GlobeNewswire – Page 654

MIL-OSI: Wearable Devices Regains Compliance with Nasdaq Minimum Bid Price Rule

Source: GlobeNewswire (MIL-OSI)

YOKNEAM ILLIT, ISRAEL, Oct. 28, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that it has received a written notice from Nasdaq Stock Market LLC (“Nasdaq”), indicating that the Company has regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s ordinary shares was at $1.00 per share or greater for the last 10 consecutive business days. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers the prior bid price deficiency matter now closed.

About Wearable Devices Ltd.

Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

Investor Relations Contact

Walter Frank
IMS Investor Relations
203.972.9200
wearablesdevices@imsinvestorrelations.com

The MIL Network –

January 25, 2025

MIL-OSI: Citizens Community Bancorp, Inc. Reports Third Quarter 2024 Earnings of $0.32 Per Share; Nine Month 2024 Earnings of $1.07 Per Share

Source: GlobeNewswire (MIL-OSI)

EAU CLAIRE, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — Citizens Community Bancorp, Inc. (the “Company”) (Nasdaq: CZWI), the parent company of Citizens Community Federal N.A. (the “Bank” or “CCFBank”), today reported earnings of $3.3 million and earnings per diluted share of $0.32 for the third quarter ended September 30, 2024, compared to $3.7 million and earnings per diluted share of $0.35 for the quarter ended June 30, 2024, and $2.5 million and $0.24 earnings per diluted share for the quarter ended September 30, 2023, respectively.

The Company’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) no loan forbearance interest income in the third quarter compared to $0.2 million in the second quarter; (2) a $1.1 million decrease in negative provision for credit losses to $0.4 million in the third quarter; and (3) higher non-interest income of $1.0 million due to $0.5 million higher gain on sale of loans and $0.6 million lower net losses on sale of equity securities in the third quarter of 2024.

Book value per share improved to $17.88 at September 30, 2024, compared to $17.10 at June 30, 2024, and $15.80 at September 30, 2023. Tangible book value per share (non-GAAP)¹ was $14.64 at September 30, 2024, compared to $13.91 at June 30, 2024, and a 16.1% increase from $12.61 at September 30, 2023. For the third quarter of 2024, tangible book value was positively influenced by net income, net unrealized gains on the available for sale securities portfolio and intangible amortization. Stockholders’ equity as a percentage of total assets was 10.01% at September 30, 2024, compared to 9.77% at June 30, 2024. Tangible common equity (“TCE”) as a percent of tangible assets (non-GAAP)¹ was 8.35% at September 30, 2024, compared to 8.09% at June 30, 2024, with the changes above impacted favorably by asset shrinkage.

“We continued to execute on our strategic objectives during the third quarter that further strengthened franchise value. The quarter reflected our balance sheet optimization efforts, which increased tangible common equity levels and allowed for the continued repurchase of shares at prices that were accretive to tangible book value per share and earnings per share. The TCE ratio increased to 8.35%, from 8.09% in the prior quarter, which included the impact of repurchasing 223 thousand shares. Deposits, net of the decrease in brokered deposits, increased $31 million. While credit metrics were impacted by an increase in nonperforming loans, the increase largely reflected one lending relationship. Meanwhile, we continue to maintain a healthy reserve for credit losses to total loans at 1.47%,” stated Stephen Bianchi, Chairman, President, and Chief Executive Officer.

September 30, 2024, Highlights:

Quarterly earnings were $3.3 million, or $0.32 per diluted share for the quarter ended September 30, 2024, a decrease from the quarter ended June 30, 2024, earnings of $3.7 million, or $0.35 per diluted share, and an increase from the quarter ended September 30, 2023, earnings of $2.5 million, or $0.24 per diluted share.
Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized in the second quarter from curing technical defaults on performing loans.
The net interest margin was 2.63% for the quarter ended September 30, 2024, compared to 2.72% for the previous quarter, and 2.79% for the quarter ended September 30, 2023. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.
In the third quarter ended September 30, 2024, a negative provision for credit losses of $0.4 million was recorded compared to a negative provision for credit losses of $1.525 million in the quarter ended June 30, 2024, and a negative provision for credit losses of $0.30 million for the quarter ended September 30, 2023. The third quarter’s negative provision was due to decreases in on-balance sheet allowance for credit losses (“ACL”) of $0.1 million and a $0.3 million decrease in off-balance sheet ACL due to a reduction in unfunded loan commitments.
Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities and was $0.4 million higher compared to the third quarter of 2023, due to higher gain on sale of loans.
Non-interest expense increased $122 thousand to $10.4 million from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier.
Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, to $1.43 billion, compared to June 30, 2024.
Total deposits increased $1.1 million, more than offsetting the $30.1 million decrease in brokered deposits during the quarter ended September 30, 2024, to $1.52 billion, compared to June 30, 2024.
Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million at June 30, 2024.
The effective tax rate was 21.48% for the quarter ended September 30, 2024, compared to 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.
Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024. The increase was largely due to one agricultural real estate loan relationship in forestry services that moved from special mention to substandard and was placed on nonaccrual in the third quarter.
Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share.
The efficiency ratio was 72% for the quarters ended September 30, 2024 and June 30, 2024.

Balance Sheet and Asset Quality

Total assets decreased by $3.2 million during the quarter to $1.80 billion at September 30, 2024.

Securities available for sale (“AFS”) increased $3.0 million during the quarter ended September 30, 2024, to $149.4 million from $146.4 million at June 30, 2024. The increase was due to: (1) pre-tax unrealized gains of $4.6 million; and (2) a purchase of $2.9 million of agency MBS to support the Bank’s CRA program partially offset by principal repayments of $4.5 million.

Securities held to maturity (“HTM”) decreased $1.6 million to $87.0 million during the quarter ended September 30, 2024, from $88.6 million at June 30, 2024, due to principal repayments.

The on-balance sheet liquidity ratio, which is defined as the fair market value of AFS and HTM securities that are not pledged and cash on deposit with other financial institutions, was 11.46% of total assets at September 30, 2024, compared to 11.48% at June 30, 2024. On-balance sheet liquidity, collateralized new borrowing capacity and uncommitted federal funds borrowing availability was $718 million, or 269%, of uninsured and uncollateralized deposits at September 30, 2024, and $714 million, or 289%, at June 30, 2024.

Gross loans decreased by $3.9 million during the third quarter ended September 30, 2024, due to loan payoffs exceeding origination activity and construction loan fundings.

The office loan portfolio totaled $31.0 million at quarter end and consists of 71 loans. There was one criticized loan in this portfolio during the quarter ended September 30, 2024, totaling $0.2 million and there have been no charge-offs in the trailing twelve months.

The allowance for credit losses on loans decreased by $0.2 million to $21.0 million at September 30, 2024, representing 1.47% of total loans receivable compared to 1.48% of total loans receivable at June 30, 2024. For the quarter ended September 30, 2024, the Bank recorded negative provision of $0.4 million which included a negative provision on ACL for loans of $0.1 million and a negative provision of $0.3 million on ACL for unfunded commitments.

Allowance for Credit Losses (“ACL”) – Loans Percentage

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Allowance for credit losses – Loans	$	21,000		$	21,178		$	22,908		$	22,973
ACL – Loans as a percentage of loans, end of period		1.47	%		1.48	%		1.57	%		1.59	%

In addition to the ACL – Loans, the Company has established an ACL – Unfunded Commitments of $0.460 million at September 30, 2024, $0.712 million at June 30, 2024, and $1.571 million at September 30, 2023, classified in other liabilities on the consolidated balance sheets.

Allowance for Credit Losses – Unfunded Commitments:
(in thousands)

	September 30, 2024 and Three Months Ended			September 30, 2023 and Three Months Ended		September 30, 2024 and Nine Months Ended			September 30, 2023 and Nine Months Ended
ACL – Unfunded commitments – beginning of period	$	712		$	1,544	$	1,250		$	—
Cumulative effect of ASU 2016-13 adoption		—			—		—			1,537
(Reductions) additions to ACL – Unfunded commitments via provision for credit losses charged to operations		(252	)		27		(790	)		34
ACL – Unfunded commitments – end of period	$	460		$	1,571	$	460		$	1,571

Special mention loans increased by $2.2 million to $11.0 million at September 30, 2024, compared to $8.8 million at June 30, 2024. The increase is largely due to one loan of $8.7 million, which is secured by a multi-family unit. The addition of the multi-family unit to special mention was partially offset by the movement of a $7.7 million agricultural real estate loan relationship in forestry services that moved to substandard and was placed on nonaccrual.

Substandard loans increased by $6.8 million to $21.2 million at September 30, 2024, compared to $14.4 million at June 30, 2024, due to the addition of the forestry services loan relationship noted above.

Nonperforming assets increased to $17.1 million at September 30, 2024, compared to $10.3 million at June 30, 2024 largely due to the previously mentioned forestry services loan relationship.

	(in thousands)
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Special mention loan balances	$	11,047	$	8,848	$	13,737	$	18,392	$	20,043
Substandard loan balances		21,202		14,420		14,733		19,596		16,171
Criticized loans, end of period	$	32,249	$	23,268	$	28,470	$	37,988	$	36,214

Total deposits increased $1.1 million during the quarter ended September 30, 2024, to $1.52 billion. Consumer deposits increased $22.1 million, including an increase in CDs of $17.9 million. Commercial deposits increased by $20.0 million. Brokered deposits decreased $30.1 million as the company decreased brokered MMDAs by $24.6 million and $5.5 million in brokered CDs matured and were not replaced. Public deposits decreased $10.9 million, largely due to expected seasonal outflows.

Deposit Portfolio Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consumer deposits	$	844,808	$	822,665	$	827,290	$	814,899	$	794,970
Commercial deposits		432,361		412,385		414,088		423,762		429,358
Public deposits		176,844		187,698		202,175		182,172		163,734
Brokered deposits		66,654		96,796		83,936		98,259		85,173
Total deposits	$	1,520,667	$	1,519,544	$	1,527,489	$	1,519,092	$	1,473,235

Deposit Composition
(in thousands)

	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Non-interest-bearing demand deposits	$	256,840	$	255,703	$	248,537	$	265,704	$	275,790
Interest-bearing demand deposits		346,971		353,477		361,278		343,276		336,962
Savings accounts		169,096		170,946		177,595		176,548		183,702
Money market accounts		366,067		370,164		387,879		374,055		312,689
Certificate accounts		381,693		369,254		352,200		359,509		364,092
Total deposits	$	1,520,667	$	1,519,544		1,527,489	$	1,519,092	$	1,473,235

At September 30, 2024, the deposit portfolio composition was 56% consumer, 28% commercial, 12% public, and 4% brokered deposits compared to 54% consumer, 27% commercial, 12% public, and 7% brokered deposits at June 30, 2024.

Uninsured and uncollateralized deposits were $267.1 million, or 18% of total deposits, at September 30, 2024, and $246.7 million, or 16% of total deposits, at June 30, 2024. Uninsured deposits alone at September 30, 2024, were $413.6 million, or 27% of total deposits, and $401.6 million, or 26% of total deposits at June 30, 2024.

Federal Home Loan Bank advances decreased $10.5 million to $21.0 million at September 30, 2024, from $31.5 million one quarter earlier.

Common stock totaling 223 thousand shares were repurchased in the third quarter of 2024 at an average price of $12.91 per share. For the nine-month period ended September 30, 2024, 382 thousand shares of common stock were repurchased at an average price of $12.32 per share. There are 333 thousand shares remaining under the July 2024 Board of Director repurchase authorization plan.

Review of Operations

Net interest income decreased $0.3 million for the current quarter ended September 30, 2024, from $11.6 million for the quarter ended June 30, 2024, and decreased from $12.1 million for the quarter ended September 30, 2023. The decrease in net interest income from the second quarter of 2024 was primarily due to lower non-recurring interest income of $0.2 million recognized from curing technical defaults on performing loans during the prior quarter. The net interest margin declined nine basis points in the third quarter, of which five basis points were due to no interest income recognition from curing technical defaults.

Net interest income and net interest margin analysis:
(in thousands, except yields and rates)

	Three months ended
	September 30, 2024					June 30, 2024					March 31, 2024					December 31, 2023					September 30, 2023
	Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin		Net Interest Income			Net Interest Margin
As reported	$	11,285		2.63	%	$	11,576		2.72	%	$	11,905		2.77	%	$	11,747		2.69	%	$	12,121		2.79	%
Less accretion for PCD loans		(45	)	(0.01	)%		(62	)	(0.01	)%		(75	)	(0.02	)%		(37	)	(0.01	)%		(39	)	(0.01	)%
Less scheduled accretion interest		(33	)	(0.01	)%		(32	)	(0.01	)%		(33	)	(0.01	)%		(33	)	(0.01	)%		(77	)	(0.02	)%
Without loan purchase accretion	$	11,207		2.61	%	$	11,482		2.70	%	$	11,797		2.74	%	$	11,677		2.67	%	$	12,005		2.76	%

Non-interest income increased $1.0 million in the third quarter of 2024, due to $0.5 million of higher gain on sale of loans and $0.6 million of lower net losses on equity securities. Non-interest income was $0.4 million higher compared to the third quarter of 2023 due to higher gain on sale of loans.

Non-interest expense increased $122 thousand to $10.4 million in the third quarter of 2024 from $10.3 million for the previous quarter and increased $452 thousand from $10.0 million one year earlier. The increase in the current quarter relative to the second quarter was primarily related to one-time data processing costs, modest REO losses and higher quarterly marketing spending, partially offset by $0.2 million in branch closure costs in the second quarter.

Provision for income taxes decreased to $0.9 million in the third quarter of 2024 from $1.0 million in the second quarter of 2024 largely due to lower pre-tax income. The effective tax rate was 21.48% for the quarter ended September 30, 2024, 22.1% for the quarter ended June 30, 2024, and 50.5% for the quarter ended September 30, 2023. The change in tax rate from 2023 is largely due to the Wisconsin state legislation in the third quarter of 2023, eliminating the Company’s state income tax in Wisconsin.

These financial results are preliminary until Form 10-Q is filed in November 2024.

About the Company

Citizens Community Bancorp, Inc. (NASDAQ: “CZWI”) is the holding company of the Bank, a national bank based in Altoona, Wisconsin, currently serving customers primarily in Wisconsin and Minnesota through 22 branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, ag operators and consumers, including residential mortgage loans.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “estimates,” “intend,” “may,” “on pace,” “preliminary,” “planned,” “potential,” “should,” “will,” “would” or the negative of those terms or other words of similar meaning. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the operations and business environment of the Company and the Bank. These uncertainties include: conditions in the financial markets and economic conditions generally; the impact of inflation on our business and our customers; geopolitical tensions, including current or anticipated impact of military conflicts; higher lending risks associated with our commercial and agricultural banking activities; future pandemics (including new variants of COVID-19); cybersecurity risks; adverse impacts on the regional banking industry and the business environment in which it operates; interest rate risk; lending risk; changes in the fair value or ratings downgrades of our securities; the sufficiency of allowance for credit losses; competitive pressures among depository and other financial institutions; disintermediation risk; our ability to maintain our reputation; our ability to maintain or increase our market share; our ability to realize the benefits of net deferred tax assets; our inability to obtain needed liquidity; our ability to raise capital needed to fund growth or meet regulatory requirements; our ability to attract and retain key personnel; our ability to keep pace with technological change; prevalence of fraud and other financial crimes; the possibility that our internal controls and procedures could fail or be circumvented; our ability to successfully execute our acquisition growth strategy; risks posed by acquisitions and other expansion opportunities, including difficulties and delays in integrating the acquired business operations or fully realizing the cost savings and other benefits; restrictions on our ability to pay dividends; the potential volatility of our stock price; accounting standards for credit losses; legislative or regulatory changes or actions, or significant litigation, adversely affecting the Company or Bank; public company reporting obligations; changes in federal or state tax laws; and changes in accounting principles, policies or guidelines and their impact on financial performance. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Such uncertainties and other risks that may affect the Company’s performance are discussed further in Part I, Item 1A, “Risk Factors,” in the Company’s Form 10-K, for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024 and the Company’s subsequent filings with the SEC. The Company undertakes no obligation to make any revisions to the forward-looking statements contained in this news release or to update them to reflect events or circumstances occurring after the date of this release.

¹Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, such as net income as adjusted, net income as adjusted per share, tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on average tangible common equity, which management believes may be helpful in understanding the Company’s results of operations or financial position and comparing results over different periods.

Net income as adjusted and net income as adjusted per share are non-GAAP measures that eliminate the impact of certain expenses such as branch closure costs and related severance pay, accelerated depreciation expense and lease termination fees, and the gain on sale of branch deposits and fixed assets. Tangible book value, tangible book value per share, tangible common equity as a percentage of tangible assets and return on average tangible common equity are non-GAAP measures that eliminate the impact of goodwill and intangible assets on our financial position. Management believes these measures are useful in assessing the strength of our financial position.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks and financial institutions.

Contact: Steve Bianchi, CEO
(715)-836-9994

(CZWI-ER)


CITIZENS COMMUNITY BANCORP, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share data)

	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			December 31, 2023 (audited)			September 30, 2023 (unaudited)
Assets
Cash and cash equivalents	$	36,632		$	36,886		$	37,138		$	32,532
Securities available for sale “AFS”		149,432			146,438			155,743			153,414
Securities held to maturity “HTM”		87,033			88,605			91,229			92,336
Equity investments		5,096			5,023			3,284			2,433
Other investments		12,311			13,878			15,725			15,109
Loans receivable		1,424,828			1,428,588			1,460,792			1,447,529
Allowance for credit losses		(21,000	)		(21,178	)		(22,908	)		(22,973	)
Loans receivable, net		1,403,828			1,407,410			1,437,884			1,424,556
Loans held for sale		697			275			5,773			2,737
Mortgage servicing rights, net		3,696			3,731			3,865			3,944
Office properties and equipment, net		17,365			17,774			18,373			19,465
Accrued interest receivable		6,235			6,289			5,409			5,936
Intangible assets		1,158			1,336			1,694			1,873
Goodwill		31,498			31,498			31,498			31,498
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Bank owned life insurance (“BOLI”)		25,901			25,708			25,647			25,467
Other assets		16,683			15,794			16,334			18,741
TOTAL ASSETS	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	1,520,667		$	1,519,544		$	1,519,092		$	1,473,235
Federal Home Loan Bank (“FHLB”) advances		21,000			31,500			79,530			114,530
Other borrowings		61,548			61,498			67,465			67,407
Other liabilities		15,773			13,720			11,970			10,513
Total liabilities		1,618,988			1,626,262			1,678,057			1,665,685
Stockholders’ equity:
Common stock— $0.01 par value, authorized 30,000,000; 10,074,136, 10,297,341, 10,440,591, and 10,468,091 shares issued and outstanding, respectively		101			103			104			105
Additional paid-in capital		115,455			117,838			119,441			119,612
Retained earnings		78,438			75,501			71,117			67,424
Accumulated other comprehensive loss		(13,845	)		(17,397	)		(17,328	)		(21,739	)
Total stockholders’ equity		180,149			176,045			173,334			165,402
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087

Note: Certain items previously reported were reclassified for consistency with the current presentation.

CITIZENS COMMUNITY BANCORP, INC.
Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30, 2024 (unaudited)			June 30, 2024 (unaudited)			September 30, 2023 (unaudited)			September 30, 2024 (unaudited)			September 30, 2023 (unaudited)
Interest and dividend income:
Interest and fees on loans	$	20,115		$	19,921		$	19,083		$	60,204		$	54,169
Interest on investments		2,397			2,542			2,689			7,450			8,053
Total interest and dividend income		22,512			22,463			21,772			67,654			62,222
Interest expense:
Interest on deposits		10,165			9,338			7,388			28,712			17,898
Interest on FHLB borrowed funds		128			576			1,210			1,216			4,595
Interest on other borrowed funds		934			973			1,053			2,960			3,127
Total interest expense		11,227			10,887			9,651			32,888			25,620
Net interest income before provision for credit losses		11,285			11,576			12,121			34,766			36,602
(Negative) provision for credit losses		(400	)		(1,525	)		(325	)		(2,725	)		175
Net interest income after provision for credit losses		11,685			13,101			12,446			37,491			36,427
Non-interest income:
Service charges on deposit accounts		513			490			491			1,474			1,464
Interchange income		577			579			601			1,697			1,743
Loan servicing income		643			526			611			1,751			1,679
Gain on sale of loans		752			226			299			1,998			1,501
Loan fees and service charges		165			309			140			704			308
Net realized gains on debt securities		—			—			—			—			12
Net (losses) gains on equity securities		(78	)		(658	)		116			(569	)		170
Bank Owned Life Insurance (BOLI) death benefit		—			184			—			184			—
Other		349			257			307			859			893
Total non-interest income		2,921			1,913			2,565			8,098			7,770
Non-interest expense:
Compensation and related benefits		5,743			5,675			5,293			16,901			15,967
Occupancy		1,242			1,333			1,335			3,942			4,117
Data processing		1,665			1,525			1,536			4,787			4,440
Amortization of intangible assets		178			179			179			536			576
Mortgage servicing rights expense, net		163			116			150			427			456
Advertising, marketing and public relations		225			186			185			575			472
FDIC premium assessment		201			200			204			606			608
Professional services		336			347			342			1,249			1,153
Losses (gains) on repossessed assets, net		65			(18	)		100			47			62
Other		603			756			645			2,427			2,085
Total non-interest expense		10,421			10,299			9,969			31,497			29,936
Income before provision for income taxes		4,185			4,715			5,042			14,092			14,261
Provision for income taxes		899			1,040			2,544			3,043			4,895
Net income attributable to common stockholders	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Per share information:
Basic earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Diluted earnings	$	0.32		$	0.35		$	0.24		$	1.07		$	0.89
Cash dividends paid	$	—		$	—		$	—		$	0.32		$	0.29
Book value per share at end of period	$	17.88		$	17.10		$	15.80		$	17.88		$	15.80
Tangible book value per share at end of period (non-GAAP)	$	14.64		$	13.91		$	12.61		$	14.64		$	12.61

Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023

GAAP pretax income	$	4,185	$	4,715	$	5,042	$	14,092	$	14,261
Branch closure costs (1)		—		168		—		168		—
Pretax income as adjusted (2)	$	4,185	$	4,883	$	5,042	$	14,260	$	14,261
Provision for income tax on net income as adjusted (3)		899		1,077		2,544		3,079		4,895
Net income as adjusted (non-GAAP) (2)	$	3,286	$	3,806	$	2,498	$	11,181	$	9,366
GAAP diluted earnings per share, net of tax	$	0.32	$	0.35	$	0.24	$	1.07	$	0.89
Branch closure costs, net of tax		—		0.01		—		0.01		—
Diluted earnings per share, as adjusted, net of tax (non-GAAP)	$	0.32	$	0.36	$	0.24	$	1.08	$	0.89

Average diluted shares outstanding		10,204,195		10,373,089		10,470,098		10,339,802		10,474,685

(1) Branch closure costs include severance pay recorded in compensation and benefits and depreciation and right of use lease asset accelerated expense included in other non-interest expense in the consolidated statement of operations.
(2) Pretax income as adjusted and net income as adjusted are non-GAAP measures that management believes enhances the market’s ability to assess the underlying business performance and trends related to core business activities.
(3) Provision for income tax on net income as adjusted is calculated at our effective tax rate for each respective period presented.

