquent.

Deposits

Deposits increased $116.6 million to $1.7 billion at December 31, 2024 compared to December 31, 2023. Noninterest-bearing deposits decreased $14.2 million to $456.9 million at December 31, 2024 compared to December 31, 2023. Core deposits declined $17.8 million as deposits migrated from core deposit accounts into time deposits as market rates and competition for deposits increased. Core deposit gathering efforts remained focused on increasing the utilization of electronic (internet and mobile) deposit banking by our customers. Core deposits have remained stable at $1.2 billion over the past five quarters. Interest-bearing deposits increased $130.8 million from December 31, 2023 to December 31, 2024 due to growth in the time deposit portfolio of $80.8 million as customers sought a higher rate of interest. Brokered deposit balances increased $53.6 million to $178.3 million at December 31, 2024 as this funding source was utilized to supplement funding loan portfolio growth, while reducing the need to draw upon available borrowing lines. A campaign to attract time deposits with a maturity of five to twenty-four months commenced during the latter part of 2022 and has continued throughout 2023 and 2024 with current efforts centered on five months.

Shareholders’ Equity

Shareholders’ equity increased $13.7 million to $205.2 million at December 31, 2024 compared to December 31, 2023. During the three and twelve months ended December 31, 2024 there were no shares issued under the previously disclosed registered at-the-market offering. A total 31,066 shares for net proceeds of $632,000 were issued as part of the Dividend Reinvestment Plan during the twelve months ended December 31, 2024. Accumulated other comprehensive loss of $5.3 million at December 31, 2024 decreased from a loss of $9.2 million at December 31, 2023 as a result of a decrease in net unrealized loss on available for sale securities to $4.6 million at December 31, 2024 from a net unrealized loss of $6.4 million at December 31, 2023, coupled with a decrease in loss of $2.0 million in the defined benefit plan obligation. The current level of shareholders’ equity equates to a book value per share of $27.16 at December 31, 2024 compared to $25.51 at December 31, 2023, and an equity to asset ratio of 9.19% at December 31, 2024 and 8.69% at December 31, 2023. Tangible book value per share (a non-GAAP measure) increased to $24.97 at December 31, 2024 compared to $23.29 at December 31, 2023. Dividends declared for the three and twelve months ended December 31, 2024 and 2023 were $0.32 and $1.28 per share.

Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products. Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.

NOTE: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Management uses the non-GAAP measure of net income from core operations in its analysis of the company’s performance. This measure, as used by the Company, adjusts net income determined in accordance with GAAP to exclude the effects of special items, including significant gains or losses that are unusual in nature such as net securities gains and losses. Because these certain items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core businesses. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact. The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies; or (vii) any potential adverse events or developments resulting from the merger agreement, dated December 16, 2024, between Penns Woods Bancorp, Inc. and Northwest Bancshares, Inc., including, without limitation, any event, change, or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement or the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or to successfully integrate the business and operations of Jersey Shore State Bank and Luzerne Bank with those of Northwest Savings Bank after closing. For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

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.

Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.

Contact:	Richard A. Grafmyre, Chief Executive Officer
	110 Reynolds Street
	Williamsport, PA 17702
	570-322-1111	e-mail: pwod@pwod.com


PENNS WOODS BANCORP, INC. CONSOLIDATED BALANCE SHEET (UNAUDITED)

	December 31,
(In Thousands, Except Share and Per Share Data)		2024			2023		% Change
ASSETS:
Noninterest-bearing cash	$	19,989		$	28,969		(31.00	)	%
Interest-bearing balances in other financial institutions		8,983			8,493		5.77		%
Total cash and cash equivalents		28,972			37,462		(22.66	)	%

Investment debt securities, available for sale, at fair value		184,542			190,945		(3.35	)	%
Investment equity securities, at fair value		1,111			1,122		(0.98	)	%
Restricted investment in bank stock		20,032			24,323		(17.64	)	%
Loans held for sale		3,266			3,993		(18.21	)	%
Loans		1,877,078			1,839,764		2.03		%
Allowance for credit losses		(11,848	)		(11,446	)	3.51		%
Loans, net		1,865,230			1,828,318		2.02		%
Premises and equipment, net		27,789			30,250		(8.14	)	%
Accrued interest receivable		11,114			11,044		0.63		%
Bank-owned life insurance		45,681			33,867		34.88		%
Investment in limited partnerships		6,691			7,815		(14.38	)	%
Goodwill		16,450			16,450		—		%
Intangibles		107			210		(49.05	)	%
Operating lease right of use asset		2,811			2,512		11.90		%
Deferred tax asset		3,493			4,655		(24.96	)	%
Other assets		15,049			11,843		27.07		%
TOTAL ASSETS	$	2,232,338		$	2,204,809		1.25		%

LIABILITIES:
Interest-bearing deposits	$	1,249,145		$	1,118,320		11.70		%
Noninterest-bearing deposits		456,936			471,173		(3.02	)	%
Total deposits		1,706,081			1,589,493		7.33		%
									%
Short-term borrowings		42,200			145,926		(71.08	)	%
Long-term borrowings		254,588			252,598		0.79		%
Accrued interest payable		4,664			3,814		22.29		%
Operating lease liability		2,889			2,570		12.41		%
Other liabilities		16,685			18,852		(11.49	)	%
TOTAL LIABILITIES		2,027,107			2,013,253		0.69		%

SHAREHOLDERS’ EQUITY:
Preferred stock, no par value, 3,000,000 shares authorized; no shares issued		—			—		n/a
Common stock, par value $5.55, 22,500,000 shares authorized; 8,066,968 and 8,019,219 shares issued; 7,556,743 and 7,508,994 shares outstanding		44,815			44,550		0.59		%
Additional paid-in capital		63,193			61,733		2.37		%
Retained earnings		115,331			107,238		7.55		%
Accumulated other comprehensive loss:
Net unrealized loss on available for sale securities		(4,567	)		(6,396	)	28.60		%
Defined benefit plan		(726	)		(2,754	)	73.64		%
Treasury stock at cost, 510,225 shares		(12,815	)		(12,815	)	—		%
TOTAL SHAREHOLDERS’ EQUITY		205,231			191,556		7.14		%
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,232,338		$	2,204,809		1.25		%


PENNS WOODS BANCORP, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

	Three Months Ended December 31,										Twelve Months Ended December 31,
(In Thousands, Except Share and Per Share Data)		2024			2023		% Change					2024			2023		% Change
INTEREST AND DIVIDEND INCOME:
Loans including fees	$	25,759		$	23,720		8.60		%		$	99,780		$	83,291		19.80		%
Investment securities:
Taxable		1,826			1,476		23.71		%			7,039			5,346		31.67		%
Tax-exempt		59			107		(44.86	)	%			292			517		(43.52	)	%
Dividend and other interest income		607			614		(1.14	)	%			2,587			2,441		5.98		%
TOTAL INTEREST AND DIVIDEND INCOME		28,251			25,917		9.01		%			109,698			91,595		19.76		%

INTEREST EXPENSE:
Deposits		9,523			7,445		27.91		%			35,962			22,131		62.50		%
Short-term borrowings		479			2,317		(79.33	)	%			4,503			8,401		(46.40	)	%
Long-term borrowings		2,686			2,207		21.70		%			10,353			6,099		69.75		%
TOTAL INTEREST EXPENSE		12,688			11,969		6.01		%			50,818			36,631		38.73		%

NET INTEREST INCOME		15,563			13,948		11.58		%			58,880			54,964		7.12		%

PROVISION (RECOVERY) FOR CREDIT LOSSES		420			(1,742	)	124.11		%			121			(1,479	)	108.18		%

NET INTEREST INCOME AFTER PROVISION (RECOVERY) OF CREDIT LOSSES		15,143			15,690		(3.49	)	%			58,759			56,443		4.10		%

NON-INTEREST INCOME:
Service charges		516			533		(3.19	)	%			2,067			2,090		(1.10	)	%
Net debt securities losses, available for sale		(9	)		(68	)	86.76		%			(49	)		(193	)	74.61		%
Net equity securities (losses) gains		(35	)		50		(170.00	)	%			(11	)		15		(173.33	)	%
Bank-owned life insurance		303			171		77.19		%			1,159			1,063		9.03		%
Gain on sale of loans		463			314		47.45		%	.		1,484			1,046		41.87		%
Insurance commissions		128			113		13.27		%			553			529		4.54		%
Brokerage commissions		163			127		28.35		%			684			575		18.96		%
Loan broker income		543			264		105.68		%			1,384			992		39.52		%
Debit card income		385			333		15.62		%			1,437			1,328		8.21		%
Other		253			384		(34.11	)	%			910			930		(2.15	)	%
TOTAL NON-INTEREST INCOME		2,710			2,221		22.02		%			9,618			8,375		14.84		%

