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Category: GlobeNewswire

  • MIL-OSI: 180 Degree Capital Corp. Responds to Non-Binding Proposal from Source Capital

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) notes that its Board of Directors (the “Board”), including the Special Committee of the Board, has evaluated the non-binding proposal from Source Capital issued on January 24, 2025 (the “Source Proposal”), pursuant to the requirements of Section 7.10 of the Agreement and Plan of Merger by and among 180 Degree Capital Corp., Mount Logan Capital Inc. (“Mount Logan”), Yukon New Parent, Inc., Polar Merger Sub, Inc. and Moose Merger Sub, LLC, dated January 16, 2025 (the “Merger Agreement”). Based on this assessment, the Board has determined that the Source Proposal does not constitute a TURN Superior Proposal (as defined in the Merger Agreement) and does not, at this time, otherwise satisfy the criteria set forth in Section 7.10(a) of the Merger Agreement.

    The Board takes its fiduciary responsibilities seriously and is deeply committed to value creation for all of 180 Degree Capital shareholders. The Board unanimously reaffirms its support of the proposed strategic business combination with Mount Logan as contemplated by the Merger Agreement as being in the best interests of all 180 Degree Capital shareholders. The Board believes that the proposed merger with Mount Logan would provide unique and value-creating benefits as described in the joint investor presentation previously publicly filed by 180 Degree Capital on January 17, 2025, and available on its website at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger.

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. 180 Degree Capital’s goal is that the result of its constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    About Mount Logan Capital Inc.

    Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

    ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed-end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

    Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

    Additional Information and Where to Find It

    In connection with the Business Combination, 180 Degree Capital intends to file with the Securities and Exchange Commission (“SEC”) and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”). In addition, New Mount Logan plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This press release is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This press release, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    The MIL Network –

  • MIL-OSI: Dynamite Blockchain Restructures Investment in Kaspa Mining Limited

    Source: GlobeNewswire (MIL-OSI)

    Vancouver, B.C., Jan. 29, 2025 (GLOBE NEWSWIRE) — Dynamite Blockchain Corp. (the “Company” or “Dynamite”) (CSE: KAS) is pleased to announce that, further to its news release dated December 2, 2024, it has terminated its previously proposed acquisition (the “Original Acquisition”) of 100% of the outstanding shares of Kaspa Mining Limited (“Kaspa Mining”) and entered into a new arm’s length share purchase agreement (the “Restructured Agreement”) dated January 28, 2025.

    About Kaspa Mining Limited

    Kaspa Mining’s operation is composed of 25 Bitmain KS5 Pro miners collectively producing approximately 510 TH/s towards the mining of Kaspa and is hosted pursuant to a competitively priced management services agreement (the “MSA”) with 1001038815 Ontario Inc. (the “Mining Host“).

    Among other things, the MSA (i) provides Kaspa Mining with a competitive electricity rate of CAD $0.055 per kilowatt-hour, (ii) hosts Kaspa Mining’s operation through the Mining Host’s proprietary AI-driven optimization software, KASPAMind, which is designed to enhance mining efficiency, optimize hardware performance and maximize rewards by adapting to Kaspa’s unique proof-of-work (PoW) architecture and (iii) allows Kaspa Mining the ability to increase operational capacity to 100 miners with continued support.

    About Kaspa

    Kaspa’s innovative blockDAG architecture enables this digital asset to be scalable, secure and decentralized, by allowing multiple blocks to be created and validated simultaneously1. Due to this, Kaspa achieves significant transaction throughput without compromising security or decentralization2. The Company believes these attributes position Kaspa as a truly scalable and sustainable digital asset for real-world applications.

    “This acquisition marks another significant step towards the Company’s mission to become a leader in the Kaspa ecosystem,” commented Akshay Sood, CEO of Dynamite.

    “At Dynamite Blockchain, we believe in leading with purpose and innovation. By integrating a minority interest in Kaspa Mining’s robust operations into our ecosystem, we are not only indirectly strengthening our mining capabilities but also reinforcing our position as a key player in shaping the future of blockchain technology,” added Mr. Sood.

    The Restructured Agreement provides for the Company’s acquisition of an initial 20% stake in Kaspa Mining from Kaspa Mining’s current shareholders (the “Vendors”) for CAD$1 million, to be settled by way of an interest-bearing promissory note providing for, among other things, minimum payments by the Company of $200,000 every six months until maturity. As a result of the termination of the Original Acquisition, the Company will no longer be issuing the 30,000,000 shares associated with that transaction. The Restructured Agreement provides for a right of first refusal in the Company’s favour in respect of further transfers of shares of Kaspa Mining by the Vendors and a pre-emptive right in the Company’s favour in respect of future equity issuances by Kaspa Mining. The Company expects to make the payments with the proceeds from future equity and fundraising efforts. Completion of the Restructured Agreement is subject to customary conditions precedent and is targeted for January 30, 2024.

    “This acquisition signifies Dynamite Blockchain’s commitment to driving the adoption and utility of Kaspa as a next generation blockchain ecosystem. In doing so, the Company intends to continue laying the groundwork for transformative applications and cutting-edge infrastructure that will redefine how decentralized systems operate in the real world”, concluded Mr. Sood.

    On behalf of the Company,
    ‎
    Akshay Sood,
    Chief Executive Officer
    Telephone: 236-259-0279

    About Dynamite Blockchain Corp.

    Dynamite Blockchain is a blockchain technology infrastructure company focused on building a diversified blockchain ecosystem focused on Kaspa.

    Forward-Looking Statements

    The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements in this news release include, without limitation, statements respecting: the Restructured Agreement and completion of the transactions contemplated therein; AI-driven KASPAMind software’s ability to enhance mining efficiency, optimize hardware performance and maximize rewards by adapting to Kaspa’s unique proof-of-work (PoW) architecture; further expansion of Kaspa Mining’s operation under the MSA; Kaspa being a truly scalable and sustainable digital asset for real-world applications; the further strengthening of Dynamite’s mining capabilities and the reinforcement of its position as a key player in shaping the future of blockchain technology; Dynamite’s commitment to driving the adoption and utility of Kaspa as a next generation blockchain ecosystem; and the Company’s intention to continue lay the groundwork for transformative applications and cutting-edge infrastructure that will redefine how decentralized systems operate in the real world. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.

    The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

    Footnotes:

    1.Kaspa Homepage: https://kaspa.network/ 
    2.Kaspa Technology Overview: https://kaspa.network/technology/

    The MIL Network –

  • MIL-OSI: The New Force in Platform Tokens: How WXT Succeeds Like BNB?

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — In recent years, the cryptocurrency market has experienced dramatic changes, with platform tokens stepping into the spotlight to become core pillars of exchange ecosystems. Evolving from simple transaction fee discount tools to drivers of ecosystem innovation, platform tokens are unlocking new potential. WXT, the native token of the WEEX exchange, is steadily following the successful trajectory of BNB, garnering widespread attention with its innovative mechanisms and ecosystem integration.

    From the Shadows to the Spotlight: The Breakthrough of Platform Token Value

    The evolution of platform tokens has been remarkable. Initially serving as tools for fee discounts, they have expanded into diverse use cases such as DeFi mining, staking rewards, project governance, NFT trading, and cross-chain payments. This evolution has transformed platform tokens into vital connectors of users, technology, and capital.

    BNB: A Benchmark for Platform Tokens

    Launched in 2017 as Binance’s native token, BNB rapidly built a loyal user base through fee discounts, airdrop rewards, and a strategic buyback-and-burn mechanism. The 2019 launch of Binance Smart Chain (BSC) further amplified BNB’s utility, extending its applications to DeFi, NFT ecosystems, and smart contract development.

    By 2024, BNB’s market capitalization soared from $32.7 billion in 2023 to $110 billion, with its price rising from $200 to $793. This trajectory illustrates how platform tokens can achieve exponential growth through ecosystem expansion and innovative strategies.

    BGB: A Rising Star Among Secondary Tokens

    BGB capitalized on Bitget’s aggressive market expansion, surging from $1.5 at the beginning of 2024 to $8 by year’s end—a remarkable 400% growth. BGB’s success demonstrates that secondary platform tokens with innovative features and precise positioning can achieve explosive results, even in markets dominated by major exchanges.

    WXT: The Emerging Star Following BNB

    WXT, the native token of WEEX, has drawn inspiration from the successes of BNB and BGB. With a strong foundation in innovation and ecosystem growth, WXT has risen from $0.01 at its August 2023 launch to $0.0339—a cumulative 384% increase—making it a standout in the market.

    What’s Driving WXT’s Rapid Growth?

    1）Comprehensive Ecosystem Empowerment 

    As a top 10 global derivatives exchange, WEEX boasts over 5 million registered users and achieved stable profitability as early as the 2022 “crypto winter.” Its monthly trading volumes have consistently doubled, supported by over 1,500 trading pairs and industry-leading liquidity.

    WXT plays a critical role in this ecosystem, offering transaction fee discounts (30% for spot trading, up to 20% for derivatives), staking rewards, cross-chain payments, and NFT trading opportunities.

    2）Innovative Burn Mechanism Fuels Market Optimism 

    Starting in 2025, WEEX plans to implement quarterly buybacks and burns for WXT, with an initial burn of 4 billion tokens—40% of the total supply, valued at approximately $120 million. This strategy reduces circulating supply, increases scarcity, and strengthens price support, boosting long-term value expectations.

    3）Global Reach and Rapid Growth 

    Operating in over 206 countries and regions with a daily trading volume exceeding $2 billion, WEEX provides strong liquidity and a seamless trading experience, further enhancing WXT’s growth potential.

    A Window of Opportunity Amid Market Shifts

    Data from 0xScope reveals that Binance’s market share fell from 51.2% in 2023 to 41.68% in 2024. Meanwhile, secondary exchanges like Bitget, Gate.io, Bybit, and WEEX have risen rapidly, with their platform tokens delivering exceptional returns:

    BGB: Climbed from $1.5 to $8.
    OKB: Market capitalization increased from $2.5 billion to $4.3 billion.

    Compared to mature tokens like BNB, emerging tokens like WXT offer a more attractive investment opportunity due to their low valuations and high growth potential.

    The Road Ahead: Multi-Driver Growth for WXT

    Ecosystem Expansion and Global Compliance 

    WEEX has secured multiple compliance licenses and is actively pursuing approvals in regions like Australia and Malta. As regulatory frameworks develop globally, demand and value for WXT are expected to grow steadily.

    Brand Development and Community Trust 

    In November 2024, WEEX announced football legend Michael Owen as its global brand ambassador. Additionally, collaborations with over 1,000 KOLs and global communities are elevating WEEX’s international brand profile and user trust.

    Engaging Platform Activities 

    WEEX regularly hosts trading competitions, airdrops, and daily lotteries, offering generous rewards like token airdrops and luxury prizes. These initiatives ensure fair and inclusive participation, boosting user engagement and loyalty.

    Low Valuation, High Growth Potential 

    As WEEX’s influence grows, WXT remains at an early stage with significant room for appreciation. The robust burn mechanism, targeting a reduction in total supply to 1 billion tokens, further enhances scarcity and long-term value, unlocking more growth potential for investors.

    WXT: An Investment Opportunity with Long-Term Potential

    Just as BNB leveraged ecosystem expansion to solidify its value and BGB achieved explosive growth through precise positioning, WXT is poised to unlock immense growth through its burn mechanism and comprehensive ecosystem strategy. Currently undervalued, WXT offers an ideal entry point for investors looking to capitalize on its high growth potential.

    For investors, this is the perfect time to explore and invest in WXT. Still in its early stages, WXT is poised for exponential growth, with its potential and market position significantly underestimated. By acting early, investors could position themselves as the “biggest winners” of the 2025 crypto market, reaping substantial returns.

    About WEEX
    Official Website: https://www.weex.com

    Contact:
    Joyce 
    joyce@weexglobal.com

    Disclaimer: This content is provided by WEEX. The statements, views and opinions expressed in this column are solely those of the content provider. 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. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/13bde475-43a9-4782-8eca-ffcb1bf62e42

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6a269fe9-63af-40c9-9b2d-5aab866284f7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/88319190-e5a4-45e3-a6af-7b3a4fab556e

    The MIL Network –

  • MIL-OSI: Gamma Delta T Cell Cancer Therapy Clinical Trials Overview

    Source: GlobeNewswire (MIL-OSI)

    Delhi, Jan. 29, 2025 (GLOBE NEWSWIRE) — Global Gamma Delta T Cell Cancer Therapy Market Opportunity and Clinical Trials Insight 2030 Report Conclusions:

    • Number Of Gamma Delta T Cell Therapies In Trials: > 30 Therapies
    • US & China Dominating Clinical Trials Landscape: > 20 Therapies
    • Global Gamma Delta T Cell Therapy Clinical Trials Insight By Company, Country, Indication and Phase
    • Gamma Delta T Cell Therapy Future Market Opportunity By Different Cancers
    • Insight On Clinical Platforms for Evolving Gamma Delta T Cell Therapy: > 10 Platforms By Companies
    • Ongoing Clinical Research and Development Trends By Different Cancers
    • Insight On 12 Companies Developing Gamma Delta T Cell Therapies

    Download Report: https://www.kuickresearch.com/report-gamma-delta-t-cell-therapy-market

    The global gamma delta T cell (gamma delta T cell) therapy market is currently in its early stages, with no therapies approved as of January 2025. However, the growing recognition of the unique properties of gamma delta T cells, particularly their ability to recognize a broad range of antigens in an MHC-independent manner, has sparked considerable interest among researchers and pharmaceutical companies. This has led to the development of a robust pipeline of gamma delta T cell-based therapies, with several candidates in preclinical and clinical trials, signaling potential breakthroughs in the treatment of various cancers and other diseases.

    Gamma delta T cells are a distinct subset of T cells that possess the ability to target and destroy tumor cells, similar to traditional alpha-beta T cells, but with several key advantages. Unlike conventional T cells, gamma delta T cells can recognize tumor-associated antigens without the need for antigen presentation by MHC molecules, reducing the tumor’s ability to escape immune surveillance. They also have both innate and adaptive immune properties, allowing them to respond quickly to infection or malignancy. These characteristics make them an attractive target for immunotherapy, particularly in cancers where conventional therapies may be less effective.

    The initial focus of gamma delta T cell therapy development has been on cancer treatment, particularly hematologic cancers such as leukemia and acute myeloid leukemia (AML), where the therapies have shown promising preclinical results. Companies like TC Biopharm are at the forefront, with their lead candidate, TCB-002 (OmnImmune), currently advancing through phase 2/3 trials for AML. OmnImmune aims to treat patients who have not responded well to first-line therapies, with the potential to delay or prevent the need for bone marrow transplants. Other companies, such as Lava Therapeutics and In8Bio, are also developing gamma delta T cell-based therapies, focusing on a variety of solid and hematological tumors.

    Despite the progress, the global market remains at a nascent stage with no commercialized gamma delta T cell therapies. The competition in the field is intensifying, particularly with the dominance of CAR T-cell therapies and bispecific antibodies in the immuno-oncology space. Nonetheless, gamma delta T cells offer distinct advantages, including their ability to target a wide range of antigens and their potential to overcome tumor evasion mechanisms that limit the efficacy of existing treatments. This has fueled the entry of several pharmaceutical players into the field, driving research and development.

    In addition to cancer, researchers are exploring the potential of gamma delta T cell therapies in other diseases, including autoimmune disorders, inflammatory diseases, and infections. Companies like ImCheck Therapeutics are investigating monoclonal antibodies that stimulate gamma delta T cell production for non-oncological indications. The versatility of gamma delta T cells in responding to a range of diseases is expected to further expand the market beyond cancer therapies in the future.

    While the market is still emerging, the rapid development of gamma delta T cell therapies, coupled with increasing industry interest and clinical collaborations, indicates that significant growth is on the horizon. As the therapies move closer to commercialization and gain regulatory approvals, the market is expected to expand rapidly. The increasing prevalence of cancers and the demand for innovative therapies will further drive the adoption of gamma delta T cell-based immunotherapies, positioning them as a cornerstone of future cancer treatment regimens.

    The MIL Network –

  • MIL-OSI: Targeted Alpha Therapy Clinical Trials Overview

    Source: GlobeNewswire (MIL-OSI)

    Delhi, Jan. 29, 2025 (GLOBE NEWSWIRE) — Global Targeted Alpha Therapy Market Size, Drugs Approval, Proprietary Technologies and Clinical Trials Insight 2028 Report Highlights:

    • Global Targeted Alpha Therapy Market Insight By Region
    • Approved Targeted Alpha Therapy Dosage and Pricing Insight
    • Number Of Targeted Alpha Therapy In Clinical Trials: > 20 Drugs
    • Targeted Alpha Therapy Clinical Trials Insight By Company, Country, Indication and Phase
    • Marketed Targeted Alpha Therapy Clinical Insight By Company, Country and Indication
    • Targeted Alpha Therapy Proprietary Technology Platform Insights By Company

    Download: https://www.kuickresearch.com/report-targeted-alpha-therapy-market

    Targeted alpha therapy (TAT) has emerged as a groundbreaking and effective treatment approach in the battle against cancer, utilizing the distinctive characteristics of alpha-emitting isotopes to provide highly localized radiation to tumor cells while reducing harm to adjacent healthy tissues. The short range of alpha particles enables the delivery of concentrated radiation directly to cancerous cells, even in cases where they exist in low quantities, rendering TAT especially beneficial for challenging cancers. The advancement and clinical implementation of TAT have gained considerable traction in recent years, supported by an expanding array of research that highlights its potential in both hematological and solid tumors.

    A significant achievement in the commercialization of TAT was the FDA’s approval of Xofigo (radium Ra-223 dichloride) in 2013. Xofigo became the first targeted alpha-emitting radiopharmaceutical approved by the FDA, specifically for patients with advanced prostate cancer, particularly those with bone metastases. This approval represented a pivotal advancement for TAT, affirming its efficacy in treating certain cancer types and showcasing the practicality of employing alpha particles for targeted cancer therapy. The success of Xofigo has catalyzed further investigations into the use of TAT across various cancer types, including other solid tumors and hematological malignancies, which had previously received limited attention in this context.

    In recent years, numerous targeted alpha therapies have been developed and are currently undergoing evaluation in clinical trials. Researchers are concentrating on specific tumor markers to enhance targeting, such as prostate-specific membrane antigen (PSMA) in prostate cancer and CD38 in multiple myeloma. For instance, Memorial Sloan Kettering Cancer Center has been leading the development of [225Ac]Ac-Macropa-PEG-Isatuximab, a CD38-targeted alpha therapy for multiple myeloma. In preclinical investigations, this therapy exhibited a notable capacity to significantly diminish tumor burden and postpone tumor progression, with optimal results attained through multiple cycles of reduced dosages. The therapy’s specificity was highlighted by the considerable toxicity associated with untargeted treatments, emphasizing the necessity of precise molecular targeting to achieve the best outcomes.

    Beyond solid tumors, hematological malignancies such as chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma are also under consideration for TAT treatment. Research on anti-CD37-targeted therapies, including 212Pb-NNV003, has yielded encouraging preclinical findings, demonstrating substantial anti-proliferative effects on cancer cells while inflicting minimal harm to healthy tissues. These results indicate that TAT may present a viable and effective therapeutic option for various hematological cancers, offering a targeted strategy for addressing malignancies that are typically challenging to treat with standard therapies.

    From a commercial perspective, TAT has generated a thriving market for pharmaceutical companies and research institutions, attracting significant investments aimed at developing new alpha-emitting radiopharmaceuticals. Organizations such as Actinium Pharmaceuticals are conducting clinical trials, including the LIN-AC225-AML02 trial, which explores the combination of Actimab-A (lintuzumab-Ac225) and venetoclax for treating acute myeloid leukemia (AML). This trial assesses the safety and efficacy of the therapy, with promising preliminary results indicating that TAT could pave the way for new treatment options for relapsed or refractory cancers.

    Although TAT remains in the early phases of clinical development, its potential to revolutionize cancer treatment is clear. The capability to deliver potent alpha radiation directly to tumor cells provides a level of precision unattainable with traditional radiation therapies. As research progresses, the utilization of targeted alpha therapy (TAT) is anticipated to broaden across various types of cancer, thereby offering patients more precise, effective, and individualized treatment alternatives. With continuous advancements in isotope production, molecular targeting, and imaging technologies, TAT is set to emerge as a significant contributor to the future of cancer treatment, providing renewed optimism for patients confronting some of the most difficult cancer diagnoses.

    The MIL Network –

  • MIL-OSI: Stabilization Notice – Pre STAB Engineering EUR Fix & FRN

    Source: GlobeNewswire (MIL-OSI)

    29 January 202

    Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

    ENGINEERING INGEGNERIA INFORMATICA S.P.A.

    Pre-stabilisation Period Announcement

    BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

    The securities:1  
    Issuer Engineering Ingegneria Informaticea S.P.A.  
    Guarantor (if any): [insert name]
    Aggregate nominal amount: EUR fixed rate notes due 2030
    EUR FRN notess due 20230 
    Description: Notes due 2030 
    Offer price: TBA
    Other offer terms:  
    Stabilisation:  
    Stabilisation Manager(s) Joint Glo- co  BNP Paribas. / UBS

    Joint books:  B Akros/BPM/ Cacib/DB/ Intesa GS/Nomura / Unicredit 
    Stabilisation period expected to start on: 29 January 2025
    Stabilisation period expected to end no later than: 12 March 2025
    Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
    Stabilisation trading venue: [Over the counter (OTC)] [insert venue name] [To be confirmed]

    In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus  Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States. 

    The MIL Network –

  • MIL-OSI: Stabilization Notice PRE STAB – OVH GROUPE SA

    Source: GlobeNewswire (MIL-OSI)

    [29/01/2025]

    Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

    [OVH Groupe SA]

    Pre-stabilisation Period Announcement

    BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

    The securities:1  
    Issuer: OVH Group SA
    Guarantor (if any): N/A
    Aggregate nominal amount: EUR 470,000,000.00
    Description: EUR 6YR
    Offer price: TBC
       
    Stabilisation:  
    Stabilisation Manager(s) BNP PARIBAS, JP MORGAN, CREDIT AGRICOLE, HSBC, NATIXIS, LA BANQUE POSTALE, SCOTIABANK
    Stabilisation period expected to start on: 29/01/2025
    Stabilisation period expected to end no later than: 07/03/2025
    Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
    Stabilisation trading venue: OTC

    In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus  Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States. 