Loan Composition

(in thousands)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total Loans:
Commercial/Agricultural real estate:
Commercial real estate	$	730,459		$	729,236		$	750,531		$	750,282
Agricultural real estate		76,043			78,248			83,350			84,558
Multi-family real estate		239,191			234,758			228,095			219,193
Construction and land development		87,875			87,898			110,941			109,799
C&I/Agricultural operating:
Commercial and industrial		119,619			127,386			121,666			121,033
Agricultural operating		27,550			27,409			25,691			24,552
Residential mortgage:
Residential mortgage		134,944			133,503			129,021			125,939
Purchased HELOC loans		2,932			2,915			2,880			2,881
Consumer installment:
Originated indirect paper		4,405			5,110			6,535			7,175
Other consumer		5,438			5,860			6,187			6,440
Gross loans	$	1,428,456		$	1,432,323		$	1,464,897		$	1,451,852
Unearned net deferred fees and costs and loans in process		(2,703	)		(2,733	)		(2,900	)		(3,048	)
Unamortized discount on acquired loans		(925	)		(1,002	)		(1,205	)		(1,275	)
Total loans receivable	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529

Nonperforming Assets
Loan Balances at Amortized Cost

(in thousands, except ratios)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Nonperforming assets:
Nonaccrual loans
Commercial real estate	$	4,778		$	5,350		$	10,359		$	10,570
Agricultural real estate		6,193			382			391			469
Construction and land development		106			—			54			94
Commercial and industrial (“C&I”)		1,956			422			—			—
Agricultural operating		901			1,017			1,180			1,373
Residential mortgage		1,088			1,145			1,167			923
Consumer installment		20			36			33			27
Total nonaccrual loans	$	15,042		$	8,352		$	13,184		$	13,456
Accruing loans past due 90 days or more		530			256			389			971
Total nonperforming loans (“NPLs”) at amortized cost		15,572			8,608			13,573			14,427
Foreclosed and repossessed assets, net		1,572			1,662			1,795			1,046
Total nonperforming assets (“NPAs”)	$	17,144		$	10,270		$	15,368		$	15,473
Loans, end of period	$	1,424,828		$	1,428,588		$	1,460,792		$	1,447,529
Total assets, end of period	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Ratios:
NPLs to total loans		1.09	%		0.60	%		0.93	%		1.00	%
NPAs to total assets		0.95	%		0.57	%		0.83	%		0.85	%

Average Balances, Interest Yields and Rates

(in thousands, except yields and rates)

	Three Months Ended September 30, 2024						Three Months Ended June 30, 2024						Three Months Ended September 30, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	25,187	$	360	5.69	%	$	18,894	$	272	5.79	%	$	21,298	$	302	5.63	%
Loans receivable		1,429,928		20,115	5.60	%		1,439,535		19,921	5.57	%		1,435,284		19,083	5.27	%
Investment securities		236,960		1,966	3.30	%		238,147		2,012	3.40	%		252,226		2,119	3.33	%
Other investments		12,553		71	2.25	%		13,051		258	7.95	%		15,511		268	6.85	%
Total interest earning assets	$	1,704,628	$	22,512	5.25	%	$	1,709,627	$	22,463	5.28	%	$	1,724,319	$	21,772	5.01	%
Average interest-bearing liabilities:
Savings accounts	$	170,777	$	450	1.05	%		174,259	$	429	0.99	%	$	199,279	$	328	0.65	%
Demand deposits		357,201		2,152	2.40	%		354,850	$	2,023	2.29	%		354,073		1,863	2.09	%
Money market accounts		381,369		3,126	3.26	%		377,346	$	2,958	3.15	%		298,098		1,889	2.51	%
CD’s		379,722		4,437	4.65	%		352,323	$	3,928	4.48	%		358,238		3,308	3.66	%
Total deposits	$	1,289,069	$	10,165	3.14	%	$	1,258,778	$	9,338	2.98	%	$	1,209,688	$	7,388	2.42	%
FHLB advances and other borrowings		80,338		1,062	5.26	%		121,967	$	1,549	5.11	%		182,967		2,263	4.91	%
Total interest-bearing liabilities	$	1,369,407	$	11,227	3.26	%	$	1,380,745	$	10,887	3.17	%	$	1,392,655	$	9,651	2.75	%
Net interest income			$	11,285					$	11,576					$	12,121
Interest rate spread					1.99	%					2.11	%					2.26	%
Net interest margin					2.63	%					2.72	%					2.79	%
Average interest earning assets to average interest-bearing liabilities					1.24						1.24						1.24

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
	Average Balance		Interest Income/ Expense		Average Yield/ Rate		Average Balance		Interest Income/ Expense		Average Yield/ Rate
Average interest earning assets:
Cash and cash equivalents	$	19,073	$	823	5.76	%	$	19,066	$	768	5.39	%
Loans receivable		1,441,972		60,204	5.58	%		1,420,423		54,169	5.10	%
Interest bearing deposits		—		—	—	%		84		1	1.59	%
Investment securities		240,054		6,038	3.36	%		261,507		6,505	3.33	%
Other investments		12,983		589	6.06	%		16,447		779	6.33	%
Total interest earning assets	$	1,714,082	$	67,654	5.27	%	$	1,717,527	$	62,222	4.84	%
Average interest-bearing liabilities:
Savings accounts	$	173,946	$	1,300	1.00	%	$	208,446	$	1,103	0.71	%
Demand deposits		355,356		6,192	2.33	%		370,235		5,047	1.82	%
Money market accounts		378,740		9,005	3.18	%		298,957		4,759	2.13	%
CD’s		364,131		12,215	4.48	%		300,279		6,989	3.11	%
Total deposits	$	1,272,173	$	28,712	3.01	%	$	1,177,917	$	17,898	2.03	%
FHLB advances and other borrowings		108,897		4,176	5.12	%		214,034		7,722	4.82	%
Total interest-bearing liabilities	$	1,381,070	$	32,888	3.18	%	$	1,391,951	$	25,620	2.46	%
Net interest income			$	34,766					$	36,602
Interest rate spread					2.09	%					2.38	%
Net interest margin					2.71	%					2.85	%
Average interest earning assets to average interest bearing liabilities					1.24						1.23

Key Financial Metric Ratios:

	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Ratios based on net income:
Return on average assets (annualized)	0.72	%	0.81	%	0.54	%	0.81	%	0.68	%
Return on average equity (annualized)	7.34	%	8.52	%	5.97	%	8.46	%	7.59	%
Return on average tangible common equity⁴ (annualized)	9.38	%	10.92	%	7.74	%	10.78	%	9.91	%
Efficiency ratio	72	%	72	%	67	%	71	%	66	%
Net interest margin with loan purchase accretion	2.63	%	2.72	%	2.79	%	2.71	%	2.85	%
Net interest margin without loan purchase accretion	2.61	%	2.70	%	2.76	%	2.69	%	2.82	%
Ratios based on net income as adjusted (non-GAAP)
Return on average assets as adjusted² (annualized)	0.72	%	0.84	%	0.54	%	0.82	%	0.68	%
Return on average equity as adjusted³ (annualized)	7.34	%	8.82	%	5.97	%	8.56	%	7.59	%

Reconciliation of Return on Average Assets

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average assets	$	1,810,826		$	1,815,693		$	1,836,775		$	1,822,106		$	1,832,832
Return on average assets (annualized)		0.72	%		0.81	%		0.54	%		0.81	%		0.68	%
Return on average assets as adjusted (non-GAAP) (annualized)		0.72	%		0.84	%		0.54	%		0.82	%		0.68	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Return on Average Equity

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
GAAP earnings after income taxes	$	3,286		$	3,675		$	2,498		$	11,049		$	9,366
Net income as adjusted after income taxes (non-GAAP) (1)	$	3,286		$	3,806		$	2,498		$	11,181		$	9,366
Average equity	$	178,050		$	173,462		$	166,131		$	174,436		$	165,075
Return on average equity (annualized)		7.34	%		8.52	%		5.97	%		8.46	%		7.59	%
Return on average equity as adjusted (non-GAAP) (annualized)		7.34	%		8.82	%		5.97	%		8.56	%		7.59	%

(1) See Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)

Reconciliation of Efficiency Ratio

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Non-interest expense (GAAP)	$	10,421		$	10,299		$	9,969		$	31,497		$	29,936
Less amortization of intangibles		(178	)		(179	)		(179	)		(536	)		(576	)
Efficiency ratio numerator (GAAP)	$	10,243		$	10,120		$	9,790		$	30,961		$	29,360

Non-interest income	$	2,921		$	1,913		$	2,565		$	8,098		$	7,770
Add back net losses on debt and equity securities		(78	)		(658	)		—			(569	)		—
Subtract net gains on debt and equity securities		—			—			116			—			182
Net interest income		11,285			11,576			12,121			34,766			36,602
Efficiency ratio denominator (GAAP)	$	14,284		$	14,147		$	14,570		$	43,433		$	44,190
Efficiency ratio (GAAP)		72	%		72	%		67	%		71	%		66	%

Reconciliation of tangible book value per share (non-GAAP)

(in thousands, except per share data)

Tangible book value per share at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Ending common shares outstanding		10,074,136			10,297,341			10,440,591			10,468,091
Book value per share	$	17.88		$	17.10		$	16.60		$	15.80
Tangible book value per share (non-GAAP)	$	14.64		$	13.91		$	13.42		$	12.61

Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)

(in thousands, except ratios)

Tangible common equity as a percent of tangible assets at end of period	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	173,334		$	165,402
Less: Goodwill		(31,498	)	$	(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)	$	(1,336	)		(1,694	)	$	(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	140,142		$	132,031
Total Assets	$	1,799,137		$	1,802,307		$	1,851,391		$	1,831,087
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)	$	(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,694	)	$	(1,873	)
Tangible Assets (non-GAAP)	$	1,766,481		$	1,769,473		$	1,818,199		$	1,797,716
Total stockholders’ equity to total assets ratio		10.01	%		9.77	%		9.36	%		9.03	%
Tangible common equity as a percent of tangible assets (non-GAAP)		8.35	%		8.09	%		7.71	%		7.34	%

Reconciliation of Return on Average Tangible Common Equity (non-GAAP)

(in thousands, except ratios)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Total stockholders’ equity	$	180,149		$	176,045		$	165,402		$	180,149		$	165,402
Less: Goodwill		(31,498	)		(31,498	)		(31,498	)		(31,498	)		(31,498	)
Less: Intangible assets		(1,158	)		(1,336	)		(1,873	)		(1,158	)		(1,873	)
Tangible common equity (non-GAAP)	$	147,493		$	143,211		$	132,031		$	147,493		$	132,031
Average tangible common equity (non-GAAP)	$	145,305		$	140,539		$	132,671		$	141,512		$	131,425
GAAP earnings after income taxes		3,286			3,675			2,498			11,049			9,366
Amortization of intangible assets, net of tax		140			140			89			374			378
Tangible net income	$	3,426		$	3,815		$	2,587		$	11,423		$	9,744
Return on average tangible common equity (annualized)		9.38	%		10.92	%		7.74	%		10.78	%		9.91	%

¹Net income as adjusted and net income as adjusted per share are non-GAAP financial measures that management believes enhances investors’ ability to better understand the underlying business performance and trends related to core business activities. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of GAAP Net Income and Net Income as Adjusted (non-GAAP)”.

²Return on average assets as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average assets. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Assets as Adjusted (non-GAAP)”.

³Return on average equity as adjusted is a non-GAAP measure that management believes enhances investors’ ability to better understand the underlying business performance and trends relative to average equity. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of Return on Average Equity as Adjusted (non-GAAP)”.

⁴Tangible book value, tangible book value per share, tangible common equity as a percent of tangible assets and return on tangible common equity are non-GAAP measures that management believes enhances investors’ ability to better understand the Company’s financial position. For a detailed reconciliation of GAAP to non-GAAP results, see the accompanying financial table “Reconciliation of tangible book value per share (non-GAAP)”, “Reconciliation of tangible common equity as a percent of tangible assets (non-GAAP)”, and “Reconciliation of return on average tangible common equity)”.

The MIL Network –

January 25, 2025

MIL-OSI: PSB Holdings, Inc. Reports Earnings of $0.69 per Share for Q3 2024; Net Interest Margin and Tangible Book Value Increase; Asset Quality Improves

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., Oct. 28, 2024 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported third quarter earnings ending September 30, 2024 of $0.69 per common share on net income of $2.9 million, compared to $0.56 per common share on net income of $2.3 million during the second quarter ending June 30, 2024, and $0.29 per common share on net income of $1.2 million during the third quarter ending September 30, 2023.

PSB’s third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest margin increased 6 basis points; (2) slightly lower non-interest income; (3) lower non-interest expense due to the second quarter reflecting elevated severance expenses; and (4) the return of a $2.5 million non-performing loan to performing status and a corresponding release in specific reserves.

“Over the past year, we have increased shareholders’ tangible book value per share 18.7% and paid $0.62 in dividends to our shareholders, up 12.7% from the 12 month period ended September 30, 2023. With the rapid rise in short term interest rates over the past couple of years coming to an apparent end, we expect our net interest margin to be stable and operating expenses to continue to be well managed and efficient. Additionally, as funds become available from investment and loan repayments and maturities, we expect the funds to be reinvested into higher yielding assets which should lessen the volatility in fair market value adjustments reflected in our tangible book value,” stated Scott Cattanach, President and CEO.

September 30, 2024, Highlights:

Net interest income increased to $9.9 million for the quarter ended September 30, 2024, from $9.4 million for the quarter ended June 30, 2024, as increases in asset and loan yields outpaced the increases in funding costs.
Noninterest income decreased slightly to $1.8 million for the quarter ended September 30, 2024, compared to $1.9 million the prior quarter.
Noninterest expenses decreased during the quarter ended September 30, 2024, reflecting lower salary and benefit expenses. Included in salary and benefit expenses for the prior quarter were non-recurring expenses totaling approximately $404,000.
Tangible book value per common share increased $1.86 per share to $26.41 at September 30, 2024, compared to $24.55 one quarter earlier, and increased $4.16 per share, or 18.7%, compared to $22.25 at September 30, 2023. Additionally, PSB paid dividends totaling $0.62 per share over the past year. During the third quarter ended September 30, 2024, tangible book value per share was positively influenced by higher net income, intangible asset amortization, an increase in fair market value of investment securities and consistent stock repurchase activity.
Loans decreased $16.9 million in the third quarter ended September 30, 2024, to $1.06 billion largely due to not replacing certain out of market maturing loans. Allowance for credit losses increased to 1.18% of gross loans.
Non-performing assets declined to 0.71% of total assets at September 30, 2024 from 0.84% at June 30, 2024 as a $2.5 million loan returned to performing status.
Total deposits decreased $13.2 million during the quarter ended September 30, 2024 to $1.14 billion, with a large portion of the decrease attributable to a large overnight deposit held at June 30, 2024 which was withdrawn in early July.
Return on average tangible common equity was 10.96% for the quarter ended September 30, 2024, compared to 9.34% the prior quarter and 5.17% in the year ago quarter.

Balance Sheet and Asset Quality Review

Total assets decreased $9.7 million to $1.48 billion at September 30, 2024. Investment securities available for sale increased $9.7 million to $174.9 million at September 30, 2024, from $165.2 million one quarter earlier. Total collateralized liquidity available to meet cash demands was approximately $321 million at September 30, 2024, with an additional $343 million that could be raised in a short time frame from the brokered CDs market.

Total loans receivable decreased $16.9 million to $1.06 billion at September 30, 2024, due primarily to lower commercial and construction lending. Commercial non-real estate loans decreased $9.1 million to $139.0 million at September 30, 2024, from $148.2 million one quarter earlier. Gross construction lending decreased $9.6 million to $61.0 million at September 30, 2024, from $70.5 million at June 30, 2024, while loans in process declined $3.6 million during the quarter ended September 30, 2024. Commercial real estate loans decreased $2.6 million to $541.6 million at September 30, 2024, from $544.2 million the prior quarter. Meanwhile, residential real estate loans increased slightly from the prior quarter to $341.3 million from $340.9 million. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 55.4% of gross loans followed by residential real estate loans at 31.4% of gross loans, commercial non-real estate loans at 12.8% and consumer loans at 0.4%.

The allowance for credit losses increased slightly to 1.18% of gross loans at September 30, 2024, from 1.16% the prior quarter. Annualized net charge-offs to average loans were zero for the last five quarters. Non-performing assets totaled 0.71% of total assets at September 30, 2024, compared to 0.84% at June 30, 2024. During the quarter ended September 30, 2024, a loan totaling $2.5 million was returned to performing status, while a loan on a recreation facility totaling $3.3 million was added to nonaccrual status. Additionally, one loan relationship to an equipment dealership on nonaccrual status totaling $5.1 million at June 30, 2024 was paid down to $2.8 million at September 30, 2024 on sale of the equipment inventory. For the seventh consecutive quarter, the Bank did not own any foreclosed real estate.

Total deposits decreased $13.2 million to $1.14 billion at September 30, 2024, from $1.15 billion at June 30, 2024. The decrease in deposits reflects a $13.1 million decrease in interest-bearing demand and savings deposits, a $19.7 million decrease in money market deposits partially offset by a $14.6 million increase in non-interest bearing deposits and a $5.4 million increase in retail and local time deposits. The decrease in money market deposits reflected a large deposit of $49 million on June 30, 2024 that was drawn down in early July 2024.

At September 30, 2024, non-interest bearing demand deposits increased to 23.3% of total deposits from 21.6% the prior quarter, while interest-bearing demand and savings deposits decreased to 28.4% of deposits, compared to 29.3% at June 30, 2024. Uninsured and uncollateralized deposits decreased to 21.6% of total deposits at September 30, 2024, from 24.0% of total deposits at June 30, 2024.

FHLB advances decreased to $181.3 million at September 30, 2024, compared to $184.9 million at June 30, 2024.

Tangible stockholder equity as a percent of total tangible assets increased to 7.85% at September 30, 2024, compared to 7.32% at June 30, 2024, and 6.98% at September 30, 2023.

Tangible net book value per common share increased $4.16, to $26.41, at September 30, 2024, compared to $22.25 one year earlier, an increase of 18.7% after dividends of $0.62 were paid to shareholders. Relative to the prior quarter, tangible net book value per common share increased due to continued earnings, a fair market value increase in the investment portfolio which reduced unrealized losses reflected in accumulated other comprehensive income and amortization of intangible assets. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at September 30, 2024, compared to $20.5 million one quarter earlier.

Operations Review

Net interest income increased to $9.9 million (on a net margin of 2.90%) for the third quarter of 2024, from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024, and $9.6 million (on a net margin of 2.88%) for the third quarter of 2023. Earning asset yields increased by 8 basis points to 5.29% during the third quarter of 2024 from 5.21% during the second quarter of 2024, while interest bearing deposit and borrowing costs increased 7 basis points to 3.13% compared to 3.06% during the second quarter of 2024.

The increase in earning asset yields was primarily due to higher yields on loan originations and renewals. Loan yields increased during the third quarter of 2024 to 5.78% from 5.67% for the second quarter of 2024, up 11 basis points. Taxable security yields were 3.01% for the quarter ended September 30, 2024, compared to 3.02% for the quarter ended June 30, 2024, while tax-exempt security yields were 3.31% for the quarter ended September 30, 2024 compared to 3.33% the prior quarter.

The cost of all deposits was 2.11% for the quarter ended September 30, 2024, compared to 2.11% the prior quarter, while the overall cost of funds increased 7 basis points from 3.06% to 3.13% during the same time period. Deposit costs for money market deposits decreased during the quarter ended September 30, 2024, to 2.69% from 2.72% the prior quarter. The cost of time deposits and FHLB advances continued to increase and were primarily responsible for the rise in the Bank’s cost of funds in the current quarter. The cost of time deposits increased to 4.04% for the third quarter ended September 30, 2024, from 3.97% the prior quarter. FHLB advance costs rose to 4.44% during the third quarter ended September 30, 2024, from 4.28% the prior quarter.

Total noninterest income decreased slightly for the third quarter of 2024 to $1.84 million, from $1.91 million for the second quarter of 2024. Mortgage banking income remained at $433,000 in the September 30, 2024 quarter while various decreases in nominal revenue sources accounted for the slight decline in non-interest income during the third quarter ended September 30, 2024. At September 30, 2024, the Bank serviced $371 million in secondary market residential mortgage loans for others which provide fee income.

Noninterest expenses decreased to $8.2 million for the third quarter of 2024, compared to $8.4 million for the second quarter of 2024. The second quarter ended June 30, 2024, reflected higher salary and benefit expenses related to non-recurring costs. Relative to one year earlier, salary and benefit cost increased 5.7% to $4.8 million for the quarter ended September 30, 2024, compared to $4.5 million for the third quarter ended September 30, 2023.

Taxes increased $183,000 during the third quarter to $593,000, from $410,000 one quarter earlier. The increase generally reflects higher pre-tax income. The effective tax rate for the quarter ended September 30, 2024, was 16.6% compared to 14.4% for the second quarter ended June 30, 2024, and 63.8% for the third quarter ended September 30, 2023, when higher tax expenses were incurred to recognize the loss of certain deferred tax assets following a change in Wisconsin tax law that eliminated state taxes on certain qualified assets.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane County. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

PSB Holdings, Inc.
Consolidated Balance Sheets
September 30, June 30, and March 31, 2024, September 30, 2023, unaudited, December 31, 2023 derived from audited financial statements

	Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands, except per share data)		2024			2024			2024			2023			2023

Assets

Cash and due from banks	$	23,554		$	16,475		$	13,340		$	20,887		$	12,881
Interest-bearing deposits		5,126			251			105			1,431			668
Federal funds sold		58,434			69,249			2,439			5,462			7,764

Cash and cash equivalents		87,114			85,975			15,884			27,780			21,313
Securities available for sale (at fair value)		174,911			165,177			165,566			164,024			160,883
Securities held to maturity (fair values of $82,389, $79,993, $81,234, $82,514 and
$75,236 respectively)		86,847			86,825			87,104			87,081			86,908
Equity securities		1,752			1,661			1,474			1,474			2,273
Loans held for sale		–			2,268			865			230			971
Loans receivable, net (allowance for credit losses of $12,598, $12,597, $12,494,
$12,302 and $12,267 respectively)		1,057,974			1,074,844			1,081,394			1,078,475			1,098,019
Accrued interest receivable		4,837			5,046			5,467			5,136			4,716
Foreclosed assets		–			–			–			–			–
Premises and equipment, net		14,065			14,048			13,427			13,098			13,242
Mortgage servicing rights, net		1,727			1,688			1,657			1,664			1,684
Federal Home Loan Bank stock (at cost)		8,825			8,825			7,006			6,373			6,373
Cash surrender value of bank-owned life insurance		24,565			24,401			24,242			24,085			23,931
Core deposit intangible		212			229			249			273			297
Goodwill		2,541			2,541			2,541			2,541			2,541
Other assets		10,598			12,111			11,682			11,866			14,094

TOTAL ASSETS	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

Liabilities

Non-interest-bearing deposits	$	265,078		$	250,435		$	247,608		$	266,829		$	288,765
Interest-bearing deposits		874,035			901,886			865,744			874,973			883,474

Total deposits		1,139,113			1,152,321			1,113,352			1,141,802			1,172,239

Federal Home Loan Bank advances		181,250			184,900			158,250			134,000			128,000
Other borrowings		6,128			5,775			8,096			8,058			5,660
Senior subordinated notes		4,779			4,778			4,776			4,774			4,772
Junior subordinated debentures		12,998			12,972			12,947			12,921			12,896
Allowance for credit losses on unfunded commitments		477			477			477			577			512
Accrued expenses and other liabilities		12,850			13,069			10,247			12,681			10,258

Total liabilities		1,357,595			1,374,292			1,308,145			1,314,813			1,334,337

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; no shares issued or outstanding
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,105,594, 4,128,382, 4,147,649, 4,164,735 and
4,174,197 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,567			8,527			8,466			8,460			8,421
Retained earnings		138,142			135,276			134,271			132,666			131,624
Accumulated other comprehensive income (loss), net of tax		(15,814	)		(20,503	)		(20,775	)		(20,689	)		(26,190	)
Treasury stock, at cost – 1,385,204, 1,362,416, 1,343,149, 1,326,063 and
1,316,601 shares, respectively		(21,552	)		(20,983	)		(20,579	)		(20,180	)		(19,977	)

Total stockholders’ equity		118,373			111,347			110,413			109,287			102,908

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,475,968		$	1,485,639		$	1,418,558		$	1,424,100		$	1,437,245

PSB Holdings, Inc.
Consolidated Statements of Income
	Quarter Ended												Nine Months Ended
(dollars in thousands,	Sep. 30,		Jun. 30,		Mar. 31,			Dec. 31,			Sep. 30,		September
except per share data – unaudited)	2024		2024		2024			2023			2023		2024			2023

Interest and dividend income:
Loans, including fees	$	15,634	$	15,433	$	15,109		$	14,888		$	14,263	$	46,176		$	38,745
Securities:
Taxable		1,345		1,295		1,197			1,147			1,114		3,837			3,772
Tax-exempt		522		521		526			532			533		1,569			1,605
Other interest and dividends		699		265		343			320			238		1,307			531

Total interest and dividend income		18,200		17,514		17,175			16,887			16,148		52,889			44,653

Interest expense:
Deposits		5,905		5,838		6,082			5,526			4,817		17,825			11,467
FHLB advances		2,038		1,860		1,450			1,349			1,321		5,348			3,068
Other borrowings		57		58		60			54			51		175			161
Senior subordinated notes		59		58		59			59			59		176			179
Junior subordinated debentures		252		255		251			254			255		758			731

