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Category: GlobeNewswire

  • MIL-OSI: Charlton Aria Acquisition Corp. Announces Closing of $75,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Wilmington, DE, Oct. 25, 2024 (GLOBE NEWSWIRE) — Charlton Aria Acquisition Corporation (Nasdaq: CHARU), a Cayman Islands exempted company (the “Company”) today announced that it closed its initial public offering of 7,500,000 units at $10.00 per unit. The gross proceeds from the offering were $75 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CHARU” on October 24, 2024.

    Each unit consists of one Class A ordinary share, par value $0.0001 per share (“Class A ordinary Share”) and one right (“Right”). Each Right entitles the holder to receive one-eighth of one Class A Ordinary Share at the closing of the initial business combination of the Company. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and Rights are expected to be listed on Nasdaq under the symbols “CHAR” and “CHARR”, respectively.

    Clear Street acted as the sole book-running manager in the offering.

    Robinson & Cole LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.

    The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io.

    A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on October 24, 2024.

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

    About Charlton Aria Acquisition Corporation

    Charlton Aria Acquisition Corporation is a blank check company incorporated in the Cayman Islands as an exempted company with limited liability for the purpose of effecting into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

    Contact Information:
    Charlton Aria Acquisition Corp.

    Mr. Robert W. Garner
    Chairman, Chief Executive Officer, and Director
    221 W 9th St #848
    Wilmington, DE 19801
    Email: ceo@charltonaria.com

    The MIL Network –

  • MIL-OSI: Luokung Announces Receipt of Nasdaq Notices Regarding Periodic Filing Compliance and Stockholders’ Equity Deficiency

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, Oct. 25, 2024 (GLOBE NEWSWIRE) — Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the “Company”), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services (“LBS”) and high-definition maps (“HD Maps”) in China, today announced that on October 23, 2024, the Company received two letters from the Nasdaq Stock Market LLC (“Nasdaq”).

    The first letter notified the Company that, based on the filing of its Form 20-F for the year ended December 31, 2023 (the “2023 20-F”) on October 22, 2024, the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) regarding periodic filing requirements. Accordingly, Nasdaq considers this matter closed.

    The second letter notified the Company that it no longer complies with the minimum stockholders’ equity of $2.5 million for continued listing on the Nasdaq Capital Market under Listing Rule 5550(b)(1) while stockholders’ equity for the year ended December 31, 2023 was reported as ($63,228,280), and the Company does not meet the alternatives of market value of listed securities or net income from continuing operations. These determinations are based on information reported in the 2023 20-F.

    Under Nasdaq rules, the Company has 45 calendar days, or until December 9, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from October 23, 2024, or April 21, 2025, to evidence compliance. The Company intends to submit a plan to regain compliance within the required timeframe. There is no assurance that such plan would be accepted by the Nasdaq.  If the plan is not accepted by the Nasdaq, the Company will have the opportunity to appeal that decision to a Hearings Panel.

    ABOUT LUOKUNG TECHNOLOGY CORP.

    Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung has established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company routinely provides important updates on its website: https://www.luokung.com.

    CONTACT:

    The Company:
    Mr. Jian Zhang
    Chief Financial Officer
    Tel: +86-10-6506-5217
    Email: ir@luokung.com

    The MIL Network –

  • MIL-OSI: Fidus Investment Corporation Schedules Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    EVANSTON, Ill., Oct. 25, 2024 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ: FDUS) (“Fidus” or the “Company”) today announced that it will report its third quarter 2024 financial results on Thursday, October 31, 2024 after the close of the financial markets.

    Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, November 1, 2024. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call.

    A live webcast of the conference call will be available at https://investor.fdus.com/news-events/events-presentations. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software.

    A webcast replay of the conference call will be available two hours after the call on the investor relations section of the Company’s website.

    ABOUT FIDUS INVESTMENT CORPORATION

    Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

    Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC).

    FORWARD-LOOKING STATEMENTS

    This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law.

    Company Contact: Investor Relations Contact:
    Shelby E. Sherard LHA Investor Relations
    Chief Financial Officer Jody Burfening
    Fidus Investment Corporation (212) 838-3777
    (847) 859-3938 JBurfening@lhai.com
    SSherard@fidusinv.com  

    The MIL Network –

  • MIL-OSI: Arbor Realty Trust Schedules Third Quarter 2024 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    UNIONDALE, N.Y., Oct. 25, 2024 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced that it is scheduled to release third quarter 2024 financial results before the market opens on Friday, November 1, 2024. The Company will host a conference call to review the results at 10:00 a.m. Eastern Time on November 1, 2024.

    A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1699 for international callers. Please use participant passcode ABRQ324 when prompted by the operator.

    A telephonic replay of the call will be available until November 8, 2024. The replay dial-in numbers are (800) 839-5493 for domestic callers and (402) 220-2552 for international callers.

    About Arbor Realty Trust, Inc.

    Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender, Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine, and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

    Contact:
    Arbor Realty Trust, Inc.
    Paul Elenio, Chief Financial Officer
    516-506-4422
    pelenio@arbor.com

    The MIL Network –

  • MIL-OSI: Bold Eagle Acquisition Corp., Led by Eagle Equity Partners’ Harry Sloan, Jeff Sagansky and Eli Baker, Announces Completion of $250 million IPO

    Source: GlobeNewswire (MIL-OSI)

    Bold Eagle Features a Warrantless Structure

    Each Unit Includes One Class A Ordinary Share and One Eagle Share Right to Receive 1/20th of a Class A Ordinary Share

    Sponsor to Reduce Founder Shares in an Amount Equal to the Shares Underlying the Eagle Share Rights

    NEW YORK, NY, Oct. 25, 2024 (GLOBE NEWSWIRE) —  Bold Eagle Acquisition Corp. (the “Company”), the ninth public acquisition vehicle sponsored by Eagle Equity Partners, which is led by Harry Sloan, Jeff Sagansky and Eli Baker, today announced the closing of its initial public offering of 25,000,000 units, at a price of $10.00 per unit. Each unit consists of one Class A ordinary share and one Eagle Share Right to receive one twentieth of one Class A ordinary share upon the consummation of an initial business combination. There are no warrants issued publicly or privately in connection with this offering and, after the expiration of the underwriters’ over-allotment option, the Company’s sponsor will reduce its founder shares in an amount equal to the Class A ordinary shares underlying the Eagle Share Rights. An amount equal to $10.00 per unit has been deposited into a trust account. The units are listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “BEAGU” as of October 24, 2024. After the securities comprising the units begin separate trading, the Class A ordinary shares and Eagle Share Rights are expected to be listed on Nasdaq under the symbols “BEAG” and “BEAGR,” respectively.

    Bold Eagle Acquisition Corp. is a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s efforts to identify a prospective initial business combination target will not be limited to a particular industry, sector or geographic region. While the Company may pursue an initial business combination opportunity in any industry or sector, it intends to capitalize on the ability of its management team to identify and combine with a business or businesses that can benefit from its management team’s established global relationships and operating experience.

    The Company’s sponsor is Eagle Equity Partners IV, LLC, of which Harry Sloan, Jeff Sagansky and Eli Baker are Managing Members. Harry Sloan and Jeff Sagansky are the Co-Chairmen of the Company. Joining Mr. Sloan and Mr. Sagansky in the management of the Company is Eli Baker, the Chief Executive Officer, who has served in various capacities in seven of Eagle Equity’s prior public acquisition vehicles, most recently as Chief Executive Officer of Screaming Eagle Acquisition Corp. Also joining Mr. Sloan, Mr. Sagansky and Mr. Baker in the management of the Company is Ryan O’Connor, the Chief Financial Officer, who previously served as the Vice President of Finance of Screaming Eagle Acquisition Corp.

    UBS Investment Bank and Jefferies are acting as the representatives of the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.

    The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at ol-prospectusrequest@ubs.com or from Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone: 877-821-7388 or by email: Prospectus_Department@Jefferies.com. 

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 23, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

    Cautionary Note Concerning Forward-Looking Statements

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

    # # #

    INVESTOR AND MEDIA CONTACT:

    Ryan O’Connor
    t. (424) 284-3519 
    e. roconnor@eaglesinvest.com

    The MIL Network –

  • MIL-OSI: Credicorp Ltd.: Credicorp’s Earnings Release and Conference Call 3Q24

    Source: GlobeNewswire (MIL-OSI)

    Lima, Oct. 25, 2024 (GLOBE NEWSWIRE) — Lima, PERU, October 25th, 2024 – Credicorp Ltd. announces to its shareholders and the market that its 3Q24 Earnings Release Report will be released on Thursday, November 7th, 2024, after market close.

    Credicorp’s Webcast / Conference Call to discuss such results; will be held on Friday, November 8th, 2024, at 9:30 a.m. ET (9:30 a.m. Lima, Peru time).

    The call will be hosted by:
    Gianfranco Ferrari – Chief Executive Officer, – Alejandro Perez Reyes – Chief Financial Officer, Francesca Raffo – Chief Innovation Officer, Cesar Rios – Chief Risk Officer, Diego Cavero – Head of Universal Banking, Cesar Rivera – Head of Insurance and Pensions, Carlos Sotelo – Mibanco CFO and Investor Relations Team.

    We encourage participants to pre-register for the listen-only webcast presentation using the following link:
    https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10193845&linkSecurityString=fdcb54848f

    Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

    Those unable to pre-register may dial in by calling:
    Participant dial-in (toll-free): 1 844 435 0321
    Participant international dial-in: 1 412 317 5615
    Participant Web Phone: Click Here
    Conference ID: Credicorp Conference Call

    The webcast will be archived for one year on our investor relations website at:
    https://credicorp.gcs-web.com/events-and-presentations/upcoming-events

    Credicorp reminds you that we filed our Annual Report on Form 20-F for the fiscal year ended December 31st, 2023 (2023 Form 20-F) with the Securities and Exchange Commission on April 24th, 2024. The 2023 Form 20-F includes audited consolidated financial statements of Credicorp and its subsidiaries as of December 31st, 2021,2022 and 2023 under IFRS. Our 2023 Form 20-F can be downloaded from Credicorp’s website: https://credicorp.gcs-web.com/annual-materials. Holders of Credicorp’s securities and any other interested parties may request a hard copy of our 2023 Form 20-F, free of charge, by filling out the form located on the link “mail request” on Credicorp’s website.

    About Credicorp

    Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.

    For further information please contact the IR team:

    investorrelations@credicorpperu.com

    Investor Relations
    Credicorp Ltd.

    Attachment

    The MIL Network –

  • MIL-OSI: Early Warning News Release

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) — Marie-Josee Kacira (the “Acquiror”) announced today that, further to the press release issued by Altai Resources Inc. (“Altai” or the “Company”) on October 22, 2024, announcing the death of Niyazi Kacira, the Acquiror’s spouse, the Acquiror has assumed direct ownership of 8,226,157 common shares of the Company (the “Acquisition”), representing approximately 14.7% of the total issued and outstanding common shares of the Company (the “Shares”). Prior to the Acquisition, the Acquiror directly owned, independently of the Acquiror’s deceased spouse, 1,500,000 Shares, representing approximately 2.7% of the total issued and outstanding Shares. After giving effect to the Acquisition, the Acquiror has direct ownership of 9,726,157 Shares, representing approximately 17.4% of the total issued and outstanding Shares. These shares are for investment purposes.

    The above ownership of Altai shares has been reported in the System for Electronic Disclosure by Insiders (SEDI). Marie-Josee Kacira, may from time to time, increase or decrease her securities holdings in Altai depending on market conditions or any other relevant factors.

    This news release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under the Company’s profile on SEDAR+ (www.sedarplus.com) containing additional information with respect to the foregoing matters.

    The name and address of the Acquiror filing the report are:

    Mrs. Marie-Josee Kacira
    c/o 895 Don Mills Road
    Two Morneau Shepell Centre, Suite 900
    Toronto, ON, M3C 1W3
    info@altairesources.com

    The MIL Network –

  • MIL-OSI: LA Airsoft, Founded by Sutton Smith, Announces Significant Growth and Expansion, Solidifying Position as a Leading Airsoft Retailer and Manufacturer

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Oct. 25, 2024 (GLOBE NEWSWIRE) — LA Airsoft laairsoft.com, a premier airsoft retailer and manufacturer founded by Sutton Smith, proudly announces its remarkable growth and expansion over the past year. With revenues surpassing $2.3 million in the last fiscal year and over 30,000 orders fulfilled, LA Airsoft has firmly established itself as one of the leading brands in airsoft retail and aftermarket part manufacturing.

    Company Expansion and New Retail Storefront

    In early 2024, LA Airsoft relocated its operations to a new 3,700+ sq ft facility in Fort Worth, Texas, tripling its previous space. The state-of-the-art facility features a comprehensive retail storefront, dedicated office spaces, a specialized tech room, a media production area, and an optimized fulfillment center. This expansion has enabled the company to significantly increase its inventory, offering a wider range of products to meet the growing demands of the airsoft community.

    Product Line Diversification and Innovation

    LA Airsoft has substantially expanded its product line to include over 200 new items, featuring more than 50 new base rifles, batteries, chargers, and other essential airsoft equipment. The company continues to innovate within the industry, holding two utility patents pending for proprietary designs. Notably, LA Airsoft introduced regulated large CO2 cartridges as an alternative air source for airsoft guns. Collaborating with a leading company in high-pressure air systems, LA Airsoft designed a special adapter, revolutionizing the way players experience the game.

    Manufacturing Excellence: LA Innovations and LA Capa Customs

    Under its manufacturing brands, **LA Innovations** and **LA Capa Customs**, the company produces a wide array of aftermarket parts for high-end airsoft pistols and rifles. LA Airsoft prides itself on innovative designs, exceptional color matching, and ease of installation. By manufacturing its own products, the company maintains control over supply chains, ensuring consistent availability and quality for its customers.

    Awards and Recognition

    LA Airsoft has been voted “Best Hi Capa Company” by the airsoft community for two consecutive years, 2022 and 2023. These accolades reflect the company’s commitment to excellence, innovation, and customer satisfaction.

    About Founder Sutton Smith

    At just 21 years old, Sutton Smith has transformed LA Airsoft from a small startup into a thriving multi-million-dollar enterprise. Balancing his role as CEO with his full-time undergraduate studies, Sutton’s entrepreneurial drive and strategic vision have been key factors in the company’s rapid growth and ongoing success. To learn more about Sutton’s professional journey and connect with him directly, visit his LinkedIn profile.

    Future Endeavors

    Looking ahead, LA Airsoft plans to continue expanding its operations, increasing manufacturing capabilities, and exploring new markets. The company is enhancing its online presence by selling select products on Amazon via FBA and boosting its social media engagement. LA Airsoft aims to become the one-stop shop for all airsoft needs, both domestically and internationally.

    About LA Airsoft

    Founded in 2020 by Sutton Smith, LA Airsoft has evolved from a modest startup into a multi-million-dollar enterprise. Specializing in airsoft retail and aftermarket part manufacturing, the company serves customers worldwide from its headquarters in Fort Worth, Texas. LA Airsoft is dedicated to providing high-quality products and exceptional service to the global airsoft community.

    For more information, please visit
    laairsoft.com or
    follow us on social media:
    – Instagram: @lacapacustoms
    – YouTube: LA Capa Customs

    Media Contact:

    Company name: LA Airsoft
    Contact Name: Sutton Smith
    Contact Title: Founder
    Email: sutton@laairsoft.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9eab2b72-7b30-467d-8e3a-f92234f1dbda

    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio grew to a record 2.1 billion euros by the end of the quarter, increasing by 158 million euros (+8%) quarter on quarter and by 451 million euros (+28%) year on year. All three main product lines posted solid quarter-on-quarter growth. The corporate loan portfolio grew by 46 million euros (+7%) to 703 million euros, the housing loan portfolio by 78 million euros (+17%) to 534 million euros and the consumer loan portfolio by 36 million euros (+4%) to 837 million euros.

    On the deposit side, the term deposit portfolio showed solid growth, increasing by 86 million euros to 1.25 billion euros (+7%) in the third quarter. The savings deposit portfolio decreased by 82 million euros to 1.01 billion euros during the quarter. This was mainly because our deposit customers continued to switch their short-term savings products to 3- to 9-month term deposits to lock in an attractive interest rate for the chosen period. The Group’s total deposit portfolio grew by 11 million euros (+0.5%) over the quarter and by 484 million euros (+27%) over the year to 2.27 billion euros.

    Bigbank ended the first nine months of 2024 with a net profit of 27.6 million euros, compared with 29.4 million euros for the same period in 2023. In the third quarter, Bigbank earned a net profit of 11.8 million euros. Compared to the third quarter of 2023, net profit decreased by 0.6 million euros (-5%).

    Group’s net interest income increased compared to the third quarter of 2023: net interest income for the third quarter of 2024 was 27.7 million euros (Q3 2023: 26.1 million euros), 1.6 million euros (+6%) higher than a year earlier. Net interest income for the first nine months of 2024 was 79.1 million euros, up 6.3 million euros (+9%) year on year.

    In the third quarter, the credit quality of the loan portfolio remained stable compared to the previous quarter. However, compared with the 2023 figures, there was some deterioration in the consumer and corporate loan portfolios, but this is due to a decline in quality in the first quarter of 2024. The quality of the housing loan portfolio remains excellent.

    Net loss allowances for loans and provision expenses totalled 4.2 million euros. This represents a significant decrease of 2.1 million euros compared to the previous quarter (6.3 million euros) and a decrease of 0.8 million euros compared to the third quarter of 2023 (5.0 million euros).

    The Group’s income tax expense increased by 0.6 million euros to 2.4 million euros compared to the third quarter of 2023. The increase was driven by the introduction of advance income tax in Latvia at the end of 2023, which was only reflected in the figures for the fourth quarter of 2023 but will affect all quarters in 2024.

    The Group’s investment property portfolio, which includes both agricultural land and commercial real estate, stood at 48.7 million euros at the end of the third quarter. During the quarter, the Group sold agricultural land of 0.3 million euros.

    Income statement, in thousands of euros Q3 2024 Q3 2023 9M 2024 9M 2023
    Net interest income 27,717 26,090 79,090 72,790
    Net fee and commission income 2,316 2,097 6,725 6,116
    Net income (loss) on financial assets 1,023 3,965 4,101 4,976
    Net other operating income -974 -1,033 -2,800 -1,686
    Total net operating income 30,082 31,119 87,116 82,196
    Salaries and associated charges -6,813 -6,072 -19,576 -17,687
    Administrative expenses -2,827 -3,845 -8,781 -11,158
    Depreciation, amortisation and impairment -2,145 -2,001 -6,297 -4,361
    Total expenses -11,785 -11,918 -34,654 -33,206
    Provision income (expense) 1,223 79 -106 -882
    Profit before loss allowances 19,520 19,280 52,356 48,108
    Net loss allowances on loans and financial investments -5,410 -5,023 -19,293 -13,985
    Profit before income tax 14,110 14,257 33,063 34,123
    Income tax expense -2,371 -1,887 -5,503 -4,169
    Profit for the period from continuing operations 11,739 12,370 27,560 29,954
    Income (loss) from discontinued operations 0 61 29 -557
    Profit for the period 11,739 12,431 27,589 29,397
             
             
             
    Statement of financial position, in thousands of euros 30 Sept 2024 30 June 2024 31 Dec 2023 restated* 30 Sept 2023
    Cash and cash equivalents 475,284 626,081 518,672 406,837
    Debt securities at FVOCI 14,992 9,907 15,400 14,942
    Loans to customers 2,059,625 1,902,001 1,662,002 1,608,720
    Other assets 87,126 89,255 91,324 88,709
    Total assets 2,637,027 2,627,244 2,287,398 2,119,208
    Customer deposits and loans received 2,274,269 2,264,137 1,946,314 1,791,581
    Subordinated notes 83,437 88,148 76,109 71,490
    Other liabilities 14,585 22,113 20,182 18,909
    Total liabilities 2,372,291 2,374,398 2,042,605 1,881,980
    Equity 264,736 252,846 244,793 237,228
    Total liabilities and equity 2,637,027 2,627,244 2,287,398 2,119,208

    Commentary by Martin Länts, chairman of the management board of Bigbank AS: “The third quarter of 2024 marked the continuation of stable and strategic growth for Bigbank, highlighted by a significant milestone as our gross loan portfolio surpassed 2 billion euros for the first time, reaching 2.1 billion euros. Our bank’s strategy focuses on stable growth in the home loan and business loan product lines, and this is reflected in the results. In the third quarter, our gross portfolio grew by 158 million euros (+8%), marking the largest quarterly growth in Bigbank’s history. I would particularly highlight the home loan portfolio’s quarterly growth of 78 million euros (+17%), bringing it to a total of 534 million. In a declining interest rate environment, we are also pleased with the 6% growth in net interest income compared to Q3 2023 and the 9% year-on-year increase for the first nine months.”

