GlobeNewswire – Page 648

MIL-OSI: Dayforce Named a Leader in the 2024 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Fifth Consecutive Year

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS and TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced it has been named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employees Enterprises. Dayforce was recognized for the fifth consecutive year, driven by Dayforce’s Ability to Execute and Completeness of Vision.

Operating across North America, Europe, the Middle East, Africa (EMEA), and the Asia Pacific Japan (APJ) region, Dayforce delivers quantifiable value to organizations globally with a single platform backed by AI-enhanced innovation. Dayforce is trusted by more than 6,600 customers, including leading organizations such as Henkel, Nashville Predators, City of Columbus, Longo’s, and more.

“In the face of increasingly complex and ever-changing HR challenges, leaders need to invest in differentiated technology to help drive efficiencies, manage compliance, and operate with confidence – all assisted by trusted AI,” said Joe Korngiebel, Chief Strategy, Product, and Technology Officer, Dayforce, Inc. “Dayforce is this solution, and we feel our recognition as a Leader in the Gartner Magic Quadrant for the fifth consecutive year affirms this. In one single, global people platform, we’re delivering quantifiable value for organizations around the world and helping them achieve simplicity at scale for their people operations.”

As an all-in-one solution with a unified user experience for HR, payroll, workforce management, talent, and analytics, Dayforce enables business leaders to move their organizations forward while balancing the drive to empower their people.

Additional Information

Gartner Disclaimer

Gartner, Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, Ranadip Chandra, Chris Pang, Et Al, 23 October 2024.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Dayforce
Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Media Contact
Allison Hacker
+1 425-785-8276
allison.hacker@dayforce.com

The MIL Network –

January 25, 2025

MIL-OSI: Heartland Financial USA, Inc. (“HTLF”) Reports Quarterly Results as of September 30, 2024

Source: GlobeNewswire (MIL-OSI)

Third Quarter Highlights

Quarterly net income available to common stockholders of $62.1 million or $1.44 per common share
Adjusted earnings available to common stockholders of $50.6 million or $1.17 adjusted diluted earnings per common share (non-GAAP), which excludes:
- Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
- Loss on security sales of $9.5 million.
- Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
Common equity to total assets increased to 11.11%; while the tangible common equity ratio (non-GAAP) improved 86 basis points to 8.14%.
Net interest margin, full tax-equivalent (non-GAAP) increased to 3.78% for the quarter ended September 30, 2024 up from 3.73% for the quarter ended June 30, 2024.
Nonperforming loans were $69.9 million or 0.61% of total loans, a decrease of $33.8 million or 33% from the quarter ended June 30, 2024.
- Charge-offs of $32.1 million, of which the majority have been reserved for in prior periods, were recorded for the third quarter.

	For the Quarter Ended									For the Nine Months Ended September 30,
	9/30/2024			6/30/2024			9/30/2023			2024			2023
Earnings Summary:
Net income/(loss) available to common stockholders (in millions)	$	62.1		$	37.7		$	46.1		$	149.6		$	144.2
Diluted earnings/(loss) per common share		1.44			0.88			1.08			3.47			3.37
Annualized return on average assets		1.38	%		0.84	%		0.94	%		1.10	%		1.00	%
Annualized return on average common equity		12.60			8.14			10.47			10.59			11.28
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			12.28			16.32			15.77			17.82
Net interest margin		3.73			3.68			3.14			3.65			3.23
Net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.73			3.18			3.69			3.27
Efficiency ratio		48.58			65.69			63.77			58.94			61.86
Adjusted efficiency ratio, fully-tax equivalent (non-GAAP)⁽¹⁾		57.98			57.73			59.95			58.16			58.98

Adjusted Earnings Summary (1):
Adjusted earnings available to common stockholders (in millions)	$	50.6		$	49.6		$	48.1		$	152.7		$	148.3
Adjusted diluted earnings per common share		1.17			1.15			1.12			3.54			3.47
Adjusted annualized return on average assets		1.14	%		1.09	%		0.98	%		1.12	%		1.02	%
Adjusted annualized return on average common equity		10.27			10.71			10.92			10.81			11.60
Adjusted annualized return on average tangible common equity		14.98			16.05			17.02			16.09			18.31

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.

“HTLF delivered a solid third quarter. Net interest margin increased as we continue to pay down high cost wholesale deposits. Our tangible common equity ratio improved to 8.14%. In July we completed the strategic sale of Rocky Mountain Bank in Montana, resulting in a net gain of $29.7 million. We continue to work closely with our partners at UMB on integration planning for our two companies and we’re excited about closing the transaction, expected in Q1 2025.”

Bruce K. Lee, President and Chief Executive Officer, HTLF

DENVER, Oct. 29, 2024 (GLOBE NEWSWIRE) — Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023:

Net income available to common stockholders of $62.1 million compared to $46.1 million, an increase of $16.1 million or 35%.
Earnings per diluted common share of $1.44 compared to $1.08, an increase of $0.36 or 33%.
Adjusted earnings available to common stockholders⁽¹⁾ of $50.6 million or $1.17 per diluted common share compared to $48.1 million or $1.12 per diluted common share, which excludes:
- Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
- Loss on security sales of $9.5 million.
- Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
Net interest income of $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
Annualized return on average assets of 1.38% compared to 0.94%. Adjusted annualized return on average assets⁽¹⁾ of 1.14% compared to 0.98%.
Annualized return on average common equity of 12.60% compared to 10.47%. Adjusted annualized return on average common equity⁽¹⁾ of 10.27% compared to 10.92%.
Annualized return on average tangible common equity⁽¹⁾ of 18.32% compared to 16.32%. Adjusted annualized return on average tangible common equity⁽¹⁾ of 14.98% compared to 17.02%.

Rocky Mountain Bank Sale

HTLF Bank closed on the sale of the Rocky Mountain Bank branches in Montana in mid-July to two purchasers, which included loans of $343.8 million, deposits of $531.9 million and fixed assets of $13.8 million. The gain on sale, net, of $29.7 million was realized in the third quarter of 2024.

Net Interest Income and Net Interest Margin

Net interest margin, expressed as a percentage of average earning assets, was 3.73% (3.78% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2024 compared to 3.68% (3.73% on a fully tax-equivalent basis, non-GAAP) for the second quarter of 2024, and 3.14% (3.18% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2023.

Total interest income and average earning asset changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Total interest income was $253.8 million compared to $245.4 million, an increase of $8.4 million or 3%, primarily attributable to an increase in yields on average earning assets. During the third quarter of 2024, HTLF recorded $5.3 million in additional interest income for a security that paid off.
Total interest income on a tax-equivalent basis (non-GAAP) was $255.8 million, an increase of $8.2 million or 3%, from $247.6 million. Subsequent to September 30, 2024, the fair value hedges were terminated in favorable market conditions in early October. HTLF recorded $10.3 million of interest income associated with the fair value hedges in the third quarter of 2024 in comparison to $5.6 million in the third quarter of 2023. As a result of the fair value hedge terminations, no additional interest income will be recorded.
Average earning assets decreased $1.60 billion or 9% to $16.84 billion compared to $18.44 billion, primarily due to the sale of $865.4 million of securities during the fourth quarter of 2023, $108.4 million of securities sold during the second quarter of 2024, and $40.3 million of securities sold during the third quarter of 2024. The proceeds were utilized to pay down high-cost wholesale deposits and borrowings.
The average rate on earning assets increased 71 basis points to 6.04% from 5.33%, primarily due to recent interest rate increases on earning assets.

Total interest expense and average interest-bearing liability changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Total interest expense was $95.9 million, a decrease of $3.8 million from $99.7 million, primarily due to a decrease in average interest-bearing liabilities.
The average interest rate paid on interest-bearing liabilities increased 17 basis points to 3.18% from 3.01%.
Average interest-bearing deposits decreased $1.65 billion or 13% to $11.03 billion from $12.68 billion.
The average interest rate paid on interest-bearing deposits decreased 4 basis points to 2.86% from 2.90%.
Average borrowings and term debt increased $478.2 million to $953.9 million from $475.7 million, and the average interest rate paid on borrowings decreased 40 basis points to 5.39% from 5.78%.

Net interest income changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Net interest income totaled $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
Net interest income on a tax-equivalent basis (non-GAAP) totaled $159.9 million compared to $147.9 million, an increase of $12.0 million or 8%.

Noninterest Income and Noninterest Expense

Total noninterest income was $19.0 million during the third quarter of 2024 compared to $28.4 million during the third quarter of 2023, a decrease of $9.4 million or 33%. Significant changes within the noninterest income category for the third quarter of 2024 compared to the third quarter of 2023 were:

Service charges and fees decreased $1.5 million or 8% to $17.1 million from $18.6 million, primarily attributable to a decrease in consumer NSF and overdraft fees. In the fourth quarter of 2023, HTLF instituted a new fee policy across our single charter customer base in response to industry changes related to consumer overdraft fees.
Net security losses increased $9.4 million to $9.5 million compared to net security losses of $114,000.
Net gains on sales of loans held for sale decreased to $0 from $905,000, due to HTLF ceasing originations of residential mortgage loans to be sold to the secondary market.
Other noninterest income increased $957,000 to $1.6 million from $619,000, primarily due to an increase in deferred compensation income of $1.0 million to $1.5 million from $433,000.

Total noninterest expense was $85.9 million during the third quarter of 2024 compared to $111.1 million during the third quarter of 2023, a decrease of $25.1 million or 23%. Significant changes within the noninterest expense category for the third quarter of 2024 compared to the third quarter of 2023 were:

Salaries and employee benefits totaled $62.7 million compared to $62.3 million, an increase of $480,000 or 1%. The increase was attributable to higher benefit costs including incentive compensation and benefit expenses partially offset by a reduction of full-time equivalent employees. Full-time equivalent employees totaled 1,725 compared to 1,965, a decrease of 240 or 12%.
Professional fees totaled $17.4 million compared to $13.6 million, an increase of $3.8 million or 28%, primarily due to an increase legal expenses, including those associated with special asset loans.
Gain on sale of assets, net, totaled $26.4 million compared to a loss on sale of assets of $108,000. As discussed earlier, Rocky Mountain Bank, a division of HTLF Bank, was sold during the third quarter of 2024 which generated a gain on sale, net, of $29.7 million.

The effective tax rate was 24.25% for the third quarter of 2024 compared to 21.89% for third quarter of 2023. The following items impacted the third quarter 2024 and 2023 tax calculations:

Various tax credits of $629,000 compared to $1.6 million.
Tax-exempt interest income as a percentage of pre-tax income of 8.92% compared to 13.14%.
Tax benefit of $140,000 compared to a tax expense of $41,000 resulting from the vesting of restricted stock units.
Tax expense of $1.1 million compared to $1.6 million resulting from the disallowed interest expense related to tax-exempt loans and securities.

Total Assets, Total Loans and Total Deposits

Total assets were $18.27 billion at September 30, 2024, compared to $18.81 billion at June 30, 2024, and $19.41 billion at December 31, 2023. Total assets decreased $540.1 million or 3% during the third quarter of 2024 and $1.14 billion or 6% since year-end 2023. Securities represented 27% and 29% of total assets at September 30, 2024, and December 31, 2023, respectively.

Total loans held to maturity were $11.44 billion at September 30, 2024, compared to $11.61 billion at June 30, 2024, and $12.07 billion at December 31, 2023. Loans decreased $167.4 million or 1% during the third quarter of 2024 and $627.7 million or 5% since year-end 2023. Excluding the impact of Rocky Mountain Bank, loans held to maturity decreased $172.4 million or 1% during the third quarter of 2024 and decreased $284.0 million or 2% since year-end 2023.

Significant changes by loan category at September 30, 2024 compared to June 30, 2024 included:

Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $262.7 million or 4% to $5.99 billion compared to $6.26 billion. Excluding the impact of Rocky Mountain Bank, commercial and business lending decreased $119.4 million or 2%.
Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, decreased $3.3 million, or less than 1%, to $3.58 billion compared to $3.58 billion. Excluding the impact of Rocky Mountain Bank, commercial real estate lending increased $67.0 million or 2%.
Agricultural and agricultural real estate loans decreased $167.2 million or 19% to $701.2 million compared to $868.4 million. Excluding the impact of Rocky Mountain Bank, agricultural and agricultural real estate loans decreased $99.9 million or 12%.
Residential mortgage loans decreased $56.7 million or 7% to $708.0 million compared to $764.7 million. Excluding the impact of Rocky Mountain Bank, residential mortgage loans decreased $25.7 million or 3%.

Significant changes by loan category at September 30, 2024 compared to December 31, 2023 included:

Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $298.6 million or 5% to $5.99 billion compared to $6.29 billion. Excluding the Rocky Mountain Bank loans sold of $143.3 million, commercial and business lending decreased $155.3 million or 2%.
Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $9.9 million or less than 1% to $3.58 billion compared to $3.57 billion. Excluding the Rocky Mountain Bank loans sold of $70.3 million, commercial real estate lending increased $80.2 million or 2%.
Agricultural and agricultural real estate loans decreased $218.0 million or 24% to $701.2 million compared to $919.2 million. Excluding the Rocky Mountain Bank loans sold of $67.3 million, agricultural and agricultural real estate loans decreased $150.7 million or 16%.
Residential mortgage loans decreased $89.8 million or 11% to $708.0 million compared to $797.8 million. Excluding the Rocky Mountain Bank loans sold of $31.0 million, residential mortgage loans decreased $58.9 million or 7%.

Total deposits were $14.95 billion as of September 30, 2024, compared to $14.96 billion as of June 30, 2024, a decrease of $3.4 million or less than 1%. Total deposits were $14.95 billion as of September 30, 2024, compared to $16.20 billion at December 31, 2023, which was a decrease of $1.25 billion or 8%. Excluding the impact of Rocky Mountain Bank, deposits decreased $9.8 million or less than 1% during the third quarter of 2024 and decreased $716.6 million or 4% since year-end 2023.

Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.13 billion at June 30, 2024, an increase of $217.6 million or 2%. Excluding the impact of Rocky Mountain Bank, customer deposits increased $211.2 million or 1%. Significant customer deposit changes by category at September 30, 2024, compared to June 30, 2024, included:

Customer demand deposits decreased $367.6 million or 8% to $4.01 billion compared to $4.38 billion. Excluding the impact of Rocky Mountain Bank, customer demand deposits decreased $235.9 million or 6%.
Customer savings deposits increased $270.0 million or 3% to $8.71 billion compared to $8.44 billion. Excluding the impact of Rocky Mountain Bank, customer savings deposits increased $554.4 million or 7%.
Customer time deposits decreased $223.1 million or 12% to $1.63 billion compared to $1.85 billion. Excluding the impact of Rocky Mountain Bank, customer time deposits decreased $107.3 million or 6%.

Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.86 billion at December 31, 2023, a decrease of $505.1 million or 3%. Excluding the Rocky Mountain Bank customer deposits sold of $531.9 million, customer deposits increased $26.7 million. Significant customer deposit changes by category at September 30, 2024, compared to December 31, 2023, included:

Customer demand deposits decreased $491.1 million or 11% to $4.01 billion compared to $4.50 billion. Excluding the Rocky Mountain Bank customer demand deposits sold of $131.7 million, customer demand deposits decreased $359.3 million or 8%.
Customer savings deposits increased $302.0 million or 4% to $8.71 billion compared to $8.41 billion. Excluding the Rocky Mountain Bank customer savings deposits sold of $284.3 million, customer savings deposits increased $586.3 million or 7%.
Customer time deposits decreased $316.0 million or 16% to $1.63 billion compared to $1.94 billion. Excluding the Rocky Mountain Bank customer time deposits sold of $115.8 million, customer time deposits decreased $200.2 million or 10%.

Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, a decrease of $221.0 million or 27% from $822.9 million at June 30, 2024. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to June 30, 2024 included:

Wholesale and institutional savings deposits decreased $105.7 million or 33% to $213.0 million compared to $318.6 million.
Wholesale time deposits decreased $115.3 million or 23% to $389.0 million compared to $504.3 million.

Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, which was a decrease of $743.4 million or 55% from $1.35 billion at December 31, 2023. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to December 31, 2023 included:

Wholesale and institutional savings deposits decreased $181.4 million or 46% to $213.0 million compared to $394.4 million.
Wholesale time deposits decreased $562.0 million or 59% to $389.0 million compared to $950.9 million.

Provision and Allowance

Provision and Allowance for Credit Losses for Loans
Provision for credit losses for loans for the third quarter of 2024 was $8.9 million, an increase of $6.2 million from $2.7 million recorded in the third quarter of 2023.

The allowance for credit losses for loans totaled $106.8 million at September 30, 2024 and $122.6 million at December 31, 2023. The following items impacted the allowance for credit losses for loans at September 30, 2024:

Provision expense for the nine months ended September 30, 2024, totaled $22.3 million. Provision expense was primarily impacted in the third quarter of 2024 by a nonperforming food manufacturing syndication loan currently in bankruptcy proceedings. HTLF recorded a charge-off of $19.2 million for this credit during the third quarter of 2024, of which $10.0 million was reserved for in a prior period.
Net charge-offs of $38.0 million, of which the majority have been reserved for in prior periods, were recorded for the first nine months of 2024.

Provision and Allowance for Credit Losses for Unfunded Commitments
The allowance for unfunded commitments decreased $6.0 million or 36% to $10.5 million at September 30, 2024, from $16.5 million at December 31, 2023. The following impacted HTLF’s allowance for credit losses for unfunded commitments during 2024:

Provision benefit for the nine months ended September 30, 2024, totaled $6.0 million.
Reduction of $82.9 million in unfunded commitments for construction loans, which carry the highest loss rate.
Total unfunded commitments decreased $684.5 million or 15% to $3.94 billion at September 30, 2024 compared to $4.63 billion at December 31, 2023.

Total Provision and Allowance for Lending Related Credit Losses
The total provision expense for lending related credit losses was $6.3 million for the third quarter of 2024 compared to $1.5 million for the third quarter of 2023. The total allowance for lending related credit losses was $117.3 million or 1.02% of total loans at September 30, 2024, compared to $139.0 million or 1.15% of total loans as of December 31, 2023.

Nonperforming Assets

Nonperforming assets were $76.8 million or 0.42% of total assets at September 30, 2024, compared to $110.5 million or 0.57% of total assets at December 31, 2023. Nonperforming assets were reduced by charge-offs of $32.1 million and the return to performing status of a $10.4 million owner occupied commercial real estate loan relationship. The reduction was partially offset by the addition of a $10.1 million non-owner commercial real estate loan relationship. Nonperforming loans were $69.9 million or 0.61% of total loans at September 30, 2024, compared to $97.9 million or 0.81% of total loans at December 31, 2023. At September 30, 2024, loans delinquent 30-89 days were 0.26% of total loans compared to 0.09% of total loans at December 31, 2023. The increase in the 30-89 day delinquencies was due to a single $12.8 million real estate construction loan. Other real estate owned, net, decreased $5.7 million or 46% to $6.8 million at September 30, 2024 from $12.5 million at December 31, 2023.

Non-GAAP Financial Measures

This earnings release contains references to financial measures which are not defined by generally accepted accounting principles (“GAAP”). Management believes the non-GAAP measures are helpful for investors to analyze and evaluate the company’s financial condition and operating results. However, these non-GAAP measures have inherent limitations and should not be considered a substitute for operating results determined in accordance with GAAP. Additionally, because non-GAAP measures are not standardized, it may not be possible to compare the non-GAAP measures in this earnings release with other companies’ non-GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure may be found in the financial tables in this earnings release.

Below are the non-GAAP measures included in this earnings release, management’s reason for including each measure and the method of calculating each measure:

Adjusted earnings available to common stockholders and adjusted diluted earnings per common share, adjust net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes these measures enhance the comparability net income available to common stockholders as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Adjusted annualized return on average assets, adjusts net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.
Adjusted efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this earnings release.
Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. Net interest margin, fully tax equivalent, is net interest income adjusted for the tax-favored status of certain loans and securities divided by average earning assets.
Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength.
Adjusted annualized return on average common equity, adjusts net income for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
Adjusted annualized return on average tangible common equity, adjusts net income available to common stockholders for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations.

About HTLF

Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $18.27 billion as of September 30, 2024. HTLF’s banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com.

Safe Harbor Statement

This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.

Any statements about the company’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company’s operations or performance. These forward-looking statements are generally identified by the use of the words such as “believe”, “expect”, “intent”, “anticipate”, “plan”, “intend”, “estimate”, “project”, “may”, “will”, “would”, “could”, “should”, “may”, “view”, “opportunity”, “potential”, or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF’s reports filed with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2023 and updates in HTLF’s Forms 10-Q filed thereafter, and include, among others:

Economic and Market Conditions Risks, including risks related to the deterioration of the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, pandemics and governmental measures addressing them, climate change and climate-related regulations, persistent inflation, higher interest rates, supply chain issues, labor shortages, terrorist threats or acts of war;
Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF’s borrowers, changes in asset and collateral values due to climate and other borrower industry risks, which may impact the provision for credit losses and net charge-offs;
Liquidity and Interest Rate Risks, including the impact of capital market conditions, rising interest rates and changes in monetary policy on our borrowings and net interest income;
Risks related to the planned merger with UMB Financial Corporation (the “Merger”), the fluctuation of the market value of the merger consideration, risks related to combining our businesses, including expenses related to the Merger and integration of the combined entity, risks that the Merger may not occur, and the risk of litigation related to the Merger;
Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks;
Strategic and External Risks, including economic, political, and competitive forces impacting our business;
Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and
Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions.

There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect HTLF’s business, financial condition and results of operations. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect HTLF’s financial results, is included in HTLF’s filings with the SEC.

-FINANCIAL TABLES FOLLOW-

CONTACT:

Kevin L. Thompson

Executive Vice President

Chief Financial Officer

(563) 589-1994

kthompson@htlf.com

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Interest Income
Interest and fees on loans	$	192,506		$	182,394		$	587,328		$	505,136
Interest on securities:
Taxable		51,116			54,800			145,511			168,948
Nontaxable		5,979			6,584			18,062			18,990
Interest on federal funds sold		—			3			—			3
Interest on deposits with other banks and short-term investments		4,193			1,651			10,244			4,833
Total Interest Income		253,794			245,432			761,145			697,910
Interest Expense
Interest on deposits		82,976			92,744			247,609			231,617
Interest on borrowings		7,378			1,167			25,727			4,437
Interest on term debt		5,543			5,765			16,956			16,756
Total Interest Expense		95,897			99,676			290,292			252,810
Net Interest Income		157,897			145,756			470,853			445,100
Provision for credit losses		6,276			1,516			16,270			9,969
Net Interest Income After Provision for Credit Losses		151,621			144,240			454,583			435,131
Noninterest Income
Service charges and fees		17,100			18,553			51,127			55,316
Loan servicing income		111			278			349			1,403
Trust fees		5,272			4,734			15,847			15,810
Brokerage and insurance commissions		853			692			2,501			2,065
Capital markets fees		2,116			1,845			5,003			8,331
Securities gains (losses), net		(9,520	)		(114	)		(19,573	)		(1,532	)
Unrealized gain on equity securities, net		377			13			605			165
Net gains on sale of loans held for sale		—			905			104			3,786
Income on bank owned life insurance		1,107			858			3,610			3,042
Other noninterest income		1,576			619			5,289			2,489
Total Noninterest Income		18,992			28,383			64,862			90,875
Noninterest Expense
Salaries and employee benefits		62,742			62,262			191,817			186,510
Occupancy		6,318			6,438			19,843			20,338
Furniture and equipment		2,062			2,720			6,554			8,698
Professional fees		17,448			13,616			48,351			41,607
FDIC insurance assessments		3,035			3,313			11,344			9,627
Advertising		1,937			1,633			4,663			6,670
Core deposit intangibles amortization		1,345			1,625			4,258			5,128
Other real estate and loan collection expenses, net		395			481			1,422			984
(Gain) loss on sales/valuations of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
Partnership investment in tax credit projects		222			1,136			938			1,828
Other noninterest expense		14,816			15,292			43,214			46,307
Total Noninterest Expense		85,927			111,053			315,766			331,542
Income Before Income Taxes		84,686			61,570			203,679			194,464
Income taxes		20,533			13,479			48,077			44,181
Net Income/(Loss)		64,153			48,091			155,602			150,283
Preferred dividends		(2,013	)		(2,013	)		(6,038	)		(6,038	)
Net Income/(Loss) Available to Common Stockholders	$	62,140		$	46,078		$	149,564		$	144,245
Earnings/(loss) per common share-diluted	$	1.44		$	1.08		$	3.47		$	3.37
Weighted average shares outstanding-diluted		43,195,257			42,812,563			43,080,422			42,769,872

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Interest Income
Interest and fees on loans	$	192,506		$	199,161		$	195,661		$	192,861		$	182,394
Interest on securities:
Taxable		51,116			47,381			47,014			54,573			54,800
Nontaxable		5,979			6,042			6,041			6,278			6,584
Interest on federal funds sold		—			—			—			—			3
Interest on deposits with other banks and short-term investments		4,193			3,045			3,006			2,174			1,651
Total Interest Income		253,794			255,629			251,722			255,886			245,432
Interest Expense
Interest on deposits		82,976			80,499			84,134			88,071			92,744
Interest on borrowings		7,378			10,825			7,524			5,874			1,167
Interest on term debt		5,543			5,564			5,849			5,804			5,765
Total Interest Expense		95,897			96,888			97,507			99,749			99,676
Net Interest Income		157,897			158,741			154,215			156,137			145,756
Provision for credit losses		6,276			9,008			986			11,738			1,516
Net Interest Income After Provision for Credit Losses		151,621			149,733			153,229			144,399			144,240
Noninterest Income
Service charges and fees		17,100			16,964			17,063			18,708			18,553
Loan servicing income		111			107			131			158			278
Trust fees		5,272			5,532			5,043			4,905			4,734
Brokerage and insurance commissions		853			894			754			729			692
Capital markets fees		2,116			1,996			891			1,676			1,845
Securities gains (losses), net		(9,520	)		(10,111	)		58			(140,007	)		(114	)
Unrealized gain on equity securities, net		377			133			95			75			13
Net gains on sale of loans held for sale		—			—			104			94			905
Income on bank owned life insurance		1,107			1,326			1,177			729			858
Other noninterest income		1,576			1,366			2,347			1,132			619
Total Noninterest Income		18,992			18,207			27,663			(111,801	)		28,383
Noninterest Expense
Salaries and employee benefits		62,742			65,120			63,955			64,766			62,262
Occupancy		6,318			6,262			7,263			6,509			6,438
Furniture and equipment		2,062			2,155			2,337			2,901			2,720
Professional fees		17,448			15,372			15,531			17,060			13,616
FDIC insurance assessments		3,035			3,340			4,969			10,313			3,313
Advertising		1,937			1,368			1,358			1,677			1,633
Core deposit intangibles amortization		1,345			1,421			1,492			1,611			1,625
Other real estate and loan collection expenses, net		395			515			512			505			481
(Gain) loss on sales/valuations of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
Partnership investment in tax credit projects		222			222			494			3,573			1,136
Other noninterest expense		14,816			14,303			14,095			14,933			15,292
Total Noninterest Expense		85,927			116,244			113,595			130,285			111,053
Income Before Income Taxes		84,686			51,696			67,297			(97,687	)		61,570
Income taxes		20,533			11,954			15,590			(27,324	)		13,479
Net Income/(Loss)		64,153			39,742			51,707			(70,363	)		48,091
Preferred dividends		(2,013	)		(2,012	)		(2,013	)		(2,012	)		(2,013	)
Net Income/(Loss) Available to Common Stockholders	$	62,140		$	37,730		$	49,694		$	(72,375	)	$	46,078
Earnings/(loss) per common share-diluted	$	1.44		$	0.88		$	1.16		$	(1.69	)	$	1.08
Weighted average shares outstanding-diluted		43,195,257			43,060,354			42,915,768			42,838,405			42,812,563