Total interest expense		8,311		8,069		7,902			7,242			6,503		24,282			15,606

Net interest income		9,889		9,445		9,273			9,645			9,645		28,607			29,047
Provision for credit losses		–		100		95			100			150		195			350

Net interest income after provision for credit losses		9,889		9,345		9,178			9,545			9,495		28,412			28,697

Noninterest income:
Service fees		367		350		336			360			349		1,053			1,088
Mortgage banking income		433		433		308			247			345		1,174			981
Investment and insurance sales commissions		230		222		121			100			158		573			810
Net loss on sale of securities		–		–		(495	)		(297	)		–		(495	)		(279	)
Increase in cash surrender value of life insurance		165		159		157			154			155		481			461
Life insurance death benefit		–		–		–			–			–		–			533
Other noninterest income		648		742		617			540			675		2,007			2,022

Total noninterest income		1,843		1,906		1,044			1,104			1,682		4,793			5,616

Noninterest expense:
Salaries and employee benefits		4,771		5,167		5,123			4,244			4,514		15,061			14,404
Occupancy and facilities		757		733		721			675			689		2,211			2,086
Loss (gain) on foreclosed assets		1		–		–			1			–		1			(46	)
Data processing and other office operations		1,104		1,047		1,022			1,001			953		3,173			2,784
Advertising and promotion		164		171		129			244			161		464			489
Core deposit intangible amortization		17		20		24			24			24		61			85
Other noninterest expenses		1,337		1,257		1,306			1,169			1,113		3,900			3,388

Total noninterest expense		8,151		8,395		8,325			7,358			7,454		24,871			23,190

Income before provision for income taxes		3,581		2,856		1,897			3,291			3,723		8,334			11,123
Provision for income taxes		593		410		169			878			2,374		1,172			3,967

Net income	$	2,988	$	2,446	$	1,728		$	2,413		$	1,349	$	7,162		$	7,156
Preferred stock dividends declared	$	122	$	122	$	122		$	122		$	122	$	366		$	366

Net income available to common shareholders	$	2,866	$	2,324	$	1,606		$	2,291		$	1,227	$	6,796		$	6,790
Basic earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61
Diluted earnings per common share	$	0.69	$	0.56	$	0.39		$	0.55		$	0.29	$	1.64		$	1.61

PSB Holdings, Inc.
Quarterly Financial Summary
(dollars in thousands, except per share data)		Quarter ended
		Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
Earnings and dividends:			2024			2024			2024			2023			2023

	Interest income	$	18,200		$	17,514		$	17,175		$	16,887		$	16,148
	Interest expense	$	8,311		$	8,069		$	7,902		$	7,242		$	6,503
	Net interest income	$	9,889		$	9,445		$	9,273		$	9,645		$	9,645
	Provision for credit losses	$	–		$	100		$	95		$	100		$	150
	Other noninterest income	$	1,843		$	1,906		$	1,044		$	1,104		$	1,682
	Other noninterest expense	$	8,151		$	8,395		$	8,325		$	7,358		$	7,454
	Net income available to common shareholders	$	2,866		$	2,324		$	1,606		$	2,291		$	1,227

	Basic earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Diluted earnings per common share (3)	$	0.69		$	0.56		$	0.39		$	0.55		$	0.29
	Dividends declared per common share (3)	$	–		$	0.32		$	–		$	0.30		$	–
	Tangible net book value per common share (4)	$	26.41		$	24.55		$	24.21		$	23.84		$	22.25

	Semi-annual dividend payout ratio	n/a				33.60	%	n/a				38.14	%	n/a
	Average common shares outstanding		4,132,218			4,139,456			4,154,702			4,168,924			4,186,940


Balance sheet – average balances:
	Loans receivable, net of allowances for credit loss	$	1,066,795		$	1,088,013		$	1,081,936		$	1,081,851		$	1,076,158
	Assets	$	1,445,613		$	1,433,749		$	1,429,437		$	1,424,240		$	1,425,522
	Deposits	$	1,110,854		$	1,111,240		$	1,138,010		$	1,148,399		$	1,149,624
	Stockholders’ equity	$	114,458		$	110,726		$	109,473		$	105,060		$	105,745


Performance ratios:
	Return on average assets (1)		0.82	%		0.69	%		0.49	%		0.67	%		0.38	%
	Return on average common stockholders’ equity (1)		10.63	%		9.03	%		6.32	%		9.29	%		4.94	%
	Return on average tangible common
	stockholders’ equity (1)(4)		10.96	%		9.34	%		6.57	%		9.64	%		5.17	%
	Net loan charge-offs to average loans (1)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
	Nonperforming loans to gross loans		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
	Nonperforming assets to total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
	Allowance for credit losses to gross loans		1.18	%		1.16	%		1.14	%		1.13	%		1.10	%
	Nonperforming assets to tangible equity
	plus the allowance for credit losses (4)		8.71	%		11.09	%		10.59	%		5.38	%		5.87	%
	Net interest rate margin (1)(2)		2.90	%		2.84	%		2.80	%		2.88	%		2.88	%
	Net interest rate spread (1)(2)		2.16	%		2.15	%		2.12	%		2.20	%		2.27	%
	Service fee revenue as a percent of
	average demand deposits (1)		0.56	%		0.56	%		0.54	%		0.52	%		0.50	%
	Noninterest income as a percent
	of gross revenue		9.20	%		9.81	%		5.73	%		6.14	%		9.43	%
	Efficiency ratio (2)		68.43	%		72.52	%		78.93	%		67.04	%		64.58	%
	Noninterest expenses to average assets (1)		2.24	%		2.35	%		2.34	%		2.05	%		2.07	%
	Average stockholders’ equity less accumulated
	other comprehensive income (loss) to
	average assets		9.06	%		9.03	%		8.98	%		8.88	%		9.00	%
	Tangible equity to tangible assets (4)		7.85	%		7.32	%		7.60	%		7.49	%		6.98	%

Stock price information:

	High	$	25.00		$	21.40		$	22.50		$	22.30		$	22.50
	Low	$	20.30		$	19.75		$	20.05		$	20.10		$	20.35
	Last trade value at quarter-end	$	25.00		$	20.40		$	21.25		$	22.11		$	21.15

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.

PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

			Quarter Ended
			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,
(dollars in thousands – unaudited)				2024			2024			2024			2023			2023

Net income			$	2,988		$	2,446		$	1,728		$	2,413		$	1,349

Other comprehensive income, net of tax:

	Unrealized gain (loss) on securities available
		for sale		4,738			184			(615	)		5,278			(3,085	)

	Reclassification adjustment for security
		loss included in net income		–			–			391			280			–

	Accretion of unrealized loss included in net
		income on securities available for sale
		deferred tax adjustment for Wisconsin
		Act 19		–			–			(35	)		–			–

	Amortization of unrealized loss included in net
		income on securities available for sale
		transferred to securities held to maturity		90			89			91			91			91

	Unrealized gain (loss) on interest rate swap			(101	)		39			123			(109	)		79

	Reclassification adjustment of interest rate
		swap settlements included in earnings		(38	)		(40	)		(41	)		(39	)		(35	)


Other comprehensive income (loss)				4,689			272			(86	)		5,501			(2,950	)

Comprehensive income (loss)			$	7,677		$	2,718		$	1,642		$	7,914		$	(1,601	)

PSB Holdings, Inc.
Nonperforming Assets as of:
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
(dollars in thousands)		2024			2024			2024			2023			2023

Nonaccrual loans (excluding restructured loans)	$	10,116		$	12,184		$	11,498		$	5,596		$	5,807
Nonaccrual restructured loans		25			28			30			34			42
Restructured loans not on nonaccrual		292			299			304			310			256
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		10,433			12,511			11,832			5,940			6,105
Other real estate owned		–			–			–			–			–

Total nonperforming assets	$	10,433		$	12,511		$	11,832		$	5,940		$	6,105

Nonperforming loans as a % of gross loans receivable		0.97	%		1.15	%		1.08	%		0.54	%		0.55	%
Total nonperforming assets as a % of total assets		0.71	%		0.84	%		0.83	%		0.42	%		0.42	%
Allowance for credit losses as a % of nonperforming loans		120.75	%		100.69	%		105.59	%		207.10	%		200.93	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At September 30, 2024
(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreation Facility	Nonaccrual	$	3,291		$	–
Real estate – Independent Auto Repair	Nonaccrual		562			–
Real estate – Equipment Dealership	Nonaccrual		2,808			660


Total listed nonperforming assets		$	6,661		$	660
Total bank wide nonperforming assets		$	10,433		$	1,220
Listed assets as a % of total nonperforming assets			64	%		54	%

PSB Holding, Inc.
Loan Composition by Collateral Type
Quarter-ended (dollars in thousands)	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023

Commercial:
Commercial and industrial	$	115,234		$	125,508		$	118,821		$	117,207		$	138,299
Agriculture		11,203			11,480			12,081			12,304			12,464
Municipal		12,596			11,190			28,842			31,530			27,186

Total Commercial		139,033			148,178			159,744			161,041			177,949

Commercial Real Estate:
Commercial real estate		541,577			544,171			546,257			536,209			539,488
Construction and development		60,952			70,540			63,375			81,701			86,456

Total Commercial Real Estate		602,529			614,711			609,632			617,910			625,944

Residential real estate:
Residential		269,954			270,944			274,300			274,453			274,632
Construction and development		34,655			36,129			34,158			33,960			33,141
HELOC		36,734			33,838			31,357			29,766			29,044

Total Residential Real Estate		341,343			340,911			339,815			338,179			336,817

Consumer installment		4,770			4,423			4,867			4,357			4,350

Subtotals – Gross loans		1,087,675			1,108,223			1,114,058			1,121,487			1,145,060
Loans in process of disbursement		(17,836	)		(21,484	)		(20,839	)		(31,359	)		(35,404	)

Subtotals – Disbursed loans		1,069,839			1,086,739			1,093,219			1,090,128			1,109,656
Net deferred loan costs		733			702			669			649			630
Allowance for credit losses		(12,598	)		(12,597	)		(12,494	)		(12,302	)		(12,267	)

Total loans receivable	$	1,057,974		$	1,074,844		$	1,081,394		$	1,078,475		$	1,098,019

PSB Holding, Inc.
Selected Commercial Real Estate Loans by Purpose
	Sept 30,				June 30,				Mar 31,				Dec 31,				Sept 30,
(dollars in thousands)		2024				2024				2024				2023				2023

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	140,307	14.7	%	$	146,873	15.2	%	$	142,001	14.4	%	$	132,386	13.2	%	$	133,466	13.3	%
Industrial and Warehousing		86,818	9.1			86,025	8.9			85,409	8.6			83,817	8.3			88,906	8.9
Retail		33,020	3.5			34,846	3.6			33,177	3.4			35,419	3.5			35,281	3.5
Hotels		31,611	3.3			34,613	3.6			35,105	3.6			36,100	3.6			31,819	3.2
Office		6,378	0.7			6,518	0.7			6,655	0.7			6,701	0.7			6,746	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	210,534	18.6	%	$	202,343	17.5	%	$	199,076	17.8	%	$	197,571	17.3	%	$	209,133	17.9	%
Interest-bearing demand and savings		305,631	26.8	%		304,392	26.5	%		318,673	28.7	%		317,984	27.8	%		307,620	26.3	%
Money market deposits		138,376	12.2	%		137,637	12.0	%		143,167	12.9	%		142,887	12.5	%		135,910	11.4	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		810,529	71.3	%		793,670	69.0	%		809,320	72.7	%		807,587	70.7	%		797,401	68.0	%
Retail and local time deposits > $250		23,500	2.1	%		22,500	2.0	%		24,508	2.3	%		23,000	2.0	%		22,750	1.9	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	891,434	78.4	%	$	873,988	76.0	%	$	897,809	80.7	%	$	904,077	79.1	%	$	911,987	77.8	%

PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	54,544	4.7	%	$	48,092	4.1	%	$	48,532	4.4	%	$	69,258	6.1	%	$	79,632	6.8	%
Interest-bearing demand and savings		18,317	1.6	%		32,674	2.8	%		20,535	1.8	%		20,316	1.8	%		22,847	1.9	%
Money market deposits		157,489	13.8	%		177,954	15.4	%		124,766	11.2	%		124,518	10.9	%		133,653	11.4	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		230,350	20.1	%		258,720	22.3	%		193,833	17.4	%		214,092	18.8	%		236,132	20.1	%
Retail and local time deposits > $250		17,329	1.5	%		19,613	1.7	%		21,710	1.9	%		23,633	2.1	%		24,120	2.1	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	247,679	21.6	%	$	278,333	24.0	%	$	215,543	19.3	%	$	237,725	20.9	%	$	260,252	22.2	%

PSB Holdings, Inc.
Deposit Composition

Total Deposits	September 30,				June 30,				March 31,				December 31,				September 30,
(dollars in thousands)		2024				2024				2024				2023				2023
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	265,078	23.3	%	$	250,435	21.6	%	$	247,608	22.2	%	$	266,829	23.4	%	$	288,765	24.7	%
Interest-bearing demand and savings		323,948	28.4	%		337,066	29.3	%		339,208	30.5	%		338,300	29.6	%		330,467	28.2	%
Money market deposits		295,865	26.0	%		315,591	27.4	%		267,933	24.1	%		267,405	23.4	%		269,563	22.8	%
Retail and local time deposits <= $250		155,988	13.7	%		149,298	13.0	%		148,404	13.3	%		149,145	13.1	%		144,738	12.4	%

Total core deposits		1,040,879	91.4	%		1,052,390	91.3	%		1,003,153	90.1	%		1,021,679	89.5	%		1,033,533	88.1	%
Retail and local time deposits > $250		40,829	3.6	%		42,113	3.7	%		46,218	4.2	%		46,633	4.1	%		46,870	4.0	%
Broker & national time deposits <= $250		1,241	0.1	%		1,490	0.1	%		2,229	0.2	%		3,470	0.3	%		3,222	0.3	%
Broker & national time deposits > $250		56,164	4.9	%		56,328	4.9	%		61,752	5.5	%		70,020	6.1	%		88,614	7.6	%

Totals	$	1,139,113	100.0	%	$	1,152,321	100.0	%	$	1,113,352	100.0	%	$	1,141,802	100.0	%	$	1,172,239	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended September 30, 2024							Quarter ended June 30, 2024							Quarter ended September 30, 2023
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,079,393		$	15,674	5.78	%	$	1,100,518		$	15,520	5.67	%	$	1,088,137		$	14,337	5.23	%
Taxable securities		177,520			1,345	3.01	%		172,563			1,295	3.02	%		173,287			1,114	2.55	%
Tax-exempt securities (2)		79,472			661	3.31	%		79,564			659	3.33	%		81,327			675	3.29	%
FHLB stock		8,825			176	7.93	%		7,931			182	9.23	%		6,368			127	7.91	%
Other		36,680			523	5.67	%		8,241			83	4.05	%		8,195			111	5.37	%

Total (2)		1,381,890			18,379	5.29	%		1,368,817			17,739	5.21	%		1,357,314			16,364	4.78	%

Non-interest-earning assets:
Cash and due from banks		17,162							17,345							19,299
Premises and equipment,
net		14,216							13,930							13,266
Cash surrender value ins		24,458							24,297							23,840
Other assets		20,485							21,865							23,782
Allowance for credit
losses		(12,598	)						(12,505	)						(11,979	)

Total	$	1,445,613						$	1,433,749						$	1,425,522

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	323,841		$	1,515	1.86	%	$	331,740		$	1,467	1.78	%	$	335,214		$	1,198	1.42	%
Money market deposits		277,884			1,876	2.69	%		271,336			1,835	2.72	%		255,823			1,489	2.31	%
Time deposits		247,296			2,514	4.04	%		257,006			2,536	3.97	%		279,971			2,130	3.02	%
FHLB borrowings		182,414			2,038	4.44	%		174,596			1,860	4.28	%		134,386			1,321	3.90	%
Other borrowings		6,702			57	3.38	%		6,870			58	3.40	%		5,681			51	3.56	%
Senior sub. notes		4,779			59	4.91	%		4,777			58	4.88	%		4,772			59	4.91	%
Junior sub. debentures		12,985			252	7.72	%		12,960			255	7.91	%		12,883			255	7.85	%

Total		1,055,901			8,311	3.13	%		1,059,285			8,069	3.06	%		1,028,730			6,503	2.51	%

Non-interest-bearing liabilities:
Demand deposits		261,833							251,158							278,616
Other liabilities		13,421							12,580							12,431
Stockholders’ equity		114,458							110,726							105,745

Total	$	1,445,613						$	1,433,749						$	1,425,522

Net interest income				$	10,068						$	9,670						$	9,861
Rate spread						2.16	%						2.15	%						2.27	%
Net yield on interest-earning assets						2.90	%						2.84	%						2.88	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)
	Nine months ended September 30, 2024							Nine months ended September 30, 2023
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,091,366		$	46,393	5.68	%	$	1,025,955		$	38,851	5.06	%
Taxable securities		173,971			3,837	2.95	%		189,583			3,772	2.66	%
Tax-exempt securities (2)		79,822			1,986	3.32	%		81,670			2,032	3.33	%
FHLB stock		7,755			523	9.01	%		4,943			228	6.17	%
Other		18,804			784	5.57	%		8,154			303	4.97	%

Total (2)		1,371,718			53,523	5.21	%		1,310,305			45,186	4.61	%

Non-interest-earning assets:
Cash and due from banks		17,291							17,403
Premises and equipment,
net		13,778							13,311
Cash surrender value ins		24,301							24,446
Other assets		21,146							23,364
Allowance for credit
losses		(12,496	)						(12,004	)

Total	$	1,435,738						$	1,376,825

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand
deposits	$	335,317		$	4,654	1.85	%	$	350,928		$	3,286	1.25	%
Money market deposits		274,405			5,608	2.73	%		241,594			3,508	1.94	%
Time deposits		256,287			7,563	3.94	%		257,639			4,673	2.43	%
FHLB borrowings		166,703			5,348	4.29	%		110,460			3,068	3.71	%
Other borrowings		7,373			175	3.17	%		7,082			161	3.04	%
Senior sub. notes		4,778			176	4.92	%		4,965			179	4.82	%
Junior sub. debentures		12,972			758	7.81	%		12,857			731	7.60	%

Total		1,057,835			24,282	3.07	%		985,525			15,606	2.12	%

Non-interest-bearing liabilities:
Demand deposits		254,134							273,699
Other liabilities		12,720							12,165
Stockholders’ equity		111,049							105,436

Total	$	1,435,738						$	1,376,825

Net interest income				$	29,241						$	29,580
Rate spread						2.14	%						2.49	%
Net yield on interest-earning assets						2.85	%						3.02	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

The MIL Network –

January 25, 2025

MIL-OSI: Helport AI to Report Fiscal Year 2024 Financial Results on Thursday, October 31, 2024

Source: GlobeNewswire (MIL-OSI)

Management to Host Business Update Conference Call on Wednesday, November 6, 2024 at 5:30 pm ET

SINGAPORE and SAN DIEGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport” or the “Company”), an AI technology company serving enterprise clients with intelligent products, solutions and a digital platform, will report financial results for its fiscal full year ended June 30, 2024, after the market close on Thursday, October 31, 2024.

The Company will hold a Business Update Conference Call on Wednesday, November 6, 2024, at 5:30 p.m. Eastern time to discuss its financial results, recent consumption of its business combination and Nasdaq listing, ongoing initiatives and upcoming milestones.

Guanghai Li, Chief Executive Officer, and Tao Ke, Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:	Wednesday, November 6, 2024
Time:	5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time
Toll-free dial-in number:	1-800-445-7795
International dial-in number:	1-203-518-9848
Conference ID (Required for Entry):	HELPORT

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685 and via the investor relations section of the Company’s website here.

A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 6, 2025.

Toll-free replay number:	1-844-512-2921
International replay number:	1-412-317-6671
Replay ID:	11157509

About Helport

Helport AI (NASDAQ: HPAI) is a premier provider of AI-driven solutions, specializing in enhancing professional capabilities across industries. Focused on delivering measurable outcomes, Helport AI is transforming the way businesses operate by ensuring that professionals have the tools they need to succeed. The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, helping businesses optimize their operations and improve customer engagement. Our mission is to Empower everyone to work as an expert. For more information, please visit Helport’s website: https://ir.helport.ai/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport’s current expectations and projections about future events that Helport believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport’s registration statement and other filings with the U.S. Securities and Exchange Commission.

Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us

The MIL Network –

January 25, 2025

MIL-OSI: AI & Technology Virtual Investor Conference Agenda Announced for October 31st

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the AI & Technology Virtual Investor Conference to be held October 31^st.

Individual investors, institutional investors, advisors, and analysts are invited to attend.

REGISTER NOW AT: https://bit.ly/3BYlp8w

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

“We’re looking forward to hosting the upcoming AI & Technology Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President at OTC Markets Group. “A group of innovative companies and executives will have the opportunity to elaborate on their business strategies and connect directly with an expanded investor base.”

October 31^st

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

January 25, 2025

MIL-OSI: DBMM Group’s Digital Clarity to Present at the AI & Technology Virtual Investor Conference on October 31, 2024 at 12:30 pm

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Digital Brand Media & Marketing Group, Inc. (OTCPK: DBMM), and its flagship brand Digital Clarity, a fully integrated management consultancy, based in London and operating globally, focused on specializing in the optimal marketing of B2B tech companies, today confirmed that Reggie James, Chief Operating Officer and Director of DBMM, and Founder and Managing Director of Digital Clarity, the public company’s operating subsidiary and brand, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31, 2024.

DATE: October 31, 2024
TIME: 12:30 PM ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com

Overview

The marketing consulting market is expected to increase by $3.83 billion in 2026, and the market’s growth momentum will accelerate at a CAGR of 4.75%. (Business Research Insight & Technavio Research).
Global artificial intelligence (AI) in marketing market size was valued at $12.64 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 26.6% from 2023 to 2030. (Grand View Research, Inc.)
Digital Clarity sits at the intersection of 21st century marketing strategy, data, and AI. Currently utilizing third-party, AI tools, Digital Clarity is building out its marketing strategy framework augmented with AI integration to allow companies to communicate value to their customers, at scale. Digital Clarity’s innovative approaches as the digital market continues to evolve rapidly, will give both clients and DBMM competitive advantages in their marketplaces for all stakeholders.
DBMM is at an inflection point in its offering as a full services management consultancy and a perfect time to onboard for both clients and shareholders.

About DBMM GROUP

Digital Brand Media & Marketing Group, Inc. (DBMM) is a fully reporting US public company that trades on the Over-the-Counter (OTC) Market, with its headquarters in New York City and its 100%-owned/operating subsidiary and brand, Digital Clarity, in the UK. Digital Clarity operates globally.

DBMM is listed on the OTC as a fully reporting SEC Company. The Company intends to Uplist to the OTCQB as soon as DBMM meets the required criteria. The ultimate, longer-term goal is for the Company to Uplist to NASDAQ when it meets the required criteria.

Learn more at:
www.dbmmgroup.com
www.digital-clarity.com

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

DBMM Group, Inc.

Reggie James
Chief Operating Officer and Director of DBMM
+1 646-722-2706
Phone: +1 646-722-2706
Email: info@dbmmgroup.com

Virtual Investor Conferences

John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

January 25, 2025

MIL-OSI: Pineapple Subsidiary SUNation Announces Strategic Partnership With Radial Power to Expand Renewable Energy Solutions

Source: GlobeNewswire (MIL-OSI)

RONKONKOMA, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — SUNation, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy, backup power solutions, and system servicing, today announced a strategic partnership with Houston, Texas-based Radial Power, a key player within distributed energy and a provider of sustainability solutions for commercial and industrial real estate asset owners.

This strategic partnership will harness the combined expertise of both companies to deliver innovative renewable energy solutions. It also marks a significant step in SUNation’s expansion beyond its traditional New York footprint, positioning the company for broader geographic growth.

“The commercial and industrial space is booming, largely driven by the opportunities created by the Investment Recovery Act. Our partnership with SUNation enables us to scale quickly and efficiently,” said John Bates, CEO of Radial Power. “As SUNation has successfully completed many projects and with our internal pipeline in the hundreds of megawatts, we fully expect SUNation to grow alongside us as we execute on these projects.”