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 September 2024, the bank’s total assets amounted to 2.6 billion euros, with equity of 264,7 million euros. Operating in nine countries, the bank serves more than 150,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term deposit rating of Ba1, as well as a baseline credit assessment (BCA) and adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    www.bigbank.ee

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 24 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 25 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 24 October 2024

    On 24 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,428 40.36 AQEU        
      44,395 40.37 CEUX
      135 40.39 TQEX
      44,537 40.37 XHEL
    TOTAL 93,495 40.37  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 9,321,206 Sampo A shares representing 1.69 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI: QPR Software Plc: Interim Report January-September 2024

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC           STOCK EXCHANGE RELEASE          25 October 2024, AT 9.00 AM EET

    QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales decreased by -3% 
    • Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 269 thousand euros (242), an increase of +11%
    • The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
    • Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
    • The result was -33 euros (-37), +4 thousand euros change compared to the previous period
    • Earnings per share was -0.002 euros (-0.002) 
    • Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

    JANUARY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales increased by +4% 
    • Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period 
    • The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period  
    • Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • Earnings/share was -0.006 euros (-0.038)  
    • Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period 

    OUTLOOK FOR 2024

    The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

    Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

    The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

    CEO REVIEW

    In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

    SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

    One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

    At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

    The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

    Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

    QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

    I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

    Heikki Veijola

    CEO

    KEY FIGURES

    EUR in thousands,
     unless otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    EBITDA 269 242 11 745 213 249 182
    % of net sales 19.1 13.4   16.0 3.6   2.4
    Operating result -6 -12 55 -39 -529 93 -813
    % of net sales -0.4 -0.7   -0.8 -8.9   -10.8
    Result before tax -33 -37 11 -107 -617 83 -924
    Result for the period -33 -37 11 -107 -617 83 -924
    % of net sales -2.4 -2.1   -2.3 -10.4   -12.2
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
    Equity per share, EUR 0.018 0.036 -48 0.019 0.036 -48 0.020
                   
    Cash flow from operating
     activities    		 34 -640 105 -226 20 -1,202 850
    Cash and cash equivalents 99 181 -46 99 181 -45 885
    Net borrowings 1,513 1,639 -8 1,513 1,639 -8 934
    Gearing, % 451.3 257.2 75 451.3 257.2 75 268.3
    Equity ratio, % 11.0 13.7 -20 11.0 13.7 -20 8.1
    Return on equity, % -38.6 -49.7 22 -41.8 -146.4 71 -221.5
    Return on investment, % -6.3 -11.6 23 -9.0 -35.9 75 -42.0

    REPORTING AND BUSINESS OPERATIONS

    QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

    QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

    QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

    The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

    Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

    The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Software licenses 85 174 -51   406 383 6 485
    Renewable software licenses 43 78 -45   334 453 -26 504
    Software maintenance services 430 428 0   1,268 1,272 0 1,720
    SaaS 673 585 15   2,020 1,754 15 2,371
    Consulting 179 541 -67   623 2,089 -70 2,469
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    NET SALES BY GEOGRAPHIC AREA

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Finland 555 793 -30   1,881 2,799 -33 3,499
    Europe incl. Turkey 623 702 -11   2,026 2,398 -16 3,128
    Rest of the world 232 310 -25   745 754 -1 923
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    JULY-SEPTEMBER 2024

    The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

    SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

    The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

    The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

    The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

    SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

    Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

    The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

    JANUARY-SEPTEMBER 2024

    The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

    Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

    The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

    The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

    The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

    SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

    Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

    The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

    The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

    The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

    The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

    The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

    Earnings per share were -0.002 euros (-0.002) per share.

    JANUARY-SEPTEMBER 2024

    The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

    The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

    The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

    The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

    Earnings per share were EUR -0.006 (-0.038) per share.

    FINANCE AND INVESTMENTS

    The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

    The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

    The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

    Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

    Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

    The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

    The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468). 

    Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%. 

    The group has a credit limit of 500,000 euros available.                                                                 

    At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

    The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

    The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

    PRODUCT DEVELOPMENT

    QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

    In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

    PERSONNEL

    At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

    The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

    Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

    For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

    SHARES AND SHAREHOLDER

    Trading of shares Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
             
    Shares traded, pcs 3,407,075 1,729,586 97 3,538,455
    Volume, EUR 1,685,250 898,702 88 1,585,931
    % of shares 19.0 9.7 96 19.8
    Average trading price, EUR 0.49 0.52 -5 0.45
    Average trading value per day, EUR 8,917 4,755 88 6,318
    Treasury shares acquired during the year, pcs 0 0 0 0
    Shares and market capitalization Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Total number of shares, pcs 18,175,192 18,175,192 0 18,175,192
    Treasury shares, pcs 256,849 339,471 -24 339,471
    Book counter value, EUR 0.11 0.11 – 0.11
    Outstanding shares, pcs 17,918,343 17,835,721 0 17,835,721
    Number of shareholders 2,117 1,863 14 1,943
    Closing price, EUR 0.60 0.39 54 0.33
    Market capitalization, EUR 10,751,006 6,938,095 55 5,957,131
    Book counter value of all treasury
    shares, EUR    		 28,253 37,342 -24 37,342
    Total purchase value of all treasury
    shares, EUR    		 244,349 347,552 -30 347,552
    Treasury shares, % of all shares 1.4 1.9 -26 1.9
             

    GOVERNANCE

    The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

    Annual accounts and the use of the profit shown on the balance sheet

    The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

    Remuneration of the members of the Board of Directors and the Auditor

    The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs. 

    The remuneration of the Auditor shall be paid according to the reasonable invoice.

    Board of Directors and Auditor

    The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

    Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

    Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

    The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

    Authorization of the Board of Directors to decide the acquisition of own shares

    The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

    SHORT-TERM RISKS AND UNCERTAINTIES

    Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

    The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

    The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

    Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

    QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published. 

    The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

    EUR in thousands, unless
     otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    Other operating income – – – – 1 – 1
                   
    Materials and services 210 240 -13 693 1,013 -32 896
    Employee benefit expenses 658 1,056 -38 2,499 4,085 -39 5,287
    Other operating expenses 273 268 2 714 640 12 1,186
    EBITDA 269 242 11 745 213 249 182
                   
    Depreciation and amortization 274 254 8 784 743 6 995
    Operating result -6 -12 55 -39 -530 93 -813
                   
    Financial income and expenses -28 -25 -12 -68 -87 22 -111
    Result before tax -33 -37 11 -107 -617 83 -924
                   
    Income taxes – – – 0 – 0 –
    Result for the period -33 -37 11 -107 -617 83 -924
                   
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
                   
    Consolidated statement of
    comprehensive income:    		              
    Result for the period -33 -37 11 -107 -617 83 -924
    Exchange differences on
     translating foreign operations    		 3 – – 2 1 100 1
    Total comprehensive income -30 -37 19 -105 -616 83 -925

    CONDENSED CONSOLIDATED BALANCE SHEET 

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Assets        
             
    Non-current assets:        
    Intangible assets 1,788 2,357 -24 2,245
    Goodwill 358 358 0 358
    Tangible assets 30 95 -69 81
    Right-of-use assets 393 320 23 318
    Other non-current assets 277 277 0 277
    Total non-current assets 2,847 3,407 -16 3,279
             
    Current assets:        
    Trade and other receivables 1,782 1,896 -6 1,706
    Cash and cash equivalents 100 181 -45 884
    Total current assets 1,881 2,077 -9 2,590
             
    Total assets 4,728 5,484 -14 5,869
             
    Equity and liabilities        
             
    Equity:        
    Share capital 80 80 0 80
    Other funds 21 21 1 21
    Treasury shares -244 -348 -30 -348
    Translation differences -68 -67 -1 -67
    Invested non-restricted equity fund 4,925 4,925 0 4,925
    Retained earnings -4,379 -3,974 -10 -4,263
    Equity attributable to shareholders of
    the parent company    		 335 637 -47 348
    Total equity 335 637 -47 348
             
    Non-current liabilities:        
    Interest-bearing liabilities 500 1,000 -50 1,000
    Interest-bearing lease liabilities 386 209 85 192
    Total non-current liabilities 886 1,209 -27 1,192
             
    Current liabilities:        
    Provisions – – – –
    Interest-bearing liabilities 697 500 39 500
    Interest-bearing lease liabilities 29 110 -73 126
    Advances received 1,169 841 39 1,558
    Accrued expenses and prepaid income 1,102 1,496 -26 1,539
    Trade and other payables 511 690 -26 607
    Total current liabilities 3,507 3,638 -4 4,329
             
    Total liabilities 4,393 4,847 -9 5,521
             
    Total equity and liabilities 4,728 5,484 -14 5,869

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Cash flow from operating activities:              
    Result for the period -33 -37 10 -107 -555 81 -924
    Adjustments to the result 381 264 44 962 745 29 1,078
    Working capital changes -282 -791 64 -1,001 -54 -1,755 821
    Interest and other financial
     expenses paid    		 -32 -74 -57 -79 -104 -24 -107
    Income taxes paid – -2 – – -11 – -19
    Net cash from operating activities 34 -640 105 -226 20 -1,228 849
                   
    Cash flow from investing activities:              
    Purchases of tangible and
     intangible assets    		 -68 -80 -15 -246 -512 -52 -620
    Proceeds from sales of tangible and intangible assets 6 – – 6 – – –
    Net cash used in investing activities -62 -80 22 -240 -512 53 -620
                   
    Cash flow from financing activities:              
    Proceeds from short term
     borrowings    		 102 – – 1,197 1,500 -20 1,500
    Repayments of short term
     borrowings    		 – – – -1,500 -1,500 0 -1,500
    Payment of lease liabilities -3 -15 -81 -15 -103 -86 -121
      Share issue net – 760 – – 760 – 760
    Net cash used in financing activities 99 745 -87 -318 656 -149 639
                   
    Net change in cash and cash
    equivalents    		 70 26 -169 -784 164 578 868
    Cash and cash equivalents
     at the beginning of the period    		 31 156 -80 884 17 5,100 17
    Effects of exchange rate changes
     on cash and cash equivalents    		 -2 – – -1 – – –
    Cash and cash equivalents
     at the end of the period    		 99 181 -46 99 181 -45 884

    *Including non-interest bearing short term liabilities related to cash flow for investment

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    EUR in thousands Share
     capital    		 Other
     funds    		 Translation
     differences    		 Treasury
     shares    		 Invested non-
     restricted
     equity fund    		 Retained
     earnings    		 Total
    Equity Jan 1, 2023 1,359 21 -66 -406 2,943 -3,364 487
    Stock option scheme           36 36
    Reduction of share capital -1,279       1,279   0
    Disposal of own shares       58   -10 48
    Share issue, net         703   703
    Comprehensive income     -1     -924 -925
    Equity Dec 31, 2023 80 21 -67 -348 4,925 -4,263 348
    Stock option scheme           46 46
    Reduction of share capital             0
    Disposal of own shares       103   -55 48
    Share issue, net             0
    Comprehensive income     -2     -107 -109
    Equity Sept 30, 2024 80 21 -68 -244 4,925 -4,379 335

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

    This report complies with the requirements of IAS 34” Interim Financial Reporting”.

    The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

    In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

    In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

    All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

    INTANGIBLE AND TANGIBLE ASSETS              

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
    Increase in intangible assets:      
    Acquisition cost Jan 1 14,836 14,217 14,217
    Increase 246 512 619
    Acquisition cost at the end of the period 15,082 14,729 14,836
    Increase in tangible assets:      
    Acquisition cost Jan 1 2,816 2,816 2,816
    Increase 111 – –
    Acquisition cost at the end of the period 2,927 2,816 2,816

    CHANGES IN INTEREST-BEARING LIABILITIES

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
           
    Interest-bearing liabilities Jan 1 1,818 2,279 2,279
    Proceeds from borrowings 1,197 1,500 1,500
    IFRS 16 – change in lease liability 97 -335 -319
    Repayments 1,500 1,623 1,641
    Acquisition cost at Sept 30 1,612 1,820 1,818

    PLEDGES AND COMMITMENTS

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Business mortgages (held by the Company) 2,382 2,381 0 2,382
             
    Minimum lease payments based on lease agreements:        
    Maturing in less than one year 30 30 -1 30
    Maturing in 1-5 years 3 34 -90 27
    Total 34 65 -48 57
             
    Total pledges and commitments 2,416 2,445 -1 2,439

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – – – – –
               
    Materials and services 210 223 260 229 240
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 199 268
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – –   – –
               
    Materials and services 210 223 260 134 147
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 294 361
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    GROUP KEY FIGURES

    EUR in thousands, unless
     otherwise indicated    		 Jan-Sept or Sept 30, 2024 Jan-Sept or Sept 30, 2023 Jan-Dec or
     Dec 31, 2023
           
    Net sales 4,651 5,951 7,550
    Net sales growth, % -21.8 4.8 -3.5
    EBITDA 745 213 182
    % of net sales 16.0 3.6 2.4
    Operating result -39 -530 -813
    % of net sales -0.8 -8.9 -10.8
    Result before tax -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
    Result for the period -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
           
    Return on equity (per annum), % -41.8 -146.4 -221.5
    Return on investment (per annum), % -9.0 -35.9 -42.0
    Cash and cash equivalents 99 181 885
    Net borrowings 1,513 1,639 934
    Equity 335 637 348
    Gearing, % 451 257 268
    Equity ratio, % 11.0 13.7 8.1
    Total balance sheet 4,728 5,484 5,869
           
    Investments in non-current assets 357 511 637
    % of net sales 7.7 8.6 8.4
    Product development expenses 740 1,113 1,427
    % of net sales 15.9 18.7 18.9
           
    Average number of personnel 39 60 57
    Personnel at the beginning of period 49 85 85
    Personnel at the end of period 30 52 49
           
    Earnings per share, EUR
     (basic and diluted)    		 -0.006 -0.038 -0.055
    Equity per share, EUR 0.019 0.036 0.020

    The MIL Network –

  • MIL-OSI: JLT Mobile Computers AB (publ) publishes interim report for January–September 2024

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, 7 May 2024 * * * JLT Mobile Computers, a leading supplier of rugged computers for demanding environments, publishes its interim report for the period January–September 2024 today.

    Summary of key figures

    • Order intake 75.4 MSEK (78.9)
    • Net sales 93.6 MSEK (117.0)
    • Operating profit -1.3 MSEK (-3.0)
    • Profit after taxes -0.4 MSEK (-2.0)

    In short

    • The challenging macroeconomic and geopolitical conditions in many of our target markets are limiting demand, resulting in an order intake of SEK 75 million for the period, which is 4% lower than the previous year.
    • Service agreements constituted a larger share of sales and gross margin during the period increased to 45% (40). Total expenses were SEK 41 million, a reduction in the cost-base by SEK 6 million compared to the previous year.
    • The operating result improved from SEK -3.0 million the previous year to SEK -1.3 million for the period, despite a lower turnover. The company generated a positive EBITDA of SEK 1.3 million (-0.5).
    • We continue to implement our strategic initiatives by:
      • Hiring a new Vice President of Marketing – North America with extensive industry experience.
      • New leadership and an expanded sales organization in JLT France.
      • Upgrading our JLT1214 series of rugged computers with faster processors, more memory and Windows 11 for better performance and support for the latest wireless connectivity standard.

    The full interim report is attached to this press release and available for download at the company’s website, jltmobile.com. Additional financial information is available online on JLT’s investor pages.

    This information is information that JLT Mobile Computers AB (pub) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 am CET on Friday, October 25, 2024.

    About JLT Mobile Computers

    Reliable performance, less hassle. JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. Almost 30 years of development and manufacturing experience have enabled us to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    Attachment

    The MIL Network –

  • MIL-OSI: FRO – 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Frontline plc (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on December 12, 2024. The record date for voting at the Annual General Meeting is set to November 5, 2024. The notice, agenda and associated material will be distributed prior to the meeting.

    Limassol, Cyprus
    October 25, 2024

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI: Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Digitalist Group Plc                    Stock Exchange Release 25.10.2024 at 9:00

    Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    SUMMARY

    July–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 3.6 million (EUR 3.6 million), decrease: -0.8%.
    • EBITDA: EUR -0.2 million (EUR 0.4 million*), -5.0% of turnover (12.1%).
    • EBIT: EUR -0.3 million (EUR 0.2 million*), -8.7% of turnover (6.6%).
    • Net income: EUR -1.5 million (EUR -0.5 million*), -40.8% of turnover (-13.2%).
    • Earnings per share: EUR -0.00 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).

    *) EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    January–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 11.5 million (EUR 12.5 million), decrease: -8.4%.
    • EBITDA: EUR -1.3 million (EUR -0.5 million*), -11.5% of turnover (-3.9%).
    • EBIT: EUR -1.7 million (EUR -1.1 million*), -14.4% of turnover (-8.8%).
    • Net income: EUR -4.0 million (EUR -2.5 million*), -35.0% of turnover (-19.7%).
    • Earnings per share: EUR -0.01 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).
    • Number of employees at the end of the review period: 126 (138), decrease of -9%.

    *) EBIT, EBITDA and net income of the period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    CEO’s review

    The third quarter of 2024 has been one step towards a profitable business for Digitalist Group. While no major events impacted this quarter, we are seeing slowly improving market conditions in Sweden. However, the weak Finnish economy continues to affect our business operations in the region.

    Our revenues for the quarter remained consistent with the same period last year, totaling EUR 3.6 million. EBITDA for the third quarter of 2024 was EUR -0.2 million, compared to EUR 0.4 million in the same period last year, which included a EUR 0.6 million gain from the FutureLab Share transaction. This underscores the need for ongoing efforts in operational efficiency and cost management.

    A significant highlight of the quarter was the launch of our first AI offering, Digitalist Private AI Hub, in September. This platform enables companies to leverage the strengths of generative AI without compromising on data security and GDPR compliance. We believe this innovative solution positions us well to meet the growing demand for secure AI applications in the enterprise as well as in the public sector. The new offering has already brought us clients like Sandå and Pinmeto. Other new clients acquired during the third quarter are DNA, City of Tampere and Pricer.

    Looking ahead, I remain cautiously optimistic. The improving market conditions in Sweden provide a foundation for growth, and we are committed to addressing the challenges in Finland through ongoing initiatives and continued focus on efficiency.

    I extend my sincere gratitude to all our employees for their dedication and hard work. Together, we are advancing towards a stronger future for Digitalist Group.

    /CEO Magnus Leijonborg

    FUTURE PROSPECTS

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    EVENTS AFTER THE THIRD QUARTER

    Digitalist Group Plc decreases its earlier guidance regarding future prospects 17.10.2024

    Digitalist Group Plc (”Company”) decreases its earlier guidance regarding future prospects. The new guidance is:

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    The previous guidance of the company was:

    In 2024, it is expected that turnover will maintain its current level and EBITDA will improve in comparison with 2023.

    Although the third quarter shows an improvement compared to the first quarters of the year, and we are cautiously optimistic regarding the fourth quarter, we do not expect to reach last year’s reported EBITDA, which included other operating income of EUR 1.0 million. Operationally, not including the impact of other operating income, we expect that the current financial year will still be stronger than the previous year.