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Assets
Cash and due from banks	$	228,719		$	226,735		$	208,176		$	275,554		$	248,756
Interest-bearing deposits with other banks and short-term investments		359,675			147,211			236,190			47,459			99,239
Cash and cash equivalents		588,394			373,946			444,366			323,013			347,995
Time deposits in other financial institutions		1,050			1,340			1,240			1,240			1,490
Securities:
Carried at fair value		4,057,335			4,185,054			4,418,222			4,646,891			5,482,687
Held to maturity, at cost		839,623			842,980			841,055			838,241			835,468
Other investments, at cost		69,511			70,684			68,524			91,277			90,001
Loans held for sale		—			348,761			352,744			5,071			6,262
Loans:
Held to maturity		11,440,917			11,608,309			11,644,641			12,068,645			11,872,436
Allowance for credit losses		(106,797	)		(126,861	)		(123,934	)		(122,566	)		(110,208	)
Loans, net		11,334,120			11,481,448			11,520,707			11,946,079			11,762,228
Premises, furniture and equipment, net		155,140			175,953			176,582			181,070			187,436
Goodwill		576,005			576,005			576,005			576,005			576,005
Core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Cash surrender value on life insurance		199,998			199,036			197,671			197,085			196,694
Other real estate, net		6,805			7,533			2,590			12,548			14,362
Other assets		430,155			534,429			516,198			574,772			609,139
Total Assets	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793
Liabilities and Equity
Liabilities
Deposits:
Demand	$	4,009,218		$	4,244,169		$	4,264,390		$	4,500,304		$	4,792,813
Savings		8,926,192			8,470,416			8,669,221			8,805,597			8,754,911
Time		2,017,806			2,242,005			2,368,555			2,895,813			3,553,269
Total deposits		14,953,216			14,956,590			15,302,166			16,201,714			17,100,993
Deposits held for sale		—			538,308			596,328			—			—
Borrowings		546,219			694,909			650,033			622,255			392,634
Term debt		373,324			372,988			372,652			372,396			372,059
Accrued expenses and other liabilities		259,161			222,025			232,815			282,225			438,577
Total Liabilities		16,131,920			16,784,820			17,153,994			17,478,590			18,304,263
Stockholders’ Equity
Preferred equity		110,705			110,705			110,705			110,705			110,705
Common stock		42,884			42,852			42,784			42,688			42,656
Capital surplus		1,098,837			1,096,619			1,093,207			1,090,740			1,088,267
Retained earnings		1,252,247			1,203,092			1,178,330			1,141,501			1,226,740
Accumulated other comprehensive income/(loss)		(364,300	)		(425,418	)		(446,193	)		(452,517	)		(642,838	)
Total Equity		2,140,373			2,027,850			1,978,833			1,933,117			1,825,530
Total Liabilities and Equity	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Average Balances
Assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Loans, net of unearned		11,584,999			12,010,289			12,021,930			11,938,272			11,800,064
Total deposits		15,148,944			15,562,920			16,042,402			16,709,394			17,507,813
Customer deposits		14,347,965			14,768,407			14,816,652			14,969,948			14,699,235
Earning assets		16,838,131			17,331,435			17,597,068			17,853,957			18,439,010
Interest-bearing liabilities		11,986,220			12,461,957			12,607,745			12,721,680			13,158,631
Common equity		1,962,334			1,863,236			1,832,959			1,729,086			1,746,818
Total stockholders’ equity		2,073,039			1,973,941			1,943,664			1,839,791			1,857,523
Tangible common equity (non-GAAP)⁽¹⁾		1,371,515			1,271,046			1,239,313			1,133,888			1,149,992

Key Performance Ratios
Annualized return on average assets		1.38	%		0.84	%		1.08	%	(1.42		)%		0.94	%
Adjusted annualized return on average assets (non-GAAP)⁽¹⁾		1.14			1.09			1.13			0.96			0.98
Annualized return on average common equity (GAAP)		12.60			8.14			10.90			(16.61	)		10.47
Adjusted annualized return on average common equity (non-GAAP)⁽¹⁾		10.27			10.71			11.50			10.46			10.92
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			12.28			16.49			(24.89	)		16.32
Adjusted annualized return on average tangible common equity (non-GAAP)⁽¹⁾		14.98			16.05			17.38			16.38			17.02
Annualized ratio of net charge-offs/(recoveries) to average loans		0.99			0.23			0.08			0.01			0.12
Annualized net interest margin (GAAP)		3.73			3.68			3.52			3.47			3.14
Annualized net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.73			3.57			3.52			3.18
Annualized cost of deposits		2.18			2.08			2.11			2.09			2.10
Efficiency ratio (GAAP)		48.58			65.69			62.46			293.86			63.77
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)⁽¹⁾		57.98			57.73			58.77			59.31			59.95
Annualized ratio of total noninterest expenses to average assets (GAAP)		1.85			2.46			2.37			2.63			2.18
Annualized ratio of core expenses to average assets (non-GAAP)⁽¹⁾		2.35			2.30			2.25			2.23			2.08

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Average Balances
Assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Loans, net of unearned		11,584,999			11,800,064			11,871,358			11,602,741
Total deposits		15,148,944			17,507,813			15,583,165			17,567,614
Customer deposits		14,347,965			14,699,235			14,642,347			14,778,030
Earning assets		16,838,131			18,439,010			17,254,023			18,451,907
Interest-bearing liabilities		11,986,220			13,158,631			12,350,640			12,985,665
Common equity		1,962,334			1,746,818			1,886,454			1,710,230
Total stockholders’ equity		2,073,039			1,857,523			1,997,159			1,820,935
Tangible common equity (non-GAAP)(1)		1,371,515			1,149,992			1,294,241			1,111,724

Key Performance Ratios
Annualized return on average assets		1.38	%		0.94	%		1.10	%		1.00	%
Adjusted annualized return on average assets (non-GAAP)⁽¹⁾		1.14			0.98			1.12			1.02
Annualized return on average common equity (GAAP)		12.60			10.47			10.59			11.28
Adjusted annualized return on average common equity (non-GAAP)⁽¹⁾		10.27			10.92			10.81			11.60
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			16.32			15.77			17.82
Adjusted annualized return on average tangible common equity (non-GAAP)⁽¹⁾		14.98			17.02			16.09			18.31
Annualized ratio of net charge-offs/(recoveries) to average loans		0.99			0.12			0.43			0.14
Annualized net interest margin (GAAP)		3.73			3.14			3.65			3.23
Annualized net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.18			3.69			3.27
Annualized cost of deposits		2.18			2.10			2.12			1.76
Efficiency ratio (GAAP)		48.58			63.77			58.94			61.86
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)⁽¹⁾		57.98			59.95			58.16			58.98
Annualized ratio of total noninterest expenses to average assets (GAAP)		1.85			2.18			2.23			2.20
Annualized ratio of core expenses to average assets (non-GAAP)⁽¹⁾		2.35			2.08			2.30			2.12

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
	As of and for the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Common Share Data
Book value per common share	$	47.33		$	44.74		$	43.66		$	42.69		$	40.20
Tangible book value per common share (non-GAAP)⁽¹⁾		33.57			30.94			29.81			28.77			26.23
ASC 320 effect on book value per common share		(8.78	)		(10.82	)		(11.18	)		(11.00	)		(16.27	)

Common shares outstanding, net of treasury stock		42,883,865			42,852,180			42,783,670			42,688,008			42,656,303

Capital Ratios
Common equity to total assets		11.11	%		10.19	%		9.76	%		9.39	%		8.52	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		8.14			7.28			6.88			6.53			5.73
Tier 1 leverage ratio		10.77			10.13			9.84			9.44			9.59
Common equity tier 1 ratio⁽²⁾		12.66			11.68			11.40			10.97			11.37
Total risk based capital ratio⁽²⁾		16.34			15.32			14.99			14.53			14.90

Other Selected Trend Information
Effective tax rate		24.25	%		23.12	%		23.17	%		27.97	%		21.89	%
Full time equivalent employees		1,725			1,843			1,888			1,970			1,965

Loans Held to Maturity
Commercial and industrial	$	3,503,093		$	3,541,239		$	3,545,051		$	3,652,047		$	3,591,809
Paycheck Protection Program (“PPP”)		1,582			1,864			2,172			2,777			3,750
Owner occupied commercial real estate		2,489,697			2,555,964			2,545,033			2,638,175			2,429,659
Commercial and business lending		5,994,372			6,099,067			6,092,256			6,292,999			6,025,218
Non-owner occupied commercial real estate		2,455,396			2,434,258			2,495,068			2,553,711			2,656,358
Real estate construction		1,119,922			1,082,726			1,041,583			1,011,716			1,029,554
Commercial real estate lending		3,575,318			3,516,984			3,536,651			3,565,427			3,685,912
Total commercial lending		9,569,690			9,616,051			9,628,907			9,858,426			9,711,130
Agricultural and agricultural real estate		701,211			802,958			809,876			919,184			842,116
Residential mortgage		707,984			733,401			756,021			797,829			813,803
Consumer		462,032			455,899			449,837			493,206			505,387
Total loans held to maturity	$	11,440,917		$	11,608,309		$	11,644,641		$	12,068,645		$	11,872,436

Total unfunded loan commitments	$	3,941,268		$	4,381,565		$	4,537,718		$	4,625,768		$	4,813,798

Deposits
Demand-customer	$	4,009,218		$	4,244,169		$	4,264,390		$	4,500,304		$	4,792,813
Savings-customer		8,713,228			8,151,794			8,269,956			8,411,240			8,190,430
Savings-wholesale and institutional		212,964			318,622			399,265			394,357			564,481
Total savings		8,926,192			8,470,416			8,669,221			8,805,597			8,754,911
Time-customer		1,628,856			1,737,723			1,734,971			1,944,884			1,814,335
Time-wholesale		388,950			504,282			633,584			950,929			1,738,934
Total time		2,017,806			2,242,005			2,368,555			2,895,813			3,553,269
Total deposits	$	14,953,216		$	14,956,590		$	15,302,166		$	16,201,714		$	17,100,993

Total customer deposits	$	14,351,302		$	14,133,686		$	14,269,317		$	14,856,428		$	14,797,578
Total wholesale and institutional deposits		601,914			822,904			1,032,849			1,345,286			2,303,415
Total deposits	$	14,953,216		$	14,956,590		$	15,302,166		$	16,201,714		$	17,100,993

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
(2) September 30, 2024 calculation is preliminary.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of and for the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Allowance for Credit Losses-Loans
Balance, beginning of period	$	126,861		$	123,934		$	122,566		$	110,208		$	111,198
Provision for credit losses		8,871			9,737			3,668			12,750			2,672
Charge-offs		(32,137	)		(7,388	)		(4,093	)		(3,886	)		(3,964	)
Recoveries		3,202			578			1,793			3,494			302
Balance, end of period	$	106,797		$	126,861		$	123,934		$	122,566		$	110,208

Allowance for Unfunded Commitments
Balance, beginning of period	$	13,057		$	13,786		$	16,468		$	17,480		$	18,636
Provision for credit losses		(2,595	)		(729	)		(2,682	)		(1,012	)		(1,156	)
Balance, end of period	$	10,462		$	13,057		$	13,786		$	16,468		$	17,480

Allowance for lending related credit losses	$	117,259		$	139,918		$	137,720		$	139,034		$	127,688

Provision for Credit Losses
Provision for credit losses-loans	$	8,871		$	9,737		$	3,668		$	12,750		$	2,672
Provision for credit losses-unfunded commitments		(2,595	)		(729	)		(2,682	)		(1,012	)		(1,156	)
Total provision (benefit) for credit losses	$	6,276		$	9,008		$	986		$	11,738		$	1,516

Asset Quality
Nonaccrual loans	$	69,115		$	103,123		$	94,800		$	95,426		$	51,304
Loans past due ninety days or more		832			663			611			2,507			511
Other real estate owned		6,805			7,533			2,590			12,548			14,362
Other repossessed assets		—			—			—			—			1
Total nonperforming assets	$	76,752		$	111,319		$	98,001		$	110,481		$	66,178

Nonperforming Assets Activity
Balance, beginning of period	$	111,319		$	98,001		$	110,481		$	66,178		$	66,097
Net loan (charge-offs) recoveries		(28,935	)		(6,810	)		(2,300	)		(392	)		(3,662	)
New nonperforming loans		25,441			48,346			5,470			61,193			19,295
Reduction of nonperforming loans⁽¹⁾		(30,240	)		(28,050	)		(5,692	)		(14,278	)		(14,691	)
OREO/Repossessed assets sales proceeds		(833	)		(168	)		(9,958	)		(2,220	)		(861	)
Balance, end of period	$	76,752		$	111,319		$	98,001		$	110,481		$	66,178

Asset Quality Ratios
Ratio of nonperforming loans to total loans		0.61	%		0.89	%		0.82	%		0.81	%		0.44	%
Ratio of nonperforming assets to total assets		0.42			0.59			0.51			0.57			0.33
Annualized ratio of net loan charge-offs (recoveries) to average loans		0.99			0.23			0.08			0.01			0.12
Allowance for loan credit losses as a percent of loans		0.93			1.09			1.06			1.02			0.93
Allowance for lending related credit losses as a percent of loans		1.02			1.21			1.18			1.15			1.08
Allowance for loan credit losses as a percent of nonperforming loans		152.68			122.23			129.89			125.15			212.70
Loans delinquent 30-89 days as a percent of total loans		0.26			0.25			0.31			0.09			0.12

(1) Includes principal reductions, transfers to performing status and transfers to OREO.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Quarter Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Interest		Rate		Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	4,254,529		$	51,116	4.78	%	$	4,490,407		$	47,381	4.24	%	$	5,726,057		$	54,800	3.80	%
Nontaxable⁽¹⁾		768,483			7,313	3.79			759,234			7,383	3.91			881,162			8,085	3.64
Total securities		5,023,012			58,429	4.63			5,249,641			54,764	4.20			6,607,219			62,885	3.78
Interest on deposits with other banks and short-term investments		355,394			4,193	4.69			194,824			3,045	6.29			142,301			1,651	4.60
Federal funds sold		—			—	—			—			—	—			152			3	7.83
Loans:⁽²⁾
Commercial and industrial⁽¹⁾		3,531,206			65,972	7.43			3,638,004			69,469	7.68			3,610,677			63,001	6.92
PPP loans		1,759			5	1.13			2,242			7	1.26			3,948			11	1.11
Owner occupied commercial real estate		2,527,006			35,189	5.54			2,615,504			37,028	5.69			2,412,501			30,127	4.95
Non-owner occupied commercial real estate		2,474,036			39,536	6.36			2,519,346			39,272	6.27			2,586,011			38,779	5.95
Real estate construction		1,106,387			22,878	8.23			1,093,399			21,770	8.01			1,027,544			19,448	7.51
Agricultural and agricultural real estate		757,745			11,536	6.06			879,707			13,390	6.12			822,957			12,582	6.07
Residential real estate		725,901			9,110	4.99			776,821			9,454	4.89			827,402			9,482	4.55
Consumer		460,959			8,956	7.73			485,266			9,421	7.81			509,024			9,615	7.49
Less: allowance for credit losses		(125,274	)		—	—			(123,319	)		—	—			(110,726	)		—	—
Net loans		11,459,725			193,182	6.71			11,886,970			199,811	6.76			11,689,338			183,045	6.21
Total earning assets		16,838,131			255,804	6.04	%		17,331,435			257,620	5.98	%		18,439,010			247,584	5.33	%
Nonearning Assets		1,601,779							1,711,927							1,768,910
Total Assets	$	18,439,910						$	19,043,362						$	20,207,920
Interest-bearing Liabilities
Savings	$	8,842,494		$	59,307	2.67	%	$	8,834,746		$	55,440	2.52	%	$	8,737,581		$	49,195	2.23	%
Time deposits		2,189,861			23,669	4.30			2,372,653			25,059	4.25			3,945,371			43,549	4.38
Borrowings		580,707			7,378	5.05			881,738			10,825	4.94			103,567			1,167	4.47
Term debt		373,158			5,543	5.91			372,820			5,564	6.00			372,112			5,765	6.15
Total interest-bearing liabilities		11,986,220			95,897	3.18	%		12,461,957			96,888	3.13	%		13,158,631			99,676	3.01	%
Noninterest-bearing Liabilities
Noninterest-bearing deposits		4,116,589							4,355,521							4,824,861
Accrued interest and other liabilities		264,062							251,943							366,905
Total noninterest-bearing liabilities		4,380,651							4,607,464							5,191,766
Stockholders’ Equity		2,073,039							1,973,941							1,857,523
Total Liabilities and Stockholders’ Equity	$	18,439,910						$	19,043,362						$	20,207,920
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾				$	159,907						$	160,732						$	147,908
Net interest spread⁽¹⁾						2.86	%						2.85	%						2.32	%
Net interest income, fully tax-equivalent (non-GAAP^)(1)(3)to total earning assets						3.78	%						3.73	%						3.18	%
Interest-bearing liabilities to earning assets		71.18	%						71.90	%						71.36	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	4,469,258		$	145,511	4.35	%	$	5,927,026		$	168,948	3.81	%
Nontaxable⁽¹⁾		768,782			22,079	3.84			899,613			23,611	3.51
Total securities		5,238,040			167,590	4.27			6,826,639			192,559	3.77
Interest on deposits with other banks and other short-term investments		268,122			10,244	5.10			133,910			4,833	4.83
Federal funds sold		—			—	—			51			3	7.86
Loans:⁽²⁾
Commercial and industrial⁽¹⁾		3,603,668			202,426	7.50			3,547,256			169,552	6.39
PPP loans		2,195			19	1.16			6,718			61	1.21
Owner occupied commercial real estate		2,583,886			107,734	5.57			2,355,545			84,927	4.82
Non-owner occupied commercial real estate		2,514,452			118,657	6.30			2,459,965			105,111	5.71
Real estate construction		1,087,280			65,497	8.05			1,051,298			56,107	7.14
Agricultural and agricultural real estate		838,395			38,682	6.16			835,673			36,191	5.79
Residential mortgage		764,515			28,699	5.01			840,143			28,138	4.48
Consumer		476,967			27,578	7.72			506,143			26,925	7.11
Less: allowance for credit losses-loans		(123,497	)		—	—			(111,434	)		—	—
Net loans		11,747,861			589,292	6.70			11,491,307			507,012	5.90
Total earning assets		17,254,023			767,126	5.94	%		18,451,907			704,407	5.10	%
Nonearning Assets		1,670,839							1,730,901
Total Assets	$	18,924,862						$	20,182,808
Interest-bearing Liabilities
Savings	$	8,828,973		$	169,414	2.56	%	$	9,130,980		$	128,372	1.88	%
Time deposits		2,447,293			78,195	4.27			3,344,434			103,245	4.13
Borrowings		701,548			25,727	4.90			138,157			4,437	4.29
Term debt		372,826			16,956	6.08			372,094			16,756	6.02
Total interest-bearing liabilities		12,350,640			290,292	3.14	%		12,985,665			252,810	2.60	%
Noninterest-bearing Liabilities
Noninterest-bearing deposits		4,306,899							5,092,200
Accrued interest and other liabilities		270,164							284,008
Total noninterest-bearing liabilities		4,577,063							5,376,208
Stockholders’ Equity		1,997,159							1,820,935
Total Liabilities and Stockholders’ Equity	$	18,924,862						$	20,182,808
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾				$	476,834						$	451,597
Net interest spread⁽¹⁾						2.80	%						2.50	%
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾to total earning assets						3.69	%						3.27	%
Interest-bearing liabilities to earning assets		71.58	%						70.38	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)*
Earnings available to common stockholders (GAAP)	$	62,140		$	37,730		$	49,694		$	(72,375	)	$	46,078
Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,081			1,131			1,229			1,240
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	63,162		$	38,811		$	50,825		$	(71,146	)	$	47,318

Average common equity (GAAP)	$	1,962,334		$	1,863,236		$	1,832,959		$	1,729,086		$	1,746,818
Less average goodwill		576,005			576,005			576,005			576,005			576,005
Less average core deposit intangibles, net		14,814			16,185			17,641			19,193			20,821
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,271,046		$	1,239,313		$	1,133,888		$	1,149,992
Annualized return on average common equity (GAAP)		12.60	%		8.14	%		10.90	%	(16.61		)%		10.47	%
Annualized return on average tangible common equity (non-GAAP)		18.32	%		12.28	%		16.49	%	(24.89		)%		16.32	%

*Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)*
Net Interest Income (GAAP)	$	157,897		$	158,741		$	154,215		$	156,137		$	145,756
Plus tax-equivalent adjustment⁽¹⁾		2,010			1,991			1,981			2,058			2,152
Net interest income, fully tax-equivalent (non-GAAP)	$	159,907		$	160,732		$	156,196		$	158,195		$	147,908

Average earning assets	$	16,838,131		$	17,331,435		$	17,597,068		$	17,853,957		$	18,439,010

Annualized net interest margin (GAAP)		3.73	%		3.68	%		3.52	%		3.47	%		3.14	%
Annualized net interest margin, fully tax-equivalent (non-GAAP)		3.78			3.73			3.57			3.52			3.18
Net purchase accounting discount amortization on loans included in annualized net interest margin		0.02			0.01			0.02			0.02			0.01

*Reconciliation of Tangible Book Value Per Common Share (non-GAAP)*
Common equity (GAAP)	$	2,029,668		$	1,917,145		$	1,868,128		$	1,822,412		$	1,714,825
Less goodwill		576,005			576,005			576,005			576,005			576,005
Less core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Tangible common equity (non-GAAP)	$	1,439,506		$	1,325,639		$	1,275,200		$	1,227,992		$	1,118,794

Common shares outstanding, net of treasury stock		42,883,865			42,852,180			42,783,670			42,688,008			42,656,303
Common equity (book value) per share (GAAP)	$	47.33		$	44.74		$	43.66		$	42.69		$	40.20
Tangible book value per common share (non-GAAP)	$	33.57		$	30.94		$	29.81		$	28.77		$	26.23

*Reconciliation of Tangible Common Equity Ratio (non-GAAP)*
Tangible common equity (non-GAAP)	$	1,439,506		$	1,325,639		$	1,275,200		$	1,227,992		$	1,118,794

Total assets (GAAP)	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793
Less goodwill		576,005			576,005			576,005			576,005			576,005
Less core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Total tangible assets (non-GAAP)	$	17,682,131		$	18,221,164		$	18,539,899		$	18,817,287		$	19,533,762
Tangible common equity ratio (non-GAAP)		8.14	%		7.28	%		6.88	%		6.53	%		5.73	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Adjusted Efficiency Ratio, fully tax-equivalent (non-GAAP)*
Net interest income (GAAP)	$	157,897		$	158,741		$	154,215		$	156,137		$	145,756
Tax-equivalent adjustment⁽¹⁾		2,010			1,991			1,981			2,058			2,152
Fully tax-equivalent net interest income		159,907			160,732			156,196			158,195			147,908
Noninterest income		18,992			18,207			27,663			(111,801	)		28,383
Securities (gains)/losses, net		9,520			10,111			(58	)		140,007			114
Unrealized gain on equity securities, net		(377	)		(133	)		(95	)		(75	)		(13	)
Adjusted revenue (non-GAAP)	$	188,042		$	188,917		$	183,706		$	186,326		$	176,392

Total noninterest expenses (GAAP)	$	85,927		$	116,244		$	113,595		$	130,285		$	111,053
Less:
Core deposit intangibles amortization		1,345			1,421			1,492			1,611			1,625
Partnership investment in tax credit projects		222			222			494			3,573			1,136
(Gain) loss on sales/valuation of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
FDIC special assessment		(267	)		(631	)		2,049			8,145			—
Core expenses (non-GAAP)	$	109,020		$	109,066		$	107,971		$	110,519		$	105,755

Efficiency ratio (GAAP)		48.58	%		65.69	%		62.46	%		293.86	%		63.77	%
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)		57.98	%		57.73	%		58.77	%		59.31	%		59.95	%

*Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)*
Total noninterest expenses (GAAP)	$	85,927		$	116,244		$	113,595		$	130,285		$	111,053
Core expenses (non-GAAP)		109,020			109,066			107,971			110,519			105,755

Average assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Total noninterest expenses to average assets (GAAP)		1.85	%		2.46	%		2.37	%		2.63	%		2.18	%
Core expenses to average assets (non-GAAP)		2.35	%		2.30	%		2.25	%		2.23	%		2.08	%

Acquisition, integration and restructuring costs
Salaries and employee benefits	$	58		$	462		$	168		$	1,425		$	94
Occupancy		—			—			—			1,092			—
Furniture and equipment		52			53			—			19			—
Professional fees		1,674			5,385			931			793			1,617
Advertising		—			—			—			28			178
Other noninterest expenses		242			73			276			1,008			540
Total acquisition, integration and restructuring costs	$	2,026		$	5,973		$	1,375		$	4,365		$	2,429

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Adjusted Earnings*
Net income/(loss)	$	64,153		$	39,742		$	51,707		$	(70,363	)	$	48,091
(Gain)/loss from sale of securities		9,520			10,111			(58	)		140,007			114
(Gain)/loss on sales/valuation of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
FDIC special assessment		(267	)		(631	)		2,049			8,145			—
Total adjustments		(15,140	)		15,646			3,580			154,589			2,651
Tax effect of adjustments⁽²⁾		3,634			(3,739	)		(866	)		(36,638	)		(628	)
Adjusted earnings	$	52,647		$	51,649		$	54,421		$	47,588		$	50,114

Preferred dividends		(2,013	)		(2,012	)		(2,013	)		(2,012	)		(2,013	)
Adjusted earnings available to common stockholders	$	50,634		$	49,637		$	52,408		$	45,576		$	48,101

Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,081			1,131			1,229			1,240
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	51,656		$	50,718		$	53,539		$	46,805		$	49,341

*Reconciliation of Adjusted Annualized Return on Average Assets*
Average assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Adjusted annualized return on average assets (non-GAAP)		1.14	%		1.09	%		1.13	%		0.96	%		0.98	%

*Reconciliation of Adjusted Annualized Return on Average Common Equity*
Average common stockholders’ equity (GAAP)	$	1,962,334		$	1,863,236		$	1,832,959		$	1,729,086		$	1,746,818
Adjusted annualized average common equity (non-GAAP)		10.27	%		10.71	%		11.50	%		10.46	%		10.92	%

*Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity*
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,271,046		$	1,239,313		$	1,133,888		$	1,149,992
Adjusted annualized average tangible common equity (non-GAAP)		14.98	%		16.05	%		17.38	%		16.38	%		17.02	%

*Reconciliation of Adjusted Diluted Earnings Per Common Share*
Weighted average shares outstanding-diluted		43,195,257			43,060,354			42,915,768			42,838,405			42,812,563
Adjusted diluted earnings per common share	$	1.17		$	1.15		$	1.22		$	1.06		$	1.12

(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)*
Earnings available to common stockholders (GAAP)	$	62,140		$	46,078		$	149,564		$	144,245
Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,240			3,236			3,908
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	63,162		$	47,318		$	152,800		$	148,153

Average common equity (GAAP)	$	1,962,334		$	1,746,818		$	1,886,454		$	1,710,230
Less average goodwill		576,005			576,005			576,005			576,005
Less average core deposit intangibles, net		14,814			20,821			16,208			22,501
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,149,992		$	1,294,241		$	1,111,724
Annualized return on average common equity (GAAP)		12.60	%		10.47	%		10.59	%		11.28	%
Annualized return on average tangible common equity (non-GAAP)		18.32	%		16.32	%		15.77	%		17.82	%

*Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)*
Net Interest Income (GAAP)	$	157,897		$	145,756		$	470,853		$	445,100
Plus tax-equivalent adjustment⁽¹⁾		2,010			2,152			5,981			6,497
Net interest income, fully tax-equivalent (non-GAAP)	$	159,907		$	147,908		$	476,834		$	451,597

Average earning assets	$	16,838,131		$	18,439,010		$	17,254,023		$	18,451,907

Annualized net interest margin (GAAP)		3.73	%		3.14	%		3.65	%		3.23	%
Annualized net interest margin, fully tax-equivalent (non-GAAP)		3.78			3.18			3.69			3.27
Net purchase accounting discount amortization on loans included in annualized net interest margin		0.02			0.01			0.02			0.02

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Adjusted Efficiency Ratio, Fully Tax-Equivalent (non-GAAP)*
Net interest income (GAAP)	$	157,897		$	145,756		$	470,853		$	445,100
Tax-equivalent adjustment⁽¹⁾		2,010			2,152			5,981			6,497
Fully tax-equivalent net interest income		159,907			147,908			476,834			451,597
Noninterest income (GAAP)		18,992			28,383			64,862			90,875
Securities (gains)/losses, net		9,520			114			19,573			1,532
Unrealized gain on equity securities, net		(377	)		(13	)		(605	)		(165	)
Adjusted revenue (non-GAAP)	$	188,042		$	176,392		$	560,664		$	543,839

Total noninterest expenses (GAAP)	$	85,927		$	111,053		$	315,766		$	331,542
Less:
Core deposit intangibles amortization		1,345			1,625			4,258			5,128
Partnership investment in tax credit projects		222			1,136			938			1,828
(Gain)/loss on sales/valuation of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
FDIC special assessment		(267	)		—			1,151			—
Core expenses (non-GAAP)	$	109,020		$	105,755		$	326,057		$	320,741

Efficiency ratio (GAAP)		48.58	%		63.77	%		58.94	%		61.86	%
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)		57.98	%		59.95	%		58.16	%		58.98	%

*Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)*
Total noninterest expenses (GAAP)	$	85,927		$	111,053		$	315,766		$	331,542
Core expenses (non-GAAP)		109,020			105,755			326,057			320,741

Average assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Total noninterest expenses to average assets (GAAP)		1.85	%		2.18	%		2.23	%		2.20	%
Core expenses to average assets (non-GAAP)		2.35	%		2.08	%		2.30	%		2.12	%

Acquisition, integration and restructuring costs
Salaries and employee benefits	$	58		$	94		$	689		$	261
Occupancy		—			—			—			—
Furniture and equipment		52			—			105			—
Professional fees		1,674			1,617			7,990			3,619
Advertising		—			178			—			522
Other noninterest expenses		242			540			590			1,592
Total acquisition, integration and restructuring costs	$	2,026		$	2,429		$	9,374		$	5,994

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Adjusted Earnings (non-GAAP)*
Net income/(loss)	$	64,153		$	48,091		$	155,602		$	150,283
(Gain)/loss from sale of securities		9,520			114			19,573			1,532
(Gain)/loss on sales/valuation of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
FDIC special assessment		(267	)		—			1,151			—
Total adjustments		(15,140	)		2,651			4,086			5,377
Tax effect of adjustments⁽²⁾		3,634			(628	)		(981	)		(1,280	)
Adjusted earnings	$	52,647		$	50,114		$	158,707		$	154,380

Preferred dividends		(2,013	)		(2,013	)		(6,038	)		(6,038	)
Adjusted earnings available to common stockholders	$	50,634		$	48,101		$	152,669		$	148,342

Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,240			3,236			3,908
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	51,656		$	49,341		$	155,905		$	152,250

*Reconciliation of Adjusted Annualized Return on Average Assets*
Average assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Adjusted annualized return on average assets (non-GAAP)		1.14	%		0.98	%		1.12	%		1.02	%

*Reconciliation of Adjusted Annualized Return on Average Common Equity*
Average common stockholders’ equity (GAAP)	$	1,962,334		$	1,746,818		$	1,886,454		$	1,710,230
Adjusted annualized return on average common equity (non-GAAP)		10.27	%		10.92	%		10.81	%		11.60	%

*Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity*
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,149,992		$	1,294,241		$	1,111,724
Adjusted annualized return on average tangible common equity (non-GAAP)		14.98	%		17.02	%		16.09	%		18.31	%

*Reconciliation of Adjusted Diluted Earnings Per Common Share*
Weighted average shares outstanding-diluted		43,195,257			42,812,563			43,080,422			42,769,872
Adjusted diluted earnings per common share	$	1.17		$	1.12		$	3.54		$	3.47

(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

The MIL Network –

January 25, 2025

MIL-OSI: Montauk Renewables Schedules Third Quarter 2024 Conference Call for Tuesday, November 12, 2024, at 5:00 p.m. ET

Source: GlobeNewswire (MIL-OSI)

PITTSBURGH, Oct. 29, 2024 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Tuesday, November 12, 2024, at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the same day as the conference call and webcast.