About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

Safe Harbor Statement
Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release (video statement) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

Contacts:

Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
scott.maskin@pineappleenergy.com

Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com

The MIL Network –

January 25, 2025

MIL-OSI: cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 10/2024

cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-28%

Copenhagen, November 28, 2024

cBrain (NASDAQ: CBRAIN) is executing its international growth plan with a financial goal of reaching total revenue of 350 million DKK in 2025. This goal is anchored in two primary revenue streams, referred to as “Base” and “Stepping stones”.

The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening and expanding existing operations and customer relationships. In parallel, the “Stepping Stones” initiative aims to lift annual revenue growth to 30%, by increasing contract values and winning larger international contracts.

cBrain continues to execute its growth strategy, building a robust pipeline of major opportunities. This is facilitated by a growing number of international pilot projects that set the stage for significant “Stepping Stones” achievements.

In early 2024, cBrain anticipated some of these opportunities, particularly in Germany and the U.S., to yield significant revenue in the second half of the year. cBrain remains highly active in these pursuits and has added further opportunities during the year.

However, not unusually with larger government procurement, delays in decision making mean that cBrain estimates less than a 50% likelihood of substantial revenue from larger international projects materializing in Q4. Consequently, cBrain adjusts its 2024 revenue growth forecast to 10-15%, down from the initial estimate of 20-25%.

In alignment with business planning, cBrain has earmarked financial investments to support “Stepping Stones” projects in Germany and the U.S. Since these projects have not yet materialized, these reserved funds have not been deployed. This provides a positive impact on earnings. cBrain, therefore, maintains its EBT (Earnings Before Tax) guidance at 24-30%.

—

Larger international projects are often structured so that F2 standard software licenses form the majority of the contract value. Due to financial standards for software revenue recognition, larger international orders may, as a result, introduce greater variability in revenue patterns over time.

As cBrain is currently pursuing global opportunities across the USA, Europe, Africa, the UAE, and India, some of these opportunities may still materialize during the fourth quarter, with a positive affect on this year’s revenue.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment

Company Announcement no. 2024-10 (forecast of delayed international project)

The MIL Network –

January 25, 2025

MIL-OSI: Correction: cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-30%

Source: GlobeNewswire (MIL-OSI)

Company Announcement no. 10/2024

cBrain lowers expected yearly revenue growth to 10-15%, but maintains EBT margin of 24-30%

Copenhagen, November 28, 2024

cBrain (NASDAQ: CBRAIN) is executing its international growth plan with a financial goal of reaching total revenue of 350 million DKK in 2025. This goal is anchored in two primary revenue streams, referred to as “Base” and “Stepping stones”.

The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening and expanding existing operations and customer relationships. In parallel, the “Stepping Stones” initiative aims to lift annual revenue growth to 30%, by increasing contract values and winning larger international contracts.

cBrain continues to execute its growth strategy, building a robust pipeline of major opportunities. This is facilitated by a growing number of international pilot projects that set the stage for significant “Stepping Stones” achievements.

In early 2024, cBrain anticipated some of these opportunities, particularly in Germany and the U.S., to yield significant revenue in the second half of the year. cBrain remains highly active in these pursuits and has added further opportunities during the year.

However, not unusually with larger government procurement, delays in decision making mean that cBrain estimates less than a 50% likelihood of substantial revenue from larger international projects materializing in Q4. Consequently, cBrain adjusts its 2024 revenue growth forecast to 10-15%, down from the initial estimate of 20-25%.

In alignment with business planning, cBrain has earmarked financial investments to support “Stepping Stones” projects in Germany and the U.S. Since these projects have not yet materialized, these reserved funds have not been deployed. This provides a positive impact on earnings. cBrain, therefore, maintains its EBT (Earnings Before Tax) guidance at 24-30%.

—

Larger international projects are often structured so that F2 standard software licenses form the majority of the contract value. Due to financial standards for software revenue recognition, larger international orders may, as a result, introduce greater variability in revenue patterns over time.

As cBrain is currently pursuing global opportunities across the USA, Europe, Africa, the UAE, and India, some of these opportunities may still materialize during the fourth quarter, with a positive affect on this year’s revenue.

Best regards

Per Tejs Knudsen, CEO

Inquiries regarding this Company Announcement may be directed to

Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

Attachment

Company Announcement no. 2024-10 (forecast of delayed international project)

The MIL Network –

January 25, 2025

MIL-OSI: Array Acquires Payitoff to Strengthen its Intelligent Debt Management Offerings

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Money 20/20 Conference – Array, a leading embedded consumer products platform, announced the acquisition of Payitoff, a pioneer in embedded debt guidance solutions. This acquisition fortifies Array’s position as the industry leader in intelligent debt management solutions, empowering financial institutions, fintechs, and digital brands with seamless, no-code debt management tools that improve consumer outcomes, accelerate growth efforts, and unlock new revenue streams.

Payitoff was founded by Bobby Matson, who created the company out of a personal need to manage his family’s student loans and other debt in order to buy a home. His team first launched student loan management before broadening its offerings to encompass a comprehensive suite of debt management tools. These user-friendly, embeddable tools seamlessly integrate into digital platforms without the need for complex coding, empowering financial institutions, fintechs, and digital brands to elevate their consumers’ financial experiences.

The company has gained significant market traction, including wins with Earnest, EarnUp, Greenpath, LendKey, Splash Financial, and U.S. Bank, resulting in over 200,000 loans managed by Payitoff with a combined value of over $1.5 billion. These companies value the ability to add debt management features into their digital experience without the need to build the product themselves.

Consumers can quickly link their debt accounts, explore repayment options, choose the most suitable plan, and apply—all within a few minutes. For student loans, a recent analysis found that users can save an average of $323 per month* that can be invested in other ways.

“Financial institutions and other providers of financial products in digital experiences realize that helping their consumers better understand and manage their debt is a powerful way to increase deposits, revenue, and brand loyalty,” said Martin Toha, Founder and CEO of Array. “We acquired Payitoff because our companies have a shared vision to provide seamless, embeddable products that fuel financial progress. This provides our clients with the best of all worlds: bringing valuable products to market faster without additional resources and overhead.”

“The opportunity for impact between Array and Payitoff is massive,” said Bobby Matson, CEO of Payitoff. “Student loan payments resumed a year ago, and with delinquencies starting to impact borrowers’ credit this month, the timing of this acquisition couldn’t be more critical. Array’s reach, combined with our debt management tools, will empower financial institutions and fintechs to help their consumers manage debt and save thousands—all with a seamless integration.”

Payitoff Expands Array’s Private-Label Offerings
The Array platform helps companies drive engagement and revenue by monetizing traffic private-labeled financial, identity and privacy protection products that build brand loyalty with users and help them take control of their financial lives. These products include:

My Credit Manager helps consumers view, understand, and manage their credit information. They can receive score change alerts, interact with a score simulator, and view credit score factors and debt analysis components.
Identity Protect includes identity monitoring, insurance, and restoration services that help keep users safe from fraud. It also features dark web monitoring, alerts, and identity theft restoration services.
Privacy Protect offers consumers the most effective data removal – more than 200 million records to date and assisting more than 4 million individuals.
Subscription Manager is an embeddable, private-label app that helps financial institutions, fintechs, and digital brands attract and retain consumers by providing insight into and control over recurring payments.
BuildCredit Rent helps consumers build credit or establish credit history when they opt to share their rent payments with a credit bureau.

*Represents actual average savings of borrowers who linked their account with Payitoff and qualified for a federal repayment plan. The sample is based on an aggregated set of data representing over $1.5 billion in loan volume across 215,000+ loans on the Payitoff platform.

About Array
Array fuels financial progress for many of the world’s leading fintechs, financial institutions, and digital brands with a suite of private-label fintech solutions that can be easily embedded. Array drives engagement and revenue for clients by helping them stand out in a crowded market and forge deeper relationships with their customers. More than a suite of products, we’re building a platform to help consumers own their financial future. Array was founded in 2020 by Martin Toha and its investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit www.array.com.

Media Contacts

Kurt Foeller, Array
press@array.com

The MIL Network –

January 25, 2025

MIL-OSI: Ormat Commences Commercial Operation of Bottleneck Storage Facility in California, Delivering 80MW/320MWh of Energy Storage Capacity

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Oct. 28, 2024 (GLOBE NEWSWIRE) — Ormat Technologies Inc. (NYSE: ORA), a leading renewable energy company, announces the successful commencement of commercial operations for its largest energy storage facility, the Bottleneck project. This 80MW/320MWh Battery Energy Storage System (BESS), located in the Central Valley of California, will provide energy, capacity, and ancillary services to San Diego Gas & Electric (SDG&E) under a 15-year Power Purchase Agreement (also known as a Tolling Agreement) signed in 2022.

The Bottleneck project is expected to be eligible for a 40% Investment Tax Credit, which the Company plans to monetize by the end of the year. The project represents Ormat’s continued commitment to strategically growing its Energy Storage segment in the key California energy market.

Doron Blachar, CEO of Ormat Technologies, stated, “We are happy to announce the commencement of operations at Ormat’s Bottleneck Battery Storage Facility. This milestone reflects our dedication to expanding our energy storage portfolio in strategic U.S. markets while improving our profitability. With the addition of Bottleneck, we now operate 270MW/638MWh of storage projects and we have six additional projects currently under construction with a total capacity of 355MW/920MWh, demonstrating our strong development capabilities and commitment to achieving our 950MW-1050MW/2.5GWh-2.9GWh 2028 portfolio capacity target.”

Blachar continued, “The addition of the Bottleneck project, supported by a 15-year PPA, brings long-term contracted revenues with improved margins to our Storage segment. We look forward to continuing to support the state of California with our premium renewable power generation and energy storage solutions as the state continues to advance towards its clean energy goals.”

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,500MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 270MW energy storage portfolio that is located in the U.S.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 23, 2024, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com

Investor Relations Agency Contact:
Alec Steinberg or Joseph Caminiti
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

The MIL Network –

January 25, 2025

MIL-OSI: Bank of Åland Plc: Managers’ Transactions (Rauthovi)

Source: GlobeNewswire (MIL-OSI)

Bank of Åland Plc
Managers’ Transactions
October 28, 2024, 15.00 EET

Managers’ Transactions (Rauthovi)
__

Person subject to the notification requirement
Name: Juhana Rauthovi
Position: Other senior manager
Issuer: Ålandsbanken Abp
LEI: 7437006WYM821IJ3MN73
Notification type: INITIAL NOTIFICATION
Reference number: 82632/4/4
__

Transaction date: 2024-10-24
Outside a trading venue
Instrument type: SHARE
ISIN: FI0009001127
Nature of transaction: SUBSCRIPTION

Transaction details
(1): Volume: 141 Unit price: 30.77 EUR

Aggregated transactions (1):
Volume: 141 Volume weighted average price: 30.77 EUR

For further information, please contact:

Peter Wiklöf, Managing Director and Chief Executive, tel +358 40 512 7505

The MIL Network –

January 25, 2025

MIL-OSI: STMicroelectronics Announces Status of Common Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

STMicroelectronics Announces Status of
Common Share Repurchase Program

Disclosure of Transactions in Own Shares – Period from Oct 21, 2024 to Oct 25, 2024

AMSTERDAM – October 28, 2024 — STMicroelectronics N.V. (the “Company” or “STMicroelectronics”), a global semiconductor leader serving customers across the spectrum of electronics applications, announces full details of its common share repurchase program (the “Program”) disclosed via a press release dated June 21, 2024. The Program was approved by a shareholder resolution dated May 22, 2024 and by the supervisory board.

STMicroelectronics N.V. (registered with the trade register under number 33194537) (LEI: 213800Z8NOHIKRI42W10) announces the repurchase (by a broker acting for the Company) on the regulated market of Euronext Paris, in the period between Oct 21, 2024 to Oct 25, 2024 (the “Period”), of 317,000 ordinary shares (equal to 0.03% of its issued share capital) at the weighted average purchase price per share of EUR 25.8060 and for an overall price of EUR 8,180,516.60.

The purpose of these transactions under article 5(2) of Regulation (EU) 596/2014 (the Market Abuse Regulation) was to meet obligations arising from share option programmes, or other allocations of shares, to employees or to members of the administrative, management or supervisory bodies of the issuer or of an associate company.

The shares may be held in treasury prior to being used for such purpose and, to the extent that they are not ultimately needed for such purpose, they may be used for any other lawful purpose under article 5(2) of the Market Abuse Regulation.

Below is a summary of the repurchase transactions made in the course of the Period in relation to the ordinary shares of STMicroelectronics (ISIN: NL0000226223), in detailed form.

Transactions in Period

Dates of transaction	Number of shares purchased	Weighted average purchase price per share (EUR)	Total amount paid (EUR)	Market on which the shares were bought (MIC code)
21-Oct-24	82,000	25.4697	2,088,515.40	XPAR
22-Oct-24	73,000	25.4669	1,859,083.70	XPAR
23-Oct-24	60,000	26.1471	1,568,826.00	XPAR
24-Oct-24	45,000	26.1794	1,178,073.00	XPAR
25-Oct-24	57,000	26.0705	1,486,018.50	XPAR
Total for Period	317,000	25.8060	8,180,516.60

Following the share buybacks detailed above, the Company holds in total 11,153,614 treasury shares, which represents approximately 1.2% of the Company’s issued share capital.

In accordance with Article 5(1)(b) of the Market Abuse Regulation and Article 2(3) of Commission Delegated Regulation (EU) 2016/1052, a full breakdown of the individual trades in the Program are disclosed on the ST website (https://investors.st.com/stock-and-bond-information/share-buyback).

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel: +41.22.929.58.12
celine.berthier@st.com

MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08

alexis.breton@st.com

Attachment

C3289C — Oct 28 2024 — Disclosure of transactions in Own Shares PR_FINAL FOR PUBLICATION

The MIL Network –

January 25, 2025

MIL-OSI: First Northwest Bancorp and First Fed Bank Announce Consent Order Termination and Quarterly Shareholder Dividend

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — First Fed Bank (the “Bank”), the wholly owned subsidiary of First Northwest Bancorp (the “Company”) (NASDAQ: FNWB), announced that on October 23, 2024, the Federal Deposit Insurance Corporation terminated the Consent Order issued to the Bank that was effective November 21, 2023. The termination of the Consent Order follows the Bank’s successful resolution of the deficiencies in the Bank’s compliance program that was the subject of the Order.

“We are thrilled to announce the termination of the Consent Order. The Board and I want to convey our sincere thanks and appreciation to our entire compliance team who worked so diligently to strengthen our compliance programs. I also want to recognize our Board for their contributions and efforts regarding this process. The fact that we were able to achieve this in 11 months is a testament to the work the entire bank made over the past two plus years to put this chapter behind us. We appreciate the FDIC’s assessment of our compliance management system, and the recognition of our satisfaction of all of the items related to the Order,” stated Matthew P. Deines, Chief Executive Officer.

The Company also announced the Board of Directors of First Northwest Bancorp has declared a quarterly cash dividend of $0.07 per common share. The dividend will be payable on November 22, 2024, to shareholders of record as of the close of business on November 8, 2024.

“We believe quarterly cash dividends are an important component of building shareholder value, and our capital position enables us to continue to pay a dividend at consistent levels,” stated Matthew P. Deines, President and CEO.

About the Company

First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

Forward-Looking Statements

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”), which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

For More Information Contact:
Matthew P. Deines, President and Chief Executive Officer
IRGroup@ourfirstfed.com
360-457-0461

The MIL Network –

January 25, 2025

MIL-OSI: Alliance Memory to Showcase Expanded Portfolio at electronica 2024

Source: GlobeNewswire (MIL-OSI)

KIRKLAND, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — Alliance Memory will showcase its expanded product portfolio at electronica 2024 from November 12 to 15 in Hall B5, Stand 300 at the Trade Fair Centre Messe München in Munich, Germany. The company will highlight its new DDR4 and LPDDR4X SDRAMs, as well as high-density Serial NOR Flash devices, providing higher density, low power consumption, and fast data transfer rates for a wide range of applications.

“We’re excited to introduce our latest memory solutions that cater to growing market demands,” said David Bagby, President and CEO of Alliance Memory. “Our new DDR4 SDRAMs, LPDDR4X devices, and Serial NOR Flash products offer the performance, reliability, and flexibility our customers require in today’s evolving technology landscape.”

FEATURED PRODUCTS

DDR4 SDRAMs: Alliance Memory has expanded its CMOS DDR4 SDRAM offerings with new 8Gb, 16Gb, and 32Gb devices. These products combine low power consumption with fast clock speeds of up to 1600 MHz and transfer rates up to 3200 MT/s. They are available in 78-ball FBGA and 96-ball FBGA packages, offering enhanced performance for a variety of applications.

LPDDR4X SDRAM: The company’s 16Gb and 32Gb LPDDR4X devices deliver increased clock speeds of up to 2133 MHz and data rates of up to 4266 Mbps, designed for mobile and high-speed applications. Available in the 200-ball FBGA package, the LPDDR4X SDRAMs feature low power ratings, ideal for battery-operated systems.

High-Density Serial NOR Flash Devices: Alliance Memory has introduced new 3.3 V Serial NOR Flash families with densities of 128Mb, 256Mb, and 512Mb. These devices are suited for use in mobile PCs, servers, laptops, digital TVs, printers, and connectivity modules, offering high performance and flexible I/O options.

To schedule an appointment at electronica 2024 or for more information about the new products, please contact Bob Decker at bob.decker@redpinesgroup.com.

About Alliance Memory

Alliance Memory is a worldwide provider of critical and hard-to-find memory ICs for the communications, computing, consumer electronics, medical, automotive, and industrial markets. The company’s product range includes flash, DRAM, and SRAM memory ICs with commercial, industrial, and automotive operating temperature ranges and densities from 64Kb to 128GB. Privately held, Alliance Memory maintains headquarters in Kirkland, Washington, and regional offices in Europe, Asia, Canada, and South America. More information about Alliance Memory is available online at www.alliancememory.com.

Agency Contact:
Bob Decker
Redpines
+1 415 409 0233
bob.decker@redpinesgroup.com

The MIL Network –

January 25, 2025

MIL-OSI: Mimecast fuels leading Human Risk Management strategy in first half of fiscal year

Source: GlobeNewswire (MIL-OSI)

LEXINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Mimecast, a leading global Human Risk Management (HRM) platform, closed the first half of its fiscal year reaching new revenue heights and citing significant steps toward its vision to transform how organizations manage and mitigate risk. The company started strong with the unveiling of its comprehensive HRM platform; and followed up in the second quarter with two strategic acquisitions, new geographical expansions and a record number of advancements in its technology alliances and partner integrations.

The Mimecast platform secures 27 million end users around the globe across their 42,000+ customers. Customers span more than 100 countries, and on average, each organization uses 4.9 Mimecast services. Mimecast has cemented its standing as an industry-leading security partner trusted by major organizations across the globe.

The value Mimecast delivers for companies was highlighted in the recent Total Economic Impact™ study conducted by Forrester Consulting. Based on Forrester’s interviews and financial analysis, a composite organization experienced benefits of $2.13 million over three years, with $1.53 million in net value and 255% ROI. The news was followed by the announcement that Mimecast was recognized as a strong performer in The Forrester Wave™: Human Risk Management Solutions, Q3 2024 report.

Forging the future of HRM – the next generation of cybersecurity

Early in its fiscal half, Mimecast unveiled its AI-powered, API-enabled Human Risk Management platform. In response to customer and market demand for a more effective way to mitigate risk brought on by employee mistakes and user errors, this new platform provides unprecedented visibility into an organization’s risk profile, scoring users by risk and allowing security teams to educate and protect the riskiest part of their employee base.

A key pillar to the platform is the company’s new human risk awareness training offering, Mimecast Engage™, which is built to redefine how security leaders can manage human risk. Mimecast Engage, the result of the integration of Elevate Security technology acquired in December 2023 with Mimecast’s awareness training product, will soon be available to organizations across the globe.

In an effort to bolster the platform and further protect customers from risks associated with human activity, Mimecast closed two industry-shaping acquisitions in Q2: Code42 and Aware.

“Our momentum over these six months is a testament to our commitment and progress toward charting the future of human risk management,” said Marc van Zadelhoff, Chief Executive Officer of Mimecast, “Our acquisitions and solution enhancements continue to elevate our platform and support our aim of helping businesses of all sizes manage and mitigate human risk. I am also incredibly proud to see the significant progress we’ve made in expanding our tech integrations and channel partners, recognizing the demands of a complex threat landscape and the importance of collaboration on a global level. As the attack surface grows and evolves, so too will Mimecast, remaining one step ahead for our customers.”

Thousands of organizations tapping into Mimecast’s powerful integrations

In Q2, Mimecast further strengthened its partnership with CrowdStrike by integrating Mimecast Advanced Email Security and CrowdStrike Falcon Next-Gen SIEM. Building on the existing integrations of CrowdStrike Falcon^® Insight XDR, CrowdStrike Falcon^® LogScale and CrowdStrike Falcon^® Fusion SOAR, this development provides a robust multifaceted defense strategy for Mimecast customers.

The combination of Mimecast and CrowdStrike Falcon Next-Gen SIEM will empower thousands of organizations to understand a bad actor’s complete attack path, improving their ability to rapidly investigate, detect, and mitigate accurately, and demonstrating the power of combining two leading solutions can effectively tackle the intricate challenges of today’s threat landscape.

Almost one third of Mimecast’s addressable customer base is connected to at least one of Mimecast’s technology alliance partners. In total, Mimecast’s technology integrates into over 300 security products.

Mimecast expands channel partnerships into Mexico

Following successful expansions in France, Singapore, Hong Kong and Malaysia, Mimecast furthered their geographic reach in Q2 by making its industry-leading AI-powered email security solutions available Mexico-wide, including the new Human Risk Management platform.  

With an expanded product portfolio, new revenue opportunities and enhanced credibility, Mimecast’s channel partners can now offer end-to-end protection for their clients in more regions around the world.

Additional expansion on the horizon includes the launch of the Partner ONE MSP Program. Building mutually beneficial partnerships with organizations, this new program extends Mimecast’s market presence to new audiences and provides partners with a range of resources, including enhanced training, ongoing support and market resources.

Innovation underpinned by research

Mimecast continues to conduct leading research into the state of the cybersecurity environment, offering critical insights and guidance on how businesses can prepare for the future.

In August 2024, Mimecast published its most recent Threat Intelligence report. Based on an analysis of more than 1.7 billion messages daily over a six-month period, the report offers unparalleled insight into the current threat landscape as well as new and emerging attack methods and vulnerabilities.

About Mimecast
Mimecast is a leading AI-powered, API-enabled connected Human Risk Management platform, purpose-built to protect organizations from the spectrum of cyber threats. Integrating cutting-edge technology with human-centric pathways, our platform is engineered to enhance visibility. It provides strategic insight that enables decisive action and empowers businesses to protect their collaborative environments, safeguard their critical data and actively engage employees in reducing risk and enhancing productivity. More than 42,000 businesses worldwide trust Mimecast to help them keep ahead of the ever-evolving threat landscape. From insider risk to external threats, with Mimecast customers get more. More visibility. More insight. More agility. More security.

Mimecast and the Mimecast logo are either registered trademarks or trademarks of Mimecast Services Limited in the United States and/or other countries. All other third-party trademarks and logos contained in this press release are the property of their respective owners. 

Press Contacts
Tim Hamilton
Principal Public Relations Manager
+1 603-918-6757
thamilton@mimecast.com

General inquiries
press@mimecast.com

The MIL Network –

January 25, 2025

MIL-OSI: Progress Appoints Amanda Arria to the Role of Chief People Officer

Source: GlobeNewswire (MIL-OSI)

Accomplished industry leader with proven track record in developing people strategies and creating impactful employee experiences for global multi-billion-dollar organizations to enhance award-winning best employer

BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the appointment of Amanda Arria as Chief People Officer (CPO), effective October 28, 2024. In her new role, Arria will be responsible for all aspects of Progress’ global People Team function. She joins the Progress executive team, reporting directly to CEO Yogesh Gupta.

“Amanda Arria is an exceptional Human Resources professional with a talent for building strong employee-centric cultures and partnering with senior leaders, managers and cross-functional global teams,” said Yogesh Gupta, CEO, Progress. “Her experience at multi-billion-dollar organizations and ability to align business and people priorities will be critical as Progress continues to successfully deliver upon our Total Growth Strategy.”