    The MIL Network –

  • MIL-OSI: c/side Launches PCI Compliance Dashboard for New PCI DSS 4.0.1 Requirements

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Jan. 29, 2025 (GLOBE NEWSWIRE) — c/side, a cybersecurity company specializing in browser-side third-party scripts, today announced the launch of its PCI compliance dashboard to show that PCI DSS 4.0.1 requirements are met for third-party website script monitoring and management.

    The Payment Card Industry Data Security Standard (PCI DSS) provides guidelines for organizations to safeguard their payment infrastructure against data theft and fraud in debit card and credit card transactions. PCI DSS compliance is mandatory for all businesses that accept card payments, and is enforced via penalties that can include monthly fines up to six figures and suspension of card acceptance capabilities.

    PCI DSS 4.0.1 introduces two new mandates (6.4.3 and 11.6.1) for securely monitoring and managing browser-side third-party scripts. Organizations must implement these changes by March 31, 2025. c/side’s PCI compliance dashboard enables organizations to secure and monitor all third-party scripts across their websites, providing the comprehensive protection these standards demand.

    “Businesses are struggling to adapt legacy security tools to meet the new PCI DSS requirements for processing, storing, and transmitting payment card data,” said Simon Wijckmans, founder and CEO, c/side. “The regulations have tightened and become more prescriptive—and specific cybersecurity capabilities are critical to ensure compliance and avoid an auditing disaster. c/side’s ability to track and verify third-party web script behavior maps to exactly what these new mandates are looking for, and our dashboard gives businesses the complete visibility and control they need.”

    Here is how c/side addresses both the 6.4.3 and 11.6.1 requirements of PCI DSS 4.0.1:

    • PCI DSS requirement 6.4.3 mandates that organizations accepting digital payments must authorize every script running on payment pages. Organizations must also maintain an inventory of third-party scripts with written justification for their use, while ensuring script integrity. c/side’s dashboard maintains a complete script inventory across all website pages and captures each script’s payload in real time. This visibility instantly shows any code changes and potential threats. The system verifies script authorization and integrity, while automatically blocking and alerting on malicious changes—exceeding PCI DSS requirements.
    • PCI DSS requirement 11.6.1 focuses on monitoring script changes by requiring weekly evaluation and reporting of any unauthorized changes to HTTP headers or payment page scripts. This poses a unique challenge, since third-party JavaScript scripts (by default) serve different code versions for various functions. c/side solves this by capturing and analyzing every script request through its proxy technology. The dashboard’s AI-powered analysis highlights changes and explains code functionality, giving engineers clear insight into script behavior.

    In case of an audit, organizations often face needless challenges in tracking third-party script activity and ensuring compliance across payment and non-payment pages. This lack of visibility increases the risk of non-compliance, fines, and audit delays. With c/side, these pain points are eliminated. The c/side dashboard automatically generates comprehensive weekly reports that document all script activity and enable granular controls to ensure scripts run only where approved. By automating these processes, c/side transforms a complex compliance requirement into a straightforward task, reducing risks, eliminating audit delays, and easing the burden of maintaining compliance.

    Learn more about c/side’s new dashboard here.

    About c/side

    c/side is a forward-thinking cybersecurity startup focused on browser-side detection and protection. Led by industry expert Simon Wijckmans, c/side is pioneering technologies to shield against sophisticated cyber threats, ensuring unparalleled security standards for users across the web.

    Contact
    Kyle Peterson
    kyle@clementpeterson.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed1e25f3-2681-4145-9e04-242b27fbc231

    The MIL Network –

  • MIL-OSI: Municipality Finance issues a NOK 1 billion tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a NOK 1 billion tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of NOK 1 billion to an existing series of notes issued on 15 January 2025. With the new tranche, the aggregate nominal amount of the notes is NOK 4 billion. The maturity date of the notes is 15 January 2030. The notes bear interest at a floating rate equal to 3-month Nibor plus 25 bps per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Nordea Bank Abp acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Municipality Finance issues a GBP 75 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a GBP 75 million tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of GBP 75 million to an existing benchmark issued on 7 March 2024. With the new tranche, the aggregate nominal amount of the benchmark is GBP 500 million. The maturity date of the benchmark is 2 October 2028. The benchmark bears interest at a fixed rate of 4.375 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Citigroup Global Market Limited acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Offentliggørelse af prospekt samt formue og investorer for afdelingen I&T Obligationer KL i Investeringsforeningen Wealth Invest

    Source: GlobeNewswire (MIL-OSI)

    Hermed offentliggøres prospekt samt formue og antal investorer for afdelingen I&T Obligationer KL, som optages til handel på Nasdaq Copenhagen A/S med første handelsdag 31. januar 2025.

    Afdeling Formue DKK Antal navnenoterede investorer
    I&T Obligationer
         		 17.765.000 169

    Hvis der måtte være spørgsmål i relation til ovenstående, kan der rettes henvendelse til direktør i Wealth Fund Partners A/S, Lise Bøgelund Jensen på telefon 3328 2828. 

    Med venlig hilsen
    Investeringsforeningen Wealth Invest

    Attachment

    The MIL Network –

  • MIL-OSI: Bitwise Rebrands European ETPs, Looks to Reinforce Position as Market Leader in Pivotal Year for Crypto

    Source: GlobeNewswire (MIL-OSI)

    • Rebrands European product suite after strong 2024: Bitwise surpassed $12 billion in client assets, launched new products such as Solana and Aptos Staking ETPs
    • TER of the Bitwise Core Bitcoin ETP (BTC1) lowered to 0.20% p.a.
    • Crypto poised to soar in 2025: Bitwise research forecasts record valuations and inflows in crypto markets this year amid reduced regulatory risk
    • Continued innovation: Bitwise looks to cement position as market leader by providing new best-in-class products, broadening access to crypto for investors

    January 29, 2025. Frankfurt, Germany: Bitwise today announced the company has completed the rebranding of all ETPs in its European product suite following last year’s acquisition of ETC Group. The move comes as Bitwise looks to expand its position as a market leader in crypto markets in 2025, a year in which a number of structural upward trends are likely to bolster crypto markets.

    Among the renamed products are the Bitwise Core Bitcoin ETP (BTC1), the Bitwise Ethereum Staking ETP (ET32), the Bitwise MSCI Digital Assets Select 20 ETP (DA20), and the company’s flagship product: – the Bitwise Physical Bitcoin ETP (BTCE). Launched in 2020, BTCE is the most heavily traded bitcoin ETP in Europe. For an overview of all products with their rebranded names, please refer to the table below.

    Bitwise will continue to broaden crypto access for investors, provide best-in-class innovative products, timely insights on the latest market developments, and champion transparency and accountability in a landmark year for the crypto industry.

    Hunter Horsley, CEO and Co-Founder of Bitwise: “We expect 2025 will be a pivotal year for crypto, with Bitcoin, Ethereum, and Solana each hitting record highs, and a more crypto-friendly environment in Washington bringing welcome clarity to the space. Bitwise is looking forward to using this moment to reinforce our position as a market leader both in the U.S. and Europe.”

    Bitwise saw significant growth in 2024, a year in which Bitcoin soared to an all-time high of $103,992 after the record-setting launch of spot bitcoin ETFs in the U.S. The company crossed over $12 billion in client assets, using its momentum to launch new institutional-grade crypto staking ETPs, namely the recently launched Bitwise Solana Staking ETP, and the Bitwise Aptos Staking ETP, in addition to filing a Form S-1 for an XRP spot ETF in the U.S. The company’s Bitwise Core Bitcoin ETP (BTC1 | DE000A4AER62), an institutionally focused and cost-efficient Bitcoin ETP with a Total Expense Ratio (TER) of 0.20%, is also experiencing increased popularity among investors.

    Another highlight of 2024 for Bitwise was the launch of Bitwise Onchain Solutions after the company’s acquisition of Attestant Limited, an institutional-grade Ethereum staking provider with $3.7 billion in staked assets at the time of the acquisition.

    Crypto poised to soar in 2025

    In 2025, adoption of bitcoin and other crypto assets by corporate treasurers are set to be another major driver supporting the asset class, Bitwise Head of Research Europe Dr Andre Dragosch said in a study this month. At the moment, companies hold only 4% of the total available Bitcoin supply, a number that already doubled last year. With total free cash flow between S&P 500 companies standing at $1.5 trillion – more than twice the capital ever invested in Bitcoin – this offers an unprecedented growth opportunity.

    Bitwise will continue to position itself as a thought leader with studies like the above and several others, providing a rich stream of research and market analysis for investors. This research is available through blog posts on the Bitwise website, such as on this link and here.

    The following table shows Bitwise’s renamed European Crypto ETP suite:

    The complete list of Bitwise European ETP products, including all stock exchange listings and trading information, is available at https://bitwiseinvestments.com/eu.

    About Bitwise

    Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

    In Europe, for the past four years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

    This family of crypto ETPs is domiciled in Germany and approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

    Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit www.bitwiseinvestments.com/eu

    Media contacts:

    JEA Associates
    John McLeod
    00 44 7886 920436
    john@jeaassociates.com

    Important information
    This press release does not constitute investment advice, nor does it constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.

    Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:
    Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.com./eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.

    The MIL Network –

  • MIL-OSI: Sampo Group’s results for 2024 will be published on 6 February 2025

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, press release, 29 January 2025 at 9:00 am EET


    Sampo Group’s results for 2024 will be published on 6     February 2025

    Sampo Group will publish the Financial Statement Release for 2024 on 6 February around 8:30 am Finnish time (6:30 am UK time). The report, the investor presentation, and a video review with Group CFO Knut Arne Alsaker will be available at www.sampo.com/result.

    Conference call

    6 February at 11:00 am Finnish time (9:00 am UK time)

    To ask questions, please join the teleconference by registering using the following link:  https://palvelu.flik.fi/teleconference/?id=5004591

    After the registration you will be provided with phone numbers as well as a conference ID and user ID to access the conference. To ask a question, please press #5 on your telephone keypad to enter the queue.

    Group CEO Torbjörn Magnusson, Group CFO Knut Arne Alsaker, CEO of If P&C Morten Thorsrud, and Head of IR Sami Taipalus will attend the conference call for investors and analysts.

    The conference call can also be followed live at www.sampo.com/result. A recorded version and a transcript will later be available at the same address.

    SAMPO PLC
    Investor Relations and Group Communications

    Further information:

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031

    Distribution:
    The principal media
    www.sampo.com

    The MIL Network –

  • MIL-OSI: Riber: 2024 business growth in line with guidance 

    Source: GlobeNewswire (MIL-OSI)

    2024 business growth in line with guidance 

    Revenues up +5% to €41.2m
    Order book at end-2024: €21.7m

    Bezons (France), January 29, 2025 – 8:00 am (CET) – RIBER, a global market leader for MBE equipment serving the semiconductor industry, is reporting its full-year revenues for 2024.

    Change in revenues

    €m 2024 2023 Change
    First quarter 4.5 3.7 +20%
    Second quarter 9.3 8.5 +10%
    Third quarter 4.7 4.0 +19%
    Fourth quarter 22.7 23.1 -2%
    Full year 41.2 39.2 +5%
           
    €m 2024 2023 Change
    Systems 31.0 29.0 +7%
    Services and accessories 10.2 10.3 -1%
    Full year 41.2 39.2 +5%

    2024 full-year revenues amounted to €41.2m, up 5% from 2023. This performance is fully aligned with the announced ambitions. In the fourth quarter of 2024, business remained strong, with revenues remaining steady despite a high basis of comparison with the fourth quarter of 2023.

    This commercial dynamism demonstrates the strengthening of RIBER’s positions in the MBE market for both research and industrial production.

    MBE systems revenues reached €31.0m, up 7%. A total of 12 systems were delivered over the year, compared with 13 in 2023.

    Revenues for services and accessories came to €10.2m, virtually unchanged from 2023.

    The geographical breakdown of revenues for 2024 full-year was as follows: Asia 57.3%, Europe 35.7%, and North America 7.1%.

    Order book developments

    At December 31 (€m) 2024 2023 Change
    Systems 16,7 20.2 -17%1
    Services and accessories 5,0 6.1 -18%
    Full year 21,7 26.3 -17%

    At December 31, 2024, the consolidated order book remained at a solid level of €21.7m, reflecting the sustained deliveries at the end of the year.

    The order book for MBE systems came to €16.7m with a total of 7 systems, including 5 production machines. It increases after factoring in the two orders announced in January 2025 for a production system in Europe and a research system in the USA, both scheduled for delivery in 2025.

    Orders for services and accessories amounted to €5.0m.

    Outlook

    Given its solid revenue growth, RIBER reaffirms its objective of achieving further earnings growth in 2024.

    In an environment marked by accelerating technological innovation and growing demand for advanced semiconductor materials, RIBER is pursuing its ambitious growth strategy based on enhancing its technological leadership and expanding its markets through the integration of the silicon photonics sector and the development of high value-added solutions for quantum materials.

    For 2025, given the composition of the order book at December 31, 2024, and the outlook for orders to be delivered this year, RIBER is forecasting further growth in revenues compared with 2024.

    Next date: RIBER will announce its 2024 full-year earnings on April 9, 2025 (before start of trading).

    About RIBER

    Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
    Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

    RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
    www.riber.com

    Contacts

    RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com
    CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

    1 Increasing when factoring in the two orders recorded in January 2025.

    Attachment

    The MIL Network –

  • MIL-OSI: Ice Open Network Launches Mainnet with 200 Validators

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Jan. 29, 2025 (GLOBE NEWSWIRE) — Ice Open Network (ION), a high-performance, privacy-focused Layer-1 blockchain, today announced its official mainnet launch after reaching a 200 validator headcount. This milestone follows an extensive development and testing phase, accompanied by significant ecosystem expansion, which saw ION amass a 40-million community. Crucially, it paves the way for ION’s hotly anticipated social media platform and decentralized application (dApp) builder.

    “This is a testament to the strength and conviction of our community,” said Alexandru Iulian Florea, Founder and CEO of Ice Open Network. “We initially aimed for 100 validators at launch – to see that number double underscores the trust and enthusiasm surrounding ION. It’s a resounding vote of confidence in our vision to redefine the Internet through decentralization.”

    ION’s unique architecture allows it to scale horizontally as its network participants increase, with the capacity to accommodate billions of users without compromising their privacy and security, nor the chain’s ability to process millions of transactions per second. Combining efficiency with a human-first approach, the ION framework is designed to decentralize and secure the core elements of digital interaction – user identity, content storage and delivery, and social engagement. The result is a robust, yet highly versatile dApp infrastructure with real-world utility, purpose-built to bring the Internet’s 5.5 billion users on-chain.

    Following the mainnet launch is the arrival of Online+ – an integrated social media dApp showcasing the blockchain’s capabilities that serves both as a hub for ION’s community, and a blueprint for dApp developers wishing to build on ION’s framework. Ice Open Network’s flagship no-code, drag-and-drop dApp-building tool, which will allow anyone, regardless of technical expertise, to create decentralized applications on ION from scratch, is next in line and due for release in 2025.

    The ION blockchain mainnet rollout began in November 2024, and is accompanied by the deployment of the ION Bridge, which enables the migration of the network’s native ICE coin from Binance Smart Chain (BSC) to the ION blockchain. Currently, the network’s 200 validators have staked over 15% of the 6.8 billion ICE in circulation – a percentage set to increase as Online+ goes live.

    About Ice Open Network

    Ice Open Network (ION) is the blueprint for a new Internet rooted in privacy, data ownership, and user autonomy. Powered by a high-performance Layer-1 blockchain and an unwavering commitment to digital sovereignty, it is designed to give decentralized applications (dApps) real-world, human-centric utility at unprecedented breadth and scale.

    Founded in 2022, ION serves a dApp ecosystem of over 40 million users. It is engineered to process millions of transactions per second and scale horizontally and infinitely as its network participants increase. Combining this unparalleled efficiency with a comprehensive dApp toolkit purpose-built for intuitive, privacy-preserving user experiences, ION is on a mission to onboard the world to a new, decentralized Internet.

    For more information, please visit https://ice.io

    For media inquiries:
    Mia Agova
    Ice Open Network
    Email: media@ice.io

    Disclaimer: This content is provided by Ice Open Network. The statements, views and opinions expressed in this column are solely those of the content provider. 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. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2cb40b77-cddf-4936-bdb1-803bb4f17bcf

    The MIL Network –

  • MIL-OSI: ASML reports €28.3 billion total net sales and €7.6 billion net income in 2024

    Source: GlobeNewswire (MIL-OSI)

    ASML reports €28.3 billion total net sales and €7.6 billion net income in 2024
    2025 total net sales expected to be between €30 billion and €35 billion

    VELDHOVEN, the Netherlands, January 29, 2025 – Today, ASML Holding NV (ASML) has published its 2024 fourth-quarter and full-year results.  

    • Q4 total net sales of €9.3 billion, gross margin of 51.7%, net income of €2.7 billion
    • Quarterly net bookings in Q4 of €7.1 billion2 of which €3.0 billion is EUV
    • 2024 total net sales of €28.3 billion, gross margin of 51.3%, net income of €7.6 billion
    • ASML expects Q1 2025 total net sales between €7.5 billion and €8.0 billion, and a gross margin between 52% and 53%
    • ASML expects 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
    (Figures in millions of euros unless otherwise indicated) Q3 2024   Q4 2024   FY 2023   FY 2024  
    Total net sales 7,467   9,263   27,559   28,263  
    …of which Installed Base Management sales1 1,541   2,147   5,620   6,494  
                     
    New lithography systems sold (units) 106   119   421   380  
    Used lithography systems sold (units) 10   13   28   38  
                     
    Net bookings2 2,633   7,088   20,040 3 18,899 3
                     
    Gross profit 3,793   4,790   14,136   14,492  
    Gross margin (%) 50.8   51.7   51.3   51.3  
                     
    Net income 2,077   2,693   7,839   7,572  
    EPS (basic; in euros) 5.28   6.85   19.91   19.25  
                     
    End-quarter cash and cash equivalents and short-term investments 4,985   12,741   7,010   12,741  

    (1) Installed Base Management sales equals our net service and field option sales.
    (2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
    (3) The sum of quarterly net bookings over the full year.

    Numbers have been rounded for readers’ convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.

    CEO statement and outlook
    “Our fourth-quarter was a record in terms of revenue, with total net sales coming in at €9.3 billion, and a gross margin of 51.7%, both above our guidance. This was primarily driven by additional upgrades. We also recognized revenue on two High NA EUV systems. We shipped a third High NA EUV system to a customer in the fourth quarter.

    “ASML achieved another record year, ending with total net sales for 2024 of €28.3 billion, and a gross margin of 51.3%.

    “We expect first-quarter total net sales between €7.5 billion and €8.0 billion, with a gross margin between 52% and 53%. ASML expects R&D costs of around €1,140 million and SG&A costs of around €290 million. As we communicated last October, we expect total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%.

    “Consistent with our view from the last quarter, the growth in artificial intelligence is the key driver for growth in our industry. It has created a shift in the market dynamics that is not benefiting all of our customers equally, which creates both opportunities and risks as reflected in our 2025 revenue range,” said ASML President and Chief Executive Officer Christophe Fouquet.

      
    Update dividend and share buyback program
    ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share, which is a 4.9% increase compared to 2023. An interim dividend of €1.52 per ordinary share will be made payable on February 19, 2025. Recognizing this interim dividend and the two interim dividends of €1.52 per ordinary share paid in 2024, this leads to a final dividend proposal to the General Meeting of €1.84 per ordinary share.

    In the fourth quarter, we did not purchase any shares under the current 2022-2025 share buyback program.

    Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML’s website (www.asml.com/investors).

    Media Relations contacts Investor Relations contacts
    Monique Mols +31 6 5284 4418 Jim Kavanagh +31 6 1524 9925
    Sarah de Crescenzo +1 925 899 8985 Pete Convertito +1 203 919 1714
    Karen Lo +886 9 397 88635 Peter Cheang +886 3 659 6771

    Quarterly video interview, annual press conference and investor call
    With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2024 fourth-quarter and full-year results and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.

    CEO Christophe Fouquet and CFO Roger Dassen will host a press conference in Veldhoven on January 29, 2025, at 11:00 Central European Time, which will also be accessible via a live webcast on www.asml.com.

    An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on January 29, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

    About ASML
    ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity’s toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 44,000 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.

    US GAAP and IFRS Financial Reporting
    ASML’s primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly Summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.

    The consolidated balance sheets of ASML Holding N.V. as of December 31, 2024, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and twelve months ended December 31, 2024 as presented in this press release are unaudited.

    In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’) for statutory purposes. The most significant recurring differences between US GAAP and IFRS that affect ASML concerns the capitalization of certain product development costs and accounting for income taxes.

    2024 Annual Reports
    ASML will publish its 2024 Annual Report based on US GAAP and its 2024 Annual Report based on IFRS on March 5, 2025. Both reports will include sustainability statements in accordance with the Corporate Sustainability Reporting Directive. The reports and introductory video with CFO Roger Dassen will be published on our website, www.asml.com.

    Regulated information
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Forward Looking Statements
    This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, backlog, outlook of market segments, outlook and expected financial results including expected results for Q1 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin and estimated annualized effective tax rate, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, including the amount of shares that may be repurchased thereunder and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans and other non- historical statements. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

    Attachments

    The MIL Network –

  • MIL-OSI: TGS Awarded Offshore Wind Site Characterization Contract

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (29 January 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of an offshore wind site characterization contract on the UK continental shelf for a repeat customer. The contract has a total duration of approximately 60 days and is scheduled to commence in Q1 2025. 

    The Ramform Vanguard will be used for this project and is equipped with Ultra-high-resolution 3D (UHR-3D) streamers. The streamer technology samples the seismic wavefield at a high spatial and temporal rate providing high-resolution data of the shallow subsurface targets for wind farm development.

    Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure more offshore wind site characterization contracts, extending our success in this market during 2024. This project further highlights the integral role UHR-3D acquisition has in providing our clients with better seismic data and helping them make data-driven decisions for their wind farm developments.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the First Fiscal Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $6.2 million, or $0.89 per diluted share, for the quarter ended December 31, 2024, compared to net income of $920,000, or $0.13 per diluted share, for the quarter ended December 31, 2023. Excluding nonrecurring items, the Company reported net income of $4.3 million (non-GAAP measure)(1) and net income per diluted share of $0.62 (non-GAAP measure)(1) for the quarter ended December 31, 2024 compared to $920,000, or $0.13 per diluted share for the quarter ended December 31, 2023. The core banking segment reported net income of $6.4 million, or $0.91 per diluted share, for the quarter ended December 31, 2024, compared to $4.0 million, or $0.59 per diluted share, for the quarter ended December 31, 2023. Excluding nonrecurring items, the core banking segment reported net income of $4.5 million, or $0.64 per diluted share for the quarter ended December 31, 2024 (non-GAAP measure)(1) compared to $4.0 million, or $0.59 per diluted share for the quarter ended December 31, 2023.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the first fiscal quarter, which included a bulk sale of first lien home equity lines of credit and continued improvement in our net interest margin. The bulk sale is part of a strategic initiative to transition the first lien home equity line of credit business to an originate for sale model during fiscal 2025 in order to enhance noninterest income, moderate the loan to deposit ratio, decrease reliance on noncore funding, and generate capital. The surplus capital generated from the bulk sale and potential future flow sales may be used to retire high-cost subordinated debt and repurchase Company common shares. We are optimistic regarding the remainder of fiscal 2025 as we continue to focus on asset quality, select loan growth opportunities, and capital and liquidity management. We’ll continue to evaluate options and strategies that we believe will maximize shareholder value.”