    The stock exchange releases are on the company’s website at https://digitalist.global/investors/releases

    Despite the implemented efficiency measures and financial arrangements, the cash flow for the next 12 months is likely to be negative, according to the forecast. However, at the time of publishing the business review, the company estimates that its working capital is sufficient for the needs of the next 12 months, taking into account the financing support provided by the main owner if needed.

    DIGITALIST GROUP OYJ
    Board of Directors

    Additional information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    https://digitalist.global

    Attachment

    The MIL Network –

  • MIL-OSI: US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Paris, France – October 25, 2024

    On October 23, 2024, as part of Syntel’s ongoing litigation with Cognizant and its subsidiary TriZetto, the United States District Court for the Southern District of New York ordered a new trial as to what compensatory damages Syntel, now part of Atos, would be liable for due to Syntel’s alleged trade secret misappropriation and copyright infringement.

    As a reminder, the case began in 2015, before Syntel’s acquisition by Atos in 2018. On May 25, 2023, the United States Second Circuit Court of Appeals vacated the decision rendered by the United States District Court for the Southern District of New York in October 2020, finding Syntel liable for damages due to Syntel’s alleged trade secret misappropriation and copyright infringement. In its decision, the Second Circuit Court held that the use of the avoided development costs methodology, underlying the initial damages award, was contrary to the law. The Second Circuit Court remanded the case to the District Court for further consideration if any amounts of damages are still appropriate, which has now ordered a new trial.

    Further information will be shared in the next future about the development of the case.

    ***

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

  • MIL-OSI: Anoto resolves on a SEK 15 million directed issue, a SEK 50 million rights issue and a set-off issue of SEK 21 million to strengthen the company’s financial position and for the implementation of the company’s business plan

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    Anoto Group AB (“Anoto” or the “Company“) hereby informs that the Board of Directors has resolved to carry out a directed share issue amounting to approximately SEK 15 million, a rights issue amounting to approximately SEK 50 million and a set-off issue amounting to approximately SEK 21 million. The issues are being carried out in order to strengthen the Company’s financial position and to implement the Company’s business plan. The rights issue is covered by subscription and guarantee undertakings amounting to in total 100 percent. The rights issue, the directed share issue and the set-off issue are subject to approval by an Extraordinary General Meeting.

    Background and Rationale

    Anoto is a global Swedish technology company in digital writing and drawing. The Company develops and manufactures smart pens and related software using its proprietary technology. Anoto bridges the analogue and digital worlds with its solution, pattern recognition, optics and image processing. Anoto’s business idea is to offer an intuitive digital pen that works easily, connecting the art and experience of writing on paper with instant usability on digital devices. The Company has two main business areas: B2C (Livescribe) and B2B (Enterprise Forms). Enterprise Solutions offers digital pens for professional and legal purposes, such as signatures, forms and documents while Livescribe is aimed at consumers who want to use digital pens for note-taking, meetings, messaging and creative applications. Anoto’s sales of hardware and software generate two different types of revenue streams; one-off revenue per digital pen sold from Livescribe and subscription fees from Enterprise Forms.

    Over the last year the Company has recruited a new management team with experience from building and scaling companies on an international scale as well as with a long track-record of successful product launches within the consumer sector. The new management team has, together with the Board of Directors, developed a new consumer centric strategy that is focused on growth and profitability and that includes new product launches including improved supporting software. As a first step, Anoto will launch its new product LivePen in November of 2024. The LivePen is an affordable digital pen that comes along with the accompanying LivePen app. The app allows users to instantly transfer their handwritten notes into digital form, creating a seamless integration between traditional writing and digital platforms. A key part of Anoto’s new strategy is to use a data-driven approach to understand user experiences and feedback. By analysing how users interact with the LivePen and the app, Anoto can continuously improve its products and services. This approach will inform future developments in both the pen and software segments, ensuring that products meet user needs and expectations.

    The demand for digital pens is expected to be strong and grow over the coming years, and Anoto sees a high potential for the LivePen as well as for the next-generation of digital pens and supporting software where, inter alia, Artificial intelligence (AI) powered handwriting and orientation recognition will be central. In order to capture these growth opportunities, the Company will need to build inventory and invest in marketing for LivePen with the accompanying LivePen app as well as invest in research and development for the next generation of digital pens. In order to facilitate growth, the Company also has a need to strengthen its financial position by reducing debt and improving its working capital.

    In view of the above, the Board of Directors has resolved to carry out a directed share issue of approximately SEK 15 million (the “Directed Issue”), a right issue of approximately SEK 50 million, which is covered by subscription and guarantee undertakings amounting to in total 100 percent (the “Rights Issue”), and a set-of issue of approximately SEK 21 million (the “Set-off Issue”) (and together with the Directed Issue and the Rights Issue the “Issues”).

    The proceeds from the Issues amounts to approximately SEK 86 million before transaction related costs. Of the issue proceeds, approximately SEK 40.0 million relates to set-off of loans in the Issues. The Company intends to use the net proceeds expected to be received in connection with the New Share Issues for the following purposes and in the order of priority set out below.

    The Directed Issue

    • Manufacturing                                                    approximately 47 per cent
    • Selling, general and administrative expenses        approximately 35 per cent
    • Marketing                                                          approximately 7 per cent

    Rights issue

    • Manufacturing                                                    approximately 62 per cent
    • Selling, general and administrative expenses        approximately 27 per cent
    • Marketing                                                          approximately 7 per cent
    • General corporate purpose                                  approximately 4 per cent

    Directed Issue

    The Board of Directors of Anoto has, with deviation from the shareholders’ preferential rights, resolved on the issue of no more than 125,043,750 new ordinary shares at a subscription price of SEK 0.12 per share. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim. The Directed Issue provides the Company with proceeds of a total of approximately SEK 15 million before transaction related. The Directed Issue is subject to the approval by an Extraordinary General Meeting, which is scheduled to be held on 26 November 2024 (the “EGM”). The new shares have been subscribed for by institutional and other qualified investors. Payment for the subscribed shares shall be made no later than on 27 November 2024.

    The reason for the deviation from the shareholders’ preferential rights is that the Company is in great need of capital and the Board of Directors believes that the expected issue proceeds in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional investors, which justifies the issue’s deviation from the shareholders’ preferential rights. The Directed Issue will, unlike the Rights Issue, broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the Directed Issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

    The subscription price has been determined through arm’s length negotiations with the subscribers in the Directed Issue. The Board of Directors has also taken into account that the Rights Issue (as described below) is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the Directed Issue is carried out on equivalent terms.

    The new shares in the Directed Issue corresponds to approximately 11.3 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Rights Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Rights Issue

    The Board of Directors of Anoto has resolved on the issue of no more than 414,823,830 new ordinary shares with preferential rights for the shareholders, raising proceeds of approximately SEK 50 million before transaction related costs. The Rights Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    In the Rights Issue, Anoto’s current shareholders will have a preferential right to subscribe for new shares in proportion to the number of shares held on the record date on 28 November 2024. The last day of trading in Anoto’s share including the right to participate in the Rights Issue will be 26 November 2024. The subscription period is expected to run from 2 December 2024 to 16 December 2024.

    One (1) share held on the record date entitles to one (1) subscription right, according to the proposed terms and conditions. Four (4) subscription rights entitle the holder to subscribe for five (5) new shares. The subscription price has been set to SEK 0.12 per share.

    Shares which are subscribed for without preferential rights will be offered to current shareholders and other investors who have applied to subscribe for new shares without preferential rights. The new shares in the Rights Issue corresponds to approximately 37.6 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Set-off Issue

    As previously communicated through a press release, on 27 June 2024, the Company entered into a convertible investment agreement with Mark Stolkin and DDM Debt AB, two major shareholders in Anoto, providing Anoto with a total of USD 1.5 million in the form of convertible loans (the “Investment Agreement“). The Investment Agreement has since been increased by a total of USD 0.5 million with the following investors having adhered the Investment Agreement: Gary Butcher, BLS Futures Limited, Rocco Homes Ltd, Machroes Holdings Ltd and Adrian Weller.

    Under the terms of the Investment Agreement, upon the request of a lender, the outstanding loan amount, in full or in part, plus accrued interest, shall be converted into newly issued ordinary shares of the Company at a conversion price of SEK 0.42, which corresponds to the current quota value of the shares, and at a fixed exchange rate of 10.51 SEK/USD. However, in the event of a Qualified Financing Round (see further details in the press release published by the Company on 27 June 2024) the outstanding loan amounts shall automatically be converted into newly issued ordinary shares in Anoto at a conversion price corresponding to 75 percent of the subscription price in the Qualified Financing Round.

    Due to the Rights Issue constituting a Qualified Financing Round, the Board of Directors has resolved on a directed issue of a total of 230,636,111 ordinary shares with payment by way of set-off to the lenders Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. The subscription price per ordinary share is SEK 0.09, which corresponds to 75 percent of the subscription price in the Rights Issue. The subscription price in the Set-off Issue has been determined in accordance with the Investment Agreement between Anoto and the lenders. Payment shall be made through set-off of claims in connection with subscription. The Set-off Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    The new shares in the Set-Off Issue correspond to approximately 20.9 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Rights Issue and assuming that the Rights Issue is fully subscribed.

    Subscription undertakings and guarantee commitments

    Anoto has received subscription undertakings amounting to approximately 30.2 percent of the Rights Issue from existing shareholders.

    Furthermore, the Company has entered into underwriting agreements consisting of a so-called bottom guarantee of approximately SEK 21.2 million, corresponding to approximately 42.6 percent of the Rights Issue, and a so-called top guarantee of approximately SEK 13.6 million, corresponding to approximately 27.3 percent of the Rights Issue. The bottom guarantee ensures, provided that subscription takes place at least corresponding to the subscription undertakings, that approximately 72.7 percent of the Rights Issue is subscribed and paid. The top guarantee ensures that 100 percent of the Rights Issue is subscribed for and paid for, provided that subscriptions are at least equivalent to the subscription undertakings and the bottom guarantee.

    For the guarantee undertakings a fee of 14 percent of the guaranteed amount is paid in cash compensation or in the form of new shares. The guarantee undertakings is subject to customary conditions. The guarantee undertaking is not secured through a bank guarantee, blocked funds, or pledge of collateral or similar arrangement.  

    New Board Member

    Adrian Weller, one of the investors in the Directed Issue and the Set-off Issue, will be proposed as a new member of the Board of Directors at the EGM scheduled to be held on 26 November 2024.

    Extraordinary General Meeting

    The Rights Issue is subject to approval by the EGM scheduled to be held on 26 November 2024. Notice to the EGM will be published in a separate press release later today and will be available on www.anoto.com.

    Prospectus

    Complete terms and conditions for the Rights Issue, as well as other information regarding the Company, will be provided in the prospectus that is planned to be published on or about 29 November 2024. The Prospectus which will be published on the Company’s website (www.anoto.com).

    Advisers

    Setterwalls Advokatbyrå is acting as legal advisor and Bergs Securities AB (“Bergs Securities”) is acting as Sole Global Coordinator and Bookrunner to the Company in connection with the Issues.

    This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person below for publication 25 October 2024 at 08:15 CEST.

    For further information, please contact:

    Kevin Adeson, Chairman of the board of Anoto Group AB (publ)

    For more information about Anoto, please visit www.anoto.com or email ir@anoto.com

    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

    About Anoto Group

    Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

    IMPORTANT INFORMATION

    The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

    This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

    In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

    A prospectus will be prepared in connection with the offering and admission to trading of shares in Anoto. The prospectus will be scrutinized and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority’s approval of the prospectus should not be understood as an endorsement of the securities being offered and admitted to trading. The prospectus will contain a description of the risks and rewards associated with an investment in Anoto and potential investors are recommended to read the prospectus in its entirety before making an investment decision.

    The prospectus will be published by the Company on or around 29 November 2024 and available on the Company’s website, www.anoto.com. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. Anoto has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Bergs Securities. Bergs Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

    Information to distributors

    Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Anoto have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Anoto may decline and investors could lose all or part of their investment; the shares in Anoto offer no guaranteed income and no capital protection; and an investment in the shares in Anoto is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

    For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Anoto.

    Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Anoto and determining appropriate distribution channels.

    Attachment

    The MIL Network –

  • MIL-OSI: Binance Blockchain Week 2024: UXUY Unveils NFC Cards – Tap2Earn Onsite to Receive BNB Chain Ecosystem Airdrops

    Source: GlobeNewswire (MIL-OSI)

    Dubai, Oct. 25, 2024 (GLOBE NEWSWIRE) — Binance will host its Binance Blockchain Week 2024 from October 30 to October 31 at the Coca-Cola Arena in Dubai, UAE, under the theme “Momentum.”

    The conference will focus on key topics such as technology, regulation, community, and the social impact of blockchain. Notable speakers include Binance founder Changpeng Zhao (CZ), Binance CEO Richard Teng, Dubai Future Foundation CEO HE Khalfan Belhoul, and Circle CEO Jeremy Allaire, among other thought leaders.

    This year’s theme, “Momentum,” emphasizes the importance of harnessing the driving forces of the crypto industry to overcome current challenges and achieve future milestones. Attendees will engage in deep discussions about how “Momentum” will shape the future of Web3.

    BNB Chain Ecosystem Airdrop

    During the event, UXUY, a multi-chain infrastructure incubated and invested in by Binance Labs, will release limited edition NFC cards. Attendees can tap the NFC card with their phones to instantly create a UXUY Telegram wallet and receive a random airdrop from the BNB Chain ecosystem, including BNB, FDUSD, and other popular tokens. This interactive feature adds fun and engagement to the event, giving users the exciting experience of Tap2Earn in a live setting.

    The UXUY Telegram Wallet is the first decentralized multi-chain wallet on Telegram, developed and operated by UXUY. It supports 21 blockchains, including BNB Chain, Bitcoin Lightning Network, Base, Solana, and TRON, with nearly 1.5 million users. UXUY’s mission is to bring 900 million users into the multi-chain crypto world.

    UXUY is actively integrating BNB Chain DApps, such as PancakeSwap, Four.Meme, and KiloEx, achieving over 1.2 million on-chain interactions. This significantly lowers the barrier for Telegram’s 900 million users to access BNB Chain, continuously unlocking its immense potential.

    Exclusive Access to Cutting-Edge Crypto Technology

    This year’s Binance Blockchain Week not only brings together top leaders in the crypto industry but also introduces the eagerly awaited Innovation Stage. Attendees will gain first-hand insights into the latest advancements in cutting-edge platforms, tools, DeFi, NFTs, and other emerging trends, staying ahead of the curve. The Innovation Stage will also provide personalized, interactive experiences for engaged participants through live demos and keynote presentations, enriching the event’s content and format.

    Jordan, co-founder of UXUY, will deliver a compelling talk on the Innovation Stage, sharing insights into UXUY’s pioneering work within the Telegram ecosystem.

    Stay tuned for more details

    Leading up to the event, visit the Binance Blockchain Week 2024 official website for the latest updates, ticket information, and more.

    About BNB Chain

    BNB Chain is a community-driven blockchain ecosystem that is breaking down barriers to Web3 adoption. It consists of the following components:

    BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees among all EVM-compatible L1s, serving as the governance chain of the ecosystem.

    opBNB: A scalable L2 that offers the lowest gas fees and fast processing speeds among all L2s.

    BNB Greenfield: Fulfills the ecosystem’s decentralized storage needs and allows users to create their own data marketplace.

    About UXUY

    UXUY, incubated and invested in by Binance Labs, is a next-generation decentralized multi-chain infrastructure that has launched its app and bot products across iOS, Android, and the Telegram ecosystem.

    UXUY Wallet (@UXUYbot) is the first self-custody multi-chain wallet on Telegram, supporting various blockchains, including Bitcoin Lightning Network, BNB Chain, Base, TON, Arbitrum, TRON, and more. UXUY has created the first decentralized multi-chain wallet and DApp center based on Telegram, with over 1.5 million users. The goal of UXUY Wallet is to bring 900 million users into the multi-chain crypto ecosystem.

    The MIL Network –

  • MIL-OSI: Municipality Finance issues USD 150 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 October 2024 at 10:00 am (EEST)

    Municipality Finance issues USD 150 million notes under its MTN programme

    Municipality Finance Plc issues USD 150 million notes on 28 October 2024. The maturity date of the notes is 28 October 2027. MuniFin has a right, but no obligation, to redeem the notes early on 28 October 2025. The notes bear interest at a fixed rate of 4.06% per annum.

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

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 October 2024. 

    Natixis SA, Paris acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

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

    Important Information

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

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

    The MIL Network –

  • MIL-OSI: Unlock Your Crypto Potential: KuCoin Launches Advanced Options Trading Platform with Greater Investor Flexibility

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 25, 2024 (GLOBE NEWSWIRE) — KuCoin, a leading global crypto exchange, is excited to announce significant enhancements to its options trading service. The upgraded platform introduces European-style options catering to sophisticated traders seeking to optimize their cryptocurrency investments, focusing on major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

    The new options trading feature on KuCoin allows for exercises only at the expiration date, however, positions can be closed at any time prior, providing traders with greater flexibility and control over their strategies. This service simplifies options trading by supporting major cryptocurrencies like BTC and ETH and using USDT for all transactional pricing and settlements. Such features underscore KuCoin’s commitment to accessibility and user convenience, making advanced trading tools available to a broader audience.

    KuCoin’s options trading service is tailored to maximize capital efficiency, allowing traders to control significant positions with relatively small capital outlays. This presents a substantial leverage opportunity, enhancing the potential for significant returns. Additionally, the design of KuCoin’s options trading platform emphasizes risk mitigation, limiting potential losses to the premiums paid. This feature is particularly crucial in the often volatile cryptocurrency markets, providing traders with much-needed security.

    Furthermore, the platform facilitates a variety of strategic trading approaches, including hedging and speculative trading, thereby enhancing users’ ability to manage their investment portfolios effectively. The minimum order size of just 10 USDT makes this innovative trading tool accessible to all traders, ranging from beginners to seasoned professionals.

    This launch highlights KuCoin’s ongoing commitment to innovation and its dedication to enhancing the user experience. By providing comprehensive, secure, and user-friendly trading solutions, KuCoin continues to empower its users worldwide, reinforcing its position as a leader in the crypto industry.

    About KuCoin

    Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

    Contact:
    Eden Gao
    eden.gao@kucoin.com

    Disclaimer: This content is provided by KuCoin. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/37d27027-a55e-45d1-ad7c-ebe171932581
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c7d89b66-d5ca-43a7-bd54-aec113a8c70c

    The MIL Network –

  • MIL-OSI: Scintilla relaunches as a pioneer in digital asset solutions, expanding its role in the future of finance

    Source: GlobeNewswire (MIL-OSI)

    Dubai, UAE, Oct. 25, 2024 (GLOBE NEWSWIRE) — Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder. 

    Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.

    Innovating Finance Through Tokenization
    Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.

    Scintilla’s services include:

    • Advisory Services:
      The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions. 
    • Use Case Development:
      Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch. 
    • Broker/Dealer Services:
      Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space. 
    • Exchange Services:
      Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.

    Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.

    A New Era for Scintilla
    The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.

    “Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”

    Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”

    NOTE: All regulated advisory, broker/dealer, and exchange services are currently carried out by TOKO FZE, a VARA-regulated body. (VARA License No.VL 23/07/002.)
    Leading the Way in the Digital Asset Economy

    Scintilla is at the forefront of the digital asset revolution, creating new opportunities in the global marketplace. Born out of the global law firm DLA Piper, Scintilla is a digital asset creation platform that couples the compliance and regulatory rigor of a law firm with the innovative technology solutions of tomorrow. Fully regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla provides end-to-end virtual assets solutions; empowering asset owners, issuers, and investors to solve real-world problems and promote financial inclusion.

    For more information, visit scintillanetwork.com

    The MIL Network –

  • MIL-OSI: Vine Hill Capital Investment Corp. Announces the Separate Trading of Its Class A Ordinary Shares and Warrants, Commencing on October 28, 2024

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, Florida, Oct. 25, 2024 (GLOBE NEWSWIRE) — Vine Hill Capital Investment Corp. (Nasdaq: VCICU) (the “Company”), a special purpose acquisition company, today announced that, commencing on October 28, 2024, holders of the units (the “Units”) sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares (the “Ordinary Shares”) and warrants (the “Warrants”) included in the Units.