The Progress Total Growth Strategy focuses on three key pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. In her new role, Arria will lead the ongoing evolution of the company’s organization and culture to drive the successful execution of this strategy. She will align the People Team function to meet business objectives, sustain a committed and engaged workforce across the global organization of more than 2,500 employees and strengthen the company’s overall organizational effectiveness.

Prior to Progress, Arria was Chief Human Resources Officer at EFI, a leader in digital imaging, where she led all aspects of the Human Resources function across both the EFI and Fiery businesses. Previously, she held global human resources leadership roles at Schneider Electric and EMC (acquired by Dell Technology). She is also well versed in M&A, having led the people and cultural integration efforts for numerous acquisitions throughout her career. Arria also founded Women in Energy, a global group of more than 5,000 women focused on connecting, networking and growing in the technology and energy industries.

“Progress has a tremendous culture built by people who are collaborative, accountable and innovative,” said Arria. “I want to build on that foundation by leveraging my global business experience to create a world-class people strategy that will empower Progress employees to thrive as the business continues to grow and evolve.”

Progress has continually been recognized as a Best Employer by Forbes, The Boston Globe, Boston Business Journal and more. Discover more about Progress by exploring its 2023 Corporate Social Responsibility Report or browsing career opportunities at Progress.

About Progress
Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible, AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress is a trademark or registered trademark of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Press Contacts:
Kim Baker
Progress
+1-800-477-6473
pr@progress.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/33a6bbbd-1779-4e3c-a88b-e49988234842

The MIL Network –

January 25, 2025

MIL-OSI: Station70 announces strategic partnership with Fireblocks

Source: GlobeNewswire (MIL-OSI)

NASHVILLE, Tenn., Oct. 28, 2024 (GLOBE NEWSWIRE) — Station70, a leader of security products in the digital asset industry, is excited to announce a partnership with Fireblocks, a leading institutional wallet technology provider. This collaboration aims to deliver advanced disaster recovery services tailored specifically for Fireblocks’ institutional clients. Station70 will add much needed security, and multi-jurisdictional regulatory alignment all while simplifying the technology needs of institutional customers worried about business continuity and disaster recovery of their digital asset keys.

In today’s rapidly evolving digital economy, managing digital assets securely is a top priority for institutions. As the market grows, the need for robust disaster recovery solutions has become more crucial than ever. Station70’s expertise in security and disaster recovery coupled with Fireblocks’ suite of applications to manage digital asset operations come together to address this demand.

This combined solution is designed to safeguard digital assets even in the event of unforeseen incidents, offering institutions a seamless way to manage and recover assets without compromising security. Station70 is the only fully audited platform that enables geographically redundant secure storage options for backup keys and streamlines regulatory compliance globally.

“Partnering with Fireblocks allows us to provide unparalleled disaster recovery services that meet the highest standards of security, compliance and efficiency,” said Adam Healy, CEO and co-founder at Station70. “This collaboration underscores our commitment to ensuring our clients’ digital assets are protected, even under the most challenging circumstances.”

This strategic partnership is a significant step forward for both companies in their mission to provide secure and reliable digital asset services. As institutional adoption of digital assets continues to grow, the need for solutions that combine top-tier security with robust recovery capabilities is more pressing than ever. With Fireblocks’ advanced infrastructure and Station70’s disaster recovery expertise, clients can now achieve peace of mind knowing that their assets are safe and recoverable, no matter what challenges arise.

Inquiries can be directed to media@station70.com.

The MIL Network –

January 25, 2025

MIL-OSI: American Rebel Holdings, Inc. – Champion Safe Co. Announces the Introduction of Two New SAFE GUARD® Models: Sport 20™ and BTC 12™

Source: GlobeNewswire (MIL-OSI)

Provo, Utah, Oct. 28, 2024 (GLOBE NEWSWIRE) — Champion Safe Company (www.championsafe.com) (“Champion”), a subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel”) is excited to announce the reintroduction of the SAFE GUARD^®, brand, with the launch of two new models designed to meet the evolving needs of cost-conscious consumers: the Sport 20 and BTC 12.

Champion Safe Company has been producing industry-leading gun safes with American-made steel since 1999 and their dedication to manufacturing superior quality gun safes has never changed. Champion products offer real security and are built the old-fashioned way: Heavy and tough with thick American, high-strength steel. Champion Safes are “built to a standard and not down to a price” which is why safes manufactured by Champion are built to be the strongest and most secure safes on the market.

Tom Mihalek, CEO of Champion Safe Company since April of 2024 said, “We are excited to bring back the SAFE GUARD^® brand with these two models that cater to different segments of the market. Champion Safe Co. delivered $15.6 million in revenue last year and we believe a reintroduction of SAFE GUARD^® will help to drive expansion in the years to come.”

The Sport 20 and BTC 12 embody the SAFE GUARD^® legacy of affordable, quality protection, and we are confident these safes will meet the expectations of today’s security-focused consumers.”

The Sport 20 is the perfect blend of strength and reliability, offering superior fire protection and security.

Key features include:

Up to 3 layers of fireboard for enhanced fire protection (rated at 1200°F for 30 minutes).
– A durable 14-gauge steel body construction weighing in at 403 lbs.
– A secure locking system with 4 one-inch locking bolts and a UL^® electronic lock.
– Adjustable shelving, deluxe door panel, and long gun storage for versatile organization.
– Hardplate lock protection for added defense against tampering.
– Available in a sleek, textured granite finish.

With its large interior and premium features, the Sport 20 is built to secure firearms and valuables while providing easy access for authorized users. Measuring 28”W x 60”H x 22.5”D, this model delivers uncompromised protection for both home and office use.

The BTC 12 (Bolt-Together Cabinet) brings security with a flexible, lightweight design, ideal for cost-conscious buyers and/or those needing a compact storage solution.

Its standout features include:

– A sturdy 3-point locking system and tamper-proof bolts for enhanced security.
– Rubber-coated racks and adjustable shelving to safely store guns and valuables.
– High-security key lock for simple, effective access control.
– A rugged 16/18-gauge steel construction weighing only 115 lbs.
– Easy assembly with its bolt-together design and a convenient package size of 23.5”W x 65”L x 9”D.

Measuring 21”W x 55”H x 18.5”D, the BTC 12 is perfect for all situations where space is a priority. The textured granite finish offers a modern look while providing robust protection.

The SAFE GUARD^® Sport 20 and BTC 12 will be available for purchase through authorized retailers in 2025.

American Rebel Holdings, Inc., America’s Patriotic Brand (www.americanrebel.com) and the creator of American Rebel Beer (www.americanrebelbeer.com), and a premier manufacturer and marketer of branded safes and security products acquired Champion in July 2022.
—

About Champion Safe Company

Champion Safe Company has been at the forefront of safe manufacturing for over 25 years, offering a range of high-quality safes designed for ultimate security and fire protection. With a commitment to craftsmanship and innovation, Champion Safes are trusted by homeowners, gun owners, and businesses across the nation.

About American Rebel Holdings, Inc.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued increase in revenues, continued compliance with Nasdaq listing requirements, the ability of the Company to introduce new products and gain market shares, actual distribution timing and availability of American Rebel Beer, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
info@americanrebel.com

Investor Relations:
Brian Prenoveau
MZ North America
+1 (561) 489-5315
areb@mzgroup.us

The MIL Network –

January 25, 2025

MIL-OSI: Ascend Learning Appoints Proven Healthcare Technology Leader Dr. Lissy Hu as Chief Executive Officer

Source: GlobeNewswire (MIL-OSI)

Greg Sebasky to Retire, Transition to Role of Chairman of the Ascend Board of Managers in January 2025

Positions Company to Execute on Strategic Healthcare Focus to Deliver
Innovative Learning and Workforce Development Solutions

BURLINGTON, Mass., Oct. 28, 2024 (GLOBE NEWSWIRE) — Ascend Learning, LLC (“Ascend” or “the Company”), a leading learning technology company, today announced the appointment of Dr. Lissy Hu as Chief Executive Officer. Dr. Hu succeeds Greg Sebasky, who is retiring after 10 years as CEO and will transition to the role of Chairman of the Ascend Board of Managers in January 2025.

Dr. Hu has deep experience building and leading transformational healthcare technology companies. She was previously the CEO of CarePort Health, a care coordination technology company she founded in 2012 to improve patient transitions by connecting hospitals and post-acute care providers. In 2020, CarePort Health was acquired by WellSky, where Dr. Hu most recently served as President, Connected Networks, working with providers and payers to optimize post-acute care outcomes across 2,500 hospitals, physician groups, risk-bearing entities and 130,000 post-acute, home and community-based providers.

Ascend Learning has been delivering critical learning solutions to the healthcare industry since 2008. The Company’s offerings, educational content, software, simulation, and analytics, serve students, healthcare and educational institutions, and employers in all 50 states. Each year, Ascend Learning’s products, from testing to certification, enable more than 60% of U.S. nursing school programs and are used by over 300,000 nursing students, more than 245,000 allied health professionals, 100,000 medical students, 145,000 fitness professionals and over 150,000 first responders.

“Over the last 10 years, we have grown the Ascend family of brands thoughtfully, building a market-leading provider of data-driven online learning tools,” said Mr. Sebasky. “As we sharpen our focus on developing and delivering tailored solutions across the healthcare ecosystem, Lissy’s wealth of market experience and track record of driving positive outcomes through leading-edge technology makes her the perfect fit to lead Ascend forward. With Lissy at the helm, I am confident that Ascend will continue to grow, innovate and find new and better ways to help make communities across the U.S. healthier. I look forward to working with her and continuing to support the Ascend team and mission in my role as Chairman beginning in January.”

As communities across the U.S. face shortages of healthcare professionals, aging populations, and rising healthcare costs, Ascend is committed to delivering next-generation technology, content and analytics to train, develop and retain healthcare teams empowered to address these challenges.

“Fundamental to improving patient care is investing in our healthcare teams, and I am excited to further drive Ascend’s success in enabling clients to achieve elevated learner and educator outcomes and to support workers as they progress through their careers,” said Dr. Hu. “Ascend’s innovative learning solutions are needed now more than ever before, and I am honored to join a best-in-class organization and team that have such a significant, positive impact on the entire lifecycle of learning. I look forward to leading Ascend’s next chapter of scalable growth.

“Under Greg’s leadership, Ascend has solidified its position as a clear leader in the tech-enabled learning services market. I thank him for his strategic vision and invaluable contributions, and I look forward to working with him, our clients, our leaders, our employees and the Board to continue accelerating learning and professional success across the country,” continued Dr. Hu.

Dr. Hu earned a Doctor of Medicine from Harvard Medical School, a Master of Business Administration degree from Harvard Business School, and a Bachelor of Arts degree in pre-medical studies and sociology from Columbia University.

About Ascend Learning
Ascend Learning is a leading provider of educational content and software tools for students, educational institutions, and employers. With products that span the learning continuum, Ascend Learning focuses on high-growth careers in a range of industries, with a special focus on healthcare and other licensure-driven occupations. Ascend Learning products, from testing to certification, are used by physicians, emergency medical professionals, nurses, certified personal trainers, financial advisors, skilled trades professionals and insurance brokers. Learn more at www.ascendlearning.com.

Media Contact
V2 Communications for Ascend Learning
ascend@v2comms.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/61335701-5169-4263-8b05-17ec38fc5749

The MIL Network –

January 25, 2025

MIL-OSI: SalesHood Launches Interactive Mutual Action Plans in Digital Sales Rooms to Scale Repeatable B2B Sales Execution

Source: GlobeNewswire (MIL-OSI)

San Francisco, California, Oct. 28, 2024 (GLOBE NEWSWIRE) — SalesHood, a leading revenue enablement platform provider, is excited to announce the launch of Mutual Action Plans (MAPs) in its Digital Sales Rooms. This new offering fosters stronger collaboration between sales teams and their buyers, driving more predictable and successful sales outcomes. Based on Q3 2024 customer feedback, SalesHood’s Digital Sales Rooms have driven win rate increases ranging from 57% to as much as 200%.

The newly released interactive sales tool empowers sales and customer success teams to co-create Mutual Action Plans with their buyers, outlining the key milestones, responsibilities, and timelines required to deliver value to a customer and close a deal.

As per the 2024 Gartner® ’s Market Guide for Digital Sales Rooms, one of the key findings includes: “Improved buyer-seller engagement leads to higher-quality deals, which is what chief sales officers (CSOs) are searching for to drive high-quality purchases that lead to improved long-term revenue results.”

SalesHood’s MAPs are a collaborative resource ensuring that buyers and sellers are aligned, reducing friction and accelerating the sales process. SalesHood’s MAPs feature is seamlessly integrated into its existing platform, making it easy for sales teams to adopt and use.

Elay Cohen, CEO and Co-founder of SalesHood, stated, “We’re thrilled to bring Mutual Action Plans to our customers. This new feature underscores our commitment to empowering sales teams with the tools they need to succeed in today’s competitive market. By enabling stronger collaboration between sales teams and their buyers, we believe that MAPs will be a game-changer for our customers.”

With the introduction of MAPs, SalesHood continues to set the standard for sales enablement and revenue acceleration. This new feature aligns with the company’s mission to help sales organizations close more deals faster and with greater predictability.

New Mutual Action Plans capabilities:

Milestone Tracking: Empower buyers and sellers to co-create, align and track shared timelines, decision-making milestones and compelling events, driving joint accountability throughout the buyer’s journey.

Tasks and Notifications: Assign milestones to decision team members, complete with due dates and ownership. Automatic notifications for overdue tasks create urgency and ensure progress.

AI-Powered Recap Summaries: Leverage generative GenAI to summarize key call points and generate actionable next steps, ensuring clarity and efficient follow-up.

Salesforce Integration: Seamlessly sync buyer engagement data and sales activities with Salesforce for enhanced pipeline management and streamlined CRM updates.

Embedded Collaboration in Digital Sales Rooms: Mutual Action Plans are seamlessly embedded into Digital Sales Rooms, enabling real-time collaboration on timelines, tasks, next steps, and shared resources in a unified digital workspace.

For more information about SalesHood’s Digital Sales Rooms and Mutual Action Plans, please visit https://saleshood.com.

You can also take a self-guided tour https://saleshood.com/digital-sales-rooms/guided-tour.

Gartner Disclaimer:
Gartner, Market Guide for Digital Sales Rooms, Melissa Hilbert , Varun Agarwal , et al., 26 February 2024
GARTNER is registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

About SalesHood

SalesHood is a global leader in revenue enablement on a mission to empower salespeople to sell better. SalesHood’s comprehensive and award winning Revenue Enablement Platform powers repeatable sales execution, guiding sellers on what to do and what to share. SalesHood AI delivers highly personalized training, coaching and selling experiences across the customer journey. Trusted by high-growth, high-performing companies, SalesHood is purpose-built to deliver fast revenue results. Companies like Copado, Ewing-Foley, Frontline Education, Olo, Sage, SmartRecruiters, and Planview use SalesHood to realize increase sales productivity and win-rates. For more information, please visit https://saleshood.com/

Contact
media@saleshood.com

Attachments

The MIL Network –

January 25, 2025

MIL-OSI: PR – Bitget Reports Strong Q3 2024 Performance, Strengthening Its Position as the 4th Largest Crypto Exchange

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Oct. 28, 2024 (GLOBE NEWSWIRE) — Bitget, a leading global cryptocurrency exchange and Web3 company, has released its Q3 2024 Transparency Report, showcasing significant advancements in user growth, token offerings, and strategic initiatives. With a strong focus on enhancing financial accessibility and advancing blockchain technology, Bitget has reinforced its position as one of the top global players in the crypto industry.

Key Q3 2024 Highlights:

Surpassing 45 Million Users and Strengthening Market Position In Q3 2024, Bitget achieved a milestone by surpassing 45 million registered users globally, placing it as the 4th largest crypto exchange by trading volume. The platform’s user base growth, up by 400% since last year, was fueled by innovative product offerings and expansion into new regions, including Africa, South Asia, and Southeast Asia. The company’s focus on accessibility and user-centric design aligns with its mission of enabling financial freedom for all.
Expanding Token Offerings and Staking Opportunities Bitget added 72 new token listings in Q3, bringing its lineup to over 800 tokens and 900+ spot trading pairs. Among the new listings, POL, DRIFT, WUSD, REEF, and MOTHER stood out with the highest Total Value Locked (TVL) growth. Bitget’s Pre-market platform continued to attract early traders, featuring 12 tokens like CATI, MOCA, HMSTR, DOGS, and ZKL in Q3, with 53,800 traders participating and a cumulative transaction volume of $23 million.
Additionally, Bitget’s PoolX staking platform, launched in April, has become a popular choice among users, offering high-yield staking options. In Q3, PoolX recorded over 94,805 participants, with the total staked amount doubling from Q2 to reach $2.3 billion USD. Popular pools include BGB, BTC, ETH, and USDT, providing users with new avenues to earn rewards on the platform.
Commitment to the TON Ecosystem and Strategic Investments As part of its $30 million joint investment with Foresight Ventures into The Open Network (TON) ecosystem, Bitget has supported the rapid expansion of Telegram-based projects, including DOGS, Hamster Kombat, and Notcoin. With nearly 1 billion Telegram users worldwide, TON’s ecosystem has seen exponential growth, making Bitget a vital entry point for users interested in TON-based projects and decentralized applications.
Strategic Partnership with LALIGA to Drive Web3 Adoption Bitget expanded its footprint in sports by forming a multi-million dollar partnership with LALIGA. This collaboration aims to increase crypto awareness and Web3 adoption across Eastern Europe, Southeast Asia, and LATAM, leveraging LALIGA’s massive global audience to attract a new wave of crypto enthusiasts. This partnership aligns with Bitget’s mission to bring blockchain technology to mainstream audiences.
Enhanced Token-Discovery Through Nansen Collaboration Bitget collaborated with Nansen to refine its token-discovery strategies. By leveraging on-chain data and community insights, Bitget offers traders an advanced toolkit for identifying promising tokens. The strategic approach, combined with Nansen’s analytical tools, led to 240 new token listings since April, making it one of the most active exchanges in early-stage token offerings.

Gracy Chen, CEO of Bitget, commented on the report: “Our growth in Q3 2024 reflects our commitment to creating an accessible, secure, and innovative trading platform for users worldwide. By continuously expanding our offerings, supporting impactful projects, and forming strategic partnerships, Bitget is helping shape the future of blockchain and finance. We remain focused on our mission to drive financial freedom and to empower the next billion users through accessible and user-friendly digital solutions.”

Bitget’s success in Q3 2024 shows its growing influence in the crypto industry, marked by strategic initiatives, innovative products, and a commitment to user engagement. Looking ahead, Bitget is bound to continue its mission of bridging the gap between centralized and decentralized finance while expanding its global reach.

For more information, visit Bitget Blog.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/661a75c4-26df-4658-b301-5c44925c9290

The MIL Network –

January 25, 2025

MIL-OSI: Coastal Financial Corporation Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

EVERETT, Wash., Oct. 28, 2024 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank with an industry leading banking as a service (“BaaS”) segment, today reported unaudited financial results for the quarter ended September 30, 2024, including net income of $13.5 million, or $0.97 per diluted common share, compared to $11.6 million, or $0.84 per diluted common share, for the three months ended June 30, 2024.

Management Discussion of the Quarter

“The third quarter demonstrated strong momentum across both our community bank and CCBX operating segments, despite a still challenging operating environment,” said CEO Eric Sprink. “We saw high quality net loan growth of $92.4 million despite selling $423.7 million in loans. We are implementing strategies to increase fee income and we continue to build out and invest in an infrastructure that is scalable, and that we believe will enable us to be innovative leaders in financial services.”

Key Points for Third Quarter and Our Go-Forward Strategy

Balance Sheet Well Positioned for Lower Rates. Our balance sheet stands in a modestly liability sensitive position as of September 30, 2024, with $1.95 billion of CCBX deposits that contractually reprice lower immediately upon any reduction in the Federal Funds Rate, with $1.09 billion of CCBX loans repricing in 90 days or less following such reduction. The Federal Open Market Committee recently lowered the targeted Federal Funds rate 0.50% on September 19, 2024; a reduction of 0.50% compared to June 30, 2024 and September 30, 2023. The rate decrease came late in the quarter, so the full impact of this and any subsequent rate changes will be reflected in future periods.
Expanding Relationships with CCBX Partners. We continue to focus on expanding product offerings with existing CCBX partners. We believe that launching new products with existing partners positions us to reach a wide and established customer base with modest increase in enterprise risk. Products launched in 2024 with existing partners have gained traction and are growing the balance sheet and increasing income. The pipeline for CCBX is active, although we expect to remain selective in adding new partners to manage risk and capital.
On-going Loan Sales. We sold $423.7 million loans in the quarter ended September 30, 2024 as part of our strategy to balance credit risk, manage partner and lending limits, protect capital levels and move credit card balances to an off balance sheet fee generating model. We are retaining a portion of the fee income for our role in processing transactions on sold credit card balances. This provides an on-going and passive revenue stream with no on balance sheet risk.
Continued Regulatory and Compliance Infrastructure Investments Position Us Well for Next Phase of Growth. We continue to utilize co-sourced personnel as a component of our risk and compliance efforts. This flexible co-sourcing approach allows us to manage the growth of our internal team while also ensuring CCBX has the resources it needs. While we remain 100% indemnified against partner fraud losses, we were encouraged to see fraudulent activity amongst our partners remains low during the current quarter, compared to the same period last year, a positive indicator of our continued investments in our risk infrastructure.
Reorganization and Strengthening of Talent to Accommodate Growth and Plans for the Future. We recently announced the bifurcation of the President of the Bank into two roles, appointing Brian Hamilton as President of CCBX, the Fintech and BaaS segment of the Bank, with Curt Queyrouze serving as President of the community bank and corporate credit.

Third Quarter 2024 Financial Highlights

The tables below outline some of our key operating metrics.

	Three Months Ended
(Dollars in thousands, except share and per share data; unaudited)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Income Statement Data:
Interest and dividend income	$	105,079		$	97,487		$	90,472		$	88,243		$	88,331
Interest expense		32,892			31,250			29,536			28,586			26,102
Net interest income		72,187			66,237			60,936			59,657			62,229
Provision for credit losses		70,257			62,325			83,158			60,789			27,253
Net interest (expense)/ income after provision for credit losses		1,930			3,912			(22,222	)		(1,132	)		34,976
Noninterest income		80,068			69,918			86,955			64,694			34,579
Noninterest expense		65,616			58,809			56,018			51,703			56,501
Provision for income tax		2,926			3,425			1,915			2,847			2,784
Net income		13,456			11,596			6,800			9,012			10,270

	As of and for the Three Month Period
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Balance Sheet Data:
Cash and cash equivalents	$	484,026		$	487,245		$	515,128		$	483,128		$	474,946
Investment securities		48,620			49,213			50,090			150,364			141,489
Loans held for sale		7,565			—			797			—			—
Loans receivable		3,418,832			3,326,460			3,199,554			3,026,092			2,967,035
Allowance for credit losses		(170,263	)		(147,914	)		(139,258	)		(116,958	)		(101,085	)
Total assets		4,065,821			3,961,546			3,865,258			3,753,366			3,678,265
Interest bearing deposits		3,047,861			2,949,643			2,888,867			2,735,161			2,637,914
Noninterest bearing deposits		579,427			593,789			574,112			625,202			651,786
Core deposits ⁽¹⁾		3,190,869			3,528,339			3,447,864			3,342,004			3,269,082
Total deposits		3,627,288			3,543,432			3,462,979			3,360,363			3,289,700
Total borrowings		47,847			47,810			47,771			47,734			47,695
Total shareholders’ equity		331,930			316,693			303,709			294,978			284,450

Share and Per Share Data ⁽²⁾:
Earnings per share – basic	$	1.00		$	0.86		$	0.51		$	0.68		$	0.77
Earnings per share – diluted	$	0.97		$	0.84		$	0.50		$	0.66		$	0.75
Dividends per share		—			—			—			—			—
Book value per share ⁽³⁾	$	24.51		$	23.54		$	22.65		$	22.17		$	21.38
Tangible book value per share ⁽⁴⁾	$	24.51		$	23.54		$	22.65		$	22.17		$	21.38
Weighted avg outstanding shares – basic		13,447,066			13,412,667			13,340,997			13,286,828			13,285,974
Weighted avg outstanding shares – diluted		13,822,270			13,736,508			13,676,917			13,676,513			13,675,833
Shares outstanding at end of period		13,543,282			13,453,805			13,407,320			13,304,339			13,302,449
Stock options outstanding at end of period		198,370			286,119			309,069			354,969			356,359

See footnotes that follow the tables below

	As of and for the Three Month Period
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Credit Quality Data:
Nonperforming assets ⁽⁵⁾ to total assets		1.34	%		1.34	%		1.42	%		1.43	%		1.18	%
Nonperforming assets ⁽⁵⁾ to loans receivable and OREO		1.60	%		1.60	%		1.71	%		1.78	%		1.47	%
Nonperforming loans ⁽⁵⁾ to total loans receivable		1.60	%		1.60	%		1.71	%		1.78	%		1.47	%
Allowance for credit losses to nonperforming loans		311.5	%		278.1	%		253.8	%		217.2	%		232.2	%
Allowance for credit losses to total loans receivable		4.98	%		4.45	%		4.35	%		3.86	%		3.41	%
Gross charge-offs	$	53,305		$	55,207		$	58,994		$	47,652		$	37,879
Gross recoveries	$	4,069		$	1,973		$	1,776		$	2,781		$	1,045
Net charge-offs to average loans ⁽⁶⁾		5.65	%		6.57	%		7.34	%		5.92	%		4.77	%

Capital Ratios:
Company
Tier 1 leverage capital		8.40	%		8.31	%		8.24	%		8.10	%		8.03	%
Common equity Tier 1 risk-based capital		9.26	%		9.03	%		8.98	%		9.10	%		9.00	%
Tier 1 risk-based capital		9.35	%		9.13	%		9.08	%		9.20	%		9.11	%
Total risk-based capital		11.90	%		11.70	%		11.70	%		11.87	%		11.80	%
Bank
Tier 1 leverage capital		9.29	%		9.24	%		9.19	%		9.06	%		8.99	%
Common equity Tier 1 risk-based capital		10.36	%		10.15	%		10.14	%		10.30	%		10.21	%
Tier 1 risk-based capital		10.36	%		10.15	%		10.14	%		10.30	%		10.21	%
Total risk-based capital		11.65	%		11.44	%		11.43	%		11.58	%		11.48	%

⁽¹⁾Core deposits are defined as all deposits excluding brokered and all time deposits.
⁽²⁾Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
⁽³⁾We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
⁽⁴⁾Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
⁽⁵⁾Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
⁽⁶⁾Annualized calculations.