    (1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

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

    Net interest income increased $1.3 million, or 9.6%, to $15.5 million for the three months ended December 31, 2024 as compared to the same period in 2023. The tax equivalent net interest margin for the three months ended December 31, 2024 was 2.75% as compared to 2.69% for the same period in 2023. The increase in net interest income was due to a $3.8 million increase in interest income, partially offset by a $2.4 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a reversal of provision for credit losses for loans and securities of $490,000 and $7,000, respectively, and a provision for unfunded lending commitments of $46,000 for the three months ended December 31, 2024, compared to a provision for credit losses for loans of $470,000 and reversal of provision for unfunded lending commitments of $58,000 for the same period in 2023. The reversal of provisions during the 2024 period was due primarily to the bulk sale of approximately $87.2 million of home equity lines of credit during the quarter ended December 31, 2024, which resulted in the reversals of $980,000 in allowance for credit losses for loans and $129,000 in allowance for unfunded lending commitments. The Company recognized net charge-offs totaling $119,000 for the three months ended December 31, 2024, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $9,000 in 2023. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $374,000 from $16.9 million at September 30, 2024 to $16.6 million at December 31, 2024.

    Noninterest income increased $3.3 million for the three months ended December 31, 2024 as compared to the same period in 2023. The increase was due primarily to a $2.5 million net gain on sale of loans due to the aforementioned bulk loan sale and $403,000 in net gains on equity securities during the three months ended December 31, 2024 with no corresponding gains for 2023.

    Noninterest expense decreased $1.1 million for the three months ended December 31, 2024 as compared to the same period in 2023. The decrease was due primarily to decreases in compensation and benefits, occupancy and equipment and professional fee expenses of $487,000, $405,000 and $385,000, respectively. These decreases were primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

    The Company recognized income tax expense of $848,000 for the three months ended December 30, 2024 as compared to income tax benefit of $476,000 for the same period in 2023. The increase is due primarily to higher taxable income in the 2024 period, due primarily to the aforementioned net gain on sale of loans. The effective tax rate for 2024 was 12.0%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2024 and 2023 periods.

    Comparison of Financial Condition at December 31, 2024 and September 30, 2024

    Total assets decreased $61.6 million, from $2.45 billion at September 30, 2024 to $2.39 billion at December 31, 2024. Net loans held for investment decreased $79.3 million during the three months ended December 31, 2024 due primarily to the $87.2 million bulk sale of residential real estate home equity line of credit loans.

    Total liabilities decreased $60.5 million due primarily to decreases in total deposits of $48.1 million, which included a decrease in brokered deposits of $72.1 million and a decrease in FHLB borrowings of $6.6 million. The decrease in brokered deposits and FHLB borrowings was due primary to repayments as a result of the aforementioned bulk loan sale. As of December 31, 2024, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.1% of total deposits and 13.7% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

    Total stockholders’ equity decreased $1.1 million, from $177.1 million at September 30, 2024 to $176.0 million at December 31, 2024, due primarily to a $6.6 million increase in accumulated other comprehensive loss, partially offset by an increase in retained net income of $5.2 million. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the three months ended December 31, 2024, which resulted in a decrease in the fair value of securities available for sale. At December 31, 2024 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724

    FIRST SAVINGS FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (Unaudited)
           
           
      Three Months Ended
    OPERATING DATA: December 31,
    (In thousands, except share and per share data)   2024       2023  
           
    Total interest income $ 32,449     $ 28,655  
    Total interest expense   16,987       14,542  
           
    Net interest income   15,462       14,113  
           
    Provision (credit) for credit losses – loans   (490 )     470  
    Provision (credit) for unfunded lending commitments   46       (58 )
    Credit for credit losses – securities   (7 )     –  
           
    Total provision (credit) for credit losses   (451 )     412  
           
    Net interest income after provision (credit) for credit losses   15,913       13,701  
           
    Total noninterest income   6,103       2,782  
    Total noninterest expense   14,943       16,039  
           
    Income before income taxes   7,073       444  
    Income tax expense (benefit)   848       (476 )
           
    Net income $ 6,225     $ 920  
           
    Net income per share, basic $ 0.91     $ 0.13  
    Weighted average shares outstanding, basic   6,851,153       6,823,948  
           
    Net income per share, diluted $ 0.89     $ 0.13  
    Weighted average shares outstanding, diluted   6,969,223       6,839,704  
           
           
    Performance ratios (annualized)  
    Return on average assets   1.02 %     0.16 %
    Return on average equity   14.07 %     2.42 %
    Return on average common stockholders’ equity   14.07 %     2.42 %
    Net interest margin (tax equivalent basis)   2.75 %     2.69 %
    Efficiency ratio   69.29 %     94.93 %
           
              QTD
    FINANCIAL CONDITION DATA: December 31,
    		   September 30,
    		   Increase
    (In thousands, except per share data)   2024       2024     (Decrease)
               
    Total assets $ 2,388,735     $ 2,450,368     $ (61,633 )
    Cash and cash equivalents   76,224       52,142       24,082  
    Investment securities   242,634       249,719       (7,085 )
    Loans held for sale   24,441       25,716       (1,275 )
    Gross loans   1,905,199       1,985,146       (79,947 )
    Allowance for credit losses   20,685       21,294       (609 )
    Interest earning assets   2,234,258       2,277,512       (43,254 )
    Goodwill   9,848       9,848       –  
    Core deposit intangibles   357       398       (41 )
    Loan servicing rights   2,661       2,754       (93 )
    Noninterest-bearing deposits   183,239       191,528       (8,289 )
    Interest-bearing deposits (retail)   1,212,527       1,180,196       32,331  
    Interest-bearing deposits (brokered)   437,008       509,157       (72,149 )
    Federal Home Loan Bank borrowings   295,000       301,640       (6,640 )
    Subordinated debt and other borrowings   48,642       48,603       39  
    Total liabilities   2,212,708       2,273,253       (60,545 )
    Accumulated other comprehensive loss   (17,789 )     (11,195 )     (6,594 )
    Total stockholders’ equity   176,027       177,115       (1,088 )
               
    Book value per share $ 25.48     $ 25.72       (0.24 )
    Tangible book value per share (non-GAAP) (1)   24.00       24.23       (0.23 )
               
    Non-performing assets:        
    Nonaccrual loans – SBA guaranteed $ 4,444     $ 5,036     $ (592 )
    Nonaccrual loans   12,124       11,906       218  
    Total nonaccrual loans $ 16,568     $ 16,942     $ (374 )
    Accruing loans past due 90 days   –       –       –  
    Total non-performing loans   16,568       16,942       (374 )
    Foreclosed real estate   444       444       –  
    Total non-performing assets $ 17,012     $ 17,386     $ (374 )
               
    Asset quality ratios:        
    Allowance for credit losses as a percent of total gross loans   1.09 %     1.07 %     0.01 %
    Allowance for credit losses as a percent of nonperforming loans   124.85 %     125.69 %     (0.84 %)
    Nonperforming loans as a percent of total gross loans   0.87 %     0.85 %     0.02 %
    Nonperforming assets as a percent of total assets   0.71 %     0.71 %     0.00 %
               
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
             
      Three Months Ended
    Net Income December 31,
    (In thousands)   2024       2023  
             
    Net income attributable to the Company (non-GAAP) $ 4,308     $ 920  
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect   1,869       –  
    Plus: Reversal of provision for credit losses, loans, net of tax effect   735       –  
    Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect   97       –  
    Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect   302        
    Less: Adjustments to sick pay contingent liability, net of tax effect   (296 )      
    Less: Compensation expense associated with loan sale, net of tax effect   (790 )      
    Net income attributable to the Company (GAAP) $ 6,225     $ 920  
             
    Net Income per Share, Diluted    
             
    Net income per share attributable to the Company, diluted (non-GAAP) $ 0.62     $ 0.13  
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect   0.26       –  
    Plus: Reversal of provision for credit losses, loans, net of tax effect   0.11       –  
    Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect   0.01       –  
    Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect   0.04        
    Less: Adjustments to sick pay contingent liability, net of tax effect   (0.04 )      
    Less: Compensation expense associated with loan sale, net of tax effect   (0.11 )      
    Net income per share, diluted (GAAP) $ 0.89     $ 0.13  
             
    Core Bank Segment Net Income    
    (In thousands)      
             
    Net income attributable to the Core Bank (non-GAAP) $ 4,452     $ 4,048  
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect   1,869       –  
    Plus: Reversal of provision for credit losses, loans, net of tax effect   735       –  
    Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect   97       –  
    Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect   302       –  
    Less: Adjustments to sick pay contingent liability, net of tax effect   (296 )     –  
    Less: Compensation expense associated with loan sale, net of tax effect   (790 )     –  
    Net income attributable to the Core Bank (GAAP) $ 6,369     $ 4,048  
             
    Core Bank Segment Net Income per Share, Diluted
             
    Core Bank net income per share, diluted (non-GAAP) $ 0.64     $ 0.59  
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect   0.26       –  
    Plus: Reversal of provision for credit losses, loans, net of tax effect   0.11       –  
    Plus: Reversal of provision for credit losses, unfunded commitments, net of tax effect   0.01       –  
    Plus: Gain on sale of equity securities (Visa Class B-2 shares), net of tax effect   0.04       –  
    Less: Adjustments to sick pay contingent liability, net of tax effect   (0.04 )     –  
    Less: Compensation expense associated with loan sale, net of tax effect   (0.11 )     –  
    Core Bank net income per share, diluted (GAAP) $ 0.91     $ 0.59  
             
               
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): Three Months Ended    
    Efficiency Ratio   2024      
    (In thousands)   2024       2023      
               
    Net interest income (GAAP) $ 15,462     $ 14,113      
               
    Noninterest income (GAAP)   6,103       2,782      
               
    Noninterest expense (GAAP)   14,943       16,039      
               
    Efficiency ratio (GAAP)   69.29 %     94.93 %    
               
    Noninterest income (GAAP) $ 6,103     $ 2,782      
    Less: Gain on sale of loans, home equity lines of credit   (2,492 )     –      
    Less: Gain on sale of equity securities (Visa Class B-2 shares)   (403 )     –      
    Noninterest income (Non-GAAP)   3,208       2,782      
               
    Noninterest expense (GAAP) $ 14,943     $ 16,039      
    Less: Adjustments to sick pay contingent liability   (395 )     –      
    Less: Compensation expense associated with loan sale   (1,053 )     –      
    Noninterest expense (Non-GAAP) $ 13,495     $ 16,039      
               
    Efficiency ratio (excluding nonrecurring items) (non-GAAP)   72.28 %     94.93 %    
               
    Tangible Book Value Per Share December 31,
    		   September 30,
    		   Increase
    (In thousands, except share and per share data)   2024       2024     (Decrease)
               
    Stockholders’ equity (GAAP) $ 176,027     $ 177,115     $ (1,088 )
    Less: goodwill and core deposit intangibles   (10,205 )     (10,246 )     41  
    Tangible stockholders’ equity (non-GAAP) $ 165,822     $ 166,869     $ (1,047 )
               
    Outstanding common shares   6,909,173       6,887,106     $ 22,067  
               
    Tangible book value per share (non-GAAP) $ 24.00     $ 24.23     $ (0.23 )
               
    Book value per share (GAAP) $ 25.48     $ 25.72     $ (0.24 )
               
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): As of
    Summarized Consolidated Balance Sheets December 31,
    		   September 30,
    		   June 30,
    		   March 31,   December 31,
    (In thousands, except per share data)   2024       2024       2024       2024       2023  
                       
    Total cash and cash equivalents $ 76,224     $ 52,142     $ 42,423     $ 62,969     $ 33,366  
    Total investment securities   242,634       249,719       238,785       240,142       246,801  
    Total loans held for sale   24,441       25,716       125,859       19,108       22,866  
    Total loans, net of allowance for credit losses   1,884,514       1,963,852       1,826,980       1,882,458       1,841,953  
    Loan servicing rights   2,661       2,754       2,860       3,028       3,711  
    Total assets   2,388,735       2,450,368       2,393,491       2,364,983       2,308,092  
                       
    Retail deposits $ 1,395,766     $ 1,371,724     $ 1,312,997     $ 1,239,271     $ 1,180,951  
    Brokered deposits   437,008       509,157       399,151       548,175       502,895  
    Total deposits   1,832,774       1,880,881       1,712,148       1,787,446       1,683,846  
    Federal Home Loan Bank borrowings   295,000       301,640       425,000       315,000       356,699  
                       
    Common stock and additional paid-in capital $ 28,382     $ 27,725     $ 27,592     $ 27,475     $ 27,397  
    Retained earnings – substantially restricted   178,526       173,337       170,688       167,648       163,753  
    Accumulated other comprehensive loss   (17,789 )     (11,195 )     (17,415 )     (17,144 )     (13,606 )
    Unearned stock compensation   (973 )     (901 )     (999 )     (1,096 )     (1,194 )
    Less treasury stock, at cost   (12,119 )     (11,851 )     (11,866 )     (11,827 )     (11,827 )
    Total stockholders’ equity   176,027       177,115       168,000       165,056       164,523  
                       
    Outstanding common shares   6,909,173       6,887,106       6,883,656       6,883,160       6,883,160  
                       
                       
      Three Months Ended
    Summarized Consolidated Statements of Income December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands, except per share data)   2024       2024       2024       2024       2023  
                       
    Total interest income $ 32,449     $ 32,223     $ 31,094     $ 30,016     $ 28,655  
    Total interest expense   16,987       17,146       16,560       15,678       14,542  
    Net interest income   15,462       15,077       14,534       14,338       14,113  
    Provision (credit) for credit losses – loans   (490 )     1,808       501       713       470  
    Provision (credit) for unfunded lending commitments   46       (262 )     158       (259 )     (58 )
    Provision (credit) for credit losses – securities   (7 )     (86 )     84       23       –  
    Total provision (credit) for credit losses   (451 )     1,460       743       477       412  
                       
    Net interest income after provision for credit losses   15,913       13,617       13,791       13,861       13,701  
                       
    Total noninterest income   6,103       2,842       3,196       3,710       2,782  
    Total noninterest expense   14,943       12,642       12,431       11,778       16,039  
    Income before income taxes   7,073       3,817       4,556       5,793       444  
    Income tax expense (benefit)   848       145       483       866       (476 )
    Net income   6,225       3,672       4,073       4,927       920  
                       
                       
    Net income per share, basic $ 0.91     $ 0.54     $ 0.60     $ 0.72     $ 0.13  
    Weighted average shares outstanding, basic   6,851,153       6,832,626       6,832,452       6,832,130       6,823,948  
                       
    Net income per share, diluted $ 0.89     $ 0.53     $ 0.60     $ 0.72     $ 0.13  
    Weighted average shares outstanding, diluted   6,969,223       6,894,532       6,842,336       6,859,611       6,839,704  
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Noninterest Income Detail December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands)   2024       2024       2024       2024       2023  
                       
    Service charges on deposit accounts $ 567     $ 552     $ 538     $ 387     $ 473  
    ATM and interchange fees   665       642       593       585       449  
    Net unrealized gain on equity securities   78       28       419       6       38  
    Net gain on equity securities   403       –       –       –       –  
    Net gain on sales of loans, Small Business Administration   711       647       581       951       834  
    Net gain on sales of loans, home equity lines of credit   2,492       –       –       –       –  
    Mortgage banking income   78       6       49       53       89  
    Increase in cash surrender value of life insurance   361       363       353       333       329  
    Gain on life insurance   108       –       –       –       –  
    Commission income   210       294       220       220       222  
    Real estate lease income   121       122       154       115       115  
    Net gain (loss) on premises and equipment   45       (4 )     –       120       –  
    Other income   264       192       289       940       233  
    Total noninterest income $ 6,103     $ 2,842     $ 3,196     $ 3,710     $ 2,782  
                       
                       
      Three Months Ended
      December 31,   September 30,
    		   June 30,   March 31,   December 31,
    Consolidated Performance Ratios (Annualized)   2024       2024       2024       2024       2023  
                       
    Return on average assets   1.02 %     0.61 %     0.69 %     0.92 %     0.16 %
    Return on average equity   14.07 %     8.52 %     9.86 %     13.06 %     2.42 %
    Return on average common stockholders’ equity   14.07 %     8.52 %     9.86 %     13.06 %     2.42 %
    Net interest margin (tax equivalent basis)   2.75 %     2.72 %     2.67 %     2.66 %     2.69 %
    Efficiency ratio   69.29 %     70.55 %     70.11 %     65.26 %     94.93 %
                       
                       
      As of or for the Three Months Ended
      December 31,   September 30,
    		   June 30,   March 31,   December 31,
    Consolidated Asset Quality Ratios   2024       2024       2024       2024       2023  
                       
    Nonperforming loans as a percentage of total loans   0.87 %     0.85 %     0.91 %     0.82 %     0.83 %
    Nonperforming assets as a percentage of total assets   0.71 %     0.71 %     0.72 %     0.68 %     0.69 %
    Allowance for credit losses as a percentage of total loans   1.09 %     1.07 %     1.07 %     1.02 %     1.01 %
    Allowance for credit losses as a percentage of nonperforming loans   124.85 %     125.69 %     118.12 %     124.01 %     121.16 %
    Net charge-offs to average outstanding loans   0.01 %     0.02 %     0.01 %     0.01 %     0.00 %
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands)   2024       2024       2024       2024       2023  
                       
    Core Banking Segment:              
    Net interest income $ 13,756     $ 14,083     $ 13,590     $ 13,469     $ 13,113  
    Provision (credit) for credit losses – loans   (745 )     1,339       320       909       (49 )
    Provision (credit) for unfunded lending commitments   (75 )     78       64       (259 )     –  
    Provision (credit) for credit losses – securities   (7 )     (86 )     84       23       –  
    Net interest income after provision for credit losses   14,583       12,752       13,122       12,796       13,162  
    Noninterest income   5,253       2,042       2,474       2,537       1,679  
    Noninterest expense   12,574       10,400       10,192       10,093       10,252  
    Income before income taxes   7,262       4,394       5,404       5,240       4,589  
    Income tax expense   893       301       689       729       541  
    Net income $ 6,369     $ 4,093     $ 4,715     $ 4,511     $ 4,048  
                       
    SBA Lending Segment (Q2):              
    Net interest income $ 1,706     $ 994     $ 944     $ 869     $ 1,003  
    Provision (credit) for credit losses – loans   255       469       181       (196 )     461  
    Provision (credit) for unfunded lending commitments   121       (340 )     94       –       –  
    Net interest income after provision for credit losses   1,330       865       669       1,065       542  
    Noninterest income   850       800       722       1,173       1,003  
    Noninterest expense   2,369       2,242       2,239       1,685       2,146  
    Income (loss) before income taxes   (189 )     (577 )     (848 )     553       (601 )
    Income tax expense (benefit)   (45 )     (156 )     (206 )     137       (131 )
    Net income (loss) $ (144 )   $ (421 )   $ (642 )   $ 416     $ (470 )
                       
    Mortgage Banking Segment: (2)              
    Net interest income (loss) $ –     $ –     $ –     $ –     $ (3 )
    Provision for credit losses – loans   –       –       –       –       –  
    Provision for unfunded lending commitments   –       –       –       –       –  
    Net interest income (loss) after provision for credit losses   –       –       –       –       (3 )
    Noninterest income   –       –       –       –       100  
    Noninterest expense   –       –       –       –       3,641  
    Loss before income taxes   –       –       –       –       (3,544 )
    Income tax benefit   –       –       –       –       (886 )
    Net loss $ –     $ –     $ –     $ –     $ (2,658 )
                       
    (2) National mortgage banking operations were ceased in the quarter ended December 31, 2023 and subsequent immaterial mortgage lending activity is reported within the Core Banking segment.
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands, except percentage data)   2024       2024       2024       2024       2023  
                       
    Net Income (Loss) Per Share by Segment            
    Net income per share, basic – Core Banking $ 0.93     $ 0.60     $ 0.69     $ 0.66     $ 0.59  
    Net income (loss) per share, basic – SBA Lending (Q2)   (0.02 )     (0.06 )     (0.09 )     0.06       (0.07 )
    Net loss per share, basic – Mortgage Banking   0.00       0.00       0.00       0.00       (0.40 )
    Total net income (loss) per share, basic $ 0.91     $ 0.54     $ 0.60     $ 0.72     $ 0.12  
                       
    Net Income (Loss) Per Diluted Share by Segment          
    Net income per share, diluted – Core Banking $ 0.91     $ 0.59     $ 0.69     $ 0.66     $ 0.59  
    Net income (loss) per share, diluted – SBA Lending (Q2)   (0.02 )     (0.06 )     (0.09 )     0.06       (0.07 )
    Net loss per share, diluted – Mortgage Banking   0.00       0.00       0.00       0.00       (0.40 )
    Total net income (loss) per share, diluted $ 0.89     $ 0.53     $ 0.60     $ 0.72     $ 0.12  
                       
    Return on Average Assets by Segment (annualized) (3)          
    Core Banking   1.09 %     0.71 %     0.83 %     0.80 %     0.73 %
    SBA Lending   (0.55 %)     (1.71 %)     (2.91 %)     1.81 %     (2.11 %)
                       
    Efficiency Ratio by Segment (annualized) (3)            
    Core Banking   66.15 %     64.50 %     63.45 %     63.06 %     69.31 %
    SBA Lending   92.68 %     124.97 %     134.39 %     82.52 %     106.98 %
                       
                       
      Three Months Ended
    Noninterest Expense Detail by Segment December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands)   2024       2024       2024       2024       2023  
                       