Third Quarter 2024 Conference Call and Webcast Details

Date:		Tuesday, November 12, 2024
Time:		5:00 p.m. ET
Participant Access:		[Link Here]

Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

A replay of the conference call and webcast will be available after 8:00 p.m. Eastern time on the same day through November 12, 2025.

About Montauk Renewables, Inc.

Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 14 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

Company Contact:

John Ciroli
Chief Legal Officer (CLO) & Secretary
investors@montaukenergy.com
(412) 747-8700

Investor Relations Contact:

Georg Venturatos
Gateway Group
MNTK@Gateway-grp.com
(949) 574-3860

The MIL Network –

January 25, 2025

MIL-OSI: Evolution Petroleum Schedules Fiscal First Quarter 2025 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced that it plans to release its fiscal first quarter 2025 financial and operating results on Tuesday, November 12, 2024, after the market closes. Additionally, Kelly Loyd, President and Chief Executive Officer, Ryan Stash, Senior Vice President, Chief Financial Officer, and Treasurer, and Mark Bunch, Chief Operating Officer, will review the results on a conference call at 10:00 a.m. Central Time on Wednesday, November 13, 2024.

Conference Call and Webcast Details

Date: Wednesday, November 13, 2024
Time: 10:00 a.m. Central Time
Dial-In: (844) 481-2813
International Dial-In: (412) 317-0677
Note: Dial-in participants should ask to join the Evolution Petroleum Corporation call.
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=zEqrDXV4

A webcast replay will be available through November 13, 2025, via the webcast link above and on Evolution’s website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Properties include non-operated interests in the following areas: the SCOOP/STACK plays of the Anadarko Basin in Oklahoma; the Chaveroo Oilfield located in Chaves and Roosevelt Counties, New Mexico; the Jonah Field in Sublette County, Wyoming; the Williston Basin in North Dakota; the Barnett Shale located in North Texas; the Hamilton Dome Field located in Hot Springs County, Wyoming; the Delhi Holt-Bryant Unit in the Delhi Field in Northeast Louisiana; as well as small overriding royalty interests in four onshore Texas wells. Visit www.evolutionpetroleum.com for more information.

Contact
Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com

The MIL Network –

January 25, 2025

MIL-OSI: Onity Group Schedules Conference Call – Third Quarter 2024 Results and Business Update

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Tuesday, November 5, 2024 at 8:30 a.m. (ET) to review the Company’s third quarter 2024 operating results and provide a business update.

All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-5172 or (203) 518-9856 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through November 19, 2024, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157248.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

For Further Information Contact:

Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com

The MIL Network –

January 25, 2025

MIL-OSI: AMD Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2024 of $6.8 billion, gross margin of 50%, operating income of $724 million, net income of $771 million and diluted earnings per share of $0.47. On a non-GAAP^(*) basis, gross margin was 54%, operating income was $1.7 billion, net income was $1.5 billion and diluted earnings per share was $0.92.

“We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,” said AMD Chair and CEO Dr. Lisa Su. “Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.”

“We are pleased with our execution in the third quarter, delivering strong year-over-year expansion in gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. “We are on-track to deliver record annual revenue for 2024 based on significant growth in our Data Center and Client segments.”

GAAP Quarterly Financial Results

	Q3 2024	Q3 2023	Y/Y	Q2 2024	Q/Q
Revenue ($M)	$6,819	$5,800	Up 18%	$5,835	Up 17%
Gross profit ($M)	$3,419	$2,747	Up 24%	$2,864	Up 19%
Gross margin	50%	47%	Up 3 ppts	49%	Up 1 ppt
Operating expenses ($M)	$2,709	$2,533	Up 7%	$2,605	Up 4%
Operating income ($M)	$724	$224	Up 223%	$269	Up 169%
Operating margin	11%	4%	Up 7 ppts	5%	Up 6 ppts
Net income ($M)	$771	$299	Up 158%	$265	Up 191%
Diluted earnings per share	$0.47	$0.18	Up 161%	$0.16	Up 194%

*Non-GAAP() Quarterly Financial Results**

	Q3 2024	Q3 2023	Y/Y	Q2 2024	Q/Q
Revenue ($M)	$6,819	$5,800	Up 18%	$5,835	Up 17%
Gross profit ($M)	$3,657	$2,963	Up 23%	$3,101	Up 18%
Gross margin	54%	51%	Up 3 ppts	53%	Up 1 ppt
Operating expenses ($M)	$1,956	$1,697	Up 15%	$1,847	Up 6%
Operating income ($M)	$1,715	$1,276	Up 34%	$1,264	Up 36%
Operating margin	25%	22%	Up 3 ppts	22%	Up 3 ppts
Net income ($M)	$1,504	$1,135	Up 33%	$1,126	Up 34%
Diluted earnings per share	$0.92	$0.70	Up 31%	$0.69	Up 33%

Segment Summary

Record Data Center segment revenue of $3.5 billion was up 122% year-over-year and 25% sequentially primarily driven by the strong ramp of AMD Instinct™ GPU shipments and growth in AMD EPYC™ CPU sales.
Client segment revenue was $1.9 billion, up 29% year-over-year and 26% sequentially primarily driven by strong demand for “Zen 5” AMD Ryzen™ processors.
Gaming segment revenue was $462 million, down 69% year-over-year and 29% sequentially primarily due to a decrease in semi-custom revenue.
Embedded segment revenue was $927 million, down 25% year-over-year as customers normalized their inventory levels. On a sequential basis, revenue increased 8% as demand improved in several end markets.

Recent PR Highlights

At the Advancing AI 2024 event this month, AMD and strategic partners including Dell, Google Cloud, HPE, Lenovo, Meta, Microsoft, Oracle Cloud Infrastructure, Supermicro and AI leaders Databricks, Essential AI, Fireworks AI, Luma AI and Reka AI unveiled a broad portfolio of solutions delivering enterprise AI at scale based on the latest AMD Instinct accelerators, EPYC CPUs, AMD networking solutions and Ryzen PRO CPUs:
- New AMD EPYC 9005 Series processors, with record-breaking performance and energy efficiency for diverse data center needs, available in a wide range of platforms from leading OEMs and ODMs.
- AMD Instinct MI325X accelerators, delivering leadership performance and memory capabilities for the most demanding AI workloads. AMD also shared new details on next-gen AMD Instinct accelerators planned to launch in 2025 and 2026.
- An expanded high performance networking portfolio to maximize performance, scalability and efficiency for AI systems, with the new AMD Pensando™ Salina DPU and AMD Pensando Pollara 400 NIC.
- New Ryzen AI PRO 300 Series mobile processors, powering next-gen AI PCs for the enterprise with 50+ AI TOPS and leadership performance, battery life, security and manageability features.
AMD continues to extend leadership AI performance, optimizations and customer adoption for AMD Instinct accelerators and AMD ROCm™ open software:
- Oracle Cloud Infrastructure selected AMD Instinct MI300X accelerators with AMD ROCm open software to power its latest OCI Compute Supercluster designed for demanding AI workloads.
- AMD unveiled its first results on leading AI benchmark MLPerf, revealing excellent performance for AMD Instinct MI300X accelerators advanced by the AMD ROCm software platform, on-par with NVIDIA H100.
- AMD highlighted support for the latest Llama 3.2 release from Meta, enabling developers to build new agentic applications and personalized AI experiences on AMD accelerators and processors from cloud to edge and AI PCs.
AMD and ecosystem partners are enabling new AI PC platforms and capabilities:
- In partnership with Microsoft, AMD announced that Copilot+ will be enabled on AMD CPU-powered AI PCs via a free upgrade planned to be available starting in November 2024.
- OEM partners including Acer, HP, Lenovo and Asus announced new systems powered by AMD Ryzen AI 300 Series mobile processors, leveraging the leadership gaming, content creation and everyday performance of the new “Zen 5” architecture.
AMD expanded its embedded portfolio for a range of applications, including:
AMD announced an agreement to acquire ZT Systems, a leading provider of AI and general purpose compute infrastructure for the world’s largest hyperscale providers, to expand the company’s data center AI systems capabilities and accelerate deployment of AMD AI rack scale systems with cloud and enterprise customers. The acquisition is subject to regulatory clearance and other customary closing conditions and is expected to close in the first half of 2025.
AMD completed the acquisition of Silo AI to accelerate development and deployment of AI models on AMD hardware.
AMD and Intel announced the creation of an x86 ecosystem advisory group with Broadcom, Dell, Google, HPE, HP, Lenovo, Meta, Microsoft, Oracle, Red Hat and industry luminaries Linus Torvalds and Tim Sweeney to collaborate on architectural interoperability and simplify software development.

Current Outlook

AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

For the fourth quarter of 2024, AMD expects revenue to be approximately $7.5 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 22% and sequential growth of approximately 10%. Non-GAAP gross margin is expected to be approximately 54%.

AMD Teleconference

AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its third quarter 2024 financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.

Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com

Investor Contact:
Mitch Haws
AMD Investor Relations
408-749-3124
mitch.haws@amd.com

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share data) (Unaudited)

	Three Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023
GAAP gross profit	$	3,419		$	2,864		$	2,747
*GAAP gross margin*		50	%		49	%		47	%
Stock-based compensation		5			5			6
Amortization of acquisition-related intangibles		233			231			210
Acquisition-related and other costs⁽¹⁾		—			1			—
Non-GAAP gross profit	$	3,657		$	3,101		$	2,963
Non-GAAP gross margin		54	%		53	%		51	%

GAAP operating expenses	$	2,709		$	2,605		$	2,533
*GAAP operating expenses/revenue %*		40	%		45	%		44	%
Stock-based compensation		346			341			347
Amortization of acquisition-related intangibles		352			372			450
Acquisition-related and other costs⁽¹⁾		55			45			39
Non-GAAP operating expenses	$	1,956		$	1,847		$	1,697
Non-GAAP operating expenses/revenue %		29	%		32	%		29	%

GAAP operating income	$	724		$	269		$	224
*GAAP operating margin*		11	%		5	%		4	%
Stock-based compensation		351			346			353
Amortization of acquisition-related intangibles		585			603			660
Acquisition-related and other costs⁽¹⁾		55			46			39
Non-GAAP operating income	$	1,715		$	1,264		$	1,276
*Non-GAAP operating margin*		25	%		22	%		22	%

	Three Months Ended
	September 28, 2024						June 29, 2024						September 30, 2023
GAAP net income / earnings per share	$	771		$	0.47		$	265		$	0.16		$	299		$	0.18
(Gains) losses on equity investments, net		(1	)		—			—			—			(4	)		—
Stock-based compensation		351			0.21			346			0.21			353			0.22
Equity income in investee		(7	)		—			(7	)		—			(3	)		—
Amortization of acquisition-related intangibles		585			0.36			603			0.37			660			0.41
Acquisition-related and other costs⁽¹⁾		56			0.03			46			0.03			39			0.02
Income tax provision		(251	)		(0.15	)		(127	)		(0.08	)		(209	)		(0.13	)
Non-GAAP net income / earnings per share	$	1,504		$	0.92		$	1,126		$	0.69		$	1,135		$	0.70

(1)

Acquisition-related and other costs primarily comprised of transaction costs, purchase price adjustments for inventory, certain compensation charges, contract termination and workforce rebalancing charges.

About AMD

For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as AMD’s expectations for future growth in data center, client and embedded businesses; AMD being on track to deliver record annual revenue growth for 2024 based on significant growth in AMD’s Data Center and Client segments; AMD’s expectations about the demand for more compute; the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD’s anticipated acquisition of ZT Systems and the expected timing of the transaction; and AMD’s expected fourth quarter 2024 financial outlook, including revenue and non-GAAP gross margin, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; loss of a significant customer; competitive markets in which AMD’s products are sold; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to introduce products on a timely basis with expected features and performance levels; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, tariffs and trade protection measures; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; the ability to obtain applicable regulatory approvals for the acquisition of ZT Systems in a timely manner or otherwise and to satisfy other closing conditions to the transaction; impact of acquisitions, joint ventures and/or investments on AMD’s business and AMD’s ability to integrate acquired businesses;  impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

(*)		In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments, reflecting currently available information. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of October 29, 2024 and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.

©2024 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, EPYC, FidelityFX, Instinct, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)

	Three Months Ended									Nine Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net revenue	$	6,819		$	5,835		$	5,800		$	18,127		$	16,512
Cost of sales		3,167			2,740			2,843			8,590			8,236
Amortization of acquisition-related intangibles		233			231			210			694			727
Total cost of sales		3,400			2,971			3,053			9,284			8,963
Gross profit		3,419			2,864			2,747			8,843			7,549
Gross margin		50	%		49	%		47	%		49	%		46	%
Research and development		1,636			1,583			1,507			4,744			4,361
Marketing, general and administrative		721			650			576			1,991			1,708
Amortization of acquisition-related intangibles		352			372			450			1,116			1,449
Licensing gain		(14	)		(10	)		(10	)		(37	)		(28	)
Operating income		724			269			224			1,029			59
Interest expense		(23	)		(25	)		(26	)		(73	)		(79	)
Other income (expense), net		36			55			59			144			148
Income before income taxes and equity income		737			299			257			1,100			128
Income tax provision (benefit)		(27	)		41			(39	)		(38	)		(49	)
Equity income in investee		7			7			3			21			10
Net income	$	771		$	265		$	299		$	1,159		$	187
Earnings per share
Basic	$	0.48		$	0.16		$	0.18		$	0.72		$	0.12
Diluted	$	0.47		$	0.16		$	0.18		$	0.71		$	0.11
Shares used in per share calculation
Basic		1,620			1,618			1,616			1,619			1,613
Diluted		1,636			1,637			1,629			1,638			1,625

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)

	September 28, 2024			December 30, 2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,897		$	3,933
Short-term investments		647			1,840
Accounts receivable, net		7,241			5,376
Inventories		5,374			4,351
Receivables from related parties		29			9
Prepaid expenses and other current assets		1,547			1,259
Total current assets		18,735			16,768
Property and equipment, net		1,669			1,589
Operating lease right-of-use assets		647			633
Goodwill		24,839			24,262
Acquisition-related intangibles, net		19,572			21,363
Investment: equity method		137			99
Deferred tax assets		1,183			366
Other non-current assets		2,854			2,805
Total Assets	$	69,636		$	67,885

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,530		$	2,055
Payables to related parties		461			363
Accrued liabilities		4,120			3,082
Current portion of long-term debt, net		—			751
Other current liabilities		389			438
Total current liabilities		7,500			6,689
Long-term debt, net of current portion		1,720			1,717
Long-term operating lease liabilities		518			535
Deferred tax liabilities		1,162			1,202
Other long-term liabilities		1,751			1,850

Stockholders’ equity:
Capital stock:
Common stock, par value		17			17
Additional paid-in capital		60,896			59,676
Treasury stock, at cost		(5,812	)		(4,514	)
Retained earnings		1,882			723
Accumulated other comprehensive income (loss)		2			(10	)
Total stockholders’ equity	$	56,985		$	55,892
Total Liabilities and Stockholders’ Equity	$	69,636		$	67,885

ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 28, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Cash flows from operating activities:
Net income	$	771		$	299		$	1,159		$	187
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		756			823			2,309			2,654
Stock-based compensation		351			353			1,068			1,010
Amortization of operating lease right-of-use assets		30			25			82			73
Deferred income taxes		(607	)		(218	)		(863	)		(800	)
Inventory loss at contract manufacturer		—			—			65			—
Other		(13	)		(23	)		(50	)		(31	)
Changes in operating assets and liabilities
Accounts receivable, net		(1,489	)		(743	)		(1,862	)		(929	)
Inventories		(386	)		122			(1,096	)		(674	)
Prepaid expenses and other assets		(16	)		(143	)		(250	)		(380	)
Receivables from and payables to related parties, net		36			14			78			(136	)
Accounts payable		832			(547	)		476			(238	)
Accrued and other liabilities		363			459			626			550
Net cash provided by operating activities		628			421			1,742			1,286
Cash flows from investing activities:
Purchases of property and equipment		(132	)		(124	)		(428	)		(407	)
Purchases of short-term investments		(142	)		(496	)		(707	)		(3,312	)
Proceeds from maturity of short-term investments		149			746			1,351			1,917
Proceeds from sale of short-term investments		589			—			591			248
Acquisitions, net of cash acquired		(548	)		(14	)		(548	)		(14	)
Related party equity method investment		(17	)		—			(17	)		—
Other		(37	)		(10	)		(129	)		(5	)
Net cash provided by (used in) investing activities		(138	)		102			113			(1,573	)
Cash flows from financing activities:
Repayment of debt		—			—			(750	)		—
Proceeds from sales of common stock through employee equity plans		4			4			152			148
Repurchases of common stock		(250	)		(511	)		(606	)		(752	)
Common stock repurchases for tax withholding on employee equity plans		(460	)		(295	)		(686	)		(382	)
Other		—			(1	)		(1	)		1
Net cash used in financing activities		(706	)		(803	)		(1,891	)		(987	)
Net decrease in cash and cash equivalents	$	(216	)	$	(280	)	$	(36	)	$	(1,274	)
Cash and cash equivalents at beginning of period		4,113			3,841			3,933			4,835
Cash and cash equivalents at end of period	$	3,897		$	3,561		$	3,897		$	3,561

ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)

	Three Months Ended									Nine Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Segment and Category Information⁽¹⁾
Data Center
Net revenue	$	3,549		$	2,834		$	1,598		$	8,720		$	4,214
Operating income	$	1,041		$	743		$	306		$	2,325		$	601
Client
Net revenue	$	1,881		$	1,492		$	1,453		$	4,741		$	3,190
Operating income (loss)	$	276		$	89		$	140		$	451		$	(101	)
Gaming
Net revenue	$	462		$	648		$	1,506		$	2,032		$	4,844
Operating income	$	12		$	77		$	208		$	240		$	747
Embedded
Net revenue	$	927		$	861		$	1,243		$	2,634		$	4,264
Operating income	$	372		$	345		$	612		$	1,059		$	2,167
All Other
Net revenue	$	—		$	—		$	—		$	—		$	—
Operating loss	$	(977	)	$	(985	)	$	(1,042	)	$	(3,046	)	$	(3,355	)
Total
Net revenue	$	6,819		$	5,835		$	5,800		$	18,127		$	16,512
Operating income	$	724		$	269		$	224		$	1,029		$	59

Other Data
Capital expenditures	$	132		$	154		$	124		$	428		$	407
Adjusted EBITDA⁽²⁾	$	1,887		$	1,430		$	1,439		$	4,612		$	3,920
Cash, cash equivalents and short-term investments	$	4,544		$	5,340		$	5,785		$	4,544		$	5,785
Free cash flow⁽³⁾	$	496		$	439		$	297		$	1,314		$	879
Total assets	$	69,636		$	67,886		$	67,626		$	69,636		$	67,626
Total debt	$	1,720		$	1,719		$	2,467		$	1,720		$	2,467

(1)		The Data Center segment primarily includes server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs), Artificial Intelligence (AI) accelerators and Adaptive System-on-Chip (SoC) products for data centers.
		The Client segment primarily includes CPUs, APUs, and chipsets for desktop, notebook and handheld personal computers.
		The Gaming segment primarily includes discrete GPUs, and semi-custom SoC products and development services.
		The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.
		From time to time, the Company may also sell or license portions of its IP portfolio.
		All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangible asset, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer, and licensing gain.

(2)

Reconciliation of GAAP Net Income to Adjusted EBITDA

	Three Months Ended									Nine Months Ended
(Millions) (Unaudited)	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
GAAP net income	$	771		$	265		$	299		$	1,159		$	187
Interest expense		23			25			26			73			79
Other (income) expense, net		(36	)		(55	)		(59	)		(144	)		(148	)
Income tax provision (benefit)		(27	)		41			(39	)		(38	)		(49	)
Equity income in investee		(7	)		(7	)		(3	)		(21	)		(10	)
Stock-based compensation		351			346			353			1,068			1,006
Depreciation and amortization		171			166			163			499			478
Amortization of acquisition-related intangibles		585			603			660			1,810			2,176
Inventory loss at contract manufacturer		—			—			—			65			—
Acquisition-related and other costs		56			46			39			141			201
Adjusted EBITDA	$	1,887		$	1,430		$	1,439		$	4,612		$	3,920

The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, and acquisition-related and other costs. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

(3)

Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow

	Three Months Ended									Nine Months Ended
(Millions except percentages) (Unaudited)	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
GAAP net cash provided by operating activities	$	628		$	593		$	421		$	1,742		$	1,286
Operating cash flow margin %		9	%		10	%		7	%		10	%		8	%
Purchases of property and equipment		(132	)		(154	)		(124	)		(428	)		(407	)
Free cash flow	$	496		$	439		$	297		$	1,314		$	879
Free cash flow margin %		7	%		8	%		5	%		7	%		5	%

The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company’s net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.

The MIL Network –

January 25, 2025

MIL-OSI: Greenlight Capital Re, Ltd. Schedules Third Quarter 2024 Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, Oct. 29, 2024 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the “Company” or “Greenlight Re”), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the quarter ended September 30, 2024, after the market closes on Monday, November 4, 2024. A live conference call to discuss the financial results will be held on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time.

Conference Call Details

To participate in the Greenlight Re Third Quarter 2024 Earnings Call, please dial in to the conference call at:

U.S. toll free 1-877-407-9753
International 1-201-493-6739

The conference call can also be accessed via webcast at:

https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8

A telephone replay will be available following the call through November 11, 2024. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky

The MIL Network –

January 25, 2025

MIL-OSI: Artisan Partners Asset Management Inc. Reports 3Q24 Results

Source: GlobeNewswire (MIL-OSI)

MILWAUKEE, Oct. 29, 2024 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the three and nine months ended September 30, 2024, and declared a quarterly dividend. The full September 2024 quarter earnings release and investor presentation can be viewed at www.apam.com.

Conference Call

The Company will host a conference call on October 30, 2024, at 1:00 p.m. (Eastern Time) to discuss its results for the three and nine months ended September 30, 2024. Hosting the call will be Eric Colson, Chief Executive Officer, Jason Gottlieb, President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10192111. A replay of the call will be available until November 6, 2024, at 9:00 a.m. (Eastern Time), by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 5832848. An audio recording will also be available on the Company’s website.

About Artisan Partners

Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Source: Artisan Partners Asset Management Inc.

Investor Relations Inquiries

866.632.1770
ir@artisanpartners.com

The MIL Network –

January 25, 2025

MIL-OSI: Defiance ETFs Announces Increase in Leverage for MSTX and SMST ETFs to 2x

Source: GlobeNewswire (MIL-OSI)

MIAMI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Defiance ETFs, a pioneer in leveraged single-stock ETFs, is excited to announce an increase in leverage for two of its flagship products, MSTX and SMST, from 1.75x and 1.5x respectively to 2x daily target exposure. This change marks a strategic enhancement, positioning Defiance to stay at the forefront of the market amid increased investor interest.

MSTX, Defiance’s first-of-its-kind leveraged ETF providing long exposure to MicroStrategy (NASDAQ: MSTR), will now deliver 2x daily targeted exposure, enhancing potential returns for investors seeking amplified access to MicroStrategy’s price movements. MicroStrategy, a leader in data analytics and one of the largest corporate holders of Bitcoin, presents an innovative investment vehicle for investors looking to capitalize on the unique and volatile dynamics of the cryptocurrency market.

SMST, Defiance’s Short MicroStrategy ETF, has likewise increased to 2x inverse daily exposure, enabling sophisticated traders to capitalize on potential downturns in MicroStrategy’s stock with greater leverage. This ETF offers traders a powerful tool to hedge against Bitcoin volatility, considering MicroStrategy’s significant holdings in the cryptocurrency. With this enhanced inverse leverage, SMST allows investors to tactically manage risk or capitalize on anticipated market declines with a more potent instrument.

“Following the strong response to MSTX and SMST, we recognized the importance of delivering enhanced leverage in response to investor demand and competitive dynamics,” said Sylvia Jablonski, CEO of Defiance ETFs. “With the transition to 2x leverage, Defiance ETFs is committed to providing investors with leading-edge tools to engage with both bullish and bearish views on the Bitcoin market and MicroStrategy’s strategic role within it.”

The Fund pursues a daily leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its Underlying Security. It is designed only for sophisticated investors, such as traders and active investors employing dynamic strategies. Investors who do not understand the Funds or do not intend to actively manage and monitor their investments should not buy shares of the Funds.

The Fund MSTX is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily (2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

The Fund SMST is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking 200% daily inverse (-2X) investment results, understand the risks associated with the use of leverage, and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund will lose money if the underlying security’s performance is flat, and that it is possible that the Fund will lose money even if the underlying security’s performance decreases over a period longer than a single day.An investor could lose the full principal value of his/her investment within a single day.

About Defiance ETFs
Founded in 2018, Defiance is at the forefront of ETF innovation. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

Important Disclosures
Investing involves risk. Principal loss is possible. The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information. Please read it carefully before investing. A hard copy of the prospectuses can be requested by calling 833.333.9383 or visiting www.defianceetfs.com/prospectuses

Defiance ETFs LLC is the ETF sponsor. The Funds’ investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

SMST Key Risks:

MSTR Price Appreciation Risk. As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts that are based on the share price of MSTR common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -1.5X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price increases. If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

MSTR Good Performance Risk. MSTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security.

Bitcoin Positive Performance Risk. MSTR’s significant investment in Bitcoin has become a key driver of its stock price. Any positive movement in the price of Bitcoin, such as reaching new all-time highs, increased institutional adoption, or favorable regulatory developments, directly impacts MSTR’s balance sheet and investor perception. With MSTR holding a substantial amount of Bitcoin, its stock price tends to correlate with Bitcoin’s performance.

Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.

Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.

Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.

MSTR key risks:

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Bitcoin Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with Bitcoin by virtue of its investments in options contracts that reference MSTR.

Leverage Risk: Leverage may increase the risk of loss and cause fluctuations in the Fund’s portfolio value to have disproportionately large effects or cause the NAV to decline faster than it would otherwise.

Compounding and Market Volatility Risk: Due to compounding, performance over periods greater than a trading day may differ from the underlying security’s performance.

Derivatives and Single Issuer Risk: Derivatives may be more sensitive to market conditions and may amplify risks. Additionally, the focus on a single issuer can lead to increased volatility.

Distributed by Foreside Fund Services, LLC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e5c8ab2-865a-4635-a0c2-a6535224f385

The MIL Network –

January 25, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 29.10.2024

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
29 October 2024 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 29.10.2024

Espoo, Finland – On 29 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,382,271	4.54
CEUX	263,565	4.55
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,645,836	4.54

* Rounded to two decimals

On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

Total cost of transactions executed on 29 October 2024 was EUR 7,474,564. After the disclosed transactions, Nokia Corporation holds 189,427,128 treasury shares.

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

On behalf of Nokia Corporation

BofA Securities Europe SA

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

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

Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

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

Nokia Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com

Attachment

Daily Report 2024-10-29

The MIL Network –

January 25, 2025

MIL-OSI: Home Federal Bancorp, Inc. of Louisiana Reports Results of Operations for the Three Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

Shreveport, Oct. 29, 2024 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended September 30, 2024, of $941,000 compared to net income of $1.2 million reported for the three months ended September 30, 2023. The Company’s basic and diluted earnings per share were $0.31 for the three months ended September 30, 2024, compared to basic and diluted earnings per share of $0.40 and $0.39, respectively, for the three months ended September 30, 2023.