    The Ordinary Shares and Warrants received from the separated Units will trade on the Nasdaq Global Market (“Nasdaq”) under the symbols “VCIC” and “VCICW”, respectively. Units that are not separated will continue to trade on Nasdaq under the symbol “VCICU”. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Holders of Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the Units into Ordinary Shares and Warrants.

    The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination in any business, industry, sector or geographical location, but the Company intends to focus its search on a target business in the industrial and services industries, where it believes the expertise of its management team will provide it with a competitive advantage in completing a successful initial business combination.

    The Units were initially offered by the Company in an underwritten offering. Stifel, Nicolaus & Company, Incorporated acted as sole book-running manager for the offering. Copies of the prospectus relating to the offering may be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, or by email:  SyndProspectus@Stifel.com or by telephone: (855) 300-7136.

    The registration statement relating to the securities of the Company was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 5, 2024. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward Looking Statements

    This press release contains statements that constitute “forward-looking statements” that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the Company’s initial public offering filed with the SEC, which could cause actual results to differ from forward-looking statements. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. No assurance can be given that the Company will ultimately complete a business combination transaction.

    Contact

    Nicholas Petruska
    Vine Hill Capital Investment Corp.
    Phone: (954) 848-2859
    Email: info@vinehillcapital.com
    Website: https://vinehillcapital.com/

    The MIL Network –

  • MIL-OSI: Awilco Drilling PLC: Minutes from Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    An Extraordinary General Meeting of Awilco Drilling PLC was held Friday 25 October 2024 at 11:00am (UK time), at the Company’s registered office, Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL, United Kingdom.

    The resolution set out in the Meeting Notice was duly passed. The signed minutes of meeting are attached hereto.

    The Meeting Notice is available on our website www.awilcodrilling.com, under ‘Investor Relations/General Meetings’.

    Aberdeen, 25 October 2024

    For further information please contact:

    Eric Jacobs, Interim CEO
    Phone: +47 9529 2271

    Cathrine Haavind, Investor Relations
    Phone: +47 9342 8464
    Email: ch@awilcodrilling.com

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachment

    The MIL Network –

  • MIL-OSI: Silvaco Inc. Achieves ISO 9001 Certification for Comprehensive Suite of TCAD, EDA, and IP Products

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 25, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, is proud to announce that its wholly-owned subsidiary Silvaco, Inc. (“Silvaco” or the “Company”) has obtained ISO 9001 certification of its quality management system to support its TCAD, EDA software, and SIP solutions. The certification underscores Silvaco’s ongoing commitment to quality, customer satisfaction, and continuous improvement across its entire portfolio products. 

    The certification was performed by Schellman Compliance, LLC, an ANAB accredited Certification Body based in the United States. The details of Silvaco’s certification is publicly available at https://www.schellman.com/certificate-directory.

    Description of the ISO 9001 Standard

    ISO 9001 is a globally recognized standard for the establishment and certification of a quality management system (QMS). The standard specifies the requirements to plan, establish, implement, operate, monitor, review, maintain and continually improve a documented management system to protect against, reduce the likelihood of occurrence, prepare for, respond to, and recover from disruptive incidents when they arise. It is intended to be applicable to all organizations, or parts thereof, regardless of type, size and nature of the organization.

    The ISO 9001 certification signifies that Silvaco has implemented effective processes and controls to ensure the consistent quality of its products and services, from design and development to delivery and support. By achieving ISO 9001 certification, Silvaco is committed to developing and delivering high-quality solutions that enable semiconductor design and digital twin modeling through AI software and innovation.

    “We are thrilled to achieve ISO 9001 certification, which reflects our dedication to maintaining the highest standards of quality in every aspect of our business,” said Dr. Babak Taheri, CEO and Director of Silvaco. “This milestone reinforces our commitment to delivering innovative technology that meets international standards, and the evolving needs of our customers in the semiconductor and electronics industries.”

    “Silvaco’s achievement of ISO 9001 certification demonstrates the Company’s commitment in implementing a robust and effective quality management system,” said Danny Manimbo, Principal and ISO Practice Director, Schellman. “By meeting the requirements of ISO 9001, Silvaco has shown its dedication to operational excellence and delivering high-quality services to its customers. We commend Silvaco for reaching this important milestone and look forward to its continued success.”

    Silvaco’s suite of TCAD, EDA, and IP products supports the design, simulation and verification of advanced semiconductor devices and systems. The company’s solutions enable semiconductor and photonics companies to increase productivity, accelerate their products’ time-to-market and reduce their development and manufacturing costs.

    “This certification reflects the rigorous standards we uphold in developing and delivering our TCAD, EDA, and IP products and is an important step towards Silvaco’s broader strategy of maintaining leadership in those markets,” said Brian Bradburn, Sr. Vice President of Operations of Silvaco. “Not only does this highlight Silvaco’s commitment to continuous quality improvement and technological innovation, but this also ensures that our customers and partners can trust the superior support and consistency of the products we bring to the semiconductor industry.”

    About Schellman
    Schellman is a leading provider of attestation and compliance services. We are the only company in the world that is a CPA firm, a globally licensed PCI Qualified Security Assessor, an ISO Certification Body, HITRUST CSF Assessor, a FedRAMP 3PAO, and most recently, an APEC Accountability Agent. Renowned for expertise tempered by practical experience, Schellman’s professionals provide superior client service balanced by steadfast independence. Our approach builds successful, long-term relationships and allows our clients to achieve multiple compliance objectives through a single third-party assessor.

    About Silvaco 
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. 

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties, and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Media Contact
    Tyler Weiland
    press@silvaco.com

    Investor Relations:
    Greg McNiff
    investors@silvaco.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces Quarterly Index Performance and Rebalancing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated financial markets for 12,000 U.S. and global securities, today announced the third quarter 2024 performance and quarterly rebalancing of the OTCQX® and OTCQB® indexes, including the OTCQX Canada Index and the OTCQX Dividend Index.

    The OTCQX Composite Index (.OTCQX), a benchmark for the overall OTCQX Best Market, was up 7.5% in Q3 2024. 32 new companies joined the Index while 47 companies were removed. Talen Energy Corp (TLN) went to NASDAQ on 7/10/2024. FirstSun Capital Bancorp (FSUN) went to NASDAQ on 7/12/2024. Collective Mining Ltd (CNL) went to NYSE MKT on 7/22/2024. Grayscale Ethereum Trust (ETHE) went to NYSE ARCA on 7/23/2024.

    The OTCQX Billion+ Index (.OTCQXBIL), which tracks the performance of $1 billion-plus market cap OTCQX companies was up 7.7% in Q3 2024. 2 new companies joined the Index and 3 companies were removed.

    The OTCQX Dividend Index (.OTCQXDIV), which tracks dividend-paying U.S. and international OTCQX companies, was up 7.6% in Q3 2024. 15 new companies joined the Index, while 13 companies were removed.

    The OTCQX Banks Index (.OTCQXBK), comprised of OTCQX community and regional banks, was up 11.3% in Q3 2024. 9 companies joined the Index while 15 companies were removed.

    The OTCQX International Index (.OTCQXINT), a benchmark for international OTCQX companies, was up 7.5% in Q3 2024. 13 new companies joined the Index while 29 companies were removed.

    The OTCQX Canada Index (.OTCQXCAN), which tracks Canadian OTCQX companies index was up 9.5% in Q3 2024. 6 new companies joined the Index while 18 companies were removed.

    The OTCQX U.S. Index (.OTCQXUS), a benchmark for U.S. OTCQX companies, was up 4.4% in Q3 2024. 19 new companies joined the Index while 19 companies were removed.

    The OTCQX Cannabis Index (.OTCQXMJ), a benchmark for cannabis companies, was up slightly 0.8% in Q3 2024. 1 new company joined the Index while 3 companies were removed.

    The OTCQB Venture Index (.OTCQB), which tracks the overall OTCQB Venture Market, was up 4.0% in Q3 2024. 74 companies were added to the index while 107 companies were removed. RDE Inc (RSTN) went to NASDAQ on 8/7/2024.

    For a list of all index additions and deletions, visit
    https://www.otcmarkets.com/files/Quarterly_Index_Constituent_Changes.pdf

    All indexes are market capitalization-weighted and adjusted on a quarterly basis for additions and share changes over 5% during the months of March, June, September and December. In the case of ADRs, the DR ratio is considered. Dividends are re-invested as of the close of business the day before the ex-dividend date.

    The OTCQX Composite Index, OTCQX Billion+ Index, OTCQX Dividend Index, OTCQX International Index, OTCQX U.S. Index, OTCQX Banks Index, OTCQX Cannabis Index, and OTCQB Venture Index have minimum liquidity screens to ensure tradability.

    All index data is priced in real-time and is available on the OTC Markets Group website, www.otcmarkets.com, and via major financial data distributors and websites, including Bloomberg, Reuters and FT.com.

    Past performance does not guarantee future results. Investors cannot invest directly in any of these indexes.

    OTC Markets Group Inc. provides no advice, recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

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

    The MIL Network –

  • MIL-OSI: Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, Organic Loan Growth of 5% and Organic Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $23.3 million for the three months ended September 30, 2024, which represents a decrease of $1.9 million, or 8%, compared with net income of $25.3 million for the three months ended September 30, 2023. Diluted earnings per share were $0.91 for the third quarter of 2024 and decreased $0.07, or 7%, compared to $0.98 for the third quarter of 2023. On a linked quarter basis, net income increased $789,000, or 3%, from second quarter 2024 net income of $22.5 million. Diluted earnings per share increased $0.04, or 5%, from $0.87 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $30.8 million for the three months ended September 30, 2024, an increase of $666,000, or 2%, compared to $30.1 million for the three months ended September 30, 2023. On a linked quarter basis, pretax pre-provision earnings decreased $4.6 million, or 13%, compared to $35.4 million for the second quarter of 2024.

    The company further reported net income of $69.3 million for the nine months ended September 30, 2024, versus $64.1 million for the comparable period of 2023, an increase of $5.1 million, or 8%. Diluted earnings per share also increased 8% to $2.69 for the nine months ended September 30, 2024, versus $2.49 for the comparable period of 2023. Pretax pre-provision earnings were $95.5 million for the nine months ended September 30, 2024, an increase of $15.7 million, or 20%, compared to $79.8 million for the nine months ended September 30, 2023.

    “Our long-term track record of serving our clients and communities through organic loan and deposit growth continued during the third quarter of 2024 and we are pleased with our performance for the quarter,” commented David M. Findlay, Chairman and Chief Executive Officer. “We continue to be encouraged by the strength of economic activity in our Indiana markets and are really well positioned to take advantage of the ongoing growth and investment we are seeing throughout our footprint.”

    Quarterly Financial Performance

    Third Quarter 2024 versus Third Quarter 2023 highlights:

    • Tangible book value per share grew by $5.47, or 25%, to $27.07
    • Total risk-based capital ratio of 15.75%, compared to 15.13%
    • Tangible capital ratio improved to 10.47%, compared to 8.62%
    • Average loans grew by $214.6 million, or 4%, to $5.06 billion
    • Core deposit growth of $261.2 million, or 5%
    • Return on average equity of 13.85%, compared to 16.91%
    • Return on average assets of 1.39%, compared to 1.54%
    • Net interest margin of 3.16% versus 3.21%
    • Noninterest income growth of $1.1 million, or 10%
    • Revenue improved by 3% to $61.2 million
    • Noninterest expense increased by $1.3 million, or 4%
    • Provision expense of $3.1 million, compared to $400,000
    • Net charge offs of $143,000 versus $353,000
    • Watch list loans as a percentage of total loans increased to 5.27% from 3.83%

    Third Quarter 2024 versus Second Quarter 2024 highlights:

    • Tangible book value per share grew by $1.73, or 7%
    • Total risk-based capital ratio improved to 15.75% from 15.53%
    • Tangible capital ratio of 10.47%, compared to 9.91%
    • Core deposits increased by $138.3 million, or 2%
    • Average loans grew by $29.5 million, or 1%, to $5.06 billion
    • Net interest margin of 3.16% versus 3.17%
    • Return on average equity of 13.85%, compared to 14.19%
    • Return on average assets of 1.39%, compared to 1.37%
    • Noninterest income decreased by $8.5 million, or 42%
    • Noninterest expense decreased by $2.9 million, or 9%
    • Provision expense of $3.1 million compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 5.27% from 5.31%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.75% at September 30, 2024, compared to 15.13% at September 30, 2023 and 15.53% at June 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect a strengthening of the company’s strong capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.47% at September 30, 2024, compared to 8.62% at September 30, 2023 and 9.91% at June 30, 2024. Unrealized losses from available-for-sale investment securities improved to $154.5 million at September 30, 2024, compared to $266.4 million at September 30, 2023 and $194.9 million at June 30, 2024. When excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.29% at September 30, 2024, compared to 11.74% at September 30, 2023 and 12.18% at June 30, 2024.

    Kristin L. Pruitt, President, commented, “Our capital structure is a critical strength of our balance sheet, as it has been for a very long time. This exceptionally strong capital retention supports our plans for continued organic growth as well as total return to shareholders through our common stock dividend.”

    As announced on October 8, 2024, the board of directors approved a cash dividend for the third quarter of $0.48 per share, payable on November 5, 2024, to shareholders of record as of October 25, 2024. The third quarter dividend per share represents a 4% increase from the $0.46 dividend per share paid for the third quarter of 2023.

    Loan Portfolio

    Average total loans of $5.06 billion in the third quarter of 2024, increased $214.6 million, or 4%, from $4.85 billion for the third quarter of 2023, and increased $29.5 million, or 1%, from $5.03 billion for the second quarter of 2024.

    Average total loans for the nine months ended September 30, 2024 were $5.02 billion, an increase of $232.1 million, or 5%, from $4.79 billion for the nine months ended September 30, 2023.

    “Loan growth has been steady in 2024 and has been funded through healthy deposit growth. We are seeing increased activity with our manufacturing clients as we experienced $91 million, or 6%, of commercial and industrial loan growth as compared to September 30, 2023. In addition, commercial real estate loan balances increased as our relationships with in-market long-term clients expanded with projects moving forward supported by good demand and high-quality developments. As a result, commercial real estate and multi-family loans grew $128 million, or 5% year over year,” noted Findlay. “Our retail and consumer lending teams have also experienced healthy growth of $54 million or 9% in the last year. Our highly diverse loan portfolio growth continues, and it is gratifying to see both commercial and consumer lending positively impacting our balance sheet growth.”

    Total loans, net of deferred loan fees, increased by $211.0 million, or 4%, from $4.87 billion as of September 30, 2023 to $5.08 billion as of September 30, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $127.4 million, or 5%, our commercial and industrial loan portfolio growing by $90.7 million, or 6%, and our consumer 1-4 family mortgage loans portfolio growing by $36.3 million, or 8%. These increases were offset by a decrease to total agribusiness and agricultural loans of $22.1 million, or 6%, and a decrease to other commercial loans of $31.6 million, or 25%. On a linked quarter basis, total loans net of deferred loan fees increased by $29.6 million, or 1%, from $5.05 billion at June 30, 2024. The linked quarter increase was primarily a result of growth in construction and land development loans of $70.9 million, or 11%, and growth in total consumer loans of $21.7 million, or 4%. Offsetting this growth were declines in total commercial and industrial loans of $33.4 million, or 2%, and in owner occupied loans of $19.6 million, or 2%.

    Commercial loan originations for the third quarter included approximately $316.0 million in loan originations, offset by approximately $308.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of September 30, 2024, compared to 39% at September 30, 2023 and was unchanged from 41% as of June 30, 2024. Total available lines of credit contracted by $69.0 million, or 1%, as compared to a year ago, and line usage increased by $96.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $102.6 million for this sector represented 2% of total loans at September 30, 2024, an increase of $1.4 million, or 1%, from June 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 210% of total risk-based capital at September 30, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
     
      September 30, 2024   June 30, 2024   September 30, 2023
    Retail $ 1,709,899   29.3 %   $ 1,724,777   29.9 %   $ 1,761,235   31.1 %
    Commercial   2,304,041   39.5       2,150,127   37.3       2,154,853   38.1  
    Public funds   1,726,869   29.6       1,727,593   30.0       1,563,557   27.7  
    Core deposits   5,740,809   98.4       5,602,497   97.2       5,479,645   96.9  
    Brokered deposits   96,504   1.6       161,040   2.8       177,430   3.1  
    Total $ 5,837,313   100.0 %   $ 5,763,537   100.0 %   $ 5,657,075   100.0 %
                                       

    Total deposits increased $180.2 million, or 3%, from $5.66 billion as of September 30, 2023 to $5.84 billion as of September 30, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $261.2 million, or 5%. Total core deposits at September 30, 2024 were $5.74 billion and represented 98% of total deposits, as compared to $5.48 billion and 97% of total deposits at September 30, 2023. Brokered deposits were $96.5 million, or 2% of total deposits, at September 30, 2024, compared to $177.4 million, or 3% of total deposits, at September 30, 2023.

    The change in composition of core deposits since September 30, 2023 reflects growth in commercial deposits and public funds deposits. As of September 30, 2024, commercial deposits as a percentage of total deposits increased to 39%, from 38%, public fund deposits as a percentage of total deposits increased to 30%, from 28%, and retail deposits as a percentage of total deposits contracted to 29%, from 31%, compared to balances a year ago. Commercial deposits grew annually by $149.2 million, or 7%, to $2.30 billion. Public funds deposits grew annually by $163.3 million, or 10%, to $1.73 billion. Retail deposits contracted annually by $51.3 million, or 3%, to $1.71 billion. Growth in public funds was positively impacted by the addition of a new public funds customer in the Lake City Bank footprint which included the addition of its operating accounts. Net retail outflows since September 30, 2023, reflect the continued utilization of deposits from peak savings levels during 2021.

    Findlay noted, “We are pleased with annual core deposit growth of 5% or $261 million in 2024. The deposit mix shift that began in early 2023 has stabilized with growth in noninterest bearing deposits during the third quarter of 2024. Our retail banking team has done a terrific job continuing to drive market share growth in our core Indiana markets and we are pleased with our market share performance in all of our Indiana markets. Core deposit gathering is a strategic focus, continues to improve and today represents 98% of total deposits, up from 97% a year ago.”

    On a linked quarter basis, total deposits increased $73.8 million, or 1%, from $5.76 billion at June 30, 2024 to $5.84 billion at September 30, 2024. Core deposits increased by $138.3 million, or 2%, while brokered deposits decreased by $64.5 million, or 40%. Linked quarter growth in core deposits resulted from growth in commercial deposits of $153.9 million, or 7%. Offsetting the increase in commercial deposits was contraction in retail deposits of $14.9 million, or 1%, and contraction in public funds deposits of $724,000, or less than 1%.

    Average total deposits were $5.88 billion for the third quarter of 2024, an increase of $307.7 million, or 6%, from $5.57 billion for the third quarter of 2023. Average interest-bearing deposits drove the increase to average total deposits and increased by $481.2 million, or 12%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $422.1 million, or 15%, and growth in average time deposits of $108.4 million, or 11%. Offsetting these increases was a decrease to average savings deposits of $49.4 million, or 15%. Average noninterest-bearing demand deposits decreased by $173.5 million, or 12%.

    On a linked quarter basis, average total deposits increased by $60.2 million, or 1%, from $5.82 billion for the second quarter of 2024 to $5.88 billion for the third quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $46.9 million, or 1%. Contributing to the overall growth of interest-bearing deposits was an increase to total average time deposits of $35.5 million, or 3%, and an increase to interest bearing checking accounts of $20.4 million, or 1%. Offsetting these increases was a decrease to average savings deposits of $8.9 million, or 3%. Average noninterest-bearing demand deposits increased by $13.3 million, or 1%.