    Core Banking Segment:              
    Compensation $ 7,245     $ 5,400     $ 5,587     $ 5,656     $ 5,691  
    Occupancy   1,577       1,554       1,573       1,615       1,481  
    Advertising   338       399       253       205       189  
    Other   3,414       3,047       2,779       2,617       2,891  
    Total Noninterest Expense $ 12,574     $ 10,400     $ 10,192     $ 10,093     $ 10,252  
                       
    SBA Lending Segment (Q2):              
    Compensation $ 1,931     $ 1,854     $ 1,893     $ 1,933     $ 1,826  
    Occupancy   59       55       51       58       91  
    Advertising   14       17       12       7       10  
    Other   365       316       283       (313 )     219  
    Total Noninterest Expense $ 2,369     $ 2,242     $ 2,239     $ 1,685     $ 2,146  
                       
    Mortgage Banking Segment: (2)              
    Compensation $ –     $ –     $ –     $ –     $ 2,146  
    Occupancy   –       –       –       –       469  
    Advertising   –       –       –       –       119  
    Other   –       –       –       –       907  
    Total Noninterest Expense $ –     $ –     $ –     $ –     $ 3,641  
                       
    (3) Ratios for Mortgage Banking Segment are not considered meaningful due to cessation of national mortgage banking operations in the quarter ended December 31, 2023.
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):    
      Three Months Ended
    SBA Lending (Q2) Data December 31,   September 30,   June 30,   March 31,    December 31,
    (In thousands, except percentage data) 2024   2024    2024   2024   2023
                                 
    Final funded loans guaranteed portion sold, SBA $ 10,785     $ 10,880     $ 7,515     $ 15,144     $ 14,098  
                                 
    Gross gain on sales of loans, SBA $ 1,141     $ 1,029     $ 811     $ 1,443     $ 1,303  
    Weighted average gross gain on sales of loans, SBA 10.58 %   9.46 %   10.79 %   9.53 %   9.24 %
                                 
    Net gain on sales of loans, SBA (4) $ 711     $ 647     $ 581     $ 951     $ 834  
    Weighted average net gain on sales of loans, SBA 6.59 %   5.95 %   7.73 %   6.28 %   5.92 %
                                 
                                 
    (4) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Summarized Consolidated Average Balance Sheets December 31,   September 30,
    		   June 30,   March 31,   December 31,
    (In thousands)   2024       2024       2024       2024       2023  
    Interest-earning assets                
    Average balances:                
    Interest-bearing deposits with banks $ 21,102     $ 16,841     $ 26,100     $ 24,587     $ 20,350  
    Loans   2,010,082       1,988,997       1,943,716       1,914,609       1,857,654  
    Investment securities – taxable   101,960       99,834       101,350       102,699       103,728  
    Investment securities – nontaxable   160,929       158,917       157,991       157,960       159,907  
    FRB and FHLB stock   24,986       24,986       24,986       24,986       24,968  
    Total interest-earning assets $ 2,319,059     $ 2,289,575     $ 2,254,143     $ 2,224,841     $ 2,166,607  
                       
    Interest income (tax equivalent basis):            
    Interest-bearing deposits with banks $ 210     $ 209     $ 324     $ 261     $ 249  
    Loans   29,617       29,450       28,155       27,133       26,155  
    Investment securities – taxable   914       910       918       923       942  
    Investment securities – nontaxable   1,715       1,685       1,665       1,662       1,687  
    FRB and FHLB stock   493       471       519       499       74  
    Total interest income (tax equivalent basis) $ 32,949     $ 32,725     $ 31,581     $ 30,478     $ 29,107  
                       
    Weighted average yield (tax equivalent basis, annualized):          
    Interest-bearing deposits with banks   3.98 %     4.96 %     4.97 %     4.25 %     4.89 %
    Loans   5.89 %     5.92 %     5.79 %     5.67 %     5.63 %
    Investment securities – taxable   3.59 %     3.65 %     3.62 %     3.59 %     3.63 %
    Investment securities – nontaxable   4.26 %     4.24 %     4.22 %     4.21 %     4.22 %
    FRB and FHLB stock   7.89 %     7.54 %     8.31 %     7.99 %     1.19 %
    Total interest-earning assets   5.68 %     5.72 %     5.60 %     5.48 %     5.37 %
                       
    Interest-bearing liabilities              
    Interest-bearing deposits $ 1,671,156     $ 1,563,258     $ 1,572,871     $ 1,549,012     $ 1,389,384  
    Federal Home Loan Bank borrowings   315,583       378,956       351,227       333,275       440,786  
    Subordinated debt and other borrowings   48,616       48,576       48,537       48,497       48,458  
    Total interest-bearing liabilities $ 2,035,355     $ 1,990,790     $ 1,972,635     $ 1,930,784     $ 1,878,628  
                       
    Interest expense:                
    Interest-bearing deposits $ 13,606     $ 12,825     $ 12,740     $ 12,546     $ 9,989  
    Federal Home Loan Bank borrowings   2,617       3,521       3,021       2,298       3,769  
    Subordinated debt and other borrowings   764       800       799       833       784  
    Total interest expense $ 16,987     $ 17,146     $ 16,560     $ 15,677     $ 14,542  
                       
    Weighted average cost (annualized):            
    Interest-bearing deposits   3.26 %     3.28 %     3.24 %     3.24 %     2.88 %
    Federal Home Loan Bank borrowings   3.32 %     3.72 %     3.44 %     2.76 %     3.42 %
    Subordinated debt and other borrowings   6.29 %     6.59 %     6.58 %     6.87 %     6.47 %
    Total interest-bearing liabilities   3.34 %     3.45 %     3.36 %     3.25 %     3.10 %
                       
    Net interest income (taxable equivalent basis) $ 15,962     $ 15,579     $ 15,021     $ 14,801     $ 14,565  
    Less: taxable equivalent adjustment   (500 )     (502 )     (487 )     (463 )     (452 )
    Net interest income $ 15,462     $ 15,077     $ 14,534     $ 14,338     $ 14,113  
                       
    Interest rate spread (tax equivalent basis, annualized)   2.34 %     2.27 %     2.24 %     2.23 %     2.27 %
                       
    Net interest margin (tax equivalent basis, annualized)   2.75 %     2.72 %     2.67 %     2.66 %     2.69 %

    The MIL Network –

  • MIL-OSI: U.S. Rep. Nanette Barragán Joins Federal Home Loan Bank of San Francisco to Address Affordable Housing Crisis in Southern California

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Committed to prioritizing solutions for the affordable housing crisis in Southern California, U.S. Rep. Nanette Barragán, (CA-44) hosted a roundtable discussion with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today at The Enclave in Torrance, California. The roundtable brought together affordable housing leaders, community organizations, financial institutions, and other stakeholders throughout the area to discuss how organizations and public-private partnerships could play a pivotal role in solving the housing crisis in Southern California after tens of thousands were displaced by the recent wildfires in the region.

    “Many families in my district, and across Los Angeles County, struggle to afford housing,” said Rep. Nanette Barragán. “This roundtable brings together key partners to explore solutions to increase housing supply, reduce costs, and expand opportunities for homeownership. Together, we can make real progress for our communities.”

    Rep. Barragán has a history of leading on issues related to affordable housing and has secured millions in federal funding for local projects that support affordable housing development, advance homeownership for first time homebuyers and expand supportive housing options. By teaming up with FHLBank San Francisco and its members, she is working to find local solutions to the housing crisis.

    “This roundtable comes at a critical moment for our district, as many families and individuals have been displaced by the devastating wildfires in Los Angeles. We are proud to partner with Representative Barragán, a dedicated leader and tireless advocate for addressing the housing crisis in Southern California,” said Alanna McCargo, president and chief executive officer of FHLBank San Francisco. “Collaboration is essential to develop innovative solutions that improve affordability, expand housing supply and support the rebuilding of communities impacted by these wildfires. Our Bank is a valuable and trusted community partner that can leverage an extensive network of member financial institutions to help turn these ideas into action.”

    In 2024, FHLBank San Francisco awarded $6.75 million in Affordable Housing Program (AHP) grants to support a range of projects in Los Angeles. Statewide, more than $49 million in AHP grants were awarded through its member financial institutions to help address and expedite solutions to California’s affordable housing crisis.

    Attendees at the roundtable included:

    • Dora Leong Gall, A Community of Friends
    • Holly Benson, Adobe communities
    • Andrea Parker, Farmers and Merchants bank
    • Jeremy Empol, FHLBank San Francisco
    • Anabel Cuevas, FHLBank San Francisco
    • Darrell Simien, Habitat for Humanity LA
    • Laura Archuleta, Jamboree
    • Suny Lay Chang, LINC Housing
    • Michael Ruane, National CORE
    • Gerald Phillips, Neighborhood Housing Services of Los Angeles County
    • Patricia Valladolid, One San Pedro/Century Housing
    • Michael Faulwell, SchoolsFirst FCU
    • Brent Terecero, SchoolsFirst FCU

    FHLBank San Francisco is dedicated to supporting housing initiatives throughout its three-state region, including Arizona, California, and Nevada. Since the Affordable Housing Program (AHP) was created in 1990, FHLBank San Francisco has awarded over $1.35 billion in AHP grants to support the construction, rehabilitation, or purchase of over 154,600 homes affordable to lower-income households, including $61.8 million in 2024 alone. Together, the 11 regional FHLBanks that make up the Federal Home Loan Bank System are one of the largest privately capitalized sources of grant funding for affordable housing in the United States.

    About the Federal Home Loan Bank of San Francisco

    The Federal Home Loan Bank of San Francisco is a member-owned cooperative supporting local lenders in Arizona, California, and Nevada to build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    Contact:
    Tom Flannigan
    tom.flannigan@fhlbsf.com
    415-616-2695

    The MIL Network –

  • MIL-OSI: Wearable Devices Ltd. Announces Pricing of $2.5 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the pricing of its “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of up 2,500,000 ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants will have an exercise price of $1.00 per share, will be exercisable immediately and will expire five years from the issuance date.

    The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $1.00 per share and will expire five years following the closing of the Offering.

    The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

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

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected closing date of the Offering, the use of proceeds, and the satisfaction of customary closing conditions. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI: Oak Valley Community Bank to Open New Branch in Lodi

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) recently announced it has received regulatory approval to establish its 19th full-service branch. The new office will be located at 31 South School Street in downtown Lodi and is scheduled to open mid-2025.

    Established in 1991, Oak Valley Community Bank opened its first branch in San Joaquin County in 2005. The Lodi Branch will be the bank’s sixth location in the county and offer a full line of personal and commercial banking services, a traditional walk-up ATM, and night deposit service. The branch will also include offices for commercial lending and administrative personnel.

    “We are pleased to expand our branch network into Lodi. This adds another convenient location to our footprint,” stated Rick McCarty, President & Chief Operating Officer. “As a community bank headquartered in the Central Valley, this addition will allow us to provide increased accessibility to clients and introduce our unique brand of first-class service to a new audience of prospective clients, particularly those in the northern portion of San Joaquin County,” he concluded.

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop.

    For more information, call 1-866-844-7500 or visit www.ovcb.com.

    Contact: Chris Courtney/Rick McCarty
    Phone: (209) 848-BANK (2265)
      Toll Free (866) 844-7500
      www.ovcb.com

    The MIL Network –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024, as compared to $8.4 million, or $1.96 per diluted share, for the corresponding prior year period. For the three months ended December 31, 2024, the Bancorp’s net income totaled $2.1 million, or $0.49 per diluted share, as compared to $606 thousand, or $0.14 per diluted share, for the three months ended September 30, 2024, and as compared to $1.5 million, or $0.35 per diluted share, for the three months ended December 31, 2023. Selected performance metrics are as follows for the periods presented:

    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024   2024   2024   2024   2023   2024   2023
    Return on equity   5.39%   1.60%   0.39%   24.97%   4.92%   8.06%   6.28%
    Return on assets   0.41%   0.12%   0.03%   1.77%   0.29%   0.58%   0.40%
    Tax adjusted net interest margin (Non-GAAP)   2.79%   2.66%   2.67%   2.57%   2.80%   2.68%   2.98%
    Noninterest income / average assets   0.72%   0.55%   0.50%   2.57%   0.53%   1.09%   0.52%
    Noninterest expense / average assets   2.75%   2.80%   2.79%   2.86%   2.60%   2.80%   2.65%
    Efficiency ratio   87.20%   97.32%   98.56%   59.41%   87.49%   81.78%   84.58%
         

    “The Bank ended the year with continued improvement in its overall positioning and increased momentum for 2025,” said Benjamin Bochnowski, chief executive officer. “We improved regulatory capital throughout the year through balance sheet management and earnings and had the benefit of one-time income including our sale leaseback transaction early in the year and a gain on a long-held tax credit investment this past quarter. Net interest margin improved throughout 2024 as expected, based on our earning asset position and reduced funding costs driven by recent Federal Reserve interest rate policy,” he continued. “The Bank charged off a small number of commercial business loans in the 4th quarter, and management will continue to actively manage credit quality,” he concluded.  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the three months ended December 31, 2024, was 2.65%, compared to 2.51% for the three months ended September 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the three months ended December 31, 2024, was 2.79%, compared to 2.66% for the three months ended September 30, 2024. The net interest margin for the twelve months ended December 31, 2024, was 2.54%, compared to 2.83% for the twelve months ended December 31, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2024, was 2.68%, compared to 2.98% for the twelve months ended December 31, 2023. The increased net interest margin for the three months ended December 31, 2024 compared to September 30, 2024 is primarily the result of increased yields on the Bank’s loan portfolio, combined with reduced deposit and borrowing costs as a result of the Federal Reserve’s continued reduction of federal funds rates during the quarter. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of December 31, 2024, deposits totaled $1.8 billion, an increase of $11.8 million or 0.7%, compared to September 30, 2024. As of December 31, 2024, non-interest-bearing deposits totaled $263.3 million, a decrease of $21.8 million or 7.7%, compared to September 30, 2024. Core deposits totaled $1.2 billion at both December 31, 2024, and September 30, 2024. Core deposits include checking, savings, and money market accounts and represented 68.2% of the Bancorp’s total deposits at December 31, 2024. As of December 31, 2024, balances for certificates of deposit totaled $560.3 million, compared to $562.2 million on September 30, 2024, a decrease of $2.0 million or 0.4%. The increase in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The decrease in non-interest-bearing deposits is primarily attributable to regular outflow of business-related checking deposits at year-end which tend to return in subsequent periods. In addition, as of December 31, 2024, borrowings and repurchase agreements totaled $105.0 million, a decrease of $22.9 million or 17.9%, compared to September 30, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of December 31, 2024, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of December 31, 2024, the Bancorp had available liquidity of $687 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $16.5 million to $333.6 million as of December 31, 2024, compared to $350.0 million as of September 30, 2024.  The decrease in securities available for sale was due to a combination of portfolio runoff and an increase of accumulated other comprehensive loss (“AOCL”). AOCL was $58.1 million as of December 31, 2024, compared to $48.2 million on September 30, 2024, a decline of $9.8 million, or 20.4%. The yield on the securities portfolio decreased to 2.34% for the three months ended December 31, 2024, down from 2.37% for the three months ended September 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both December 31, 2024, and September 30, 2024. During the three months ended December 31, 2024, the Bank originated $59.2 million in new commercial loans, compared to $70.4 million during the three months ended September 30, 2024, and $47.5 million during the three months ended December 31, 2023. The loan portfolio represents 79.3% of earning assets and is comprised of 63.0% commercial-related credits. At December 31, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $246.6 million or 16.3% of total loan balances and commercial real estate non-owner-occupied properties totaled $305.1 million or 20.2% of total loan balances. Of the $305.1 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $38.5 million or 2.5% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans totaled $1.1 million for both the twelve months ended December 31, 2024, and 2023. During the twelve months ended December 31, 2024, the Bank originated $36.8 million in new fixed rate mortgage loans for sale, compared to $38.0 million during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Bank originated $27.4 million in new 1-4 family loans retained in its portfolio, compared to $41.6 million during the twelve months ended December 31, 2023. Total 1-4 family originations for the quarter ended December 31, 2024, totaled $25.4 million, an increase of $5.3 million compared to $20.1 million for the quarter ended September 30, 2024. The retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Gain on Tax Credit Investment – During the three months ended December 31, 2024, the Bank successfully concluded a long term, non-controlling interest in a partnership established to facilitate tax credit investments. Upon the termination of the partnership, the Bank recognized a one-time gain of $1.2 million recognized through noninterest income. The proceeds from the dissolution of this tax credit investment will contribute to the Bank’s financial position, thereby supporting ongoing strategic initiatives and operational priorities.
    • Asset Quality – At December 31, 2024, non-performing loans totaled $13.7 million, compared to $13.8 million at September 30, 2024, a decrease of $68 thousand or 0.5%. The Bank’s ratio of non-performing loans to total loans was 0.91% at December 31, 2024, compared to 0.92% at September 30, 2024. The Bank’s ratio of non-performing assets to total assets was 0.74% at December 31, 2024, compared to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $16.9 million at December 31, 2024, or 1.12% of total loans receivable, compared to $18.5 million at September 30, 2024, or 1.23% of total loans receivable, a decrease of $1.6 million or 8.7% and is considered adequate by management. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.7 million at December 31, 2024, compared to $3.9 million at September 30, 2024, a decrease of $1.2 million or 30%.

      For the quarter ended December 31, 2024, the Bank recorded a net negative provision for credit loss expense totaling $579 thousand based on a decline in individually assessed loans balances, historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The fourth quarter’s provision expense consisted of a $597 thousand provision for credit losses on loans, and a $1.2 million reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to reduced unused commitment balances and other factors. For the quarter ended December 31, 2024, net charge-offs, totaled $2.2 million. Most of these charge-offs involved a small number of commercial or multifamily-related loans which were previously monitored and had specific allocations toward individual impairment or contributed to higher expected loss rates within the Bank’s prior ACL balance. For the quarter ended September 30, 2024, the Bank recorded no provision expense and recoveries, net of charge-offs, totaled $186 thousand. The ACL as a percentage of non-performing loans, or coverage ratio, was 123.1% at December 31, 2024 compared to 134.1% at September 30, 2024.

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, as compared to 2.80% for the quarter ended September 30, 2024. Decreases in non-interest expenses quarter over quarter were primarily attributable to reduced compensation and benefit expenses, and lower occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 0.3% for the twelve months ended December 31, 2024, compared to December 31, 2023.
    • Capital Adequacy – As of December 31, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.46%, an improvement of 0.08% compared to 8.38% at September 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.48 at December 31, 2024, down from $31.28 as of September 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.17% at December 31, 2024, down from 6.51% as of September 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.94 as of December 31, 2024, from $42.47 as of September 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.   

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Return on equity     5.39 %     1.60 %     0.39 %     24.97 %     4.92 %     8.06 %     6.28 %
    Return on assets     0.41 %     0.12 %     0.03 %     1.77 %     0.29 %     0.58 %     0.40 %
    Yield on loans     5.27 %     5.22 %     5.11 %     5.02 %     5.09 %     5.15 %     4.92 %
    Yield on security investments     2.34 %     2.37 %     2.43 %     2.37 %     2.57 %     2.38 %     2.43 %
    Total yield on earning assets     4.74 %     4.70 %     4.64 %     4.52 %     4.64 %     4.67 %     4.45 %
    Cost of interest-bearing deposits     2.41 %     2.47 %     2.37 %     2.36 %     2.22 %     2.40 %     1.74 %
    Cost of repurchase agreements     3.65 %     4.04 %     3.86 %     3.88 %     3.78 %     3.85 %     3.64 %
    Cost of borrowed funds     4.31 %     4.56 %     4.95 %     4.62 %     4.41 %     4.62 %     4.55 %
    Total cost of interest-bearing liabilities     2.53 %     2.63 %     2.55 %     2.53 %     2.38 %     2.56 %     1.96 %
    Tax adjusted net interest margin (Non-GAAP)     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Noninterest income / average assets     0.72 %     0.55 %     0.50 %     2.57 %     0.53 %     1.09 %     0.52 %
    Noninterest expense / average assets     2.75 %     2.80 %     2.79 %     2.86 %     2.60 %     2.80 %     2.65 %
    Net noninterest margin / average assets     -2.03 %     -2.24 %     -2.29 %     -0.29 %     -2.08 %     -1.71 %     -2.14 %
    Efficiency ratio     87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
    Effective tax rate     21.30 %     -51.88 %     -6.72 %     9.48 %     -30.85 %     9.85 %     -4.16 %
                                 
    Non-performing assets to total assets     0.74 %     0.73 %     0.61 %     0.64 %     0.61 %     0.74 %     0.61 %
    Non-performing loans to total loans     0.91 %     0.92 %     0.75 %     0.78 %     0.76 %     0.91 %     0.76 %
    Allowance for credit losses to non-performing loans   123.10 %     134.12 %     161.17 %     159.12 %     163.90 %     123.10 %     163.90 %
    Allowance for credit losses to loans receivable     1.12 %     1.23 %     1.22 %     1.25 %     1.24 %     1.12 %     1.24 %
    Foreclosed real estate to total assets     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                 
    Basic earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 2.85     $ 1.96  
    Diluted earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 2.84     $ 1.96  
    Stockholders’ equity / total assets     7.35 %     7.69 %     7.16 %     7.32 %     6.99 %     7.35 %     6.99 %
    Book value per share   $ 35.10     $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 35.10     $ 34.28  
    Closing stock price   $ 28.11     $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 28.11     $ 25.24  
    Price to earnings per share ratio     14.25       56.21       182.60       2.82       17.77       9.87       12.87  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.48     $ 1.05  
                                 
    Bank Level Capital                            
    Common equity tier 1 capital to risk-weighted assets   11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Tier 1 capital to risk-weighted assets     11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Total capital to risk-weighted assets     12.26 %     12.14 %     11.95 %     11.92 %     11.36 %     12.26 %     11.36 %
    Tier 1 capital to adjusted average assets     8.46 %     8.38 %     8.32 %     8.24 %     7.78 %     8.46 %     7.78 %
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Net interest margin – tax equivalent     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Tangible book value per diluted share   $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
    Tangible book value per diluted share adjusted for AOCL   $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
    Tangible common equity to total assets     6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
    Tangible common equity to total assets adjusted for AOCL     8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average
    Balance    		   Interest   Rate (%)   Average
    Balance    		   Interest   Rate (%)
    ASSETS                      
    Interest bearing deposits in other financial institutions $ 50,271     $ 650   5.17   $ 54,084     $ 665   4.92
    Federal funds sold   891       9   4.04     682       9   5.28
    Securities available-for-sale   343,411       2,011   2.34     342,451       2,031   2.37
    Loans receivable   1,504,233       19,802   5.27     1,506,967       19,660   5.22
    Federal Home Loan Bank stock   6,547       123   7.51     6,547       107   6.54
    Total interest earning assets   1,905,353     $ 22,595   4.74     1,910,731     $ 22,472   4.70
    Cash and non-interest bearing deposits in other financial institutions   27,360               22,478          
    Allowance for credit losses   (18,110 )             (18,482 )        
    Other noninterest bearing assets   154,707               155,997          
    Total assets $ 2,069,310             $ 2,070,724          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,465,198     $ 8,811   2.41   $ 1,451,414     $ 8,946   2.47
    Repurchase agreements   43,372       396   3.65     43,074       435   4.04
    Borrowed funds   72,536       781   4.31     95,224       1,085   4.56
    Total interest bearing liabilities   1,581,106     $ 9,988   2.53     1,589,712     $ 10,466   2.63
    Non-interest bearing deposits   289,467               287,507          
    Other noninterest bearing liabilities   42,944               41,696          
    Total liabilities   1,913,517               1,918,915          
    Total stockholders’ equity   155,793               151,809          
    Total liabilities and stockholders’ equity $ 2,069,310             $ 2,070,724          
                           