The decrease in net income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from a decrease in net interest income of $857,000, or 16.2%, and a decrease in non-interest income of $134,000, or 30.9%, partially offset by a decrease in non-interest expense of $177,000, or 4.2%, a decrease in provision for income taxes of $312,000, or 100.6%, a decrease in the provision of credit losses of $223,000. The decrease in net interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in total interest expense of $524,000, or 18.8%, and a decrease in total interest income of $333,000, or 4.1%. The Company’s average interest rate spread was 2.23% for the three months ended September 30, 2024, compared to 2.68% for the three months ended September 30, 2023. The Company’s net interest margin was 2.98% for the three months ended September 30, 2024, compared to 3.37% for the three months ended September 30, 2023.

The following table sets forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

	For the Three Months Ended September 30,
	2024					2023
	Average Balance		Average Yield/Rate			Average Balance		Average Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable	$	466,170		5.87	%	$	498,242		5.79	%
Investment securities		96,749		2.09			113,584		2.18
Interest-earning deposits		25,617		5.20			10,066		6.98
Total interest-earning assets	$	588,536		5.22	%	$	621,892		5.15	%

Interest-bearing liabilities:
Savings accounts	$	82,556		1.61	%	$	78,572		0.38	%
NOW accounts		72,787		1.10			55,900		0.48
Money market accounts		75,216		2.29			108,891		2.26
Certificates of deposit		204,019		4.30			194,785		3.73
Total interest-bearing deposits		434,578		2.92			438,148		2.47
Other bank borrowings		5,989		7.75			8,654		8.39
FHLB advances		—		—			1,138		5.23
Total interest-bearing liabilities	$	440,567		2.98	%	$	447,940		2.47	%

The $134,000 decrease in non-interest income for the three months ended September 30, 2024, compared to the same period in 2023, resulted from an increase in loss on sale of real estate of $220,000, partially offset by an increase in gain on sale of loans of $58,000, an increase in other non-interest income of $26,000, and an increase in income on bank owned life insurance of $2,000.

The $177,000 decrease in non-interest expense for the three months ended September 30, 2024, compared to the same period in 2023, resulted from decreases in advertising expense of $86,000, compensation and benefits expense of $54,000, professional fees of $43,000, loan and collection expense of $32,000, data processing expense of $26,000, amortization of core deposit intangible expense of $20,000, and deposit insurance premium expense of $1,000, partially offset by increases in audit and examination fees of $30,000, other non-interest expense of $28,000, occupancy and equipment expense of $15,000, and franchise and bank shares tax expense of $12,000.

Total assets decreased $9.1 million, or 1.4%, from $637.5 million at June 30, 2024 to $628.4 million at September 30, 2024. The decrease in assets was comprised of decreases in net loans receivable of $16.9 million, or 3.6%, from $470.9 million at June 30, 2024 to $454.0 million at September 30, 2024, real estate owned of $296,000, or 70.8% from $418,000 at June 30, 2024 to $122,000 at September 30, 2024, premises and equipment of $238,000, or 1.3%, from $18.3 million at June 30, 2024 to $18.1 million at September 30, 2024, core deposit intangible of $74,000, or 6.2%, from $1.2 million at June 30, 2024 to $1.1 million at September 30, 2024, and accrued interest receivable of $14,000, or 0.8%, from $1.78 million at June 30, 2024 to $1.76 million at September 30, 2024, partially offset by increases in cash and cash equivalents of $6.1 million, or 17.4%, from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024, investment securities of $1.4 million, or 1.5%, from $96.0 million at June 30, 2024 to $97.4 million at September 30, 2024, loans-held-for-sale of $535,000, or 30.9%, from $1.7 million at June 30, 2024 to $2.3 million at September 30, 2024, other assets of $224,000, or 16.6%, from $1.3 million at June 30, 2024 to $1.6 million at September 30, 2024, deferred tax asset of $29,000, or 2.5%, from $1.18 million at June 30, 2024 to $1.21 million at September 30, 2024, and bank owned life insurance of $29,000, or 0.4%, from $6.81 million at June 30, 2024 to $6.84 million at September 30, 2024. The increase in investment securities was primarily due to $4.0 million in security purchases and a $1.3 million reduction in unrealized losses on available for sale securities, partially offset by $3.5 million in principal payments. The increase in cash and cash equivalents from $34.9 million at June 30, 2024 to $41.0 million at September 30, 2024 was mainly due to decreases in loans receivable.

Total liabilities decreased $10.6 million, or 1.8%, from $584.7 million at June 30, 2024 to $574.1 million at September 30, 2024. The decrease in liabilities was comprised of decreases in total deposits of $9.4 million, or 1.6%, from $574.0 million at June 30, 2024 to $564.6 million at September 30, 2024, and other borrowings of $1.5 million, or 21.4%, from $7.0 million at June 30, 2024 to $5.5 million at September 30, 2024, partially offset by increases in other accrued expenses and liabilities of $252,000, or 7.9%, from $3.2 million at June 30, 2024 to $3.4 million at September 30, 2024, and advances from borrowers for taxes and insurance of $123,000, or 23.6%, from $521,000 at June 30, 2024 to $644,000 at September 30, 2024,. The decrease in deposits resulted from decreases in certificates of deposit of $17.5 million, or 8.2%, from $214.9 million at June 30, 2024 to $197.3 million at September 30, 2024, and money market deposits of $5.9 million, or 6.9%, from $85.5 million at June 30, 2024 to $79.6 million at September 30, 2024, partially offset by increases in savings deposits of $9.2 million, or 12.0%, from $76.6 million at June 30, 2024 to $85.8 million at September 30, 2024, non-interest deposits of $3.0 million, or 2.3%, from $130.3 million at June 30, 2024 to $133.3 million at September 30, 2024, and NOW accounts of $1.9 million, or 2.8%, from $66.6 million at June 30, 2024 to $68.5 million at September 30, 2024. The Company had no balances in brokered deposits at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had $1.9 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $2.0 million on non-performing assets at June 30, 2024, consisting of two commercial non-real estate loans, five single-family residential loans, four home equity line-of-credit loans, and one single-family residence in other real estate owned at September 30, 2024, compared to five single-family residential loans, three commercial non-real estate loans, four home equity line-of-credit loans and three single-family residences in other real estate owned at June 30, 2024. At September 30, 2024 the Company had five commercial non-real-estate loans, one commercial real-estate loan, six single family residential loans, four home-equity line-of-credit loans, and one auto loan classified as substandard, compared to six single family residential loans, five commercial non-real-estate loans, four home equity line-of-credit loans and one auto loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at September 30, 2024 or June 30, 2024.

Shareholders’ equity increased $1.5 million, or 2.8%, from $52.8 million at June 30, 2024 to $54.3 million at September 30, 2024. The increase in shareholders’ equity was comprised of net income for the three month period of $941,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $94,000, proceeds from the issuance of common stock from the exercise of stock options of $19,000, and a decrease in the Company’s accumulated other comprehensive loss of $1.0 million, partially offset by dividends paid totaling $409,000, and stock repurchases of $182,000.

Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend”, or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. We undertake no obligation to update any forward-looking statements.

In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loans, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands except share and per share data)

	September 30, 2024			June 30, 2024
	(Unaudited)
ASSETS

Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $32,743 and $25,505 at September 30, 2024 and June 30, 2024, Respectively)	$	41,044		$	34,948
Securities Available-for-Sale (amortized cost September 30, 2024: $31,977; June 30, 2024: $30,348, Respectively)		29,934			27,037
Securities Held-to-Maturity (fair value September 30, 2024: $56,584; June 30, 2024: $54,450, Respectively)		65,800			67,302
Other Securities		1,633			1,614
Loans Held-for-Sale		2,268			1,733
Loans Receivable, Net of Allowance for Credit Losses (September 30, 2024: $4,703; June 30, 2024: $4,574, Respectively)		454,039			470,852
Accrued Interest Receivable		1,761			1,775
Premises and Equipment, Net		18,065			18,303
Bank Owned Life Insurance		6,839			6,810
Goodwill		2,990			2,990
Core Deposit Intangible		1,125			1,199
Deferred Tax Asset		1,210			1,181
Real Estate Owned		122			418
Other Assets		1,574			1,350

Total Assets	$	628,404		$	637,512

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Deposits:
Non-interest bearing	$	133,293		$	130,334
Interest-bearing		431,267			443,673
Total Deposits		564,560			574,007
Advances from Borrowers for Taxes and Insurance		644			521
Other Borrowings		5,500			7,000
Other Accrued Expenses and Liabilities		3,433			3,181

Total Liabilities		574,137			584,709

SHAREHOLDERS’ EQUITY

Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding		–			–
Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,129,668 and 3,144,168 Shares Issued and Outstanding at September 30, 2024 and June 30, 2024, Respectively		32			32
Additional Paid-in Capital		41,822			41,739
Unearned ESOP Stock		(379	)		(408	)
Retained Earnings		14,406			14,055
Accumulated Other Comprehensive Loss		(1,614	)		(2,615	)

Total Shareholders’ Equity		54,267			52,803

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	628,404		$	637,512

HOME FEDERAL BANCORP, INC. OF LOUISIANA

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) (In thousands except share and per share data)

	Three Months Ended
	September 30,
	2024			2023
INTEREST INCOME
Loans, including fees	$	6,895		$	7,274
Investment securities		67			150
Mortgage-backed securities		443			473
Other interest-earning assets		336			177
Total interest income		7,741			8,074

INTEREST EXPENSE
Deposits		3,197			2,592
Federal Home Loan Bank borrowings		—			15
Other bank borrowings		117			183
Total interest expense		3,314			2,790
Net interest income		4,427			5,284

RECOVERY OF CREDIT LOSSES		(223	)		—
Net interest income after recovery of credit losses		4,650			5,284

NON-INTEREST INCOME
Gain on sale of loans		96			38
Loss on sale of real estate		(254	)		(34	)
Income on bank owned life insurance		28			26
Service charges on deposit accounts		391			391
Other income		39			13

Total non-interest income		300			434

NON-INTEREST EXPENSE
Compensation and benefits		2,302			2,356
Occupancy and equipment		564			549
Data processing		219			245
Audit and examination fees		132			102
Franchise and bank shares tax		168			156
Advertising		57			143
Professional fees		117			160
Loan and collection		28			60
Amortization core deposit intangible		74			94
Deposit insurance premium		90			91
Other expenses		260			232
Total non-interest expense		4,011			4,188

Income before income taxes		939			1,530
PROVISION FOR INCOME TAX EXPENSE		(2	)		310

NET INCOME	$	941		$	1,220

EARNINGS PER SHARE
Basic	$	0.31		$	0.40
Diluted	$	0.31		$	0.39

	Three Months Ended September 30,
	2024			2023

Selected Operating Ratios⁽¹⁾:
Average interest rate spread		2.23	%		2.68	%
Net interest margin		2.98	%		3.37	%
Return on average assets		0.59	%		0.73	%
Return on average equity		7.23	%		9.46	%

Asset Quality Ratios⁽²⁾:
Non-performing assets as a percent of total assets		0.31	%		0.28	%
Allowance for credit losses as a percent of non-performing loans		258.46	%		403.96	%
Allowance for credit losses as a percent of total loans receivable		1.03	%		1.00	%

Per Share Data:
Shares outstanding at period end		3,129,668			3,133,351
Weighted average shares outstanding:
Basic		3,058,286			3,028,597
Diluted		3,071,716			3,107,834

(1) Ratios for the three-month period are annualized.
(2) Asset quality ratios are end of period ratios.

The MIL Network –

January 25, 2025

MIL-OSI: Bitdeer Announces Third Quarter 2024 Earnings Conference Call for November 18, 2024

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced that it has scheduled its third quarter 2024 earnings conference call and webcast for Monday, November 18, 2024 at 8:00 AM EST. During the call, Bitdeer management will discuss the unaudited financial and operational results for the quarter ended September 30, 2024, followed by a question and answer session.

Bitdeer will release the third quarter results before the call at approximately 7:00 AM EST on November 18, 2024. A copy of the earnings release will be available on the Company’s Investor Relations website at https://ir.bitdeer.com.

Conference Call Information:

Date: November 18, 2024
Time: 8:00 AM EST / 8:00 PM SGT
Participant Call Links:
- Live Webcast: Link
- Participant Call Registration: Link

Participants wishing to join the conference call by phone should register using the Participant Call Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN. To ensure a timely start, the Company encourages all callers to connect about 5 minutes before the scheduled time.

A live and archived webcast of the conference call will be available on the Investors section of Bitdeer’s website at https://ir.bitdeer.com.

About Bitdeer Technologies Group

Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

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Wachsman
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The MIL Network –

January 25, 2025

MIL-OSI: Northeast Bank Reports First Quarter Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Maine, Oct. 29, 2024 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based full-service bank, today reported net income of $17.1 million, or $2.11 per diluted common share, for the quarter ended September 30, 2024, compared to net income of $15.2 million, or $2.01 per diluted common share, for the quarter ended September 30, 2023.

The Board of Directors declared a cash dividend of $0.01 per share, payable on November 26, 2024, to shareholders of record as of November 12, 2024.

“With $859.8 million of loan generation from our National Lending Division, we had our second largest quarterly loan volume in the Bank’s history, consisting of $732.9 million of purchases and $126.9 million of originations,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division portfolio grew by $742.2 million, or 27.6%, over June 30, 2024. Our small balance SBA 7(a) program with Newity LLC as our loan service provider has gained real traction. For the quarter, we originated $82.4 million, compared to $40.2 million for the quarter ended June 30, 2024 and $9.7 million for the quarter ended September 30, 2023. During the current quarter we sold $63.1 million of the guaranteed portion of our SBA loans, compared with $26.8 million for the quarter ended June 30, 2024 and $5.3 million for the quarter ended September 30, 2023. We are reporting earnings of $2.11 per diluted common share, a return on average equity of 17.5%, and a return on average assets of 2.1%.”

As of September 30, 2024, total assets were $3.94 billion, an increase of $807.7 million, or 25.8%, from total assets of $3.13 billion as of June 30, 2024.

1. The following table highlights the changes in the loan portfolio, including loans held for sale, for the three months ended September 30, 2024:

	Loan Portfolio Changes
	September 30, 2024 Balance		June 30, 2024 Balance		Change ($)			Change (%)
	(Dollars in thousands)
National Lending Purchased	$	2,420,883	$	1,708,551	$	712,332		41.69	%
National Lending Originated		1,011,374		981,497		29,877		3.04	%
SBA National		66,919		48,405		18,514		38.25	%
Community Banking		21,426		22,704		(1,278	)	(5.63	%)
Total	$	3,520,602	$	2,761,157	$	759,445		27.50	%

Loans generated by the Bank’s National Lending Division for the quarter ended September 30, 2024 totaled $859.8 million, which consisted of $732.9 million of purchased loans at an average price of 90.7% of unpaid principal balance, and $126.9 million of originated loans.

An overview of the Bank’s National Lending Division portfolio follows:

	National Lending Portfolio
	Three Months Ended September 30,
	2024									2023
	Purchased			Originated			Total			Purchased			Originated			Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	807,733		$	126,893		$	934,626		$	63,695		$	68,042		$	131,737
Initial net investment basis (1)		732,893			126,893			859,786			52,346			68,042			120,388

Loan returns during the period:
Yield		8.83	%		9.31	%		9.00	%		8.99	%		10.03	%		9.40	%
Total Return on Purchased Loans (2)		8.84	%		N/A			8.84	%		9.04	%		N/A			9.04	%

Total loans as of period end:
Unpaid principal balance	$	2,644,390		$	1,011,374		$	3,655,764		$	1,693,627		$	958,232		$	2,651,859
Net investment basis		2,420,883			1,011,374			3,432,257			1,516,379			958,232			2,474,611

^{(1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).}
^{(2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”}

2. Deposits increased by $785.5 million, or 33.6%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $785.4 million, or 60.1%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $712.6 million, and Community Banking Division time deposits, which increased by $52.9 million compared to June 30, 2024.

3. Federal Home Loan Bank (“FHLB”) advances decreased by $6.1 million, or 1.8%, from June 30, 2024. The decrease was attributable to net paydowns on amortizing advances.

4. Shareholders’ equity increased by $15.9 million, or 4.2%, from June 30, 2024, primarily due to net income of $17.1 million and stock-based compensation of $1.8 million, partially offset by the cancelation of restricted stock to cover tax obligations on restricted stock vests, which had a $3.2 million impact on shareholders’ equity.

Net income increased by $1.9 million to $17.1 million for the quarter ended September 30, 2024, compared to net income of $15.2 million for the quarter ended September 30, 2023.

1. Net interest and dividend income before provision for credit losses increased by $1.9 million to $39.0 million for the quarter ended September 30, 2024, compared to $37.1 million for the quarter ended September 30, 2023. The increase was primarily due to the following:

An increase in interest income earned on loans of $6.2 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios and higher rates earned on the SBA portfolio;
An increase in interest income earned on short-term investments of $821 thousand, due to higher average balances and higher rates earned; and
A decrease in FHLB borrowings interest expense of $2.1 million, primarily due to lower average balances; partially offset by,
An increase in deposit interest expense of $7.3 million, primarily due to higher average balances as well as higher rates in interest-bearing deposits.

The following table summarizes interest income and related yields recognized on the loan portfolios:

	Interest Income and Yield on Loans
	Three Months Ended September 30,
	2024						2023
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	22,409	$	370	6.55	%	$	27,149	$	438	6.42	%
SBA National		59,745		2,419	16.06	%		26,257		786	11.91	%
National Lending:
Originated		997,397		23,408	9.31	%		960,629		24,219	10.03	%
Purchased		1,758,801		39,141	8.83	%		1,489,394		33,671	8.99	%
Total National Lending		2,756,198		62,549	9.00	%		2,450,023		57,890	9.40	%
Total	$	2,838,352	$	65,338	9.13	%	$	2,503,429		59,114	9.39	%

^{(1) Includes loans held for sale.}

The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended September 30, 2023, transactional income decreased by $776 thousand for the quarter ended September 30, 2024, and regularly scheduled interest and accretion increased by $6.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended September 30, 2024 was 8.8%, a decrease from 9.0% for the quarter ended September 30, 2023. The following table details the total return on purchased loans:

	Total Return on Purchased Loans
	Three Months Ended September 30,
	2024				2023
	Income		Return (1)		Income		Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	37,160	8.38	%	$	31,030	8.29	%
Transactional income:
Release of allowance for credit losses on purchased loans		64	0.01	%		180	0.05	%
Accelerated accretion and loan fees		1,981	0.45	%		2,641	0.70	%
Total transactional income		2,045	0.46	%		2,821	0.75	%
Total	$	39,205	8.84	%	$	33,851	9.04	%

^{(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.}

2. Provision for credit losses increased by $232 thousand to $422 thousand for the quarter ended September 30, 2024, compared to $190 thousand in the quarter ended September 30, 2023. The increase was primarily related to the increase in originated loans during the quarter ended September 30, 2024.

3. Noninterest income increased by $3.3 million for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to an increase in gain on sale of SBA loans of $3.1 million, due to the sale of $63.1 million in SBA loans during the quarter ended September 30, 2024 as compared to the sale of $5.3 million during the quarter ended September 30, 2023.

4. Noninterest expense increased by $2.3 million for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023, primarily due to the following:

An increase in salaries and employee benefits expense of $1.5 million, primarily due to increases in regular and stock compensation expense; and
An increase in loan expense of $643 thousand primarily related to increased expenses in connection with the origination of SBA 7(a) loans.

5. Income tax expense increased by $754 thousand to $7.9 million, or an effective tax rate of 31.6%, for the quarter ended September 30, 2024, compared to $7.2 million, or an effective tax rate of 32.0%, for the quarter ended September 30, 2023. The decrease in effective tax rate is primarily due a $243 thousand increase in tax benefit on the vest of restricted stock and exercise of stock options during the quarter ended September 30, 2024 as compared to the quarter ended September 30, 2023.

As of September 30, 2024, nonperforming assets totaled $37.2 million, or 0.94% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024. The increase is primarily related to four National Lending loans placed on non-accrual, which are individually evaluated in the allowance for credit losses and are well-collateralized.

As of September 30, 2024, past due loans totaled $31.3 million, or 0.89% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

As of September 30, 2024, the Bank’s Tier 1 leverage capital ratio was 12.1%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 12.7% at September 30, 2024, compared to 14.8% at June 30, 2024. The Total risk-based capital ratio decreased primarily due to the increase in risk-weighted assets from significant loan growth during the quarter ended September 30, 2024.

Investor Call Information
Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer of Northeast Bank, will host a conference call to discuss first quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, October 30^th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a full-service bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP 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 determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Federal Deposit Insurance Corporation (the “FDIC”), in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; changes in interest rates and real estate values; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changing government regulation; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K and updated by our Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

NBN-F


NORTHEAST BANK
BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
	September 30, 2024		June 30, 2024

Assets
Cash and due from banks	$	768	$	2,711
Short-term investments		316,519		239,447
Total cash and cash equivalents		317,287		242,158


Available-for-sale debt securities, at fair value		36,836		48,978
Equity securities, at fair value		7,269		7,013
Total investment securities		44,105		55,991

SBA loans held for sale		17,639		14,506

Loans:
Commercial real estate		2,715,536		2,028,280
Commercial and industrial		681,118		618,846
Residential real estate		106,075		99,234
Consumer		234		291
Total loans		3,502,963		2,746,651
Less: Allowance for credit losses		43,640		26,709
Loans, net		3,459,323		2,719,942


Premises and equipment, net		26,452		27,144
Federal Home Loan Bank stock, at cost		15,499		15,751
Loan servicing rights, net		926		984
Bank-owned life insurance		18,954		18,830
Accrued interest receivable		17,294		15,163
Other assets		22,419		21,734
Total assets	$	3,939,898	$	3,132,203

Liabilities and Shareholders’ Equity
Deposits:
Demand	$	149,669	$	146,727
Savings and interest checking		752,806		732,029
Money market		130,878		154,504
Time		2,091,561		1,306,203
Total deposits		3,124,914		2,339,463

Federal Home Loan Bank and other advances		339,073		345,190
Lease liability		19,870		20,252
Other liabilities		63,484		50,664
Total liabilities		3,547,341		2,755,569

Commitments and contingencies		–		–


Shareholders’ equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares
issued and outstanding at September 30 and June 30, 2024		–		–
Voting common stock, $1.00 par value, 25,000,000 shares authorized;
8,212,026 and 8,127,690 shares issued and outstanding at
September 30 and June 30, 2024, respectively		8,212		8,128
Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;
No shares issued and outstanding at September 30 and June 30, 2024		–		–
Additional paid-in capital		63,318		64,762
Retained earnings		320,955		303,927
Accumulated other comprehensive income (loss)		72		(183	)
Total shareholders’ equity		392,557		376,634
Total liabilities and shareholders’ equity	$	3,939,898	$	3,132,203


NORTHEAST BANK
STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended September 30,
	2024		2023
Interest and dividend income:
Interest and fees on loans	$	65,338	$	59,114
Interest on available-for-sale securities		595		483
Other interest and dividend income		3,921		3,100
Total interest and dividend income		69,854		62,697

Interest expense:
Deposits		26,590		19,257
Federal Home Loan Bank and other advances		4,030		6,145
Obligation under capital lease agreements		234		171
Total interest expense		30,854		25,573
Net interest and dividend income before provision for credit losses		39,000		37,124
Provision for credit losses		422		190
Net interest and dividend income after provision for credit losses		38,578		36,934

Noninterest income:
Fees for other services to customers		443		407
Gain on sales of SBA loans		3,331		251
Net unrealized gain (loss) on equity securities		189		(157	)
Loss on real estate owned, other repossessed collateral and premises and equipment, net		–		–
Bank-owned life insurance income		124		115
Correspondent fee income		30		92
Other noninterest income		2		71
Total noninterest income		4,119		779

Noninterest expense:
Salaries and employee benefits		11,183		9,721
Occupancy and equipment expense		1,078		1,105
Professional fees		753		781
Data processing fees		1,487		1,100
Marketing expense		136		261
Loan acquisition and collection expense		1,293		650
FDIC insurance expense		331		357
Other noninterest expense		1,424		1,414
Total noninterest expense		17,685		15,389
Income before income tax expense		25,012		22,324
Income tax expense		7,906		7,152
Net income	$	17,106	$	15,172


Weighted-average shares outstanding:
Basic		7,886,148		7,479,837
Diluted		8,108,688		7,554,314

Earnings per common share:
Basic	$	2.17	$	2.03
Diluted		2.11		2.01

Cash dividends declared per common share	$	0.01	$	0.01


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Three Months Ended September 30,
	2024						2023
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	55,413	$	595	4.26	%	$	60,173	$	483	3.19	%
Loans (1) (2) (3)		2,838,352		65,338	9.13	%		2,503,429		59,114	9.39	%
Federal Home Loan Bank stock		16,465		330	7.95	%		22,357		413	7.35	%
Short-term investments (4)		245,542		3,591	5.80	%		201,803		2,687	5.30	%
Total interest-earning assets		3,155,772		69,854	8.78	%		2,787,762		62,697	8.95	%
Cash and due from banks		2,112						2,492
Other non-interest earning assets		94,071						56,263
Total assets	$	3,251,955					$	2,846,517

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	563,730	$	6,380	4.49	%	$	487,445	$	5,145	4.20	%
Money market accounts		148,687		1,267	3.38	%		258,296		2,133	3.29	%
Savings accounts		178,581		1,557	3.46	%		90,997		560	2.45	%
Time deposits		1,389,832		17,386	4.96	%		977,220		11,419	4.65	%
Total interest-bearing deposits		2,280,830		26,590	4.63	%		1,813,958		19,257	4.22	%
Federal Home Loan Bank advances		362,594		4,030	4.41	%		510,514		6,145	4.79	%
Lease liability		20,018		234	4.64	%		21,776		171	3.12	%
Total interest-bearing liabilities		2,663,442		30,854	4.60	%		2,346,248		25,573	4.34	%

Non-interest-bearing liabilities:
Demand deposits and escrow accounts		175,161						169,338
Other liabilities		26,175						25,065
Total liabilities		2,864,778						2,540,651
Shareholders’ equity		387,177						305,866
Total liabilities and shareholders’ equity	$	3,251,955					$	2,846,517

Net interest income			$	39,000					$	37,124

Interest rate spread					4.18	%					4.61	%
Net interest margin (5)					4.90	%					5.30	%

Cost of funds (6)					4.31	%					4.04	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Net interest income	$	39,000		$	37,935		$	36,512		$	37,000		$	37,124
Provision for credit losses		422			547			596			436			190
Noninterest income		4,119			2,092			1,542			1,466			779
Noninterest expense		17,685			17,079			16,429			15,669			15,389
Net income		17,106			15,140			13,865			14,054			15,172

Weighted-average common shares outstanding:
Basic		7,886,148			7,765,868			7,509,320			7,505,109			7,479,837
Diluted		8,108,688			7,910,692			7,595,124			7,590,913			7,554,315
Earnings per common share:
Basic	$	2.17		$	1.95		$	1.85		$	1.87		$	2.03
Diluted		2.11			1.91			1.83			1.85			2.01

Dividends declared per common share	$	0.01		$	0.01		$	0.01		$	0.01		$	0.01

Return on average assets		2.09	%		1.99	%		1.87	%		1.93	%		2.12	%
Return on average equity		17.53	%		16.56	%		16.45	%		17.35	%		19.73	%
Net interest rate spread (1)		4.18	%		4.41	%		4.27	%		4.49	%		4.61	%
Net interest margin (2)		4.90	%		5.13	%		5.01	%		5.20	%		5.30	%
Efficiency ratio (non-GAAP) (3)		41.01	%		42.67	%		43.17	%		40.73	%		40.60	%
Noninterest expense to average total assets		2.16	%		2.24	%		2.21	%		2.15	%		2.15	%
Average interest-earning assets to average interest-bearing liabilities		118.48	%		118.78	%		119.28	%		118.52	%		118.82	%

	As of:
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Nonperforming loans:
Originated portfolio:
Residential real estate	$	3,976		$	2,502		$	2,573		$	2,582		$	289
Commercial real estate		4,682			1,407			2,075			2,075			1,973
Commercial and industrial		6,684			6,520			6,928			6,950			584
Consumer		–			–			–			–			–
Total originated portfolio		15,342			10,429			11,576			11,607			2,846
Total purchased portfolio		21,830			17,832			16,370			19,165			14,603
Total nonperforming loans		37,172			28,261			27,946			30,772			17,449
Real estate owned and other repossessed collateral, net		–			–			–			–			–
Total nonperforming assets	$	37,172		$	28,261		$	27,946		$	30,772		$	17,449

Past due loans to total loans		0.89	%		0.95	%		1.13	%		1.22	%		1.01	%
Nonperforming loans to total loans		1.06	%		1.02	%		1.05	%		1.18	%		0.69	%
Nonperforming assets to total assets		0.94	%		0.90	%		0.93	%		1.04	%		0.61	%
Allowance for credit losses to total loans		1.25	%		0.97	%		0.98	%		1.06	%		1.00	%
Allowance for credit losses to nonperforming loans		117.40	%		94.51	%		92.83	%		89.67	%		145.01	%
Net charge-offs (recoveries)	$	1,604		$	1,347		$	2,225		$	995		$	1,536
Commercial real estate loans to total capital (4)		604.38	%		482.13	%		509.08	%		544.34	%		546.91	%
Net loans to deposits		110.70	%		116.88	%		118.15	%		121.31	%		127.24	%
Purchased loans to total loans		69.11	%		61.88	%		60.99	%		63.07	%		59.98	%
Equity to total assets		9.96	%		12.02	%		11.73	%		11.03	%		10.83	%
Common equity tier 1 capital ratio		11.45	%		13.84	%		13.24	%		12.63	%		12.45	%
Total risk-based capital ratio		12.70	%		14.82	%		14.22	%		13.71	%		13.46	%
Tier 1 leverage capital ratio		12.06	%		12.30	%		11.79	%		11.28	%		10.95	%

Total shareholders’ equity	$	392,557		$	376,634		$	351,913		$	327,540		$	311,569
Less: Preferred stock		–			–			–			–			–
Common shareholders’ equity		392,557			376,634			351,913			327,540			311,569
Less: Intangible assets (5)		–			–			–			–			–
Tangible common shareholders’ equity (non-GAAP)	$	392,557		$	376,634		$	351,913		$	327,540		$	311,569

Common shares outstanding		8,212,026			8,127,690			7,977,690			7,804,052			7,796,691
Book value per common share	$	47.80		$	46.34		$	44.11		$	41.97		$	39.96
Tangible book value per share (non-GAAP) (6)		47.80			46.34			44.11			41.97			39.96

(1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
(4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
(5) Includes the loan servicing rights asset.
(6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.