    Checking account trends compared to September 30, 2023, include growth of $181.7 million, or 14%, in aggregate public fund checking account balances and growth of $144.7 million, or 7%, in aggregate commercial checking account balances, and a contraction of $2.5 million, or less than 1%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 14% for public funds accounts, 3% for commercial accounts and 2% for retail accounts.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 61% as of September 30, 2024, compared to 54% at both June 30, 2024 and September 30, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of September 30, 2024, compared to 29% at June 30, 2024, and 28% as of September 30, 2023. As of September 30, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, Federal Funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of September 30, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.3 billion at both September 30, 2023 and June 30, 2024. Utilization from these sources totaled $96.5 million at September 30, 2024, compared to $267.4 million at September 30, 2023 and $161.0 million at June 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 98% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.15 billion at September 30, 2024, reflecting an increase of $42.8 million, or 4%, as compared to $1.11 billion at September 30, 2023. On a linked quarter basis, investment securities increased $24.0 million, or 2%, due primarily to improvement in the fair market value of available-for-sale securities of $40.4 million and partially offset by portfolio cash flows of $15.1 million. Investment securities represented 17% of total assets on September 30, 2024, September 30, 2023 and June 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan portfolio growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.3 years at September 30, 2024, compared to 6.7 years and 6.5 years at September 30, 2023 and June 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the increased rate environment. The company anticipates receiving principal and interest cash flows of approximately $26.4 million throughout the remainder of 2024 and $104.7 million during 2025 from its investment securities portfolio.

    Net Interest Margin

    Net interest margin was 3.16% for the third quarter of 2024, representing a 5 basis point decrease from 3.21% for the third quarter of 2023. Earning assets yields increased by 23 basis points to 6.04% for the third quarter of 2024 from 5.81% for the third quarter of 2023. The increase in earning asset yields was offset by an increase in the company’s funding costs of 28 basis points as interest expense as a percentage of average earning assets increased to 2.88% for the third quarter of 2024 from 2.60% for the third quarter of 2023. Increased industry competition for deposits has driven funding costs as a percentage of average earning assets to rise more aggressively than earning asset yields since the third quarter of 2023. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits encountered by the company during the recent monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at September 30, 2024, compared to 24% at September 30, 2023 and 21% at June 30, 2024. In 2019, prior to the pandemic and the related stimulus plans, the ratio of noninterest bearing deposits to total deposits stood at 24% as of December 31, 2019.

    Linked quarter net interest margin contracted by 1 basis point to 3.16% for the third quarter of 2024, compared to 3.17% for the second quarter of 2024. Average earning asset yields decreased by 3 basis points from 6.07% during the second quarter of 2024 to 6.04% during the third quarter of 2024 and were partially offset by a 2 basis point decrease in interest expense as a percentage of average earning assets from 2.90% to 2.88%.

    “Net interest margin has stabilized and has responded well to the first federal fund rate decrease of 50 basis points late in the third quarter. The bank’s net interest margin expanded by 4 basis points on a linked quarter basis, excluding the impact of increased nonperforming loans. In addition, noninterest bearing deposits grew modestly during the quarter as compared to June 30, 2024. While our balance sheet continues to be assets sensitive, we are encouraged by the impact of the Federal Reserve Bank rate action,” commented Lisa M. O’Neill, Executive Vice President and Chief Financial Officer.

    The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle, compared to 61% during the prior tightening cycle from 2016 through 2019. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle, compared to 45% during the prior tightening cycle.

    Net interest income was $49.3 million for the third quarter of 2024, representing an increase of $880,000, or 2%, as compared to $48.4 million for the third quarter of 2023. On a linked quarter basis, net interest income increased $977,000, or 2%, from $48.3 million for the second quarter of 2024. Net interest income decreased by $3.5 million, or 2%, from $148.4 million for the nine months ended September 30, 2023, to $145.0 million for the nine months ended September 30, 2024.

    Asset Quality

    The company recorded a provision for credit losses of $3.1 million in the third quarter of 2024, an increase of $2.7 million, as compared to $400,000 in the third quarter of 2023. On a linked quarter basis, the provision expense decreased by $5.4 million, from $8.5 million for the second quarter of 2024. The elevated provision expense during the second quarter of 2024 was primarily attributable to an increase in the specific reserve allocation from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana in conjunction with the relationship’s placement on nonperforming status. Additional specific reserves of $4.7 million were allocated to this credit during the third quarter of 2024.

    The ratio of allowance for credit losses to total loans was 1.65% at September 30, 2024, up from 1.48% at September 30, 2023, and 1.60% at June 30, 2024. Net charge offs in the third quarter of 2024 were $143,000, compared to $353,000 in the third quarter of 2023 and $949,000 during the linked second quarter of 2024. Annualized net charge offs to average loans were 0.01% for the third quarter of 2024, compared to 0.03% for the third quarter of 2023 and 0.08% for the linked second quarter of 2024.

    Nonperforming assets increased $41.3 million, or 247%, to $58.1 million as of September 30, 2024, versus $16.7 million as of September 30, 2023. On a linked quarter basis, nonperforming assets increased $427,000, or 1%, compared to $57.6 million as of June 30, 2024. The ratio of nonperforming assets to total assets at September 30, 2024 increased to 0.87% from 0.26% at September 30, 2023 and declined from 0.88% at June 30, 2024. The increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $81.2 million, or 44%, to $267.6 million as of September 30, 2024, versus $186.4 million as of September 30, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $687,000, or less than 1%, from $268.3 million at June 30, 2024. Watch list loans as a percentage of total loans increased by 144 basis points to 5.27% at September 30, 2024, compared to 3.83% at September 30, 2023, and decreased by 4 basis points from 5.31% at June 30, 2024. The increase in individually analyzed and watch list loans between September 30, 2024 and September 30, 2023 was primarily driven by downgrades to four commercial relationships individually greater than $10.0 million, net of paydowns, payoffs and upgrades to other relationships.

    “Overall, we continue to observe stable economic conditions in our Lake City Bank footprint. The commencement of the Federal Reserve Bank easing cycle will provide some interest relief to variable rate borrowers, in particular for commercial real estate clients. We believe that loan demand could accelerate for our commercial and industrial sector if the Federal Reserve Bank takes additional easing actions,” stated Findlay.

    Noninterest Income

    The company’s noninterest income increased $1.1 million, or 10%, to $11.9 million for the third quarter of 2024, compared to $10.8 million for the third quarter of 2023. Wealth advisory fees increased $420,000, or 18%, driven by growth in customers and favorable market performance. Other income increased $429,000, or 72%, primarily from an improvement to income from the company’s limited partnership investments. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $11.9 million for the third quarter of 2024, an increase of $1.1 million, or 10%, compared to $10.8 million for the third quarter of 2023.

    Noninterest income for the third quarter of 2024 decreased by $8.5 million, or 42%, on a linked quarter basis from $20.4 million during the second quarter of 2024. Second quarter noninterest income benefited from the net gain recognized on the exchange and partial redemption of the company’s Visa shares of $9.0 million. The company’s remaining Visa Class C shares were redeemed during the third quarter of 2024 for a net loss of $15,000. Offsetting this linked quarter decrease was an increase to other income of $333,000, or 48%, and an increase to bank owned life insurance income of $178,000, or 20%. Adjusted core noninterest income increased by $504,000, or 4%, compared to $11.4 million for the linked second quarter of 2024.

    Noninterest income increased by $12.3 million, or 38%, to $45.0 million for the nine months ended September 30, 2024, compared to $32.7 million for the prior year nine-month period. The increase in noninterest income was driven primarily by the net gain on Visa shares of $9.0 million. Additionally, other income increased $2.0 million, or 105%, wealth advisory fees increased $1.0 million, or 15%, bank owned life insurance income increased $601,000, or 25%, and mortgage banking income increased $252,000. Other income increased primarily due to improved performance from limited partnership investment income and the receipt of a $1.0 million insurance recovery related to the 2023 wire fraud loss. Improved market performance of the company’s variable bank owned life insurance policies, which are tied to the performance of the equity markets, drove the increase to bank owned life insurance income. Mortgage banking income increased from pipeline expansion and a related positive impact to mortgage rate lock income. Offsetting these increases was a decrease to interest rate swap fee income of $794,000, or 100%, due to no new swap fee activity during the period. Adjusted core noninterest income for the nine months ended September 30, 2024 was $35.0 million, an increase of $2.3 million, or 7%, compared to $32.7 million for the nine months ended September 30, 2023.

    “While not robust, we are pleased to report that revenue growth for the nine months ended September 30, 2024, was $8.9 million, or 5% as compared to the same period in 2023. Noninterest income, and in particular, wealth advisory fees are positively impacting the improvement in revenue,” stated Findlay. “It is rewarding to see this important part of the business growing and positively impacting revenue growth at the bank.”

    Noninterest Expense

    Noninterest expense increased $1.3 million, or 4%, to $30.4 million for the third quarter of 2024, compared to $29.1 million during the third quarter of 2023. Driving the third quarter 2024 increase to noninterest expense were increases to salaries and benefits expense of $499,000, or 3%, data processing fees and supplies expense of $389,000, or 12%, and corporate and business development expense of $168,000, or 14%, as compared to the third quarter of 2023. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $30.4 million for the third quarter of 2024, an increase of $1.3 million, or 4%, compared to $29.1 million for the third quarter of 2023.

    On a linked quarter basis, noninterest expense decreased by $2.9 million, or 9%, from $33.3 million during the second quarter of 2024. Other expense decreased by $3.6 million, or 58%, primarily due to the recognition of a $4.5 million legal accrual in the second quarter 2024. Offsetting the decrease to noninterest expense was an increase in salaries and employee benefits of $318,000, or 2%. Adjusted core noninterest expense increased by $1.6 million, or 6%, compared to $28.8 million for the linked second quarter of 2024.

    Noninterest expense decreased by $6.8 million, or 7%, for the nine months ended September 30, 2024 to $94.4 million compared to $101.3 million for the nine months ended September 30, 2023. The $18.1 million wire fraud loss recorded during the second quarter of 2023 was the primary driver of the decrease between these periods. Offsetting this decrease were increases to salaries and employee benefits expense of $6.1 million, or 14%, other expense of $3.2 million, or 41%, data processing fees of $1.1 million, or 11%, and professional fees of $391,000, or 6%. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $2.3 million, performance-based incentive compensation of $2.2 million, health insurance expense of $695,000 and variable deferred compensation related to the company’s variable bank owned life insurance of $536,000. The increase for data processing fees resulted from continued investment in customer-facing and operational technology solutions. Professional fees increased due to higher costs to implement technology solutions. Adjusted core noninterest expense was $89.9 million for the nine months ended September 30, 2024, an increase of $4.8 million, or 6%, from $85.1 million recorded during the comparable period of 2023.

    The company’s efficiency ratio was 49.7% for the third quarter of 2024, compared to 49.1% for the third quarter of 2023 and 48.5% for the linked second quarter of 2024. The company’s adjusted core efficiency ratio, a non-GAAP measure that excludes the impact of certain non-routine operating events, was 49.7% for the third quarter of 2024, compared to 48.2% for the linked second quarter of 2024 and 49.1% for the third quarter of 2023.

    The company’s efficiency ratio was 49.7% for the nine months ended September 30, 2024, compared to 55.9% for the comparable period in 2023. The company’s adjusted core efficiency ratio was 50.0% for the nine months ended September 30, 2024, compared to 47.0% for the comparable period in 2023.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Investments   1,147,806       1,123,803       1,105,026       1,147,806       1,105,026  
    Loans   5,081,990       5,052,341       4,870,965       5,081,990       4,870,965  
    Allowance for Credit Losses   83,627       80,711       72,105       83,627       72,105  
    Deposits   5,837,313       5,763,537       5,657,075       5,837,313       5,657,075  
    Brokered Deposits   96,504       161,040       177,430       96,504       177,430  
    Core Deposits (1)   5,740,809       5,602,497       5,479,645       5,740,809       5,479,645  
    Total Equity   699,181       654,590       557,184       699,181       557,184  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   695,378       650,787       553,381       695,378       553,381  
    Adjusted Tangible Common Equity (2)   832,813       820,534       780,756       832,813       780,756  
    AVERAGE BALANCES                  
    Total Assets $ 6,656,464     $ 6,642,954     $ 6,498,984     $ 6,618,102     $ 6,448,316  
    Earning Assets   6,329,287       6,295,281       6,145,894       6,280,677       6,103,538  
    Investments   1,128,705       1,118,776       1,171,426       1,135,304       1,210,540  
    Loans   5,064,348       5,034,851       4,849,758       5,023,556       4,791,431  
    Total Deposits   5,880,177       5,819,962       5,572,466       5,777,234       5,537,379  
    Interest Bearing Deposits   4,635,993       4,589,059       4,154,825       4,527,524       4,028,087  
    Interest Bearing Liabilities   4,649,745       4,666,136       4,382,380       4,616,129       4,246,648  
    Total Equity   670,160       638,999       592,510       651,457       594,063  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Net Interest Income-Fully Tax Equivalent   50,383       49,493       49,712       148,558       152,436  
    Provision for Credit Losses   3,059       8,480       400       13,059       5,550  
    Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Noninterest Expense   30,393       33,333       29,097       94,431       101,265  
    Net Income   23,338       22,549       25,252       69,288       64,141  
    Pretax Pre-Provision Earnings (2)   30,797       35,402       30,131       95,522       79,821  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.91     $ 0.88     $ 0.99     $ 2.70     $ 2.51  
    Diluted Net Income Per Common Share   0.91       0.87       0.98       2.69       2.49  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.44       1.38  
    Dividend Payout   52.75 %     55.17 %     46.94 %     53.53 %     36.95 %
    Book Value Per Common Share (equity per share issued) $ 27.22     $ 25.49     $ 21.75     $ 27.22     $ 21.75  
    Tangible Book Value Per Common Share (2)   27.07       25.34       21.60       27.07       21.60  
    Market Value – High $ 72.25     $ 66.62     $ 57.00     $ 73.22     $ 77.07  
    Market Value – Low   57.45       57.59       44.46       57.45       43.05  
                                           
                                           
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,684,407       25,678,231       25,613,456       25,673,275       25,601,493  
    Diluted Weighted Average Common Shares Outstanding   25,767,739       25,742,871       25,693,535       25,754,357       25,709,841  
    KEY RATIOS                  
    Return on Average Assets   1.39 %     1.37 %     1.54 %     1.40 %     1.33 %
    Return on Average Total Equity   13.85       14.19       16.91       14.21       14.44  
    Average Equity to Average Assets   10.07       9.62       9.12       9.84       9.21  
    Net Interest Margin   3.16       3.17       3.21       3.16       3.33  
    Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)   49.67       48.49       49.13       49.71       55.92  
    Loans to Deposits   87.06       87.66       86.10       87.06       86.10  
    Investment Securities to Total Assets   17.27       17.11       17.19       17.27       17.19  
    Tier 1 Leverage (3)   12.18       11.98       11.64       12.18       11.64  
    Tier 1 Risk-Based Capital (3)   14.50       14.28       13.88       14.50       13.88  
    Common Equity Tier 1 (CET1) (3)   14.50       14.28       13.88       14.50       13.88  
    Total Capital (3)   15.75       15.53       15.13       15.75       15.13  
    Tangible Capital (2)   10.47       9.91       8.62       10.47       8.62  
    Adjusted Tangible Capital (2)   12.29       12.18       11.74       12.29       11.74  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 829     $ 1,615     $ 1,782     $ 829     $ 1,782  
    Loans Past Due 90 Days or More   95       26       19       95       19  
    Nonaccrual Loans   57,551       57,124       16,290       57,551       16,290  
    Nonperforming Loans   57,646       57,150       16,309       57,646       16,309  
    Other Real Estate Owned   384       384       384       384       384  
    Other Nonperforming Assets   21       90       45       21       45  
    Total Nonperforming Assets   58,051       57,624       16,738       58,051       16,738  
    Individually Analyzed Loans   77,654       78,533       16,739       77,654       16,739  
    Non-Individually Analyzed Watch List Loans   189,918       189,726       169,621       189,918       169,621  
    Total Individually Analyzed and Watch List Loans   267,572       268,259       186,360       267,572       186,360  
    Gross Charge Offs   231       1,076       480       1,811       6,766  
    Recoveries   88       127       127       407       715  
    Net Charge Offs/(Recoveries)   143       949       353       1,404       6,051  
    Net Charge Offs/(Recoveries) to Average Loans   0.01 %     0.08 %     0.03 %     0.04 %     0.17 %
    Credit Loss Reserve to Loans   1.65       1.60       1.48       1.65       1.48  
    Credit Loss Reserve to Nonperforming Loans   145.07       141.23       442.11       145.07       442.11  
    Nonperforming Loans to Loans   1.13       1.13       0.33       1.13       0.33  
    Nonperforming Assets to Assets   0.87       0.88       0.26       0.87       0.26  
    Total Individually Analyzed and Watch List Loans to Total Loans   5.27 %     5.31 %     3.83 %     5.27 %     3.83 %
                       
                       
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   639       653       614       639       614  
    Offices   54       53       53       54       53  

    ___________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for September 30, 2024 are preliminary until the Call Report is filed.