Key Performance Ratios

Return on average assets (“ROA”) was 1.34% for the quarter ended September 30, 2024 compared to 1.21% and 1.13% for the quarters ended June 30, 2024 and September 30, 2023, respectively. ROA for the quarter ended September 30, 2024, increased 0.13% and 0.21% compared to June 30, 2024 and September 30, 2023, respectively. Noninterest expenses were higher for the quarter ended September 30, 2024 compared to the quarters ended June 30, 2024 and September 30, 2023 largely due to an increase in BaaS loan expense, which is directly related to the increase in the amount of interest earned on CCBX loans.

The following table shows the Company’s key performance ratios for the periods indicated.

	Three Months Ended
(unaudited)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023

Return on average assets ⁽¹⁾	1.34	%	1.21	%	0.73	%	0.97	%	1.13	%
Return on average equity ⁽¹⁾	16.67	%	15.22	%	9.21	%	12.35	%	14.60	%
Yield on earnings assets ⁽¹⁾	10.79	%	10.49	%	10.07	%	9.77	%	10.08	%
Yield on loans receivable ⁽¹⁾	11.43	%	11.23	%	10.85	%	10.71	%	10.84	%
Cost of funds ⁽¹⁾	3.62	%	3.60	%	3.52	%	3.39	%	3.18	%
Cost of deposits ⁽¹⁾	3.59	%	3.58	%	3.49	%	3.36	%	3.14	%
Net interest margin ⁽¹⁾	7.41	%	7.13	%	6.78	%	6.61	%	7.10	%
Noninterest expense to average assets ⁽¹⁾	6.54	%	6.14	%	6.04	%	5.56	%	6.23	%
Noninterest income to average assets ⁽¹⁾	7.98	%	7.30	%	9.38	%	6.95	%	3.81	%
Efficiency ratio	43.10	%	43.19	%	37.88	%	41.58	%	58.36	%
Loans receivable to deposits ⁽²⁾	94.46	%	93.88	%	92.42	%	90.05	%	90.19	%

⁽¹⁾Annualized calculations shown for quarterly periods presented.
⁽²⁾Includes loans held for sale.

Management Outlook; CEO Eric Sprink

“As we look ahead to the fourth quarter and 2025, we remain laser focused on building out our technology and risk management infrastructure to more efficiently support our next phase of growth within CCBX. While the balance sheet re-mix earlier this year resulted in a short-term reduction to income, we continue to make strategic decisions which are enhancing credit quality, generating passive fee income, strengthening our talent and growing relationships with established and prospective CCBX partners all of which are expected to position Coastal to be more profitable in 2025.”

Coastal Financial Corporation Overview

The Company has one main subsidiary, the Bank which consists of three segments: CCBX, the community bank and treasury & administration. The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities, and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.

CCBX Performance Update

Our CCBX segment continues to evolve, and we have 22 relationships, at varying stages, as of September 30, 2024. We continue to refine the criteria for CCBX partnerships, are exiting relationships where it makes sense for us to do so and are focusing on larger more established partners, with experienced management teams, existing customer bases and strong financial positions.

We are expanding product offerings with our existing CCBX partners. We believe that launching new products with existing partners positions us to reach a wide and established customer base with a modest increase in regulatory risk given we have already vetted these partners and have operational history. Products launched earlier in the year with existing partners have gained traction and are growing the balance sheet and increasing income. We continue to sell loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances. This is expected to provide an on-going and passive revenue stream with no on balance sheet risk.

The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

	As of
(unaudited)	September 30, 2024	June 30, 2024	September 30, 2023
Active	19	19	18
Friends and family / testing	1	1	1
Implementation / onboarding	1	1	1
Signed letters of intent	1	0	1
Wind down – active but preparing to exit relationship	0	0	1
Total CCBX relationships	22	21	22

CCBX loans increased $106.9 million, or 7.6%, despite selling $423.7 million loans during the three months ended September 30, 2024 to $1.52 billion, while we continued to enhance credit standards on new CCBX loan originations. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At September 30, 2024 the portion of this portfolio for which we are responsible represented $19.8 million in loans.

The following table details the CCBX loan portfolio:

CCBX	As of
	September 30, 2024					June 30, 2024					September 30, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans:
Capital call lines	$	103,924		6.8	%	$	109,133		7.7	%	$	114,174		9.6	%
All other commercial & industrial loans		36,494		2.4			41,731		3.0			58,869		5.0
Real estate loans:
Residential real estate loans		265,402		17.5			287,950		20.4			251,775		21.3
Consumer and other loans:
Credit cards		633,691		41.6			549,241		38.7			440,993		37.3
Other consumer and other loans		482,228		31.7			426,809		30.2			316,987		26.8
Gross CCBX loans receivable		1,521,739		100.0	%		1,414,864		100.0	%		1,182,798		100.0	%
Net deferred origination (fees) costs		(447	)				(438	)				(424	)
Loans receivable	$	1,521,292				$	1,414,426				$	1,182,374
Loan Yield – CCBX ⁽¹⁾⁽²⁾		17.35	%				17.77	%				17.05	%

⁽¹⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

The increase in CCBX loans in the quarter ended September 30, 2024, includes an increase of $139.9 million or 14.3%, in consumer and other loans, partially offset by a $22.5 million, or 7.8%, decrease in residential real estate loans and a decrease of $5.2 million, or 4.8%, in capital call lines as a result of normal balance fluctuations and business activities. We continue to monitor and manage the CCBX loan portfolio, and sold $423.7 million in CCBX loans during the quarter ended September 30, 2024 compared to sales of $155.2 million in the quarter ended June 30, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and generate off balance sheet fee income.

Our credit card program through CCBX continues to grow in dollars and number of active cards as shown in the graph below:

The following table details the CCBX deposit portfolio:

CCBX	As of
	September 30, 2024					June 30, 2024					September 30, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	60,655		2.9	%	$	62,234		3.0	%	$	67,782		3.9	%
Interest bearing demand and money market		1,991,858		94.6			1,989,105		96.7			1,679,921		95.9
Savings		5,204		0.3			5,150		0.3			4,529		0.2
Total core deposits		2,057,717		97.8			2,056,489		100.0			1,752,232		100.0
Other deposits		47,046		2.2			—		0.0			—		—
Total CCBX deposits	$	2,104,763		100.0	%	$	2,056,489		100.0	%	$	1,752,232		100.0	%
Cost of deposits ⁽¹⁾		4.82	%				4.92	%				4.80	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

CCBX deposits increased $48.3 million, or 2.3%, in the three months ended September 30, 2024 to $2.10 billion. This excludes the $214.5 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage purposes, compared to $117.7 million for the quarter ended June 30, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third party facilitator/vendor sweep product, to participating financial institutions.

Community Bank Performance Update

In the quarter ended September 30, 2024, the community bank saw net loans decrease $14.5 million, or 0.8%, to $1.90 billion.

The following table details the Community Bank loan portfolio:

Community Bank	As of
	September 30, 2024					June 30, 2024					September 30, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Commercial and industrial loans	$	152,161		8.0	%	$	144,436		7.5	%	$	158,232		8.8	%
Real estate loans:
Construction, land and land development loans		163,051		8.6			173,064		9.0			167,686		9.4
Residential real estate loans		212,467		11.2			229,639		12.0			225,372		12.6
Commercial real estate loans		1,362,452		71.5			1,357,979		70.8			1,237,849		69.1
Consumer and other loans:
Other consumer and other loans		14,173		0.7			14,220		0.7			2,483		0.1
Gross Community Bank loans receivable		1,904,304		100.0	%		1,919,338		100.0	%		1,791,622		100.0	%
Net deferred origination fees		(6,764	)				(7,304	)				(6,961	)
Loans receivable	$	1,897,540				$	1,912,034				$	1,784,661
Loan Yield⁽¹⁾		6.64	%				6.52	%				6.20	%

⁽¹⁾Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.

Community bank loans had a $10.0 million decrease in construction, land and land development loans, partially offset by an increase of $7.7 million in commercial and industrial loans and an increase in commercial real estate loans of $4.5 million during the quarter ended September 30, 2024; consumer and other loans were flat.

The following table details the community bank deposit portfolio:

Community Bank	As of
	September 30, 2024					June 30, 2024					September 30, 2023
(dollars in thousands; unaudited)	Balance			% to Total		Balance			% to Total		Balance			% to Total
Demand, noninterest bearing	$	518,772		34.1	%	$	531,555		35.6	%	$	584,004		37.9	%
Interest bearing demand and money market		552,108		36.3			876,668		59.0			852,747		55.5
Savings		62,272		4.1			63,627		4.3			80,099		5.2
Total core deposits		1,133,152		74.5			1,471,850		98.9			1,516,850		98.6
Other deposits		373,681		24.5			1		0.0			1		0.0
Time deposits less than $100,000		6,305		0.4			6,741		0.5			8,635		0.6
Time deposits $100,000 and over		9,387		0.6			8,351		0.6			11,982		0.8
Total Community Bank deposits	$	1,522,525		100.0	%	$	1,486,943		100.0	%	$	1,537,468		100.0	%
Cost of deposits⁽¹⁾		1.92	%				1.77	%				1.31	%

⁽¹⁾Cost of deposits is annualized for the three months ended for each period presented.

Community bank deposits increased $35.6 million, or 2.4%, during the three months ended September 30, 2024 to $1.52 billion. This is the second consecutive quarter of growth after allowing higher rate balances to run-off earlier in the year. The community bank segment includes noninterest bearing deposits of $518.8 million, or 34.1%, of total community bank deposits, resulting in a cost of deposits of 1.92%, which compared to 1.77% for the quarter ended June 30, 2024.

Net Interest Income and Margin Discussion

Net interest income was $72.2 million for the quarter ended September 30, 2024, an increase of $5.9 million, or 9.0%, from $66.2 million for the quarter ended June 30, 2024, and an increase of $10.0 million, or 16.0%, from $62.2 million for the quarter ended September 30, 2023. The increase in net interest income compared to June 30, 2024, was a result of increased interest income due to an increase in average loans receivable partially offset by an increase in cost of funds. The increase in net interest income compared to September 30, 2023 was largely related to increased yield on loans resulting from higher interest rates and growth in higher yielding loans partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.

Net interest margin was 7.41% for the three months ended September 30, 2024, compared to 7.13% for the three months ended June 30, 2024, with the increase primarily due to higher loan yields. Net interest margin was 7.10% for the three months ended September 30, 2023. The increase in net interest margin for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was largely due to an increase in loan yield partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $8.6 million, or 9.5%, to $99.6 million for the three months ended September 30, 2024, compared to $90.9 million for the three months ended June 30, 2024, and increased $15.9 million, or 19.1%, compared to $83.7 million for the three months ended September 30, 2023, due to an increase in outstanding balances and higher interest rates.

Average investment securities decreased $795,000 to $49.0 million compared to the three months ended June 30, 2024 and decreased $69.0 million compared to the three months ended September 30, 2023 as a result of maturing securities.

Cost of funds was 3.62% for the quarter ended September 30, 2024, an increase of 2 basis points from the quarter ended June 30, 2024 and an increase of 44 basis points from the quarter ended September 30, 2023. Cost of deposits for the quarter ended September 30, 2024 was 3.59%, compared to 3.58% for the quarter ended June 30, 2024, and 3.14% for the quarter ended September 30, 2023. The increased cost of funds and deposits compared to June 30, 2024 and September 30, 2023 was due to the continued high interest rate environment. The late September reduction in the Fed funds rate is expected to help to lower our cost of deposits in future periods.

The following table summarizes the average yield on loans receivable and cost of deposits:

	For the Three Months Ended
	September 30, 2024				June 30, 2024				September 30, 2023
	Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾		Yield on Loans ⁽²⁾		Cost of Deposits ⁽²⁾
Community Bank	6.64	%	1.92	%	6.52	%	1.77	%	6.20	%	1.31	%
CCBX ⁽¹⁾	17.35	%	4.82	%	17.77	%	4.92	%	17.05	%	4.80	%
Consolidated	11.43	%	3.59	%	11.23	%	3.58	%	10.84	%	3.14	%

⁽¹⁾CCBX yield on loans does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽²⁾Annualized calculations for periods shown.

The following tables illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

	For the Three Months Ended
	September 30, 2024				June 30, 2024				September 30, 2023
(dollars in thousands, unaudited)	Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans⁽²⁾		Income / Expense		Income / expense divided by average CCBX loans ⁽²⁾
BaaS loan interest income	$	67,692	17.35	%	$	60,203	17.77	%	$	56,279	17.05	%
Less: BaaS loan expense		32,612	8.36	%		29,076	8.58	%		23,003	6.97	%
Net BaaS loan income ⁽¹⁾	$	35,080	8.99	%	$	31,127	9.19	%	$	33,276	10.08	%
Average BaaS Loans⁽³⁾	$	1,552,443			$	1,362,343			$	1,309,380

⁽¹⁾ A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
⁽²⁾ Annualized calculations shown for quarterly periods presented.
⁽³⁾ Includes loans held for sale.

Noninterest Income Discussion

Noninterest income was $80.1 million for the three months ended September 30, 2024, an increase of $10.2 million from $69.9 million for the three months ended June 30, 2024, and an increase of $45.5 million from $34.6 million for the three months ended September 30, 2023. The increase in noninterest income over the quarter ended June 30, 2024 was primarily due to an increase of $9.9 million in total BaaS income. The $9.9 million increase in total BaaS income included a $9.3 million increase in BaaS credit enhancements related to the provision for credit losses, a $300,000 increase in BaaS fraud enhancements, and an increase of $340,000 in BaaS program income. The increase in BaaS program income is largely due to higher servicing and other BaaS fees, transaction fees and interchange fees and our primary BaaS source for recurring fee income (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements). Additionally, other income increased $229,000 largely due to increased incoming ACH activity.

The $45.5 million increase in noninterest income over the quarter ended September 30, 2023 was primarily due to a $43.4 million increase in BaaS credit and fraud enhancements, and an increase of $2.0 million in BaaS program income.

Noninterest Expense Discussion
Total noninterest expense increased $6.8 million to $65.6 million for the three months ended September 30, 2024, compared to $58.8 million for the three months ended June 30, 2024, and increased $9.1 million from $56.5 million for the three months ended September 30, 2023. The increase in noninterest expense for the quarter ended September 30, 2024, as compared to the quarter ended June 30, 2024, was primarily due to a $3.8 million increase in BaaS expense (including a $300,000 increase in BaaS fraud expense and a $3.5 million increase in BaaS loan expense). BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners, partially offset by a $1.5 million increase in excise taxes (due to the recording of $1.2 million business and occupation tax credit from the State of Washington which resulted in the recognition of a net credit of $706,000 for the quarter ended June 30, 2024, compared to expense of $762,000 for the quarter ended September 30, 2024). We also recorded an increase of $587,000 in data processing and software licenses as a result of our continued investment in our infrastructure and the automation of our processes so that they are scalable and an increase of $499,000 in point of sale expenses as a result of increased partner transaction activity.

The increase in noninterest expenses for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023 was largely due to an increase of $8.8 million in BaaS partner expense (including a $9.6 million increase in BaaS loan expense partially offset by a decrease of $766,000 in BaaS fraud expense), a $1.1 million increase in data processing and software licenses due to enhancements in technology, and a $526,000 increase in occupancy expense, largely due to higher software depreciation/amortization expense, partially offset by a $986,000 decrease in salary and employee benefits largely as a result of some one-time costs that were expensed in the quarter ended September 30, 2023 for which there was no similar expense in the current quarter, and an $850,000 decrease in legal and professional expenses as a result of risk management and projects being completed.

Provision for Income Taxes

The provision for income taxes was $2.9 million for the three months ended September 30, 2024, $3.4 million for the three months ended June 30, 2024 and $2.8 million for the third quarter of 2023. The income tax provision was lower for the three months ended September 30, 2024 compared to the quarter ended June 30, 2024 as a result of the deductibility of certain equity awards which reduced tax expense despite net income being higher and higher than the quarter ended September 30, 2023, primarily due to higher net income compared to that quarter.

The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.62% for calculating the provision for state income taxes.

Financial Condition Overview

Total assets increased $104.3 million, or 2.6%, to $4.07 billion at September 30, 2024 compared to $3.96 billion at June 30, 2024. The increase is primarily due to stronger loan growth partially offset by lower cash balances. Total loans receivable increased $92.4 million to $3.42 billion at September 30, 2024, from $3.33 billion at June 30, 2024.

As of September 30, 2024, the Company had the capacity to borrow up to a total of $656.3 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, and an additional $50.0 million from a correspondent bank no borrowings outstanding on these lines as of September 30, 2024.

The Company had a cash balance of $5.9 million as of September 30, 2024, which is retained for general operating purposes, including debt repayment, and for funding $530,000 in commitments to bank technology funds.

Uninsured deposits were $542.2 million as of September 30, 2024, compared to $532.9 million as of June 30, 2024.

Total shareholders’ equity increased $15.2 million since June 30, 2024. The increase in shareholders’ equity was primarily due to $13.5 million in net earnings, combined with an increase of $1.8 million in common stock outstanding as a result of equity awards exercised during the three months ended September 30, 2024.

The Company and the Bank remained well capitalized at September 30, 2024, as summarized in the following table.

(unaudited)	Coastal Community Bank		Coastal Financial Corporation		Minimum Well Capitalized Ratios under Prompt Corrective Action ⁽¹⁾
Tier 1 Leverage Capital (to average assets)	9.29	%	8.40	%	5.00	%
Common Equity Tier 1 Capital (to risk-weighted assets)	10.36	%	9.26	%	6.50	%
Tier 1 Capital (to risk-weighted assets)	10.36	%	9.35	%	8.00	%
Total Capital (to risk-weighted assets)	11.65	%	11.90	%	10.00	%

⁽¹⁾ Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.

Asset Quality

The total allowance for credit losses was $170.3 million and 4.98% of loans receivable at September 30, 2024 compared to $147.9 million and 4.45% at June 30, 2024 and $101.1 million and 3.41% at September 30, 2023. The allowance for credit loss allocated to the CCBX portfolio was $150.1 million and 9.87% of CCBX loans receivable at September 30, 2024, with $20.1 million of allowance for credit loss allocated to the community bank or 1.06% of total community bank loans receivable.

The following table details the allocation of the allowance for credit loss as of the period indicated:

	As of September 30, 2024									As of June 30, 2024									As of September 30, 2023
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Loans receivable	$	1,897,540		$	1,521,292		$	3,418,832		$	1,912,034		$	1,414,426		$	3,326,460		$	1,784,661		$	1,182,374		$	2,967,035
Allowance for credit losses		(20,132	)		(150,131	)		(170,263	)		(21,045	)		(126,869	)		(147,914	)		(21,316	)		(79,769	)		(101,085	)
Allowance for credit losses to total loans receivable		1.06	%		9.87	%		4.98	%		1.10	%		8.97	%		4.45	%		1.19	%		6.75	%		3.41	%

Net charge-offs totaled $49.2 million for the quarter ended September 30, 2024, compared to $53.2 million for the quarter ended June 30, 2024 and $36.8 million for the quarter ended September 30, 2023. Net charge-offs as a percent of average loans decreased to 5.65% for the quarter ended September 30, 2024 compared to 6.57% for the quarter ended June 30, 2024, which we believe is a result of the steps we took manage our credit quality. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $400.8 million loan portfolio. At September 30, 2024, our portion of this portfolio represented $19.8 million in loans. Net charge-offs for this $19.8 million in loans were $1.1 million for the three months ended September 30, 2024, compared to $1.3 million for the three months ended June 30, 2024 and $579,000 for the three months ended September 30, 2023.

The following table details net charge-offs for the community bank and CCBX for the period indicated:

	Three Months Ended
	September 30, 2024									June 30, 2024									September 30, 2023
(dollars in thousands; unaudited)	Community Bank			CCBX			Total			Community Bank			CCBX			Total			Community Bank			CCBX			Total
Gross charge-offs	$	398		$	52,907		$	53,305		$	2		$	55,205		$	55,207		$	3		$	37,876		$	37,879
Gross recoveries		(3	)		(4,066	)		(4,069	)		(4	)		(1,969	)		(1,973	)		(3	)		(1,042	)		(1,045	)
Net charge-offs	$	395		$	48,841		$	49,236		$	(2	)	$	53,236		$	53,234		$	—		$	36,834		$	36,834
Net charge-offs to average loans ⁽¹⁾		0.08	%		12.52	%		5.65	%		0.00	%		15.72	%		6.57	%		0.00	%		11.16	%		4.77	%

⁽¹⁾ Annualized calculations shown for periods presented.

During the quarter ended September 30, 2024, a $72.1 million provision for credit losses – loans was recorded for CCBX partner loans based on management’s analysis, compared to the $62.2 million provision for credit losses – loans that was recorded for CCBX for the quarter ended June 30, 2024. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

The factors used in management’s analysis for community bank credit losses indicated that a provision recapture of $519,000 and was needed for the quarter ended September 30, 2024 compared to a provision recapture of $341,000 and provision of $664,000 for the quarters ended June 30, 2024 and September 30, 2023, respectively. The recapture in the current period was largely due to a change in remaining average lives of community bank loans.

The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Community bank	$	(519	)	$	(341	)	$	664
CCBX		72,104			62,231			26,493
Total provision expense	$	71,585		$	61,890		$	27,157

At September 30, 2024, our nonperforming assets were $54.7 million, or 1.34%, of total assets, compared to $53.2 million, or 1.34%, of total assets, at June 30, 2024, and $43.5 million, or 1.18%, of total assets, at September 30, 2023. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of September 30, 2024, $52.0 million of the $53.6 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

Nonperforming assets increased $1.5 million during the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024. This change is largely due to an increase in CCBX nonaccrual loans partially offset by a decrease in community bank nonaccrual loans. CCBX nonaccrual loans increased $8.0 million as a result of a new collection practice that places certain loans on nonaccrual status to improve collectability, $5.3 million of these loans are less than 90 days past due as of September 30, 2024. CCBX loans that are past due 90 days or more and still accruing was $45.6 million for the quarter ended September 30, 2024 compared to $45.2 million for the quarter ended June 30, 2024. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at September 30, 2024. Our nonperforming loans to loans receivable ratio was 1.60% at September 30, 2024, compared to 1.60% at June 30, 2024, and 1.47% at September 30, 2023.