For More Information:
Richard Cohen, Chief Financial Officer
Northeast Bank, 27 Pearl Street, Portland, Maine 04101
207.786.3245 ext. 3249
www.northeastbank.com

The MIL Network –

January 25, 2025

MIL-OSI: Provident Financial Services, Inc. Reports Third Quarter Earnings and Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ISELIN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) reported net income of $46.4 million, or $0.36 per basic and diluted share for the three months ended September 30, 2024, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024 and net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023.

The Company’s earnings for the three and nine months ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland Bancorp, Inc. (“Lakeland”), which added $10.91 billion to total assets, $7.91 billion to loans, and $8.62 billion to deposits, net of purchase accounting adjustments. The merger with Lakeland significantly impacted provisions for credit losses in the trailing quarter due to the initial CECL provisions recorded on acquired loans. The results of operations for the three and nine months ended September 30, 2024 also included other transaction costs related to the merger with Lakeland, totaling $15.6 million and $36.7 million, respectively, compared with transaction costs totaling $2.3 million and $5.3 million for the respective 2023 periods. Additionally, the Company realized a $2.8 million loss related to the sale of subordinated debt issued by Lakeland from the Provident investment portfolio, during the nine months ended September 30, 2024.

Anthony J. Labozzetta, President and Chief Executive Officer commented, “We achieved solid performance this quarter, and we are optimistic that our results will continue to improve as we further realize the synergies of the merger. Provident generated strong earnings and core metrics, aided by robust performance in our fee-based businesses. We continue to expand our operations prudently and believe we are well-positioned for even greater success as market conditions improve.”

Regarding the Company’s merger with Lakeland, Mr. Labozzetta added, “We are proud to announce that, with the conversion of our core system in early September, our merger is complete and we are a unified organization. Our cultures are combining well and we are already experiencing the benefits of cost savings and enhanced revenue opportunities. We are grateful to the many team members whose hard work allowed for a smooth conversion and the retention of almost all legacy Lakeland customers.”

Performance Highlights for the Third Quarter of 2024

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter primarily due to the full quarter impact of net assets acquired from Lakeland, including the accretion of purchase accounting adjustments and four basis points of core margin expansion.
The net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter, while the weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points to 3.19%, compared to the trailing quarter. The increases in the yields and costs on interest-earning assets and interest-bearing liabilities were primarily due to a full quarter of accretion of purchase accounting adjustments related to the Lakeland merger, which contributed approximately 53 basis points to the net interest margin in the current quarter.
Non-interest income increased $4.6 million to $26.9 million for the three months ended September 30, 2024, from $22.3 million for the trailing quarter, while non-interest expense increased $20.6 million to $136.0 million for the three months ended September 30, 2024, compared to $115.4 million for the trailing quarter. The increases in both non-interest income and non-interest expense were reflective of a full quarter of combined operations with Lakeland.
Wealth management and insurance agency income increased 9.0% and 12.6%, respectively, versus the same period in 2023. The increase in wealth management income was primarily due to an increase in the average market value of assets under management during the period, while the increase in insurance agency income was largely due to an increase in business activity.
Adjusting for transaction costs related to the merger with Lakeland, net of tax, the Company’s annualized adjusted returns on average assets, average equity and average tangible equity(1) were 0.95%, 8.62% and 14.53% for the quarter ended September 30, 2024, compared to 0.06%, 0.53% and 2.01% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 13 of the earnings release.
The Company’s annualized adjusted pre-tax, pre-provision returns on average assets, average equity and average tangible equity⁽²⁾ were 1.48%, 13.48% and 19.77% for the quarter ended September 30, 2024, compared to 1.47%, 13.26% and 19.21% for the quarter ended June 30, 2024. A reconciliation between GAAP and the above non-GAAP ratios are shown on page 14 of the earnings release.
As of September 30, 2024, the Company’s loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion, with a weighted average interest rate of 7.18%, compared to $1.67 billion, with a weighted average interest rate of 7.53%, as of June 30, 2024.
The Company recorded a $9.6 million provision for credit losses on loans for the quarter ended September 30, 2024, compared to a $66.1 million provision for the trailing quarter. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. The allowance for credit losses as a percentage of loans increased to 1.02% as of September 30, 2024, from 1.00% as of June 30, 2024.
As of September 30, 2024, CRE loans related to office properties totaled $921.1 million, compared to $953.5 million as of June 30, 2024. CRE loans secured by office properties constitutes only 4.9% of total loans and have an average loan size of $1.9 million, with just seven relationships greater than $10.0 million. There were four loans totaling $9.2 million on non-accrual as of September 30, 2024, however we do not expect to incur losses on any of these loans.
As of September 30, 2024, multi-family CRE loans secured by New York City properties totaled $226.6 million, compared to $227.7 million as of June 30, 2024. This portfolio constitutes only 1.2% of total loans and has an average loan size of $2.6 million. Loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.
Non-performing loans to total loans as of September 30, 2024 increased to 0.47%, compared to 0.36% as of June 30, 2024, while non-performing assets to total assets as of September 30, 2024 increased to 0.41%, compared to 0.33% as of June 30, 2024. The increase in non-performing loans, compared to the prior quarter was primarily attributable to one commercial real estate credit secured by an industrial property which has a loan-to-value ratio of approximately 39%. We anticipate a near-term resolution of this credit with no expected loss. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans. Of this total, $6.4 million was attributable to one previously identified commercial relationship that had a $4.4 million specific reserve as of June 30, 2024. This credit is expected to be fully resolved in the fourth quarter of 2024.

Declaration of Quarterly Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on November 29, 2024 to stockholders of record as of the close of business on November 15, 2024.

Results of Operations

Three months ended September 30, 2024 compared to the three months ended June 30, 2024

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to a net loss of $11.5 million, or $0.11 per basic and diluted share, for the three months ended June 30, 2024. The Company’s earnings for the prior quarter were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. The results of operations for the three months ended September 30, 2024 included transaction costs related to the merger with Lakeland totaling $15.6 million, compared with transaction costs totaling $18.9 million in the trailing quarter. Additionally, the Company realized a $2.8 million loss in the trailing quarter related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland.

Net Interest Income and Net Interest Margin

Net interest income increased $42.2 million to $183.7 million for the three months ended September 30, 2024, from $141.5 million for the trailing quarter. Net interest income for the three months ended September 30, 2024 was favorably impacted by a full quarter of combined operations with Lakeland and accretion of purchase accounting adjustments, compared to a 45 days impact in the prior quarter.

The Company’s net interest margin increased ten basis points to 3.31% for the quarter ended September 30, 2024, from 3.21% for the trailing quarter. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current net interest margin reflects a full quarter of the acquisition of Lakeland’s interest-bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 17 basis points to 5.84%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended September 30, 2024 increased ten basis points from the trailing quarter, to 3.19%. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 increased 12 basis points to 2.96%, compared to 2.84% for the trailing quarter. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared to 2.27% for the trailing quarter. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.83% for the quarter ended June 30, 2024. All yields and costs reflect a full quarter of combined operations with Lakeland.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with a provision for credit losses on loans of $66.1 million for the quarter ended June 30, 2024. The provision for credit losses on loans in the quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration, while the provision for credit losses on loans in the prior quarter was primarily attributable to an initial CECL provision for credit losses of $60.1 million, recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

For the three months ended September 30, 2024, non-interest income totaled $26.9 million, an increase of $4.6 million, compared to the trailing quarter. Net gain on securities transactions increased $3.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to a $2.8 million loss realized on the sale from the Provident investment portfolio of subordinated debt issued by Lakeland in the prior quarter. Fee income increased $1.1 million to $9.8 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to increases in deposit and debit card related fee income. The increases in fee income are primarily attributable to the addition of the Lakeland customer base. BOLI income increased $1.0 million for the three months ended September 30, 2024, compared to the trailing quarter, primarily due to an increase in benefit claims recognized. Partially offsetting these increases in non-interest income, insurance agency income decreased $857,000 to $3.6 million for the three months ended September 30, 2024, compared to the trailing quarter, due to a seasonal decrease in business activity in the current quarter, while wealth management income decreased $149,000 to $7.6 million for the three months ended September 30, 2024, compared to the trailing quarter, mainly due to a seasonal decrease in tax preparation fees, partially offset by an increase in the average market value of assets under management during the period.

Non-interest expense totaled $136.0 million for the three months ended September 30, 2024, an increase of $20.6 million, compared to $115.4 million for the trailing quarter. Compensation and benefits expense increased $8.6 million to $63.5 million for the three months ended September 30, 2024, compared to $54.9 million for the trailing quarter. The increase in compensation and benefits expense was primarily attributable to a full quarter of combined operations with Lakeland, compared to 45 days in the prior quarter. Amortization of intangibles increased $5.7 million to $12.2 million for the three months ended September 30, 2024, compared to $6.5 million for the trailing quarter, largely due to a full quarter of core deposit intangible amortization related to Lakeland. Other operating expenses increased $4.5 million to $15.8 million for the three months ended September 30, 2024, compared to $11.3 million for the trailing quarter, primarily due to increases in professional service expenses. Data processing expense increased $2.0 million to $10.5 million for the three months ended September 30, 2024, compared to $8.4 million for the trailing quarter, primarily due a full quarter of combined operations with Lakeland, while net occupancy expense increased $1.6 million to $12.8 million for the three months ended September 30, 2024, compared to $11.1 million for the trailing quarter, primarily due to increases in maintenance and depreciation expenses from the addition of Lakeland. Additionally, FDIC insurance increased $1.1 million to $4.2 million for the three months ended September 30, 2024, primarily resulting from the impact of the Lakeland merger. Partially offsetting these increases, merger-related expenses decreased $3.3 million to $15.6 million for the three months ended September 30, 2024, compared to the trailing quarter.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ declined to 1.98% for the quarter ended September 30, 2024, compared to 2.02% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ improved to 57.20% for the three months ended September 30, 2024, compared to 57.86% for the trailing quarter.

Income Tax Expense/Benefit

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million, compared to an income tax benefit of $9.8 million for the trailing quarter. The increase in tax expense for the three months ended September 30, 2024 compared with the trailing quarter was largely due to an increase in taxable income in the current quarter as a result of the Lakeland merger and a $5.3 million tax benefit realized in the trailing quarter related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024.

Three months ended September 30, 2024 compared to the three months ended September 30, 2023

For the three months ended September 30, 2024, the Company reported net income of $46.4 million, or $0.36 per basic and diluted share, compared to net income of $28.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. The Company’s earnings for the quarter ended September 30, 2024 reflected the impact of the May 16, 2024 merger with Lakeland. The results of operations included transaction costs related to the merger with Lakeland totaling $15.6 million and $2.3 million for the three months ended September 30, 2024 and 2023, respectively.

Net Interest Income and Net Interest Margin

Net interest income increased $87.5 million to $183.7 million for the three months ended September 30, 2024, from $96.2 million for same period in 2023. Net interest income for the three months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by unfavorable repricing of both deposits and borrowings.

The Company’s net interest margin increased 35 basis points to 3.31% for the quarter ended September 30, 2024, from 2.96% for the same period last year. Accretion of purchase accounting adjustments related to the Lakeland merger contributed 53 basis points to the net interest margin in the current quarter. The current quarter net interest margin reflects the acquisition of Lakeland’s interest bearing assets and liabilities, the prior quarter sale of $554.2 million of securities acquired from Lakeland and the repayment of overnight borrowings as well as the prior quarter issuance of subordinated debt.

The weighted average yield on interest-earning assets for the quarter ended September 30, 2024 increased 95 basis points to 5.84%, compared to 4.89% for the quarter ended September 30, 2023. The weighted average cost of interest-bearing liabilities increased 69 basis points for the quarter ended September 30, 2024 to 3.19%, compared to 2.50% for the third quarter of 2023. The average cost of interest-bearing deposits for the quarter ended September 30, 2024 was 2.96%, compared to 2.22% for the same period last year. Average non-interest-bearing demand deposits increased $1.51 billion to $3.74 billion for the quarter ended September 30, 2024, compared to $2.23 billion for the quarter ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.36% for the quarter ended September 30, 2024, compared with 1.74% for the quarter ended September 30, 2023. The average cost of borrowed funds for the quarter ended September 30, 2024 was 3.73%, compared to 3.74% for the same period last year.

Provision for Credit Losses on Loans

For the quarter ended September 30, 2024, the Company recorded a $9.6 million provision for credit losses on loans, compared with an $11.0 million provision for credit losses on loans for the quarter ended September 30, 2023. The provision for credit losses on loans in the current quarter was primarily attributable to specific reserves required on individually analyzed loans, combined with some economic forecast deterioration. For the three months ended September 30, 2024, net charge-offs totaled $6.8 million, or an annualized 14 basis points of average loans.

Non-Interest Income and Expense

Non-interest income totaled $26.9 million for the quarter ended September 30, 2024, an increase of $7.5 million, compared to the same period in 2023. Fee income increased $3.7 million to $9.8 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to increases in deposit fee income, debit card related fee income and loan related fee income, resulting from the Lakeland merger. BOLI income increased $2.5 million to $4.3 million for the three months ended September 30, 2024, compared to the prior year quarter, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI. Wealth management fees increased $628,000 to $7.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, mainly due to an increase in the average market value of assets under management during the period, while insurance agency income increased $407,000 to $3.6 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, largely due to an increase in business activity. Additionally, other income increased $339,000 to $1.5 million for the three months ended September 30, 2024, compared to the quarter ended September 30, 2023, primarily due to increases in gains on the sale of SBA and mortgage loans.

For the three months ended September 30, 2024, non-interest expense totaled $136.0 million, an increase of $70.4 million, compared to the three months ended September 30, 2023. Compensation and benefits expense increased $27.8 million to $63.5 million for the three months ended September 30, 2024, compared to $35.7 million for the same period in 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Additionally, merger-related expenses increased $13.3 million to $15.6 million for the three months ended September 30, 2024, compared to the same period in 2023. Amortization of intangibles increased $11.5 million to $12.2 million for the three months ended September 30, 2024, compared to $720,000 for the same period in 2023, largely due to core deposit intangible amortization related to Lakeland in the current quarter. Data processing expenses increased $5.2 million to $10.5 million for three months ended September 30, 2024, compared to $5.3 million for the same period in 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland. Net occupancy expense increased $4.7 million to $12.8 million for three months ended September 30, 2024, compared to $8.1 million for the same period in 2023, primarily due to an increase in depreciation and maintenance expenses due to the addition of Lakeland. Other operating expenses increased $5.0 million to $15.8 million for the three months ended September 30, 2024, compared to $10.7 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $2.6 million to $4.2 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

The Company’s annualized adjusted non-interest expense as a percentage of average assets⁽⁵⁾ was 1.98% for the quarter ended September 30, 2024, compared to 1.80% for the same period in 2023. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)⁽⁶⁾ was 57.20% for the three months ended September 30, 2024 compared to 54.81% for the same respective period in 2023.

Income Tax Expense

For the three months ended September 30, 2024, the Company’s income tax expense was $18.9 million with an effective tax rate of 28.9%, compared with an income tax expense of $8.8 million with an effective tax rate of 23.7% for the three months ended September 30, 2023. The increase in tax expense for the three months ended September 30, 2024, compared with the same period last year was largely due to an increase in taxable income in the quarter, as a result of the Lakeland merger and the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee in the prior quarter.

Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023

For the nine months ended September 30, 2024, net income totaled $67.0 million, or $0.65 per basic and diluted share, compared to net income of $101.1 million, or $1.35 per basic and diluted share, for the nine months ended September 30, 2023. The Company’s earnings for the nine months ended September 30, 2024 were impacted by an initial CECL provision for credit losses on loans and commitments to extend credit of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. Transaction costs related to our merger with Lakeland totaled $36.7 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, the Company realized a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland, during the nine months ended September 30, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $115.2 million to $418.9 million for the nine months ended September 30, 2024, from $303.7 million for same period in 2023. Net interest income for the nine months ended September 30, 2024 was favorably impacted by the net assets acquired from Lakeland, combined with the favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by the unfavorable repricing of both deposits and borrowings.

For the nine months ended September 30, 2024, our net interest margin decreased one basis point to 3.18%, compared to 3.19% for the nine months ended September 30, 2023. The weighted average yield on interest earning assets increased 85 basis points to 5.61% for the nine months ended September 30, 2024, compared to 4.76% for the nine months ended September 30, 2023, while the weighted average cost of interest-bearing liabilities increased 99 basis points to 3.06% for the nine months ended September 30, 2024, compared to 2.07% for the same period last year. The average cost of interest-bearing deposits increased 102 basis points to 2.84% for the nine months ended September 30, 2024, compared to 1.82% for the same period last year. Average non-interest-bearing demand deposits increased $514.3 million to $2.90 billion for the nine months ended September 30, 2024, compared with $2.38 billion for the nine months ended September 30, 2023. The average cost of total deposits, including non-interest-bearing deposits, was 2.27% for the nine months ended September 30, 2024, compared with 1.40% for the nine months ended September 30, 2023. The average cost of borrowings for the nine months ended September 30, 2024 was 3.73%, compared to 3.29% for the same period last year.

Provision for Credit Losses on Loans

For the nine months ended September 30, 2024, the Company recorded a $75.9 million provision for credit losses on loans, compared with a provision for credit losses on loans of $27.4 million for the nine months ended September 30, 2023. The increased provision for credit losses on loans for the nine months ended September 30, 2024 was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations, partially offset by an improved economic forecast for the current nine-month period within our CECL model, compared to the same period last year. For the nine months ended September 30, 2024, net charge-offs totaled $9.1 million or an annualized eight basis points of average loans.

Non-Interest Income and Expense

For the nine months ended September 30, 2024, non-interest income totaled $69.9 million, an increase of $9.1 million compared to the same period in 2023. Fee income increased $6.1 million to $24.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in deposit fee income, debit and credit card related fee income and loan related fee income resulting from the Lakeland merger. BOLI income increased $4.6 million to $9.4 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to an increase in benefit claims recognized, combined with an increase in income related to the addition of Lakeland’s BOLI, while wealth management income increased $2.1 million to $22.9 million for the nine months ended September 30, 2024, compared to the same period in 2023, mainly due to an increase in the average market value of assets under management during the period. Additionally, insurance agency income increased $1.7 million to $12.9 million for the nine months ended September 30, 2024, compared to $11.2 million for the same period in 2023, largely due to increases in contingent commissions, retention revenue and new business activity. Partially offsetting these increases in non-interest income, net gains on securities transactions decreased $3.0 million for the nine months ended September 30, 2024, primarily due to a $2.8 million loss related to the sale from the Provident investment portfolio of subordinated debt issued by Lakeland. Other income decreased $2.4 million to $3.2 million for the nine months ended September 30, 2024, compared to $5.7 million for the same period in 2023, primarily due to a $2.0 million gain from the sale of a foreclosed commercial property recorded in the prior year, combined with a decrease in gains on sales of SBA loans.

Non-interest expense totaled $323.2 million for the nine months ended September 30, 2024, an increase of $123.7 million, compared to $199.5 million for the nine months ended September 30, 2023. Compensation and benefits expense increased $48.7 million to $158.4 million for the nine months ended September 30, 2024, compared to $109.7 million for the nine months ended September 30, 2023. The increase in compensation and benefits expense was primarily attributable to the addition of Lakeland. Merger-related expenses increased $31.3 million to $36.7 million for the nine months ended September 30, 2024, compared to $5.3 million for the nine months ended September 30, 2023. Amortization of intangibles increased $17.2 million to $19.4 million for the nine months ended September 30, 2024, compared to $2.2 million for the nine months ended September 30, 2023, largely due to core deposit intangible amortization related to Lakeland. Data processing expense increased $9.2 million to $25.7 million for the nine months ended September 30, 2024, compared to $16.5 million for the nine months ended September 30, 2023, primarily due to additional software and hardware expenses needed for the addition of Lakeland, while net occupancy expense increased $8.0 million to $32.5 million for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to increases in depreciation and maintenance expense related to the addition of Lakeland. Other operating expenses increased $5.6 million to $37.4 million for the three months ended September 30, 2024, compared to $31.8 million for the same period in 2023, primarily due to increases in professional service expenses, while FDIC insurance increased $3.9 million to $9.6 million for the three months ended September 30, 2024, primarily due to the addition of Lakeland.

Income Tax Expense
For the nine months ended September 30, 2024, the Company’s income tax expense was $19.9 million with an effective tax rate of 22.9%, compared with $34.9 million with an effective tax rate of 25.7% for the nine months ended September 30, 2023. The decrease in tax expense for the nine months ended September 30, 2024 compared with the same period last year was largely due to a $5.8 million tax benefit related to the revaluation of deferred tax assets to reflect the imposition by the State of New Jersey of a 2.5% Corporate Transit Fee, effective January 1, 2024, combined with a decrease in taxable income as a result of the initial CECL provision for credit losses on loans of $60.1 million recorded in accordance with GAAP requirements for accounting for business combinations and additional expenses from the Lakeland merger.

Asset Quality

The Company’s total non-performing loans as of September 30, 2024 were $89.9 million, or 0.47% of total loans, compared to $67.9 million, or 0.36% of total loans as of June 30, 2024 and $49.6 million, or 0.46% of total loans as of December 31, 2023. The $22.1 million increase in non-performing loans as of September 30, 2024, compared to the trailing quarter, consisted of a $10.4 million increase in non-performing commercial mortgage loans, an $8.9 million increase in non-performing commercial loans, a $1.5 million increase in non-performing construction loans, a $764,000 increase in non-performing residential mortgage loans, a $302,000 increase in non-performing multi-family loans and a $289,000 increase in non-performing consumer loans. As of September 30, 2024, impaired loans totaled $74.0 million with related specific reserves of $7.2 million, compared with impaired loans totaling $54.6 million with related specific reserves of $7.7 million as of June 30, 2024. As of December 31, 2023, impaired loans totaled $42.8 million with related specific reserves of $2.4 million.

As of September 30, 2024, the Company’s allowance for credit losses related to the loan portfolio was 1.02% of total loans, compared to 1.00% and 0.99% as of June 30, 2024 and December 31, 2023, respectively. The allowance for credit losses increased $84.0 million to $191.2 million as of September 30, 2024, from $107.2 million as of December 31, 2023. The increase in the allowance for credit losses on loans as of September 30, 2024 compared to December 31, 2023 was due to a $75.9 million provision for credit losses, which included an initial CECL provision of $60.1 million on loans acquired from Lakeland, and a $17.2 million allowance recorded through goodwill related to Purchased Credit Deteriorated loans acquired from Lakeland, partially offset by net charge-offs of $9.1 million.

The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as delinquency statistics and certain asset quality ratios.

	September 30, 2024				June 30, 2024				December 31, 2023
	Number of Loans	Principal Balance of Loans			Number of Loans	Principal Balance of Loans			Number of Loans	Principal Balance of Loans
	(Dollars in thousands)
Accruing past due loans:
30 to 59 days past due:
Commercial mortgage loans	2	$	430		3	$	1,707		1	$	825
Multi-family mortgage loans	—		—		—		—		1		3,815
Construction loans	—		—		—		—		—		—
Residential mortgage loans	23		5,020		9		1,714		13		3,429
Total mortgage loans	25		5,450		12		3,421		15		8,069
Commercial loans	14		1,952		20		3,444		6		998
Consumer loans	53		4,073		38		2,891		31		875
Total 30 to 59 days past due	92	$	11,475		70	$	9,756		52	$	9,942

60 to 89 days past due:
Commercial mortgage loans	1	$	641		3	$	1,231		—	$	—
Multi-family mortgage loans	—		—		—		—		1		1,635
Construction loans	—		—		—		—		—		—
Residential mortgage loans	11		1,991		10		2,193		8		1,208
Total mortgage loans	12		2,632		13		3,424		9		2,843
Commercial loans	9		1,240		6		1,146		3		198
Consumer loans	10		606		9		648		5		275
Total 60 to 89 days past due	31		4,478		28		5,218		17		3,316
Total accruing past due loans	123	$	15,953		98	$	14,974		69	$	13,258

Non-accrual:
Commercial mortgage loans	17	$	13,969		10	$	3,588		7	$	5,151
Multi-family mortgage loans	6		7,578		5		7,276		1		744
Construction loans	2		13,151		1		11,698		1		771
Residential mortgage loans	24		5,211		20		4,447		7		853
Total mortgage loans	49		39,909		36		27,009		16		7,519
Commercial loans	69		48,592		58		39,715		26		41,487
Consumer loans	32		1,433		24		1,144		10		633
Total non-accrual loans	150	$	89,934		118	$	67,868		52	$	49,639

Non-performing loans to total loans			0.47	%			0.36	%			0.46	%
Allowance for loan losses to total non-performing loans			217.09	%			277.50	%			215.96	%
Allowance for loan losses to total loans			1.02	%			1.00	%			0.99	%

As of September 30, 2024 and December 31, 2023, the Company held foreclosed assets of $9.8 million and $11.7 million, respectively. During the nine months ended September 30, 2024, there were three properties sold with an aggregate carrying value of $532,000 and one write-down of a foreclosed commercial property of $1.3 million. Foreclosed assets as of September 30, 2024 consisted primarily of commercial real estate. Total non-performing assets as of September 30, 2024 increased $36.6 million to $97.9 million, or 0.41% of total assets, from $61.3 million, or 0.43% of total assets as of December 31, 2023.

Balance Sheet Summary

Total assets as of September 30, 2024 were $24.04 billion, a $9.83 billion increase from December 31, 2023. The increase in total assets was primarily due to the addition of Lakeland.

The Company’s loans held for investment portfolio totaled $18.79 billion as of September 30, 2024 and $10.87 billion as of December 31, 2023. The loan portfolio consisted of the following:

	September 30, 2024			June 30, 2024			December 31, 2023
	(Dollars in thousands)
Mortgage loans:
Commercial	$	7,342,456		$	7,337,742		$	4,512,411
Multi-family		3,226,918			3,189,808			1,812,500
Construction		873,509			970,244			653,246
Residential		2,032,671			2,024,027			1,164,956
Total mortgage loans		13,475,554			13,521,821			8,143,113
Commercial loans		4,710,601			4,617,232			2,440,621
Consumer loans		623,709			626,016			299,164
Total gross loans		18,809,864			18,765,069			10,882,898
Premiums on purchased loans		1,362			1,410			1,474
Net deferred fees and unearned discounts		(16,617	)		(7,149	)		(12,456	)
Total loans	$	18,794,609		$	18,759,330		$	10,871,916

As part of the merger with Lakeland, we acquired $7.91 billion in loans, net of purchase accounting adjustments. Compared to the prior quarter, during the three months ended September 30, 2024, the loan portfolio had net increases of $93.4 million of commercial loans, $37.1 million of multi-family loans, $8.6 million of residential mortgage loans, and $4.7 million of commercial mortgage loans, partially offset by net decreases of $96.7 million of construction loans and $2.3 million of consumer loans. Commercial loans, consisting of commercial real estate, multi-family, commercial and construction loans, represented 85.9% of the loan portfolio as of September 30, 2024, compared to 86.5% as of December 31, 2023.

For the nine months ended September 30, 2024, loan funding, including advances on lines of credit, totaled $2.78 billion, compared with $2.53 billion for the same period in 2023.