           
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ September 30,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 86,785     $ 70,451  
    Short-term investments   73,405       81,373  
    Total cash and cash equivalents   160,190       151,824  
    ​      
    Securities available-for-sale, at fair value   1,016,649       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $118,861 and $119,215, respectively)   131,157       129,918  
    Real estate mortgage loans held-for-sale   3,148       1,158  
    ​      
    Loans, net of allowance for credit losses of $83,627 and $71,972   4,998,363       4,844,562  
    ​      
    Land, premises and equipment, net   59,987       57,899  
    Bank owned life insurance   112,075       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,471       30,011  
    Goodwill   4,970       4,970  
    Other assets   108,941       121,425  
    Total assets $ 6,645,371     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,284,527     $ 1,353,477  
    Interest bearing deposits   4,552,786       4,367,048  
    Total deposits   5,837,313       5,720,525  
           
    Federal Funds purchased   30,000       0  
    Federal Home Loan Bank advances   0       50,000  
    Total borrowings   30,000       50,000  
           
    Accrued interest payable   14,784       20,893  
    Other liabilities   64,093       82,818  
    Total liabilities   5,946,190       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,974,017 shares issued and 25,506,084 outstanding as of September 30, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   128,346       127,692  
    Retained earnings   724,550       692,760  
    Accumulated other comprehensive income (loss)   (138,136 )     (155,195 )
    Treasury stock, at cost (467,933 shares and 473,120 shares as of September 30, 2024 and December 31, 2023, respectively)   (15,668 )     (15,553 )
    Total stockholders’ equity   699,092       649,704  
    Noncontrolling interest   89       89  
    Total equity   699,181       649,793  
    Total liabilities and equity $ 6,645,371     $ 6,524,029  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended September 30,   Nine Months Ended September 30,
    ​   2024       2023       2024       2023  
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 86,118     $ 78,910     $ 252,386     $ 223,499  
    Tax exempt   298       1,008       1,830       2,869  
    Interest and dividends on securities              
    Taxable   2,908       3,077       9,051       9,966  
    Tax exempt   3,921       4,023       11,800       12,387  
    Other interest income   1,773       1,605       4,721       3,604  
    Total interest income   95,018       88,623       279,788       252,325  
    ​ ​   ​   ​   ​
    Interest on deposits   45,556       37,108       131,083       95,637  
    Interest on short-term borrowings   189       3,122       3,720       8,252  
    Total interest expense   45,745       40,230       134,803       103,889  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   49,273       48,393       144,985       148,436  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,059       400       13,059       5,550  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   46,214       47,993       131,926       142,886  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,718       2,298       7,770       6,769  
    Investment brokerage fees   438       408       1,438       1,370  
    Service charges on deposit accounts   2,835       2,735       8,332       8,091  
    Loan and service fees   2,955       2,934       8,855       8,782  
    Merchant and interchange fee income   898       938       2,653       2,744  
    Bank owned life insurance income   1,068       1,009       2,994       2,393  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   (7 )     (50 )     68       (184 )
    Net securities gains (losses)   0       (35 )     (46 )     (16 )
    Net gain (loss) on Visa shares   (15 )     0       8,996       0  
    Other income   1,027       598       3,908       1,907  
    Total noninterest income   11,917       10,835       44,968       32,650  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   16,476       15,977       49,467       43,414  
    Net occupancy expense   1,721       1,621       5,159       4,874  
    Equipment costs   1,452       1,325       4,207       4,189  
    Data processing fees and supplies   3,768       3,379       11,419       10,305  
    Corporate and business development   1,369       1,201       4,015       3,930  
    FDIC insurance and other regulatory fees   966       871       2,571       2,469  
    Professional fees   2,089       2,114       6,675       6,284  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,552       2,609       10,918       7,742  
    Total noninterest expense   30,393       29,097       94,431       101,265  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   27,738       29,731       82,463       74,271  
    Income tax expense   4,400       4,479       13,175       10,130  
    NET INCOME $ 23,338     $ 25,252     $ 69,288     $ 64,141  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,684,407       25,613,456       25,673,275       25,601,493  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.91     $ 0.99     $ 2.70     $ 2.51  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,767,739       25,693,535       25,754,357       25,709,841  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.91     $ 0.98     $ 2.69     $ 2.49  
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 678,079     13.3 %   $ 697,754     13.8 %   $ 589,345     12.1 %
    Non-working capital loans   814,804     16.0       828,523     16.4       812,875     16.7  
    Total commercial and industrial loans   1,492,883     29.3       1,526,277     30.2       1,402,220     28.8  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   729,293     14.3       658,345     13.0       633,920     13.0  
    Owner occupied loans   810,453     15.9       830,018     16.4       811,175     16.6  
    Nonowner occupied loans   766,821     15.1       762,365     15.1       740,783     15.2  
    Multifamily loans   243,283     4.8       252,652     5.0       236,581     4.8  
    Total commercial real estate and multi-family residential loans   2,549,850     50.1       2,503,380     49.5       2,422,459     49.6  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   157,413     3.1       161,410     3.2       183,241     3.8  
    Loans for agricultural production   200,971     4.0       199,654     4.0       197,287     4.0  
    Total agri-business and agricultural loans   358,384     7.1       361,064     7.2       380,528     7.8  
              ​            
    Other commercial loans   94,309     1.9       96,703     1.9       125,939     2.6  
    Total commercial loans   4,495,426     88.4       4,487,424     88.8       4,331,146     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   261,462     5.1       259,094     5.1       247,114     5.1  
    Open end and junior lien loans   210,275     4.1       197,861     3.9       189,611     3.9  
    Residential construction and land development loans   14,200     0.3       12,952     0.3       12,888     0.3  
    Total consumer 1-4 family mortgage loans   485,937     9.5       469,907     9.3       449,613     9.3  
      ​       ​            
    Other consumer loans   103,547     2.1       97,895     1.9       93,737     1.9  
    Total consumer loans   589,484     11.6       567,802     11.2       543,350     11.2  
    Subtotal   5,084,910     100.0 %     5,055,226     100.0 %     4,874,496     100.0 %
    Less:  Allowance for credit losses   (83,627 )         (80,711 )   ​     (72,105 )   ​
        Net deferred loan fees   (2,920 )         (2,885 )   ​     (3,531 )   ​
    Loans, net $ 4,998,363         $ 4,971,630     ​   $ 4,798,860     ​
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Noninterest bearing demand deposits $ 1,284,527   $ 1,212,989   $ 1,377,650
    Savings and transaction accounts:          
    Savings deposits   276,468     283,809     315,651
    Interest bearing demand deposits   3,273,405     3,274,179     2,891,683
    Time deposits:          
    Deposits of $100,000 or more   787,095     776,314     756,107
    Other time deposits   215,818     216,246     315,984
    Total deposits $ 5,837,313   $ 5,763,537   $ 5,657,075
    FHLB advances and other borrowings   30,000     55,000     90,000
    Total funding sources $ 5,867,313   $ 5,818,537   $ 5,747,075
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended September 30, 2024   Three Months Ended June 30, 2024   Three Months Ended September 30, 2023
    (fully tax equivalent basis, dollars in thousands)   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,037,855     $ 86,118   6.80 %   $ 4,993,270     $ 84,226   6.78 %   $ 4,791,156     $ 78,910   6.53 %
    Tax exempt (1)     26,493       366   5.50       41,581       783   7.57       58,602       1,258   8.52  
    Investments: (1)                                    
    Securities     1,128,705       7,871   2.77       1,118,776       8,082   2.91       1,171,426       8,169   2.77  
    Short-term investments     2,841       35   4.90       2,836       35   4.96       2,533       29   4.54  
    Interest bearing deposits     133,393       1,738   5.18       138,818       1,807   5.24       122,177       1,576   5.12  
    Total earning assets   $ 6,329,287     $ 96,128   6.04 %   $ 6,295,281     $ 94,933   6.07 %   $ 6,145,894     $ 89,942   5.81 %
    Less:  Allowance for credit losses     (81,353 )             (74,166 )             (71,997 )        
    Nonearning Assets                                    
    Cash and due from banks     63,744               64,518               68,669          
    Premises and equipment     59,493               58,702               58,782          
    Other nonearning assets     285,293               298,619               297,636          
    Total assets   $ 6,656,464             $ 6,642,954             $ 6,498,984          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 280,180     $ 45   0.06 %   $ 289,107     $ 48   0.07 %   $ 329,557     $ 57   0.07 %
    Interest bearing checking accounts     3,295,911       33,822   4.08       3,275,502       33,323   4.09       2,873,795       27,891   3.85  
    Time deposits:                                    
    In denominations under $100,000     215,020       1,914   3.54       217,146       1,871   3.47       211,039       1,507   2.83  
    In denominations over $100,000     844,882       9,775   4.60       807,304       9,121   4.54       740,434       7,654   4.10  
    Miscellaneous short-term borrowings     13,752       189   5.48       77,077       1,077   5.62       227,555       3,121   5.44  
    Total interest bearing liabilities   $ 4,649,745     $ 45,745   3.91 %   $ 4,666,136     $ 45,440   3.92 %   $ 4,382,380     $ 40,230   3.64 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,184               1,230,903               1,417,641          
    Other liabilities     92,375               106,916               106,453          
    Stockholders’ Equity     670,160               638,999               592,510          
    Total liabilities and stockholders’ equity   $ 6,656,464             $ 6,642,954             $ 6,498,984          
    Interest Margin Recap                                    
    Interest income/average earning assets         96,128   6.04 %         94,933   6.07 %         89,942   5.81 %
    Interest expense/average earning assets         45,745   2.88           45,440   2.90           40,230   2.60  
    Net interest income and margin       $ 50,383   3.16 %       $ 49,493   3.17 %       $ 49,712   3.21 %
                                                     

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.20 million and $1.32 million in the three-month periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Total Equity $ 699,181     $ 654,590     $ 557,184     $ 699,181     $ 557,184  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   695,378       650,787       553,381       695,378       553,381  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Common Equity   832,813       820,534       780,756       832,813       780,756  
                       
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,641,568       6,565,004       6,423,041       6,641,568       6,423,041  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Assets   6,779,003       6,734,751       6,650,416       6,779,003       6,650,416  
                       
    Ending Common Shares Issued   25,684,916       25,679,066       25,614,163       25,684,916       25,614,163  
                       
    Tangible Book Value Per Common Share $ 27.07     $ 25.34     $ 21.60     $ 27.07     $ 21.60  
                       
    Tangible Common Equity/Tangible Assets   10.47 %     9.91 %     8.62 %     10.47 %     8.62 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.29 %     12.18 %     11.74 %     12.29 %     11.74 %
                       
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Plus:  Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Minus:  Noninterest Expense   (30,393 )     (33,333 )     (29,097 )     (94,431 )     (101,265 )
                       
    Pretax Pre-Provision Earnings $ 30,797     $ 35,402     $ 30,131     $ 95,522     $ 79,821  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Noninterest Income $ 11,917     $ 20,439     $ 10,835     $ 44,968     $ 32,650  
    Less: Net (Gain) Loss on Visa Shares   15       (9,011 )     0       (8,996 )     0  
    Less: Insurance Recoveries   0       0       0       (1,000 )     0  
    Adjusted Core Noninterest Income $ 11,932     $ 11,428     $ 10,835     $ 34,972     $ 32,650  
                       
    Noninterest Expense $ 30,393     $ 33,333     $ 29,097     $ 94,431     $ 101,265  
    Less: Legal Accrual   0       (4,537 )     0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       0       0       1,850  
    Adjusted Core Noninterest Expense $ 30,393     $ 28,796     $ 29,097     $ 89,894     $ 85,057  
                       
    Earnings Before Income Taxes $ 27,738     $ 26,922     $ 29,731     $ 82,463     $ 74,271  
    Adjusted Core Impact:                  
    Noninterest Income   15       (9,011 )     0       (9,996 )     0  
    Noninterest Expense   0       4,537       0       4,537       16,208  
    Total Adjusted Core Impact   15       (4,474 )     0       (5,459 )     16,208  
    Adjusted Earnings Before Income Taxes   27,753       22,448       29,731       77,004       90,479  
    Tax Effect   (4,404 )     (3,261 )     (4,479 )     (11,817 )     (14,123 )
    Core Operational Profitability (2) $ 23,349     $ 19,187     $ 25,252     $ 65,187     $ 76,356  
                       
    Diluted Earnings Per Common Share $ 0.91     $ 0.87     $ 0.98     $ 2.69     $ 2.49  
    Impact of Adjusted Core Items   0.00       (0.13 )     0.00       (0.16 )     0.48  
    Core Operational Diluted Earnings Per Common Share $ 0.91     $ 0.74     $ 0.98     $ 2.53     $ 2.97  
                       
    Adjusted Core Efficiency Ratio   49.66 %     48.22 %     49.13 %     49.95 %     46.97 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $3.4 million lower than reported net income for the three months ended September 30, 2024 and June 30, 2024, respectively. Core operational profitability was $4.1 million lower and $12.2 million higher than reported net income for the nine months ended September 30, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI: Albion Crown VCT PLC: Annual Financial Report

    Source: GlobeNewswire (MIL-OSI)

    Albion Crown VCT PLC
    LEI Number : 213800SYIQPA3L3T1Q68
    25 October 2024

    Albion Crown VCT PLC (the “Company”)

    Annual Report & Financial Statements for the year ended 30 June 2024

    Results announcement
    The Company’s Directors are pleased to attach the Company’s Annual Report and Financial Statements for the year ended 30 June 2024.  The highlights include:

    • Increase in total shareholder value of 0.68 pence per share (2.05% on opening Net asset value) (2023: 1.06 pence per share)
    • Net asset value of 32.20 pence per share (2023: 33.13 pence per share)
    • £97.0 million fund size (2023: £94.0 million)
    • Dividends paid of 1.61 pence per share in the year (2023: 1.63 pence per share)
    • £2.6 million shares purchased during the year (2023: £2.4 million)
    • Annual General Meeting to be held virtually at noon on 26 November 2024
    • Sale of Egress after the year end, returning over 7 times cost.

    The Board also declared a first dividend for the year ending 30 June 2025 of 0.81 pence per Ordinary share to be paid on 29 November 2024 to shareholders on the register on 8 November 2024.

    The Annual Report and Financial Statements for the year ended 30 June 2024, including the Notice of Annual General Meeting, are attached to this announcement. Alternatively, copies are available on the Company’s webpage on the Manager’s website at:

    www.albion.capital/CRWN30Jun2024

    For further details about the Company please either visit the Company’s website:

    Albion Crown VCT PLC
    www.albion.capital/vct-funds/CRWN

    or contact:

    Vikash Hansrani
    Operations Partner
    Albion Capital Group LLP
    Telephone: 020 7601 1850

    Attachment

    The MIL Network –

  • MIL-OSI: Leading Independent Proxy Advisory Firm Glass Lewis Joins ISS in Recommending that Territorial Shareholders Vote “FOR” Merger with Hope Bancorp

    Source: GlobeNewswire (MIL-OSI)

    Glass Lewis Recognizes the Value Creation and Additional Upside that the Hope Bancorp Merger Provides to Territorial Shareholders

    Glass Lewis Acknowledges the Substantial Concerns and Risks Posed by Blue Hill’s Secrecy, Lack of Transparency and the Absence of Crucial, Material Information

    Glass Lewis Agrees with Board’s Decision Not to Consider the Blue Hill Preliminary Indication of Interest a Superior Proposal

    Territorial Board Urges Shareholders to Follow the Recommendations from Glass Lewis and ISS and Vote “FOR” the Hope Bancorp Merger TODAY

    HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial” or the “Company”) today announced that leading independent proxy advisory firm Glass, Lewis & Co., LLC (“Glass Lewis”) has joined Institutional Shareholder Services (“ISS”) in recommending that Territorial shareholders vote “FOR” the Company’s pending merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”).

    The Company’s Special Meeting of Stockholders to vote on the transaction is scheduled to be held on November 6, 2024 at 8:30am, Hawai‘i Time. Time is short. The Special Meeting is fast approaching. Territorial shareholders are urged to vote TODAY. Voting is simple. For more information, visit the Company’s website at https://www.territorialandhopecombination.com.

    Commenting on the Glass Lewis and ISS reports, Territorial issued the following statement:

    The Territorial Board of Directors and management team collectively own 9.2% of Territorial’s outstanding shares. We are confident that the Hope Bancorp transaction is the best path forward for Territorial, our shareholders, customers, employees and the local communities we serve. We have already voted all of our shares FOR the transaction, and we urge our fellow Territorial shareholders to join us and also follow the recommendations from the Territorial Board, Glass Lewis and ISS by voting FOR the Hope Bancorp transaction today.

    Glass Lewis stated in its October 24, 2024 reporti:

    On the favorable financial aspects associated with the Hope Bancorp merger:

    • “Since the merger consideration in the proposed Hope transaction solely comprises Hope shares, current Territorial shareholders will have the opportunity to benefit from ongoing participation in a profitable, enlarged bank that is expected to be better equipped, compared to Territorial on a standalone basis, to work through various challenges and headwinds amid an uncertain economic environment.”
    • “From a quantitative perspective, the results of the dividend discount model analysis performed by KBW suggest that the implied value of the proposed Exchange Ratio is relatively favorable.”

    On the uncertainty, risks and concerns associated with Blue Hill’s preliminary indication of interest, including its lack of financing, the secrecy of its investors and doubts about its ability to close a transaction at all:

    • “We also believe that, to date, Blue Hill has provided insufficient disclosures to the Board and to shareholders regarding key details of its proposal.”
    • “In our view, the lack of such crucial information, which Blue Hill insists on keeping confidential, coupled with the uncertainties connected with Blue Hill’s need to conduct due diligence to confirm its offer price, casts serious doubts as to the risks and closing certainty of Blue Hill’s proposed deal.”
    • “Blue Hill has not provided any form of supporting evidence as to why the Blue Hill Investors would not be considered as ‘acting in concert’ by the relevant regulatory authorities, which may validate the Board’s concerns regarding the complexity and uncertainties connected to the Blue Hill Proposal.”

    In affirming that the Territorial Board reached the right conclusion with respect to the Blue Hill preliminary indication of interest and the determination that it is not a superior proposal or likely to lead to a proposal that is superior to the Hope Bancorp transaction:

    • “any direct engagement between the Board and Blue Hill could be seen as a breach of the covenants in the Merger Agreement.”
    • “we ultimately believe the Board’s decision not to deem the Blue Hill Proposal a superior proposal to be the most prudent approach, particularly given Blue Hill’s lack of serious attempts to address the Board’s concerns regarding the uncertainties of the Blue Hill Proposal.”
    • “We acknowledge that the Blue Hill Proposal offers a meaningfully higher headline price to Territorial shareholders…However, we believe the Board has raised valid concerns regarding the uncertainty and significant conditionality of the Blue Hill Proposal.”
    Your Vote is Important

    Territorial Shareholders are Urged to Vote FOR the Hope Bancorp Merger TODAY.

    Voting is quick and easy.
    Vote well in advance of the Special Meeting on November 6, 2024 at 8:30 a.m. HST.

    Call toll-free:
    (888) 742-1305
    Banks and brokers should call:
    (516) 933-3100
    Email: info@laurelhill.com
    Electronically: www.proxyvote.com


    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaiʻi, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaiʻi. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaiʻi, and has 28 branch offices in the state of Hawaiʻi. For additional information, please visit https://www.tsbhawaii.bank/.

    Additional Information about the Hope Merger and Where to Find It

    In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024. Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

    Forward-Looking Statements

    Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Territorial Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s or Territorial Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

    Investor / Media Contacts:
    Walter Ida
    SVP, Director of Investor Relations
    808-946-1400
    walter.ida@territorialsavings.net

    i Permission to use quotes neither sought nor obtained

    The MIL Network –

  • MIL-OSI: Equinor ASA: Notifiable trading

    Source: GlobeNewswire (MIL-OSI)

    A close associate of a primary insider in Equinor ASA (OSE: EQNR, NYSE: EQNR) has purchased shares in Equinor ASA:

    Tocaba AS, a close associate of board member Tone Hegland Bachke, has on 25 October 2024 purchased 2000 shares in Equinor ASA at a price of NOK 276.76 per share.

    Details of the purchase of shares are set forth in the attached notification.

    This is information that Equinor ASA is obliged to make public pursuant to Article 19 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

    Attachment

    The MIL Network –

  • MIL-OSI: First Hawaiian, Inc. Reports Third Quarter 2024 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Oct. 25, 2024 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended September 30, 2024.

    “I’m happy to report that we had a very good third quarter,” said Bob Harrison, Chairman, President, and CEO. “Net interest income and noninterest income increased over the prior quarter, expenses were well controlled and credit quality remained excellent. I’m also pleased to report that during the third quarter, Moody’s reviewed and reaffirmed all of First Hawaiian Bank’s long-term credit and deposit ratings.”

    On October 23, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on November 29, 2024, to stockholders of record at the close of business on November 18, 2024.

    Third Quarter 2024 Highlights:

    • Net income of $61.5 million, or $0.48 per diluted share
    • Total loans and leases decreased $118.5 million versus the prior quarter
    • Total deposits decreased $91.1 million versus the prior quarter
    • Net interest margin increased 3 basis points to 2.95%
    • Recorded a $7.4 million provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.8 billion as of September 30, 2024, a decrease of $211.5 million, or 0.9%, from $24.0 billion as of June 30, 2024.

    Gross loans and leases were $14.2 billion as of September 30, 2024, a decrease of $118.5 million, or 0.8%, from $14.4 billion as of June 30, 2024.

    Total deposits were $20.2 billion as of September 30, 2024, a decrease of $91.1 million, or 0.4%, from $20.3 billion as of June 30, 2024.

    Net Interest Income

    Net interest income for the third quarter of 2024 was $156.7 million, an increase of $3.9 million, or 2.5%, compared to $152.9 million for the prior quarter.

    The net interest margin was 2.95% in the third quarter of 2024, an increase of 3 basis points compared to 2.92% in the prior quarter.

    Provision Expense

    During the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses. In the quarter ended June 30, 2024, we recorded a $1.8 million provision for credit losses.

    Noninterest Income

    Noninterest income was $53.3 million in the third quarter of 2024, an increase of $1.5 million compared to noninterest income of $51.8 million in the prior quarter.

    Noninterest Expense

    Noninterest expense was $126.1 million in the third quarter of 2024, an increase of $4.1 million compared to noninterest expense of $122.1 million in the prior quarter.

    The efficiency ratio was 59.8% and 59.2% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

    Taxes

    The effective tax rate was 19.6% and 23.3% for the quarters ended September 30, 2024 and June 30, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024, compared to $160.5 million, or 1.12% of total loans and leases, as of June 30, 2024. The reserve for unfunded commitments was $33.7 million as of September 30, 2024 compared to $33.4 million as of June 30, 2024. Net charge-offs were $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024, compared to net charge-offs of $2.5 million, or 0.07% of average loans and leases on an annualized basis, for the quarter ended June 30, 2024. Total non-performing assets were $17.8 million, or 0.13% of total loans and leases and other real estate owned, as of September 30, 2024, compared to $18.0 million, or 0.13% of total loans and leases and other real estate owned, as of June 30, 2024.