For the quarter ended September 30, 2024, there were $395,000 community bank net charge-offs and $1.1 million nonperforming community bank loans. For the quarter ended September 30, 2024 $48.8 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

The following table details the Company’s nonperforming assets for the periods indicated.

Consolidated	As of
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Nonaccrual loans:
Commercial and industrial loans	$	198		$	—		$	2
Real estate loans:
Construction, land and land development		—			—			—
Residential real estate		44			213			176
Commercial real estate		831			7,731			7,145
Consumer and other loans:
Credit cards		7,987			—			—
Total nonaccrual loans		9,060			7,944			7,323
Accruing loans past due 90 days or more:
Commercial & industrial loans		1,593			1,278			1,387
Real estate loans:
Residential real estate loans		3,025			2,722			1,462
Consumer and other loans:
Credit cards		34,562			36,465			24,807
Other consumer and other loans		6,412			4,779			8,561
Total accruing loans past due 90 days or more		45,592			45,244			36,217
Total nonperforming loans		54,652			53,188			43,540
Real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	54,652		$	53,188		$	43,540
Total nonaccrual loans to loans receivable		0.27	%		0.24	%		0.25	%
Total nonperforming loans to loans receivable		1.60	%		1.60	%		1.47	%
Total nonperforming assets to total assets		1.34	%		1.34	%		1.18	%

The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

CCBX	As of
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Nonaccrual loans:
Consumer and other loans:
Credit cards	$	7,987		$	—		$	—
Total nonaccrual loans		7,987			—			—
Accruing loans past due 90 days or more:
Commercial & industrial loans		1,593			1,278			1,387
Real estate loans:
Residential real estate loans		3,025			2,722			1,462
Consumer and other loans:
Credit cards		34,562			36,465			24,807
Other consumer and other loans		6,412			4,779			8,561
Total accruing loans past due 90 days or more		45,592			45,244			36,217
Total nonperforming loans		53,579			45,244			36,217
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	53,579		$	45,244		$	36,217
Total CCBX nonperforming assets to total consolidated assets		1.32	%		1.14	%		0.98	%

Community Bank	As of
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Nonaccrual loans:
Commercial and industrial loans	$	198		$	—		$	2
Real estate:
Construction, land and land development		—			—			—
Residential real estate		44			213			176
Commercial real estate		831			7,731			7,145
Total nonaccrual loans		1,073			7,944			7,323
Accruing loans past due 90 days or more:
Total accruing loans past due 90 days or more		—			—			—
Total nonperforming loans		1,073			7,944			7,323
Other real estate owned		—			—			—
Repossessed assets		—			—			—
Total nonperforming assets	$	1,073		$	7,944		$	7,323
Total community bank nonperforming assets to total consolidated assets		0.03	%		0.20	%		0.20	%

About Coastal Financial

Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC. The $4.07 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application. The Bank provides banking as a service to broker-dealers, digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment. To learn more about the Company visit www.coastalbank.com.

CCB-ER

Contact

Eric Sprink, Chief Executive Officer, (425) 357-3659
Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise 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, except as required by law.


COASTAL FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in thousands; unaudited)

ASSETS
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Cash and due from banks	$	45,327		$	59,995		$	32,790		$	31,345		$	29,984
Interest earning deposits with other banks		438,699			427,250			482,338			451,783			444,962
Investment securities, available for sale, at fair value		38			39			41			99,504			98,939
Investment securities, held to maturity, at amortized cost		48,582			49,174			50,049			50,860			42,550
Other investments		10,757			10,664			10,583			10,227			11,898
Loans held for sale		7,565			—			797			—			—
Loans receivable		3,418,832			3,326,460			3,199,554			3,026,092			2,967,035
Allowance for credit losses		(170,263	)		(147,914	)		(139,258	)		(116,958	)		(101,085	)
Total loans receivable, net		3,248,569			3,178,546			3,060,296			2,909,134			2,865,950
CCBX credit enhancement asset		167,251			143,485			137,276			107,921			91,867
CCBX receivable		16,060			11,520			10,369			9,088			10,623
Premises and equipment, net		25,833			24,526			22,995			22,090			20,543
Lease right-of-use assets		5,427			5,635			5,756			5,932			6,126
Accrued interest receivable		23,664			23,617			24,681			26,819			23,428
Bank-owned life insurance, net		13,255			13,132			12,991			12,870			12,970
Deferred tax asset, net		3,083			2,221			2,221			3,806			4,404
Other assets		11,711			11,742			12,075			11,987			14,021
Total assets	$	4,065,821		$	3,961,546		$	3,865,258		$	3,753,366		$	3,678,265

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits	$	3,627,288		$	3,543,432		$	3,462,979		$	3,360,363		$	3,289,700
Subordinated debt, net		44,256			44,219			44,181			44,144			44,106
Junior subordinated debentures, net		3,591			3,591			3,590			3,590			3,589
Deferred compensation		369			405			442			479			513
Accrued interest payable		1,070			999			1,061			892			1,056
Lease liabilities		5,609			5,821			5,946			6,124			6,321
CCBX payable		39,188			34,536			33,095			33,651			38,229
Other liabilities		12,520			11,850			10,255			9,145			10,301
Total liabilities		3,733,891			3,644,853			3,561,549			3,458,388			3,393,815
SHAREHOLDERS’ EQUITY
Common Stock		134,769			132,989			131,601			130,136			129,244
Retained earnings		197,162			183,706			172,110			165,311			156,299
Accumulated other comprehensive loss, net of tax		(1	)		(2	)		(2	)		(469	)		(1,093	)
Total shareholders’ equity		331,930			316,693			303,709			294,978			284,450
Total liabilities and shareholders’ equity	$	4,065,821		$	3,961,546		$	3,865,258		$	3,753,366		$	3,678,265


COASTAL FINANCIAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts; unaudited)

	Three Months Ended
	September 30, 2024		June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	99,590	$	90,944		$	84,621		$	81,159		$	83,652
Interest on interest earning deposits with other banks		4,781		5,683			4,780			5,687			3,884
Interest on investment securities		675		686			1,034			1,225			766
Dividends on other investments		33		174			37			172			29
Total interest income		105,079		97,487			90,472			88,243			88,331
INTEREST EXPENSE
Interest on deposits		32,083		30,578			28,867			27,916			25,451
Interest on borrowed funds		809		672			669			670			651
Total interest expense		32,892		31,250			29,536			28,586			26,102
Net interest income		72,187		66,237			60,936			59,657			62,229
PROVISION FOR CREDIT LOSSES		70,257		62,325			83,158			60,789			27,253
Net interest income/(expense) after provision for credit losses		1,930		3,912			(22,222	)		(1,132	)		34,976
NONINTEREST INCOME
Deposit service charges and fees		952		946			908			957			998
Loan referral fees		—		—			168			—			1
Gain on sales of loans, net		—		—			—			—			107
Unrealized gain (loss) on equity securities, net		2		9			15			80			5
Other income		486		257			308			60			291
Noninterest income, excluding BaaS program income and BaaS indemnification income		1,440		1,212			1,399			1,097			1,402
Servicing and other BaaS fees		1,044		1,525			1,131			1,015			997
Transaction fees		1,696		1,309			1,122			1,006			1,036
Interchange fees		1,853		1,625			1,539			1,272			1,216
Reimbursement of expenses		1,843		1,637			1,033			1,076			1,152
BaaS program income		6,436		6,096			4,825			4,369			4,401
BaaS credit enhancements		70,108		60,826			79,808			58,449			25,926
BaaS fraud enhancements		2,084		1,784			923			779			2,850
BaaS indemnification income		72,192		62,610			80,731			59,228			28,776
Total noninterest income		80,068		69,918			86,955			64,694			34,579
NONINTEREST EXPENSE
Salaries and employee benefits		17,101		17,005			17,984			16,490			18,087
Occupancy		1,750		1,686			1,518			1,340			1,224
Data processing and software licenses		3,511		2,924			2,892			2,417			2,366
Legal and professional expenses		3,597		3,631			3,672			2,649			4,447
Point of sale expense		1,351		852			869			899			1,068
Excise taxes		762		(706	)		320			449			541
Federal Deposit Insurance Corporation (“FDIC”) assessments		740		690			683			665			694
Director and staff expenses		559		470			400			478			529
Marketing		67		14			53			138			169
Other expense		1,482		1,383			1,867			1,089			1,523
Noninterest expense, excluding BaaS loan and BaaS fraud expense		30,920		27,949			30,258			26,614			30,648
BaaS loan expense		32,612		29,076			24,837			24,310			23,003
BaaS fraud expense		2,084		1,784			923			779			2,850
BaaS loan and fraud expense		34,696		30,860			25,760			25,089			25,853
Total noninterest expense		65,616		58,809			56,018			51,703			56,501
Income before provision for income taxes		16,382		15,021			8,715			11,859			13,054
PROVISION FOR INCOME TAXES		2,926		3,425			1,915			2,847			2,784
NET INCOME	$	13,456	$	11,596		$	6,800		$	9,012		$	10,270
Basic earnings per common share	$	1.00	$	0.86		$	0.51		$	0.68		$	0.77
Diluted earnings per common share	$	0.97	$	0.84		$	0.50		$	0.66		$	0.75
Weighted average number of common shares outstanding:
Basic		13,447,066		13,412,667			13,340,997			13,286,828			13,285,974
Diluted		13,822,270		13,736,508			13,676,917			13,676,513			13,675,833


COASTAL FINANCIAL CORPORATION AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY (Dollars in thousands; unaudited)

	For the Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance			Interest & Dividends		Yield / Cost ⁽¹⁾
Assets
Interest earning assets:
Interest earning deposits with other banks	$	350,915		$	4,781	5.42	%	$	418,165		$	5,683	5.47	%	$	285,596		$	3,884	5.40	%
Investment securities, available for sale ⁽²⁾		40			—	—			43			—	3.13			100,283			543	2.15
Investment securities, held to maturity ⁽²⁾		48,945			675	5.49			49,737			686	5.55			17,703			223	5.00
Other investments		11,140			33	1.18			10,592			174	6.61			11,943			29	0.96
Loans receivable ⁽³⁾		3,464,871			99,590	11.43			3,258,042			90,944	11.23			3,062,214			83,652	10.84
Total interest earning assets		3,875,911			105,079	10.79			3,736,579			97,487	10.49			3,477,739			88,331	10.08
Noninterest earning assets:
Allowance for credit losses		(151,292	)						(138,472	)						(100,329	)
Other noninterest earning assets		268,903							255,205							220,750
Total assets	$	3,993,522						$	3,853,312						$	3,598,160

Liabilities and Shareholders’ Equity
Interest bearing liabilities:
Interest bearing deposits	$	2,966,527		$	32,083	4.30	%	$	2,854,575		$	30,578	4.31	%	$	2,515,093		$	25,451	4.01	%
FHLB advances and other borrowings		9,717			140	5.73			1,648			3	0.73			—			—	—
Subordinated debt		44,234			598	5.38			44,197			598	5.44			44,084			580	5.22
Junior subordinated debentures		3,591			71	7.87			3,590			71	7.95			3,589			71	7.85
Total interest bearing liabilities		3,024,069			32,892	4.33			2,904,010			31,250	4.33			2,562,766			26,102	4.04
Noninterest bearing deposits		588,178							584,661							698,532
Other liabilities		60,101							58,267							57,865
Total shareholders’ equity		321,174							306,374							278,997
Total liabilities and shareholders’ equity	$	3,993,522						$	3,853,312						$	3,598,160
Net interest income				$	72,187						$	66,237						$	62,229
Interest rate spread						6.46	%						6.17	%						6.04	%
Net interest margin ⁽⁴⁾						7.41	%						7.13	%						7.10	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽³⁾Includes loans held for sale and nonaccrual loans.
⁽⁴⁾Net interest margin represents net interest income divided by the average total interest earning assets.


COASTAL FINANCIAL CORPORATION SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY (Dollars in thousands; unaudited)

	For the Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Community Bank
Assets
Interest earning assets:
Loans receivable ⁽²⁾	$	1,912,428	$	31,898	6.64	%	$	1,895,699	$	30,741	6.52	%	$	1,752,834	$	27,373	6.20	%
Total interest earning assets		1,912,428		31,898	6.64			1,895,699		30,741	6.52			1,752,834		27,373	6.20
Liabilities
Interest bearing liabilities:
Interest bearing deposits		982,280		7,264	2.94	%		938,033		6,459	2.77	%		920,707		5,067	2.18	%
Intrabank liability		406,641		5,540	5.42			429,452		5,836	5.47			223,221		3,036	5.40
Total interest bearing liabilities		1,388,921		12,804	3.67			1,367,485		12,295	3.62			1,143,928		8,103	2.81
Noninterest bearing deposits		523,507						528,214						608,906
Net interest income			$	19,094					$	18,446					$	19,270
Net interest margin⁽³⁾					3.97	%					3.91	%					4.36	%

CCBX
Assets
Interest earning assets:
Loans receivable ⁽²⁾⁽⁴⁾	$	1,552,443	$	67,692	17.35	%	$	1,362,343	$	60,203	17.77	%	$	1,309,380	$	56,279	17.05	%
Intrabank asset		496,475		6,764	5.42			610,646		8,299	5.47			374,632		5,095	5.40
Total interest earning assets		2,048,918		74,456	14.46			1,972,989		68,502	13.96			1,684,012		61,374	14.46
Liabilities
Interest bearing liabilities:
Interest bearing deposits		1,984,247		24,819	4.98	%		1,916,542		24,119	5.06	%		1,594,386		20,384	5.07	%
Total interest bearing liabilities		1,984,247		24,819	4.98			1,916,542		24,119	5.06			1,594,386		20,384	5.07
Noninterest bearing deposits		64,671						56,447						89,626
Net interest income			$	49,637					$	44,383					$	40,990
Net interest margin⁽³⁾					9.64	%					9.05	%					9.66	%
Net interest margin, net of Baas loan expense ⁽⁵⁾					3.31	%					3.12	%					4.24	%

	For the Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
(dollars in thousands, unaudited)	Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾		Average Balance		Interest & Dividends		Yield / Cost ⁽¹⁾
Treasury & Administration
Assets
Interest earning assets:
Interest earning deposits with other banks	$	350,915	$	4,781	5.42	%	$	418,165	$	5,683	5.47	%	$	285,596	$	3,884	5.40	%
Investment securities, available for sale ⁽⁶⁾		40		—	—			43		—	3.13			100,283		543	2.15
Investment securities, held to maturity ⁽⁶⁾		48,945		675	5.49			49,737		686	5.55			17,703		223	5.00
Other investments		11,140		33	1.18			10,592		174	6.61			11,943		29	0.96
Total interest earning assets		411,040		5,489	5.31	%		478,537		6,543	5.50	%		415,525		4,679	4.47	%
Liabilities
Interest bearing liabilities:
FHLB advances and borrowings	$	9,717	$	140	5.73	%		1,648		3	0.73	%		—		—	—	%
Subordinated debt		44,234		598	5.38	%		44,197		598	5.44	%		44,084		580	5.22	%
Junior subordinated debentures		3,591		71	7.87			3,590		71	7.95			3,589		71	7.85
Intrabank liability, net ⁽⁷⁾		89,834		1,224	5.42			181,194		2,463	5.47			151,411		2,059	5.40
Total interest bearing liabilities		147,376		2,033	5.49			230,629		3,135	5.47			199,084		2,710	5.40
Net interest income			$	3,456					$	3,408					$	1,969
Net interest margin⁽³⁾					3.34	%					2.86	%					1.88	%

⁽¹⁾Yields and costs are annualized.
⁽²⁾Includes loans held for sale and nonaccrual loans.
⁽³⁾Net interest margin represents net interest income divided by the average total interest earning assets.
⁽⁴⁾CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
⁽⁵⁾Net interest margin, net of BaaS loan expense includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
⁽⁶⁾For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
⁽⁷⁾Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

Net interest income net of BaaS loan expense is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

Net interest margin, net of BaaS loan expense is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is net interest margin.

Reconciliations of the GAAP and non-GAAP measures are presented below.

	As of and for the Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Net BaaS loan income divided by average CCBX loans:
CCBX loan yield (GAAP)⁽¹⁾		17.35	%		17.77	%		17.05	%
Total average CCBX loans receivable	$	1,552,443		$	1,362,343		$	1,309,380
Interest and earned fee income on CCBX loans (GAAP)		67,692			60,203			56,279
BaaS loan expense		(32,612	)		(29,076	)		(23,003	)
Net BaaS loan income	$	35,080		$	31,127		$	33,276
Net BaaS loan income divided by average CCBX loans ⁽¹⁾		8.99	%		9.19	%		10.08	%
Net interest margin, net of BaaS loan expense:
CCBX interest margin ⁽¹⁾		9.64	%		9.05	%		9.66	%
CCBX earning assets		2,048,918			1,972,989			1,684,012
Net interest income		49,637			44,383			40,990
Less: BaaS loan expense		(32,612	)		(29,076	)		(23,003	)
Net interest income, net of BaaS loan expense	$	17,025		$	15,307		$	17,987
CCBX net interest margin, net of BaaS loan expense ⁽¹⁾		3.31	%		3.12	%		4.24	%

⁽¹⁾ Annualized calculations for periods presented.

APPENDIX A –
As of September 30, 2024

Industry Concentration

We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.43 billion in outstanding loan balances. When combined with $2.29 billion in unused commitments the total of these categories is $5.72 billion.

Commercial real estate loans represent the largest segment of our loans, comprising 39.8% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $41.5 million, and the combined total in commercial real estate loans represents $1.40 billion, or 24.6% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of September 30, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Apartments	$	382,498	$	5,685	$	388,183	6.8	%	$	3,714	103
Hotel/Motel		155,441		189		155,630	2.7			6,758	23
Convenience Store		142,366		614		142,980	2.5			2,296	62
Office		123,423		8,204		131,627	2.3			1,371	90
Warehouse		102,818		2,000		104,818	1.8			1,743	59
Retail		107,934		620		108,554	1.9			1,018	106
Mixed use		93,490		5,273		98,763	1.7			1,154	81
Mini Storage		79,395		14,330		93,725	1.7			3,452	23
Strip Mall		44,089		—		44,089	0.8			6,298	7
Manufacturing		34,599		1,200		35,799	0.6			1,193	29
Groups < 0.70% of total		96,393		3,392		99,785	1.8			1,205	80
Total	$	1,362,446	$	41,507	$	1,403,953	24.6	%	$	2,055	663

Consumer loans comprise 33.0% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $1.07 billion, and the combined total in consumer and other loans represents $2.20 billion, or 38.4% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $900. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of September 30, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX consumer loans
Credit cards	$	633,691	$	1,055,684	$	1,689,375	29.5	%	$	1.7	369,404
Installment loans		471,813		7,112		478,925	8.4			0.9	513,897
Lines of credit		1,362		—		1,362	0.0			2.4	558
Other loans		9,053		—		9,053	0.2			—	365,834
Community bank consumer loans
Installment loans		1,291		1		1,292	0.0			51.6	25
Lines of credit		194		365		559	0.0			6.1	32
Other loans		12,688		3,000		15,688	0.3			32.5	390
Total	$	1,130,092	$	1,066,162	$	2,196,254	38.4	%	$	0.9	1,250,140

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $522.8 million, and the combined total in residential real estate loans represents $1.00 billion, or 17.5% of our total outstanding loans and loan commitments.

The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of September 30, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
CCBX residential real estate loans
Home equity line of credit	$	265,402	$	472,385	$	737,787	12.9	%	$	25	10,742
Community bank residential real estate loans
Closed end, secured by first liens		176,066		2,961		179,027	3.1			555	317
Home equity line of credit		25,427		46,515		71,942	1.3			106	239
Closed end, second liens		10,974		925		11,899	0.2			366	30
Total	$	477,869	$	522,786	$	1,000,655	17.5	%	$	42	11,328

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Commercial and industrial loans comprise 8.5% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $598.4 million, and the combined total in commercial and industrial loans represents $891.0 million, or 15.6% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $103.9 million in outstanding capital call lines, with an additional $504.6 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of September 30, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment ⁽¹⁾		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Consolidated C&I loans
Capital Call Lines	$	103,924	$	504,561	$	608,485	10.6	%	$	764	136
Construction/Contractor Services		27,463		34,658		62,121	1.1			136	202
Financial Institutions		48,648		—		48,648	0.9			4,054	12
Retail		33,003		5,725		38,728	0.7			15	2,247
Manufacturing		6,124		5,460		11,584	0.2			149	41
Medical / Dental / Other Care		6,864		2,731		9,595	0.2			528	13
Groups < 0.20% of total		66,553		45,299		111,852	2.0			58	1,143
Total	$	292,579	$	598,434	$	891,013	15.6	%	$	77	3,794

⁽¹⁾Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

Construction, land and land development loans comprise 4.8% of our total balance of outstanding loans as of September 30, 2024. Unused commitments to extend credit represents an additional $63.5 million, and the combined total in construction, land and land development loans represents $226.6 million, or 4.0% of our total outstanding loans and loan commitments.

The following table details our loan commitment for our construction, land and land development portfolio as of September 30, 2024:

(dollars in thousands; unaudited)	Outstanding Balance		Available Loan Commitments		Total Outstanding Balance & Available Commitment		% of Total Loans (Outstanding Balance & Available Commitment)		Average Loan Balance		Number of Loans
Commercial construction	$	97,798	$	41,521	$	139,319	2.5	%	$	7,523	13
Residential construction		35,822		16,846		52,668	0.9			1,990	18
Developed land loans		14,863		723		15,586	0.3			743	20
Undeveloped land loans		8,606		4,086		12,692	0.2			574	15
Land development		5,968		345		6,313	0.1			597	10
Total	$	163,057	$	63,521	$	226,578	4.0	%	$	2,145	76

Exposure and risk in our construction, land and land development portfolio is in line with our average historically, compared to June 30, 2024 when the balance was elevated as indicated in the following table:

	Outstanding Balance as of
(dollars in thousands; unaudited)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Commercial construction	$	97,798	$	110,372	$	102,099	$	81,489	$	91,396
Residential construction		35,822		34,652		28,751		34,213		33,971
Undeveloped land loans		8,606		8,372		8,190		7,890		8,310
Developed land loans		14,863		13,954		14,307		20,515		21,369
Land development		5,968		5,714		7,515		12,993		12,640
Total	$	163,057	$	173,064	$	160,862	$	157,100	$	167,686

Commitments to extend credit total $2.29 billion at September 30, 2024, however we do not anticipate our customers using the $2.29 billion that is showing as available.

The following table presents outstanding commitments to extend credit as of September 30, 2024:

Consolidated
(dollars in thousands; unaudited)	As of September 30, 2024
Commitments to extend credit:
Commercial and industrial loans	$	93,873
Commercial and industrial loans – capital call lines		504,561
Construction – commercial real estate loans		46,007
Construction – residential real estate loans		17,514
Residential real estate loans		522,786
Commercial real estate loans		41,507
Credit cards		1,055,684
Consumer and other loans		10,478
Total commitments to extend credit	$	2,292,410

We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of September 30, 2024, capital call lines outstanding balance totaled $103.9 million, and while commitments totaled $504.6 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would not be required to fund the loan.

See the table below for CCBX portfolio maximums and related available commitments:

CCBX
(dollars in thousands; unaudited)	Balance			Percent of CCBX loans receivable		Available Commitments ⁽¹⁾		Maximum Portfolio Size		Cash Reserve/ Pledge Account Amount ⁽²⁾
Commercial and industrial loans:
Capital call lines	$	103,924		6.8	%	$	504,561	$	350,000	$	—
All other commercial & industrial loans		36,494		2.4			16,922		285,153		675
Real estate loans:
Home equity lines of credit ⁽³⁾		265,402		17.5			472,385		375,000		35,597
Consumer and other loans:
Credit cards – cash secured		180					—				—
Credit cards – unsecured		633,511					1,055,684				37,065
Credit cards – total		633,691		41.6			1,055,684		807,263		37,065
Installment loans – cash secured		129,138					7,112				—
Installment loans – unsecured		342,675					—				2,222
Installment loans – total		471,813		31.0			7,112		1,630,027		2,222
Other consumer and other loans		10,415		0.7			—		7,557		383
Gross CCBX loans receivable		1,521,739		100.0	%		2,056,664		3,455,000	$	75,942
Net deferred origination fees		(447	)
Loans receivable	$	1,521,292

⁽¹⁾ Remaining commitment available, net of outstanding balance.
⁽²⁾ Balances are as of October 4, 2024.
⁽³⁾ These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.