As of September 30, 2024, the Company’s unfunded loan commitments totaled $2.97 billion, including commitments of $1.84 billion in commercial loans, $231.0 million in construction loans and $225.7 million in commercial mortgage loans. Unfunded loan commitments as of December 31, 2023 and September 30, 2023 were $2.09 billion and $2.18 billion, respectively.

The loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.98 billion as of September 30, 2024, compared to $1.09 billion and $1.70 billion as of December 31, 2023 and September 30, 2023, respectively.

Total investment securities were $3.17 billion as of September 30, 2024, a $1.04 billion increase from December 31, 2023. This increase was primarily due to the addition of Lakeland.

Total deposits increased $8.08 billion during the nine months ended September 30, 2024, to $18.38 billion, due primarily to the addition of Lakeland. Total savings and demand deposit accounts increased $6.02 billion to $15.22 billion as of September 30, 2024, while total time deposits increased $2.06 billion to $3.16 billion as of September 30, 2024. The increase in savings and demand deposits was largely attributable to a $2.92 billion increase in interest bearing demand deposits, a $1.58 billion increase in non-interest bearing demand deposits, a $1.03 billion increase in money market deposits and a $495.5 million increase in savings deposits. The increase in time deposits consisted of a $2.01 billion increase in retail time deposits and a $46.5 million increase in brokered time deposits.

Borrowed funds increased $244.5 million during the nine months ended September 30, 2024, to $2.21 billion. The increase in deposits and borrowings was largely due to the addition of Lakeland. Borrowed funds represented 9.2% of total assets as of September 30, 2024, a decrease from 13.9% as of December 31, 2023.

Stockholders’ equity increased $930.5 million during the nine months ended September 30, 2024, to $2.62 billion, primarily due to common stock issued for the purchase of Lakeland, net income earned for the period and an improvement in unrealized losses on available for sale debt securities, partially offset by cash dividends paid to stockholders. For the three and nine months ended September 30, 2024, common stock repurchases totaled 1,969 shares at an average cost of $16.36 per share and 88,821 shares at an average cost of $14.87 per share, respectively, all of which were made in connection with withholding to cover income taxes on the vesting of stock-based compensation. As of September 30, 2024, approximately 1.0 million shares remained eligible for repurchase under the current stock repurchase authorization. Book value per share and tangible book value per share(1) as of September 30, 2024 were $20.09 and $13.66, respectively, compared with $22.38 and $16.32, respectively, as of December 31, 2023.

About the Company

Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. Provident Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

Post Earnings Conference Call

Representatives of the Company will hold a conference call for investors on Wednesday, October 30, 2024 at 10:00 a.m. Eastern Time to discuss the Company’s financial results for the quarter ended September 30, 2024. The call may be accessed by dialing 1-888-412-4131 (United States Toll Free) and 1-646-960-0134 (United States Local). Speakers will need to enter conference ID code (3610756) before being met by a live operator. Internet access to the call is also available (listen only) at provident.bank by going to Investor Relations and clicking on “Webcast.”

Forward Looking Statements

Certain statements contained herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “project,” “intend,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, the effects of any turmoil or negative news in the banking industry, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity, any failure to realize the anticipated benefits of the merger transaction when expected or at all; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected conditions, factors or events, potential adverse reactions or changes to business, employee, customer and/or counterparty relationships, including those resulting from the completion of the merger and integration of the companies; and the impact of a potential shutdown of the federal government.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not assume any duty, and does not undertake, to update any forward-looking statements to reflect events or circumstances after the date of this statement.

Footnotes

⁽¹⁾ Annualized adjusted return on average assets, average equity and average tangible equity, annualized adjusted pre-tax pre-provision return on average assets, average equity and average tangible equity, tangible book value per share, annualized adjusted non-interest expense as a percentage of average assets and the efficiency ratio are non-GAAP financial measures. Please refer to the Notes following the Consolidated Financial Highlights which contain the reconciliation of GAAP to non-GAAP financial measures and the associated calculations.


PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Financial Highlights
(Dollars in Thousands, except share data) (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Statement of Income
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Non-interest income		26,855			22,275			19,320			69,937			60,861
Non-interest expense		136,002			115,394			65,625			323,224			199,485
Income (loss) before income tax expense		65,255			(21,318	)		37,390			86,906			136,011
Net income (loss)		46,405			(11,485	)		28,547			67,001			101,086
Diluted earnings per share	$	0.36		$	(0.11	)	$	0.38		$	0.65		$	1.35
Interest rate spread		2.65	%		2.58	%		2.39	%		2.55	%		2.69	%
Net interest margin		3.31	%		3.21	%		2.96	%		3.18	%		3.19	%

Profitability
Annualized return on average assets		0.76	%	(0.24		)%		0.81	%		0.47	%		0.98	%
Annualized adjusted return on average assets ⁽¹⁾		0.95	%	0.06		%		0.86	%		0.66	%		1.02	%
Annualized return on average equity		6.94	%	(2.17		)%		6.84	%		4.14	%		8.22	%
Annualized adjusted return on average equity ⁽¹⁾		8.62	%	0.53		%		7.30	%		5.83	%		8.59	%
Annualized return on average tangible equity ⁽⁴⁾		12.06	%	(3.15		)%		9.47	%		7.13	%		11.40	%
Annualized adjusted return on average tangible equity ⁽¹⁾		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%
Annualized adjusted non-interest expense to average assets ⁽⁴⁾		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%
Efficiency ratio ⁽⁶⁾		57.20	%		57.86	%		54.81	%		58.27	%		53.26	%

Asset Quality
Non-accrual loans				$	67,868					$	89,934		$	39,529
90+ and still accruing					—						—			—
Non-performing loans					67,868						88,061			39,529
Foreclosed assets					11,119						9,801			16,487
Non-performing assets					78,987						97,862			56,016
Non-performing loans to total loans					0.36	%					0.47	%		0.37	%
Non-performing assets to total assets					0.33	%					0.41	%		0.40	%
Allowance for loan losses				$	188,331					$	191,175		$	107,563
Allowance for loan losses to total non-performing loans					277.50	%					217.09	%		272.11	%
Allowance for loan losses to total loans					1.00	%					1.02	%		1.01	%
Net loan charge-offs	$	6,756		$	1,340		$	5,510		$	9,067		$	7,266
Annualized net loan charge-offs to average total loans		0.14	%		0.04	%		0.21	%		0.08	%		0.09	%

Average Balance Sheet Data
Assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Loans, net		18,531,939			14,649,413			10,470,843			14,631,071			10,269,022
Earning assets		21,809,226			17,385,819			12,735,938			17,305,446			12,574,437
Core deposits		15,394,715			12,257,244			9,212,202			12,271,839			9,408,156
Borrowings		2,125,149			2,158,193			1,780,655			2,074,958			1,556,619
Interest-bearing liabilities		17,304,569			13,856,039			9,826,064			13,757,895			9,554,204
Stockholders’ equity		2,660,470			2,127,469			1,654,920			2,163,856			1,645,093
Average yield on interest-earning assets		5.84	%		5.67	%		4.89	%		5.61	%		4.76	%
Average cost of interest-bearing liabilities		3.19	%		3.09	%		2.50	%		3.06	%		2.07	%

Notes and Reconciliation of GAAP and Non-GAAP Financial Measures
(Dollars in Thousands, except share data)

The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.


(1) Annualized Adjusted Return on Average Assets, Equity and Tangible Equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net Income	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Less: income tax expense		(4,306	)		(4,625	)		(486	)		(9,274	)		(1,015	)
Annualized adjusted net income	$	57,666		$	2,805		$	30,350		$	94,411		$	105,420
Less: Amortization of Intangibles (net of tax)	$	8,551		$	4,532		$	503		$	13,577		$	1,560
Annualized adjusted net income for annualized adjusted return on average tangible equity	$	66,217		$	7,337		$	30,853		$	107,988		$	106,980

Annualized Adjusted Return on Average Assets		0.95	%		0.06	%		0.86	%		0.66	%		1.02	%
Annualized Adjusted Return on Average Equity		8.62	%		0.53	%		7.30	%		5.83	%		8.59	%
Annualized Adjusted Return on Average Tangible Equity		14.53	%		2.01	%		10.24	%		9.56	%		12.07	%

(2) Annualized adjusted pre-tax, pre-provision (“PTPP”) returns on average assets, average equity and average tangible equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Adjustments to net income (loss):
Provision for credit losses		9,299			69,705			12,541			78,684			29,031
Net loss on Lakeland bond sale		—			2,839			—			—			—
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Income tax expense (benefit)		18,850			(9,833	)		8,843			19,905			34,925
PTPP income	$	90,121		$	70,141		$	52,220		$	202,274		$	170,391

Annualized PTPP income	$	358,525		$	282,106		$	207,177		$	270,191		$	227,812
Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351
Average equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Average tangible equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Annualized PTPP return on average assets		1.48	%		1.47	%		1.48	%		1.41	%		1.65	%
Annualized PTPP return on average equity		13.48	%		13.26	%		12.52	%		12.49	%		13.85	%
Annualized PTPP return on average tangible equity		19.77	%		19.21	%		17.33	%		17.91	%		19.22	%

(3) Book and Tangible Book Value per Share
							September 30,			June 30,			December 31,
								2024			2024			2023
Total stockholders’ equity							$	2,621,058		$	2,555,646		$	1,690,596
Less: total intangible assets								839,223			851,507			457,942
Total tangible stockholders’ equity							$	1,781,835		$	1,704,139		$	1,232,654

Shares outstanding								130,448,599			130,380,393			75,537,186

Book value per share (total stockholders’ equity/shares outstanding)							$	20.09		$	19.60		$	22.38
Tangible book value per share (total tangible stockholders’ equity/shares outstanding)							$	13.66		$	13.07		$	16.32

(4) Annualized Return on Average Tangible Equity
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Total average stockholders’ equity	$	2,660,470		$	2,127,469		$	1,654,920		$	2,163,856		$	1,645,093
Less: total average intangible assets		847,143			658,839			459,133			655,262			459,871
Total average tangible stockholders’ equity	$	1,813,327		$	1,468,630		$	1,195,787		$	1,508,594		$	1,185,222

Net income (loss)	$	46,405		$	(11,485	)	$	28,547		$	67,001		$	101,086
Less: Amortization of Intangibles, net of tax		8,551			4,532			503			13,577			1,560
Total net income (loss)	$	54,956		$	(6,953	)	$	29,050		$	80,578		$	102,646

Annualized return on average tangible equity (net income/total average tangible stockholders’ equity)		12.06	%	(1.90) %				9.64	%		7.13	%		11.58	%

(5) Annualized Adjusted Non-Interest Expense to Average Assets
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Reported non-interest expense	$	136,002		$	115,394		$	65,625		$	323,224		$	199,485
Adjustments to non-interest expense:
Merger-related transaction costs		15,567			18,915			2,289			36,684			5,349
Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Annualized adjusted non-interest expense	$	479,122		$	388,036		$	251,279		$	382,751		$	259,559

Average assets	$	24,248,038		$	19,197,041		$	13,976,610		$	19,198,113		$	13,848,351

Annualized adjusted non-interest expense/average assets		1.98	%		2.02	%		1.80	%		1.99	%		1.87	%

(6) Efficiency Ratio Calculation
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
		2024			2024			2023			2024			2023
Net interest income	$	183,701		$	141,506		$	96,236		$	418,877		$	303,666
Reported non-interest income		26,855			22,275			19,320			69,937			60,861
Adjustments to non-interest income:
Net (gain) loss on securities transactions		(2	)		2,973			13			2,972			(37	)
Adjusted non-interest income		26,853			25,248			19,333			72,909			60,824
Total income	$	210,554		$	166,754		$	115,569		$	491,786		$	364,490

Adjusted non-interest expense	$	120,435		$	96,479		$	63,336		$	286,540		$	194,136

Efficiency ratio (adjusted non-interest expense/income)		57.20	%		57.86	%		54.80	%		58.27	%		53.26	%

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Financial Condition
September 30, 2024 (Unaudited) and December 31, 2023
(Dollars in Thousands)

Assets	September 30, 2024			December 31, 2023
Cash and due from banks	$	244,064		$	180,241
Short-term investments		25			14
Total cash and cash equivalents		244,089			180,255
Available for sale debt securities, at fair value		2,725,110			1,690,112
Held to maturity debt securities, net of allowance (fair value of $322,427 as of September 30, 2024 (unaudited) and $352,601 as of December 31, 2023)		332,021			363,080
Equity securities, at fair value		20,044			1,270
Federal Home Loan Bank stock		96,219			79,217
Loans held for sale		5,757			1,785
Loans held for investment		18,794,609			10,871,916
Less allowance for credit losses		191,175			107,200
Net loans		18,609,191			10,766,501
Foreclosed assets, net		9,801			11,651
Banking premises and equipment, net		124,955			70,998
Accrued interest receivable		89,866			58,966
Intangible assets		839,223			457,942
Bank-owned life insurance		403,648			243,050
Other assets		548,348			287,768
Total assets	$	24,042,515		$	14,210,810

Liabilities and Stockholders’ Equity
Deposits:
Demand deposits	$	13,548,480		$	8,020,889
Savings deposits		1,671,209			1,175,683
Certificates of deposit of $250,000 or more		800,005			218,549
Other time deposits		2,356,491			877,393
Total deposits		18,376,185			10,292,514
Mortgage escrow deposits		48,007			36,838
Borrowed funds		2,214,512			1,970,033
Subordinated debentures		414,184			10,695
Other liabilities		368,569			210,134
Total liabilities		21,421,457			12,520,214

Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued		—			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 137,565,966 shares issued and 130,448,599 shares outstanding as of September 30, 2024 and 75,537,186 outstanding as of December 31, 2023.		1,376			832
Additional paid-in capital		1,871,343			989,058
Retained earnings		972,997			974,542
Accumulated other comprehensive loss		(93,049	)		(141,115	)
Treasury stock		(129,148	)		(127,825	)
Unallocated common stock held by the Employee Stock Ownership Plan		(2,461	)		(4,896	)
Common Stock acquired by the Directors’ Deferred Fee Plan		(2,247	)		(2,694	)
Deferred Compensation – Directors’ Deferred Fee Plan		2,247			2,694
Total stockholders’ equity		2,621,058			1,690,596
Total liabilities and stockholders’ equity	$	24,042,515		$	14,210,810

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Consolidated Statements of Income
Three months ended September 30, 2024, June 30, 2024 and September 30, 2023, and nine months ended September 30, 2024 and 2023 (Unaudited)
(Dollars in Thousands, except per share data)

	Three Months Ended							Nine Months Ended
	September 30,		June 30,			September 30,		September 30,			September 30,
		2024		2024			2023		2024			2023
Interest and dividend income:
Real estate secured loans	$	197,857	$	156,318		$	104,540	$	461,632		$	299,830
Commercial loans		81,183		58,532			33,806		175,815			93,915
Consumer loans		12,947		8,351			4,746		25,820			13,419
Available for sale debt securities, equity securities and Federal Home Loan Bank stock		25,974		20,394			11,886		58,698			34,748
Held to maturity debt securities		2,136		2,357			2,334		6,761			7,059
Deposits, federal funds sold and other short-term investments		2,425		1,859			885		5,466			2,678
Total interest income		322,522		247,811			158,197		734,192			451,649

Interest expense:
Deposits		110,009		81,058			44,923		243,602			108,880
Borrowed funds		19,923		20,566			16,765		57,871			38,329
Subordinated debt		8,889		4,681			273		13,842			774
Total interest expense		138,821		106,305			61,961		315,315			147,983
Net interest income		183,701		141,506			96,236		418,877			303,666
Provision charge for credit losses		9,299		69,705			12,541		78,684			29,031
Net interest income after provision for credit losses		174,402		71,801			83,695		340,193			274,635

Non-interest income:
Fees		9,816		8,699			6,132		24,426			18,294
Wealth management income		7,620		7,769			6,992		22,878			20,826
Insurance agency income		3,631		4,488			3,224		12,912			11,175
Bank-owned life insurance		4,308		3,323			1,820		9,448			4,838
Net gain (loss) on securities transactions		2		(2,973	)		13		(2,972	)		37
Other income		1,478		969			1,139		3,245			5,691
Total non-interest income		26,855		22,275			19,320		69,937			60,861

Non-interest expense:
Compensation and employee benefits		63,468		54,888			35,702		158,404			109,724
Net occupancy expense		12,790		11,142			8,113		32,452			24,474
Data processing expense		10,481		8,433			5,312		25,698			16,536
FDIC Insurance		4,180		3,100			1,628		9,553			5,688
Amortization of intangibles		12,231		6,483			720		19,420			2,231
Advertising and promotion expense		1,524		1,171			1,133		3,661			3,722
Merger-related expenses		15,567		18,915			2,289		36,684			5,349
Other operating expenses		15,761		11,262			10,728		37,352			31,761
Total non-interest expense		136,002		115,394			65,625		323,224			199,485
Income (loss) before income tax expense		65,255		(21,318	)		37,390		86,906			136,011
Income tax expense (benefit)		18,850		(9,833	)		8,843		19,905			34,925
Net income (loss)	$	46,405	$	(11,485	)	$	28,547	$	67,001		$	101,086

Basic earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average basic shares outstanding		129,941,845		102,957,521			74,909,083		102,819,042			74,793,530

Diluted earnings per share	$	0.36	$	(0.11	)	$	0.38	$	0.65		$	1.35
Average diluted shares outstanding		130,004,870		102,957,521			74,914,205		102,845,261			74,816,606

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Quarterly Average Balances
(Dollars in Thousands) (Unaudited)
	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost		Average Balance		Interest		Average Yield/Cost
Interest-Earning Assets:
Deposits	$	179,313	$	2,425	5.38	%	$	40,228	$	1,859	5.38	%	$	74,183	$	884	4.73	%
Federal funds sold and other short-term investments		—		—	—	%		0		—	—	%		57		1	4.00	%
Available for sale debt securities		2,644,262		24,884	3.72	%		2,244,725		17,647	3.14	%		1,724,833		10,127	2.35	%
Held to maturity debt securities, net ⁽¹⁾		342,217		2,136	2.50	%		352,216		2,357	2.68	%		373,681		2,334	2.50	%
Equity securities, at fair value		19,654		—	—	%		10,373		—	—	%		1,068		—	—	%
Federal Home Loan Bank stock		91,841		1,090	4.75	%		88,864		2,747	12.36	%		91,273		1,759	7.71	%
Net loans: ⁽²⁾
Total mortgage loans		13,363,265		197,857	5.83	%		10,674,109		156,318	5.81	%		7,881,193		104,540	5.21	%
Total commercial loans		4,546,088		81,183	7.05	%		3,514,602		58,532	6.62	%		2,289,267		33,806	5.81	%
Total consumer loans		622,586		12,947	8.27	%		460,702		8,351	7.29	%		300,383		4,746	6.27	%
Total net loans		18,531,939		291,987	6.21	%		14,649,413		223,201	6.05	%		10,470,843		143,092	5.37	%
Total interest-earning assets	$	21,809,226	$	322,522	5.84	%	$	17,385,819	$	247,811	5.67	%	$	12,735,938	$	158,197	4.89	%

Non-Interest Earning Assets:
Cash and due from banks		341,505						37,621						82,522
Other assets		2,097,307						1,773,601						1,158,150
Total assets	$	24,248,038					$	19,197,041					$	13,976,610

Interest-Bearing Liabilities:
Demand deposits	$	9,942,053	$	74,864	3.00	%	$	7,935,543	$	58,179	2.95	%	$	5,741,052	$	35,290	2.44	%
Savings deposits		1,711,502		1,006	0.23	%		1,454,784		832	0.23	%		1,240,951		592	0.19	%
Time deposits		3,112,598		34,139	4.36	%		2,086,433		22,047	4.25	%		1,052,793		9,041	3.41	%
Total deposits		14,766,153		110,009	2.96	%		11,476,760		81,058	2.84	%		8,034,796		44,923	2.22	%

Borrowed funds		2,125,149		19,923	3.73	%		2,158,193		20,566	3.83	%		1,780,655		16,765	3.74	%
Subordinated debentures		413,267		8,889	8.56	%		221,086		4,681	8.52	%		10,613		273	10.24	%
Total interest-bearing liabilities		17,304,569		138,821	3.19	%		13,856,039		106,305	3.09	%		9,826,064		61,961	2.50	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		3,741,160						2,866,917						2,230,199
Other non-interest bearing liabilities		541,839						346,616						265,427
Total non-interest bearing liabilities		4,282,999						3,213,533						2,495,626
Total liabilities		21,587,568						17,069,572						12,321,690
Stockholders’ equity		2,660,470						2,127,469						1,654,920
Total liabilities and stockholders’ equity	$	24,248,038					$	19,197,041					$	13,976,610

Net interest income			$	183,701					$	141,506					$	96,236

Net interest rate spread					2.65	%					2.58	%					2.39	%
Net interest-earning assets	$	4,504,657					$	3,529,780					$	2,909,874

Net interest margin ⁽³⁾					3.31	%					3.21	%					2.96	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.25x						1.30x


(1	)	Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2	)	Average outstanding balances are net of the allowance for loan losses, deferred loan fees and expenses, loan premiums and discounts and include non-accrual loans.
(3	)	Annualized net interest income divided by average interest-earning assets.

The following table summarizes the quarterly net interest margin for the previous five quarters.
	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
	3rd Qtr.		2nd Qtr.		1st Qtr.		4th Qtr.		3rd Qtr.
Interest-Earning Assets:
Securities	3.69	%	3.40	%	2.87	%	2.79	%	2.67	%
Net loans	6.21	%	6.05	%	5.51	%	5.50	%	5.37	%
Total interest-earning assets	5.84	%	5.67	%	5.06	%	5.04	%	4.89	%

Interest-Bearing Liabilities:
Total deposits	2.96	%	2.84	%	2.60	%	2.47	%	2.22	%
Total borrowings	3.73	%	3.83	%	3.60	%	3.71	%	3.74	%
Total interest-bearing liabilities	3.19	%	3.09	%	2.80	%	2.71	%	2.50	%

Interest rate spread	2.65	%	2.58	%	2.26	%	2.33	%	2.39	%
Net interest margin	3.31	%	3.21	%	2.87	%	2.92	%	2.96	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.25x		1.28x		1.28x		1.30x

PROVIDENT FINANCIAL SERVICES, INC. AND SUBSIDIARY
Net Interest Margin Analysis
Average Year to Date Balances
(Dollars in Thousands) (Unaudited)

	September 30, 2024						September 30, 2023
	Average				Average		Average				Average
	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost
Interest-Earning Assets:
Deposits	$	39,280	$	5,466	5.38	%	$	69,696	$	2,676	5.13	%
Federal funds sold and other short term investments		—		—	—	%		58		2	5.34	%
Available for sale debt securities		2,189,671		52,553	3.19	%		1,777,861		30,819	2.31	%
Held to maturity debt securities, net ⁽¹⁾		350,529		6,761	2.57	%		379,144		7,059	2.48	%
Equity securities, at fair value		10,050		—	—	%		1,022		—	—	%
Federal Home Loan Bank stock		84,845		6,145	9.66	%		77,634		3,929	6.75	%
Net loans: ⁽²⁾
Total mortgage loans		10,682,974		461,632	5.70	%		7,740,591		299,830	5.12	%
Total commercial loans		3,487,600		175,815	6.69	%		2,225,725		93,915	5.60	%
Total consumer loans		460,497		25,820	7.49	%		302,706		13,419	5.93	%
Total net loans		14,631,071		663,267	5.99	%		10,269,022		407,164	5.25	%
Total interest-earning assets	$	17,305,446	$	734,192	5.61	%	$	12,574,437	$	451,649	4.76	%

Non-Interest Earning Assets:
Cash and due from banks		229,336						121,801
Other assets		1,663,331						1,152,113
Total assets	$	19,198,113					$	13,848,351

Interest-Bearing Liabilities:
Demand deposits	$	7,931,251	$	174,609	2.94	%	$	5,710,855	$	85,822	2.01	%
Savings deposits		1,444,135		2,476	0.23	%		1,315,157		1,582	0.16	%
Time deposits		2,091,806		66,517	4.25	%		961,010		21,476	2.99	%
Total deposits		11,467,192		243,602	2.84	%		7,987,022		108,880	1.82	%
Borrowed funds		2,074,958		57,871	3.73	%		1,556,619		38,329	3.29	%
Subordinated debentures		215,745		13,842	8.57	%		10,563		774	9.80	%
Total interest-bearing liabilities	$	13,757,895	$	315,315	3.06	%	$	9,554,204	$	147,983	2.07	%

Non-Interest Bearing Liabilities:
Non-interest bearing deposits		2,896,453						2,382,144
Other non-interest bearing liabilities		379,909						266,910
Total non-interest bearing liabilities		3,276,362						2,649,054
Total liabilities		17,034,257						12,203,258
Stockholders’ equity		2,163,856						1,645,093
Total liabilities and stockholders’ equity	$	19,198,113					$	13,848,351

Net interest income			$	418,877					$	303,666

Net interest rate spread					2.55	%					2.69	%
Net interest-earning assets	$	3,547,551					$	3,020,233

Net interest margin ⁽³⁾					3.18	%					3.19	%

Ratio of interest-earning assets to total interest-bearing liabilities	1.26x						1.32x


(1) Average outstanding balance amounts shown are amortized cost, net of allowance for credit losses.
(2) Average outstanding balance are net of the allowance for loan losses, deferred loan fees and expenses, loan premium and discounts and include non-accrual loans.
(3) Annualized net interest income divided by average interest-earning assets.

The following table summarizes the year-to-date net interest margin for the previous three years.

	Nine Months Ended
	September 30, 2024		September 30, 2023		September 23, 2022
Interest-Earning Assets:
Securities	3.33	%	2.57	%	1.72	%
Net loans	5.99	%	5.25	%	4.01	%
Total interest-earning assets	5.61	%	4.76	%	3.51	%

Interest-Bearing Liabilities:
Total deposits	2.84	%	1.82	%	0.33	%
Total borrowings	3.73	%	3.29	%	0.97	%
Total interest-bearing liabilities	3.06	%	2.07	%	0.38	%

Interest rate spread	2.55	%	2.69	%	3.13	%
Net interest margin	3.18	%	3.19	%	3.24	%

Ratio of interest-earning assets to interest-bearing liabilities	1.26x		1.32x		1.38x

SOURCE: Provident Financial Services, Inc.

CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank

The MIL Network –

January 25, 2025

MIL-OSI: TMT Acquisition Corp Shareholders Approve Business Combination with eLong Power Holding Limited

Source: GlobeNewswire (MIL-OSI)

New York, NY, Oct. 29, 2024 (GLOBE NEWSWIRE) — TMT Acquisition Corp (Nasdaq: TMTCU, TMTC, and TMTCR) (“TMTC”), a publicly traded special purpose acquisition company, announced at its extraordinary general meeting earlier today, October 29, 2024, that its shareholders voted to approve the previously announced business combination with eLong Power Holding Limited (“eLong Power”), a provider of high power battery technologies for commercial and specialty vehicles and energy storage systems.

The transaction has been unanimously approved by the Board of Directors of TMT and eLong Power. Subject to certain contractual as well as customary closing conditions, the business combination is expected to close in the coming weeks. As part of the consummation of the business combination, the newly combined public company is expected to trade on the Nasdaq Stock Market under the symbol “ELPW”.

The business combination is expected to provide eLong Power with access to the U.S. public equity markets, thereby accelerating its business expansion and bolstering eLong Power’s position to explore additional growth and value- creating opportunities.

Advisors

The Crone Law Group P.C. is acting as U.S. legal advisor to TMTC. Ogier Global is acting as the Cayman Islands legal advisor to TMTC. Graubard Miller is acting as U.S. legal advisor to eLong Power, Harneys is acting as Cayman Islands legal advisor to eLong Power and Han Kun Law Offices is acting as China legal advisor to eLong Power.

About eLong Power

eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO.

eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.

About TMT Acquisition Corp

TMT Acquisition Corp is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. TMTC is led by Dajiang (“DJ”) Guo, Chairman and Chief Executive Officer, and Jichuan Yang, Chief Financial Officer, who are growth-oriented executives with a long track record of value creation across industries.

Forward-looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the risk that the transaction may not be completed by TMTC’s business combination deadline; the failure to satisfy one or more of the conditions to the consummation of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the effect of the announcement or pendency of the transaction on eLong Power’s business relationships, performance, and business generally; risks that the proposed business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power or TMTC related to the business combination agreement or the proposed business combination; the ability of eLong Power to have its securities listed on Nasdaq commencing on the closing of the transaction and maintain such listing thereafter; after the closing of the transaction, the price of eLong Power Inc.’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power Inc. will operate, variations in performance across competitors, changes in laws and regulations affecting eLong Power Inc.’s business and changes in its capital structure; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; patent and intellectual property matters; and the parties’ ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding TMTC’s and eLong Power’s business are described in detail in TMTC’s and eLong Power’s SEC filings which are available on the SEC’s website at www.sec.gov, including in eLong Power’s registration statement on Form F-4 (File No. 333-280512) and TMTC’s registration statement on Form S-1 (File No. 333-259879), filed with the SEC and updated by TMTC’s and eLong Power’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and TMTC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

eLong Power Investor Contact:
Shilin Xun
Email: xunshilin@elongpower.com

TMTC Contact:
Dajiang Guo
Email: dguo@tmtacquisitioncorp.com
347-627-0058

The MIL Network –

January 25, 2025

MIL-OSI: Stifel Declares Quarterly Common Stock Cash Dividend and Declares Preferred Stock Cash Dividend

Source: GlobeNewswire (MIL-OSI)

ST. LOUIS, Oct. 29, 2024 (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 $0.42 per share, payable December 16, 2024, to shareholders of record at the close of business on December 2, 2024.