NON-INTEREST EXPENSE:
Salaries and employee benefits		7,032			6,284		11.90		%			26,256			25,062		4.76		%
Occupancy		758			746		1.61		%			3,152			3,168		(0.51	)	%
Furniture and equipment		1,233			889		38.70		%			3,669			3,392		8.17		%
Software amortization		339			250		35.60		%			996			843		18.15		%
Pennsylvania shares tax		351			275		27.64		%			1,373			1,082		26.89		%
Professional fees		523			640		(18.28	)	%			2,177			2,953		(26.28	)	%
Federal Deposit Insurance Corporation deposit insurance		385			456		(15.57	)	%			1,564			1,578		(0.89	)	%
Marketing		74			90		(17.78	)	%			283			684		(58.63	)	%
Intangible amortization		25			25		—		%			102			117		(12.82	)	%
Merger expense		735			—		n/a					735			—		n/a
Other		1,525			1,342		13.64		%			6,177			5,617		9.97		%
TOTAL NON-INTEREST EXPENSE		12,980			10,997		18.03		%			46,484			44,496		4.47		%
INCOME BEFORE INCOME TAX PROVISION		4,873			6,914		(29.52	)	%			21,893			20,322		7.73		%
INCOME TAX PROVISION		1,132			1,359		(16.70	)	%			4,154			3,714		11.85		%
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS’	$	3,741		$	5,555		(32.66	)	%		$	17,739		$	16,608		6.81		%
EARNINGS PER SHARE – BASIC	$	0.50		$	0.77		(35.06	)	%		$	2.35		$	2.34		0.43		%
EARNINGS PER SHARE – DILUTED	$	0.49		$	0.77		(36.36	)	%		$	2.35		$	2.34		0.43		%
WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC		7,555,168			7,255,222		4.13		%			7,535,397			7,112,450		5.95		%
WEIGHTED AVERAGE SHARES OUTSTANDING – DILUTED		7,693,185			7,255,222		6.04		%			7,543,111			7,112,450		6.06		%


PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES (UNAUDITED)

	Three Months Ended
	December 31, 2024						December 31, 2023
(Dollars in Thousands)	Average Balance (1)		Interest		Average Rate		Average Balance (1)		Interest		Average Rate
ASSETS:
Tax-exempt loans (3)	$	69,967	$	453	2.58	%	$	68,234	$	478	2.78	%
All other loans		1,806,212		25,401	5.59	%		1,760,509		23,342	5.26	%
Total loans (2)		1,876,179		25,854	5.48	%		1,828,743		23,820	5.17	%

Taxable securities		199,868		2,277	4.63	%		193,744		1,932	4.04	%
Tax-exempt securities (3)		11,317		75	2.70	%		18,041		135	3.03	%
Total securities		211,185		2,352	4.53	%		211,785		2,067	3.96	%

Interest-bearing balances in other financial institutions		13,136		156	4.72	%		11,795		158	5.31	%

Total interest-earning assets		2,100,500		28,362	5.38	%		2,052,323		26,045	5.04	%

Other assets		137,840						130,421

TOTAL ASSETS	$	2,238,340					$	2,182,744

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Savings	$	209,300		266	0.51	%	$	222,740		229	0.41	%
Super Now deposits		220,792		1,070	1.93	%		227,113		1,129	1.97	%
Money market deposits		323,181		2,656	3.27	%		293,542		2,217	3.00	%
Time deposits		504,683		5,531	4.36	%		377,516		3,870	4.07	%
Total interest-bearing deposits		1,257,956		9,523	3.01	%		1,120,911		7,445	2.64	%

Short-term borrowings		38,495		479	4.96	%		163,088		2,317	5.63	%
Long-term borrowings		256,521		2,686	4.17	%		235,998		2,207	3.71	%
Total borrowings		295,016		3,165	4.27	%		399,086		4,524	4.50	%

Total interest-bearing liabilities		1,552,972		12,688	3.25	%		1,519,997		11,969	3.12	%

Demand deposits		454,612						457,546
Other liabilities		25,218						28,786
Shareholders’ equity		205,538						176,415

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,238,340					$	2,182,744
Interest rate spread (3)					2.13	%					1.92	%
Net interest income/margin (3)			$	15,674	2.98	%			$	14,076	2.73	%

1.	Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.	Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.	Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.

	Three Months Ended December 31,
		2024		2023
Total interest income	$	28,251	$	25,917
Total interest expense		12,688		11,969
Net interest income (GAAP)		15,563		13,948
Tax equivalent adjustment		111		128
Net interest income (fully taxable equivalent) (non-GAAP)	$	15,674	$	14,076


PENNS WOODS BANCORP, INC. AVERAGE BALANCES AND INTEREST RATES (UNAUDITED)

	Twelve Months Ended
	December 31, 2024						December 31, 2023
(Dollars in Thousands)	Average Balance (1)		Interest		Average Rate		Average Balance (1)		Interest		Average Rate
ASSETS:
Tax-exempt loans (3)	$	69,448	$	1,943	2.80	%	$	66,863	$	1,849	2.77	%
All other loans		1,796,096		98,245	5.47	%		1,691,742		81,830	4.84	%
Total loans (2)		1,865,544		100,188	5.37	%		1,758,605		83,679	4.76	%

Taxable securities		202,934		9,072	4.47	%		189,804		7,263	3.83	%
Tax-exempt securities (3)		13,045		370	2.84	%		23,872		654	2.74	%
Total securities		215,979		9,442	4.37	%		213,676		7,917	3.71	%

Interest-bearing balances in other financial institutions		11,074		554	5.00	%		10,916		524	4.80	%

Total interest-earning assets		2,092,597		110,184	5.27	%		1,983,197		92,120	4.65	%

Other assets		132,720						131,704

TOTAL ASSETS	$	2,225,317					$	2,114,901

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Savings	$	215,107		1,077	0.50	%	$	231,000		685	0.30	%
Super Now deposits		218,932		4,373	2.00	%		276,868		4,155	1.50	%
Money market deposits		311,836		10,390	3.33	%		292,755		7,024	2.40	%
Time deposits		460,869		20,122	4.37	%		293,252		10,267	3.50	%
Total interest-bearing deposits		1,206,744		35,962	2.98	%		1,093,875		22,131	2.02	%

Short-term borrowings		82,046		4,503	5.49	%		157,140		8,401	5.36	%
Long-term borrowings		256,850		10,353	4.03	%		186,094		6,099	3.28	%
Total borrowings		338,896		14,856	4.40	%		343,234		14,500	4.23	%

Total interest-bearing liabilities		1,545,640		50,818	3.29	%		1,437,109		36,631	2.55	%

Demand deposits		454,878						477,828
Other liabilities		30,680						31,243
Shareholders’ equity		194,119						168,721

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,225,317					$	2,114,901
Interest rate spread (3)					1.98	%					2.10	%
Net interest income/margin (3)			$	59,366	2.83	%			$	55,489	2.80	%

1.	Information on this table has been calculated using average daily balance sheets to obtain average balances.
2.	Non-accrual loans have been included with loans for the purpose of analyzing net interest earnings.
3.	Income and rates on fully taxable equivalent basis include an adjustment for the difference between annual income from tax-exempt obligations and the taxable equivalent of such income at the standard tax rate of 21%.

	Twelve months ended December 31,
		2024		2023
Total interest income	$	109,698	$	91,595
Total interest expense		50,818		36,631
Net interest income (GAAP)		58,880		54,964
Tax equivalent adjustment		486		525
Net interest income (fully taxable equivalent) (non-GAAP)	$	59,366	$	55,489

(Dollars in Thousands, Except Per Share Data, Unaudited)	Quarter Ended
	12/31/2024				9/30/2024				6/30/2024				3/31/2024				12/31/2023
Operating Data
Net income	$	3,741			$	4,801			$	5,390			$	3,808			$	5,555
Net interest income		15,563				15,056				14,515				13,746				13,948
Provision (recovery) for credit losses		420				740				(1,177	)			138				(1,742	)
Net security (losses) gains		(44	)			36				(19	)			(33	)			(18	)
Non-interest income, excluding net security (losses) gains		2,754				2,385				2,044				2,495				2,239
Non-interest expense		12,980				10,884				10,996				11,623				10,997