APPENDIX B –
As of September 30, 2024

CCBX – BaaS Reporting Information

During the quarter ended September 30, 2024, $70.1 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes noncredit fraud losses on loans and deposits originated through partners. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.) which can be compared to interest income on the Company’s community bank loans.

The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

Loan income and related loan expense	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024			June 30, 2024			September 30, 2023
Yield on loans ⁽¹⁾		17.35	%		17.77	%		17.05	%
BaaS loan interest income	$	67,692		$	60,203		$	56,279
Less: BaaS loan expense		32,612			29,076			23,003
Net BaaS loan income ⁽²⁾	$	35,080		$	31,127		$	33,276
Net BaaS loan income divided by average BaaS loans ⁽¹⁾⁽²⁾		8.99	%		9.19	%		10.08	%

⁽¹⁾ Annualized calculation for quarterly periods shown.
⁽²⁾ A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024. The increase in average CCBX loans receivable was primarily due to growth in the CCBX loan portfolio as part of our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans and enhanced credit standards. Increased interest rates and growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended September 30, 2024 compared to the quarter ended September 30, 2023.

The following tables are a summary of the interest components, direct fees, and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

Interest income	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
Loan interest income	$	67,692	$	60,203	$	56,279
Total BaaS interest income	$	67,692	$	60,203	$	56,279

Interest expense	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
BaaS interest expense	$	24,819	$	24,119	$	20,384
Total BaaS interest expense	$	24,819	$	24,119	$	20,384

BaaS income	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
BaaS program income:
Servicing and other BaaS fees	$	1,044	$	1,525	$	997
Transaction fees		1,696		1,309		1,036
Interchange fees		1,853		1,625		1,216
Reimbursement of expenses		1,843		1,637		1,152
BaaS program income		6,436		6,096		4,401
BaaS indemnification income:
BaaS credit enhancements		70,108		60,826		25,926
BaaS fraud enhancements		2,084		1,784		2,850
BaaS indemnification income		72,192		62,610		28,776
Total noninterest BaaS income	$	78,628	$	68,706	$	33,177

Servicing and other BaaS fees decreased $481,000 in the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 while transaction fees and interchange fees increased $387,000 and $228,000, respectively. We expect servicing and other BaaS fees to decrease and transaction and interchange fees to increase as partner activity grows and contracted minimum fees are replaced with recurring fees and then exceed those minimum fees.

BaaS loan and fraud expense:	Three Months Ended
(dollars in thousands; unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
BaaS loan expense	$	32,612	$	29,076	$	23,003
BaaS fraud expense		2,084		1,784		2,850
Total BaaS loan and fraud expense	$	34,696	$	30,860	$	25,853

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d50cba0-18d9-4c78-8e96-0418250a8658

The MIL Network –

January 25, 2025

MIL-OSI: U.S. Representatives Ritchie Torres (NY-15) and Gregory Meeks (NY-5) Announce Federal Home Loan Bank of New York Now Accepts Mortgage Collateral Using VantageScore 4.0

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — United States Representatives Ritchie Torres (NY-15) and Gregory Meeks (NY-5) announced today that members of the Federal Home Loan Bank of New York (“FHLBNY”) can now pledge mortgage collateral using VantageScore 4.0 credit scores, which considers rental payments and other data points that are not included in traditional scoring models – expanding the number of diverse and creditworthy mortgage applicants and creating more opportunities across the region to help narrow the racial homeownership gap.

In August 2024, Reps. Torres and Meeks formally requested that the FHLBNY consider accepting mortgage collateral originated using alternative credit scores such as VantageScore to expand homeownership opportunities across the FHLBNY’s District. In response, the FHLBNY initiated a review of its ability to incorporate VantageScore 4.0 into its collateral processes, and today’s announcement marks the culmination of this effort to offer this option to its membership of more than 330 local lenders.

“In partnership with Congressman Meeks, I worked with the Federal Home Loan Bank of New York to implement Vantage Score 4.0, which will provide liquidity for mortgages that had originated on the basis of a credit score that includes alternative data like rent payments. The decision by the Federal Home Loan Bank of New York to recognize Vantage Score 4.0 lays a critical foundation for broad base wealth creation in America,” said Congressman Ritchie Torres. “I have constituents who have reliably paid their rent in full and on time for decades, and yet none of their rental history is taken into account by conventional credit scoring. The inclusion of alternative data like rent payments in credit scoring is a simple, sensible policy change that will revolutionize access to credit for the lowest income families.”

“I remain committed to creating more wealth building opportunities for the people of Southeast Queens, and homeownership is the best route to do so,” said Congressman Gregory W. Meeks. “My family’s own experience is a personal attestation to the importance of home ownership. By allowing for the use of VantageScore 4.0 credit scores, the Federal Home Loan Bank of New York is broadening opportunity and ensuring that people who have been traditionally left out will have the ability to begin their homeownership journeys. Addressing racial homeownership disparities is a key step in bridging the wealth gap and I commend the FHLBNY for taking this important step.”

“The Federal Home Loan Bank of New York is grateful to Representatives Ritchie Torres and Gregory Meeks for their continued efforts to address housing affordability across New York and throughout our District, and for their focus on ensuring that the FHLBNY remains best-positioned to meet the needs of the communities we all serve,” said José R. González, president and CEO of the Federal Home Loan Bank of New York. “We are excited to incorporate VantageScore 4.0 into our collateral practices, providing another tool for our cooperative to support inclusive housing and community development efforts throughout our region.”

The FHLBNY joins the Federal Home Loan Banks of Chicago and San Francisco in accepting mortgage collateral originated using VantageScore 4.0. In October 2022, the Federal Housing Finance Agency – the regulator of the Federal Home Loan Bank System – announced its approval of VantageScore 4.0 for Fannie Mae and Freddie Mac. VantageScore estimates that using the VantageScore 4.0 credit model will result in approximately 33 million more consumers nationwide having access to a credit score that may aid them in obtaining a mortgage. This includes an estimated 3.1 million consumers within the FHLBNY’s District, which comprises New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.

“The Federal Home Loan Bank of New York’s decision to accept mortgage collateral backed by VantageScore is a significant step forward in expanding access to homeownership for creditworthy individuals, particularly in underserved communities,” said Anthony Hutchinson, SVP of Government and Industry Relations, VantageScore. “By addressing the long-standing disparities in mortgage lending, this initiative supports our shared goal of narrowing the homeownership gap in communities of color while ensuring financial stability and inclusion for all.”

Broad Community Support

Through the first 10 months of 2024, the FHLBNY has made $135 million in affordable housing and community support available through multiple programs:

$70.8 million in grant funding through its 2024 Affordable Housing Program Round
$28.9 million in grant funding through its 2024 Homebuyer Dream Program® (“HDP®”) Round
$10.3 million in grant funding through inaugural HDP Plus Round
$15 million in interest rate credits through its 2024 0% Development Advance Program
$5 million in supplemental credits for low-to-moderate income mortgages sold into its Mortgage Asset Program
$5 million in grant funding through its 2024 Small Business Recovery Grant Program Round

These programs are funded directly by the FHLBNY’s earnings and are incorporated into its strategy, reflecting the FHLBNY’s continuing commitment to strengthening the communities it serves. The FHLBNY makes its broadest impact through the execution of its foundational liquidity mission, through which it provides its members with a stable source of liquidity to facilitate the extension of credit to consumers, communities, and small businesses across its region.

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2024, the FHLBNY serves 338 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

The MIL Network –

January 25, 2025

MIL-OSI: STMicroelectronics’ innovative biosensing technology enables next-generation wearables for individual healthcare and fitness

Source: GlobeNewswire (MIL-OSI)

STMicroelectronics’ innovative biosensing technology
enables next-generation wearables for individual healthcare and fitness

Highly integrated biosensor device combines input channel for cardio and neurological sensing with motion tracking and embedded AI core

Demonstration to take place at Electronica 2024, Munich, November 12-15

Geneva, Switzerland, October 28, 2024 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has introduced a new bio-sensing chip for the next generations of healthcare wearables like smart watches, sports bands, connected rings, or smart glasses. The ST1VAFE3BX chip combines a high-accuracy biopotential input with ST’s proven inertial sensing and AI core, which performs activity detection in the chip to ensure faster performance with lower power consumption.

“Wearable electronics is the critical enabling technology for the upsurge in individual health awareness and fitness. Today, everyone can have heart-rate monitoring, activity tracking, and geographical location on their wrist,” said Simone Ferri, APMS Group VP, MEMS Sub-Group General Manager at STMicroelectronics. “Our latest biosensor chip now raises the game in wearables, delivering motion and body-signal sensing in an ultra-compact form-factor with frugal power budget.”

Analysts at Yole Development see opportunities for wearable monitors transcending the general wellness market, including consumer healthcare devices that are approved by health organizations and available over the counter¹. By creating a complete precision sensor input in silicon, ST’s chip-design experts are facilitating innovation in all segments, with advanced capabilities such as heart-rate variability, cognitive function, and mental state.

The ST1VAFE3BX provides opportunities to extend wearable applications beyond the wrist to other locations on the body, such as intelligent patches for lifestyle or medical monitoring purposes. ST customers BM Innovations GmbH (BMI) and Pison are working at the frontiers in this sector and have quickly adopted the new sensor to drive new-product development.

BMI is an electronic design contracting company experienced in wireless sensing and with an extensive portfolio of projects including several leading-edge heart rate and performance monitoring systems. “ST’s new biosensor has enabled us to develop the next generation of precise athlete performance monitoring systems including ECG analysis in a chest band or a small patch,” said Richard Mayerhofer, Managing Director BM innovations GmbH. “Combining the analog signal from the vAFE with motion data from the acceleration sensor within a compact single package facilitates precise and context-aware data analysis. And with additional support for our AI algorithms directly on the sensor, this is exactly what we have been looking for.”

David Cipoletta, CTO of Pison, a developer focusing on advanced technologies to enhance health and human potential, added, “ST’s new biosensor stands out as a great solution for smartwatch gesture recognition, cognitive performance, and neurological health. Leveraging this advancement, we have significantly enhanced the functionality and user experience of our wearable devices.”

The ST1VAFE3BX is in production now in a 2mm x 2mm 12-lead LGA package and available from the eSTore (free samples available) and distributors from $1.50 for orders of 1000 units.

Visitors to Electronica 2024, the major industry trade event happening in Munich November 12-15, can see the ST1VAFE3BX in a sensing technologies demonstration at the ST booth, Hall C3 101. More information is available online at www.st.com/biosensors

Further technical information

The analog front-end circuits for biopotential sensors are difficult to design and subject to unpredictable effects such as skin preparation and the position of electrodes attached to the body. The ST1VAFE3BX provides a complete vertical analog front end (vAFE) that simplifies the detection of different types of vital signs that can indicate physical or emotional state.

Manufacturers of wellness and healthcare devices can thus extend their product ranges to include functionality such as electrocardiography (ECG), electroencephalography (EEG), seismocardiography (SCG), and electroneurography (ENG). This can drive the emergence of new devices that are affordable, easy to use, and reliably indicate health status or physiological responses to events such as stress or excitement. The future could contain a greater diversity of wearable devices that can contribute towards enhanced healthcare, fitness, and self-awareness.

Bringing this precision front end on-chip, the ST1VAFE3BX is building on ST’s established competencies in MEMS (microelectromechanical systems) devices by integrating an accelerometer for inertial sensing. The accelerometer provides information about the wearer’s movement, which is synchronized with the biopotential sensing to help the application infer any link between measured signals and physical activity.

The ST1VAFE3BX also integrates ST’s machine-learning core (MLC) and finite state machine (FSM) that enable product designers to implement simple decision trees for neural processing on the chip. These AI skills let the sensor handle functions such as activity detection autonomously, offloading the main host CPU to accelerate system responses and minimize power consumption. In this way, ST’s sensors let smart devices provide more sophisticated functions and operate for longer between battery charging, enhancing usability. ST also provides software tools like MEMS Studio in the ST Edge AI Suite dedicated to helping designers unleash the maximum performance from the ST1VAFE3BX, including tools for configuring decision trees in the MLC.

The ST1VAFE3BX’s bio-detection signal channel comprises the vAFE with programmable gain and 12-bit ADC resolution. The maximum output data rate of 3200Hz is suitable for a wide variety of biopotential measurements to quantify heart, brain, and muscular activity.
The device is powered from a supply voltage in the range 1.62V to 3.6V and has typical operating current of just 50µA, which can be cut to just 2.2µA in power-saving mode.

The integrated low-noise accelerometer has programmable full-scale range from ±2g to ±16g.
In addition to the machine-learning core and programmable finite state machine, which can provide functionality such as activity detection, the ST1VAFE3BX implements advanced pedometer, step detector, and step counting functions.

About STMicroelectronics
At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

For Press Information Contact:

Alexis Breton
Corporate External Communications
Tel: +33.6.59.16.79.08
alexis.breton@st.com

¹ Report “Sensors and Actuators for Wearables 2023” (www.yolegroup.com)

Attachments

The MIL Network –

January 25, 2025

MIL-OSI: Aktsiaselts Infortar Investor Webinar introducing the results of the Q3 2024

Source: GlobeNewswire (MIL-OSI)

Infortar will organize a webinar for investors on 4 November 2024 at 12:00 (EET) in Estonian and at 14:00 (EET) in English to introduce the third quarter 2024 results. The webinar will be attended by the Chairman of the Board of Infortar Ain Hanschmidt, the Managing Director of Infortar Martti Talgre and Investor Relations Manager Kadri Laanvee.

The webinar will be hosted on the Microsoft Teams platform. Please note that to participate, no prior registration is required, and no reminder of the webinar will be sent. You can either participate by joining from your web browser or via Microsoft Teams application. When using a smart device to join the webinar, you first need to download the Microsoft Teams application from either Play Store or App Store.

Please join the webinar via the following links:

Questions can be sent to kadri.laanvee@infortar.ee before the webinar and via Teams Q/A during the event. The webinar will be recorded and will be available online for everyone on the company’s website at https://infortar.ee/en/reports.

Aktsiaselts Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 113,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 104 companies belong to the Aktsiaselts Infortar group: 95 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,625 people.

Additional information:

Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

The MIL Network –

January 25, 2025

MIL-OSI: Bank of Åland Plc: Managers’ Transactions (Holmström)

Source: GlobeNewswire (MIL-OSI)

Bank of Åland Plc
Managers’ Transactions
October 28, 2024,16.45 EET

Managers’ Transactions (Holmström)
__

Person subject to the notification requirement
Name: Sofie Holmström
Position: Other senior manager
Issuer: Ålandsbanken Abp
LEI: 7437006WYM821IJ3MN73
Notification type: INITIAL NOTIFICATION
Reference number: 82672/5/4
__

Transaction date: 2024-10-24
Outside a trading venue
Instrument type: SHARE
ISIN: FI0009001127

Nature of transaction: SUBSCRIPTION

Transaction details
(1): Volume: 95 Unit price: 30.77 EUR

Aggregated transactions (1):
Volume: 95 Volume weighted average price: 30.77 EUR

For further information, please contact:

Peter Wiklöf, Managing Director and Chief Executive, tel +358 40 512 7505

The MIL Network –

January 25, 2025

MIL-OSI: NVIDIA Ethernet Networking Accelerates World’s Largest AI Supercomputer, Built by xAI

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) — NVIDIA today announced that xAI’s Colossus supercomputer cluster comprising 100,000 NVIDIA Hopper Tensor Core GPUs in Memphis, Tennessee, achieved this massive scale by using the NVIDIA Spectrum-X™ Ethernet networking platform, which is designed to deliver superior performance to multi-tenant, hyperscale AI factories using standards-based Ethernet, for its Remote Direct Memory Access (RDMA) network.

Colossus, the world’s largest AI supercomputer, is being used to train xAI’s Grok family of large language models, with chatbots offered as a feature for X Premium subscribers. xAI is in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs.

The supporting facility and state-of-the-art supercomputer was built by xAI and NVIDIA in just 122 days, instead of the typical timeframe for systems of this size that can take many months to years. It took 19 days from the time the first rack rolled onto the floor until training began.

While training the extremely large Grok model, Colossus achieves unprecedented network performance. Across all three tiers of the network fabric, the system has experienced zero application latency degradation or packet loss due to flow collisions. It has maintained 95% data throughput enabled by Spectrum-X congestion control.

This level of performance cannot be achieved at scale with standard Ethernet, which creates thousands of flow collisions while delivering only 60% data throughput.

“AI is becoming mission-critical and requires increased performance, security, scalability and cost-efficiency,” said Gilad Shainer, senior vice president of networking at NVIDIA. “The NVIDIA Spectrum-X Ethernet networking platform is designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerates the development, deployment and time to market of AI solutions.”

“Colossus is the most powerful training system in the world,” said Elon Musk on X. “Nice work by xAI team, NVIDIA and our many partners/suppliers.”

“xAI has built the world’s largest, most-powerful supercomputer,” said a spokesperson for xAI. “NVIDIA’s Hopper GPUs and Spectrum-X allow us to push the boundaries of training AI models at a massive-scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard.”

At the heart of the Spectrum-X platform is the Spectrum SN5600 Ethernet switch, which supports port speeds of up to 800Gb/s and is based on the Spectrum-4 switch ASIC. xAI chose to pair the Spectrum-X SN5600 switch with NVIDIA BlueField-3^® SuperNICs for unprecedented performance.

Spectrum-X Ethernet networking for AI brings advanced features that deliver highly effective and scalable bandwidth with low latency and short tail latency, previously exclusive to InfiniBand. These features include adaptive routing with NVIDIA Direct Data Placement technology, congestion control, as well as enhanced AI fabric visibility and performance isolation — all key requirements for multi-tenant generative AI clouds and large enterprise environments.

About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

For further information, contact:
Alex Shapiro
NVIDIA Corporation
+1-415-608-5044
ashapiro@nvidia.com

Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, and performance of NVIDIA’s products, services, and technologies, including NVIDIA Hopper Tensor Core GPUs, NVIDIA Spectrum-X Ethernet networking platform, NVIDIA Spectrum SN5600 Ethernet switch, Spectrum-4 switch ASIC, and NVIDIA BlueField-3 SuperNICs; features of xAI’s Colossus supercomputer cluster; xAI being in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs; the NVIDIA Spectrum-X Ethernet networking platform being designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerating the development, deployment and time to market of AI solutions; NVIDIA’s Hopper GPUs and Spectrum-X allowing xAI to push the boundaries of training AI models at a massive scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA Spectrum-X and BlueField are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32f7e01d-2845-40ac-9a09-2226d1f79ec0

The MIL Network –

January 25, 2025

MIL-OSI: Old National, Axletree Solutions Collaborate for New Level of Secure Transaction Messaging Leveraging Swift

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) and Axletree Solutions today announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

“Our partnership with Axletree allows Old National to meet the technology needs of many of our financial institution and corporate customers,” said Joe Wicklander, President of Treasury Management, Merchant Services and Financial Institutions for Old National Bank. “Our clients continue to invest in automation to leverage their ERP systems, treasury workstations, and accounting platforms, and we thank Axletree for their commitment to providing innovative solutions that allow our clients to be even more successful.”

Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

Swift messaging supported by Old National will include Single Customer Credit Transfer, General Financial Institution Transfer, Bank to Bank Free Format Message, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Message, and Customer Detailed Statement Message. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include:

Wire transfer payments and confirmations
ACH payments and confirmations
Prior-day and current-day information reporting in BAI2 format
Integrated payable files in ISO 20022, CSV and EDI formats

“We are thrilled to partner with Old National Bank to improve its secure financial messaging experience via Swift,” said Jeff Ferguson, Director of Business Development for Axletree Solutions. “Through the use of our solution Symmetree by Axletree®, Axletree was able to help Old National Bank’s legacy systems create, translate and transport Swift-ready messages to facilitate its secure financial messaging needs. Axletree’s connection with Swift will also allow Old National customers to trace their cross-border Swift transactions in real-time. We thank Old National Bank for allowing us to show how Axletree provides its customers with ‘peace of mind.’”

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

ABOUT AXLETREE
Axletree Solutions, a premier financial technology provider since 2002, empowers businesses with seamless bank connectivity and enterprise integration. As North America’s first SWIFT Service Bureau for Banks and Corporates, Axletree has evolved into a global leader in financial transaction and payments solutions. Processing over $100 billion USD daily, Axletree transmits transactions from any system, across any network, anywhere in the world. The company’s innovative technology and client-centric approach have established it as a trusted partner for secure, mission-critical services, reinforcing Axletree’s role as the central communication pathway for its clients’ financial operations. With a comprehensive solution suite covering the entire payment lifecycle, Axletree enables organizations to realize efficiencies and reduce costs by replacing complex manual processes with automation. As the company expands its global presence through the Americas, Europe, Middle East, and Asia-Pacific, Axletree continues to drive efficiency and integration for the world’s largest organizations, guaranteeing seamless connectivity and peace of mind.

ABOUT SWIFT
Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. They provide communities with a platform for messaging and standards for communicating and offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products and services connect more than 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, they enable a global community of users to communicate securely, exchanging standardized financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centers.

Investor Relations:
Lynell Durchholz
(812) 464-1366
lynell.durchholz@oldnational.com

Media Relations:
Rick Vach
(904) 535-9489
rick.vach@oldnational.com

The MIL Network –

January 25, 2025

MIL-OSI: GTreasury Wins Euromoney’s ‘Best FX Tech Provider for Corporates’ Award

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — GTreasury, the pioneer and global leader in Digital Treasury Solutions for the Office of the CFO, today announced that the company has been named the Best FX Tech Provider for Corporates in Euromoney’s 2024 Foreign Exchange Awards. The recognition underscores GTreasury’s commitment to innovation and excellence in providing cutting-edge foreign exchange solutions that address the complex and evolving needs of modern businesses.

“We’re proud that our best-in-class FX solution—built for the office of the CFO and corporate treasury teams—has earned this highly respected recognition from Euromoney,” says Ben Hipwell, group product manager, GTreasury. “Over the past year, we’ve seen a marked increase in customer demand for cutting-edge FX capabilities, and we’ve been able to meet those requirements head on and deliver customers significant financial benefits.”

GTreasury’s world-class treasury and risk management platform provides treasury and finance teams with a powerful and data orchestrated ecosystem that includes solutions built to minimize foreign currency exposure risk. The platform’s modular solution architecture allows companies to configure their FX risk management approach to their specific requirements, whether they’re multinational corporations dealing with multiple currencies or growing businesses expanding into international markets.

Key features of GTreasury’s award-winning FX risk management solution includes:

Comprehensive exposure management: GTreasury’s FX solution module enables customers to manage the full lifecycle of foreign currency exposures and derivatives from a single source of truth. This centralized approach simplifies data collection, improves visibility, and enhances decision-making processes.
Advanced forecasting and analytics: Leveraging machine learning algorithms, the platform provides sophisticated forecasting capabilities, helping treasury teams anticipate and prepare for potential currency fluctuations.
Automated hedge accounting: The solution generates ASC 815/IFRS 9-compliant documentation, runs effectiveness assessments, and prepares journal entries in both summary and detail formats. This automation significantly reduces the time and effort required for regulatory compliance.
Real-time market data integration: GTreasury’s platform integrates with leading market data providers, ensuring that treasury teams have access to up-to-the-minute currency rates and market insights.
Customizable reporting and dashboards: Users can create tailored reports and interactive dashboards, facilitating clear communication of FX positions and performance to stakeholders across the organization.

“In a volatile global economy, effective FX risk management is more crucial than ever for corporate financial health,” said Hipwell. “Our solution not only helps companies mitigate currency risks, but also uncovers opportunities for strategic advantage. We’re committed to ensuring that our customers always have access to the most advanced tools in the market.”

About GTreasury

GTreasury is the pioneer and global leader in Advanced Treasury Solutions for the Office of the CFO. For nearly 40 years, GTreasury has delivered industry-leading solutions spanning cash, payments, debt, derivatives, investments, and exposures across a scalable suite of fit-for-purpose solutions. Trusted by over 800 customers across 160 countries, GTreasury provides treasury and finance teams with the ability to connect, compile, and manage mission-critical data to optimize cash flows and capital structures. To learn more, visit GTreasury.com.

GTreasury is headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney, Singapore, and Manila).

The MIL Network –

January 25, 2025

Category: GlobeNewswire