    Capital

    Total stockholders’ equity increased $97.7 million in the third quarter, and stood at $2.6 billion on September 30, 2024 and June 30, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024, compared with 9.03%, 12.73% and 13.92%, respectively, on June 30, 2024.

    The Company did not repurchase any shares in the third quarter.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

    To access the call by phone, participants will need to click on the following registration link: https://register.vevent.com/register/BIec8273f35cc340bcb13d27eae17d127b, register for the conference call, and then you will receive the dial-in number and a personalized PIN code. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements
    This press 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. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024.

    Use of Non-GAAP Financial Measures
    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                                     
    Financial Highlights   Table 1
        For the Three Months Ended   For the Nine Months Ended  
        September 30,    June 30,    September 30,    September 30,   
    (dollars in thousands, except per share data)   2024   2024   2023   2024   2023  
    Operating Results:                                
    Net interest income   $ 156,707   $ 152,851   $ 157,148   $ 463,985   $ 484,334  
    Provision for credit losses     7,400     1,800     7,500     15,500     21,300  
    Noninterest income     53,288     51,768     46,097     156,427     142,468  
    Noninterest expense     126,147     122,086     119,383     377,046     358,831  
    Net income     61,492     61,921     58,221     177,633     187,481  
    Basic earnings per share     0.48     0.48     0.46     1.39     1.47  
    Diluted earnings per share     0.48     0.48     0.46     1.38     1.47  
    Dividends declared per share     0.26     0.26     0.26     0.78     0.78  
    Dividend payout ratio     54.17 %   54.17 %   56.52 %   56.52 %   53.06 %
    Performance Ratios(1):                                
    Net interest margin     2.95 %   2.92 %   2.86 %   2.93 %   2.96 %
    Efficiency ratio     59.77 %   59.22 %   58.31 %   60.38 %   56.86 %
    Return on average total assets     1.02 %   1.04 %   0.93 %   0.99 %   1.01 %
    Return on average tangible assets (non-GAAP)(2)     1.06 %   1.08 %   0.97 %   1.03 %   1.06 %
    Return on average total stockholders’ equity     9.45 %   9.91 %   9.76 %   9.37 %   10.72 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     15.35 %   16.42 %   16.84 %   15.43 %   18.68 %
    Average Balances:                                
    Average loans and leases   $ 14,304,806   $ 14,358,049   $ 14,349,402   $ 14,325,065   $ 14,238,309  
    Average earning assets     21,328,882     21,247,707     22,060,480     21,352,739     22,040,704  
    Average assets     24,046,696     23,958,913     24,727,893     24,064,208     24,699,826  
    Average deposits     20,367,805     20,308,028     21,212,102     20,415,746     21,245,055  
    Average stockholders’ equity     2,588,806     2,512,471     2,367,422     2,532,911     2,337,292  
    Market Value Per Share:                                
    Closing     23.15     20.76     18.05     23.15     18.05  
    High     26.18     22.68     22.59     26.18     28.28  
    Low     20.28     19.48     17.41     19.48     15.08  
                               
        As of   As of   As of   As of  
        September 30,    June 30,    December 31,    September 30,   
    (dollars in thousands, except per share data)   2024   2024   2023   2023  
    Balance Sheet Data:                          
    Loans and leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335  
    Total assets     23,780,285     23,991,791     24,926,474     24,912,524  
    Total deposits     20,227,702     20,318,832     21,332,657     21,511,489  
    Short-term borrowings     250,000     500,000     500,000     500,000  
    Total stockholders’ equity     2,648,034     2,550,312     2,486,066     2,351,009  
                               
    Per Share of Common Stock:                          
    Book value   $ 20.71   $ 19.94   $ 19.48   $ 18.42  
    Tangible book value (non-GAAP)(2)     12.92     12.16     11.68     10.62  
                               
    Asset Quality Ratios:                          
    Non-accrual loans and leases / total loans and leases     0.13 %   0.13 %   0.13 %   0.10 %
    Allowance for credit losses for loans and leases / total loans and leases     1.15 %   1.12 %   1.09 %   1.08 %
                               
    Capital Ratios:                          
    Common Equity Tier 1 Capital Ratio     13.03 %   12.73 %   12.39 %   12.21 %
    Tier 1 Capital Ratio     13.03 %   12.73 %   12.39 %   12.21 %
    Total Capital Ratio     14.25 %   13.92 %   13.57 %   13.38 %
    Tier 1 Leverage Ratio     9.14 %   9.03 %   8.64 %   8.45 %
    Total stockholders’ equity to total assets     11.14 %   10.63 %   9.97 %   9.44 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.25 %   6.76 %   6.23 %   5.67 %
                               
    Non-Financial Data:                          
    Number of branches     48     48     50     50  
    Number of ATMs     273     272     275     294  
    Number of Full-Time Equivalent Employees     2,022     2,032     2,089     2,087  

    (1)   Except for the efficiency ratio, amounts are annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

    (2)   Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

                                   
    Consolidated Statements of Income   Table 2
        For the Three Months Ended   For the Nine Months Ended
        September 30,    June 30,    September 30,    September 30, 
    (dollars in thousands, except per share amounts)   2024   2024   2023   2024   2023
    Interest income                              
    Loans and lease financing   $ 205,682   $ 202,068   $ 194,098   $ 607,594   $ 551,777
    Available-for-sale investment securities     12,850     14,143     18,426     41,539     55,208
    Held-to-maturity investment securities     16,937     17,575     18,271     52,305     55,510
    Other     14,527     11,148     9,004     38,444     20,054
    Total interest income     249,996     244,934     239,799     739,882     682,549
    Interest expense                              
    Deposits     87,500     85,609     74,651     257,252     176,006
    Short-term and long-term borrowings     5,397     5,953     6,838     17,303     20,057
    Other     392     521     1,162     1,342     2,152
    Total interest expense     93,289     92,083     82,651     275,897     198,215
    Net interest income     156,707     152,851     157,148     463,985     484,334
    Provision for credit losses     7,400     1,800     7,500     15,500     21,300
    Net interest income after provision for credit losses     149,307     151,051     149,648     448,485     463,034
    Noninterest income                              
    Service charges on deposit accounts     7,783     7,793     7,524     23,122     22,001
    Credit and debit card fees     17,533     15,861     15,748     49,567     47,507
    Other service charges and fees     11,790     11,036     9,546     32,730     27,764
    Trust and investment services income     9,077     9,426     9,742     28,857     28,804
    Bank-owned life insurance     4,502     3,360     1,872     12,148     10,263
    Other     2,603     4,292     1,665     10,003     6,129
    Total noninterest income     53,288     51,768     46,097     156,427     142,468
    Noninterest expense                              
    Salaries and employee benefits     59,563     57,737     55,937     176,562     169,873
    Contracted services and professional fees     14,634     16,067     16,393     46,440     50,204
    Occupancy     6,945     7,377     6,711     21,263     22,047
    Equipment     13,078     13,196     11,826     39,687     32,562
    Regulatory assessment and fees     3,412     3,814     4,149     15,346     11,661
    Advertising and marketing     1,813     1,765     2,289     6,190     6,174
    Card rewards program     8,678     8,719     8,358     25,905     24,124
    Other     18,024     13,411     13,720     45,653     42,186
    Total noninterest expense     126,147     122,086     119,383     377,046     358,831
    Income before provision for income taxes     76,448     80,733     76,362     227,866     246,671
    Provision for income taxes     14,956     18,812     18,141     50,233     59,190
    Net income   $ 61,492   $ 61,921   $ 58,221   $ 177,633   $ 187,481
    Basic earnings per share   $ 0.48   $ 0.48   $ 0.46   $ 1.39   $ 1.47
    Diluted earnings per share   $ 0.48   $ 0.48   $ 0.46   $ 1.38   $ 1.47
    Basic weighted-average outstanding shares     127,886,167     127,867,853     127,609,860     127,820,737     127,552,255
    Diluted weighted-average outstanding shares     128,504,035     128,262,594     127,936,440     128,362,433     127,897,829
                             
    Consolidated Balance Sheets   Table 3
        September 30,    June 30,    December 31,    September 30, 
    (dollars in thousands, except share amount)   2024   2024   2023   2023
    Assets                        
    Cash and due from banks   $ 252,209     $ 290,501     $ 185,015     $ 246,028  
    Interest-bearing deposits in other banks     820,603       824,258       1,554,882       967,400  
    Investment securities:                        
    Available-for-sale, at fair value (amortized cost: $2,290,781 as of September 30, 2024, $2,379,004 as of June 30, 2024, $2,558,675 as of December 31, 2023 and $3,172,031 as of September 30, 2023)     2,055,959       2,067,956       2,255,336       2,722,704  
    Held-to-maturity, at amortized cost (fair value: $3,475,143 as of September 30, 2024, $3,401,006 as of June 30, 2024, $3,574,856 as of December 31, 2023 and $3,433,029 as of September 30, 2023)     3,853,697       3,917,175       4,041,449       4,104,114  
    Loans held for sale     —       2,820       190       —  
    Loans and leases     14,241,370       14,359,899       14,353,497       14,332,335  
    Less: allowance for credit losses     163,700       160,517       156,533       154,795  
    Net loans and leases     14,077,670       14,199,382       14,196,964       14,177,540  
                             
    Premises and equipment, net     287,036       283,762       281,461       277,805  
    Accrued interest receivable     81,875       82,512       84,417       84,327  
    Bank-owned life insurance     490,135       486,261       479,907       477,698  
    Goodwill     995,492       995,492       995,492       995,492  
    Mortgage servicing rights     5,236       5,395       5,699       5,855  
    Other assets     860,373       836,277       845,662       853,561  
    Total assets   $ 23,780,285     $ 23,991,791     $ 24,926,474     $ 24,912,524  
    Liabilities and Stockholders’ Equity                        
    Deposits:                        
    Interest-bearing   $ 13,427,674     $ 13,461,365     $ 13,749,095     $ 13,612,493  
    Noninterest-bearing     6,800,028       6,857,467       7,583,562       7,898,996  
    Total deposits     20,227,702       20,318,832       21,332,657       21,511,489  
    Short-term borrowings     250,000       500,000       500,000       500,000  
    Retirement benefits payable     100,448       101,304       103,285       99,685  
    Other liabilities     554,101       521,343       504,466       450,341  
    Total liabilities     21,132,251       21,441,479       22,440,408       22,561,515  
                             
    Stockholders’ equity                        
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024, issued/outstanding: 141,728,446 / 127,879,012 shares as of June 30, 2024, issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023 and issued/outstanding: 141,330,663 / 127,609,934 shares as of September 30, 2023)     1,417       1,417       1,413       1,413  
    Additional paid-in capital     2,558,158       2,554,795       2,548,250       2,545,659  
    Retained earnings     915,062       887,176       837,859       823,895  
    Accumulated other comprehensive loss, net     (452,658 )     (519,132 )     (530,210 )     (648,731 )
    Treasury stock (13,849,434 shares as of September 30, 2024, 13,849,434 shares as of June 30, 2024, 13,721,778 shares as of December 31, 2023 and 13,720,729 shares as of September 30, 2023)     (373,945 )     (373,944 )     (371,246 )     (371,227 )
    Total stockholders’ equity     2,648,034       2,550,312       2,486,066       2,351,009  
    Total liabilities and stockholders’ equity   $ 23,780,285     $ 23,991,791     $ 24,926,474     $ 24,912,524  
                                                       
    Average Balances and Interest Rates                                            Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        September 30, 2024   June 30, 2024   September 30, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 1,020.4   $ 13.9   5.40 % $ 773.4   $ 10.5   5.45 % $ 608.6   $ 8.2   5.36 %
    Available-for-Sale Investment Securities                                                  
    Taxable     2,062.6     12.8   2.48     2,100.7     14.1   2.69     2,834.6     18.4   2.59  
    Non-Taxable     1.5     —   5.06     1.5     —   5.76     2.3     —   5.48  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,288.2     13.8   1.67     3,358.2     14.4   1.71     3,544.1     15.0   1.70  
    Non-Taxable     602.3     3.7   2.46     602.9     4.0   2.64     604.3     4.1   2.66  
    Total Investment Securities     5,954.6     30.3   2.03     6,063.3     32.5   2.15     6,985.3     37.5   2.14  
    Loans Held for Sale     2.2     —   5.64     1.0     —   6.58     0.4     —   6.63  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,165.3     38.0   6.98     2,201.6     38.1   6.96     2,123.5     35.7   6.66  
    Commercial real estate     4,278.3     71.6   6.67     4,305.6     71.5   6.68     4,381.8     71.4   6.47  
    Construction     1,040.7     20.3   7.74     984.8     18.5   7.57     873.7     15.5   7.05  
    Residential:                                                  
    Residential mortgage     4,204.5     40.4   3.84     4,229.4     40.1   3.80     4,316.3     40.1   3.72  
    Home equity line     1,158.5     13.2   4.52     1,164.2     12.6   4.35     1,154.0     10.1   3.45  
    Consumer     1,035.3     18.7   7.19     1,054.1     17.7   6.74     1,172.8     18.3   6.19  
    Lease financing     422.2     4.0   3.72     418.3     4.3   4.09     327.3     3.7   4.48  
    Total Loans and Leases     14,304.8     206.2   5.74     14,358.0     202.8   5.67     14,349.4     194.8   5.39  
    Other Earning Assets     46.9     0.7   5.83     52.0     0.7   5.25     116.8     0.8   2.64  
    Total Earning Assets(2)     21,328.9     251.1   4.69     21,247.7     246.5   4.66     22,060.5     241.3   4.35  
    Cash and Due from Banks     242.3               240.4               276.0            
    Other Assets     2,475.5               2,470.8               2,391.4            
    Total Assets   $ 24,046.7             $ 23,958.9             $ 24,727.9            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 5,963.1   $ 23.6   1.57 % $ 6,000.4   $ 23.4   1.57 % $ 5,982.5   $ 19.2   1.27 %
    Money Market     4,179.5     31.9   3.04     4,076.7     30.6   3.02     3,907.2     24.7   2.51  
    Time     3,327.3     32.0   3.83     3,284.3     31.6   3.87     3,362.7     30.8   3.63  
    Total Interest-Bearing Deposits     13,469.9     87.5   2.58     13,361.4     85.6   2.58     13,252.4     74.7   2.23  
    Other Short-Term Borrowings     451.1     5.4   4.76     500.0     6.0   4.79     113.1     1.5   5.17  
    Long-Term Borrowings     —     —   —     —     —   —     440.2     5.3   4.83  
    Other Interest-Bearing Liabilities     22.4     0.4   6.97     38.2     0.5   5.48     89.1     1.2   5.17  
    Total Interest-Bearing Liabilities     13,943.4     93.3   2.66     13,899.6     92.1   2.66     13,894.8     82.7   2.36  
    Net Interest Income         $ 157.8             $ 154.4             $ 158.6      
    Interest Rate Spread(3)               2.03 %             2.00 %             1.99 %
    Net Interest Margin(4)               2.95 %             2.92 %             2.86 %
    Noninterest-Bearing Demand Deposits     6,897.9               6,946.6               7,959.7            
    Other Liabilities     616.6               600.2               506.0            
    Stockholders’ Equity     2,588.8               2,512.5               2,367.4            
    Total Liabilities and Stockholders’ Equity   $ 24,046.7             $ 23,958.9             $ 24,727.9            

    (1)   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2)   Interest income includes taxable-equivalent basis adjustments of $1.1 million, $1.5 million and $1.5 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

    (3)   Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4)   Net interest margin is net interest income annualized for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                                       
    Average Balances and Interest Rates                          Table 5
        Nine Months Ended   Nine Months Ended  
        September 30, 2024   September 30, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                  
    Interest-Bearing Deposits in Other Banks   $ 884.6   $ 35.9   5.43 %   $ 493.6   $ 18.8   5.10 %
    Available-for-Sale Investment Securities                                  
    Taxable     2,124.4     41.5   2.61     2,964.0     54.8   2.47  
    Non-Taxable     1.6     0.1   5.49     13.0     0.5   5.57  
    Held-to-Maturity Investment Securities                                  
    Taxable     3,354.0     42.7   1.70     3,615.0     46.0   1.70  
    Non-Taxable     602.9     11.7   2.58     608.9     11.9   2.62  
    Total Investment Securities     6,082.9     96.0   2.10     7,200.9     113.2   2.10  
    Loans Held for Sale     1.3     0.1   6.11     0.3     —   6.11  
    Loans and Leases(1)                                  
    Commercial and industrial     2,177.2     113.3   6.95     2,193.8     104.3   6.35  
    Commercial real estate     4,302.4     213.4   6.62     4,224.7     194.6   6.16  
    Construction     983.6     56.2   7.63     874.0     45.4   6.95  
    Residential:                                  
    Residential mortgage     4,232.6     122.5   3.86     4,312.4     117.6   3.64  
    Home equity line     1,164.9     37.8   4.34     1,116.4     27.9   3.35  
    Consumer     1,057.6     54.4   6.87     1,194.1     53.2   5.95  
    Lease financing     406.8     11.9   3.90     322.9     10.5   4.34  
    Total Loans and Leases     14,325.1     609.5   5.68     14,238.3     553.5   5.19  
    Other Earning Assets     58.8     2.5   5.69     107.6     1.3   1.53  
    Total Earning Assets(2)     21,352.7     744.0   4.65     22,040.7     686.8   4.16  
    Cash and Due from Banks     242.4               273.3            
    Other Assets     2,469.1               2,385.8            
    Total Assets   $ 24,064.2             $ 24,699.8            
                                       
    Interest-Bearing Liabilities                                  
    Interest-Bearing Deposits                                  
    Savings   $ 6,007.6   $ 70.5   1.57 % $ 6,144.1   $ 49.1   1.07 %
    Money Market     4,067.5     91.3   3.00     3,857.0     58.6   2.03  
    Time     3,312.3     95.5   3.85     2,921.8     68.3   3.12  
    Total Interest-Bearing Deposits     13,387.4     257.3   2.57     12,922.9     176.0   1.82  
    Federal Funds Purchased     —     —   —     23.0     0.8   4.45  
    Other Short-Term Borrowings     483.6     17.3   4.78     176.5     6.8   5.15  
    Long-Term Borrowings     —     —   —     349.8     12.5   4.78  
    Other Interest-Bearing Liabilities     31.1     1.3   5.75     62.1     2.1   4.63  
    Total Interest-Bearing Liabilities     13,902.1     275.9   2.65     13,534.3     198.2   1.96  
    Net Interest Income         $ 468.1             $ 488.6      
    Interest Rate Spread(3)               2.00 %             2.20 %
    Net Interest Margin(4)               2.93 %             2.96 %
    Noninterest-Bearing Demand Deposits     7,028.4               8,322.2            
    Other Liabilities     600.8               506.0            
    Stockholders’ Equity     2,532.9               2,337.3            
    Total Liabilities and Stockholders’ Equity   $ 24,064.2             $ 24,699.8            

    (1)   Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2)   Interest income includes taxable-equivalent basis adjustments of $4.1 million and $4.2 million for the nine months ended September 30, 2024 and 2023, respectively.