Performance Statistics
Net interest margin		2.98		%		2.88		%		2.83		%		2.69		%		2.73		%
Annualized cost of total deposits		2.22		%		2.27		%		2.14		%		2.01		%		1.89		%
Annualized non-interest income to average assets		0.48		%		0.43		%		0.37		%		0.45		%		0.41		%
Annualized non-interest expense to average assets		2.32		%		1.95		%		1.98		%		2.10		%		2.02		%
Annualized return on average assets		0.67		%		0.86		%		0.97		%		0.69		%		1.02		%
Annualized return on average equity		7.28		%		9.60		%		11.12		%		8.03		%		12.60		%
Annualized net loan charge-offs (recoveries) to average loans		0.05		%		0.07		%		(0.09	)	%		0.08		%		(0.05	)	%
Net charge-offs (recoveries)		228				328				(396	)			380				(209	)
Efficiency ratio		70.73		%		62.26		%		66.25		%		71.41		%		67.78		%

Per Share Data
Basic earnings per share	$	0.50			$	0.64			$	0.72			$	0.51			$	0.77
Diluted earnings per share		0.49				0.64				0.72				0.51				0.77
Dividend declared per share		0.32				0.32				0.32				0.32				0.32
Book value		27.16				26.96				26.13				25.72				25.51
Tangible book value (Non-GAAP)		24.97				24.77				23.93				23.50				23.29
Common stock price:
High		34.06				23.98				21.08				22.64				23.64
Low		23.74				19.29				17.17				18.44				20.05
Close		30.39				23.79				20.55				19.41				22.51
Weighted average common shares:
Basic		7,555				7,544				7,529				7,513				7,255
Fully Diluted		7,693				7,544				7,529				7,513				7,255
End-of-period common shares:
Issued		8,067				8,065				8,052				8,036				8,019
Treasury		(510	)			(510	)			(510	)			(510	)			(510	)

(Dollars in Thousands, Unaudited)	Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Financial Condition Data:
General
Total assets	$	2,232,338		$	2,259,250		$	2,234,617		$	2,210,116		$	2,204,809
Loans, net		1,865,230			1,863,586			1,855,054			1,843,805			1,828,318
Goodwill		16,450			16,450			16,450			16,450			16,450
Intangibles		107			133			158			184			210
Total deposits		1,706,081			1,700,321			1,648,093			1,618,562			1,589,493
Noninterest-bearing		456,936			452,922			461,092			471,451			471,173
Savings		208,340			211,560			218,354			220,932			219,287
NOW		212,687			218,279			209,906			208,073			214,888
Money Market		308,977			321,614			320,101			299,916			299,353
Time Deposits		340,844			328,294			310,187			292,372			260,067
Brokered Deposits		178,297			167,652			128,453			125,818			124,725
Total interest-bearing deposits		1,249,145			1,247,399			1,187,001			1,147,111			1,118,320

Core deposits*		1,186,940			1,204,375			1,209,453			1,200,372			1,204,701
Shareholders’ equity		205,231			203,694			197,087			193,517			191,556

Asset Quality
Non-performing loans	$	8,904		$	7,940		$	6,784		$	7,958		$	3,148
Non-performing loans to total assets		0.40	%		0.35	%		0.30	%		0.36	%		0.14	%
Allowance for credit losses on loans		11,848			11,588			11,234			11,542			11,446
Allowance for credit losses on loans to total loans		0.63	%		0.62	%		0.60	%		0.62	%		0.62	%
Allowance for credit losses on loans to non-performing loans		133.06	%		145.94	%		165.60	%		145.04	%		363.60	%
Non-performing loans to total loans		0.47	%		0.42	%		0.36	%		0.43	%		0.17	%

Capitalization
Shareholders’ equity to total assets		9.19	%		9.02	%		8.82	%		8.76	%		8.69	%

* Core deposits are defined as total deposits less time deposits and brokered deposits.


Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED)

	Three Months Ended December 31,						Twelve Months Ended December 31,
(Dollars in Thousands, Except Per Share Data, Unaudited)	2024			2023			2024			2023
GAAP net income	$	3,741		$	5,555		$	17,739		$	16,608
Net securities losses, net of tax		35			14			47			141
Merger expenses, net of tax		581			—			581			—
Non-GAAP core earnings	$	4,357		$	5,569		$	18,367		$	16,749

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Return on average assets (ROA)		0.67	%		1.02	%		0.80	%		0.79	%
Net securities losses, net of tax		0.01	%		—	%		—	%		—	%
Merger expenses, net of tax		0.10	%		—	%		0.03	%		—	%
Non-GAAP core ROA		0.78	%		1.02	%		0.83	%		0.79	%

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Return on average equity (ROE)		7.28	%		12.60	%		9.14	%		9.84	%
Net securities losses, net of tax		0.07	%		0.03	%		0.02	%		0.09	%
Merger expenses, net of tax		1.13	%		—	%		0.30	%		—	%
Non-GAAP core ROE		8.48	%		12.63	%		9.46	%		9.93	%

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Basic earnings per share (EPS)	$	0.50		$	0.77		$	2.35		$	2.34
Net securities losses, net of tax		—			—			0.01			0.02
Merger expenses, net of tax		0.08			—			0.08			—
Non-GAAP basic core EPS	$	0.58		$	0.77		$	2.44		$	2.36

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2024			2023			2024			2023
Diluted EPS	$	0.49		$	0.77		$	2.35		$	2.34
Net securities losses, net of tax		—			—			0.01			0.02
Merger expenses, net of tax		0.08			—			0.08			—
Non-GAAP diluted core EPS	$	0.57		$	0.77		$	2.44		$	2.36

(Dollars in Thousands, Except Share and Per Share Data, Unaudited)	Quarter Ended
	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Total shareholders’ equity	$	205,231		$	203,694		$	197,087		$	193,517		$	191,556
Goodwill		(16,450	)		(16,450	)		(16,450	)		(16,450	)		(16,450	)
Intangibles		(107	)		(133	)		(158	)		(184	)		(210	)
Tangible shareholders’ equity	$	188,674		$	187,111		$	180,479		$	176,883		$	174,896

Shares outstanding		7,556,743			7,554,488			7,541,474			7,525,372			7,508,994

Book value per share	$	27.16		$	26.96		$	26.13		$	25.72		$	25.51
Tangible book value per share (Non-GAAP)	$	24.97		$	24.77		$	23.93		$	23.50		$	23.29

The MIL Network –

January 30, 2025

MIL-OSI: AMERANY Launches Revolutionary Staking Protocol for Cryptocurrency Holders

Source: GlobeNewswire (MIL-OSI)

Wellington Central, New Zealand, Jan. 29, 2025 (GLOBE NEWSWIRE) — AMERANY, a leading innovator in the cryptocurrency staking sector, is proud to announce the launch of its groundbreaking staking protocol, designed to enhance passive income opportunities for cryptocurrency investors significantly. With a Total Value Locked (TVL) approaching $200 million, AMERANY stands as one of the largest staking protocols on the market, supporting a wide array of tokens across Ethereum (ETH), Optimism (OP), Arbitrum (ARB), Manta, and other networks.

Staking redefines the utility of staked assets by allowing them to be used for additional staking in different programs or platforms, thereby offering holders the chance to accumulate more rewards. AMERANY’s protocol enables users of ETH, OP, ARB, and other supported tokens to connect to smart contracts, facilitating the reuse of their tokens for extra rewards, making it an attractive option for those looking to maximize their cryptocurrency holdings.

AMERANY has quickly positioned itself as the largest provider regarding the number of supported staking tokens, offering high potential returns to its users. The staking market has seen substantial growth in 2024, with Ethereum staking, led by AMERANY, capturing most of the market’s total value locked.

Supported tokens within the AMERANY ecosystem include, but are not limited to, BNB, LINK, UNI, APT, FTM, USDC, USDT, and other stablecoins, WBTC, as well as wSOL – which is one of the few platforms that allows Ethereum users to purchase and stake SOL.

Plans to expand support to more tokens are underway, promising even greater flexibility and earning potential for users.

The benefits of staking are manifold. It promotes competition among security providers, lowers barriers for new protocols, and strengthens the resilience of Ethereum, Optimism, Arbitrum, Manta, and other supported networks against attacks. Validators earn income through this process, and stakeholders can increase efficiency by diversifying their staked assets across multiple protocols.

“In addition to staking, AMERANY offers staking services and liquid pools for over 60 tokens, with attractive APR yields,” said Eric Smith, CEO at AMERANY. “Our mission is to provide cryptocurrency holders with innovative ways to maximize their investments, and our staking protocol is a testament to this commitment.”