    Net interest income     $ 12,607           $ 12,006    
    Return on average assets   0.41 %             0.12 %        
    Return on average equity   5.39 %             1.60 %        
    Net interest margin (average earning assets)   2.65 %               2.51 %        
    Net interest margin (average earning assets) – tax equivalent   2.79 %             2.66 %        
    Net interest spread   2.21 %             2.07 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.21 x           1.20 x        
                           
                           
    Year-to-Date                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)
    ASSETS     `                
    Interest bearing deposits in other financial institutions $ 51,202     $ 2,967   5.79   $ 61,107     $ 2,317   5.06
    Federal funds sold   912       38   4.17     919       29   4.21
    Securities available-for-sale   347,048       8,250   2.38     348,269       6,239   2.39
    Loans receivable   1,504,206       77,515   5.15     1,504,197       57,713   5.12
    Federal Home Loan Bank stock   6,547       408   6.23     6,547       285   5.80
    Total interest earning assets   1,909,915     $ 89,178   4.67     1,921,039     $ 66,583   4.62
    Cash and non-interest bearing deposits in other financial institutions   28,730               19,598          
    Allowance for credit losses   (18,529 )             (18,670 )        
    Other noninterest bearing assets   155,251               155,433          
    Total assets $ 2,075,367             $ 2,077,400          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,462,039     $ 35,161   2.40   $ 1,464,682     $ 26,350   2.40
    Repurchase agreements   41,506       1,600   3.85     40,879       1,204   3.93
    Borrowed funds   85,927       3,970   4.62     90,423       3,189   4.70
    Total interest bearing liabilities   1,589,472     $ 40,731   2.56     1,595,984     $ 30,743   2.57
    Non-interest bearing deposits   293,508               291,161          
    Other noninterest bearing liabilities   41,893               41,540          
    Total liabilities   1,924,873               1,928,685          
    Total stockholders’ equity   150,494               148,715          
    Total liabilities and stockholders’ equity $ 2,075,367             $ 2,077,400          
                           
    Net interest income     $ 48,447           $ 35,840    
    Return on average assets   0.58 %             0.64 %        
    Return on average equity   8.06 %             4.50 %        
    Net interest margin (average earning assets)   2.54 %               2.49 %        
    Net interest margin (average earning assets) – tax equivalent   2.68 %             2.63 %        
    Net interest spread   2.11 %             2.05 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.20 x           1.20 x        
                           
    Finward Bancorp
    Quarterly Financial Report
                           
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
          December 31,   September 30,   June 30,   March 31,   December 31,
            2024       2024       2024       2024       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 17,883     $ 23,071     $ 19,061     $ 16,418     $ 17,942  
    Interest bearing deposits in other financial institutions     52,047       48,025       63,439       54,755       67,647  
    Federal funds sold     654       553       707       607       419  
                           
    Total cash and cash equivalents     70,584       71,649       83,207       71,780       86,008  
                           
    Securities available-for-sale     333,554       350,027       339,585       346,233       371,374  
    Loans held-for-sale     1,253       2,567       1,185       667       340  
    Loans receivable, net of deferred fees and costs     1,508,976       1,508,242       1,506,398       1,508,251       1,512,595  
    Less: allowance for credit losses     (16,911 )     (18,516 )     (18,330 )     (18,805 )     (18,768 )
    Net loans receivable     1,492,065       1,489,726       1,488,068       1,489,446       1,493,827  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,721       7,442       7,695       7,583       8,045  
    Premises and equipment     47,259       47,912       48,696       47,795       38,436  
    Foreclosed real estate     –       –       –       71       71  
    Cash value of bank owned life insurance     33,514       33,312       33,107       32,895       32,702  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     1,860       2,203       2,555       2,911       3,272  
    Other assets     43,947       40,882       44,027       43,459       45,262  
                           
    Total assets   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                           
    Deposits:                    
    Non-interest bearing   $ 263,324     $ 285,157     $ 286,784     $ 296,959     $ 295,594  
    Interest bearing     1,497,242       1,463,653       1,469,970       1,450,519       1,517,827  
    Total     1,760,566       1,748,810       1,756,754       1,747,478       1,813,421  
    Repurchase agreements     40,116       43,038       42,973       41,137       38,124  
    Borrowed funds     65,000       85,000       85,000       90,000       80,000  
    Accrued expenses and other liabilities     43,603       38,259       43,709       41,586       29,389  
                           
    Total liabilities     1,909,285       1,915,107       1,928,436       1,920,201       1,960,934  
                           
    Commitments and contingencies                    
                           
    Stockholders’ Equity:                    
                           
                         
    Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding      –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2024 – 4,313,698 December 31, 2023 – 4,298,773     –       –       –       –       –  
                           
                           
    Additional paid-in capital     70,034       69,916       69,778       69,727       69,555  
    Accumulated other comprehensive loss     (58,084 )     (48,241 )     (58,939 )     (56,313 )     (51,613 )
    Retained earnings     139,464       137,880       137,792       138,167       129,403  
                           
    Total stockholders’ equity     151,414       159,555       148,631       151,581       147,345  
                           
    Total liabilities and stockholders’ equity   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Twelve months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,     December 31,   December 31,
          2024       2024       2024       2024       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,802     $ 19,660     $ 19,174     $ 18,879     $ 19,281       $ 77,515     $ 74,762  
    Securities & short-term investments     2,793       2,812       2,953       3,105       2,975         11,663       11,021  
    Total interest income     22,595       22,472       22,127       21,984       22,256         89,178       85,783  
    Interest expense:                              
    Deposits     8,812       8,946       8,610       8,794       8,180         35,162       25,438  
    Borrowings     1,176       1,520       1,463       1,410       1,361         5,569       5,790  
    Total interest expense     9,988       10,466       10,073       10,204       9,541         40,731       31,228  
    Net interest income     12,607       12,006       12,054       11,780       12,715         48,447       54,555  
    Provision/(benefit) for credit losses     (579 )     –       76       –       779         (503 )     2,025  
    Net interest income after provision for credit losses     13,186       12,006       11,978       11,780       11,936         48,950       52,530  
    Noninterest income:                              
    Fees and service charges     1,439       1,463       1,257       1,153       1,507         5,312       6,024  
    Wealth management operations     728       731       763       633       672         2,855       2,484  
    Gain on tax credit investment     1,236       –       –       –       –         1,236       –  
    Gain on sale of loans held-for-sale, net     328       338       320       152       352         1,138       1,081  
    Increase in cash value of bank owned life insurance   202       205       212       193       193         812       766  
    Gain (Loss) on real estate     (212 )     –       15       11,858       –         11,661       –  
    Loss on sale of securities, net     –       –       –       (531 )     –         (531 )     (48 )
    Other     11       130       6       17       11         164       439  
    Total noninterest income     3,732       2,867       2,573       13,475       2,735         22,647       10,746  
    Noninterest expense:                              
    Compensation and benefits     6,628       6,963       7,037       7,109       6,290         27,737       27,655  
    Occupancy and equipment     2,045       2,181       2,116       1,908       1,484         8,250       6,382  
    Data processing     1,202       1,165       1,135       1,170       1,269         4,672       4,734  
    Federal deposit insurance premiums     457       435       397       501       492         1,790       2,003  
    Marketing     220       209       212       158       191         799       840  
    Professional and Outside Services     1,341       1,251       1,257       1,557       1,420         5,406       4,279  
    Technology     509       602       507       625       374         2,243       1,654  
    Other     1,845       1,668       1,756       1,976       1,997         7,245       7,684  
    Total noninterest expense     14,247       14,474       14,417       15,004       13,517         58,142       55,231  
    Income before income taxes     2,671       399       134       10,251       1,154         13,455       8,045  
    Income tax expenses (benefit)     569       (207 )     (9 )     972       (356 )       1,325       (335 )
    Net income   $ 2,102     $ 606     $ 143     $ 9,279     $ 1,510       $ 12,130     $ 8,380  
                                   
    Earnings per common share:                              
    Basic   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36       $ 2.85     $ 1.96  
    Diluted   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35       $ 2.84     $ 1.96  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    (Dollars in thousands)   December 31,   September 30, June 30,   March 31,   December 31,
                2024       2024       2024     2024       2023  
    Nonaccruing loans   $ 13,738     $ 13,806     $ 11,079   $ 11,603     $ 9,608  
    Accruing loans delinquent more than 90 days     –       –       294     215       1,843  
    Securities in non-accrual     1,419       1,440       1,371     1,442       1,357  
    Foreclosed real estate     –       –       –     71       71  
      Total nonperforming assets   $ 15,157     $ 15,246     $ 12,744   $ 13,331     $ 12,879  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 284     $ 1,821     $ 1,327   $ 1,455     $ 906  
      ACL general allowances for loan portfolio     16,627       16,695       17,003     17,351       17,862  
        Total ACL   $ 16,911     $ 18,516     $ 18,330   $ 18,806     $ 18,768  
                               
    Bank Level Capital                   Minimum Required To Be
    (Dollars in thousands)           Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    December 31, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $179,625   11.32%   $71,415   4.50%   $103,154   6.50%
    Tier 1 capital to risk-weighted assets   $179,625   11.32%   $95,219   6.00%   $126,959   8.00%
    Total capital to risk-weighted assets   $194,500   12.26%   $126,959   8.00%   $158,699   10.00%
    Tier 1 capital to adjusted average assets   $179,625   8.46%   $84,854   4.00%   $106,068   5.00%
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures             
                               
    (Dollars in thousands) Quarter Ended,   Twelve months ended,
    (unaudited) December 31, 2024   September 30, 2024 June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Calculation of tangible common equity
    Total stockholder’s equity $ 151,414     $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 151,414     $ 147,345  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (1,860 )     (2,203 )     (2,555 )     (2,911 )     (3,272 )     (1,860 )     (3,272 )
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Accumulated other comprehensive loss   58,084       48,241       58,939       56,313       51,613       58,084       51,613  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
                               
    Calculation of tangible book value per share
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Diluted average common shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
                               
    Calculation of tangible common equity to total assets
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets   6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                               
    Calculation of tax adjusted net interest margin
    Net interest income $ 12,607     $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 48,447     $ 54,555  
    Tax adjusted interest on securities and loans   674       678       677       699       722       2,728       2,956  
    Adjusted net interest income $ 13,281       12,684       12,731       12,749     $ 13,437     $ 51,175     $ 57,511  
    Total average earning assets   1,905,353       1,910,731       1,906,998       1,945,501       1,920,127       1,909,915       1,927,455  
    Tax adjusted net interest margin   2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
                               
    Efficiency ratio
    Total non-interest expense $ 14,247     $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 58,142     $ 55,232  
    Total revenue   16,339       14,873       14,627       25,255       15,450       71,094       65,301  
    Efficiency ratio   87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
                               
    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI: Transocean Ltd. Announces Fourth Quarter, Full Year 2024 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, Jan. 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2024 on Monday, February 17, 2025.

    The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 18, 2025. Individuals who wish to participate should dial +1 785-424-1116 approximately 15 minutes prior to the scheduled start time and refer to conference code 540196.

    The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 18, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1152, passcode 540196. The replay also will be available on the company’s website.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    For more information about Transocean, please visit: www.deepwater.com.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network –

  • MIL-OSI: Mawer Selected as One of Alberta’s Top Employers

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 28, 2025 (GLOBE NEWSWIRE) — For the third consecutive year, Mawer Investment Management Ltd. has been named as one of Alberta’s Top Employers for 2025, an annual competition organized by the editors of Canada’s Top 100 Employers. This is a recognition given to only 85 organizations across the province that lead their industries in offering exceptional places to work.

    “Securing a spot among Alberta’s Top Employers for the third year in a row is truly an honour,” says Audra Campbell, Head of Human Resources. “This accomplishment reflects our continued commitment to creating a great workplace, built on a strong culture and made possible by the dedication and teamwork of everyone at our firm.”

    Mawer provides a well-rounded benefits package that prioritizes health and mental wellness, including an annual $5,000 learning stipend to support professional growth. Our flexible hybrid work model, enhanced parental leave, and strong commitment to community involvement further reflect our values. Through our employee matching program, we match up to $3,000 in donations, fundraising efforts, or volunteer hours contributed to registered charities, empowering our team to make a meaningful impact.

    More information about career opportunities at Mawer can be found at https://www.mawer.com/careers/.

    About Mawer Investment Management Ltd.
    Founded in 1974, Mawer is an independent investment firm managing portfolios for a broad range of foundations and not-for-profit organizations, pension plans, strategic alliances, and individual investors. For more information, visit Mawer at www.mawer.com.

    About Canada’s Top 100 Employers
    Founded in 1992, Mediacorp Canada Inc. is the nation’s largest publisher of employment periodicals. Since 1999, the Toronto-based publisher has managed the Canada’s Top 100 Employers project, which includes 19 regional and special-interest editorial competitions that reach millions of Canadians annually through a variety of magazine and newspaper partners, including The Globe and Mail. Mediacorp also operates Eluta.ca, one of Canada’s largest job search engines, used by millions of job seekers annually to find new job postings and discover what the nation’s best employers are offering. 

    For media inquiries, please contact:
    Joanna Crozier
    Head of Marketing and Communications
    +1 (403) 267-1964
    jcrozier@mawer.com

    The MIL Network –

  • MIL-OSI: First Central Savings Bank Reports Fourth Quarter 2024 net income of $2.0 million ($0.19 EPS), Significant Non-Interest Income Growth Quarter over Quarter, and Special Cash Dividend of $0.15 per share

    Source: GlobeNewswire (MIL-OSI)

    Performance Highlights

    • Net Income: Net income for the quarter ended December 31, 2024, was $2.0 million or $0.19 per share, compared to $919 thousand or $0.09 per share, recorded in the prior linked quarter and $1.3 million or $0.12 per share, in the comparable 2023 quarter.
    • Cash Net Income: Cash net income for the quarter ended December 31, 2024, was $2.2 million or $0.21 per share, compared to $1.9 million or $0.18 per share, recorded in the prior quarter and $1.5 million or $0.14 per share, in the comparable 2023 quarter
    • Significant Non-Interest Income Growth: Due to an increase in loan sale volume and loan sale premiums received for the quarter ended December 31, 2024, non-interest income increased by $1.0 million or 53.4% from the prior linked quarter and were up $1.5 million or 106.6% from the prior year quarter.
    • Net Interest Income: The Bank recorded net interest income of $6.9 million for the quarter ended December 31, 2024, compared to $6.8 million in the prior linked quarter and $6.8 million in the comparable 2023 quarter.
    • Net Interest Margin: The Bank’s net interest margin increased during the quarter ended December 31, 2024, to 2.88% from 2.80% in the quarter ended September 30, 2024.
    • Financial Performance Metrics: Return on average assets and average stockholders’ equity were 0.82% and 9.08%, respectively, for the quarter ended December 31, 2024, compared to 0.37% and 4.22% on linked quarter basis.
    • Regulatory Capital: The Bank’s Tier 1 capital ratio was 9.36% and the Total Risk based capital ratio was 14.67% at December 31, 2024, each above the regulatory minimum for a well-capitalized institution.
    • Special Cash Dividend: The Bank declared a special cash dividend of $0.15 per share to the Bank’s shareholders.
    • Strong and Stable Liquidity: The Uninsured deposits base remains stable at 18.15% of total deposits. The Bank has significant available funding capacity to provide 236.2% coverage of our uninsured deposits.

    GLEN COVE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported continued performance achievements for the quarter ended December 31, 2024.

    Cash and GAAP Basis Earnings

    The Bank’s cash earnings were $2.2 million, or $0.21 per share, for the quarter ended December 31, 2024, which represents an increase of $325 thousand, or 17.2%, on a linked quarter basis and an increase of $766 thousand, or 52.8%, from the prior year quarter ended December 31, 2023.

    On a GAAP basis, net income for the quarter ended December 31, 2024, was $2.0 million, or $0.19 per share, compared with net income of $919 thousand, or $0.09, from the prior linked quarter basis and net income of $1.3 million, or $0.12 per share, for the quarter ended December 31, 2023.

    Joseph Pistilli, Chairman of the Board noted, “In the fourth quarter of 2024, First Central continued to build shareholder value by generating strong earnings, primarily due to gains on non-conforming residential loan sales. In addition, we increased our book value from $7.88 per share at December 31, 2023, to $8.20 at December 31, 2024. Due to strong earnings and capital, I am pleased to report that in December 2024 we have once again declared a special cash dividend of $0.15 per share to our shareholders, up from $0.10 per share in the prior year period. We are cautiously optimistic about the credit quality of our loan portfolio, as it relates to the commercial loan sector, specifically to office space and multi-family lending, however, our exposure to this type of lending is limited. I am extremely proud of the management team and the Board of Directors that we have assembled at the Bank and the expertise they have in managing net interest income and asset quality during the current market conditions.”

    Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “During the quarter ended December 31, 2024, additional overnight rate cuts from the Federal Reserve enabled the Bank to expand its net interest income and margin. The cost of funds declined by 21 basis points during the fourth quarter of 2024 and we expect additional decreases in our deposit costs going forward. The pace of future deposit cost reductions will be dependent upon additional rate cuts from the Federal Reserve as well as competitor deposit pricing and their increased liquidity needs. We expect overall profitability to improve in the calendar year 2025 due to net interest margin expansion, growth in our loan portfolio, and increased loan sale income, however, we are very aware of potential credit quality deterioration, particularly in commercial and industrial loans that are present within our industry. Management will continue to effectively manage non-interest expenses to improve profitability and provide for any potential credit quality issues.”

    Balance Sheet

    Total assets as of December 31, 2024, were $964.9 million compared to $963.5 million as of December 31, 2023. The slight increase in total assets was primarily driven by the Bank’s loan originations offset by non-conforming loan sales of $213.6 million during 2024. Total assets for the quarter ended December 31, 2024, decreased by $23.0 million to $964.9 million as the Bank continued to originate commercial and non-conforming loans while continuing to actively sell a portion of the non-conforming loans to the secondary market. The bank sold a quarterly record of $84.4 million of non-conforming loans during the quarter. As of December 31, 2024, the Bank has been able to generate a non-conforming loan pipeline of $145.3 million with a weighted average interest rate of 7.02%.

    Total deposits were $829.0 million as of December 31, 2024, an increase of $12.7 million, or 1.6%. from December 31, 2023. The Bank has been successful in growing non-interest-bearing deposits from our retail branches and through non-conforming loan originations. Year over year non-interest-bearing deposits increased by $23.6 million or 22.5% to $128.8 million as of December 31, 2024, representing 15.5% of the total deposit base. With the growth of the deposit base, total borrowings as of December 31, 2024, decreased by $15.0 million or 33.3% to $30.0 million when compared to December 31, 2023.

    The Bank’s overall average cost of funds was 3.51% for the quarter ended December 31, 2024, a decrease of 21 basis points from 3.72% from the prior linked quarter. Three Overnight rate cuts by the Federal Reserve totaling 100 bps contributed to the reduction in the cost of funds. Management continues to be pro-active in securing lower rate certificates of deposit in the current interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of further interest rate reductions in 2025. Management believes this strategy will better protect and enhance future earnings as interest rates continue to decline, and our deposits reprice downward in the future.

    Loan Portfolio and Asset Quality

    For the twelve-month period ended December 31, 2024, the Bank’s loan portfolio grew by $17.7 million, or 2.1%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $274.2 million. At December 31, 2024, the entire non-conforming loan portfolio amounted to $464.6 million, with an average loan balance of $553 thousand and a weighted average loan-to-value ratio of 62.8%.

    As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. The Bank expects that it will continue to originate, in the near term, for its own portfolio and, in the long term, for others, which will result in a continued increase in interest income while also realizing gains on sales of loans. For the twelve months ended December 31, 2024, the Bank earned $6.4 million in premiums on loans sold, net of FASB 91 fees and costs.

    The Bank’s asset quality ratios remained strong. At December 31, 2024, the loan portfolio had non-performing loans of $11.6 million or 1.39% of total loans and 1.21% of total assets. The total allowance for credit losses at December 31, 2024, was $8.8 million, or 1.05% of total loans held for investment.

    About First Central Savings Bank

    With assets of $964.9 million at December 31, 2024, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate office in Glen Cove, New York with an additional six branches throughout Queens New York, one branch in Nassau County, New York, and one branch in Suffolk County, New York.