    (3)   Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4)   Net interest margin is net interest income annualized for the nine months ended September 30, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended September 30, 2024
        Compared to June 30, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 3.5     $ (0.1 )   $ 3.4  
    Available-for-Sale Investment Securities                  
    Taxable     (0.2 )     (1.1 )     (1.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     (0.3 )     (0.6 )
    Non-Taxable     —       (0.3 )     (0.3 )
    Total Investment Securities     (0.5 )     (1.7 )     (2.2 )
    Loans and Leases                  
    Commercial and industrial     (0.3 )     0.2       (0.1 )
    Commercial real estate     —       0.1       0.1  
    Construction     1.3       0.5       1.8  
    Residential:                  
    Residential mortgage     (0.2 )     0.5       0.3  
    Home equity line     —       0.6       0.6  
    Consumer     (0.3 )     1.3       1.0  
    Lease financing     —       (0.3 )     (0.3 )
    Total Loans and Leases     0.5       2.9       3.4  
    Other Earning Assets     (0.1 )     0.1       —  
    Total Change in Interest Income     3.4       1.2       4.6  
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     —       0.2       0.2  
    Money Market     1.0       0.3       1.3  
    Time     0.6       (0.2 )     0.4  
    Total Interest-Bearing Deposits     1.6       0.3       1.9  
    Other Short-Term Borrowings     (0.5 )     (0.1 )     (0.6 )
    Other Interest-Bearing Liabilities     (0.2 )     0.1       (0.1 )
    Total Change in Interest Expense     0.9       0.3       1.2  
    Change in Net Interest Income   $ 2.5     $ 0.9     $ 3.4  

    (1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 7
        Three Months Ended September 30, 2024
        Compared to September 30, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 5.6     $ 0.1     $ 5.7  
    Available-for-Sale Investment Securities                  
    Taxable     (4.8 )     (0.8 )     (5.6 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.0 )     (0.2 )     (1.2 )
    Non-Taxable     —       (0.4 )     (0.4 )
    Total Investment Securities     (5.8 )     (1.4 )     (7.2 )
    Loans and Leases                  
    Commercial and industrial     0.7       1.6       2.3  
    Commercial real estate     (1.8 )     2.0       0.2  
    Construction     3.2       1.6       4.8  
    Residential:                  
    Residential mortgage     (1.0 )     1.3       0.3  
    Home equity line     —       3.1       3.1  
    Consumer     (2.3 )     2.7       0.4  
    Lease financing     0.9       (0.6 )     0.3  
    Total Loans and Leases     (0.3 )     11.7       11.4  
    Other Earning Assets     (0.7 )     0.6       (0.1 )
    Total Change in Interest Income     (1.2 )     11.0       9.8  
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (0.1 )     4.5       4.4  
    Money Market     1.8       5.4       7.2  
    Time     (0.3 )     1.5       1.2  
    Total Interest-Bearing Deposits     1.4       11.4       12.8  
    Other Short-Term Borrowings     4.0       (0.1 )     3.9  
    Long-Term Borrowings     (2.6 )     (2.7 )     (5.3 )
    Other Interest-Bearing Liabilities     (1.1 )     0.3       (0.8 )
    Total Change in Interest Expense     1.7       8.9       10.6  
    Change in Net Interest Income   $ (2.9 )   $ 2.1     $ (0.8 )

    (1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 8
        Nine Months Ended September 30, 2024
        Compared to September 30, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 15.8     $ 1.3     $ 17.1  
    Available-for-Sale Investment Securities                  
    Taxable     (16.3 )     3.0       (13.3 )
    Non-Taxable     (0.4 )     —       (0.4 )
    Held-to-Maturity Investment Securities                  
    Taxable     (3.3 )     —       (3.3 )
    Non-Taxable     (0.1 )     (0.1 )     (0.2 )
    Total Investment Securities     (20.1 )     2.9       (17.2 )
    Loans Held for Sale     0.1       —       0.1  
    Loans and Leases                  
    Commercial and industrial     (0.8 )     9.8       9.0  
    Commercial real estate     3.7       15.1       18.8  
    Construction     6.1       4.7       10.8  
    Residential:                  
    Residential mortgage     (2.2 )     7.1       4.9  
    Home equity line     1.3       8.6       9.9  
    Consumer     (6.5 )     7.7       1.2  
    Lease financing     2.5       (1.1 )     1.4  
    Total Loans and Leases     4.1       51.9       56.0  
    Other Earning Assets     (0.8 )     2.0       1.2  
    Total Change in Interest Income     (0.9 )     58.1       57.2  
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (1.1 )     22.5       21.4  
    Money Market     3.4       29.3       32.7  
    Time     9.9       17.3       27.2  
    Total Interest-Bearing Deposits     12.2       69.1       81.3  
    Federal Funds Purchased     (0.4 )     (0.4 )     (0.8 )
    Other Short-Term Borrowings     11.0       (0.5 )     10.5  
    Long-Term Borrowings     (6.3 )     (6.2 )     (12.5 )
    Other Interest-Bearing Liabilities     (1.2 )     0.4       (0.8 )
    Total Change in Interest Expense     15.3       62.4       77.7  
    Change in Net Interest Income   $ (16.2 )   $ (4.3 )   $ (20.5 )

    (1)   The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                             
    Loans and Leases                       Table 9
        September 30,   June 30,   December 31,   September 30,
    (dollars in thousands)   2024   2024   2023   2023
    Commercial and industrial   $ 2,110,077   $ 2,208,690   $ 2,165,349   $ 2,101,442
    Commercial real estate     4,265,289     4,305,017     4,340,243     4,387,751
    Construction     1,056,249     1,017,649     900,292     885,112
    Residential:                        
    Residential mortgage     4,187,060     4,216,416     4,283,315     4,303,924
    Home equity line     1,159,823     1,159,833     1,174,588     1,167,388
    Total residential     5,346,883     5,376,249     5,457,903     5,471,312
    Consumer     1,030,044     1,027,104     1,109,901     1,154,203
    Lease financing     432,828     425,190     379,809     332,515
    Total loans and leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335
                             
    Deposits                       Table 10
        September 30,    June 30,    December 31,    September 30, 
    (dollars in thousands)   2024   2024   2023   2023
    Demand   $ 6,800,028   $ 6,857,467   $ 7,583,562   $ 7,898,996
    Savings     5,896,029     6,055,051     6,445,084     6,028,308
    Money Market     4,129,381     4,111,609     3,847,853     3,923,054
    Time     3,402,264     3,294,705     3,456,158     3,661,131
    Total Deposits   $ 20,227,702   $ 20,318,832   $ 21,332,657   $ 21,511,489
                             
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More              Table 11
        September 30,   June 30,   December 31,   September 30,
    (dollars in thousands)   2024   2024   2023   2023
    Non-Performing Assets                        
    Non-Accrual Loans and Leases                        
    Commercial Loans:                        
    Commercial and industrial   $ 934   $ 1,084   $ 970   $ 988
    Commercial real estate     152     3,085     2,953     —
    Construction     —     447     —     —
    Total Commercial Loans     1,086     4,616     3,923     988
    Residential Loans:                        
    Residential mortgage     9,103     7,273     7,620     7,435
    Home equity line     7,645     6,124     7,052     6,200
    Total Residential Loans     16,748     13,397     14,672     13,635
    Total Non-Accrual Loans and Leases     17,834     18,013     18,595     14,623
    Total Non-Performing Assets   $ 17,834   $ 18,013   $ 18,595   $ 14,623
                             
    Accruing Loans and Leases Past Due 90 Days or More                        
    Commercial Loans:                        
    Commercial and industrial   $ 529   $ 110   $ 494   $ 289
    Commercial real estate     568     —     300     170
    Total Commercial Loans     1,097     110     794     459
    Residential mortgage     931     1,820     —     1,430
    Consumer     2,515     1,835     2,702     1,681
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,543   $ 3,765   $ 3,496   $ 3,570
                             
    Total Loans and Leases   $ 14,241,370   $ 14,359,899   $ 14,353,497   $ 14,332,335
                                     
    Allowance for Credit Losses and Reserve for Unfunded Commitments
    		       Table 12
        For the Three Months Ended   For the Nine Months Ended  
        September 30,    June 30,   September 30,   September 30,   September 30,   
    (dollars in thousands)   2024   2024   2023   2024   2023  
    Balance at Beginning of Period   $ 193,930     $ 194,649     $ 184,780     $ 192,138     $ 177,735    
    Loans and Leases Charged-Off                                
    Commercial Loans:                                
    Commercial and industrial     (1,178 )     (677 )     (784 )     (2,764 )     (2,572 )  
    Commercial real estate     (400 )     —       —       (400 )     —    
    Total Commercial Loans     (1,578 )     (677 )     (784 )     (3,164 )     (2,572 )  
    Residential Loans:                                
    Residential mortgage     —       —       —       —       (122 )  
    Home equity line     —       —       —       —       (272 )  
    Total Residential Loans     —       —       —       —       (394 )  
    Consumer     (4,192 )     (4,182 )     (3,665 )     (13,228 )     (12,963 )  
    Total Loans and Leases Charged-Off     (5,770 )     (4,859 )     (4,449 )     (16,392 )     (15,929 )  
    Recoveries on Loans and Leases Previously Charged-Off                                
    Commercial and industrial     160       250       2,637       621       3,175    
    Residential Loans:                                
    Residential mortgage     31       28       53       89       110    
    Home equity line     86       112       303       242       539    
    Total Residential Loans     117       140       356       331       649    
    Consumer     1,560       1,950       1,746       5,199       5,640    
    Total Recoveries on Loans and Leases Previously Charged-Off     1,837       2,340       4,739       6,151       9,464    
    Net Loans and Leases (Charged-Off) Recovered     (3,933 )     (2,519 )     290       (10,241 )     (6,465 )  
    Provision for Credit Losses     7,400       1,800       7,500       15,500       21,300    
    Balance at End of Period   $ 197,397     $ 193,930     $ 192,570     $ 197,397     $ 192,570    
    Components:                                
    Allowance for Credit Losses   $ 163,700     $ 160,517     $ 154,795     $ 163,700     $ 154,795    
    Reserve for Unfunded Commitments     33,697       33,413       37,775       33,697       37,775    
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 197,397     $ 193,930     $ 192,570     $ 197,397     $ 192,570    
    Average Loans and Leases Outstanding   $ 14,304,806     $ 14,358,049     $ 14,349,402     $ 14,325,065     $ 14,238,309    
    Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases Outstanding(1)     0.11   %   0.07   %   (0.01 ) %   0.10   %   0.06   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.15   %   1.12   %   1.08   %   1.15   %   1.08   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     9.18x     8.91x     10.59x     9.18x     10.59x  

    (1)   Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 13
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 100,174   $ 82,175   $ 191,861   $ 256,997   $ 20,866   $ 266,720   $ 1,026,457   $ 13,396   $ 1,958,646
    Special Mention     303     1     7,327     48     398     1,371     18,239     —     27,687
    Substandard     —     —     8,251     219     358     2,033     32,296     —     43,157
    Other (1)     10,797     10,542     7,779     3,074     1,052     1,723     45,620     —     80,587
    Total Commercial and Industrial     111,274     92,718     215,218     260,338     22,674     271,847     1,122,612     13,396     2,110,077
    Current period gross charge-offs     —     578     333     89     221     1,543     —     —     2,764
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     118,884     347,480     810,746     649,133     325,887     1,774,529     87,188     7,760     4,121,607
    Special Mention     3,587     2,261     7,537     41,384     3,306     11,973     7,815     —     77,863
    Substandard     —     —     54,984     1,003     —     9,548     149     —     65,684
    Other (1)     —     —     —     —     —     135     —     —     135
    Total Commercial Real Estate     122,471     349,741     873,267     691,520     329,193     1,796,185     95,152     7,760     4,265,289
    Current period gross charge-offs     —     —     —     —     —     400     —     —     400
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     61,677     246,176     361,974     241,212     58,820     46,344     4,484     —     1,020,687
    Special Mention     —     —     —     —     —     164     —     —     164
    Other (1)     4,970     9,468     12,022     3,575     1,199     3,463     701     —     35,398
    Total Construction     66,647     255,644     373,996     244,787     60,019     49,971     5,185     —     1,056,249
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     126,380     105,523     66,764     15,483     23,133     89,254     —     —     426,537
    Special Mention     —     42     100     300     5     —     —     —     447
    Substandard     4,899     602     343     —     —     —     —     —     5,844
    Total Lease Financing     131,279     106,167     67,207     15,783     23,138     89,254     —     —     432,828
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 431,671   $ 804,270   $ 1,529,688   $ 1,212,428   $ 435,024   $ 2,207,257   $ 1,222,949   $ 21,156   $ 7,864,443
    Current period gross charge-offs   $ —   $ 578   $ 333   $ 89   $ 221   $ 1,943   $ —   $ —   $ 3,164
                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 113,307   $ 206,224   $ 504,141   $ 956,983   $ 503,160   $ 1,129,857   $ —   $ —   $ 3,413,672
    680 – 739     11,614     28,638     65,128     109,018     66,719     157,263     —     —     438,380
    620 – 679     1,519     1,792     22,921     19,854     11,651     37,979     —     —     95,716
    550 – 619     —     896     3,703     6,707     2,269     15,751     —     —     29,326
    Less than 550     —     286     2,380     3,818     2,959     5,569     —     —     15,012
    No Score (3)     543     7,117     16,923     10,512     5,553     52,526     —     —     93,174
    Other (2)     8,148     12,786     16,721     14,776     11,222     30,022     8,105     —     101,780
    Total Residential Mortgage     135,131     257,739     631,917     1,121,668     603,533     1,428,967     8,105     —     4,187,060
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     930,909     1,730     932,639
    680 – 739     —     —     —     —     —     —     167,097     1,137     168,234
    620 – 679     —     —     —     —     —     —     36,540     985     37,525
    550 – 619     —     —     —     —     —     —     14,514     581     15,095
    Less than 550     —     —     —     —     —     —     4,477     571     5,048
    No Score (3)     —     —     —     —     —     —     1,282     —     1,282
    Total Home Equity Line     —     —     —     —     —     —     1,154,819     5,004     1,159,823
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Residential Lending   $ 135,131   $ 257,739   $ 631,917   $ 1,121,668   $ 603,533   $ 1,428,967   $ 1,162,924   $ 5,004   $ 5,346,883
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     71,777     71,423     94,710     51,952     18,512     10,435     121,278     128     440,215
    680 – 739     51,651     51,667     49,864     23,959     9,995     7,497     77,278     525     272,436
    620 – 679     21,223     20,604     21,700     12,515     5,155     5,577     35,665     851     123,290
    550 – 619     4,116     7,348     9,802     5,983     2,862     3,862     12,674     825     47,472
    Less than 550     1,071     3,266     6,247     3,999     1,783     2,492     4,836     525     24,219
    No Score (3)     2,291     117     47     —     7     8     42,658     205     45,333
    Other (2)     —     —     296     911     101     981     74,790     —     77,079
    Total Consumer Lending   $ 152,129   $ 154,425   $ 182,666   $ 99,319   $ 38,415   $ 30,852   $ 369,179   $ 3,059   $ 1,030,044
    Current period gross charge-offs   $ 385   $ 1,403   $ 2,107   $ 1,085   $ 518   $ 2,234   $ 4,952   $ 544   $ 13,228
                                                           
    Total Loans and Leases   $ 718,931   $ 1,216,434   $ 2,344,271   $ 2,433,415   $ 1,076,972   $ 3,667,076   $ 2,755,052   $ 29,219   $ 14,241,370
    Current period gross charge-offs   $ 385   $ 1,981   $ 2,440   $ 1,174   $ 739   $ 4,177   $ 4,952   $ 544   $ 16,392

    (1)   Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. As of September 30, 2024, the majority of the loans in this population were current.

    (2)   Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of September 30, 2024, the majority of the loans in this population were current.

    (3)   No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                                     
    GAAP to Non-GAAP Reconciliation   Table 14
        For the Three Months Ended   For the Nine Months Ended  
        September 30,   June 30,   September 30,   September 30,  
    (dollars in thousands)   2024   2024   2023   2024   2023  
    Income Statement Data:                                
    Net income   $ 61,492   $ 61,921   $ 58,221   $ 177,633   $ 187,481  
                                     
    Average total stockholders’ equity   $ 2,588,806   $ 2,512,471   $ 2,367,422   $ 2,532,911   $ 2,337,292  
    Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
    Average tangible stockholders’ equity   $ 1,593,314   $ 1,516,979   $ 1,371,930   $ 1,537,419   $ 1,341,800  
                                     
    Average total assets   $ 24,046,696   $ 23,958,913   $ 24,727,893   $ 24,064,208   $ 24,699,826  
    Less: average goodwill     995,492     995,492     995,492     995,492     995,492  
    Average tangible assets   $ 23,051,204   $ 22,963,421   $ 23,732,401   $ 23,068,716   $ 23,704,334  
                                     
    Return on average total stockholders’ equity(1)     9.45 %   9.91 %   9.76 %   9.37 %   10.72 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     15.35 %   16.42 %   16.84 %   15.43 %   18.68 %
                                     
    Return on average total assets(1)     1.02 %   1.04 %   0.93 %   0.99 %   1.01 %
    Return on average tangible assets (non-GAAP)(1)     1.06 %   1.08 %   0.97 %   1.03 %   1.06 %
                               
                         
        As of   As of   As of   As of  
        September 30,   June 30,   December 31,   September 30,  
    (dollars in thousands, except per share amounts)   2024   2024   2023   2023  
    Balance Sheet Data:                          
    Total stockholders’ equity   $ 2,648,034   $ 2,550,312   $ 2,486,066   $ 2,351,009  
    Less: goodwill     995,492     995,492     995,492     995,492  
    Tangible stockholders’ equity   $ 1,652,542   $ 1,554,820   $ 1,490,574   $ 1,355,517  
                               
    Total assets   $ 23,780,285   $ 23,991,791   $ 24,926,474   $ 24,912,524  
    Less: goodwill     995,492     995,492     995,492     995,492  
    Tangible assets   $ 22,784,793   $ 22,996,299   $ 23,930,982   $ 23,917,032  
                               
    Shares outstanding     127,886,167     127,879,012     127,618,761     127,609,934  
                               
    Total stockholders’ equity to total assets     11.14 %   10.63 %   9.97 %   9.44 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.25 %   6.76 %   6.23 %   5.67 %
                               
    Book value per share   $ 20.71   $ 19.94   $ 19.48   $ 18.42  
    Tangible book value per share (non-GAAP)   $ 12.92   $ 12.16   $ 11.68   $ 10.62  

    (1)   Annualized for the three and nine months ended September 30, 2024 and 2023 and three months ended June 30, 2024.

    The MIL Network –

  • MIL-OSI: LIS Technologies Inc. Chief Executive Officer Christo Liebenberg Presented at the University of Tennessee Nuclear Engineering Colloquium on October 23, 2024

    Source: GlobeNewswire (MIL-OSI)

    Oak Ridge, Tennessee, Oct. 25, 2024 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. presented at the University of Tennessee’s Nuclear Engineering Colloquium, hosted by the Nuclear Engineering Department.

    “We were delighted to welcome our neighbor Mr. Liebenberg to the Nuclear Engineering Department and the University of Tennessee,” said Ashley Nelkin, Academic Specialist & Events of the University of Tennessee Department of Nuclear Engineering. “This Colloquium provides our students and faculty with a rare opportunity to engage with a leading figure in laser isotope separation and gain first-hand insights into this innovative technology.”

    Figure 1 – LIS Technologies Inc. Chief Executive Officer Christo Liebenberg will present at the University of Tennessee’s Nuclear Energy Colloquium on October 23, 2024.

    The Colloquium included a 45-minute presentation by Mr. Liebenberg, focusing on a comparison of 1st, 2nd, and 3rd generation enrichment technologies, with a particular emphasis on the similarities and differences among various laser enrichment methods. The discussion also covered the fundamentals and requirements of laser enrichment, highlighting 16μm and 5μm MLIS systems. Additionally, key features and benefits of the CRISLA process will be showcased. A 15-minute Q&A session will follow the presentation.

    “The University of Tennessee’s Nuclear Engineering Department fosters some of the brightest talent in the country,” said Christo Liebenberg, CEO of LIS Technologies Inc. “It was an honor to lead this seminar and help inspire the next generation of nuclear engineers to push the boundaries of innovation. This event also provides a valuable opportunity to teach about the capabilities of our laser isotope separation technology and better understand its potential. This was an engaging and rewarding seminar.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    For more information please visit: LaserIsTech.com

    For further information, please contact:

    Email: info@laseristech.com

    Telephone: 800-388-5492

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    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

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