About AMERANY

AMERANY is a leading cryptocurrency staking and staking protocol built on Ethereum, Optimism, Arbitrum, Manta, and other networks. It aims to revolutionize how cryptocurrency holders generate passive income by providing innovative staking and staking solutions. With a TVL approaching $200 million, AMERANY is at the forefront of the staking market, offering high potential returns and supporting a wide range of tokens.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involves risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

The MIL Network –

January 30, 2025

MIL-OSI: Superior Energy Services Announces Stock Split Ratios to Effectuate the Going Private Transaction

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) today announced that in connection with its previously announced plan to suspend the obligations of the Company to file periodic reports and other information pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company’s Board of Directors (the “Board”) determined the reverse stock split ratio to be 1-for-750 and the forward stock split ratio to be 750-for-1. These stock split ratios are within the ranges approved by written consent of the Company’s stockholders on December 16, 2024, pursuant to Section 228 of the Delaware General Corporation Law. The Board also determined to abandon all other stock split ratios within the ranges approved by written consent of the stockholders. As authorized by the Board, the Company will file with the State of Delaware certificates of amendment to the Company’s certificate of incorporation to effectuate the stock splits, which will become effective as of today. Following the effectiveness of the stock splits, the Company will file a Form 15 with the SEC certifying that it has fewer than 300 stockholders, which will suspend the Company’s obligations to file periodic reports and other information pursuant to the Exchange Act.

For more information regarding the going private transaction, please refer to the Schedule 13E-3 and accompanying Disclosure Statement filed with the SEC on January 6, 2025.

About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

Forward-Looking Statements
This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024 and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION CONTACT:
Joanna Clark, Corporate Secretary
1001 Louisiana St., Suite 2900
Houston, TX 77002
Investor Relations, ir@superiorenergy.com, (713) 654-2200

The MIL Network –

January 30, 2025

MIL-OSI: FEV Tutor Closes, Fullmind Steps In to Help Districts Nationwide

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — The recent shutdown of FEV Tutors has created an urgent need among school districts searching for dependable, high-quality academic intervention. At Fullmind, our thoughts are with the students, families, and educators left without critical support due to the closure of FEV Tutors. We stand ready to step in, ensuring that every learner continues to receive the foundational instruction they need for long-term success.

“Everyone is worse off from this. Schools, families, and children already paid for services and will be left without them. The various tutors who would have provided services are left without income. And FEV’s staff are all looking for jobs after being let go without severance. Fullmind can help,” said Ysiad Ferreiras, CEO of Fullmind. “Districts and families deserve a seamless transition to a reliable partner that understands their unique challenges and is prepared to help students thrive.”

He went on to say: “Fullmind has reached out to roughly 100 districts impacted by the shutdown and offered help. We’re prioritizing rapid onboarding for affected schools and are lowering prices to enhance affordability and prioritizing covering educator pay.”

With a passionate team of vetted, state-certified educators and an unwavering commitment to personalized instruction, Fullmind is equipped to help fill the void left by FEV Tutors. Our robust learning solution and dedicated support model ensure that each student receives the targeted assistance they need to accelerate academic progress.

Fullmind has over a decade of experience partnering with school districts and is used daily by over 300 school districts nationwide.

For school districts and educational leaders seeking immediate solutions or exploring partnerships to replace services previously provided by FEV Tutors, please reach out to:

Tomer Ezrachi
tomer.ezrachi@fullmindlearning.com
210-617-3009

SOURCE: Fullmind

Fullmind remains dedicated to supporting students nationwide through high-impact tutoring solutions, especially in the wake of the FEV Tutors closure.

The MIL Network –

January 30, 2025

MIL-OSI: Plymouth Rock Assurance Corporation Names Ethan Tarby as President and Chief Executive Officer

Source: GlobeNewswire (MIL-OSI)

BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) — Plymouth Rock Assurance has named Ethan Tarby as President and Chief Executive Officer of Plymouth Rock Assurance Corporation. Tarby had been serving as interim President and CEO since June 2024. He will lead Plymouth Rock’s Independent Agency Group, which manages more than $1.3 billion of personal auto, commercial auto, motorcycle and umbrella liability premium. Tarby will report to Andrew McElwee, President and Chief Operating Officer of The Plymouth Rock Company.

Tarby joined Plymouth Rock in March 2021 as Chief Marketing Officer of the Independent Agency Group and has taken on increasing levels of responsibility within the organization over the past three-plus years. As CMO, Tarby was responsible for marketing and distribution in the independent agency channel across the six states in which Plymouth Rock operates.

“We conducted a thorough executive search and believe that Ethan is the right person to lead Plymouth Rock’s Independent Agency Group,” said Jim Stone, Founder, Chairman and Chief Executive Officer of The Plymouth Rock Company. “His deep understanding of the business, coupled with his strategic vision and collaborative leadership, has earned the trust and respect of the entire organization.”

“It’s a privilege to lead Plymouth Rock’s Independent Agency Group at this exciting moment in time,” said Tarby. “We have a talented team and our focus will remain on profitably growing our business as a strong personal lines carrier. We want to be preferred by our independent agent partners and trusted by our customers, and I am thrilled to continue in this role towards those goals.”

Tarby is a seasoned insurance executive with more than 20 years of industry experience across diverse responsibilities, including distribution management and analytics in multiple channels, product management, corporate finance, operational excellence, and innovation and growth strategy. He holds degrees from Williams College and Duke University.

This news closely follows the appointment of Greg Kalinsky as President and Chief Executive Officer of the Plymouth Rock Management Company of New Jersey. Kalinsky will oversee Plymouth Rock’s direct-to-consumer auto business as the leader of the company’s Direct Auto Group.

About Plymouth Rock

Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone or by contacting their Plymouth Rock agent. Customers can chat, text or email to get answers quickly and easily. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $2.3 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania. Each underwriting and managed insurance company is a separate legal entity that is financially responsible only for its own insurance products. You can learn more about us by visiting plymouthrock.com.

Media Contact:
V2 Communications on behalf of Plymouth Rock
plymouthrock@v2comms.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37f07d67-36a0-4a40-8f69-57b88ed12bfd

The MIL Network –

January 30, 2025

MIL-OSI: AirBoss Defense Group Awarded New Boot Contract Valued at up to $82.3 Million

Source: GlobeNewswire (MIL-OSI)

JESSUP, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — AirBoss Defense Group (ADG), the global leader in survivability for the assured mobility and chemical, biological, radiological, nuclear (CBRN) communities, is announcing that the U.S. government has selected the ADG Molded AirBoss Lightweight Overboot (MALO) for its CBRN overboot program contract. This is a three (3) year contract expected to be worth up to an aggregate amount of $82.3 million.

ADG has supplied overboots to the United States for over 20 years. The company has held the current contract for this requirement for many years and is proud to have been again selected as the supplier of choice for this critical personal protective equipment (PPE) item for American warfighters. CBRN overboots are in continuous demand by the Department of Defense and the MALO was designed to provide superior protection against chemical and biological threats while providing optimal fit and comfort. The MALO is the solution of choice and is the incumbent program overboot in over sixty countries, with over 6.1 million pair sold to date.

“Our company is pleased to continue providing unique protective and survivability solutions to support American warfighters,” said John Johns, President of ADG. “The MALO is a key component of CBRN protection systems procured by the Department of Defense and we look forward to providing this protective gear to ensure the safety of our warfighters in critical mission environments and challenging conditions.”

ADG has supported the CBRN and PPE needs of the Federal Government for more than two decades and continues to actively assist the Department of Defense to build a stable, secure, and resilient supply chain for high-quality PPE.

About AirBoss Defense Group (ADG)

ADG is a growing survivability company that provides military, law enforcement, medical providers, industrial providers and first responders with a diverse portfolio of protective equipment that spans the entire survivability spectrum. AirBoss Defense, an ADG brand, is a recognized world leader in rapid deployment negative pressure isolation shelters, CBRNE protective equipment, medical protective equipment, and personal respiratory protective products. AirBoss Defense’s emergency response and personal protective equipment is utilized by the Department of Defense, U.S. Department of State, FEMA, CDC, other government agencies and private companies.

For more information, please visit www.adg.com.

FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or ADG’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. ADG cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause ADG’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; ADG’ ability to maintain existing customers or develop new customers in light of increased competition; ADG’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; ADG’ ability to successfully develop and execute effective business strategies; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs; current and future litigation; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of ADG’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to ADG or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, ADG disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about ADG’ business are more fully discussed under the heading “Risk Factors” in AirBoss of America Corp.’s (“AirBoss”) recent Annual Information Form and are otherwise disclosed in AirBoss’ filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

Contact: David Costello
Tel: 617.875.2492
Email: david@risingtidemhd.com

The MIL Network –

January 30, 2025

MIL-OSI: BTCS Inc. Enhances Infrastructure for Improved Performance and Cost Efficiency

Source: GlobeNewswire (MIL-OSI)

SILVER SPRING, Md., Jan. 29, 2025 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a provider of blockchain infrastructure and technology solutions, announced updates to its operations, including the migration of a significant portion of its infrastructure from AWS (Amazon Web Services) to bare metal servers, and the transition of its Builder+ platform from Go to the Rust programming language. These updates aim to improve operational efficiency, optimize system performance, and support developers utilizing BTCS’s technology.