    First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

      First Central Savings Bank              
      Statements of Condition – (unaudited)              
      (dollars in thousands)              
          12/31/2024   9/30/2024   12/31/2023  
                     
      Assets              
      Cash and cash equivalents   $ 49,156     $ 40,701     $ 50,955    
      Certificates of deposit     2,000       2,000       2,000    
      Investments available-for-sale     29,802       31,679       43,057    
      Investments held-to-maturity     1,000       1,000       1,000    
                                 
      Loans held-for-sale     14,892       83,613       8,126    
      Loans receivable     838,183       799,076       827,278    
      Less: allowance for credit losses     (8,787 )     (8,895 )     (8,347 )  
      Loans, net     829,396       790,181       818,931    
                                 
      Other assets     38,684       38,745       39,466    
                             Total assets   $ 964,930     $ 987,919     $ 963,535    
                                 
                                 
      Liabilities and stockholders’ equity                          
      Deposits   $ 829,003     $ 851,646     $ 816,285    
      FHLB advances and other borrowings     30,000       30,000       45,000    
      Other liabilities     18,568       18,421       18,318    
                             Total liabilities     877,571       900,067       879,603    
                                 
                                 
      Total stockholders’ equity     87,359       87,852       83,932    
      Total liabilities and stockholders’ equity   $ 964,930     $ 987,919     $ 963,535    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
                  12 Months   12 Months  
          Quarter Ended
    		   Quarter Ended
    		   Ended   Ended  
          12/31/2024   12/31/2023   12/31/2024   12/31/2023  
                         
      Total Interest income   $ 14,599     $ 13,767     $ 58,610     $ 53,465    
      Total interest expense     7,673       6,991       31,605       23,466    
                              Net interest income     6,926       6,776       27,005       29,999    
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Net interest income after provision (recovery) for credit losses     6,925       6,787       25,747       29,460    
                                         
      Net gain on loans sold     2,649       1,023       6,449       3,738    
      Net gains on sale of securities     –       109       142       109    
      Other non-interest income     247       270       1,034       1,253    
         Total non-interest income     2,896       1,402       7,625       5,100    
                                         
      Compensation and benefits     4,355       3,882       15,361       14,108    
      Occupancy and equipment     912       894       3,672       3,811    
      Data processing     454       416       1,798       1,658    
      Federal insurance premium     161       139       666       672    
      Professional fees     291       301       1,348       1,711    
      Other     1,116       986       3,867       3,618    
               Total non-interest expense     7,289       6,618       26,712       25,578    
                                         
               Income before income taxes     2,532       1,571       6,660       8,982    
      Income tax expense     524       318       1,349       1,847    
                             Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Add back non-cash items                                  
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Depreciation expense     261       258       1,031       1,027    
      Tax on add back of non-cash items     (54 )     (50 )     (464 )     (322 )  
                             Cash net income   $ 2,216     $ 1,450     $ 7,136     $ 8,379    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended
    		   Quarter Ended
    		   Quarter Ended
    		   Quarter Ended
    		  
          12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
      Total Interest income   $ 14,599     $ 14,972     $ 14,854     $ 14,185    
      Total interest expense     7,673       8,210       8,064       7,658    
                               Net interest income     6,926       6,762       6,790       6,527    
      Provision for credit losses     1       950       117       190    
          Net interest income after provision for credit losses     6,925       5,812       6,673       6,337    
                                         
      Net gain on loans sold     2,649       1,536       843       1,421    
      Net gains on sale of securities     –       142       –       –    
      Other non-interest income     247       210       337       240    
               Total non-interest income     2,896       1,888       1,180       1,661    
                                         
      Compensation and benefits     4,355       3,663       3,596       3,747    
      Occupancy and equipment     912       936       918       906    
      Data processing     454       448       452       444    
      Federal insurance premium     161       174       166       165    
      Professional fees     291       360       368       329    
      Other     1,116       975       907       869    
               Total non-interest expense     7,289       6,556       6,407       6,460    
                                         
               Income before income taxes     2,532       1,144       1,446       1,538    
      Income tax expense     524       225       290       310    
                             Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Add back non-cash items                                  
      Provision for credit losses     1       950       117       190    
      Depreciation expense     261       260       257       253    
      Tax on add back of non-cash items     (54 )     (238 )     (75 )     (89 )  
                             Cash net income   $ 2,216     $ 1,891     $ 1,455     $ 1,582    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
     
      First Central Savings Bank                  
      Selected Financial Data – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended  
          12/31/2024   9/30/2024   6/30/2024   12/31/2023  
                                         
      Asset quality:                                  
      Allowance for credit losses   $ 8,787     $ 8,895     $ 8,721     $ 8,347    
      Allowance for credit losses to total loans (1)     1.05 %     1.11 %     1.04 %     1.01 %  
                                         
      Non-performing loans   $ 11,649     $ 4,850     $ 4,907     $ 4,385    
      Net (recovery) charge-off dollars     (41 )     776       (66 )     (129 )  
      Non-performing loans/total loans (1)     1.39 %     0.61 %     0.58 %     0.53 %  
      Non-performing loans/total assets     1.21 %     0.49 %     0.50 %     0.46 %  
      Allowance for credit losses/non-performing loans     75.43 %     183.40 %     177.73 %     190.35 %  
                                         
      Capital: (dollars in thousands)                                  
      Tier 1 capital   $ 91,913     $ 91,502     $ 90,583     $ 88,236    
      Tier 1 leverage ratio     9.36 %     9.26 %     9.16 %     9.23 %  
      Common equity tier 1 capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Tier 1 risk based capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Total risk based capital ratio     14.67 %     14.45 %     14.60 %     14.44 %  
                                         
      Equity data                                  
      Common shares outstanding     10,648,345       10,648,345       10,648,345       10,648,345    
      Stockholders’ equity   $ 87,359     $ 87,852     $ 86,122     $ 83,932    
      Book value per common share     8.20       8.25       8.09       7.88    
      Tangible common equity     87,359       87,852       86,122       83,932    
      Tangible book value per common share     8.20       8.25       8.09       7.88    
     
      (1) Calculation excludes loans held-for-sale
     
      First Central Savings Bank                    
      Selected Financial Data – (unaudited)                    
      (dollars in thousands)                    
          Quarter Ended
    		   Quarter Ended
    		     Quarter Ended
    		   Quarter Ended
    		  
          12/31/2024   9/30/2024     6/30/2024   12/31/2023  
                           
      Other: (in thousands)                    
      Average interest-earning assets   $ 956,169     $ 961,624       $ 961,503     $ 928,162    
      Average interest-bearing liabilities     736,731       759,152         765,606       740,574    
      Average deposits and borrowings     868,871       877,100         879,082       846,091    
                                           
      Profitability:                                    
      Return on average assets     0.82 %     0.37 % (3)     0.47 %     0.52 %  
      Return on average equity     9.08 %     4.22 % (3)     5.48 %     6.07 %  
      Yield on average interest earning assets     6.07 %     6.19 %       6.21 %     5.88 %  
      Cost of average interest bearing liabilities     4.14 %     4.30 %       4.24 %     3.75 %  
      Cost of funds     3.51 %     3.72 %       3.69 %     3.28 %  
      Net interest rate spread (1)     1.93 %     1.89 %       1.98 %     2.14 %  
      Net interest margin (2)     2.88 %     2.80 %       2.84 %     2.90 %  
      Non-interest expense to average assets     2.91 %     2.65 %       2.62 %     2.78 %  
      Efficiency ratio     72.69 %     77.05 %       80.40 %     82.46 %  
     
      (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the
          average cost of average interest-bearing liabilities
      (2) Net interest margin represents net interest income divided by average interest earning assets
      (3) ROA and ROE excluding a $776 thousand charge-off of a C&I loan as of September 30, 2024 would have been 0.61% and 6.95%
     

    Investor and Press Contact:
    Joseph Pistilli Chairman of the Board
    Ray Ciccone, E.V.P. & Chief Financial Officer
    Paul Hagan, President & Chief Operating Officer
    516-399-6071

    The MIL Network –

  • MIL-OSI: Mountain America Credit Union Sponsors Artists in Residence Program Through the Leonardo

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union announced its sponsorship of the Leonardo’s Artists in Residence program, running through October 2025. This partnership underscores Mountain America’s commitment to supporting local and multicultural initiatives that enrich the community.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    The Artists in Residence program, in collaboration with Artes de Mexico en Utah, features a new Latino artist each month and includes a fixed exhibit on the second floor of the Leonardo. These Utah-based Latino artists will be present throughout the week, allowing attendees to interact with them.

    “Sponsoring the Artists in Residence program with the Leonardo aligns with our commitment to advocate for underserved communities,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “We value the work the Leonardo is doing and see this as the beginning of a partnership that will help us build more relationships within the community and open new doors for collaboration.”

    The Leonardo, a nonprofit community-powered museum established in 2011, is dedicated to breaking down barriers and creating a better future through self-discovery, collaboration and connection. The museum’s mission is to blend science, technology, and art in ways that inspire creativity and innovation among people of all ages and backgrounds.

    “Our partnership with Mountain America exemplifies the power of collaboration in fostering creativity and community engagement,” stated Alexandra Hesse, executive director of the Leonardo. “Together, we are proud to support our Artists in Residence program throughout 2025, creating opportunities for innovation, inspiration, and cultural enrichment that resonate deeply with our shared commitment to making a difference.”

    This initiative brings art back to the community, encouraging visitors to engage with local artists, ask questions and view several finished pieces on display. The program aims to promote diverse artistic expression and facilitate cross-cultural community revitalization, with a special focus on sharing the history, ideas and lived experiences of the Latino population with a broader audience.

    To learn more about Mountain America, visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Sunrun Prices $629 million Senior Securitization of Residential Solar & Battery Systems

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced it has priced a securitization of leases and power purchase agreements. The securitization is Sunrun’s thirteenth securitization since 2015 and first issuance in 2025.

    “Sunrun’s first securitization transaction of 2025, the second largest in the industry’s history, demonstrates our continued strong execution in the capital markets. Our ability to consistently access deep pools of competitively priced capital to fuel growth is supported by the quality of our assets and our proven track record as an originator and servicer,” said Danny Abajian, Sunrun’s Chief Financial Officer.

    The transaction was structured with three separate classes of A rated notes (the “Class A-1”, “Class A-2A”, and Class “A-2B” respectively and together the “Class A”) and a single class of BB rated notes (the “Class B”), which were retained. The $102.0 million Class A-1 notes and the $276.5 million Class A-2A notes were both marketed in a public asset backed securitization whereas the $250.0 million Class A-2B notes were privately placed. The Class A-1 and Class A-2A notes were oversubscribed and carry coupons of 5.99% and 6.41%, respectively. The Class A-1 notes priced at a spread of 170 bps and a 6.035% yield. The Class A-2A notes priced at a spread of 200 bps and a 6.465% yield. The Class A-1 and Class A-2A have a weighted average spread of 192 bps which represents an improvement of 42 bps from Sunrun’s 2024-3 asset backed securitization in September 2024. The initial balance of the Class A notes represents a 65.3% advance rate on the Securitization Share of ADSAB (present value using a 6% discount rate). The expected weighted average life is 4.58 years for the Class A-1 notes and 7.12 years for the Class A-2A notes. Both classes of notes have an Anticipated Repayment Date of April 30, 2032, and a final maturity date of April 30, 2060.

    Similar to prior transactions, Sunrun anticipates raising additional subordinated subsidiary-level non-recourse financing secured, in part, by the distributions from the retained Class B notes, which is expected to increase the cumulative advance rate obtained by Sunrun.

    The notes are backed by a diversified portfolio of 39,458 systems distributed across 20 states, Washington D.C. and Puerto Rico and 83 utility service territories. The weighted average customer FICO score is 738. The transaction is expected to close by February 5, 2025.

    ATLAS SP Partners (“ATLAS SP”) was the sole structuring agent and served as joint bookrunner along with BofA Securities, Morgan Stanley, MUFG and TD Securities. First Citizens Capital Securities and ING served as co-managers for the securitization.

    “ATLAS SP was pleased to work with Sunrun again as the sole structuring agent on this securitization transaction,” said Spencer Hunsberger, Head of Energy Origination at ATLAS SP. “Through our deep partnership with Sunrun, we have demonstrated ATLAS’ unique capabilities to structure, place and commit to large transactions in an accelerated and efficient process for the capital markets. We look forward to continuing to support Sunrun as the solar industry continues to become more mainstream for securitized products.”

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

    About Sunrun

    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

    About ATLAS SP Partners

    ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We’re proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.

    Investor & Analyst Contact:
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    Media Contact:
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    ATLAS Contact:
    (212) 355-4449
    atlas-sp@joelefrank.com

    The MIL Network –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $1.92 Million Warrant Inducement for its Client PMGC Holdings Inc. (NASDAQ: ELAB)

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, Jan. 28, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the completion of the previously announced warrant inducement with existing institutional investors for its client PMGC Holdings Inc. (formerly Elevai Labs Inc.) (the “Company” or “PMGC”) (Nasdaq: ELAB), a diversified holding company, for the exercise of certain outstanding Series A warrants that the Company issued on September 24, 2024.

    Pursuant to the warrant inducement agreement, the investors have agreed to exercise the outstanding warrants to purchase an aggregate of 969,386 shares of the Company’s common stock at an amended exercise price of $2.00. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.

    The Company also agreed to issue to the investors unregistered new warrants to purchase an aggregate of 969,386 shares of the Company’s common stock with an exercise price of $2.75 per share (the “New Warrants”). The New Warrants are exercisable upon shareholder approval and will expire five years from the date of shareholder approval.

    The Company has agreed to file a registration statement within thirty (30) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

    Univest Securities, LLC is acting as the exclusive financial advisor for the transaction.

    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 Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:
    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI: First Busey Corporation Announces 2024 Fourth Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    CHAMPAIGN, Ill., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE)

    Net Income of $28.1 million
    Diluted EPS of $0.49

    FOURTH QUARTER 2024 HIGHLIGHTS

    • Adjusted net income1 of $30.7 million, or $0.53 per diluted common share
    • Adjusted noninterest income1 of $35.4 million, or 30.3% of total revenue
    • Record high quarterly and annual revenue of $17.0 million and $65.0 million, respectively, for the Wealth Management segment
    • Tangible book value per common share1 of $17.88 at December 31, 2024, compared to $16.62 at December 31, 2023, a year-over-year increase of 7.6%
    • Tangible common equity1 increased to 8.76% of tangible assets at December 31, 2024, compared to 7.75% at December 31, 2023
    • Received stockholder approvals for the CrossFirst Bankshares, Inc. merger in December 2024, followed by remaining requisite regulatory approvals in January 2025

    For additional information, please refer to the 4Q24 Earnings Investor Presentation.

    MESSAGE FROM OUR CHAIRMAN & CEO

    Fourth Quarter Financial Results

    Net income for First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”) was $28.1 million for the fourth quarter of 2024, or $0.49 per diluted common share, compared to $32.0 million, or $0.55 per diluted common share, for the third quarter of 2024, and $25.7 million, or $0.46 per diluted common share, for the fourth quarter of 2023. Adjusted net income1, which excludes the impact of acquisition and restructuring expenses, was $30.7 million, or $0.53 per diluted common share, for the fourth quarter of 2024, compared to $33.5 million, or $0.58 per diluted common share, for the third quarter of 2024 and $29.1 million or $0.52 per diluted common share for the fourth quarter of 2023. Annualized return on average assets and annualized return on average tangible common equity1 were 0.93% and 10.86%, respectively, for the fourth quarter of 2024. Annualized adjusted return on average assets1 and annualized adjusted return on average tangible common equity1 were 1.01% and 11.87%, respectively, for the fourth quarter of 2024.

    Taking into account our fourth quarter results, full year 2024 net income and adjusted net income1 were $113.7 million, or $1.98 per diluted common share, and $119.8 million, or $2.08 per diluted common share, respectively. Return on average assets and adjusted return on average assets1 were 0.94% and 0.99%, respectively. Return on average tangible common equity1 and adjusted return on average tangible common equity1 were 11.65% and 12.28%, respectively.

    Full year 2024 net income and adjusted net income1 include $6.1 million of net securities losses and $7.7 million in gains on the sale of mortgage servicing rights. Net income and adjusted net income1 for 2024 were further impacted by a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. Excluding the tax-effected impact of these items, further adjusted net income1 would have been $120.0 million, equating to adjusted diluted earnings per common share1 of $2.09.

    Pre-provision net revenue1 was $38.8 million for the fourth quarter of 2024, compared to $41.7 million for the third quarter of 2024 and $32.9 million for the fourth quarter of 2023. Pre-provision net revenue to average assets1 was 1.28% for the fourth quarter of 2024, compared to 1.38% for the third quarter of 2024, and 1.06% for the fourth quarter of 2023. Adjusted pre-provision net revenue1 was $42.0 million for the fourth quarter of 2024, compared to $44.1 million for the third quarter of 2024 and $40.2 million for the fourth quarter of 2023. Adjusted pre-provision net revenue to average assets1 was 1.38% for the fourth quarter of 2024, compared to 1.46% for the third quarter of 2024 and 1.30% for the fourth quarter of 2023.

    Taking into account our fourth quarter results, full year 2024 pre-provision net revenue1 and adjusted pre-provision net revenue1 were $168.0 million and $167.3 million, respectively. Pre-provision net revenue to average assets1 and adjusted pre-provision net revenue to average assets1 were each 1.39%.

    Our fee-based businesses continue to add revenue diversification. Total noninterest income was $35.2 million for the fourth quarter of 2024, compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Fourth quarter results included $0.2 million in net securities losses. Adjusted noninterest income1 was $35.4 million, or 30.3% of operating revenue1, during the fourth quarter of 2024, compared to $35.0 million, or 29.8% of operating revenue1, for the third quarter of 2024 and $30.5 million, or 28.3% of operating revenue1, for the fourth quarter of 2023. Wealth management fees and wealth management referral income included in other noninterest income contributed $17.0 million and payment technology solutions contributed $5.1 million to our consolidated noninterest income for the fourth quarter of 2024, representing 62.3% of adjusted noninterest income1 on a combined basis.

    For the full year 2024, total noninterest income was $139.7 million. Wealth management fees and wealth management referral income included in other noninterest income contributed $65.0 million and payment technology solutions contributed $22.0 million to our consolidated noninterest income for 2024, representing 63.0% of adjusted noninterest income1 on a combined basis.

    Busey views certain non-operating items, including acquisition-related expenses and restructuring charges, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). Non-operating pretax adjustments for acquisition and restructuring expenses1 were $3.6 million in the fourth quarter of 2024. Busey believes that its non-GAAP measures (which are identified with the endnote labeled as 1) facilitate the assessment of its financial results and peer comparability. For more information and a reconciliation of these non-GAAP measures in tabular form, see “Non-GAAP Financial Information.“

    We remain focused on prudently managing our expense base and operating efficiency in the current operating environment. Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million in the fourth quarter of 2023. Adjusted core expense1, which excludes the amortization of intangible assets and new markets tax credits, acquisition and restructuring expenses, and the provision for unfunded commitments, was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The year-over-year comparable period growth in adjusted core expense can be attributed primarily to the acquisition of Merchants and Manufacturers Bank Corporation (“M&M”) and general inflationary pressures on compensation and benefits and to a lesser extent certain other expense categories.

    Quarterly pre-tax expense synergies resulting from our acquisition of M&M are anticipated to be $1.6 million to $1.7 million per quarter when fully realized. Quarterly run-rate savings are projected to be achieved by the first quarter of 2025. During the fourth quarter of 2024, we achieved approximately 86% of the full quarterly savings.

    Planned Partnership with CrossFirst

    On August 26, 2024, Busey and CrossFirst Bankshares, Inc. (“CrossFirst”) entered into an agreement and plan of merger (the “merger agreement”) pursuant to which CrossFirst will merge with and into Busey (the “merger”) and CrossFirst’s wholly-owned subsidiary, CrossFirst Bank, will merge with and into Busey Bank. This partnership will create a premier commercial bank in the Midwest, Southwest, and Florida, with 77 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas—and approximately $20 billion in combined assets, $17 billion in total deposits, $14 billion in total loans, and $14 billion in wealth assets under care.

    Under the terms of the merger agreement, CrossFirst stockholders will have the right to receive for each share of CrossFirst common stock 0.6675 of a share of Busey’s common stock. Upon completion of the transaction, Busey’s stockholders will own approximately 63.5% of the combined company and CrossFirst’s stockholders will own approximately 36.5% of the combined company, on a fully-diluted basis. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.

    On December 20, 2024, Busey and CrossFirst stockholders voted to approve the merger. On January 16, 2025, Busey received regulatory approval from the Board of Governors of the Federal Reserve System for the merger. Busey and CrossFirst intend to close the merger on March 1, 2025, subject to the satisfaction of the remaining customary closing conditions. The transaction has also been approved by the Illinois Department of Financial and Professional Regulation and the Kansas Office of the State Bank Commissioner. The combined holding company will continue to operate under the First Busey Corporation name and the combined bank will operate under the Busey Bank name. It is anticipated that CrossFirst Bank will merge with and into Busey Bank in mid-2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank. In connection with this merger, Busey incurred one-time pretax acquisition-related expenses of $2.4 million during the fourth quarter of 2024 and $3.9 million for the full year.

    For further details on the merger, see Busey’s Current Report on Form 8‑K announcing the merger, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 27, 2024.

    Busey’s Conservative Banking Strategy

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

    The quality of our core deposit franchise is a critical value driver of our institution. Our granular deposit base continues to position us well, with core deposits1 representing 96.5% of our deposits as of December 31, 2024. Our retail deposit base was comprised of more than 251,000 accounts with an average balance of $22 thousand and an average tenure of 16.9 years as of December 31, 2024. Our commercial deposit base was comprised of more than 32,000 accounts with an average balance of $98 thousand and an average tenure of 12.8 years as of December 31, 2024. We estimate that 30% of our deposits were uninsured and uncollateralized2 as of December 31, 2024, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    Asset quality remains strong by both Busey’s historical and current industry trends. Non-performing assets increased to $23.3 million during the fourth quarter of 2024, representing 0.19% of total assets. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Busey’s results for the fourth quarter of 2024 include a $1.3 million provision expense for credit losses and a $0.5 million provision release for unfunded commitments. The allowance for credit losses was $83.4 million as of December 31, 2024, representing 1.08% of total portfolio loans outstanding, and providing coverage of 3.59 times our non-performing loan balance. Including the charge-off for the Commercial Real Estate loan mentioned above, Busey’s net charge-offs totaled $2.9 million for the fourth quarter of 2024. As of December 31, 2024, our commercial real estate loan portfolio of investor-owned office properties within Central Business District3 areas was minimal at $2.0 million. Our credit performance continues to reflect our highly diversified, conservatively underwritten loan portfolio, which has been originated predominantly to established customers with tenured relationships with our company.

    The strength of our balance sheet is also reflected in our capital foundation. In the fourth quarter of 2024, our Common Equity Tier 1 ratio4 was 14.10% and our Total Capital to Risk Weighted Assets ratio4 was 18.53%. Our regulatory capital ratios continue to provide a buffer of more than $610 million above levels required to be designated well-capitalized. Our Tangible Common Equity ratio1 was 8.76% during the fourth quarter of 2024, compared to 8.96% for the third quarter of 2024 and 7.75% for the fourth quarter of 2023. Busey’s tangible book value per common share1 was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. During the fourth quarter of 2024, we paid a common share dividend of $0.24.

    Community Banking

    In the last two months of 2024, Busey offered a new, short-term Express Microloan product, created to help small businesses thrive. With a competitive 4.99% fixed interest rate, flexible terms and loans of up to $10,000, existing Busey customers with business checking accounts were invited to apply—allowing them to manage expenses, refinance debt, invest in new opportunities, and enhance operations. Busey originated more than 100 Express Microloans in 60-days, meeting the needs of our small business customers.