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 September 17, 2024, up to, but excluding, December 16, 2024. 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 December 16, 2024 to shareholders of record on December 2, 2024.

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 –

January 25, 2025

MIL-OSI: RWA Inc. Unveils The RWA Hub: A Social Mining Platform Dedicated to Growth and Community Building

Source: GlobeNewswire (MIL-OSI)

ROAD TOWN, British Virgin Islands, Oct. 29, 2024 (GLOBE NEWSWIRE) — RWA Inc., a leader in the tokenization of real-world assets (RWAs), is excited to announce the launch of its latest product, The RWA Hub. This platform serves as a center for fostering knowledge, sharing, collaboration, and engagement for investors, entrepreneurs, and enthusiasts interested in real-world asset tokenization.

The RWA Hub provides a centralized space for users to stay informed about the latest developments, events, and opportunities within the RWA ecosystem. With a focus on building an active and engaged community, the hub encourages conversations, insights, and updates on the RWA Inc. ecosystem through incentive campaigns and Initial Labour Offerings.

What the RWA Hub Offers:

Community Engagement and Discussions: The RWA Hub features interactive forums where users can exchange ideas, ask questions, and share experiences. This space encourages dialogue between all users in the RWA Inc. Ecosystem, fostering a collaborative environment where participants can learn from one another and explore new opportunities in the tokenization space.
Exclusive Campaigns and Opportunities: The Hub hosts exclusive campaigns that are not available on other RWA Inc. platforms. These unique opportunities, tailored to active community members, include special token offerings, promotions, and engagement rewards that enrich the overall experience for users who actively participate in the RWA Hub.
Active Membership and Engagement: The RWA Hub already boasts an active membership, with participants regularly engaging in discussions, contributing to forums, and taking part in events. These continued contributions create long-term value for the RWA Inc. ecosystem, and members are rewarded for their dedication and active participation in our community.

Building a Community

The RWA Hub plays an important role in supporting the company’s mission to democratize access to real-world asset investment opportunities by providing a space where community members can connect and share knowledge. It serves as a platform for users to engage with each other and stay updated on trends in the tokenization space.

“The RWA Hub is a center for discussion, collaboration and engagement within our community – it’s a cornerstone for building lasting relationships with our users. We have designed it to reward those who engage and contribute towards the long-term growth of the RWA Inc. ecosystem. Their insights, participation, and dedication help drive us forward, and strengthen our community.” – Kevin Yunai, CEO & founder at RWA Inc.

Tokenization: A Growing Market Opportunity

The global tokenization market is experiencing rapid growth, with the potential to unlock trillions of dollars in traditionally illiquid assets. By fractionalizing high-value assets, RWA Inc. expands market reach and unlocks liquidity, making this market accessible to a broader group of investors. RWA Inc. is set to lead this space through innovative technology, strong leadership, and a dedicated community. The RWA Hub plays an important role in creating a long-standing, engaged community to ensure the longevity of our platform. We believe our success is directly tied to the growth and active involvement of our community. Through their support, we aim to solidify our position as a flagship brand for RWA tokenization.

About RWA Inc.

RWA Inc. delivers end-to-end real-world asset (RWA) tokenization via an advanced multi-asset platform, including tokenization as a service, a launchpad, and a marketplace. With a short-term focus on startup utility tokens for our go-to-market strategy, our primary emphasis is on strategically expanding into startup equity tokens, real estate, collectibles, and other asset classes. Our comprehensive services enhance liquidity, broaden market reach, support business development, and create new avenues for value creation, aligning with market demands.

Join our community today! – community.rwa.inc.

Contact Details:
Kevin Yunai
Founder and CEO
kevin@rwa.inc

Disclaimer: This content is provided by “RWA”. 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/85a2b193-aeb6-4b1a-8add-8412116d2c46

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb0194a8-ecb8-463e-a4d4-8c335a88fed6

The MIL Network –

January 25, 2025

MIL-OSI: Enstar Announces Changes to Executive Leadership Team

Source: GlobeNewswire (MIL-OSI)

• Appoints Paul Brockman as Chief Commercial Officer

• Names Adrian Thornycroft as Chief Administrative Officer from May 2025

HAMILTON, Bermuda, Oct. 29, 2024 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”) (Nasdaq: ESGR), today announces changes to its executive leadership team in connection with the upcoming retirement of Orla Gregory, President, at the end the year, and the expanding role of Enstar in the insurance industry.

Paul Brockman has been appointed as Chief Commercial Officer with immediate effect. Paul has been with Enstar since 2012, most recently in the role of Group Chief Operating Officer. This newly created role reflects the continued expansion of the scope of solutions Enstar can bring to the global insurance industry. Paul has over three decades of experience across the legacy and (re)insurance sectors. His new responsibilities will include corporate development, serving as one of the primary liaisons to the insurance market, engaging with industry leaders, and optimising market opportunities.

Adrian Thornycroft will join as Chief Administrative Officer in May 2025. Adrian will be based in Bermuda and will assume a number of responsibilities from Orla as well as take a leading role with respect to change strategy. Adrian has extensive operational and leadership experience, having successfully delivered significant business and change programmes at companies such as Brit, Lloyd’s, and MS Amlin.

The remaining responsibilities under the role of the outgoing President will be assumed by the wider leadership team.

Dominic Silvester, Enstar CEO, said:

“With Paul’s depth of legacy expertise and his versatile, wide-ranging experience, we are confident Paul will continue to make a significant impact as we continue to maintain and expand our industry relationships and drive forward our reputation as the leading provider of legacy solutions.

Adrian’s skillset and expertise aligns perfectly with Enstar’s strategic direction with regard to our operating platform at an important juncture and will further strengthen Enstar’s leadership team.”

About Enstar
Enstar is a NASDAQ-listed leading global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired over 117 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com.

Cautionary Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that include words such as “estimate,” “project,” “plan,” “intend,” “expect,” “anticipate,” “believe,” “would,” “should,” “could,” “seek,” “may,” “will” and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. These statements include statements regarding the intent, belief or current expectations of the Company and its management team. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including those related to the satisfaction of any post-closing regulatory requirements.

Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the completion of the proposed transaction on the anticipated terms and timing, (ii) the satisfaction of other conditions to the completion of the proposed transaction, including obtaining required shareholder and regulatory approvals; (iii) the risk that the Company’s stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against the Company or its directors, managers or officers, including the effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction (including the ability of certain customers to terminate or amend contracts upon a change of control) will harm the Company’s business, including current plans and operations, including during the pendency of the proposed transaction; (vi) the ability of the Company to retain and hire key personnel; (vii) the diversion of management’s time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (ix) legislative, regulatory and economic developments; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect the Company’s financial performance; (xi) certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management’s response to any of the aforementioned factors; (xiii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv) unexpected costs, liabilities or delays associated with the transaction; (xv) the response of competitors to the transaction; (xvi) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring the Company to pay a termination fee; (xvii) those risks and uncertainties set forth under the headings “Forward Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by the Company with the SEC from time to time, which are available via the SEC’s website at www.sec.gov; and (xviii) those risks described in the Proxy Statement filed with the SEC on October 11, 2024 and available from the sources indicated below.

These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Proxy Statement filed with the SEC on October 11, 2024 in connection with the proposed transaction. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. The forward-looking statements relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, or to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this communication that could cause actual results to differ. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect the Company.

Contact:

For Enstar:
For Investors: Matthew Kirk (investor.relations@enstargroup.com)
For Media: Jenna Kerr (communications@enstargroup.com)

The MIL Network –

January 25, 2025

MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
Adjusted EBITDA⁽¹⁾ was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio⁽¹⁾ of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		477,155		446,754			6.8			1,434,157		1,430,983			0.2
Adjusted EBITDA⁽¹⁾		142,425		114,575			24.3			400,695		459,887			(12.9	)
Net earnings		39,183		19,792			98.0			96,400		142,522			(32.4	)
Cash provided by operations		79,674		88,500			(10.0	)		319,292		330,316			(3.3	)
Funds provided by operations⁽¹⁾		113,322		91,608			23.7			342,837		388,220			(11.7	)

Cash used in investing activities		38,852		34,278			13.3			141,032		157,157			(10.3	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		7,709		13,479			(42.8	)		30,501		39,439			(22.7	)
Maintenance and infrastructure		56,139		38,914			44.3			127,297		108,463			17.4
Proceeds on sale		(5,647	)	(6,698	)		(15.7	)		(21,825	)	(20,724	)		5.3
Net capital spending⁽¹⁾		58,201		45,695			27.4			135,973		127,178			6.9

Net earnings per share:
Basic		2.77		1.45			91.0			6.74		10.45			(35.5	)
Diluted		2.31		1.45			59.3			6.73		9.84			(31.6	)
Weighted average shares outstanding:
Basic		14,142		13,607			3.9			14,312		13,643			4.9
Diluted		14,890		13,610			9.4			14,317		14,858			(3.6	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended September 30,							For the nine months ended September 30,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		224		(4.5	)		214		224		(4.5	)
Drilling rig utilization days:
U.S.		3,196		3,815		(16.2	)		9,885		13,823		(28.5	)
Canada		6,586		5,284		24.6			17,667		15,247		15.9
International		736		554		32.9			2,192		1,439		52.3
Revenue per utilization day:
U.S. (US$)		32,949		35,135		(6.2	)		33,011		35,216		(6.3	)
Canada (Cdn$)		32,325		32,224		0.3			34,497		32,583		5.9
International (US$)		47,223		51,570		(8.4	)		51,761		51,306		0.9
Operating costs per utilization day:
U.S. (US$)		22,207		21,655		2.5			22,113		20,217		9.4
Canada (Cdn$)		19,448		18,311		6.2			20,196		19,239		5.0

Service rig fleet		165		121		36.4			165		121		36.4
Service rig operating hours		62,835		46,894		34.0			194,390		144,944		34.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35
Canada		69		42		57		64			73		49		72
International		5		5		6		8			8		8		8
Total		134		98		104		117			119		93		115

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	September 30, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		166,473		136,872
Cash		24,304		54,182
Long-term debt		787,008		914,830
Total long-term financial liabilities⁽¹⁾		858,765		995,849
Total assets		2,887,996		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.32		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended September 30, 2024:

Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash from operations of $80 million, bringing our year to date total to $319 million.
- Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
- Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
- Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
- Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
- Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
- Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
- Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024	Average for the quarter ended 2023								Average		Average for the quarter ended 2024								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2023		Mar. 31		June 30		Sept. 30		Dec. 31		2024
Average rigs under term contract:
U.S.		40		37		32		28		34		20		17		17		16		18
Canada		19		23		23		23		22		24		22		23		24		23
International		4		5		7		7		6		8		8		8		8		8
Total		63		65		62		58		62		52		47		48		48		49

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended September 30,									For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		406,155			390,728			3.9			1,215,125			1,257,762			(3.4	)
Completion and Production Services		73,074			57,573			26.9			225,987			178,257			26.8
Inter-segment eliminations		(2,074	)		(1,547	)		34.1			(6,955	)		(5,036	)		38.1
		477,155			446,754			6.8			1,434,157			1,430,983			0.2
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		133,235			131,701			1.2			406,662			468,302			(13.2	)
Completion and Production Services		19,741			14,118			39.8			50,786			39,031			30.1
Corporate and Other		(10,551	)		(31,244	)		(66.2	)		(56,753	)		(47,446	)		19.6
		142,425			114,575			24.3			400,695			459,887			(12.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		406,155		390,728			3.9			1,215,125		1,257,762			(3.4	)
Expenses:
Operating		262,933		247,937			6.0			776,210		759,750			2.2
General and administrative		9,987		11,090			(9.9	)		32,253		29,710			8.6
Adjusted EBITDA⁽¹⁾		133,235		131,701			1.2			406,662		468,302			(13.2	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.8	%	33.7	%					33.5	%	37.2	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
Year to date average		36		583		51		692

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
Year to date average		65		183		56		175

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended September 30,							For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change			2024		2023
Revenue		73,074		57,573			26.9		225,987		178,257		26.8
Expenses:
Operating		50,608		41,612			21.6		167,128		133,325		25.4
General and administrative		2,725		1,843			47.9		8,073		5,901		36.8
Adjusted EBITDA⁽¹⁾		19,741		14,118			39.8		50,786		39,031		30.1
Adjusted EBITDA as a percentage of revenue⁽¹⁾		27.0	%	24.5	%				22.5	%	21.9	%
Well servicing statistics:
Number of service rigs (end of period)		165		121			36.4		165		121		36.4
Service rig operating hours		62,835		46,894			34.0		194,390		144,944		34.1
Service rig operating hour utilization		41	%	42	%				43	%	44	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023		2024		2023
Cash settled share-based incentive plans		(1,626	)		30,105		28,810		20,091
Equity settled share-based incentive plans		1,440			701		3,517		1,834
Total share-based incentive compensation plan expense		(186	)		30,806		32,327		21,925

Allocated:
Operating		221			7,692		8,159		6,732
General and Administrative		(407	)		23,114		24,168		15,193
		(186	)		30,806		32,327		21,925

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		133,235		131,701			406,662		468,302
Completion and Production Services		19,741		14,118			50,786		39,031
Corporate and Other		(10,551	)	(31,244	)		(56,753	)	(47,446	)
Adjusted EBITDA		142,425		114,575			400,695		459,887
Depreciation and amortization		75,073		73,192			227,104		218,823
Gain on asset disposals		(3,323	)	(2,438	)		(14,235	)	(15,586	)
Foreign exchange		849		363			772		(894	)
Finance charges		16,914		19,618			53,472		63,946
Gain on repurchase of unsecured notes		—		(37	)		—		(137	)
Loss (gain) on investments and other assets		(150	)	(3,813	)		(330	)	6,075
Incomes taxes		13,879		7,898			37,512		45,138
Net earnings		39,183		19,792			96,400		142,522

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade		7,709		13,479			30,501		39,439
Maintenance, infrastructure and intangibles		56,139		38,914			127,297		108,463
		63,848		52,393			157,798		147,902
Proceeds on sale of property, plant and equipment		(5,647	)	(6,698	)		(21,825	)	(20,724	)
Net capital spending		58,201		45,695			135,973		127,178
Business acquisitions		—		—			—		28,000
Proceeds from sale of investments and other assets		—		(10,013	)		(3,623	)	(10,013	)
Purchase of investments and other assets		7		3,211			7		5,282
Receipt of finance lease payments		(207	)	(64	)		(591	)	(64	)
Changes in non-cash working capital balances		(19,149	)	(4,551	)		9,266		6,774
Cash used in investing activities		38,852		34,278			141,032		157,157

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		472,557		510,881
Current liabilities		306,084		374,009
Working capital		166,473		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		920,812		1,069,364
Deferred tax liabilities		62,047		73,515
Total long-term financial liabilities		858,765		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2024;
our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
the average number of term contracts in place for 2024;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	September 30, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	24,304		$	54,182		$	21,587
Accounts receivable		401,652			421,427			413,925
Inventory		41,398			35,272			35,158
Assets held for sale		5,203			—			—
Total current assets		472,557			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		27,767			73,662			455
Property, plant and equipment		2,296,079			2,338,088			2,303,338
Intangibles		15,566			17,310			19,575
Right-of-use assets		63,708			63,438			60,032
Finance lease receivables		4,938			5,003			—
Investments and other assets		6,685			9,971			20,451
Total non-current assets		2,415,439			2,508,154			2,405,453
Total assets	$	2,887,996		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	282,810		$	350,749		$	404,350
Income taxes payable		3,059			3,026			2,991
Current portion of lease obligations		19,263			17,386			12,698
Current portion of long-term debt		952			2,848			2,287
Total current liabilities		306,084			374,009			422,326

Non-current liabilities:
Share-based compensation		10,339			16,755			47,836
Provisions and other		7,408			7,140			7,538
Lease obligations		54,010			57,124			52,978
Long-term debt		787,008			914,830			1,085,970
Deferred tax liabilities		62,047			73,515			28,946
Total non-current liabilities		920,812			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,337,079			2,365,129			2,299,533
Contributed surplus		76,656			75,086			72,555
Deficit		(915,629	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		158,602			147,476			159,714
Total equity attributable to shareholders		1,656,708			1,575,662			1,230,529
Non-controlling interest		4,392			—			—
Total equity		1,661,100			1,575,662			1,230,529
Total liabilities and equity	$	2,887,996		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

^{(2) See “JOINT PARTNERSHIP” for additional information.}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	477,155		$	446,754		$	1,434,157		$	1,430,983
Expenses:
Operating		311,467			288,002			936,383			888,039
General and administrative		23,263			44,177			97,079			83,057
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		142,425			114,575			400,695			459,887
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		849			363			772			(894	)
Finance charges		16,914			19,618			53,472			63,946
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Earnings before income taxes		53,062			27,690			133,912			187,660
Income taxes:
Current		2,297			2,047			4,659			4,008
Deferred		11,582			5,851			32,853			41,130
		13,879			7,898			37,512			45,138
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Net earnings per share attributable to shareholders:
Basic	$	2.77		$	1.45		$	6.74		$	10.45
Diluted	$	2.31		$	1.45		$	6.73		$	9.84

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(16,104	)		39,180			30,409			3,322
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		9,536			(24,616	)		(19,283	)		(1,484	)
Comprehensive income	$	32,615		$	34,356		$	107,526		$	144,360

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Adjustments for:
Long-term compensation plans		2,620			11,577			14,490			9,200
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		815			1,275			965			(13	)
Finance charges		16,914			19,618			53,472			63,946
Income taxes		13,879			7,898			37,512			45,138
Other		27			—			120			(220	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Income taxes paid		(508	)		(187	)		(4,842	)		(2,395	)
Income taxes recovered		58			4			58			7
Interest paid		(31,692	)		(35,500	)		(69,435	)		(79,702	)
Interest received		426			227			1,558			562
Funds provided by operations		113,322			91,608			342,837			388,220
Changes in non-cash working capital balances		(33,648	)		(3,108	)		(23,545	)		(57,904	)
Cash provided by operations		79,674			88,500			319,292			330,316

Investments:
Purchase of property, plant and equipment		(63,797	)		(51,546	)		(157,747	)		(146,378	)
Purchase of intangibles		(51	)		(847	)		(51	)		(1,524	)
Proceeds on sale of property, plant and equipment		5,647			6,698			21,825			20,724
Proceeds from sale of investments and other assets		—			10,013			3,623			10,013
Business acquisitions		—			—			—			(28,000	)
Purchase of investments and other assets		(7	)		(3,211	)		(7	)		(5,282	)
Receipt of finance lease payments		207			64			591			64
Changes in non-cash working capital balances		19,149			4,551			(9,266	)		(6,774	)
Cash used in investing activities		(38,852	)		(34,278	)		(141,032	)		(157,157	)

Financing:
Issuance of long-term debt		10,900			23,600			10,900			162,649
Repayments of long-term debt		(59,658	)		(49,517	)		(162,506	)		(288,538	)
Repurchase of share capital		(16,891	)		—			(50,465	)		(12,951	)
Issuance of common shares from the exercise of options		495			—			686			—
Debt amendment fees		—			—			(1,317	)		—
Lease payments		(3,586	)		(2,410	)		(10,005	)		(6,413	)
Funding from non-controlling interest		4,392			—			4,392			—
Cash used in financing activities		(64,348	)		(28,327	)		(208,315	)		(145,253	)
Effect of exchange rate changes on cash		(403	)		251			177			(428	)
Increase (decrease) in cash		(23,929	)		26,146			(29,878	)		27,478
Cash, beginning of period		48,233			22,919			54,182			21,587
Cash, end of period	$	24,304		$	49,065		$	24,304		$	49,065

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		96,400			96,400			—		96,400
Other comprehensive income for the period		—			—			11,126		—			11,126			—		11,126
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(51,050	)		—			—		—			(51,050	)		—		(51,050	)
Redemption of non-management directors share units		176			(176	)		—		—			—			—		–
Share-based compensation expense		—			3,517			—		—			3,517			—		3,517
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at September 30, 2024	$	2,337,079		$	76,656		$	158,602	$	(915,629	)	$	1,656,708		$	4,392	$	1,661,100

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714	$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—		142,522			142,522			—		142,522
Other comprehensive income for the period		—			—		1,838		—			1,838			—		1,838
Settlement of Executive Performance and Restricted Share Units		19,206			—		—		—			19,206			—		19,206
Share repurchases		(12,951	)		—		—		—			(12,951	)		—		(12,951	)
Redemption of non-management directors share units		757			—		—		—			757			—		757
Share-based compensation expense		—			1,834		—		—			1,834			—		1,834
Balance at September 30, 2023	$	2,306,545		$	74,389	$	161,552	$	(1,158,751	)	$	1,383,735		$	—	$	1,383,735

2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

January 25, 2025

MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

MUNSTER, Ind., Oct. 29, 2024 (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 $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:


Performance Ratios	Quarter ended,															Nine months ended,
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Return on equity		1.60	%		0.39	%		24.97	%		4.92	%		6.55	%		4.50	%		6.68	%
Return on assets		0.12	%		0.03	%		1.77	%		0.29	%		0.42	%		0.64	%		0.44	%
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%
Noninterest income / average assets		0.55	%		0.50	%		2.57	%		0.53	%		0.46	%		1.21	%		0.51	%
Noninterest expense / average assets		2.80	%		2.79	%		2.86	%		2.60	%		2.59	%		2.82	%		2.67	%
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		83.68	%

“The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

Highlights of the current period include:

Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. 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 September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% 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, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.

Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024. The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 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 September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.

Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These 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.

Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 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) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.

Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.

Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 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 $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 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; inflation; 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,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Return on equity		1.60%		0.39%		24.97%		4.92%		6.55%		4.50%		6.68%
Return on assets		0.12%		0.03%		1.77%		0.29%		0.42%		0.64%		0.44%
Yield on loans		5.22%		5.11%		5.02%		5.09%		5.02%		5.12%		4.87%
Yield on security investments		2.37%		2.43%		2.37%		2.57%		2.41%		2.39%		2.39%
Total yield on earning assets		4.73%		4.64%		4.52%		4.64%		4.51%		4.64%		4.39%
Cost of interest-bearing deposits		2.47%		2.37%		2.36%		2.22%		1.95%		2.40%		1.58%
Cost of repurchase agreements		4.04%		3.86%		3.88%		3.78%		3.83%		3.93%		3.59%
Cost of borrowed funds		4.56%		4.95%		4.62%		4.41%		4.48%		4.70%		4.58%
Total cost of interest-bearing liabilities		2.63%		2.55%		2.53%		2.38%		2.16%		2.57%		1.82%
Tax adjusted net interest margin (1)		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Noninterest income / average assets		0.55%		0.50%		2.57%		0.53%		0.46%		1.21%		0.51%
Noninterest expense / average assets		2.80%		2.79%		2.86%		2.60%		2.59%		2.82%		2.67%
Net noninterest margin / average assets		-2.24%		-2.29%		-0.29%		-2.08%		-2.13%		-1.60%		-2.16%
Efficiency ratio		97.32%		98.56%		59.41%		87.49%		86.88%		80.16%		83.68%
Effective tax rate		-51.88%		-6.72%		9.48%		-30.85%		-22.20%		7.01%		0.30%

Non-performing assets to total assets		0.73%		0.61%		0.64%		0.61%		0.54%		0.73%		0.54%
Non-performing loans to total loans		0.92%		0.75%		0.78%		0.76%		0.66%		0.92%		0.66%
Allowance for credit losses to non-performing loans		134.12%		161.17%		159.12%		163.90%		192.89%		134.12%		192.89%
Allowance for credit losses to loans receivable		1.23%		1.22%		1.25%		1.24%		1.27%		1.23%		1.27%
Foreclosed real estate to total assets		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%

Basic earnings per share	$	0.14	$	0.03	$	2.18	$	0.36	$	0.52	$	2.35	$	1.60
Diluted earnings per share	$	0.14	$	0.03	$	2.17	$	0.35	$	0.51	$	2.35	$	1.60
Stockholders’ equity / total assets		7.69%		7.16%		7.32%		6.99%		5.70%		7.69%		5.70%
Book value per share	$	36.99	$	34.45	$	35.17	$	34.28	$	27.68	$	36.99	$	27.68
Closing stock price	$	31.98	$	24.52	$	24.60	$	25.24	$	22.00	$	31.98	$	22.00
Price to earnings per share ratio		56.21		182.60		2.82		17.77		10.67		10.19		10.28
Dividends declared per common share	$	0.12	$	0.12	$	0.12	$	0.12	$	0.31	$	0.36	$	0.93

Common equity tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Total capital to risk-weighted assets		12.14%		11.95%		11.92%		11.36%		11.12%		12.14%		11.12%
Tier 1 capital to adjusted average assets		8.38%		8.32%		8.24%		7.78%		7.81%		8.38%		7.81%


Non-GAAP Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Net interest margin – tax equivalent		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Tangible book value per diluted share	$	31.28	$	28.67	$	29.30	$	28.31	$	21.63	$	31.28	$	21.63
Tangible book value per diluted share adjusted for AOCL	$	42.47	$	42.33	$	42.36	$	40.31	$	39.96	$	42.47	$	39.96
Tangible common equity to total assets		6.51%		5.95%		6.09%		5.77%		4.46%		6.51%		4.46%
Tangible common equity to total assets adjusted for AOCL		8.83%		8.79%		8.81%		8.22%		8.23%		8.83%		8.23%

(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)	September 30, 2024						June 30, 2024
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS
Interest bearing deposits in other financial institutions	$	44,365		$	665	6.00	$	60,378		$	800	5.30
Federal funds sold		682			9	5.28		1,263			10	3.17
Securities available-for-sale		342,451			2,031	2.37		337,226			2,047	2.43
Loans receivable		1,506,967			19,660	5.22		1,501,584			19,174	5.11
Federal Home Loan Bank stock		6,547			107	6.54		6,547			96	5.87
Total interest earning assets		1,901,012		$	22,472	4.73		1,906,998		$	22,127	4.64
Cash and non-interest bearing deposits in other financial institutions		32,198						18,054
Allowance for credit losses		(18,482	)					(18,788	)
Other noninterest bearing assets		155,996						158,358
Total assets	$	2,070,724					$	2,064,622

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,451,414		$	8,946	2.47	$	1,455,007		$	8,610	2.37
Repurchase agreements		43,074			435	4.04		41,388			399	3.86
Borrowed funds		95,224			1,085	4.56		85,940			1,064	4.95
Total interest bearing liabilities		1,589,712		$	10,466	2.63		1,582,335		$	10,073	2.55
Non-interest bearing deposits		287,507						291,618
Other noninterest bearing liabilities		41,696						45,029
Total liabilities		1,918,915						1,918,982
Total stockholders’ equity		151,809						145,640
Total liabilities and stockholders’ equity	$	2,070,724					$	2,064,622


Return on average assets		0.12	%					0.03	%
Return on average equity		1.60	%					0.39	%
Net interest margin (average earning assets)		2.53	%					2.53	%
Net interest margin (average earning assets) – tax equivalent		2.67	%					2.67	%
Net interest spread		2.10	%					2.09	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Year-to-Date
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						September 30, 2023
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS				`
Interest bearing deposits in other financial institutions	$	51,522		$	2,317	6.00	$	31,171		$	1,112	4.76
Federal funds sold		919			29	4.21		1,158			38	4.38
Certificates of deposit in other financial institutions		–			–	–		1,169			44	5.02
Securities available-for-sale		348,269			6,239	2.39		369,897			6,631	2.39
Loans receivable		1,504,197			57,713	5.12		1,519,981			55,481	4.87
Federal Home Loan Bank stock		6,547			285	5.80		6,547			221	4.50
Total interest earning assets		1,911,454		$	66,583	4.64		1,929,923		$	63,527	4.39
Cash and non-interest bearing deposits in other financial institutions		29,183						18,723
Allowance for credit losses		(18,670	)					(17,619	)
Other noninterest bearing assets		155,433						154,227
Total assets	$	2,077,400					$	2,085,254

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,464,682		$	26,350	2.40	$	1,455,410		$	17,258	1.58
Repurchase agreements		40,879			1,204	3.93		33,170			892	3.59
Borrowed funds		90,423			3,189	4.70		102,864			3,537	4.58
Total interest bearing liabilities		1,595,984		$	30,743	2.57		1,591,444		$	21,687	1.82
Non-interest bearing deposits		291,161						326,431
Other noninterest bearing liabilities		41,540						30,178
Total liabilities		1,928,685						1,948,053
Total stockholders’ equity		148,715						137,201
Total liabilities and stockholders’ equity	$	2,077,400					$	2,085,254