Migration to Bare Metal

As part of BTCS’s ongoing commitment to operational efficiency, the transition to bare metal servers addresses one of the company’s largest non-compensation operating expenses. Better performing dedicated hardware eliminates the overhead costs associated with shared cloud services while providing enhanced reliability and performance. This move aligns with BTCS’s strategy to maximize value while delivering superior results to stakeholders.

Adoption of Rust Programming Language

In addition to the infrastructure upgrade, BTCS has migrated its Builder+ platform—an Ethereum-focused block construction tool—to Rust, a programming language known for its exceptional speed, memory efficiency, and reliability. The switch from Go to Rust has improved the speed and responsiveness of BTCS’s operations. This enhancement should help position Builder+ as a more competitive and innovative solution in the Ethereum ecosystem.

“These advancements underscore BTCS’s commitment to continuous improvement and innovation,” said Benjamin Hunter, VP of Engineering at BTCS. “By reducing costs with bare metal servers and leveraging the speed and efficiency of Rust, we are enhancing our technology infrastructure to gain a competitive advantage.”

The combination of enhanced hardware and a more powerful programming language reinforces BTCS’s position as a premier blockchain infrastructure provider, ensuring the scalability, and efficiency of its operations.

About BTCS

BTCS Inc. (Nasdaq: BTCS) is a U.S.-based blockchain infrastructure technology company currently focused on driving scalable revenue growth through its Ethereum blockchain infrastructure operations. BTCS has honed its expertise in Ethereum network operations, particularly in block building and validator node management. Its branded block-building operation, Builder+, leverages advanced algorithms to optimize block construction for on-chain validation, thus maximizing potential gas fee revenues. BTCS also supports other blockchain networks by operating validator nodes and staking its crypto assets across multiple proof-of-stake networks, allowing crypto holders to delegate assets to BTCS-managed nodes. In addition, the Company has developed ChainQ, an AI-powered blockchain data analytics platform, which enhances user access and engagement within the blockchain ecosystem. Committed to innovation and adaptability, BTCS is strategically positioned to expand its blockchain operations and infrastructure beyond Ethereum as the ecosystem evolves.

Users can explore how BTCS is revolutionizing blockchain infrastructure in the public markets by visiting www.btcs.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws, including statements regarding maximizing value while delivering superior results for stakeholders, expectations from the enhancement from the switch from Go to Rust. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues, unexpected issues with Builder+, unexpected issues with the transition to Rust, as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2023 which was filed on March 21, 2024. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements, whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations:

Charles Allen – CEO

X (formerly Twitter): @Charles_BTCS

Email: ir@btcs.com

Contact

CEO

Charles Allen

BTCS Inc.

ir@btcs.com

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2932e395-ff3e-482b-ac02-08de96e1f9b7

The MIL Network –

January 30, 2025

MIL-OSI: MRF 2025 Resource Limited Partnership: Closing February 25, 2025 – Maximum $50,000,000

Source: GlobeNewswire (MIL-OSI)

TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Middlefield, on behalf of MRF 2025 Resource Limited Partnership (“MRF 2025” or the “Partnership”), is pleased to announce that it has filed a final prospectus relating to the initial public offering of MRF 2025 Class A and Class F units. The offering is being made in each of the provinces of Canada. Closing is scheduled for February 25, 2025.

The objectives of the Partnership are to provide investors with capital appreciation and significant tax benefits to enhance after-tax returns to limited partners, including the deductibility of 100% of their original investment. The Partnership intends to achieve these objectives by investing in an actively managed, diversified portfolio comprised primarily of equity securities of Canadian companies involved in the resource sector.

Middlefield is a leading provider of flow-through share funds in Canada and has a strong track record of delivering positive after-tax returns. Since 1983, Middlefield has sponsored 70 public and private flow-through funds and has acted as agent or manager for over $2.5 billion of resource investments.

The syndicate of agents for the offering is being co-led by CIBC Capital Markets and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Richardson Wealth Limited, Manulife Securities Incorporated, iA Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Wellington-Altus Private Wealth Inc.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

The MIL Network –

January 30, 2025

MIL-OSI: Moody Capital Solutions Consolidates Capitalyst Division into Moody, Enhancing Investment Banking Capabilities

Source: GlobeNewswire (MIL-OSI)

ATLANTA, Jan. 29, 2025 (GLOBE NEWSWIRE) — Moody Capital Solutions, Inc. (Moody Capital), a leading investment bank based in Atlanta, Georgia, is pleased to announce the consolidation of the Capitalyst Advisory Group division into its operations. This strategic move is aimed at expanding Moody Capital’s investment banking services and integrating Capitalyst’s expertise into its business.

Richard Kreger, CEO of Moody Capital Solutions, welcomed Katherine Danielson and Todd Bertsch to the team: “We are thrilled to welcome the Capitalyst division into the Moody Capital family. This consolidation aligns with our commitment to providing top-tier investment banking services and strengthens our position in the market.”

Katherine Danielson, joining Moody Capital Solutions as Managing Director, founded Capitalyst Advisory Group to integrate scalable business practices with a focus on fundraising and successful exits. Katherine brings extensive experience from her leadership roles at Citigroup and Nomura Securities, as well as a dynamic and diverse background. Prior to her career in investment banking, Katherine served for seven years in the U.S. Army as a broadcast journalist, honing her ability to tell compelling stories and communicate effectively under pressure. She also founded the food manufacturing company Zen Monkey Overnight Oatmeal, demonstrating her entrepreneurial acumen and deep understanding of business operations. Katherine holds a Bachelor of Arts in International Relations and Global Studies from the University of Texas and an MBA from Cambridge Judge Business School. On joining Moody Capital, she said: “This is a fantastic opportunity for our team and clients. We look forward to leveraging Moody Capital’s resources and expertise to deliver even greater value and innovative solutions.”

Todd Bertsch, Managing Director of Capitalyst Advisory Group, brings over 25 years of expertise in investment banking, venture capital, and financial technology. A former leader at Bank of America Merrill Lynch, Cowen Inc., and Weild & Co., Todd has overseen operations generating over $100 million in revenues, specializing in capital raising, M&A, and corporate finance.

As co-founder of Gateway Financial Technologies, Todd revolutionized trading through direct market access via FIX protocols, positioning the firm as an industry leader. In venture capital, his role as a Venture Partner at VU Venture Partners has helped high-potential ventures secure funding and strategic partnerships.

Todd’s ability to balance financial, operational, and strategic priorities makes him a trusted advisor to businesses navigating growth. At Capitalyst, he provides tailored fundraising and M&A strategies, helping clients unlock value and achieve sustainable success.

The consolidation will enable Moody Capital to enhance its service offerings, particularly in the areas of capital raising, mergers and acquisitions, and other investment banking services. The integration of Capitalyst Advisory Group’s talented team will further solidify Moody Capital’s reputation as a premier investment banking firm.

For more information, please contact: info@moodycapital.com

About Moody Capital Solutions, Inc.:

Moody Capital Solutions, Inc. is a leading investment bank providing capital raising, mergers and acquisitions, and other investment banking services. Founded in 2002, Moody Capital is dedicated to delivering exceptional financial solutions to its clients.

About Capitalyst Advisory Group:

Capitalyst Advisory Group specializes in providing strategic financial advice and investment banking services to clients across various industries. Known for its innovative approach and commitment to client success, Capitalyst integrates scalable business practices with fundraising and successful exits in mind. Learn more at www.capitalystadvisorygroup.com.