    As we reflect back on 2024 and look ahead to 2025, we feel confident that we are well positioned to produce quality growth and profitability. The pending CrossFirst transaction fits with our acquisition strategy and we are excited to welcome our CrossFirst colleagues into the Busey family. We are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal stockholders.

        Van A. Dukeman
      Chairman and Chief Executive Officer
      First Busey Corporation
    SELECTED FINANCIAL HIGHLIGHTS (unaudited)
    (dollars in thousands, except per share amounts)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    EARNINGS & PER SHARE AMOUNTS                  
    Net income $ 28,105     $ 32,004     $ 25,749     $ 113,691     $ 122,565  
    Diluted earnings per common share   0.49       0.55       0.46       1.98       2.18  
    Cash dividends paid per share   0.24       0.24       0.24       0.96       0.96  
    Pre-provision net revenue1, 2   38,828       41,744       32,909       167,996       158,502  
    Operating revenue2   116,995       117,688       107,888       460,671       444,034  
                       
    Net income by operating segment:                  
    Banking   30,856       33,221       25,164       117,266       123,853  
    FirsTech   (723 )     (61 )     325       (670 )     830  
    Wealth Management   5,853       5,618       4,233       22,030       18,804  
                       
    AVERAGE BALANCES                  
    Cash and cash equivalents $ 776,572     $ 502,127     $ 608,647     $ 555,281     $ 330,952  
    Investment securities   2,597,309       2,666,269       2,995,223       2,726,488       3,188,815  
    Loans held for sale   6,306       11,539       1,679       8,012       1,885  
    Portfolio loans   7,738,772       7,869,798       7,736,010       7,804,629       7,759,472  
    Interest-earning assets   11,048,350       10,942,745       11,235,326       10,999,424       11,181,010  
    Total assets   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
                       
    Noninterest-bearing deposits   2,724,344       2,706,858       2,827,696       2,738,892       3,018,563  
    Interest-bearing deposits   7,325,662       7,296,921       7,545,234       7,301,124       7,052,370  
    Total deposits   10,050,006       10,003,779       10,372,930       10,040,016       10,070,933  
                       
    Federal funds purchased and securities sold under agreements to repurchase   135,728       132,688       182,735       147,786       200,894  
    Interest-bearing liabilities   7,763,729       7,731,459       8,054,663       7,763,084       7,825,459  
    Total liabilities   10,689,054       10,643,325       11,106,074       10,709,447       11,048,707  
    Stockholders’ equity – common   1,396,939       1,364,377       1,202,417       1,342,424       1,197,511  
    Tangible common equity2   1,029,539       994,657       846,948       975,823       838,164  
                       
    PERFORMANCE RATIOS                  
    Pre-provision net revenue to average assets1, 2, 3   1.28 %     1.38 %     1.06 %     1.39 %     1.29 %
    Return on average assets3   0.93 %     1.06 %     0.83 %     0.94 %     1.00 %
    Return on average common equity3   8.00 %     9.33 %     8.50 %     8.47 %     10.23 %
    Return on average tangible common equity2, 3   10.86 %     12.80 %     12.06 %     11.65 %     14.62 %
    Net interest margin2, 4   2.95 %     3.02 %     2.75 %     2.95 %     2.89 %
    Efficiency ratio2   64.45 %     62.15 %     66.89 %     61.76 %     61.65 %
    Adjusted noninterest income to operating revenue2   30.27 %     29.77 %     28.31 %     29.97 %     27.79 %
                       
    NON-GAAP FINANCIAL INFORMATION                  
    Adjusted pre-provision net revenue1, 2 $ 41,958     $ 44,104     $ 40,223     $ 167,317     $ 172,290  
    Adjusted net income2   30,725       33,533       29,123       119,805       126,012  
    Adjusted diluted earnings per share2   0.53       0.58       0.52       2.08       2.24  
    Adjusted pre-provision net revenue to average assets2, 3   1.38 %     1.46 %     1.30 %     1.39 %     1.41 %
    Adjusted return on average assets2, 3   1.01 %     1.11 %     0.94 %     0.99 %     1.03 %
    Adjusted return on average tangible common equity2, 3   11.87 %     13.41 %     13.64 %     12.28 %     15.03 %
    Adjusted net interest margin2, 4   2.92 %     2.97 %     2.74 %     2.92 %     2.87 %
    Adjusted efficiency ratio2   61.40 %     60.50 %     62.98 %     61.03 %     60.68 %

    ___________________________________________

    1. Net interest income plus noninterest income, excluding securities gains and losses, less noninterest expense.
    2. See “Non-GAAP Financial Information” for reconciliation.
    3. For quarterly periods, measures are annualized.
    4. On a tax-equivalent basis, assuming a federal income tax rate of 21%.
    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
    (dollars in thousands, except per share amounts)
               
      As of
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    ASSETS          
    Cash and cash equivalents $ 697,659     $ 553,709     $ 719,581  
    Debt securities available for sale   1,810,221       1,818,117       2,087,571  
    Debt securities held to maturity   826,630       838,883       872,628  
    Equity securities   15,862       10,315       9,812  
    Loans held for sale   3,657       11,523       2,379  
               
    Commercial loans   5,552,288       5,631,281       5,635,048  
    Retail real estate and retail other loans   2,144,799       2,177,816       2,015,986  
    Portfolio loans   7,697,087       7,809,097       7,651,034  
               
    Allowance for credit losses   (83,404 )     (84,981 )     (91,740 )
    Restricted bank stock   49,930       6,000       6,000  
    Premises and equipment, net   118,820       120,279       122,594  
    Right of use assets   10,608       11,100       11,027  
    Goodwill and other intangible assets, net   365,975       368,249       353,864  
    Other assets   533,677       524,548       538,665  
    Total assets $ 12,046,722     $ 11,986,839     $ 12,283,415  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing deposits $ 2,719,907     $ 2,683,543     $ 2,834,655  
    Interest-bearing checking, savings, and money market deposits   5,771,948       5,739,773       5,637,227  
    Time deposits   1,490,635       1,519,925       1,819,274  
    Total deposits   9,982,490       9,943,241       10,291,156  
               
    Securities sold under agreements to repurchase   155,610       128,429       187,396  
    Short-term borrowings   —       —       12,000  
    Long-term debt   227,723       227,482       240,882  
    Junior subordinated debt owed to unconsolidated trusts   74,815       74,754       71,993  
    Lease liabilities   11,040       11,470       11,308  
    Other liabilities   211,775       198,579       196,699  
    Total liabilities   10,663,453       10,583,955       11,011,434  
               
    Stockholders’ equity          
    Retained earnings   294,054       279,868       237,197  
    Accumulated other comprehensive income (loss)   (207,039 )     (170,913 )     (218,803 )
    Other stockholders’ equity1   1,296,254       1,293,929       1,253,587  
    Total stockholders’ equity   1,383,269       1,402,884       1,271,981  
    Total liabilities & stockholders’ equity $ 12,046,722     $ 11,986,839     $ 12,283,415  
               
    SHARE AND PER SHARE AMOUNTS          
    Book value per common share $ 24.31     $ 24.67     $ 23.02  
    Tangible book value per common share2 $ 17.88     $ 18.19     $ 16.62  
    Ending number of common shares outstanding   56,895,981       56,872,241       55,244,119  

    ___________________________________________

    1. Net balance of common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    2. See “Non-GAAP Financial Information” for reconciliation.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
    (dollars in thousands, except per share amounts)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    INTEREST INCOME                  
    Interest and fees on loans $ 106,120     $ 111,336     $ 101,425   $ 426,422     $ 385,848  
    Interest and dividends on investment securities   16,788       18,072       20,634     73,970       82,994  
    Dividend income on bank stock   557       106       212     848       1,170  
    Other interest income   7,851       5,092       6,641     22,441       10,531  
    Total interest income $ 131,316     $ 134,606     $ 128,912   $ 523,681     $ 480,543  
                       
    INTEREST EXPENSE                  
    Deposits $ 44,152     $ 46,634     $ 45,409   $ 178,463     $ 123,985  
    Federal funds purchased and securities sold under agreements to repurchase   915       981       1,431     4,308       5,203  
    Short-term borrowings   25       26       248     701       12,775  
    Long-term debt   3,183       3,181       3,475     12,950       14,106  
    Junior subordinated debt owed to unconsolidated trusts   1,463       1,137       1,004     4,648       3,853  
    Total interest expense $ 49,738     $ 51,959     $ 51,567   $ 201,070     $ 159,922  
                       
    Net interest income $ 81,578     $ 82,647     $ 77,345   $ 322,611     $ 320,621  
    Provision for credit losses   1,273       2       455     8,590       2,399  
    Net interest income after provision for credit losses $ 80,305     $ 82,645     $ 76,890   $ 314,021     $ 318,222  
                       
    NONINTEREST INCOME                  
    Wealth management fees $ 16,786     $ 15,378     $ 13,715   $ 63,630     $ 57,309  
    Fees for customer services   7,911       8,168       7,484     30,933       29,044  
    Payment technology solutions   5,094       5,265       5,420     21,983       21,192  
    Mortgage revenue   496       355       218     2,075       1,089  
    Income on bank owned life insurance   1,080       1,189       1,019     5,130       4,701  
    Realized net gains (losses) on the sale of mortgage servicing rights   —       (18 )     —     7,724       —  
    Net securities gains (losses)   (196 )     822       761     (6,102 )     (2,199 )
    Other noninterest income   4,050       4,686       2,687     14,309       10,078  
    Total noninterest income $ 35,221     $ 35,845     $ 31,304   $ 139,682     $ 121,214  
                       
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 45,458     $ 44,593     $ 42,730   $ 175,619     $ 162,597  
    Data processing expense   6,564       6,910       6,236     27,124       23,708  
    Net occupancy expense of premises   4,794       4,633       4,318     18,737       18,214  
    Furniture and equipment expense   1,650       1,647       1,694     6,805       6,759  
    Professional fees   4,938       3,118       2,574     12,804       7,147  
    Amortization of intangible assets   2,471       2,548       2,479     10,057       10,432  
    Interchange expense   1,305       1,352       1,355     6,001       6,864  
    FDIC insurance   1,330       1,413       1,167     5,603       5,650  
    Other noninterest expense   9,657       9,712       12,426     37,649       44,161  
    Total noninterest expense $ 78,167     $ 75,926     $ 74,979   $ 300,399     $ 285,532  
                       
    Income before income taxes $ 37,359     $ 42,564     $ 33,215   $ 153,304     $ 153,904  
    Income taxes   9,254       10,560       7,466     39,613       31,339  
    Net income $ 28,105     $ 32,004     $ 25,749   $ 113,691     $ 122,565  
                       
    SHARE AND PER SHARE AMOUNTS                  
    Basic earnings per common share $ 0.49     $ 0.56     $ 0.46   $ 2.01     $ 2.21  
    Diluted earnings per common share $ 0.49     $ 0.55     $ 0.46   $ 1.98     $ 2.18  
    Weighted average number of common shares outstanding, basic   57,061,542       57,033,359       55,403,662     56,610,032       55,432,322  
    Weighted average number of common shares outstanding, diluted   57,934,812       57,967,848       56,333,033     57,543,001       56,256,148  
                                         

    BALANCE SHEET STRENGTH

    Our balance sheet remains a source of strength. Total assets were $12.05 billion as of December 31, 2024, compared to $11.99 billion as of September 30, 2024, and $12.28 billion as of December 31, 2023.

    We remain steadfast in our conservative approach to underwriting and disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters, and this approach has impacted loan growth as predicted. Portfolio loans totaled $7.70 billion at December 31, 2024, compared to $7.81 billion at September 30, 2024, and $7.65 billion at December 31, 2023.

    Average portfolio loans were $7.74 billion for both the fourth quarter of 2024 and the fourth quarter of 2023, compared to $7.87 billion for the third quarter of 2024. Average interest-earning assets were $11.05 billion for the fourth quarter of 2024, compared to $10.94 billion for the third quarter of 2024, and $11.24 billion for the fourth quarter of 2023.

    Total deposits were $9.98 billion at December 31, 2024, compared to $9.94 billion at September 30, 2024, and $10.29 billion at December 31, 2023. Average deposits were $10.05 billion for the fourth quarter of 2024, compared to $10.00 billion for the third quarter of 2024 and $10.37 billion for the fourth quarter of 2023. Deposit fluctuations over the last several quarters were driven by a number of elements, including (1) seasonal factors, including ordinary course public fund flows and fluctuations in the normal course of business operations of certain core commercial customers, (2) the macroeconomic environment, including prevailing interest rates and inflationary pressures, (3) depositors moving some funds to accounts at competitors offering above-market rates, and (4) deposits moving within the Busey ecosystem between deposit accounts and our wealth management group. Core deposits1 accounted for 96.5% of total deposits as of December 31, 2024. Cost of deposits was 1.75% in the fourth quarter of 2024, which represents a decrease of 10 basis points from the third quarter of 2024. Excluding time deposits, Busey’s cost of deposits was 1.38% in the fourth quarter of 2024, a decrease of 12 basis points from the third quarter of 2024. Busey Bank continues to offer savings account specials to customers with larger account balances, with the intention of migrating maturing CDs to these managed rate products. Spot rates on total deposit costs, including noninterest bearing deposits, decreased by 13 basis points from 1.80% at September 30, 2024, to 1.67% at December 31, 2024. Spot rates on interest bearing deposits decreased by 17 basis points from 2.46% at September 30, 2024, to 2.29% at December 31, 2024.

    There were no short term borrowings as of December 31 or September 30, 2024, compared to $12.0 million at December 31, 2023. We had no borrowings from the Federal Home Loan Bank (“FHLB”) at the end of the fourth quarter of 2024, the third quarter of 2024, or the fourth quarter of 2023. We have sufficient on- and off-balance sheet liquidity5 to manage deposit fluctuations and the liquidity needs of our customers. As of December 31, 2024, our available sources of on- and off-balance sheet liquidity totaled $6.19 billion. We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the fourth quarter of 2024 had a weighted average term of 7.6 months at a rate of 3.58%, 128 basis points below our average marginal wholesale equivalent-term funding cost during the quarter. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $132.5 million in the fourth quarter of 2024. Cash flows from our securities portfolio are expected to be approximately $353.8 million for 2025, with a current book yield of 1.87%, and approximately $288.3 million for 2026, with a current book yield of 2.03%.

    ASSET QUALITY

    Credit quality continues to be strong. Loans 30-89 days past due totaled $8.1 million as of December 31, 2024, compared to $10.1 million as of September 30, 2024, and $5.8 million as of December 31, 2023. Non-performing loans were $23.2 million as of December 31, 2024, compared to $8.2 million as of September 30, 2024, and $7.8 million as of December 31, 2023. The increase relates to one Commercial Real Estate loan that was classified in the fourth quarter of 2023 and was moved to non-accrual during the fourth quarter of 2024. This loan carries a remaining balance of $15.0 million following a $3.0 million charge-off in the fourth quarter of 2024. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.30% as of December 31, 2024, compared to 0.11% as of September 30, 2024, and 0.10% as of December 31, 2023. Non-performing assets were 0.19% of total assets for the fourth quarter of 2024, compared to 0.07% for the third quarter of 2024 and 0.06% for the fourth quarter of 2023. Our total classified assets were $85.3 million at December 31, 2024, compared to $89.0 million at September 30, 2024, and $72.3 million at December 31, 2023. Our ratio of classified assets to estimated bank Tier 1 capital4 and reserves remains low by historical standards, at 5.6% as of December 31, 2024, compared to 5.9% as of September 30, 2024, and 5.0% as of December 31, 2023.

    Net charge-offs were $2.9 million for the fourth quarter of 2024, compared to $0.2 million for the third quarter of 2024, and $0.4 million for the fourth quarter of 2023. The fourth quarter charge-off relates to the Commercial Real Estate loan mentioned above. The allowance as a percentage of portfolio loans was 1.08% as of December 31, 2024, compared to 1.09% as of September 30, 2024, and 1.20% as of December 31, 2023. The ratio was impacted in 2024 by the acquisition of M&M’s Life Equity Loan® portfolio, as Busey did not record an allowance for credit loss for these loans due to no expected credit loss at default, as permitted under the practical expedient provided within the Accounting Standards Codification 326-20-35-6. The allowance coverage for non-performing loans was 3.59 times as of December 31, 2024, compared to 10.34 times as of September 30, 2024, and 11.74 times as of December 31, 2023.

    Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

    ASSET QUALITY (unaudited)
    (dollars in thousands)
               
      As of
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total assets $ 12,046,722     $ 11,986,839     $ 12,283,415  
    Portfolio loans   7,697,087       7,809,097       7,651,034  
    Loans 30 – 89 days past due   8,124       10,141       5,779  
    Non-performing loans:          
    Non-accrual loans   22,088       8,192       7,441  
    Loans 90+ days past due and still accruing   1,149       25       375  
    Non-performing loans $ 23,237     $ 8,217     $ 7,816  
    Non-performing loans, segregated by geography:          
    Illinois / Indiana $ 19,558     $ 3,981     $ 3,715  
    Missouri   3,016       3,530       3,836  
    Florida   663       706       265  
    Other non-performing assets   63       64       125  
    Non-performing assets $ 23,300     $ 8,281     $ 7,941  
               
    Allowance for credit losses $ 83,404     $ 84,981     $ 91,740  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.30 %     0.11 %     0.10 %
    Non-performing assets to total assets   0.19 %     0.07 %     0.06 %
    Non-performing assets to portfolio loans and other non-performing assets   0.30 %     0.11 %     0.10 %
    Allowance for credit losses to portfolio loans   1.08 %     1.09 %     1.20 %
    Coverage ratio of the allowance for credit losses to non-performing loans   3.59 x     10.34 x     11.74 x
    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
    (dollars in thousands)
                       
      Three Months Ended   Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net charge-offs (recoveries) $ 2,850   $ 247   $ 425   $ 18,169   $ 2,267
    Provision expense (release)   1,273     2     455     8,590     2,399
                                 

    NET INTEREST MARGIN AND NET INTEREST INCOME

    Net interest margin1 was 2.95% for the fourth quarter of 2024, compared to 3.02% for the third quarter of 2024 and 2.75% for the fourth quarter of 2023. Excluding purchase accounting accretion, adjusted net interest margin1 was 2.92% for the fourth quarter of 2024, compared to 2.97% in the third quarter of 2024 and 2.74% in the fourth quarter of 2023. Net interest income was $81.6 million in the fourth quarter of 2024, compared to $82.6 million in the third quarter of 2024 and $77.3 million in the fourth quarter of 2023.

    After raising federal funds rates by a total of 525 basis points between March 2022 and July 2023, the Federal Open Market Committee (“FOMC”) lowered rates by 100 basis points beginning in September 2024. In anticipation of the FOMC pivot to an easing cycle, we limited our exposure to term funding structures and intentionally priced savings specials to encourage maturing CD balances to migrate to managed rate non-maturity products. Beginning in September we began lowering rates on special priced deposit accounts and other managed rate products to benefit from the FOMC rate cuts. In addition, approximately 7% of our deposit portfolio is indexed and immediately repriced with the rate cuts by the FOMC. CD balances comprise only 15% of the total deposit funding base. If rates move lower in 2025, we have the ability to reprice CD balances due to the short duration term structure of the portfolio. Approximately 58% of Busey’s non-maturity deposits are at rack rates with a weighted average rate of 0.01%. We continue to offer CD specials with shorter term structures as well as offering attractive premium savings rates to encourage rotation of maturing CD deposits into nimble pricing products. Components of the 7 basis point decrease in net interest margin1 during the fourth quarter of 2024 include:

    • Reduced non-maturity deposit funding costs contributed +9 basis points
    • Increased cash and securities portfolio yield contributed +6 basis points
    • Reduced time deposit funding costs contributed +1 basis point
    • Decreased loan portfolio and held for sale loan yields contributed -20 basis points
    • Decreased purchase accounting contributed -2 basis points
    • Increased borrowing expense -1 basis point

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.0% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet restructuring strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the fourth quarter of 2024. Our cumulative interest-bearing non-maturity tightening cycle deposit beta peaked at 41% during the third quarter of 2024. Our total deposit beta for the completed tightening cycle was 34%. Since the onset of the current easing cycle, we have reduced our interest-bearing non-maturity deposit cost of funds by 18 basis points, which represents a 26% easing cycle beta. Deposit betas were calculated based on an average federal funds rate of 4.82% during the fourth quarter of 2024. The average federal funds rate has decreased by 68 basis points since the end of the tightening cycle that concluded in the third quarter of 2024.

    NONINTEREST INCOME

    Noninterest income was $35.2 million for the fourth quarter of 2024, as compared to $35.8 million for the third quarter of 2024 and $31.3 million for the fourth quarter of 2023. Excluding the impact of net securities gains and losses and immaterial follow-on adjustments from the previously announced mortgage servicing rights sale, adjusted noninterest income1 was $35.4 million, or 30.3% of operating revenue1, during the fourth quarter of 2024, $35.0 million, or 29.8% of operating revenue, for the third quarter of 2024, and $30.5 million, or 28.3% of operating revenue, for the fourth quarter of 2023.

    Consolidated wealth management fees were $16.8 million for the fourth quarter of 2024, compared to $15.4 million for the third quarter of 2024 and $13.7 million for the fourth quarter of 2023. On a segment basis, Wealth Management generated $17.0 million in revenue during the fourth quarter of 2024, a 22.7% increase over revenue of $13.8 million for the fourth quarter of 2023. Fourth quarter of 2024 results marked a new record high reported quarterly revenue for the Wealth Management operating segment. The Wealth Management operating segment generated net income of $5.9 million in the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $4.2 million in the fourth quarter of 2023. Busey’s Wealth Management division ended the fourth quarter of 2024 with $13.83 billion in assets under care, compared to $13.69 billion at the end of the third quarter of 2024 and $12.14 billion at the end of the fourth quarter of 2023. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark6 over the last three and five years.

    Payment technology solutions revenue was $5.1 million for the fourth quarter of 2024, compared to $5.3 million for the third quarter of 2024 and $5.4 million for the fourth quarter of 2023. Excluding intracompany eliminations, the FirsTech operating segment generated revenue of $5.4 million during the fourth quarter of 2024, compared to $5.6 million in the third quarter of 2024 and $5.8 million in the fourth quarter of 2023.

    Wealth management fees, wealth management referral income included in other noninterest income, and payment technology solutions represented 62.3% of adjusted noninterest income1 for the fourth quarter of 2024.