Return on average assets		0.64	%					0.44	%
Return on average equity		4.50	%					6.68	%
Net interest margin (average earning assets)		2.50	%					2.89	%
Net interest margin (average earning assets) – tax equivalent		2.64	%					3.04	%
Net interest spread		2.07	%					2.57	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Finward Bancorp
Quarterly Financial Report

Balance Sheet Data
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS

Cash and non-interest bearing deposits in other financial institutions	$	23,071		$	19,061		$	16,418		$	17,942		$	17,922
Interest bearing deposits in other financial institutions		48,025			63,439			54,755			67,647			52,875

Total cash and cash equivalents		71,649			83,207			71,780			86,008			71,648

Securities available-for-sale		350,027			339,585			346,233			371,374			339,280
Loans held-for-sale		2,567			1,185			667			340			2,057
Loans receivable, net of deferred fees and costs		1,508,242			1,506,398			1,508,251			1,512,595			1,525,660
Less: allowance for credit losses		(18,516	)		(18,330	)		(18,805	)		(18,768	)		(19,430	)
Net loans receivable		1,489,726			1,488,068			1,489,446			1,493,827			1,506,230
Federal Home Loan Bank stock		6,547			6,547			6,547			6,547			6,547
Accrued interest receivable		7,442			7,695			7,583			8,045			7,864
Premises and equipment		47,912			48,696			47,795			38,436			38,810
Foreclosed real estate		–			–			71			71			71
Cash value of bank owned life insurance		33,312			33,107			32,895			32,702			32,509
Goodwill		22,395			22,395			22,395			22,395			22,395
Other intangible assets		2,203			2,555			2,911			3,272			3,636
Other assets		40,882			44,027			43,459			45,262			56,423

Total assets	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	285,157		$	286,784		$	296,959		$	295,594		$	312,635
Interest bearing		1,463,653			1,469,970			1,450,519			1,517,827			1,471,402
Total		1,748,810			1,756,754			1,747,478			1,813,421			1,784,037
Repurchase agreements		43,038			42,973			41,137			38,124			48,310
Borrowed funds		85,000			85,000			90,000			80,000			100,000
Accrued expenses and other liabilities		38,259			43,709			41,586			29,389			36,080

Total liabilities		1,915,107			1,928,436			1,920,201			1,960,934			1,968,427

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: September 30, 2024 – 4,313,940
December 31, 2023 – 4,298,773
Additional paid-in capital		69,916			69,778			69,727			69,555			69,482
Accumulated other comprehensive loss		(48,241	)		(58,939	)		(56,313	)		(51,613	)		(78,848	)
Retained earnings		137,880			137,792			138,167			129,403			128,409

Total stockholders’ equity		159,555			148,631			151,581			147,345			119,043

Total liabilities and stockholders’ equity	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

Finward Bancorp
Quarterly Financial Report

Consolidated Statements of Income	Quarter Ended,															Nine months ended,
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Interest income:
Loans	$	19,660		$	19,174		$	18,879		$	19,281		$	19,161		$	57,713		$	55,481
Securities & short-term investments		2,812			2,953			3,105			2,975			2,617			8,870			8,046
Total interest income		22,472			22,127			21,984			22,256			21,778			66,583			63,527
Interest expense:
Deposits		8,946			8,610			8,794			8,180			7,066			26,350			17,258
Borrowings		1,520			1,463			1,410			1,361			1,579			4,393			4,429
Total interest expense		10,466			10,073			10,204			9,541			8,645			30,743			21,687
Net interest income		12,006			12,054			11,780			12,715			13,133			35,840			41,840
Provision for credit losses		–			76			–			779			244			76			1,246
Net interest income after provision for credit losses		12,006			11,978			11,780			11,936			12,889			35,764			40,594
Noninterest income:
Fees and service charges		1,463			1,257			1,153			1,507			1,374			3,873			4,517
Wealth management operations		731			763			633			672			572			2,127			1,812
Gain on sale of loans held-for-sale, net		338			320			152			352			192			810			729
Increase in cash value of bank owned life insurance		205			212			193			193			193			610			573
Gain (loss) on sale of real estate		–			15			11,858			–			2			11,873			(13	)
Loss on sale of securities, net		–			–			(531	)		–			–			(531	)		(48	)
Other		130			6			17			11			64			154			441
Total noninterest income		2,867			2,573			13,475			2,735			2,397			18,916			8,011
Noninterest expense:
Compensation and benefits		6,963			7,037			7,109			6,290			6,729			21,109			21,365
Occupancy and equipment		2,181			2,120			1,915			1,520			1,711			6,205			4,898
Data processing		1,165			1,135			1,170			1,269			1,085			3,470			3,465
Federal deposit insurance premiums		435			397			501			492			474			1,333			1,511
Marketing		209			212			158			191			235			579			649
Other		3,521			3,516			4,151			3,755			3,259			9,465			8,547
Total noninterest expense		14,474			14,417			15,004			13,517			13,493			43,895			41,715
Income before income taxes		399			134			10,251			1,154			1,793			10,785			6,890
Income tax expenses (benefit)		(207	)		(9	)		972			(356	)		(398	)		756			21
Net income	$	606		$	143		$	9,279		$	1,510		$	2,191		$	10,029		$	6,869

Earnings per common share:
Basic	$	0.14		$	0.03		$	2.18		$	0.36		$	0.52		$	2.35		$	1.60
Diluted	$	0.14		$	0.03		$	2.17		$	0.35		$	0.51		$	2.35		$	1.60

Finward Bancorp
Quarterly Financial Report

Asset Quality			(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
(Dollars in thousands)			September 30,		June 30,		March 31,		December 31,		September 30,
				2024		2024		2024		2023		2023
Nonaccruing loans			$	13,806	$	11,079	$	11,603	$	9,608	$	9,840
Accruing loans delinquent more than 90 days				–		294		215		1,843		233
Securities in non-accrual				1,440		1,371		1,442		1,357		1,155
Foreclosed real estate				–		–		71		71		71
	Total nonperforming assets		$	15,246	$	12,744	$	13,331	$	12,879	$	11,299

Allowance for credit losses (ACL):
	ACL specific allowances for collateral dependent loans		$	1,821	$	1,327	$	1,455	$	906	$	554
	ACL general allowances for loan portfolio			16,695		17,003		17,351		17,862		18,876
		Total ACL	$	18,516	$	18,330	$	18,806	$	18,768	$	19,430

(Dollars in millions)									Minimum Required To Be
					Minimum Required For				Well Capitalized Under Prompt
	Actual				Capital Adequacy Purposes				Corrective Action Regulations
September 30, 2024	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	71.9	4.50	%	$	103.9	6.50	%
Tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	95.9	6.00	%	$	127.9	8.00	%
Total capital to risk-weighted assets	$	194.0	12.14	%	$	127.9	8.00	%	$	159.8	10.00	%
Tier 1 capital to adjusted average assets	$	176.3	8.38	%	$	84.7	4.00	%	$	105.8	5.00	%

Table 1 – Reconciliation of the Non-GAAP Performance Measures

(Dollars in thousands)	Quarter Ended,															Nine months ended,
(unaudited)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of tangible common equity
Total stockholder’s equity	$	159,555		$	148,631		$	151,581		$	147,345		$	119,043		$	159,555		$	119,043
Goodwill		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)
Other intangibles		(2,203	)		(2,555	)		(2,911	)		(3,272	)		(3,636	)		(2,203	)		(3,636	)
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012

Calculation of tangible common equity adjusted for accumulated other comprehensive loss
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Accumulated other comprehensive loss		48,241			58,939			56,313			51,613			78,848			48,241			78,848
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860

Calculation of tangible book value per share
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share	$	31.28		$	28.67		$	29.30		$	28.31		$	21.63		$	31.28		$	21.63

Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Diluted average common shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share adjusted for accumulated other comprehensive loss	$	42.47		$	42.33		$	42.36		$	40.31		$	39.96		$	42.47		$	39.96

Calculation of tangible common equity to total assets
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets		6.51	%		5.95	%		6.09	%		5.77	%		4.46	%		6.51	%		4.46	%

Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets adjusted for accumulated other comprehensive loss		8.83	%		8.79	%		8.81	%		8.22	%		8.23	%		8.83	%		8.23	%

Calculation of tax adjusted net interest margin
Net interest income	$	12,006		$	12,054		$	11,780		$	12,715		$	13,133		$	35,840		$	41,840
Tax adjusted interest on securities and loans		678			677			699			722			730			2,054			2,234
Adjusted net interest income		12,684			12,731			12,749			13,437			13,863			37,894			44,074
Total average earning assets		1,901,012			1,906,998			1,945,501			1,920,127			1,930,118			1,911,454			1,929,923
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%

Efficiency ratio
Total non-interest expense	$	14,474		$	14,417		$	15,004		$	13,517		$	13,493		$	43,895		$	13,493
Total revenue		14,873			14,627			25,255			15,450			15,530			54,756			15,530
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		86.88	%

FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575

The MIL Network –

January 25, 2025

MIL-OSI: Blackwells Capital Calls on Brancous to End its Alarmist Attacks on Braemar

Source: GlobeNewswire (MIL-OSI)

Brancous’ misleading accusations are not constructive and could negatively impact the Company’s business

Blackwells encourages all Braemar shareholders to support the enhanced Board and management team

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Blackwells Capital LLC (“Blackwells”), a shareholder of Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) (NYSE: BHR), today released a letter to its fellow Braemar shareholders:

The full text of the letter follows:

Dear Fellow Braemar Shareholders,

Over the past months, Blackwells Capital, in its capacity as an engaged shareholder of Braemar Hotels & Resorts (“Braemar” or the “Company”), exchanged views with the board of directors (the “Board”) and management of Braemar. Blackwells’ concerns were heard by Braemar, and Blackwells was pleased to enter into a constructive agreement with the Company, reflective of its confidence in the Board and management team to drive value for all shareholders.

Recently, another shareholder, Brancous LP1 (“Brancous”) has issued several public letters to Braemar. While Brancous is free to have its say as a shareholder of the Company, we believe its accusations and inferences are increasingly alarmist in nature, and without merit. Left uncorrected, Blackwells is concerned these accusations could have a negative impact on Braemar’s business.

Brancous’ latest letter dated October 22, 2024 appears to be a regurgitation of false claims made by a disgruntled hotel union. We believe it is irresponsible to peddle such misinformation, and, in particular, highlight the recklessness of stating that a lawsuit was filed against Braemar when no such thing happened.

Contrary to Brancous’ misstatements, Ashford Inc has stated publicly that Braemar has received an official private letter ruling from the Internal Revenue Service regarding its structure and operating relationship with Remington Hospitality, providing assurance of its proper REIT compliance. We question Brancous’ claim that “No other REIT operates in this manner,” and believe that it demonstrates a lack of knowledge of the REIT space.

Further, Brancous’ missives about the Braemar Board ignore the recent appointment of Jay Shah. Mr. Shah is a seasoned hospitality and real estate executive and joined the Board as an independent director. Blackwells believes that Mr. Shah brings an infusion of skills, experience and fresh expertise to Braemar. Blackwells strenuously objects to Brancous’ attacks which oddly single out Braemar independent director, Stefani Carter. Blackwells has had the opportunity to meet with Ms. Carter and believes she is an effective and independent fiduciary for shareholders, with an esteemed professional background.

Brancous closes its October 22, 2024 letter noting that “BHR has incredible potential…” Blackwells agrees with that assessment wholeheartedly. Brancous’ hyperbolic attacks, however, are not constructive, and could unjustly hurt the Company and its prospects.

Blackwells calls on Brancous and all shareholders to join us in voting in favor of the enhanced Board and management team as they unlock value for all shareholders.

Sincerely,

Jason Aintabi
Chief Investment Officer
Blackwells Capital

About Blackwells Capital

Blackwells is a multi-strategy alternative asset management firm that invests in public and private markets globally. Our public markets portfolio focuses on currencies, equities, credit and commodities. When necessary, we engage with public company boards to drive value for all stakeholders. Our private markets portfolio includes investments in space, clean energy, infrastructure, real estate and technology. Further information is available at www.blackwellscap.com.

Media
Gagnier Communications
Dan Gagnier & Riyaz Lalani
646-569-5897
blackwells@gagnierfc.com

The MIL Network –

January 25, 2025

MIL-OSI: Urgently Announces Third Quarter 2024 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences.

Third Quarter 2024 Earnings

Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

Upcoming Investor Conferences

During the fourth quarter of 2024, Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, will participate in the following upcoming investor conferences:

The Sidoti Micro-Cap Virtual Investor Conference on November 13-14, 2024. Management is scheduled to present at 10:00 a.m. Eastern Time on Thursday, November 14, and will host one-on-one and small group investor meetings throughout both days.
The Micro-Cap Investor Summit Virtual Conference on November 21, 2024. Management will host a presentation and hold one-on-one and small group meetings with investors during the conference.

A live webcast and archived replay of conference presentations will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

Contacts:
For Press: media@geturgently.com
For Investor Relations: investorrelations@geturgently.com

The MIL Network –

January 25, 2025

MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

January 25, 2025

MIL-OSI: Sunrun Announces Appointment of John Trinta to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the Company’s board of directors (the “Board”) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights.

“It is with great excitement that I introduce John as the newest member of our Board. Having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as we navigate today’s complexities and continue to position ourselves as a market leader in the clean energy sector,” said Sunrun CEO Mary Powell. “Beyond his technical strengths, John’s leadership, strategic mindset, and ability to inspire teams set him apart. I’m confident that his insights will be a value add as we continue to execute on our margin-focused and disciplined growth strategy.”

Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses.

“I am excited to join Mary and the Sunrun Board as the Company continues to innovate and differentiate itself within the market by focusing on creating cleaner, reliable, and sustainable energy solutions for its customers,” said Mr.Trinta. “I look forward to sharing my financial, accounting, and tax expertise with the entire Sunrun team and contributing to the mission of connecting people to the cleanest energy on earth.”

Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University.

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.

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

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

The MIL Network –

January 25, 2025

MIL-OSI: Oportun Announces Next Step to Optimize Capital Structure and Drive Improved Profitability

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) (“Oportun”, or the “Company”), a mission-driven financial services company, announced today another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet flexibility with covenants that reflect the performance improvements made by the Company to date, including the agreement to sell the Company’s credit card portfolio, and reward accretive actions and cash flow generation. The Term Loan will be provided by two firms (the “Lenders”), funds managed by Castlelake L.P., a global alternative investment manager specializing in asset-based private credit that led the refinancing, and funds managed by Neuberger Berman, a private employee-owned investment manager. The Term Loan will carry a 15% fixed rate and mature in November 2028.

“After a thorough and competitive process, where multiple strategic options were considered, the Board of Directors determined that this transaction, which was the least dilutive financing option available, would best position Oportun for the future by further strengthening the Company’s balance sheet and liquidity as well as enhancing the ability for Oportun to generate consistent cash flow and deliver increased stockholder value,” said Neil Williams, Lead Independent Director of Oportun’s Board of Directors.

“With this refinancing and the operational and balance sheet flexibility the Term Loan will provide, we’re even better positioned to build on our progress. We expect to build on that momentum in 2025 through improving credit performance, identifying high-quality originations, and further enhancing our GAAP and adjusted profitability on a per-share basis” said Raul Vazquez, CEO of Oportun.

“As we continue our longstanding relationship with Oportun, this refinancing illustrates the confidence we have in the Company’s ability to execute its long-term strategy, underpinned by focusing on its core products while identifying high-quality loan originations” said John Lundquist, Partner at Castlelake.

“We’re pleased to remain a capital partner to Oportun alongside Castlelake, and the revised structure provides the Company with the funding and flexibility to responsibly grow the business and service the needs of its customers,” said Peter Sterling, Head of Specialty Finance at Neuberger Berman. “This transaction reflects the confidence we have in the quality of Oportun’s underwriting and the sustainability of its business model.”

In connection with providing the Term Loan, the Lenders will receive warrants, at an exercise price of $0.01 per share, equal to 9.8% of the fully-diluted shares outstanding of the Company, excluding out-of-the-money options, on a pro-forma basis for the warrants, which as of September 30, 2024 was equal to 4,860,706 warrants, and the Lenders are entitled to Board observer rights. Even given the dilutionary impact from the newly issued warrants, the Company believes it will be able to drive increased profitability on a per share basis through focus on its core products, improving credit performance and maintaining cost discipline.

The new Term Loan provides a lower interest rate than the existing senior secured term loan being refinanced and Oportun is committed to paying off at least $40 million of the principal by February 1, 2026, with the flexibility to make additional pre-payments of $10 million at any time without penalty, and an additional $10 million without penalty after the one-year anniversary of closing. Management expects the Term Loan to close during the week of November 11, 2024, following and subject to customary closing conditions, as well as the closing of the credit card portfolio sale transaction, which was previously announced on September 25, 2024.

Preliminary Financial Results – Third Quarter 2024
Based upon management’s current expectations, the Company will report Total Revenue, Annualized Net Charge-Off Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income (Loss), for the third quarter as follows:

Metric	Preliminary	Guidance
	3Q24	3Q24
Total Revenue	$249-251 million	$248 – $252 million
Annualized Net Charge-Off Rate	11.9%	12.3% +/- 15 bps
Net Loss	$(30) – $(32) million	N/A
Adjusted EBITDA ¹	$28 – 31 million	$23 – $26 million
Adjusted Net Income (Loss) ¹	$(2) – $1 million	N/A
¹See About Non-GAAP Financial Measures for more detail.

The Company expects to deliver resilient third quarter top-line performance with Total Revenue in line with its guidance range. The Company’s tightened credit posture contributed to delivering annualized net charge-offs 25 bps better than the edge of its guidance range. On a GAAP basis, the Company expects a net loss of $30 to 32 million driven by non-cash fair value marks, including a $35 million mark-to-market adjustment on its ABS notes due to their weighted average price increasing from 96.0% to 97.8% as benchmark interest rates declined and credit spreads tightened significantly. Given strong Total Revenue, improved credit performance and continued expense discipline, the Company also expects to be near break-even to profitable on an Adjusted Net Income basis. The Company expects Adjusted EBITDA to be $28 to $31 million, which will be $2 to $5 million above the top end of its guidance range.

Furthermore, management is providing the following preliminary set of expectations regarding Oportun’s full year 2025 operating performance:

GAAP EPS between $0.25 and $0.50
Adjusted EPS between $1.00 and $1.25
Annualized net charge-off rate between 11% and 12%

“We are pleased with our expected quarterly results and are looking forward to an even better 2025,” said Jonathan Coblentz, CFO of Oportun. “As these results and our future expectations demonstrate, we continue to make significant progress towards driving sustainable, profitable earnings growth, and shareholder value.”

Concurrent with this press release, Oportun has posted a business update presentation on its investor relations website, investor.oportun.com. The presentation further describes the Term Loan, the Company’s operating strategy, recent performance improvements, and preliminary performance expectations going into 2025.

Evercore acted as financial advisor and Orrick, Herrington & Sutcliffe LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors to the Company on the transaction.

About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit Neuberger Berman’s website at www.nb.com.

Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance and financial position; the Company’s preliminary financial results for the third quarter of 2024; the Company’s full year 2025 outlook; expectations regarding the impact of the Term Loan, including expected timelines; the anticipated closing of the Company’s credit card portfolio sale transaction; our planned products and services; achievement of the Company’s strategic priorities and goals and the plans and objectives of management for our future operations, are forward-looking statements are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Preliminary Information
Numbers are as of September 30, 2024, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process and quarterly review procedures. As a result, the Company’s final results may vary materially from the preliminary results included in this press release. Oportun undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

About Non-GAAP Financial Measures
This press release presents information about the Company’s Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024, the Company has updated its calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations, we also updated Adjusted EPS. Comparable prior period non-GAAP financial measures are included in addition to the previously reported metrics.

Adjusted EBITDA
The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.

The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.

The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

Adjusted Net Income
The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.

The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.

The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

Adjusted EPS
The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income tax expense (benefit)	(10.2) – (9.5)		(16.2	)
Corporate debt interest	12.6		15.0
Depreciation and amortization	13.5		13.9
Workforce optimization expenses	–		0.5
Stock-based compensation expense	3.2		4.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	38.0-38.3		16.5
Adjusted EBITDA	$28.0-31.0	$13.2

Adjusted Net Income (Loss)
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income Tax Expense (benefit)	(10.2) – (9.5)		(16.2	)
Stock-based compensation expense	3.2		4.3
Workforce optimization expense	–		0.5
Impairment	–		1.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	33.3 – 34.7		14.9
Adjusted income before taxes	$ (2.8) – 1.3		(16.1	)
Normalized income tax expense	(0.8) – 0.3		(4.3	)
Adjusted income	$ (2.0) – 1.0	$(11.8		)

Forward-looking Adjusted Net Income and Adjusted EPS
	FY 2025
	Low		High
(dollars in millions)
Net Income	$12.6		$25.1
Adjustments:
Income tax expense (benefit)		4.7		9.3
Stock-based compensation expense		14.4		14.4
Other non-recurring charges		6.4		6.4
Fair value mark-to-market adjustment		30.8		30.8
Adjusted income before taxes	$68.9		$86.0
Normalized income tax expense		18.7		23.2
Adjusted Net Income	$50.2		$62.8
Diluted Weighted Average Shares Outstanding (millions)		50.2		50.2
Diluted EPS	$0.25		$0.50
Adjusted EPS	$1.00		$1.25

Investor Contact

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

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

Media Contact for Castlelake
Remy Marin / Alex Hinson
Prosek Partners for Castlelake
(212) 279 3115
Rmarin@prosek.com / ahinson@prosek.com

The MIL Network –

January 25, 2025

MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to October 28, 2024

Source: GlobeNewswire (MIL-OSI)

Wilmington, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2024 to November 28, 2024, on October 28, 2024, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $60,000 (the “Monthly Extension Payment”).

Pursuant to the Company’s third amended & restated memorandum and articles of association (“Current Charter”), effectively April 23, 2024, the Company may extend on a monthly basis from April 28, 2024 until January 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the seventh of nine monthly extensions sought under the Current Charter of the Company.

About Aimfinity Investment Corp. I

Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).

Additional Information and Where to Find It

As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Participants in the Solicitation

AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

Contact Information:

Aimfinity Investment Corp. I
I-Fa Chang
Chief Executive Officer
ceo@aimfinityspac.com
(425) 365-2933
221 W 9th St, PMB 235
Wilmington, Delaware 19801

The MIL Network –

January 25, 2025

MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Unsecured Convertible Debentures

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of unsecured convertible debentures (the “Debentures”) in the principal amount of $300,000.

The $300,000 principal amount of Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.0% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

The whole, or any part, of the principal amount of the Debentures is convertible into common shares of the Company’s wholly owned subsidiary, Oxygen Working Capital Corp. (“OWC”), held by the Company at the option of the holder thereof, at any time prior to 5:00 p.m. (Toronto time) on the Maturity Date, at a conversion price of CAD$0.50 per share. Upon conversion of the Debentures the holders of Debentures will receive cash payment of any interest which accrues from the most recent interest payment date to the date of conversion.

The proceeds from the Offering may be advanced by the Company to OWC in order to further grow OWC’s loan book and for OWC’s working capital and general corporate purposes.

About Oxygen Working Capital Corp.

OWC, founded in 2017, is a specialized Canadian based lender focused on the commercial factoring business with clients across Canada, and with prospects for expanded reach and continued growth across broader North America. OWC provides entrepreneurs with short term financing solutions via immediate upfront capital by factoring their invoices and receivables, allowing businesses to meet their immediate working capital needs. Acquired in 2024, OWC is a wholly owned subsidiary of Hampton.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments. In addition to OWC, through its Investment Dealer subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO (Formally IIROC) and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad. The Company is also exploring opportunities to diversify its sources of revenue by way of strategic investments and acquisitions in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –

January 25, 2025

MIL-OSI: Mavenir Welcomes O-RAN ALLIANCE Report for Spectrum Aggregation in Multi-Vendor Deployments

Source: GlobeNewswire (MIL-OSI)

RICHARDSON, Texas, Oct. 29, 2024 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today welcomes the publication of a new Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, that evaluates multiple spectrum aggregation techniques and proposes an open interface specification support between DUs for carrier aggregation in multi-vendor deployments.

The O-RAN ALLIANCE report – which was initiated and led by Mavenir – sets out the practical scenarios for spectrum aggregation across equipment from multiple network equipment vendors comparing different approaches and includes a recommendation for specification development for carrier aggregation in multi-vendor RAN deployment. The carrier aggregation solution using an open interface between DUs has gathered significant support from operators and vendors to pursue specification development within the O-RAN ALLIANCE.

Commenting on the report, Dr. Sridhar Rajagopal, Senior Vice President, Access Technologies for Mavenir and rapporteur for the technical report, said: “This report from the O-RAN ALLIANCE, with its welcome set of recommendations on multi-vendor carrier aggregation, could not come at a more pivotal time for Open RAN as spectrum discussions continue for expanding 5G deployments and with 6G on the horizon. Standardizing the interface between DUs for multi-vendor carrier aggregation will remove single vendor stickiness and will be a game changer for Open RAN.”

Carrier aggregation across available spectrum is one of the key considerations by operators to maximize bandwidth, boost throughput, and improve network performance. An operator obtains new spectrum during regulatory spectrum sale over time. In such a situation, there is a strong desire by the operator to combine the new spectrum with their existing spectrum using carrier aggregation.

However, there is no open standardized interface that exists today for carrier aggregation between two vendors, creating vendor stickiness to operators for all future spectrum expansions. Thus, operators are forced to rely on their incumbents for spectrum expansion, losing negotiating power and control over network evolution while becoming dependent on features, performance and timelines as dictated by their incumbents. Proprietary interfaces for carrier aggregation have existed since LTE days for carrier aggregation in deployments and are well understood for implementations. While an open interface for carrier aggregation has been proposed multiple times in standard bodies such as 3GPP by many operators, it has not been successful due to resistance from traditional vendors. An open specification for multi-vendor carrier aggregation support will open-up the 5G eco-system further and provide a pathway for new low latency features and services for 6G by enabling real-time communication between DUs that does not exist today.

Notes to the editor:

Technical Report by the O-RAN ALLIANCE, ‘Spectrum Aggregation for Multi-Vendor Deployments’, is now available for download: https://specifications.o-ran.org/download?id=715

About Mavenir

Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

Media Contacts

Mavenir PR Contacts:
Emmanuela Spiteri
PR@mavenir.com

The MIL Network –

January 25, 2025

MIL-OSI: Climb Channel Solutions Launches North American Partnership with Cybersecurity Vendor Fortra

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced a North American partnership with Fortra.

Fortra provides trusted cybersecurity solutions that span every part of the cyber-attack chain, from detection to response. Through this partnership, Climb North American VARs and MSPs have access to Fortra’s entire portfolio, which includes solutions covering digital risk and email protection, managed file transfer, data protection, infrastructure protection, managed security services, security awareness training, and automation.

“Fortra is on a mission to help as many organizations as possible increase their security maturity and decrease operational burden,” said Matt Reck, President at Fortra. “With their strong channel expertise and exceptional operational practices, we believe Climb is the perfect North American partner to help us on this journey.”

The Fortra platform will enable partners to unify their cybersecurity stack into one platform. With Fortra’s platform, users are able to:

Detect various attacks with a broad-spectrum defense and multi-vector approach
Aggregate data to analyze your IT environment
Utilize AI to track events and correlate patterns to threats, allowing for improved speed to detection
Mitigate detected threats more quickly and efficiently with accurate response

“The addition of Fortra and their comprehensive portfolio of cybersecurity focused products enables North American partners to provide the security solutions that have a strong line of defense,” said Dale Foster, CEO of Climb Channel Solutions. “VARs and MSPs alike will benefit from Fortra’s integration capabilities that will help them consolidate their security stack.”

Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

About Climb Channel Solutions and Climb Global Solutions

Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

For Media & PR inquiries contact:
Climb Channel Solutions
Media Relations
media@ClimbCS.com

Investor Relations Contact:
Elevate IR
Sean Mansouri, CFA
T: 720-330-2829
CLMB@elevate-ir.com

About Fortra 
Fortra is a cybersecurity company like no other. We’re creating a simpler, stronger future for our customers. Our trusted experts and portfolio of integrated, scalable solutions bring balance and control to organizations around the world. We’re the positive changemakers and your relentless ally to provide peace of mind through every step of your cybersecurity journey. Learn more about Fortra. 

Media Contact: 
Jessica Ryan   
Public Relations Manager
Jessica.Ryan@fortra.com

The MIL Network –

January 25, 2025

MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel

Source: GlobeNewswire (MIL-OSI)

MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.

The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.

“Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”

Dream Hollywood (Façade Render)

Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.

About Captivision
Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

About Crescent Hotels & Resorts
Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.

Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Media Contact:
Dukas Linden Public Relations
+1 212.704.7385
captivision@dlpr.com

Investor Contact:
Gateway Group
Ralf Esper
+1 949.574.3860
CAPT@gateway-grp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06

The MIL Network –

January 25, 2025

Category: GlobeNewswire