Contact:
Moody Capital Solutions, Inc.
Richard H. Kreger
(845)448-8857
info@moodycapital.com

The MIL Network –

January 30, 2025

MIL-OSI: 2024 Q4 Revenue

Source: GlobeNewswire (MIL-OSI)

€994.6 million in total revenue for 2024, down -5.9%, reflecting the Group’s strategic orientations
- Prioritizing margins over revenue growth
- Managed decrease in the most mature markets
- Focus on the Group’s profitable growth drivers, primarily in Germany and in Energy activities
Q4: €251.8 million in revenue, down -12.4%
- Q4 2023 comparison basis particularly high
- Impact of selectivity measures implemented in Q2 in the telecom sector in France and Spain
- Fiber activity in Belgium remains low as negotiations continue between telco service providers seeking to pool their investments.
- Strong growth in Germany, the group’s future third pillar: +51%
- Strong growth in Energy activities: +30%
2024 full-year margin outlook confirmed
- Improvement of the Group’s adjusted EBITDA margin
- Increase in adjusted EBITDA despite the revenue decline, demonstrating the relevance of the Group’s reinforced selectivity strategy

	12 months			Q4
In millions of euros (unaudited)	2024	2023	% change	2024	2023	% change
Group	994.6	1,057.0	-5.9%	251.8	287.3	-12.4%
Benelux	371.6	381.6	-2.6%	92.7	112.0	-17.2%
France	360.6	403.3	-10.6%	90.5	105.6	-14.3%
Other Countries	262.4	272.1	-3.6%	68.6	69.7	-1.6%

Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “As previously announced, Solutions30’s 2024 revenue trends reflect the Group’s strategic priorities, with a stronger focus on margins over revenue growth in a mixed market environment. In the fourth quarter, we continued to selectively scale back our revenue in our most mature segments, particularly in telecoms in France and Spain, in order to enhance operating margins. Meanwhile, fiber activity in Belgium remained temporarily subdued due to ongoing negotiations between service providers. At the same time, our key growth drivers – primarily Germany and energy transition-related services – continued to expand. Notably, energy services now represent nearly 20% of our fourth-quarter revenue. We confirm our objective of increasing the Group’s adjusted EBITDA for the full year 2024, despite the revenue decrease. This demonstrates our ability to significantly improve operating margins and highlights the effectiveness of our selectivity strategy in the market environment we faced in 2024.”

Consolidated revenue

In 2024, Solutions30’s consolidated revenue stood at €994.6 million, down -5.9% compared to 2023. This includes an organic contraction of -6.5%, a +0.2% impact from acquisitions, and a +0.4% favorable exchange rate effect.

It also reflects the Group’s strategic objectives, as outlined during the Capital Markets Day on September 26, 2024, in a context where Solutions30 operates across markets and business segments at different stages of maturity. The Group has chosen to increasingly prioritize margins over revenue growth, leading to a scaling down in the French and Spanish telecom sectors, where certain contracts no longer met profitability requirements. At the same time, Solutions30 is accelerating the expansion of its profitable growth drivers in Germany and in the energy sector.

Q4 consolidated revenue stood at €251.8 million, down -12.4% (-12.9% organically) compared to Q4 2023, which represented a particularly high basis for comparison (€287.3 million). Trends in Q4 remained in line with those observed in Q3, with: (i) the impact of selectivity measures implemented in Q2 in the French and Spanish telecom sectors, (ii) continued low levels of activity in Benelux, largely due to ongoing negotiations between Belgian service providers seeking to pool their fiber roll-out investments, and (iii) continued strong momentum in the Group’s key growth drivers: Germany, where fiber deployments are accelerating rapidly, and Energy services, a business the Group is successfully expanding.

Benelux

2024 Q4 revenue in Benelux stood at €92.7 million, down -17.2% (-17.6% organically) from a particularly high comparison basis (+61% in Q4 of 2023). Connectivity activities posted revenue of €67.3 million in Q4, down
-26%. In Belgium, fiber optic deployment remained hindered by ongoing negotiations between telecom service providers seeking to streamline nationwide deployment. These negotiations continued to cause delays in activity for Solutions30, with the impact further amplified in Q4 by the merger of two of its local clients, Proximus and Fiberklaar, which led to discussions on adapting operational processes.

Revenue from Energy activities reached €16.4 million in Q4, posting a modest 1.8% increase. While the roll-out of smart meters in Flanders has reached a plateau, further roll-outs in Wallonia and growth in network services are expected to drive momentum in the coming quarters. Meanwhile, Energy services in the Netherlands have slowed down due to electrical grid congestion, which is expected to prompt additional infrastructure investments.

Technology Solutions remained strong, generating €9.0 million in revenue, up +67%, driven by the launch of a new IT support contract.

2024 annual revenue in Benelux reached €371.6 million, down slightly by -2.6% (-2.8% organically), after extremely strong growth (+72%) in 2023.

France

In France, 2024 Q4 revenue was €90.5 million, down -14.3% on an organic basis. This decrease is primarily attributable to Connectivity activities, which contracted by -38.2% to €45.2 million, following the selectivity measures implemented since the second quarter. As part of its strategic focus on profitability, the Group has significantly reduced its exposure to certain contracts that no longer met its profitability standards, with the impact further amplified by the slowdown in the fiber deployment market observed since the beginning of the year.

The Group continues to successfully expand its Energy business, which posted strong growth of +54% in the fourth quarter, reaching €26.0 million in revenue, or 29% of the total. Supported by highly favorable structural trends, this segment is gradually establishing itself as a major growth driver for Solutions30, particularly in the photovoltaic sector, where the Group is achieving significant commercial and operational successes, recording a +72% increase in the fourth quarter. Momentum also remains strong in energy network services, which grew by +61% over the period.

Technology activities sustain a strong momentum, generating €19.3 million in revenue in Q4, up +24%. Following an exceptional surge in business during the 2024 Paris Olympics in Q2, IT support services continued to grow strongly, driven by the expansion of Internet of Things solutions, particularly the installation of smart thermostats.

Annual revenue for France in 2024 stood at €360.6 million, down -10.6%, including a -11% organic contraction and a +0.4% contribution from recent acquisitions.

Other Countries

In Other countries, the group generated €68.6 million in revenue in Q4 2024, down slightly by -1.6%. This includes an organic decline of -3.4% and a positive currency impact of +1.8%, reflecting the appreciation of the zloty and pound sterling against the euro during this period.

In Germany, Solutions30 is capitalizing on exceptional market momentum, with 2024 Q4 revenue increasing by +51.3% to €24.6 million. Coaxial network services remain strong while fiber growth is picking up speed. Firmly established with the leading national telecom operators, the Group has the organization, expertise, and resources required to play a key role in accelerating roll-outs in the coming quarters.

Solutions30 has continued to grow in Poland, with +6.4% revenue growth in Q4, reaching €15.1 million. While it has, until now, focused on Connectivity activities in this country, the Group recently won two electric vehicle charging infrastructure contracts with two major players, Ekoenergetyka and Inbalance Grid (see press release dated January 8, 2025).

In Italy, Q4 revenue totaled €14.5 million. Business has returned to growth, posting a +6.2% increase over the period. However, this growth is offset by the positive impact of 2023 negotiations with the Group’s main Italian client, which was fully accounted for in Q4 2023, despite covering the entire fiscal year. This distorts the comparison, resulting in an apparent -10.6% decline in Q4 2024.

In Spain, revenue amounted to €7.3 million, down -44.1% due to steps taken in Q2 to reduce the Group’s exposure to the mature telecoms market. The restructuring of the Connectivity business and the refocus on the Energy and Technology activities are ongoing.

Finally, In the United Kingdom, revenue came in at €7.2 million, down -28.4% compared to Q4 2023. The Group continues to shift its focus toward the fiber and energy services markets, driven by a newly appointed local management team.

In 2024, annual revenue for Other Countries was €262.4 million, down -3.6%, including a -5.0% organic contraction and a positive exchange rate effect of +1.4%.

2024 full-year margin outlook confirmed

For the whole of 2024, Solutions30 confirms its outlook for an improvement in its adjusted EBITDA margin, as well as an increase in adjusted EBITDA in absolute terms, despite the decline in revenue. This demonstrates the effectiveness of the selectivity strategy implemented by the Group in 2024.

Governance

Today the Supervisory Board appointed Mrs. Paola Bruno as Vice Chair of the Supervisory Board. A valued member of the Supervisory Board since 2023, Paola Bruno will continue to bring her extensive experience in corporate finance and strategy to this leadership role and to Solutions30 organization as a whole.

Webcast for Investors and Analysts
Date: Wednesday, January 29, 2025
6:30 PM (CET) – 5:30 PM (GMT)

Speakers
Gianbeppi Fortis, Chief Executive Officer
Amaury Boilot, Group General Secretary

Connection Details
Webcast in French: https://channel.royalcast.com/landingpage/solutions30-fr/20250129_1/

Upcoming Events

2024 Earnings Report March 31, 2025

About Solutions30 SE

Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
Visit our website for more information: www.solutions30.com.

Contact

Individual Shareholders:
Tel: +33 (0)1 86 86 00 63 – shareholders@solutions30.com

Analysts/Investors:
investor.relations@solutions30.com

Press – Image 7:
Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

Attachment

PR Q4 29012025

The MIL Network –

January 30, 2025

MIL-OSI: StuffThatWorks Survey Reveals High Patient Interest in Participating in Clinical Trials

Source: GlobeNewswire (MIL-OSI)

Data from the largest patient-reported real-world data exploration underlines new opportunities for medical research to accelerate drug development

Over 93 percent of more than 6,000 respondents are interested in learning about clinical trials relevant to their condition, but unexpected barriers delay participation

GAASH, Israel, Jan. 29, 2025 (GLOBE NEWSWIRE) — StuffThatWorks, the largest, most up-to-date crowd-sourced patient-centric real-world data optimized for the medical and research community, today released the results of a new custom survey, Barriers in Clinical Trials, which shows that patients are primed to participate in clinical research¹. The survey taps the reactions of over 6,000 patients with chronic conditions and reveals that an overwhelming majority of respondents consider clinical trials a path to accessing new medical treatments, with more than 93 percent interested in learning about trials that are relevant to their condition.