    Fees for customer services were $7.9 million for the fourth quarter of 2024, compared to $8.2 million in the third quarter of 2024 and $7.5 million in the fourth quarter of 2023.

    Other noninterest income was $4.1 million in the fourth quarter of 2024, compared to $4.7 million in the third quarter of 2024 and $2.7 million in the fourth quarter of 2023. The third quarter of 2024 benefited from $0.8 million in revenue associated with certain wealth management activities that was reported as other noninterest income; in comparison, other noninterest income from wealth management activities was $0.2 million for the fourth quarter of 2024 and $0.1 million for the fourth quarter of 2023. Compared to the prior quarter, we also saw decreases in venture capital income and swap origination fee income, which were mostly offset by increases in commercial loan sales gains. When compared with the fourth quarter of 2023, increases in other noninterest income were primarily attributable to increases in commercial loan sales gains and venture capital income, as well as the addition of Life Equity Loan® servicing income beginning in the second quarter of 2024.

    OPERATING EFFICIENCY

    Noninterest expense was $78.2 million in the fourth quarter of 2024, compared to $75.9 million in the third quarter of 2024 and $75.0 million for the fourth quarter of 2023. The efficiency ratio1 was 64.5% for the fourth quarter of 2024, compared to 62.1% for the third quarter of 2024, and 66.9% for the fourth quarter of 2023. Adjusted core expense1 was $72.6 million in the fourth quarter of 2024, compared to $71.0 million in the third quarter of 2024 and $65.2 million in the fourth quarter of 2023. The adjusted core efficiency ratio1 was 61.8% for the fourth quarter of 2024, compared to 60.2% for the third quarter of 2024, and 60.1% for the fourth quarter of 2023. We expect to continue to prudently manage our expenses and to realize the full extent of M&M acquisition synergies in 2025.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses were $45.5 million in the fourth quarter of 2024, compared to $44.6 million in the third quarter of 2024 and $42.7 million in the fourth quarter of 2023. Busey recorded $0.2 million of non-operating salaries, wages, and employee benefit expenses in the fourth quarter of 2024, compared to $0.1 million in the third quarter of 2024 and $3.8 million in the fourth quarter of 2023. Our associate-base consisted of 1,509 full-time equivalents as of December 31, 2024, compared to 1,510 as of September 30, 2024, and 1,479 as of December 31, 2023. The increase in our associate-base in 2024 was largely due to the M&M acquisition.
    • Data processing expense was $6.6 million in the fourth quarter of 2024, compared to $6.9 million in the third quarter of 2024 and $6.2 million in the fourth quarter of 2023. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees were $4.9 million in the fourth quarter of 2024, compared to $3.1 million in the third quarter of 2024 and $2.6 million in the fourth quarter of 2023. Busey recorded $3.0 million of non-operating professional fees in the fourth quarter of 2024, as compared to $1.4 million in the third quarter of 2024 and $0.4 million in the fourth quarter of 2023. Fourth quarter of 2024 non-operating professional fees consisted of $1.9 million related to merger activities and $1.1 million in restructuring activities related to corporate strategy advisement.
    • Other noninterest expense was $9.7 million for both the third and fourth quarters of 2024, compared to $12.4 million in the fourth quarter of 2023. Busey recorded $0.3 million of non-operating costs in other noninterest expense in the fourth quarter of 2024, compared to $0.4 million in the third quarter of 2024 and $0.1 million in the fourth quarter of 2023. In connection with Busey’s adoption of ASU 2023-02 on January 1, 2024, Busey began recording amortization of New Markets Tax Credits as income tax expense instead of other operating expense, which resulted in a decrease to other operating expenses of $2.3 million compared to the fourth quarter of 2023. Other items contributing to the fluctuations in other noninterest expense included the provision for unfunded commitments, mortgage servicing rights valuation expenses, fixed asset impairment, marketing, business development, and expenses related to recruiting and onboarding.

    Busey’s effective tax rate for the fourth quarter of 2024 was 24.8%, which was lower than the combined federal and state statutory rate of approximately 28.0% due to the impact of tax exempt interest income, such as municipal bond interest, bank owned life insurance income, and investments in various federal and state tax credits. Busey’s effective tax rate for the full year 2024 was 25.8%. In the second quarter of 2024, Busey recorded a one-time deferred tax valuation adjustment of $1.4 million resulting from a change to our Illinois apportionment rate due to recently enacted regulations. These newly enacted regulations are expected to lower our tax obligation in future periods. Excluding the impact of the one-time deferred tax valuation adjustment, our effective tax rate for the full year 2024 would have been 24.9%.

    Effective tax rates were higher in 2024, compared to 2023, due to the adoption of ASU 2023-02 in January 2024. Upon adoption of ASU 2023-02 Busey elected to use the proportional amortization method of accounting for equity investments made primarily for the purpose of receiving income tax credits. The proportional amortization method results in the cost of the investment being amortized in proportion to the income tax credits and other income tax benefits received, with the amortization of the investment and the income tax credits being presented net in the income statement as a component of income tax expense as opposed to being presented on a gross basis on the income statement as a component of noninterest expense and income tax expense.

    CAPITAL STRENGTH

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. On January 31, 2025, Busey will pay a cash dividend of $0.25 per common share to stockholders of record as of January 24, 2025, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.

    As of December 31, 2024, Busey continued to exceed the capital adequacy requirements necessary to be considered “well-capitalized” under applicable regulatory guidelines. Busey’s Common Equity Tier 1 ratio is estimated4 to be 14.10% at December 31, 2024, compared to 13.78% at September 30, 2024, and 13.09% at December 31, 2023. Our Total Capital to Risk Weighted Assets ratio is estimated4 to be 18.53% at December 31, 2024, compared to 18.19% at September 30, 2024, and 17.44% at December 31, 2023.

    Busey’s tangible common equity1 was $1.02 billion at December 31, 2024, compared to $1.04 billion at September 30, 2024, and $925.0 million at December 31, 2023. Tangible common equity1 represented 8.76% of tangible assets at December 31, 2024, compared to 8.96% at September 30, 2024, and 7.75% at December 31, 2023. Busey’s tangible book value per common share1 was $17.88 at December 31, 2024, compared to $18.19 at September 30, 2024, and $16.62 at December 31, 2023, reflecting a 7.6% year-over-year increase. The ratios of tangible common equity to tangible assets1 and tangible book value per common share have been impacted by the fair value adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of stockholder’s equity.

    FOURTH QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to the Q4 2024 Earnings Investor Presentation furnished via Form 8-K on January 28, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was an $12.05 billion financial holding company headquartered in Champaign, Illinois.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

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

    For the first time, Busey was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    For more information about us, visit busey.com.

    Category: Financial
    Source: First Busey Corporation

    Contacts:

    Jeffrey D. Jones, Chief Financial Officer
    217-365-4130

    NON-GAAP FINANCIAL INFORMATION

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

    Below is a reconciliation to what management believes to be the most directly comparable GAAP financial measures—specifically, net interest income, total noninterest income, net security gains and losses, and total noninterest expense in the case of pre-provision net revenue, adjusted pre-provision net revenue, pre-provision net revenue to average assets, and adjusted pre-provision net revenue to average assets; net income in the case of adjusted net income, adjusted diluted earnings per share, adjusted return on average assets, average tangible common equity, return on average tangible common equity, adjusted return on average tangible common equity; net income and net security gains and losses in the case of further adjusted net income and further adjusted diluted earnings per share; net interest income in the case of adjusted net interest income and adjusted net interest margin; net interest income, total noninterest income, and total noninterest expense in the case of adjusted noninterest income, adjusted noninterest expense, noninterest expense excluding non-operating adjustments, adjusted core expense, efficiency ratio, adjusted efficiency ratio, and adjusted core efficiency ratio; net interest income, total noninterest income, net securities gains and losses, and net gains and losses on the sale of mortgage servicing rights in the case of operating revenue and adjusted noninterest income to operating revenue; total assets and goodwill and other intangible assets in the case of tangible assets; total stockholders’ equity in the case of tangible book value per common share; total assets and total stockholders’ equity in the case of tangible common equity and tangible common equity to tangible assets; and total deposits in the case of core deposits and core deposits to total deposits.

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

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
     
    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP)   $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Total noninterest income (GAAP)     35,221       35,845       31,304       139,682       121,214  
    Net security (gains) losses (GAAP)     196       (822 )     (761 )     6,102       2,199  
    Total noninterest expense (GAAP)     (78,167 )     (75,926 )     (74,979 )     (300,399 )     (285,532 )
    Pre-provision net revenue (Non-GAAP) [a]   38,828       41,744       32,909       167,996       158,502  
    Acquisition and restructuring expenses     3,585       1,935       4,237       8,140       4,328  
    Provision for unfunded commitments     (455 )     407       818       (1,095 )     461  
    Amortization of New Markets Tax Credits     —       —       2,259       —       8,999  
    Realized (gain) loss on the sale of mortgage service rights     —       18       —       (7,724 )     —  
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 41,958     $ 44,104     $ 40,223     $ 167,317     $ 172,290  
                         
    Average total assets (GAAP) [c]   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)1 [a÷c]   1.28 %     1.38 %     1.06 %     1.39 %     1.29 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)1 [b÷c]   1.38 %     1.46 %     1.30 %     1.39 %     1.41 %

    ___________________________________________

    1. For quarterly periods, measures are annualized.
     
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Years Ended
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (GAAP) [a] $ 28,105     $ 32,004     $ 25,749     $ 113,691     $ 122,565  
    Acquisition expenses:                    
    Salaries, wages, and employee benefits     247       73       —       1,457       —  
    Data processing     14       90       —       548       —  
    Professional fees, occupancy, furniture and fixtures, and other     2,208       1,772       266       4,896       357  
    Restructuring expenses:                    
    Salaries, wages, and employee benefits     —       —       3,760       123       3,760  
    Professional fees, occupancy, furniture and fixtures, and other     1,116       —       211       1,116       211  
    Acquisition and restructuring expenses     3,585       1,935       4,237       8,140       4,328  
    Related tax benefit1     (965 )     (406 )     (863 )     (2,026 )     (881 )
    Adjusted net income (Non-GAAP) [b] $ 30,725     $ 33,533     $ 29,123     $ 119,805     $ 126,012  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [c]   57,934,812       57,967,848       56,333,033       57,543,001       56,256,148  
    Diluted earnings per common share (GAAP) [a÷c] $ 0.49     $ 0.55     $ 0.46     $ 1.98     $ 2.18  
    Adjusted diluted earnings per common share (Non-GAAP) [b÷c] $ 0.53     $ 0.58     $ 0.52     $ 2.08     $ 2.24  
                         
    Average total assets (GAAP) [d]   12,085,993       12,007,702       12,308,491       12,051,871       12,246,218  
    Return on average assets (GAAP)2 [a÷d]   0.93 %     1.06 %     0.83 %     0.94 %     1.00 %
    Adjusted return on average assets (Non-GAAP)2 [b÷d]   1.01 %     1.11 %     0.94 %     0.99 %     1.03 %
                         
    Average common equity (GAAP)   $ 1,396,939     $ 1,364,377     $ 1,202,417     $ 1,342,424     $ 1,197,511  
    Average goodwill and other intangible assets, net     (367,400 )     (369,720 )     (355,469 )     (366,601 )     (359,347 )
    Average tangible common equity (Non-GAAP) [e] $ 1,029,539     $ 994,657     $ 846,948     $ 975,823     $ 838,164  
                         
    Return on average tangible common equity (Non-GAAP)2 [a÷e]   10.86 %     12.80 %     12.06 %     11.65 %     14.62 %
    Adjusted return on average tangible common equity (Non-GAAP)2 [b÷e]   11.87 %     13.41 %     13.64 %     12.28 %     15.03 %

    ___________________________________________

    1. Year-to-date tax benefits were calculated by multiplying year-to-date acquisition and restructuring expenses by tax rates of 24.9% and 20.4% for the years ended December 31, 2024 and 2023, respectively. Quarterly tax benefits were calculated as the year-to-date tax benefit amounts less the sum of amounts applied to previous quarters during the year, equating to tax rates of 26.9%, 21.0%, and 20.4% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    2. For quarterly periods, measures are annualized.
    Further Adjusted Net Income and Related Measures
                         
        Three Months Ended   Years Ended
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Adjusted net income (Non-GAAP)1   $ 30,725     $ 33,533     $ 29,123     $ 119,805     $ 126,012  
    Further non-GAAP adjustments:                    
    Net securities (gains) losses     196       (822 )     (761 )     6,102       2,199  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       18       —       (7,724 )     —  
    Tax effect for further non-GAAP adjustments2     (49 )     199       171       419       (448 )
    Tax effected further non-GAAP adjustments3     147       (605 )     (590 )     (1,203 )     1,751  
    Further adjusted net income (Non-GAAP)3 [a] $ 30,872     $ 32,928     $ 28,533     $ 118,602     $ 127,763  
    One-time deferred tax valuation adjustment4     —       —       —       1,446       —  
    Further adjusted net income, excluding one-time deferred tax valuation adjustment (Non-GAAP)3 [b] $ 30,872     $ 32,928     $ 28,533     $ 120,048     $ 127,763  
                         
    Weighted average number of common shares outstanding, diluted [c]   57,934,812       57,967,848       56,333,033       57,543,001       56,256,148  
                         
    Further adjusted diluted earnings per common share (Non-GAAP)3 [a÷c] $ 0.53     $ 0.57     $ 0.51     $ 2.06     $ 2.27  
    Further adjusted diluted earnings per common share, excluding one-time deferred tax valuation adjustment (Non-GAAP)3 [b÷c] $ 0.53     $ 0.57     $ 0.51     $ 2.09     $ 2.27  

    ___________________________________________

    1. Adjusted net income is a non-GAAP measure. See the previous table for a reconciliation to the nearest GAAP measure.
    2. Tax effects for further non-GAAP adjustments were calculated by multiplying further non-GAAP adjustments by the effective income tax rate for each period. Effective income tax rates that were used to calculate the tax effect were 24.8%, 24.8%, and 22.5% for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and were 25.8% and 20.4% for the years ended December 31, 2024 and 2023, respectively.
    3. Tax-effected measure.
    4. An estimated one-time deferred tax valuation adjustment of $1.4 million resulted from a change to our Illinois apportionment rate due to recently enacted regulations.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP)   $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Tax-equivalent adjustment1     446       396       501       1,693       2,173  
    Tax-equivalent net interest income (Non-GAAP) [a]   82,024       83,043       77,846       324,304       322,794  
    Purchase accounting accretion related to business combinations     (812 )     (1,338 )     (384 )     (3,166 )     (1,477 )
    Adjusted net interest income (Non-GAAP) [b] $ 81,212     $ 81,705     $ 77,462     $ 321,138     $ 321,317  
                         
    Average interest-earning assets (GAAP) [c]   11,048,350       10,942,745       11,235,326       10,999,424       11,181,010  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   2.95 %     3.02 %     2.75 %     2.95 %     2.89 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   2.92 %     2.97 %     2.74 %     2.92 %     2.87 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. For quarterly periods, measures are annualized.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Adjusted Core Expense, and Efficiency Ratios
                         
        Three Months Ended   Years Ended
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net interest income (GAAP) [a] $ 81,578     $ 82,647     $ 77,345     $ 322,611     $ 320,621  
    Tax-equivalent adjustment1     446       396       501       1,693       2,173  
    Tax-equivalent net interest income (Non-GAAP) [b]   82,024       83,043       77,846       324,304       322,794  
                         
    Total noninterest income (GAAP)     35,221       35,845       31,304       139,682       121,214  
    Net security (gains) losses (GAAP)     196       (822 )     (761 )     6,102       2,199  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   35,417       35,023       30,543       145,784       123,413  
    Realized net (gains) losses on the sale of mortgage servicing rights (GAAP)     —       18       —       (7,724 )     —  
    Adjusted noninterest income (Non-GAAP) [d] $ 35,417     $ 35,041     $ 30,543     $ 138,060     $ 123,413  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 117,441     $ 118,066     $ 108,389     $ 470,088     $ 446,207  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   117,441       118,084       108,389       462,364       446,207  
    Operating revenue (Non-GAAP) [g = a+d]   116,995       117,688       107,888       460,671       444,034  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   30.27 %     29.77 %     28.31 %     29.97 %     27.79 %
                         
    Total noninterest expense (GAAP)   $ 78,167     $ 75,926     $ 74,979     $ 300,399     $ 285,532  
    Amortization of intangible assets (GAAP) [h]   (2,471 )     (2,548 )     (2,479 )     (10,057 )     (10,432 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP) [i]   75,696       73,378       72,500       290,342       275,100  
    Non-operating adjustments:                    
    Salaries, wages, and employee benefits     (247 )     (73 )     (3,760 )     (1,580 )     (3,760 )
    Data processing     (14 )     (90 )     —       (548 )     —  
    Professional fees, occupancy, furniture and fixtures, and other     (3,324 )     (1,772 )     (477 )     (6,012 )     (568 )
    Adjusted noninterest expense (Non-GAAP) [j]   72,111       71,443       68,263       282,202       270,772  
    Provision for unfunded commitments     455       (407 )     (818 )     1,095       (461 )
    Amortization of New Markets Tax Credits     —       —       (2,259 )     —       (8,999 )
    Adjusted core expense (Non-GAAP) [k] $ 72,566     $ 71,036     $ 65,186     $ 283,297     $ 261,312  
                         
    Noninterest expense, excluding non-operating adjustments (Non-GAAP) [j-h] $ 74,582     $ 73,991     $ 70,742     $ 292,259     $ 281,204  
                         
    Efficiency ratio (Non-GAAP) [i÷e]   64.45 %     62.15 %     66.89 %     61.76 %     61.65 %
    Adjusted efficiency ratio (Non-GAAP) [j÷f]   61.40 %     60.50 %     62.98 %     61.03 %     60.68 %
    Adjusted core efficiency ratio (Non-GAAP) [k÷f]   61.79 %     60.16 %     60.14 %     61.27 %     58.56 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    Tangible Book Value and Tangible Book Value Per Common Share
                 
        As of
    (dollars in thousands, except per share amounts)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total stockholders’ equity (GAAP)   $ 1,383,269     $ 1,402,884     $ 1,271,981  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tangible book value (Non-GAAP) [a] $ 1,017,294     $ 1,034,635     $ 918,117  
                 
    Ending number of common shares outstanding (GAAP) [b]   56,895,981       56,872,241       55,244,119  
                 
    Tangible book value per common share (Non-GAAP) [a÷b] $ 17.88     $ 18.19     $ 16.62  
    Tangible Assets, Tangible Common Equity, and Tangible Common Equity to Tangible Assets
                 
        As of
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Total assets (GAAP)   $ 12,046,722     $ 11,986,839     $ 12,283,415  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tax effect of other intangible assets1     6,379       7,178       6,888  
    Tangible assets (Non-GAAP)2 [a] $ 11,687,126     $ 11,625,768     $ 11,936,439  
                 
    Total stockholders’ equity (GAAP)   $ 1,383,269     $ 1,402,884     $ 1,271,981  
    Goodwill and other intangible assets, net (GAAP)     (365,975 )     (368,249 )     (353,864 )
    Tax effect of other intangible assets1     6,379       7,178       6,888  
    Tangible common equity (Non-GAAP)2 [b] $ 1,023,673     $ 1,041,813     $ 925,005  
                 
    Tangible common equity to tangible assets (Non-GAAP)2 [b÷a]   8.76 %     8.96 %     7.75 %

    ___________________________________________

    1. Net of estimated deferred tax liability, calculated using an estimated tax rate of 26.73% as of December 31, 2024, and 28% as of September 30, 2024, and December 31, 2023.
    2. Tax-effected measure.
    Core Deposits and Related Ratios
                 
        As of
    (dollars in thousands)   December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Portfolio loans (GAAP) [a] $ 7,697,087     $ 7,809,097     $ 7,651,034  
                 
    Total deposits (GAAP) [b] $ 9,982,490     $ 9,943,241     $ 10,291,156  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (13,090 )     (13,089 )     (6,001 )
    Time deposits of $250,000 or more     (334,503 )     (338,808 )     (386,286 )
    Core deposits (Non-GAAP) [c] $ 9,634,897     $ 9,591,344     $ 9,898,869  
                 
    RATIOS            
    Core deposits to total deposits (Non-GAAP) [c÷b]   96.52 %     96.46 %     96.19 %
    Portfolio loans to core deposits (Non-GAAP) [a÷c]   79.89 %     81.42 %     77.29 %
                             

    FORWARD-LOOKING STATEMENTS

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

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) risks related to the proposed transaction with CrossFirst, including (i) the possibility that the proposed transaction will not close when expected or at all because conditions to the closing are not satisfied on a timely basis or at all; (ii) the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Busey and CrossFirst do business; (iii) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (iv) diversion of management’s attention from ongoing business operations and opportunities; (v) the possibility that Busey may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all, and to successfully integrate CrossFirst’s operations with those of Busey or that such integration may be more difficult, time consuming or costly than expected; (vi) revenues following the proposed transaction may be lower than expected; and (vii) stockholder litigation that could prevent or delay the closing of the proposed transaction or otherwise negatively impact our business and operations; (2) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (3) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations, and tax regulations; (4) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (5) changes in state and federal laws, regulations, and governmental policies concerning Busey’s general business (including changes in response to the failures of other banks or as a result changes in policies implemented by the new presidential administration); (6) changes in accounting policies and practices; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates; (11) changes in consumer spending; (12) unexpected outcomes of existing or new litigation, investigations, or inquiries involving Busey (including with respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio; (14) concentrations within Busey’s loan portfolio (including commercial real estate loans), large loans to certain borrowers, and large deposits from certain clients; (15) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related incidents; and (19) the economic impact of exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

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

    END NOTES

    1 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    2 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand FDIC insurance limit, less intercompany accounts and collateralized accounts (including preferred deposits).
    3 Central Business District areas within Busey’s footprint include downtown St. Louis, downtown Indianapolis, and downtown Chicago.
    4 Capital amounts and ratios for the fourth quarter of 2024 are not yet finalized and are subject to change.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.

    The MIL Network –

  • MIL-OSI: Stifel Raises Quarterly Common Stock Cash Dividend by 10% and Declares Preferred Stock Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.46 per share, payable March 17, 2025, to shareholders of record at the close of business on March 3, 2025.

    The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from December 16, 2024, up to, but excluding, March 17, 2025. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on March 17, 2025 to shareholders of record on March 3, 2025.

    The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Stifel Investor Relations Contact
    Joel Jeffrey, Senior Vice President
    (212) 271-3610 direct
    investorrelations@stifel.com                                

    The MIL Network –