In addition, nearly 57 percent of respondents report that they are severely impacted by their medical condition, with nearly 43 percent believing they have exhausted all other treatment options, highlighting an urgent need for additional treatment pathways. The survey’s findings also reinforce the need for more proactive engagement and education; nearly 96 percent of respondents reported they received little or no information from providers about clinical trials in the last six months.

“The survey data reveal a desire among patients to access clinical trials as viable treatment options, underscoring the need for medical professionals to actively consider clinical research for addressing their patients’ needs,” said Yael Elish, Founder and CEO of StuffThatWorks and a WAZE founding team member. “This unique patient perspective and experience collected in structured form along with other organized health information provides valuable insights and underlines a new way for clinicians and researchers to engage with patients to better inform the development of study protocols to benefit patients and advance the science of medicine.”

The survey was conducted among patients with chronic conditions through StuffThatWorks, the world’s first large scale patient-generated Real World Data platform. StuffThatWorks empowers patients to transform their experiences and health information into structured organized Real World Data optimized for patient centric Real World Data research. Research organizations receive near real time comprehensive access to organized aggregated, de-identified data and corresponding patients.

With over 3 million members across 1,250+ conditions and 1.3 billion data points in the U.S. and globally, StuffThatWorks is the largest and most up-to-date patient-generated crowd-sourced Real World Data optimized for generation of unique patient journey insights. From rare to common chronic conditions, patient insights covering various topics, including symptoms, treatments, and disease burden, can be generated in real-time and broken down by racial and ethnic demographics, geography, lifestyle, symptoms, and more. In addition to real-time access to the data set, on-demand custom surveys like this current Barriers to Clinical Trial initiative can be fielded to gain real-world insights from patients.

Patients on StuffThatWorks share anonymized health information at scale on an ongoing basis. Instead of exhausting patients by re-asking mundane questions, our approach allows us to benefit from the already collected patient data and to conduct follow-up surveys for the missing information only. In addition, customers benefit from built in powerful analysis and insight generation tools that cross all conditions.

“Until now, researching the experience of people living with chronic conditions in the real world meant interviewing individual patients or running one-off limited surveys, which are time-consuming, costly, and, more importantly, limited in their ability to represent the diversity of patient populations and to provide insight beyond the limited number of questions possible,” added Elish. “Patient crowdsourcing at scale can reveal unmatched insights on any patient-centric topic, in this case – the insights needed to address barriers to patient participation in clinical trials.”

The custom survey Barriers in Clinical Trials included 6,004 respondents with an average age of 61. Patients who participated in the survey suffered from a wide range of chronic conditions, including COPD, fibromyalgia, peripheral neuropathy, tinnitus, osteoarthritis, COVID-19, multiple sclerosis, migraine, high blood pressure, and clinical depression.

The study also revealed that:

Most respondents (98 percent) perceive clinical trials as a path through which they can significantly benefit by being included in the development of new medical options
Nearly one-third (29 percent) shared that their primary motivation for participating in clinical trials is to help advance science
Almost one-quarter (23 percent) want to participate in clinical research because they have no other treatment options available
For nearly one-quarter (23 percent), their physician recommended their participation in a trial, but the obstacles to involvement are travel costs and lost wages the patient would shoulder
One fifth (19 percent) of respondents shared that having their medical treatment and/or receiving an honorarium would motivate them to participate in a study
In addition, 41 percent shared being in a stressful or challenging financial situation, and more than 31 percent said their financials impact decision-making
Only 13 percent had a doctor explain why a clinical trial could be helpful for their condition, and an overwhelming majority (nearly 96 percent) revealed they did not receive information from doctors about clinical trials in the last six months
Participants indicated they are flexible regarding the possible format of clinical trials and would participate in in-person, virtual, or hybrid settings.

“The survey’s data show that patients are not simply willing; they are eager to participate in clinical trials, provided they are informed and supported throughout the process,” said Chantal Beaudry, Senior Partner, Health Communications and Patient Recruitment at FINN Partners. “This dataset provides unique, real-world perspectives invaluable to organizations seeking to engage patients more effectively and optimize their clinical trials.” FINN Partners is working with StuffThatWorks to ensure these data are shared broadly to encourage greater participation in clinical trials and accelerate the delivery of new indications and therapies to patients.

Additional data from the survey is being analyzed to provide information regarding insights and barriers in specific patient populations. This comprehensive database of patient-reported outcomes is now available for custom research and real-time data analysis. These custom surveys are a new offering and can be enriched with past and future data from the comprehensive StuffThatWorks database.

For more information regarding StuffThatWorks, please visit www.stuffthatworks.health.

About StuffThatWorks

Created by Waze founding team members, StuffThatWorks uses crowdsourcing and AI to transform shared patient experiences and data into the first organized large scale, multidimensional, longitudinal, real-world data set facilitating a neutral representation of diverse populations and treatments, insights generation and direct engagement with patients throughout their journey.

StuffThatWorks is the home to 3M members across 1,250 condition communities that have so far shared 1.3B data points. Already the largest organized Patient Level Real World Data platform, StuffThatWorks is differentiated by its powerful data collection, structuring and organization infrastructure. The unique, proprietary data set and unique AI and powerful Chat GPT like capabilities enable the efficient generation of insights for research, market access and drug development.

Data on file

Contact:
Glenn Silver, Media Relations
FINN Partners
+1 973 818 8198

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49b9fbd5-e984-4f2e-ba4e-22217f2c5ee6

The MIL Network –

January 30, 2025

MIL-OSI: Mark Cuban Foundation Partners with The National Museum of Nuclear Science & History to Bring AI Education to Albuquerque Area Teens

Source: GlobeNewswire (MIL-OSI)

ALBUQUERQUE, N.M., Jan. 29, 2025 (GLOBE NEWSWIRE) — The Mark Cuban Foundation is proud to announce a pioneering museum pilot program in partnership with The National Museum of Nuclear Science & History. The program will bring the highly acclaimed Artificial Intelligence (AI) Bootcamp to Albuquerque area high school students. This collaboration emphasizes the Foundation’s mission to reach students in underserved and previously unconnected regions, providing them with opportunities to engage with innovative technology.

The program aims to provide students with a foundational understanding of artificial intelligence and its applications to future careers. Students can select from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness. Driven by the belief that fostering interest in AI at a young age is crucial for preparing the next generation for their future, the AI Bootcamps are introductory and accessible to students in 9-12 grade with an interest in technology. Students do not need any familiarity with computer science or programming to attend.

This free AI Bootcamp is hosted for underserved high school students with a transparent focus on recruiting girls, students of color, first generation college students, and those from low to moderate income households. The AI Bootcamp Program provides students with lunch and a snack, transportation assistance, and technology equipment during bootcamp.

“As AI continues to become an undeniable force in all of our lives, it’s crucial that we open the door to this knowledge, especially to young people who want to explore it,” said Mark Cuban, founder. “While technology expands and becomes more advanced, it becomes more critical that we ensure our students are prepared when they apply for schools or jobs in the future. Thanks to our work with The National Museum of Nuclear Science & History, the bootcamp will offer an avenue to explore this fascinating field of technology to any student, no matter their means.”

This year’s bootcamp, taking place in Albuquerque March 17-19, is hosted and staffed by The National Museum of Nuclear Science & History, the only congressionally chartered museum dedicated to the history and science of nuclear technology.

“We are thrilled to partner with the Mark Cuban Foundation to bring this innovative AI Bootcamp to Albuquerque high school students,” said Gabriel Nemiroff, Director of Education at The National Museum of Nuclear Science & History. “This program is a fantastic opportunity for students to explore the exciting world of artificial intelligence and its potential applications in their future careers. We believe that AI has the power to revolutionize many industries, and we want to ensure that all students have the chance to learn about this important technology.”

Apply for the bootcamp at: markcubanai.org.

Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.

To learn more, visit markcubanai.org.

This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp
Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.

About Mark Cuban Foundation’s AI Bootcamp Initiative
The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays underserved 9^th – 12^th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.

About The National Museum of Nuclear Science & History

The National Museum of Nuclear Science & History was established in 1969 as an intriguing place to learn the story of the Atomic Age, from early research of nuclear development through today’s peaceful uses of nuclear technology. Visitors can explore how nuclear science continues to influence our world. Through permanent and changing exhibits and displays, the museum strives to present the diverse applications of nuclear science in the past, present, and future, along with the stories of the field’s pioneers. The National Museum of Nuclear Science & History is a Smithsonian Affiliate and is accredited through the American Alliance of Museums.

The MIL Network –

January 30, 2025

MIL-OSI: MCQ Markets announces Solana and RWA Strategy for the Future of Data Authenticity and Tokenization of Collector Cars on the Blockchain

Source: GlobeNewswire (MIL-OSI)

MIAMI, Jan. 29, 2025 (GLOBE NEWSWIRE) — MCQ Markets, an emerging leader in the automotive alternative asset investment space, is thrilled to announce its new strategic endeavor pioneering the curation of ultra-rare luxury vehicles and collectibles via tokenization and data authentication on the Solana Blockchain.

MCQ provides individuals the opportunity to diversify their investment portfolios with iconic automobiles through their SEC-qualified offerings – breaking down barriers traditionally associated with luxury car ownership.

MCQ Markets is creating a series of NFTs for each car to be sold on the MCQ platform, ensuring the data authenticity of all automobiles and collectibles. Each vehicle will be linked to a unique NFT, securely storing vital information such as VIN, mileage, acquisition date, and more. This secure and immutable digital ledger will ensure all records are tamper-resistant and fully transparent.

Backed by the Solana Foundation, which drives the adoption of the Solana blockchain, this integration ensures the seamless tokenization of real-world assets (RWA) like these collector cars, setting a new standard for transparency and innovation in Web3. By leveraging scalability and efficiency offered on the Solana blockchain, MCQ Markets is laying the foundation for the future of data secure authentication in the collector car market, ensuring verified historical records and market valuations.

CEO of MCQ Markets, Curt Hopkins, shared, “This integration will bring the technical prowess and security of the blockchain to the automotive world, ensuring authenticity, provenance, and transparency for our investors. This partnership will enable MCQ Markets to explore new frontiers in Web3 and be at the forefront of creating the future automotive collecting.”

MCQ Markets has received an investment from SOL Global Investments Corp. as part of their 2025 Solana ecosystem investment strategy. Curt continued, “This investment into MCQ Markets from SOL Global highlights the innovative potential of Solana’s blockchain technology to revolutionize traditional and alternative asset classes, providing a new level of authenticity and provenance to all investments.”

About MCQ Markets
MCQ Markets is redefining luxury asset ownership by making exotic automobiles attainable through its innovative fractional ownership model. The platform serves both passionate enthusiasts and seasoned investors, democratizing luxury ownership and allowing more individuals to invest in assets that were previously out of reach. For more information, please visit: https://on.mcqmarkets.com/pr.

Investments contain a high degree of risk. You should carefully review the MCQ Markets offering circular before deciding to invest, a copy of which is available on the Securities and Exchange Commission’s website, linked here: https://www.sec.gov/Archives/edgar/data/2025795/000149315224023512/partiiandiii.htm.

About Solana Foundation
The Solana Foundation is dedicated to the adoption and growth of the Solana blockchain, one of the world’s fastest and most scalable decentralized networks. By enabling secure, low-cost, and energy-efficient transactions, Solana powers the next generation of blockchain-based innovations across finance, gaming, and real-world asset tokenization. For more information, visit: https://solana.org/.

Contact Information:
MCQ Markets Media Contact
Email: press@mcqmarkets.com

The MIL Network –

January 30, 2025

MIL-OSI: Elliott Broidy and Dr. Thomas Kaplan Co-Chair Fundraising Initiative to Convert Nazi Commandant’s Home Adjacent to Auschwitz into a New Global Center for Combating Antisemitism, Extremism, and Hate

Source: GlobeNewswire (MIL-OSI)

Boca Raton, Jan. 29, 2025 (GLOBE NEWSWIRE) — On January 27^th, International Holocaust Remembrance Day and the 80th anniversary of the liberation of Auschwitz, entrepreneurs, philanthropists, and co-chairs of The Fund to End Antisemitism, Extremism, and Hate, Elliott Broidy and Dr. Thomas Kaplan announced the launch of a major fundraising campaign to help fund the Auschwitz Research Center on Hate, Extremism, and Radicalization (ARCHER) at House 88.

Spearheaded by the Counter Extremism Project (CEP), ARCHER aims to transform the former residence of Auschwitz Commandant Rudolf Höss in Oświęcim, Poland, from a center of hate to a center against hate in all forms. In addition to the residence, famed architect Daniel Libeskind has designed an extraordinary new building on the grounds of House 88 to house the organization’s research, education, and advocacy activities.

“This historic initiative represents a crucial step in our fight against extremism,” said Ambassador Mark D. Wallace, CEO of the Counter Extremism Project. “ARCHER at House 88 will serve as a vital hub for research, education, and—crucially—action in countering hate, antisemitism, and extremism globally.”

“The lessons of history demand that we do more than just remember—we must act,” said Dr. Thomas Kaplan. “ARCHER at House 88 is not just about preserving history; it is about changing the future. By transforming this house—once a symbol of unimaginable evil—into a center dedicated to combating extremism and hate, we are sending a powerful message. But we cannot do this alone.”

Elliott Broidy added, “This is a call to action—our fundraising efforts are critical to ensuring that this initiative succeeds in its mission to create a world free from extremism. I am thrilled that leaders and philanthropists Aryeh Bourkoff, Senator Norm Coleman, Eric Herschmann, Kenneth B. Mehlman, George Schaeffer, Lenny Sands, Ambassador Mark D. Wallace, and Dr. Herbert Wertheim have all joined the Board of the Fund.” (Board In Formation)

Senator Norm Coleman said, “I am honored to stand in support of ARCHER at House 88 and its mission to confront antisemitism and extremism head-on. Converting the former Auschwitz Commandant’s residence into a global center for education and advocacy sends a resounding message: antisemitism, extremism, and hate will never prevail, and we are committed to building a future defined by tolerance and understanding.”

Businessman Kenneth B. Mehlman said, “Never Again must be more than a slogan. It requires active engagement, education, and vigilance. ARCHER at House 88 will honor Auschwitz’s victims by educating, engaging, and warning future generations about the evils of genocidal hatred.”

The ARCHER initiative is now actively seeking additional support to expand its programs, including:

A fellowship program for leading scholars focused on extremism research

Educational programs for policymakers, educators, and the public
Policy advocacy implementing actionable strategies to combat hate

To learn more about ARCHER at House 88 or to make a donation, visit https://www.counterextremism.com/donate.

For media inquiries:
Vlad Drazdovich – vlad@redbanyan.com
(954) 773-9456

For fundraising inquiries:
Robert Benton – rbenton@counterextremism.com

About Elliott Broidy
Elliott Broidy is an entrepreneur, investor, and philanthropist with a career spanning four decades. As Chairman and CEO of Broidy Capital Holdings, he has invested in over 160 companies across multiple industries. Since 9/11, his investments have focused on companies in the public safety and national security sectors. Through his philanthropic efforts, he has supported numerous organizations dedicated to countering hate and extremism, including The Simon Wiesenthal Center-Museum of Tolerance, The Counterterrorism Education Learning Lab (CELL), the George Washington University Program on Extremism, and StandWithUs.

About Dr. Thomas Kaplan
Dr. Thomas Kaplan is a philanthropist, entrepreneur, and advocate for global education, cultural preservation, and the fight against extremism. As the former President and Chairman of New York’s 92nd Street Y, a world-renowned Jewish community and cultural center in New York, Dr. Kaplan has long supported initiatives that promote Jewish history and cultural awareness. He is also the founder of the Recanati-Kaplan Intelligence Fellows Program at Harvard’s Belfer Center and co-creator of a similar program at Yale’s Jackson School of Global Affairs, furthering advancements in intelligence and geopolitical strategy. Through his philanthropic work, Dr. Kaplan is committed to fostering education, historical preservation, and impactful global change.

About ARCHER at House 88
ARCHER at House 88 is a global research and education center dedicated to combating extremism, antisemitism, and hate. Established by the Counter Extremism Project (CEP) in collaboration with the Auschwitz-Birkenau Museum and UNESCO, the center serves as a hub for scholarly research, policy development, and public education.

About the Counter Extremism Project (CEP)
The Counter Extremism Project (CEP) is a nonprofit, non-partisan policy organization formed in 2014 to combat extremism by pressuring financial and material support networks; combating online recruitment and communications; and promoting progressive laws, policies, and, regulations.

The MIL Network –

January 30, 2025

Category: GlobeNewswire